UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-3618

BRIGHTHOUSE FUNDS TRUST II

(Exact name of registrant as specified in charter)

One Financial Center

Boston, MA 02111

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Michael P. Lawlor c/o Brighthouse Investment Advisers, LLC One Financial Center Boston, MA 02111	Brian McCabe, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199

Registrant’s telephone number, including area code: 617-578-4036

Date of fiscal year end: December 31

Date of reporting period: January 1, 2017 through June 30, 2017

Item 1: Report to Shareholders.

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

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Baillie Gifford International Stock Portfolio returned 20.05%, 19.99%, and 19.99%, respectively. The Portfolio’s benchmark, the MSCI All Country World (“ACWI”) ex-U.S. Index¹, returned 14.10%.

MARKET ENVIRONMENT / CONDITIONS

The first half of 2017 has seen a continuation of ascendant stock markets, with all regions, and all but 3 countries, within the MSCI ACWI ex-U.S. Index posting positive returns over the six month period. Optimism was not contained within equity markets, as nearly all major asset classes enjoyed a positive start to the year. The exception was commodities which, having experienced a considerable bounce toward the end of last year, have continued on a downward path in early 2017. Emerging Market (“EM”) equities led the charge thanks to a strong and well documented rally in Information Technology stocks. As is so often the case, the fortunes of emerging market countries were somewhat mixed. Asian markets were strong, most notably Taiwan, Korea and China; the latter withstanding market volatility following a sovereign credit rating downgrade in May to generate returns of 25% during the period. That being said, concerns remain about the strength of the Chinese economy, particularly its financial system where signs of stress persist. To some extent, this pattern reflects the normal maturation of a growing economy and one that is rebalancing from investment-led to consumption-led growth. China is a significant market for the Portfolio, both directly and indirectly, however exposure is largely focused on technology and individual consumption with none of the Portfolio holdings under significant state control or directly exposed to the Financials sector.

At the other end of the emerging markets spectrum, political turmoil in Brazil and South Africa dampened returns, while shouldering a great deal of the macro pain associated with low oil prices, together with escalating tensions with the West, weighed on Russian market returns which declined 14% over the period.

Away from emerging markets, attention grabbing headlines in the last six months have been dominated by events in developed markets. Focus, in the West at least, remained on President Trump’s twitter account and developments (and scandals) within the new U.S. administration, as well as the rather bumpy progression of Brexit negotiations after the U.K. triggered the formal process to separate from the European Union (the “E.U.”) in March. In an attempt to strengthen her position at the negotiating table, U.K. Prime Minister Theresa May called a snap general election in June. In a surprise outcome, the result was a hung parliament which left Prime Minister May scrambling to secure an alliance with a smaller party to reach a simple majority. With a weakened government there are now even more uncertainties surrounding Brexit than there were before the election. Elsewhere in Europe, arguably a more rosy picture; the defeat of far-right politician Geert Wilders in the Dutch elections and Emmanuel Macron’s clear victory in the French Presidential election suggests populism may not be the unstoppable tidal wave that some have speculated. With important elections looming in Germany and Italy, it is an extremely interesting time for students of European politics.

Against this backdrop, U.S. economic growth has garnered plenty of attention, while the Eurozone and U.K. economies have been quietly exceeding expectations. Part of this reflects the fact that, 12 months on from the U.K.’s vote to leave the E.U., the gloomy predictions of an immediate Brexit-related economic shock did not materialize. Aside from the considerable fall in sterling last year the British economy has been ticking along nicely, while Europe, which for some time now has been tainted by perceptions of anemic economic underperformance, has seen tentative signs of improving business sentiment, a gradual uptick in growth expectations and improving unemployment rates across most areas.

Macro forecasting is futile at the best of times, but is perhaps even more so now than usual, with events discussed above highlighting the unpredictability of political and economic events. Thankfully, we don’t have to be too anxious about this given our strong focus on company fundamentals and long-term investment horizon.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark during the period. The main positive contributions came from EM and European equities though, and as is typical for this strategy, regional allocation effects were muted and dwarfed by the effects of stock selection. At the sector level, stock selection within Information Technology, Industrials and Consumer Discretionary contributed strongly. The asset allocation of the Portfolio, whether it is overweight or underweight in a specific sector, country or region is a residual of our bottom-up stock selection process but can have an influence on short term performance nevertheless. For example, the Energy sector was the second most significant sector contributor to relative performance as many of the oil majors, including Royal Dutch Shell and BP, suffered sharp share price falls. Not holding these companies, and being significantly underweight the sector, was therefore beneficial to performance.

The Emerging Market Information Technology rally discussed above was strongly reflected in Portfolio performance with MercadoLibre (Brazil), Samsung Electronics (Korea) and TSMC (Taiwan) featuring among the strongest contributors. MercadoLibre is the leading e-commerce platform in Latin America and continues to benefit from secular growth drivers, such as low online retail penetration. Despite a difficult economic and political backdrop in MercadoLibre’s key market of Brazil, it is noteworthy that e-commerce remains a growth industry, and that in each of its major markets, the company outgrew both the market and its main competitors.

Samsung Electronics, the electronics manufacturer, has also had an excellent start to 2017 having performed well through 2016 on the

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*—(Continued)

back of anticipated corporate changes, namely increased pay-outs and share buybacks. As we progressed through the first half of the year positive rumors surrounding the launch of the Galaxy S8 smartphone gathered pace, as did confidence that the battery issues seen in 2016 were firmly behind the company. Beyond smartphones, Samsung Electronics has strong memory chip, foundry and display screen businesses which tend to be given less attention by the market but which are key to our investment thesis.

Meanwhile, TSMC, the world’s leading semiconductor foundry continues to become virtually indispensable to many of the largest semiconductor design companies in the industry. TSMC’s production capacity is more than three times that of its key competitors combined, highlighting the strength of the company’s position. The extremely strong share price performance of both Samsung Electronics and TSMC over the last six months, but more importantly over the long term, led to the decision to trim back these holdings to fund new ideas elsewhere. At period end our conviction remained high and they were still two of the largest positions in the Portfolio.

There was no particular theme to the stock level detractors over the last six months. We encountered a difficult period for Brambles (Australia), the supply chain logistics company. It specializes in reusable pallets and crates, which are then ‘pooled’ and used by a wide range of companies globally in distribution of their products. The business appears to have hit a rough patch, with some issues around inventory adjustment amongst several large U.S. retail customers, which means lower demand for these pallets, in addition to competitive pressures from a smaller U.S. competitor. This recent operational turbulence also comes at a time of senior management change at the company which, whilst unlikely to be related, has unsettled the stock market somewhat. There are always potential structural issues around global supply chains as the trend of online shopping gathers pace and we will continue to monitor this closely.

Magnit (Russia) and Pandora (Denmark) were also weak in share price terms. Magnit, a convenience store operator, has taken a hit to its top-line in order to finance a significant increase in store openings in 2017, while simultaneously rolling out a sizeable refurbishment program across its existing store network. Similarly, Pandora, the jewelry company best known for its signature charm bracelets, saw its share price suffer on concerns over near-term margin weakness as they roll out new format Pandora-branded franchise outlets. During the period, we viewed these developments positively and took advantage of share price volatility to add to the positions of both Magnit and Pandora.

Other transactions during the period include new holdings in Kingspan (Ireland), a family-run business that manufactures structural insulating panels and boards used in the construction of buildings, and Credit Suisse (Switzerland), which, under new management, has redirected its focus from investment banking activities toward growing wealth management in Asia; an area where it already has a strong market position.

We sold Volvo (Sweden) and MS&AD (Japan). Both are examples of stocks where the respective investment cases, by and large, played out as expected, albeit it wasn’t all plain sailing. Tullow Oil (U.K.), on the other hand, was a perennial underperformer, primarily due to circumstances outside its control. The oil exploration company boasts a best-in-class resource base and world-leading expertise in frontier exploration drilling, however the collapse in oil price has rendered these impressive credentials largely irrelevant to the investment case. With the rally in crude providing some support to the shares, and the growth angle that we originally identified now almost completely gone, the holding was sold after the turn of the year. As a result, at period end, the Portfolio had no direct exposure to the Energy sector.

Overall, positioning within the Portfolio remained consistently balanced at a regional level in comparison to the index with deviations from the benchmark more apparent at the sectoral level at the end of the six month period. The Industrials and Information Technology sectors remained the largest overweight positions, reflecting both the broad nature of those sectors and the Portfolio’s bias towards growth. The industries and end markets represented are well diversified, including global leaders in aerospace, car parts and robotics in the case of Industrials, and e-commerce, semiconductors and enterprise software within Information Technology.

Jonathan Bates

Angus Franklin

Portfolio Managers

Baillie Gifford Overseas Limited

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

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Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		20.05		26.20		9.76		-0.31
Class B		19.99		25.97		9.49		-0.56
Class E		19.99		26.07		9.61		-0.45
MSCI All Country World ex-U.S. Index		14.10		20.45		7.22		1.13

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		4.0
Samsung Electronics Co., Ltd.		3.7
Naspers, Ltd. - N Shares		3.3
Nestle S.A.		2.7
MercadoLibre, Inc.		2.6
Ryanair Holdings plc(ADR)		2.3
Atlas Copco AB - B Shares		2.2
SAP SE		2.2
Japan Exchange Group, Inc.		2.2
Svenska Handelsbanken AB - A Shares		1.9

Top Countries

	% of Net Assets
United Kingdom		12.8
Japan		12.2
Switzerland		7.1
Germany		6.4
Taiwan		5.4
Ireland		5.2
South Korea		4.7
Canada		4.2
Sweden		4.1
Denmark		4.1

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Baillie Gifford International Stock Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Baillie Gifford International Stock Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.72	%	$	1,000.00	$	1,200.50	$	3.93
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61
Class B(a)	Actual		0.97	%	$	1,000.00	$	1,199.90	$	5.29
	Hypothetical*		0.97	%	$	1,000.00	$	1,019.98	$	4.86
Class E(a)	Actual		0.87	%	$	1,000.00	$	1,199.90	$	4.75
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Argentina—2.6%
MercadoLibre, Inc.		184,026	$	46,168,443
Australia—2.4%
Brambles, Ltd.		1,840,711		13,766,072
Cochlear, Ltd.		185,206		22,145,395
Seek, Ltd.		530,960		6,898,450
				42,809,917
Brazil—1.0%
Itau Unibanco Holding S.A. (ADR)		1,203,203		13,295,393
Kroton Educacional S.A.		1,187,900		5,331,907
				18,627,300
Canada—4.2%
Constellation Software, Inc.		44,967		23,524,108
Fairfax Financial Holdings, Ltd.		53,008		22,972,722
Restaurant Brands International, Inc.		310,245		19,411,844
Ritchie Bros. Auctioneers, Inc. (a)		359,491		10,331,771
				76,240,445
China—3.5%
Alibaba Group Holding, Ltd. (ADR) (b)		158,600		22,346,740
Baidu, Inc. (ADR) (b)		127,204		22,751,707
Ctrip.com International, Ltd. (ADR) (b)		353,624		19,046,189
				64,144,636
Denmark—4.1%
DSV A/S		395,943		24,401,136
Novo Nordisk A/S - Class B		468,099		20,079,123
Novozymes A/S - B Shares		365,670		16,013,782
Pandora A/S		137,629		12,903,417
				73,397,458
Finland—2.0%
Kone Oyj - Class B		374,119		19,078,565
Sampo Oyj - A Shares		320,009		16,450,743
				35,529,308
France—3.9%
Bureau Veritas S.A.		666,452		14,762,941
Edenred		636,229		16,607,034
Essilor International S.A.		123,232		15,756,452
Legrand S.A.		331,158		23,194,347
				70,320,774
Germany—6.4%
Brenntag AG		244,519		14,157,963
Continental AG		67,328		14,529,913
Deutsche Boerse AG		302,040		31,941,115
MTU Aero Engines AG		102,139		14,452,317
SAP SE		383,175		40,049,125
				115,130,433
Hong Kong—3.7%
AIA Group, Ltd.		2,970,800	$	21,713,993
Hang Seng Bank, Ltd.		936,800		19,594,798
Hong Kong Exchanges and Clearing, Ltd.		967,500		25,013,904
				66,322,695
Ireland—5.2%
CRH plc		585,352		20,863,251
James Hardie Industries plc		1,064,040		16,766,354
Kingspan Group plc		447,962		15,395,767
Ryanair Holdings plc (ADR) (b)		385,040		41,434,154
				94,459,526
Japan—12.2%
Denso Corp.		416,400		17,622,704
FANUC Corp.		87,500		16,896,589
Japan Exchange Group, Inc.		2,165,700		39,339,100
Nidec Corp.		196,300		20,157,620
Rakuten, Inc.		1,817,300		21,422,797
Shimano, Inc.		130,000		20,604,433
SMC Corp.		78,600		23,937,868
Square Enix Holdings Co., Ltd.		490,000		16,082,348
Sumitomo Mitsui Trust Holdings, Inc.		583,400		20,929,804
Toyota Tsusho Corp.		745,700		22,392,977
				219,386,240
Netherlands—1.6%
Heineken Holding NV		306,794		28,195,729
Panama—1.2%
Copa Holdings S.A. - Class A		181,059		21,183,903
Peru—1.1%
Credicorp, Ltd.		106,984		19,191,860
Russia—1.8%
Magnit PJSC (GDR)		465,289		15,836,547
Yandex NV - Class A (b)		627,133		16,455,970
				32,292,517
Singapore—1.4%
United Overseas Bank, Ltd.		1,556,864		26,156,868
South Africa—3.3%
Naspers, Ltd. - N Shares		304,168		59,155,782
South Korea—4.7%
NAVER Corp.		25,130		18,352,982
Samsung Electronics Co., Ltd.		32,166		66,737,453
				85,090,435
Spain—2.8%
Bankinter S.A.		2,100,153		19,433,931
Industria de Diseno Textil S.A.		820,164		31,583,973
				51,017,904

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Sweden—4.1%
Atlas Copco AB - B Shares		1,172,415	$	40,580,928
Svenska Handelsbanken AB - A Shares		2,370,240		34,035,999
				74,616,927
Switzerland—7.1%
Cie Financiere Richemont S.A.		238,094		19,646,935
Credit Suisse Group AG (b)		1,100,091		15,939,549
LafargeHolcim, Ltd. (b)		269,160		15,461,379
Nestle S.A.		556,242		48,454,240
SGS S.A.		4,232		10,259,759
Wolseley plc		306,865		18,871,324
				128,633,186
Taiwan—5.4%
Hon Hai Precision Industry Co., Ltd.		6,780,584		25,920,738
Taiwan Semiconductor Manufacturing Co., Ltd.		10,598,000		72,320,121
				98,240,859
United Kingdom—12.8%
ASOS plc (b)		179,028		13,405,657
British American Tobacco plc		331,636		22,578,488
Burberry Group plc		552,275		11,965,153
Capita plc		1,557,731		14,031,896
Experian plc		1,122,921		23,060,079
Hargreaves Lansdown plc		819,467		13,904,967
Howden Joinery Group plc		2,045,448		10,848,253
Just Eat plc (b)		1,594,024		13,608,766
Prudential plc		1,124,857		25,841,800
Rio Tinto plc		687,683		28,995,248
Rolls-Royce Holdings plc (b)		798,264		9,277,064
St. James’s Place plc		1,119,966		17,248,756
Unilever NV		491,251		27,148,985
				231,915,112
United States—0.7%
Pricesmart, Inc.		139,688		12,236,669
Total Common Stocks (Cost $1,293,699,203)				1,790,464,926
Short-Term Investment—0.8%
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $14,935,845 on 07/03/17, collateralized by $15,245,000 U.S. Government Agency Obligations with rates ranging from 0.750% - 1.125%, maturity dates ranging from 03/31/18 - 04/25/18, with a value of $15,238,238.		14,935,696		14,935,696
Total Short-Term Investments (Cost $14,935,696)				14,935,696
Securities Lending Reinvestments (c)—0.0%
Security Description	Principal Amount*		Value
Repurchase Agreements—0.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $12,276 on 07/03/17, collateralized by $12,778 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $12,521.		12,275	$	12,275
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $50,005 on 07/03/17, collateralized by $49,808 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $51,000.		50,000		50,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $30,003 on 07/03/17, collateralized by $30,502 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $30,600.		30,000		30,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $50,005 on 07/03/17, collateralized by $45,084 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $51,033.		50,000		50,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $50,006 on 07/03/17, collateralized by $99,703 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $51,006.		50,000		50,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $50,005 on 07/03/17, collateralized by $75,088 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $51,000.		50,000		50,000
				242,275
Time Deposits—0.0%
Australia New Zealand Bank 1.150%, 07/03/17		5,000		5,000

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		7,500	$	7,500
Standard Chartered plc 1.200%, 07/03/17		10,000		10,000
				22,500
Total Securities Lending Reinvestments (Cost $264,775)				264,775
Total Investments—100.0% (Cost $1,308,899,674) (d)				1,805,665,397
Other assets and liabilities (net)—0.0%				(616,352	)
Net Assets—100.0%			$	1,805,049,045

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $255,786 and the collateral received consisted of cash in the amount of $264,775. 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 June 30, 2017.
(d)	As of June 30, 2017, the aggregate cost of investments was $1,308,899,674. The aggregate unrealized appreciation and depreciation of investments were $530,846,141 and $(34,080,418), respectively, resulting in net unrealized appreciation of $496,765,723.
(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 June 30, 2017 (Unaudited)	% of Net Assets
Banks		8.4
Internet Software & Services		7.7
Capital Markets		7.0
Insurance		5.8
Machinery		5.6
Software		4.4
Semiconductors & Semiconductor Equipment		4.0
Professional Services		3.8
Technology Hardware, Storage & Peripherals		3.7
Trading Companies & Distributors		3.7

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	46,168,443	$	—		$	—	$	46,168,443
Australia		—		42,809,917			—		42,809,917
Brazil		18,627,300		—			—		18,627,300
Canada		76,240,445		—			—		76,240,445
China		64,144,636		—			—		64,144,636
Denmark		—		73,397,458			—		73,397,458
Finland		—		35,529,308			—		35,529,308
France		—		70,320,774			—		70,320,774
Germany		—		115,130,433			—		115,130,433
Hong Kong		—		66,322,695			—		66,322,695
Ireland		41,434,154		53,025,372			—		94,459,526
Japan		—		219,386,240			—		219,386,240
Netherlands		—		28,195,729			—		28,195,729
Panama		21,183,903		—			—		21,183,903
Peru		19,191,860		—			—		19,191,860
Russia		16,455,970		15,836,547			—		32,292,517
Singapore		—		26,156,868			—		26,156,868
South Africa		—		59,155,782			—		59,155,782
South Korea		—		85,090,435			—		85,090,435
Spain		—		51,017,904			—		51,017,904
Sweden		—		74,616,927			—		74,616,927
Switzerland		—		128,633,186			—		128,633,186
Taiwan		—		98,240,859			—		98,240,859
United Kingdom		—		231,915,112			—		231,915,112
United States		12,236,669		—			—		12,236,669
Total Common Stocks		315,683,380		1,474,781,546			—		1,790,464,926
Total Short-Term Investment*		—		14,935,696			—		14,935,696
Total Securities Lending Reinvestments*		—		264,775			—		264,775
Total Investments	$	315,683,380	$	1,489,982,017		$	—	$	1,805,665,397
Collateral for Securities Loaned (Liability)	$	—	$	(264,775	)	$	—	$	(264,775	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,805,665,397
Cash denominated in foreign currencies (c)		1,132,418
Receivable for:
Investments sold		2,635,420
Fund shares sold		73,704
Dividends and interest		5,676,592
Total Assets		1,815,183,531
Liabilities
Collateral for securities loaned		264,775
Payables for:
Investments purchased		6,167,574
Fund shares redeemed		1,918,163
Accrued Expenses:
Management fees		1,010,408
Distribution and service fees		74,675
Deferred trustees’ fees		131,290
Other expenses		567,601
Total Liabilities		10,134,486
Net Assets	$	1,805,049,045
Net Assets Consist of:
Paid in surplus	$	1,423,884,286
Undistributed net investment income		16,846,892
Accumulated net realized loss		(132,447,479	)
Unrealized appreciation on investments and foreign currency transactions		496,765,346
Net Assets	$	1,805,049,045
Net Assets
Class A	$	1,438,236,646
Class B		345,864,785
Class E		20,947,614
Capital Shares Outstanding*
Class A		120,538,593
Class B		29,418,737
Class E		1,772,848
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.93
Class B		11.76
Class E		11.82

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,308,899,674.
(b)	Includes securities loaned at value of $255,786.
(c)	Identified cost of cash denominated in foreign currencies was $1,134,285.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	23,613,346
Interest		3,166
Securities lending income		324,689
Total investment income		23,941,201
Expenses
Management fees		7,003,982
Administration fees		27,970
Custodian and accounting fees		234,744
Distribution and service fees—Class B		421,937
Distribution and service fees—Class E		15,048
Audit and tax services		25,653
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		51,266
Insurance		5,764
Miscellaneous		51,082
Total expenses		7,882,441
Less management fee waiver		(1,075,988	)
Net expenses		6,806,453
Net Investment Income		17,134,748
Net Realized and Unrealized Gain
Net realized gain on:
Investments		38,389,989
Foreign currency transactions		73,418
Net realized gain		38,463,407
Net change in unrealized appreciation on:
Investments		266,958,083
Foreign currency transactions		134,561
Net change in unrealized appreciation		267,092,644
Net realized and unrealized gain		305,556,051
Net Increase in Net Assets From Operations	$	322,690,799

(a) Net of foreign withholding taxes of $3,000,654.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	17,134,748		$	24,341,523
Net realized gain		38,463,407			20,507,495
Net change in unrealized appreciation		267,092,644			49,687,389
Increase in net assets from operations		322,690,799			94,536,407
From Distributions to Shareholders
Net investment income
Class A		(17,587,214	)		(22,026,648	)
Class B		(3,469,294	)		(4,502,541	)
Class E		(232,526	)		(277,159	)
Total distributions		(21,289,034	)		(26,806,348	)
Decrease in net assets from capital share transactions		(148,681,606	)		(132,969,753	)
Total increase (decrease) in net assets		152,720,159			(65,239,694	)
Net Assets
Beginning of period		1,652,328,886			1,717,568,580
End of period	$	1,805,049,045		$	1,652,328,886
Undistributed net investment income
End of period	$	16,846,892		$	21,001,178

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		277,382		$	3,082,703			1,776,846		$	16,348,957
Reinvestments		1,487,920			17,587,214			2,355,791			22,026,648
Redemptions		(11,932,122	)		(137,575,575	)		(13,671,793	)		(139,027,979	)
Net decrease		(10,166,820	)	$	(116,905,658	)		(9,539,156	)	$	(100,652,374	)
Class B
Sales		491,175		$	5,395,929			1,567,775		$	14,649,867
Reinvestments		297,794			3,469,294			488,345			4,502,541
Redemptions		(3,536,152	)		(39,615,287	)		(5,044,780	)		(49,581,962	)
Net decrease		(2,747,183	)	$	(30,750,064	)		(2,988,660	)	$	(30,429,554	)
Class E
Sales		64,005		$	696,262			65,039		$	640,436
Reinvestments		19,874			232,526			29,899			277,159
Redemptions		(174,386	)		(1,954,672	)		(287,283	)		(2,805,420	)
Net decrease		(90,507	)	$	(1,025,884	)		(192,345	)	$	(1,887,825	)
Decrease derived from capital shares transactions				$	(148,681,606	)				$	(132,969,753	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.06		$	9.71		$	10.07		$	10.54		$	9.28		$	7.87
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.15	(b)		0.16			0.16			0.16			0.16
Net realized and unrealized gain (loss) on investments		1.91			0.36			(0.34	)		(0.48	)		1.26			1.37
Total from investment operations		2.02			0.51			(0.18	)		(0.32	)		1.42			1.53
Less Distributions
Distributions from net investment income		(0.15	)		(0.16	)		(0.18	)		(0.15	)		(0.16	)		(0.12	)
Total distributions		(0.15	)		(0.16	)		(0.18	)		(0.15	)		(0.16	)		(0.12	)
Net Asset Value, End of Period	$	11.93		$	10.06		$	9.71		$	10.07		$	10.54		$	9.28
Total Return (%) (c)		20.05	(d)		5.38			(1.97	)		(3.10	)		15.54			19.52
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.87			0.87			0.87			0.91
Net ratio of expenses to average net assets (%) (f)		0.72	(e)		0.73			0.74			0.75			0.77			0.81
Ratio of net investment income to average net assets (%)		2.00	(e)		1.49	(b)		1.56			1.58			1.70			1.83
Portfolio turnover rate (%)		5	(d)		11			12			8			19			62
Net assets, end of period (in millions)	$	1,438.2		$	1,315.2		$	1,361.8		$	1,490.0		$	1,680.7		$	1,476.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.90		$	9.56		$	9.91		$	10.38		$	9.15		$	7.75
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.12	(b)		0.13			0.14			0.13	(g)		0.14
Net realized and unrealized gain (loss) on investments		1.89			0.35			(0.33	)		(0.48	)		1.23			1.35
Total from investment operations		1.98			0.47			(0.20	)		(0.34	)		1.36			1.49
Less Distributions
Distributions from net investment income		(0.12	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)		(0.09	)
Total distributions		(0.12	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)		(0.09	)
Net Asset Value, End of Period	$	11.76		$	9.90		$	9.56		$	9.91		$	10.38		$	9.15
Total Return (%) (c)		19.99	(d)		5.05			(2.17	)		(3.34	)		15.14			19.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(e)		1.10			1.12			1.12			1.13			1.16
Net ratio of expenses to average net assets (%) (f)		0.97	(e)		0.98			0.99			1.00			1.03			1.06
Ratio of net investment income to average net assets (%)		1.74	(e)		1.25	(b)		1.31			1.32			1.34	(g)		1.68
Portfolio turnover rate (%)		5	(d)		11			12			8			19			62
Net assets, end of period (in millions)	$	345.9		$	318.6		$	336.0		$	387.3		$	434.8		$	97.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.96		$	9.61		$	9.97		$	10.43		$	9.19		$	7.79
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.13	(b)		0.14			0.15			0.15			0.15
Net realized and unrealized gain (loss) on investments		1.89			0.36			(0.34	)		(0.48	)		1.23			1.35
Total from investment operations		1.99			0.49			(0.20	)		(0.33	)		1.38			1.50
Less Distributions
Distributions from net investment income		(0.13	)		(0.14	)		(0.16	)		(0.13	)		(0.14	)		(0.10	)
Total distributions		(0.13	)		(0.14	)		(0.16	)		(0.13	)		(0.14	)		(0.10	)
Net Asset Value, End of Period	$	11.82		$	9.96		$	9.61		$	9.97		$	10.43		$	9.19
Total Return (%) (c)		19.99	(d)		5.24			(2.15	)		(3.19	)		15.30			19.39
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(e)		1.00			1.02			1.02			1.02			1.06
Net ratio of expenses to average net assets (%) (f)		0.87	(e)		0.88			0.89			0.90			0.92			0.96
Ratio of net investment income to average net assets (%)		1.85	(e)		1.34	(b)		1.42			1.43			1.56			1.79
Portfolio turnover rate (%)		5	(d)		11			12			8			19			62
Net assets, end of period (in millions)	$	20.9		$	18.6		$	19.8		$	22.8		$	26.8		$	26.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.05% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Net investment income per share and the ratio of net investment income to average net assets for Class B during 2013 were impacted by the timing of dividends received from the Portfolio’s investments and the assets received through a merger with the Met Investors Series Trust American Funds International Portfolio.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Baillie Gifford International Stock Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTII-13

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

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 options on swaps (“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.

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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

BHFTII-14

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, foreign capital gain tax reclass, broker commission recapture, expired capital loss carryforwards and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $14,935,696. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $242,275. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

BHFTII-15

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	83,716,958	$	0	$	225,054,911

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average daily net assets
$7,003,982		0.860	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

BHFTII-16

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$26,806,348	$	30,175,192	$	—	$	—	$	26,806,348	$	30,175,192

BHFTII-17

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$21,123,791	$	—	$	228,094,090	$	(169,332,274	)	$	—	$	79,885,607

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2016, the Portfolio utilized capital loss carryforwards of $22,663,933, and $168,399,716 in capital loss carryforwards expired.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring
12/31/17

$169,332,274

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-18

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	148,858,470		5,689,609		10,058,056

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		154,475,695		10,130,441
Robert Boulware		154,505,242		10,100,894
Susan C. Gause		154,644,736		9,961,401
Nancy Hawthorne		154,639,996		9,966,140
Barbara A. Nugent		154,776,810		9,829,326
John Rosenthal		154,529,814		10,076,322
Linda B. Strumpf		154,592,929		10,013,207
Dawn M. Vroegop		154,383,586		10,222,550

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the BlackRock Bond Income Portfolio returned 2.80%, 2.68%, and 2.72%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

MARKET ENVIRONMENT / CONDITIONS

The major themes affecting markets in the period under review were ongoing political risk and the continuation in the synchronization of the global economic recovery. As a counterpoint to the slew of positive economic data, political risk remained elevated with the familiar mix of Brexit (the U.K.’s exit from the European Union), uncertainty around the Trump administration, several important European elections and tensions in the Middle East and the Korean peninsula.

At the start of 2017, the global reflation trade gathered momentum on the back of Donald Trump’s surprise victory in the U.S. presidential election. Bonds sold off as the expectation of lighter regulation and a reflationary environment buoyed markets. In March, political risk swiveled from the U.S. to Europe, with British Prime Minister Theresa May formally initiating Brexit by triggering Article 50 on March 29th, starting the countdown to a two-year negotiation period, after which the U.K. will secede from the European Union. Global economic data was largely positive over the period. At the spring meeting of the International Monetary Fund (“IMF”) in Washington, IMF managing director Christine Lagarde summed up the sentiment thus: “spring is in the air and spring is in the economy as well”. The IMF raised its forecast for global growth, for the first time in six years, to 3.5%.

On the domestic front, the first quarter U.S. Gross Domestic Product (GDP) growth was revised up to 1.4% year-on-year in its final estimate, however the second quarter is likely to be more disappointing with data broadly weak over the period. Inflation was also weak, with headline and core inflation coming in at just 1.9% and 1.7% on a year-on-year basis in the final month of the period. In the bond markets, the Bloomberg Barclays U.S. Aggregate Corporate Index delivered an excess return of 1.51%, with the average option-adjusted spread (“OAS”) tightening by 14 basis points (“bps”) to 1.09%. The Bloomberg Barclays U.S. High Yield Index delivered a total return of 4.93%, of which the excess return component was 3.65%. The average OAS tightened by 45 bps to 3.64%. Notable in the final month of the period was the rhetorical shift among G10 (10 of the World’s largest countries) central banks, prompting expectations of monetary policy tightening. Despite the weaker data, at its June meeting the Federal Reserve raised interest rates for the third time in the last six months by 25 bps to a target range of between 1% - 1.25% and also signaled its intention to begin winding down its balance sheet built up during years of quantitative easing. Additionally, comments from European Central Bank President Mario Draghi on June 27th were interpreted as foreshadowing a less accommodative stance.

PORTFOLIO REVIEW / PERIOD END POSITIONING

We began 2017 positioned to benefit from the global reflationary theme from firming global growth with an underweight duration bias and an emphasis on carry-oriented opportunities. With these overall themes, the Portfolio held an allocation to high yield credit and overweights in securitized assets: commercial mortgage-back securities (“CMBS”), asset-backed securities (“ABS”), allocations to collateralized loan obligations (“CLOs”), non-agency MBS and emerging markets. In addition, the Portfolio remained positioned long U.S. breakevens (expected inflation rates) to capture increased market inflation expectations during the period.

The allocations to non-agency MBS, high yield credit and CLOs, as well as overweights to CMBS, emerging markets and municipals contributed positively to performance during the period. However, foreign exchange positioning was the primary detractor to performance.

During the first quarter of 2017, we maintained the Portfolio’s underweight duration bias with potential fiscal stimulus in the pipeline and on the view that the market may be underpricing the trajectory of the Federal Open Market Committee’s rate normalization path. During the second quarter, we narrowed the Portfolio’s underweight in U.S. duration as softening domestic economic activity and inflation data alongside strong fixed income demand kept rates subdued. Global growth started to plateau following a strong recovery, and inflation expectations declined. Our goal was to increase the Portfolio’s income with the view that a lack of catalyst in the market should favor strategies designed to generate income given the large demand for fixed income assets and low supply. Volatility remained contained through the period as event risks faded following the French presidential elections. Rich valuations in credit heighten the importance of security selection within investment grade and high yield credit, and continued to favor idiosyncratic stories in credit over index exposure.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

Given our continued emphasis on income-oriented opportunities, we maintained the Portfolio’s overweight to securitized assets. We increased non-agency MBS exposure. We took profits on some of our ABS exposure (though still remain overweight) and maintained our CMBS exposure given the strong technical backdrop. We ended the period with an increased overweight in emerging markets as synchronized developed market growth bodes well for the sector.

The Portfolio may use futures, forwards, options, and/or swaps for bona fide hedging, as a substitute for cash bond exposure, and/or to manage duration, yield curve, convexity, spread risk and credit risk. We also may use forward contracts to hedge foreign currency exposure. The most common derivatives the Portfolio would employ are interest rate derivatives such as Treasury and Eurodollar futures, interest rate swaps, options on futures and options on swaps. The Portfolio may also use synthetic indices (CDX) and credit default swaps (CDS) to short a position or as a substitute for cash bonds.

Rick Rieder

Bob Miller

David Rogal

Portfolio Managers

BlackRock Advisors, LLC

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

BHFTII-2

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		2.80		0.74		3.34		4.64
Class B		2.68		0.49		3.08		4.38
Class E		2.72		0.58		3.18		4.49
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.48

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		61.7
Corporate Bonds & Notes		29.1
Asset-Backed Securities		12.4
Mortgage-Backed Securities		6.7
Municipals		5.0
Foreign Government		5.0
Floating Rate Loans		0.7
Preferred Stocks		0.2

BHFTII-3

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.40	%	$	1,000.00	$	1,028.00	$	2.01
	Hypothetical*		0.40	%	$	1,000.00	$	1,022.81	$	2.01
Class B	Actual		0.65	%	$	1,000.00	$	1,026.80	$	3.27
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.57	$	3.26
Class E	Actual		0.55	%	$	1,000.00	$	1,027.20	$	2.71
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.12	$	2.71

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—61.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—37.4%
Fannie Mae 15 Yr. Pool 2.500%, 01/01/30		1,538,197	$	1,551,656
2.500%, 07/01/30		423,640		427,271
2.500%, 08/01/30		3,503,200		3,533,911
2.500%, 09/01/30		1,891,422		1,908,005
2.500%, 11/01/30		3,784,377		3,810,686
2.500%, 06/01/31		986,651		993,438
2.500%, 07/01/31		2,993,303		3,013,887
2.500%, 10/01/31		6,832,877		6,879,329
2.500%, 11/01/31		5,033,666		5,068,408
2.500%, 03/01/32		4,476,055		4,505,582
3.000%, 11/01/28		3,947,747		4,064,649
3.000%, 12/01/28		1,143,796		1,177,822
3.000%, 01/01/29		386,258		397,472
3.000%, 04/01/29		1,586,686		1,633,431
3.000%, 05/01/29		2,387,574		2,457,275
3.000%, 08/01/29		2,855,959		2,940,416
3.000%, 09/01/29		943,467		971,653
3.000%, 03/01/30		1,387,520		1,428,098
3.000%, 04/01/30		1,202,604		1,237,393
3.000%, 05/01/30		1,716,126		1,765,970
3.000%, 07/01/30		1,460,837		1,502,905
3.000%, 08/01/30		6,522,410		6,708,969
3.000%, 09/01/30		2,673,639		2,750,804
3.000%, 08/01/31		6,845,688		7,037,027
3.500%, 11/01/25		1,638,579		1,709,154
3.500%, 08/01/26		1,317,700		1,374,661
3.500%, 08/01/28		810,095		843,449
3.500%, 10/01/28		3,895,089		4,069,685
3.500%, 11/01/28		4,600,280		4,807,010
3.500%, 02/01/29		6,983,277		7,293,543
3.500%, 04/01/29		2,020,542		2,111,260
3.500%, 05/01/29		4,845,268		5,059,042
3.500%, 06/01/29		2,926,956		3,058,402
3.500%, 07/01/29		10,682,669		11,163,962
3.500%, 09/01/29		249,483		259,828
3.500%, 12/01/29		13,028,782		13,629,666
3.500%, 08/01/30		1,255,816		1,313,299
4.000%, 01/01/25		10,878		11,261
4.000%, 02/01/25		3,426,277		3,594,205
4.000%, 09/01/25		588,716		619,568
4.000%, 10/01/25		1,801,877		1,896,595
4.000%, 01/01/26		541,317		569,247
4.000%, 04/01/26		394,986		415,823
4.000%, 07/01/26		1,507,640		1,587,553
4.000%, 08/01/26		776,506		817,361
4.500%, 12/01/20		590,741		607,191
4.500%, 02/01/25		541,858		571,576
4.500%, 04/01/25		109,090		114,589
4.500%, 07/01/25		403,689		425,745
4.500%, 06/01/26		2,546,814		2,683,190
Fannie Mae 20 Yr. Pool 3.000%, 10/01/36		137,799		140,173
3.000%, 11/01/36		1,354,005		1,375,241
3.000%, 12/01/36		7,071,717		7,182,629
5.000%, 05/01/23		2,819		3,077
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.000%, 12/01/42		8,614,913		8,672,735
3.000%, 01/01/43		5,908,021		5,938,748
3.000%, 02/01/43		2,761,914		2,781,632
3.000%, 03/01/43		22,588,198		22,702,232
3.000%, 04/01/43		15,333,063		15,415,375
3.000%, 05/01/43		20,740,879		20,881,449
3.000%, 06/01/43		2,643,325		2,664,498
3.000%, 07/01/43		1,453,113		1,459,113
3.000%, 08/01/43		1,203,490		1,208,275
3.000%, 06/01/46		912,727		916,004
3.000%, 07/01/46		7,717,366		7,729,924
3.000%, 08/01/46		17,111,265		17,139,396
3.000%, 09/01/46		12,287,928		12,313,802
3.000%, 10/01/46		6,908,994		6,922,898
3.000%, 11/01/46		5,048,364		5,060,708
3.000%, 12/01/46		4,020,115		4,031,440
3.000%, 01/01/47		89,674,436		89,618,671
3.000%, 02/01/47		3,852,733		3,861,910
3.000%, 03/01/47		35,346,947		35,333,831
3.000%, 04/01/47		3,726,928		3,724,529
3.500%, 01/01/42		933,875		964,426
3.500%, 04/01/42		243,030		251,234
3.500%, 05/01/42		391,098		403,405
3.500%, 06/01/42		1,064,313		1,100,083
3.500%, 07/01/42		129,450		133,585
3.500%, 08/01/42		237,527		245,088
3.500%, 10/01/42		1,733,572		1,791,652
3.500%, 11/01/42		2,962,275		3,054,325
3.500%, 12/01/42		1,622,499		1,675,271
3.500%, 01/01/43		1,027,236		1,065,688
3.500%, 02/01/43		1,709,349		1,765,239
3.500%, 03/01/43		4,279,319		4,430,069
3.500%, 04/01/43		84,341		87,498
3.500%, 06/01/43		1,479,748		1,523,388
3.500%, 07/01/43		14,120,693		14,608,431
3.500%, 08/01/43		8,716,048		9,004,279
3.500%, 09/01/43		139,823		144,589
3.500%, 10/01/43		159,997		165,986
3.500%, 11/01/43		1,464,457		1,512,353
3.500%, 01/01/44		3,820,942		3,957,967
3.500%, 05/01/44		2,409,148		2,499,092
3.500%, 06/01/44		12,367,684		12,762,181
3.500%, 07/01/44		65,340		67,472
3.500%, 02/01/45		1,305,558		1,347,212
3.500%, 07/01/45		2,854,016		2,944,845
3.500%, 03/01/46		1,434,561		1,480,451
3.500%, 05/01/46		944,457		974,667
3.500%, 06/01/46		8,478,506		8,750,114
3.500%, 08/01/46		1,850,779		1,910,068
3.500%, 09/01/46		1,911,002		1,973,775
3.500%, 11/01/46		2,204,476		2,284,802
3.500%, 12/01/46		3,434,966		3,547,869
3.500%, 01/01/47		7,526,930		7,808,668
3.500%, 02/01/47		683,979		707,512
3.500%, 05/01/47		1,804,694		1,864,071

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, TBA (a)		19,894,842	$	20,433,401
4.000%, 08/01/33		1,443,837		1,518,504
4.000%, 06/01/39		1,038,105		1,097,515
4.000%, 12/01/39		100,358		105,977
4.000%, 07/01/40		1,306,218		1,379,351
4.000%, 08/01/40		2,370,599		2,503,941
4.000%, 10/01/40		6,304,382		6,693,714
4.000%, 11/01/40		414,547		437,805
4.000%, 12/01/40		2,195,236		2,317,755
4.000%, 04/01/41		214,801		226,684
4.000%, 09/01/41		5,576,003		5,883,679
4.000%, 10/01/41		365,766		385,955
4.000%, 12/01/41		1,417,112		1,514,150
4.000%, 02/01/42		3,344,605		3,529,316
4.000%, 05/01/42		1,392,396		1,479,313
4.000%, 06/01/42		785,741		828,936
4.000%, 07/01/42		5,266,643		5,619,803
4.000%, 08/01/42		409,963		432,576
4.000%, 09/01/42		1,012,655		1,068,349
4.000%, 12/01/42		2,801,279		2,977,358
4.000%, 01/01/43		1,224,901		1,292,074
4.000%, 10/01/43		920,743		971,332
4.000%, 11/01/43		4,344,605		4,634,699
4.000%, 01/01/44		3,113,143		3,322,126
4.000%, 02/01/44		3,017,866		3,222,748
4.000%, 05/01/44		4,406,512		4,705,237
4.000%, 07/01/44		321,120		339,445
4.000%, 12/01/44		2,598,438		2,767,157
4.000%, 01/01/45		472,563		503,548
4.000%, 02/01/45		1,366,257		1,452,585
4.000%, 03/01/45		1,213,312		1,286,977
4.000%, 04/01/45		1,114,423		1,187,628
4.000%, 05/01/45		369,782		390,932
4.000%, 10/01/45		8,249,979		8,776,180
4.000%, 11/01/45		2,954,514		3,142,013
4.000%, 12/01/45		5,771,904		6,138,001
4.000%, 01/01/46		5,999,626		6,330,720
4.000%, 02/01/46		2,020,781		2,146,665
4.000%, 06/01/46		4,488,953		4,750,877
4.500%, 08/01/39		1,655,472		1,780,029
4.500%, 11/01/39		392,847		423,820
4.500%, 01/01/40		50,203		54,519
4.500%, 04/01/40		116,532		126,377
4.500%, 05/01/40		304,564		329,582
4.500%, 06/01/40		281,657		304,531
4.500%, 07/01/40		533,787		576,611
4.500%, 08/01/40		3,913,667		4,231,972
4.500%, 11/01/40		1,135,064		1,227,808
4.500%, 07/01/41		325,677		351,933
4.500%, 08/01/41		121,373		130,200
4.500%, 09/01/41		1,155,174		1,247,435
4.500%, 01/01/42		228,571		247,183
4.500%, 06/01/42		164,622		176,598
4.500%, 08/01/42		1,270,703		1,369,498
4.500%, 09/01/42		3,627,898		3,917,658
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.500%, 09/01/43		1,145,789		1,231,411
4.500%, 10/01/43		1,664,112		1,787,244
4.500%, 12/01/43		2,340,004		2,515,007
4.500%, 01/01/44		2,172,406		2,348,063
4.500%, 11/01/45		144,874		156,207
4.500%, 09/01/46		772,172		846,753
4.500%, TBA (a)		5,922,000		6,346,535
5.000%, 11/01/32		7,024		7,682
5.000%, 09/01/35		278,439		305,450
5.000%, 06/01/39		11,992,860		13,150,385
5.000%, 04/01/41		41,513		45,361
5.000%, 07/01/41		564,281		618,163
5.000%, 08/01/41		539,578		589,844
5.000%, 01/01/42		53,266		58,180
5.000%, TBA (a)		4,660,000		5,090,322
5.500%, 11/01/32		1,457,438		1,628,246
5.500%, 12/01/32		233,493		260,963
5.500%, 01/01/33		878,446		980,826
5.500%, 12/01/33		304,640		340,559
5.500%, 05/01/34		2,418,365		2,709,013
5.500%, 08/01/37		2,530,318		2,835,189
5.500%, 02/01/38		357,390		401,417
5.500%, 03/01/38		270,980		304,145
5.500%, 04/01/38		267,833		296,442
5.500%, 06/01/38		416,318		467,844
5.500%, 12/01/38		512,360		568,003
5.500%, 01/01/39		429,590		477,981
5.500%, 08/01/39		381,113		424,577
5.500%, 12/01/39		576,561		640,602
5.500%, 04/01/40		103,382		115,022
5.500%, 04/01/41		396,722		440,713
5.500%, TBA (a)		3,696,000		4,094,475
6.000%, 02/01/34		275,843		315,125
6.000%, 08/01/34		208,442		238,346
6.000%, 04/01/35		3,261,491		3,723,817
6.000%, 06/01/36		432,489		489,927
6.000%, 02/01/38		630,613		713,988
6.000%, 03/01/38		225,471		255,981
6.000%, 05/01/38		734,371		837,023
6.000%, 10/01/38		882,714		999,591
6.000%, 12/01/38		250,047		282,812
6.000%, 04/01/40		2,857,946		3,243,125
6.000%, 09/01/40		280,210		316,494
6.000%, 06/01/41		628,125		711,869
6.500%, 05/01/40		4,122,143		4,612,145
Fannie Mae Pool 2.500%, 05/01/26		900,000		883,310
2.690%, 04/01/25		480,000		482,228
3.500%, 01/01/47		598,823		618,591
4.000%, 01/01/41		563,650		598,135
Fannie Mae REMICS (CMO) 5.000%, 04/25/35		91,505		96,320
Fannie Mae-ACES (CMO) 0.233%, 08/25/24 (b) (c)		114,710,444		1,024,502
2.800%, 01/25/39 (b) (c)		5,005,179		607,796
2.961%, 02/25/27 (b)		1,205,000		1,208,975

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 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%, 08/01/29		1,400,838	$	1,413,231
2.500%, 12/01/29		426,811		430,016
2.500%, 05/01/30		1,376,044		1,385,389
2.500%, 07/01/30		950,750		957,596
2.500%, 08/01/30		2,686,281		2,706,094
2.500%, 09/01/30		3,462,560		3,486,502
2.500%, TBA (a)		14,055,000		14,135,154
3.000%, 01/01/30		1,117,805		1,149,542
3.000%, 04/01/30		5,204,644		5,354,366
3.000%, 05/01/30		873,144		898,593
3.000%, 06/01/30		36,835		37,890
3.000%, 07/01/30		1,928,421		1,983,392
3.000%, 08/01/30		612,139		629,632
3.000%, TBA (a)		9,752,000		10,014,085
3.500%, TBA (a)		6,972,000		7,261,233
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/42		3,084,572		3,096,052
3.000%, 01/01/43		2,070,951		2,078,720
3.000%, 03/01/43		4,669,973		4,688,297
3.000%, 07/01/43		13,331,754		13,380,507
3.000%, 09/01/46		1,346,235		1,346,764
3.000%, 11/01/46		9,558,791		9,544,310
3.000%, 12/01/46		12,363,381		12,378,278
3.000%, 01/01/47		28,009,450		27,967,017
3.000%, 02/01/47		39,853,988		39,793,611
3.000%, 03/01/47		28,994,120		28,950,195
3.000%, 04/01/47 (d)		30,013,221		29,967,752
3.500%, 04/01/42		2,098,140		2,173,315
3.500%, 08/01/42		1,644,156		1,705,436
3.500%, 10/01/42		195,785		202,076
3.500%, 01/01/43		1,409,410		1,454,282
3.500%, 06/01/43		361,674		373,439
3.500%, 01/01/44		784,248		812,627
3.500%, 04/01/44		149,061		154,390
3.500%, 05/01/44		672,495		696,926
3.500%, 06/01/44		174,140		180,365
3.500%, 07/01/44		131,549		136,572
3.500%, 08/01/44		559,211		579,204
3.500%, 09/01/44		1,028,576		1,066,045
3.500%, 08/01/45		7,929,260		8,213,158
3.500%, 09/01/45		221,513		229,891
3.500%, 01/01/46		1,308,357		1,349,716
3.500%, 03/01/46		980,547		1,011,544
3.500%, 05/01/46		1,065,225		1,098,899
3.500%, 03/01/47		2,699,755		2,795,992
3.500%, TBA (a)		51,167,164		52,519,522
4.000%, 08/01/40		358,855		378,912
4.000%, 10/01/40		177,060		188,535
4.000%, 11/01/40		782,896		833,624
4.000%, 04/01/41		20,415		21,558
4.000%, 10/01/41		749,372		797,953
4.000%, 09/01/43		533,238		568,708
4.000%, 04/01/44		1,075,160		1,143,884
4.000%, 08/01/44		4,035,251		4,303,473
4.000%, 02/01/45		406,283		429,843
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.000%, 09/01/45		1,757,769		1,861,166
4.000%, 10/01/45		2,192,493		2,321,526
4.000%, 12/01/45 (d)		16,336,020		17,197,892
4.000%, TBA (a)		15,999,000		16,797,107
4.500%, 02/01/39		1,574,394		1,688,216
4.500%, 08/01/39		1,354,679		1,456,166
4.500%, 12/01/39		336,748		362,144
4.500%, 07/01/40		98,526		105,941
4.500%, 05/01/41		2,055,783		2,210,561
4.500%, 05/01/42		1,984,239		2,133,115
4.500%, 10/01/43		1,025,606		1,100,700
4.500%, 12/01/43		2,559,673		2,761,248
4.500%, TBA (a)		6,354,000		6,800,462
5.000%, 10/01/41		823,210		900,584
5.000%, 11/01/41		7,347,379		8,034,111
5.500%, 02/01/35		203,510		227,992
5.500%, 09/01/39		195,028		215,432
5.500%, 01/01/40		257,881		284,401
5.500%, 07/01/40		330,053		364,140
5.500%, 06/01/41		3,066,360		3,413,440
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.745%, 03/25/27 (b) (c)		17,895,031		885,260
2.770%, 05/25/25		1,110,000		1,115,559
3.120%, 09/25/26 (b)		1,970,000		2,013,863
3.300%, 10/25/26		2,810,000		2,910,531
3.347%, 11/25/26		1,210,000		1,257,895
3.430%, 01/25/27 (b)		560,000		587,851
3.531%, 07/25/23 (b)		500,000		530,208
FREMF Mortgage Trust (CMO) 4.013%, 02/25/24 (144A) (b)		1,810,000		1,809,395
4.117%, 03/25/27 (144A) (b)		855,556		861,180
Ginnie Mae I 30 Yr. Pool 3.000%, TBA (a)		6,519,000		6,587,112
3.500%, 01/15/42		524,643		545,093
3.500%, 02/15/42		247,904		259,120
3.500%, 04/15/42		433,389		450,944
3.500%, 05/15/42		427,390		446,734
3.500%, 08/15/42		609,329		636,753
3.500%, 11/15/42		432,614		450,220
3.500%, 12/15/42		1,372,820		1,434,538
3.500%, 01/15/43		590,308		614,300
3.500%, 02/15/43		911,160		949,918
3.500%, 03/15/43		484,414		504,071
3.500%, 04/15/43		2,636,022		2,741,406
3.500%, 05/15/43		3,198,503		3,334,701
3.500%, 06/15/43		799,272		835,198
3.500%, 07/15/43		2,706,408		2,828,014
4.000%, 07/20/39		485,176		514,619
4.000%, 01/15/41		1,705,780		1,797,703
4.000%, 03/15/41		1,204,059		1,268,946
4.000%, 12/15/41		26,241		27,625
4.000%, TBA (a)		4,542,000		4,778,326
4.500%, 02/15/42 (d)		13,245,299		14,356,337
5.000%, 12/15/38		375,248		412,445

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 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%, 07/15/39		1,045,027	$	1,148,273
5.000%, 10/15/39		458,361		508,684
5.000%, 09/15/40		35,166		39,028
5.000%, 12/15/40		1,259,042		1,383,613
5.500%, 04/15/33		34,352		38,672
6.500%, 04/15/33		49,319		53,894
8.500%, 05/15/22		595		602
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (a)		87,100,000		87,977,802
3.500%, 12/20/41		4,858,365		5,049,020
3.500%, 10/20/42		504,361		524,622
3.500%, 01/20/43		450,043		468,123
3.500%, 04/20/43		371,545		386,471
3.500%, 10/20/46		2,810,617		2,923,108
3.500%, 04/20/47		78,618,878		81,517,703
3.500%, TBA (a)		19,036,496		19,717,645
4.000%, 09/20/40		128,691		137,284
4.000%, 10/20/40		1,424,047		1,512,383
4.000%, 11/20/40		799,800		843,653
4.000%, 12/20/40		2,990,145		3,173,605
4.000%, 01/20/41		2,613,784		2,775,676
4.000%, 02/20/41		46,273		49,080
4.000%, 07/20/43		245,969		260,100
4.000%, 08/20/44		1,085,033		1,152,299
4.000%, 10/20/46		247,208		261,314
4.000%, 01/20/47		35,433,204		37,323,875
4.000%, 02/20/47		4,144,694		4,365,930
4.000%, 06/20/47		6,159,000		6,502,195
4.000%, TBA (a)		1,690,000		1,778,329
4.500%, 12/20/39		108,612		117,141
4.500%, 01/20/40		134,680		145,263
4.500%, 02/20/40		107,529		115,550
4.500%, 05/20/40		7,343		7,891
4.500%, 08/20/40		260,686		281,390
4.500%, 05/20/41		14,134,034		15,187,739
4.500%, 06/20/41		1,371,040		1,473,249
4.500%, 07/20/41		861,163		925,330
4.500%, 11/20/41		130,920		140,700
4.500%, 11/20/44		310,870		330,568
5.000%, 10/20/33		1,128,613		1,255,700
5.000%, 10/20/39		387,631		421,421
5.000%, 07/20/42		472,995		514,615
Government National Mortgage Association (CMO) 0.773%, 05/16/59 (b) (c)		2,200,000		158,370
0.792%, 11/16/53 (b) (c)		1,215,257		48,449
0.794%, 02/16/53 (b) (c)		19,054,387		922,310
0.804%, 07/16/59 (b) (c)		2,077,795		155,269
0.825%, 08/16/41 (c)		4,629,498		84,568
0.838%, 01/16/49 (b) (c)		7,894,103		389,778
0.856%, 06/16/53 (b) (c)		1,853,446		60,563
0.924%, 06/16/58 (b) (c)		2,772,785		207,050
0.984%, 08/15/58 (b) (c)		7,525,345		613,778
1.000%, 02/16/39 (c)		6,511,128		100,693
1.007%, 08/16/58 (b) (c)		3,895,442		295,987
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 1.046%, 05/16/58 (b) (c)		2,652,541		205,160
1.070%, 12/16/57 (b) (c)		3,852,324		303,651
1.127%, 04/16/58 (b) (c)		7,045,110		571,833
1.181%, 01/16/48 (b) (c)		7,836,508		448,596
1.192%, 02/16/58 (b) (c)		3,345,552		296,129
				1,448,980,111
U.S. Treasury—24.3%
U.S. Treasury Bonds 2.875%, 11/15/46 (f) (g) (h)		57,418,000		57,734,258
3.000%, 02/15/47 (f) (h)		55,487,000		57,238,281
3.000%, 05/15/47 (g) (h)		39,712,000		40,984,015
U.S. Treasury Notes 1.250%, 03/31/19		37,803,000		37,721,799
1.250%, 04/30/19		37,835,000		37,741,888
1.250%, 05/31/19 (h)		25,259,000		25,197,823
1.500%, 04/15/20		52,255,000		52,218,265
1.500%, 05/15/20 (h)		34,879,000		34,839,482
1.625%, 03/15/20		51,992,000		52,156,503
1.750%, 05/31/22 (h)		109,169,000		108,529,379
1.875%, 03/31/22		162,317,000		162,412,118
1.875%, 04/30/22 (h)		162,613,000		162,581,290
2.000%, 04/30/24		7,574,000		7,517,490
2.000%, 05/31/24 (h)		5,074,000		5,033,170
2.000%, 11/15/26 (g)		35,026,000		34,153,082
2.125%, 03/31/24		7,502,000		7,507,566
2.250%, 02/15/27 (g)		34,117,000		33,958,424
2.375%, 05/15/27 (h)		26,461,000		26,628,445
				944,153,278
Total U.S. Treasury & Government Agencies (Cost $2,395,684,678)				2,393,133,389
Corporate Bonds & Notes—29.1%
Advertising—0.1%
ACE03 MH1 B2 Zero Coupon, 08/15/30		788,785		611,853
Interpublic Group of Cos., Inc. (The) 4.000%, 03/15/22		1,468,000		1,539,405
				2,151,258
Aerospace/Defense—0.3%
BAE Systems Holdings, Inc. 2.850%, 12/15/20 (144A)		699,000		708,537
4.750%, 10/07/44 (144A)		132,000		142,998
Harris Corp. 2.700%, 04/27/20		706,000		713,310
Lockheed Martin Corp. 3.550%, 01/15/26		815,000		844,508
3.600%, 03/01/35		1,860,000		1,835,236
4.070%, 12/15/42		380,000		388,409

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
Lockheed Martin Corp. 4.500%, 05/15/36		323,000	$	352,259
4.700%, 05/15/46		527,000		592,161
Northrop Grumman Corp. 3.850%, 04/15/45		840,000		833,005
United Technologies Corp. 1.778%, 05/04/18		3,052,000		3,055,916
4.050%, 05/04/47		2,865,000		2,934,637
4.150%, 05/15/45		836,000		865,572
				13,266,548
Agriculture—0.0%
Reynolds American, Inc. 2.300%, 06/12/18		1,321,000		1,326,753
3.250%, 06/12/20		561,000		577,571
				1,904,324
Airlines—0.4%
American Airlines Group, Inc. 4.625%, 03/01/20 (144A) (d)		2,214,000		2,289,874
American Airlines Pass-Through Trust 3.375%, 05/01/27		3,314,693		3,331,266
Delta Air Lines, Inc. 2.875%, 03/13/20		9,690,000		9,816,701
Turkish Airlines Pass-Through Trust 4.200%, 03/15/27 (144A)		1,192,478		1,140,307
United Airlines Pass-Through Trust 4.750%, 04/11/22		341,648		354,033
				16,932,181
Auto Manufacturers—1.2%
Ford Motor Credit Co. LLC 3.810%, 01/09/24		7,525,000		7,619,235
General Motors Financial Co., Inc. 2.625%, 07/10/17		2,036,000		2,036,204
3.100%, 01/15/19		814,000		825,123
3.150%, 06/30/22		13,450,000		13,470,820
3.200%, 07/06/21		6,453,000		6,525,532
3.700%, 11/24/20		1,345,000		1,391,631
4.000%, 01/15/25		1,821,000		1,828,745
4.750%, 08/15/17		3,515,000		3,526,983
Hyundai Capital America 2.550%, 04/03/20 (144A)		8,645,000		8,623,370
				45,847,643
Auto Parts & Equipment—0.1%
Delphi Automotive plc 4.250%, 01/15/26		1,455,000		1,541,175
4.400%, 10/01/46		1,297,000		1,293,277
				2,834,452
Banks—9.4%
Banco Espirito Santo S.A. 4.000%, 01/21/19 (EUR) (i)		200,000		68,529
Banks—(Continued)
Banco Inbursa S.A. Institucion de Banca Multiple 4.375%, 04/11/27 (144A)		549,000		549,110
Bank of America Corp. 2.250%, 04/21/20 (d)		2,535,000		2,536,034
3.248%, 10/21/27		1,588,000		1,534,537
3.300%, 01/11/23		3,383,000		3,449,638
3.500%, 04/19/26		2,440,000		2,448,311
3.875%, 08/01/25		5,164,000		5,342,215
4.443%, 01/20/48 (b)		4,400,000		4,653,796
4.875%, 04/01/44		494,000		553,074
Bank of New York Mellon Corp. (The) 2.050%, 05/03/21		10,424,000		10,328,589
4.625%, 09/20/26 (b)		2,930,000		2,955,198
Barclays plc 4.836%, 05/09/28		4,105,000		4,196,500
4.950%, 01/10/47		2,231,000		2,380,789
BB&T Corp. 2.450%, 01/15/20		1,530,000		1,547,092
2.750%, 04/01/22		15,085,000		15,307,851
BNP Paribas S.A. 2.950%, 05/23/22 (144A)		6,010,000		6,069,842
3.800%, 01/10/24 (144A)		808,000		841,469
BPCE S.A. 3.000%, 05/22/22 (144A) (d)		3,500,000		3,530,439
Branch Banking & Trust Co. 2.300%, 10/15/18		2,160,000		2,173,746
Capital One Financial Corp. 3.750%, 03/09/27		3,310,000		3,297,988
4.750%, 07/15/21		80,000		86,313
Capital One N.A. 2.400%, 09/05/19		250,000		250,891
Citigroup, Inc. 1.800%, 02/05/18		2,960,000		2,962,244
2.500%, 09/26/18 (d)		4,057,000		4,084,498
2.500%, 07/29/19		3,634,000		3,666,637
2.900%, 12/08/21		20,825,000		21,036,020
3.500%, 05/15/23		2,381,000		2,415,713
3.875%, 03/26/25		1,530,000		1,539,455
4.125%, 07/25/28		6,182,000		6,275,497
4.750%, 05/18/46		4,348,000		4,564,078
Citizens Bank N.A. 2.250%, 03/02/20		6,026,000		6,020,360
2.300%, 12/03/18		1,395,000		1,400,025
2.650%, 05/26/22		4,875,000		4,861,881
Credit Suisse AG 3.000%, 10/29/21		1,015,000		1,034,328
Credit Suisse Group AG 4.282%, 01/09/28 (144A)		812,000		839,349
Credit Suisse Group Funding Guernsey, Ltd. 2.750%, 03/26/20		3,269,000		3,294,704
4.875%, 05/15/45		753,000		828,801
Fifth Third Bank 2.250%, 06/14/21		3,062,000		3,053,053
Goldman Sachs Group, Inc. (The) 2.000%, 04/25/19		950,000		949,588
2.350%, 11/15/21		6,177,000		6,093,888

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.600%, 04/23/20		2,774,000	$	2,799,759
2.625%, 01/31/19		3,624,000		3,660,631
2.625%, 04/25/21		2,055,000		2,059,077
2.750%, 09/15/20		1,326,000		1,341,976
3.500%, 01/23/25		1,683,000		1,701,284
3.750%, 05/22/25		2,243,000		2,296,812
HSBC Holdings plc 2.650%, 01/05/22 (d)		9,883,000		9,860,210
4.041%, 03/13/28 (b)		2,950,000		3,055,545
6.000%, 05/22/27 (b)		4,055,000		4,192,870
ING Groep NV 3.950%, 03/29/27		3,177,000		3,303,581
Intesa Sanpaolo S.p.A. 5.017%, 06/26/24 (144A)		10,267,000		10,412,350
JPMorgan Chase & Co. 2.200%, 10/22/19		2,326,000		2,333,436
2.550%, 10/29/20		3,260,000		3,287,355
2.750%, 06/23/20		667,000		678,145
2.972%, 01/15/23 (d)		13,360,000		13,518,917
3.782%, 02/01/28 (b)		3,212,000		3,284,646
3.875%, 09/10/24		2,550,000		2,630,945
3.900%, 07/15/25		1,343,000		1,400,574
4.250%, 10/01/27		1,070,000		1,116,118
Lloyds Banking Group plc 3.750%, 01/11/27		2,169,000		2,177,598
Macquarie Bank, Ltd. 6.125%, 03/08/27 (144A) (b)		2,236,000		2,286,310
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		5,056,000		5,131,097
Mizuho Financial Group, Inc. 2.953%, 02/28/22		13,230,000		13,343,910
Morgan Stanley 2.625%, 11/17/21		10,848,000		10,832,010
2.750%, 05/19/22		16,450,000		16,446,447
2.800%, 06/16/20		3,889,000		3,945,546
3.700%, 10/23/24		3,417,000		3,506,724
3.750%, 02/25/23		1,545,000		1,606,511
Northern Trust Corp. 3.375%, 05/08/32 (b)		2,040,000		2,039,119
Royal Bank of Scotland Group plc 2.652%, 05/15/23 (b) (d)		11,585,000		11,678,838
3.498%, 05/15/23 (b)		5,295,000		5,329,338
3.875%, 09/12/23		8,102,000		8,273,025
Santander UK Group Holdings plc 2.875%, 08/05/21		5,200,000		5,211,955
State Street Corp. 2.246%, 06/15/47 (b)		500,000		460,313
2.650%, 05/19/26 (d)		1,246,000		1,207,646
Sumitomo Mitsui Trust Bank, Ltd. 2.050%, 03/06/19 (144A)		15,092,000		15,091,894
U.S. Bancorp 2.950%, 07/15/22 (d)		3,137,000		3,190,856
3.150%, 04/27/27		1,360,000		1,362,268
UBS Group Funding Switzerland AG 4.125%, 09/24/25 (144A)		1,338,000		1,402,538
4.253%, 03/23/28 (144A)		5,815,000		6,075,105
Banks—(Continued)
UniCredit S.p.A. 5.861%, 06/19/32 (144A) (b)		5,078,000		5,213,644
Wells Fargo & Co. 2.100%, 07/26/21		5,995,000		5,914,601
2.600%, 07/22/20		1,285,000		1,303,116
3.584%, 05/22/28 (b)		5,700,000		5,760,597
4.750%, 12/07/46		3,286,000		3,508,377
4.900%, 11/17/45		969,000		1,056,576
				365,312,260
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 2.650%, 02/01/21		3,844,000		3,895,540
3.300%, 02/01/23		2,335,000		2,404,422
4.700%, 02/01/36		1,225,000		1,348,288
4.900%, 02/01/46		9,438,000		10,652,114
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		550,000		532,321
Central American Bottling Corp. 5.750%, 01/31/27 (144A)		239,000		252,479
				19,085,164
Biotechnology—0.4%
Amgen, Inc. 2.125%, 05/01/20		2,559,000		2,562,816
4.400%, 05/01/45		2,028,000		2,083,058
Gilead Sciences, Inc. 2.350%, 02/01/20		589,000		594,623
2.500%, 09/01/23		1,447,000		1,425,564
4.000%, 09/01/36		5,760,000		5,727,663
4.150%, 03/01/47		862,000		866,019
4.500%, 02/01/45		547,000		567,042
4.600%, 09/01/35		564,000		604,730
				14,431,515
Building Materials—0.2%
CEMEX Finance LLC 9.375%, 10/12/22 (144A)		280,000		297,500
CRH America Finance, Inc. 3.400%, 05/09/27 (144A)		2,255,000		2,255,131
Johnson Controls International plc 5.125%, 09/14/45		2,020,000		2,322,832
LafargeHolcim Finance U.S. LLC 4.750%, 09/22/46 (144A)		2,545,000		2,647,347
Tecnoglass, Inc. 8.200%, 01/31/22 (144A)		279,000		293,299
				7,816,109
Chemicals—0.2%
Agrium, Inc. 4.125%, 03/15/35 (d)		755,000		751,333
Dow Chemical Co. (The) 4.375%, 11/15/42		500,000		516,428
4.625%, 10/01/44		755,000		803,600

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
E.I. du Pont de Nemours & Co. 2.200%, 05/01/20		1,100,000	$	1,105,970
Eastman Chemical Co. 4.800%, 09/01/42		716,000		768,592
Monsanto Co. 3.600%, 07/15/42		1,222,000		1,062,898
Sherwin-Williams Co. (The) 4.000%, 12/15/42		565,000		542,232
4.500%, 06/01/47		815,000		853,980
				6,405,033
Commercial Services—0.3%
Moody’s Corp. 2.750%, 12/15/21		2,544,000		2,565,354
3.250%, 01/15/28 (144A)		3,360,000		3,308,367
Total System Services, Inc. 4.800%, 04/01/26		3,469,000		3,776,163
Wesleyan University 4.781%, 07/01/2116		1,088,000		1,064,186
				10,714,070
Computers—1.0%
Apple, Inc. 2.850%, 05/11/24		11,225,000		11,279,385
3.000%, 02/09/24		3,075,000		3,121,639
3.450%, 02/09/45		1,028,000		965,970
4.650%, 02/23/46		6,691,000		7,500,082
Dell International LLC / EMC Corp. 5.450%, 06/15/23 (144A)		3,230,000		3,505,099
8.350%, 07/15/46 (144A)		2,780,000		3,587,818
DXC Technology Co. 2.875%, 03/27/20 (144A) (d)		1,369,000		1,386,212
Hewlett Packard Enterprise Co. 2.850%, 10/05/18		2,705,000		2,728,144
3.600%, 10/15/20		3,456,000		3,563,478
HP, Inc. 3.750%, 12/01/20		357,000		373,658
				38,011,485
Diversified Financial Services—0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22 (d)		5,837,000		5,990,175
4.625%, 10/30/20		4,930,000		5,239,461
Air Lease Corp. 2.625%, 07/01/22		4,300,000		4,261,898
3.000%, 09/15/23		5,220,000		5,189,969
3.625%, 04/01/27		2,270,000		2,270,213
American Express Credit Corp. 2.250%, 08/15/19		1,959,000		1,975,875
3.300%, 05/03/27		1,010,000		1,009,165
Capital One Bank USA N.A. 2.300%, 06/05/19		500,000		500,456
Discover Financial Services 4.100%, 02/09/27		1,108,000		1,109,915
Diversified Financial Services—(Continued)
Jefferies Group LLC 6.500%, 01/20/43		648,000		732,305
Synchrony Financial 2.600%, 01/15/19		1,706,000		1,715,110
2.700%, 02/03/20		1,079,000		1,084,472
4.500%, 07/23/25		1,243,000		1,278,239
Visa, Inc. 4.150%, 12/14/35		411,000		445,302
				32,802,555
Electric—1.0%
AES Panama SRL 6.000%, 06/25/22 (144A)		213,000		223,650
Baltimore Gas & Electric Co. 3.500%, 08/15/46		946,000		901,923
Celeo Redes Operacion Chile S.A. 5.200%, 06/22/47 (144A)		816,000		826,200
Dominion Energy, Inc. 2.579%, 07/01/20		2,615,000		2,628,509
Emera U.S. Finance L.P. 2.150%, 06/15/19		2,058,000		2,056,086
2.700%, 06/15/21		2,106,000		2,109,224
Enel Finance International NV 2.875%, 05/25/22 (144A)		4,485,000		4,491,221
3.625%, 05/25/27 (144A)		4,680,000		4,634,810
Energuate Trust 5.875%, 05/03/27 (144A)		367,000		378,010
Exelon Corp. 2.450%, 04/15/21		549,000		547,491
2.850%, 06/15/20		3,225,000		3,276,374
4.950%, 06/15/35		501,000		548,482
Generacion Mediterranea S.A. / Generacion Frias S.A. / Central Termica Roca S.A. 9.625%, 07/27/23 (144A)		722,000		788,785
Great Plains Energy, Inc. 3.900%, 04/01/27		4,159,000		4,207,348
Inkia Energy, Ltd. 8.375%, 04/04/21 (144A)		282,000		291,447
Orazul Energy Egenor S. en C. por A. 5.625%, 04/28/27 (144A)		549,000		536,648
Pacific Gas & Electric Co. 4.300%, 03/15/45		839,000		898,670
4.750%, 02/15/44		545,000		620,265
Pampa Energia S.A. 7.500%, 01/24/27 (144A)		560,000		584,394
Southern California Edison Co. 1.250%, 11/01/17		1,080,000		1,079,365
Stoneway Capital Corp. 10.000%, 03/01/27 (144A) (d)		835,000		881,192
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		2,380,000		2,468,098
Virginia Electric & Power Co. 3.500%, 03/15/27		3,225,000		3,316,093
4.200%, 05/15/45 (d)		895,000		939,604
4.450%, 02/15/44		437,000		477,426
				39,711,315

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—0.0%
Amphenol Corp. 3.200%, 04/01/24		1,254,000	$	1,266,777
Energy-Alternate Sources—0.0%
Genneia S.A. 8.750%, 01/20/22 (144A)		277,000		294,540
Engineering & Construction—0.0%
Aeropuerto Internacional de Tocumen S.A. 5.625%, 05/18/36 (144A)		276,000		291,870
Aeropuertos Argentina S.A. 6.875%, 02/01/27 (144A)		279,000		288,801
Aeropuertos Dominicanos Siglo S.A. 6.750%, 03/30/29 (144A)		279,000		302,369
Cia Latinoamericana de Infraestructura & Servicios S.A. 9.500%, 07/20/23 (144A)		40,000		41,469
				924,509
Environmental Control—0.0%
Waste Management, Inc. 3.900%, 03/01/35		442,000		456,293
Food—0.1%
Arcor SAIC 6.000%, 07/06/23 (144A)		341,000		362,312
Minerva Luxembourg S.A. 6.500%, 09/20/26 (144A)		581,000		565,749
Post Holdings, Inc. 6.000%, 12/15/22 (144A)		2,255,000		2,390,300
				3,318,361
Forest Products & Paper—0.1%
Georgia-Pacific LLC 7.375%, 12/01/25		1,415,000		1,800,394
Suzano Austria GmbH 5.750%, 07/14/26 (144A) (d)		564,000		583,740
Suzano Trading, Ltd. 5.875%, 01/23/21 (144A)		423,000		448,380
				2,832,514
Gas—0.1%
Dominion Energy Gas Holdings LLC 4.600%, 12/15/44		1,137,000		1,188,070
NiSource Finance Corp. 3.490%, 05/15/27		2,215,000		2,230,241
Southern Co. Gas Capital Corp. 4.400%, 05/30/47		2,135,000		2,177,555
				5,595,866
Healthcare-Products—0.5%
Becton Dickinson & Co. 2.133%, 06/06/19		6,380,000		6,389,691
2.675%, 12/15/19		2,345,000		2,373,712
Healthcare-Products—(Continued)
Becton Dickinson & Co. 2.894%, 06/06/22		3,240,000		3,250,128
4.685%, 12/15/44		367,000		377,961
Boston Scientific Corp. 2.650%, 10/01/18		1,872,000		1,889,187
Medtronic Global Holdings SCA 3.350%, 04/01/27		3,190,000		3,252,103
Medtronic, Inc. 4.375%, 03/15/35		248,000		270,882
Stryker Corp. 4.625%, 03/15/46		1,016,000		1,109,968
				18,913,632
Healthcare-Services—0.8%
Aetna, Inc. 4.125%, 11/15/42		786,000		800,283
4.500%, 05/15/42		881,000		951,571
4.750%, 03/15/44		690,000		775,663
Anthem, Inc. 1.875%, 01/15/18		5,068,000		5,072,206
2.300%, 07/15/18		7,006,000		7,045,437
Baylor Scott & White Holdings 4.185%, 11/15/45		775,000		792,354
Catholic Health Initiatives 4.350%, 11/01/42		550,000		496,407
Cigna Corp. 3.250%, 04/15/25 (d)		1,947,000		1,954,591
HCA, Inc. 3.750%, 03/15/19		2,260,000		2,305,200
Kaiser Foundation Hospitals 4.150%, 05/01/47		1,403,000		1,453,714
Laboratory Corp. of America Holdings 2.625%, 02/01/20		1,583,000		1,596,036
New York and Presbyterian Hospital (The) 3.563%, 08/01/36		547,000		530,888
Ochsner Clinic Foundation 5.897%, 05/15/45		685,000		850,976
RWJ Barnabas Health, Inc. 3.949%, 07/01/46		355,000		349,300
Southern Baptist Hospital of Florida, Inc. 4.857%, 07/15/45		650,000		723,169
SSM Health Care Corp. 3.823%, 06/01/27		1,392,000		1,426,455
UnitedHealth Group, Inc. 2.700%, 07/15/20		944,000		963,866
4.200%, 01/15/47		1,289,000		1,359,764
4.625%, 07/15/35		377,000		423,719
				29,871,599
Housewares—0.0%
Newell Brands, Inc. 2.875%, 12/01/19		906,000		921,550

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—0.4%
Allstate Corp. (The) 4.200%, 12/15/46		1,564,000	$	1,630,498
American International Group, Inc. 3.750%, 07/10/25		1,511,000		1,539,074
3.875%, 01/15/35		673,000		652,448
4.500%, 07/16/44		847,000		861,297
Aon plc 4.750%, 05/15/45		1,906,000		2,062,296
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26		359,000		373,771
4.350%, 01/30/47 (d)		601,000		642,289
Principal Financial Group, Inc. 4.300%, 11/15/46		2,550,000		2,652,673
Travelers Cos., Inc. (The) 4.000%, 05/30/47		1,795,000		1,836,235
4.600%, 08/01/43		945,000		1,054,020
Willis North America, Inc. 3.600%, 05/15/24		276,000		278,781
				13,583,382
Iron/Steel—0.0%
Nucor Corp. 5.200%, 08/01/43		585,000		686,432
Steel Dynamics, Inc. 5.125%, 10/01/21		1,086,000		1,115,300
				1,801,732
Lodging—0.1%
Caesars Growth Properties Holdings LLC / Caesars Growth Properties Finance, Inc. 9.375%, 05/01/22		2,060,000		2,235,100
Media—1.6%
21st Century Fox America, Inc. 4.750%, 09/15/44		525,000		552,676
4.950%, 10/15/45		223,000		241,395
Cablevision S.A. 6.500%, 06/15/21 (144A)		277,000		293,620
CBS Corp. 2.300%, 08/15/19		2,077,000		2,090,569
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.750%, 02/15/28 (144A)		8,960,000		8,827,777
4.464%, 07/23/22		1,856,000		1,977,505
4.908%, 07/23/25		902,000		974,448
5.375%, 05/01/47 (144A)		2,970,000		3,142,094
6.384%, 10/23/35		1,407,000		1,667,792
6.484%, 10/23/45		6,878,000		8,255,065
Comcast Corp. 3.200%, 07/15/36		3,448,000		3,227,035
3.375%, 08/15/25		1,578,000		1,618,884
3.400%, 07/15/46 (d)		835,000		760,352
4.250%, 01/15/33		665,000		708,737
4.400%, 08/15/35		2,001,000		2,150,949
4.600%, 08/15/45		885,000		965,084
4.750%, 03/01/44		2,972,000		3,307,176
Media—(Continued)
CSC Holdings LLC 7.625%, 07/15/18		2,060,000		2,173,300
Discovery Communications LLC 3.800%, 03/13/24		1,616,000		1,634,021
Myriad International Holdings B.V. 4.850%, 07/06/27 (144A)		290,000		290,725
NBCUniversal Enterprise, Inc. 5.250%, 12/31/49 (144A)		4,585,000		4,873,213
NBCUniversal Media LLC 4.450%, 01/15/43		1,095,000		1,162,522
Time Warner Cable LLC 4.125%, 02/15/21		2,130,000		2,227,352
4.500%, 09/15/42 (d)		161,000		153,190
5.000%, 02/01/20		1,055,000		1,125,469
5.500%, 09/01/41		588,000		631,903
Time Warner, Inc. 2.100%, 06/01/19		3,352,000		3,353,381
3.600%, 07/15/25		820,000		818,136
4.850%, 07/15/45		1,884,000		1,939,925
Viacom, Inc. 2.750%, 12/15/19		705,000		712,973
				61,857,268
Mining—0.4%
Barrick Gold Corp. 5.250%, 04/01/42		2,420,000		2,753,476
BHP Billiton Finance USA, Ltd. 5.000%, 09/30/43		1,980,000		2,291,234
Glencore Funding LLC 4.000%, 03/27/27 (144A) (d)		4,810,000		4,732,545
Newmont Mining Corp. 3.500%, 03/15/22		2,740,000		2,833,470
4.875%, 03/15/42		2,030,000		2,144,973
Rio Tinto Finance USA plc 4.125%, 08/21/42		1,510,000		1,558,180
VM Holding S.A. 5.375%, 05/04/27 (144A)		547,000		552,196
				16,866,074
Miscellaneous Manufacturing—0.1%
Eaton Corp. 2.750%, 11/02/22		1,285,000		1,292,004
General Electric Co. 4.500%, 03/11/44		2,960,000		3,288,421
Ingersoll-Rand Luxembourg Finance S.A. 4.650%, 11/01/44		306,000		329,998
				4,910,423
Office/Business Equipment—0.3%
Pitney Bowes, Inc. 3.875%, 05/15/22		11,495,000		11,492,069

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—1.8%
Anadarko Petroleum Corp. 4.500%, 07/15/44		1,209,000	$	1,107,928
7.950%, 06/15/39		614,000		772,928
Apache Corp. 4.250%, 01/15/44		1,507,000		1,411,559
BP Capital Markets plc 3.224%, 04/14/24		5,410,000		5,463,434
Canadian Natural Resources, Ltd. 2.950%, 01/15/23		3,195,000		3,169,539
3.850%, 06/01/27		4,180,000		4,146,134
Cenovus Energy, Inc. 4.250%, 04/15/27 (144A) (d)		4,740,000		4,515,452
Devon Energy Corp. 3.250%, 05/15/22		2,085,000		2,072,163
5.600%, 07/15/41		1,705,000		1,770,777
5.850%, 12/15/25		2,795,000		3,176,185
Endeavor Energy Resources L.P. / EER Finance, Inc. 7.000%, 08/15/21 (144A)		2,260,000		2,339,100
EOG Resources, Inc. 3.900%, 04/01/35		680,000		659,473
4.150%, 01/15/26 (d)		1,047,000		1,100,062
Exxon Mobil Corp. 1.819%, 03/15/19 (d)		3,300,000		3,313,022
4.114%, 03/01/46		1,386,000		1,462,093
GeoPark Latin America, Ltd. Agencia en Chile 7.500%, 02/11/20 (144A)		270,000		273,375
Halcon Resources Corp. 12.000%, 02/15/22 (144A)		750,000		847,500
Hess Corp. 4.300%, 04/01/27 (d)		5,000,000		4,883,920
Nabors Industries, Inc. 5.500%, 01/15/23 (144A) (d)		1,051,000		995,822
Noble Energy, Inc. 5.050%, 11/15/44		1,094,000		1,123,559
Petro-Canada 6.800%, 05/15/38		1,110,000		1,446,600
Petrobras Argentina S.A. 7.375%, 07/21/23 (144A) (d)		649,000		684,526
Petrobras Global Finance B.V. 4.875%, 03/17/20		282,000		287,668
5.375%, 01/27/21 (d)		3,354,000		3,410,012
5.750%, 01/20/20		282,000		292,631
6.125%, 01/17/22		270,000		278,505
7.375%, 01/17/27 (d)		300,000		317,400
8.375%, 05/23/21		4,255,000		4,762,962
8.750%, 05/23/26		71,000		81,650
Petroleos Mexicanos 4.625%, 09/21/23		224,000		226,688
6.500%, 03/13/27 (144A)		3,091,000		3,320,507
Pioneer Natural Resources Co. 4.450%, 01/15/26 (d)		660,000		693,960
Resolute Energy Corp. 8.500%, 05/01/20 (d)		2,260,000		2,248,700
Shell International Finance B.V. 3.625%, 08/21/42		1,100,000		1,029,026
4.125%, 05/11/35		2,166,000		2,255,178
Oil & Gas—(Continued)
Western Refining Logistics L.P. / WNRL Finance Corp. 7.500%, 02/15/23		2,260,000		2,435,150
Woodside Finance, Ltd. 3.650%, 03/05/25 (144A)		353,000		351,718
YPF S.A. 8.500%, 03/23/21 (144A)		139,000		154,608
8.875%, 12/19/18 (144A)		1,082,000		1,159,255
				70,040,769
Oil & Gas Services—0.1%
Halliburton Co. 3.800%, 11/15/25 (d)		2,410,000		2,469,826
Schlumberger Holdings Corp. 3.000%, 12/21/20 (144A)		2,972,000		3,026,081
				5,495,907
Packaging & Containers—0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		2,260,000		2,312,748
Pharmaceuticals—1.0%
AbbVie, Inc. 2.500%, 05/14/20		3,448,000		3,487,973
2.900%, 11/06/22		1,946,000		1,964,306
4.400%, 11/06/42		200,000		204,886
4.500%, 05/14/35		2,848,000		3,003,600
Allergan Funding SCS 2.350%, 03/12/18		3,614,000		3,629,088
3.000%, 03/12/20		5,509,000		5,625,895
3.800%, 03/15/25		8,910,000		9,216,050
4.550%, 03/15/35		1,701,000		1,815,525
4.750%, 03/15/45 (d)		1,312,000		1,416,262
Mylan NV 5.250%, 06/15/46		575,000		628,993
Pfizer, Inc. 4.000%, 12/15/36		2,579,000		2,724,600
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/21		841,000		868,442
Teva Pharmaceutical Finance Netherlands B.V. 2.800%, 07/21/23 (d)		2,844,000		2,766,202
				37,351,822
Pipelines—0.9%
Enbridge, Inc. 2.900%, 07/15/22		2,120,000		2,115,760
3.700%, 07/15/27		1,690,000		1,688,749
Energy Transfer L.P. 6.125%, 12/15/45 (d)		2,364,000		2,558,751
Enterprise Products Operating LLC 4.900%, 05/15/46		2,129,000		2,289,378
5.100%, 02/15/45		501,000		550,154

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
GNL Quintero S.A. 4.634%, 07/31/29 (144A)		384,000	$	398,400
4.634%, 07/31/29		200,000		207,500
Kinder Morgan Energy Partners L.P. 3.500%, 03/01/21		1,667,000		1,706,968
3.950%, 09/01/22		1,124,000		1,161,309
Kinder Morgan, Inc. 3.050%, 12/01/19		703,000		715,214
5.050%, 02/15/46		1,490,000		1,496,264
MPLX L.P. 5.200%, 03/01/47		754,000		776,526
NGPL PipeCo LLC 7.119%, 12/15/17 (144A)		2,185,000		2,225,969
Plains All American Pipeline L.P. / PAA Finance Corp. 4.650%, 10/15/25		1,520,000		1,557,985
Sabine Pass Liquefaction LLC 4.200%, 03/15/28 (144A)		1,676,000		1,693,283
5.625%, 04/15/23 (d)		1,650,000		1,834,145
Spectra Energy Partners L.P. 4.500%, 03/15/45		2,310,000		2,276,630
Sunoco Logistics Partners Operations L.P. 3.900%, 07/15/26		424,000		416,025
5.350%, 05/15/45		670,000		656,708
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19		2,260,000		2,384,300
TransCanada PipeLines, Ltd. 1.875%, 01/12/18		1,111,000		1,112,488
2.500%, 08/01/22		1,407,000		1,405,262
Williams Partners L.P. 4.000%, 09/15/25		3,350,000		3,411,660
				34,639,428
Real Estate Investment Trusts—0.1%
American Tower Corp. 3.300%, 02/15/21		1,342,000		1,377,058
3.450%, 09/15/21		500,000		515,621
Crown Castle International Corp. 2.250%, 09/01/21 (d)		2,481,000		2,440,815
3.400%, 02/15/21		668,000		685,935
Trust F/1401 6.950%, 01/30/44		280,000		296,800
				5,316,229
Retail—0.2%
McDonald’s Corp. 4.450%, 03/01/47		1,302,000		1,369,558
4.700%, 12/09/35		575,000		634,620
4.875%, 12/09/45		510,000		568,581
Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		114,000		119,323
4.800%, 11/18/44		3,520,000		3,745,822
				6,437,904
Savings & Loans—0.1%
Washington Mutual Bank Zero Coupon, 05/01/09 (i)		3,780,000		843,412
Zero Coupon, 11/06/09 (i)		2,190,000		488,644
Zero Coupon, 06/16/10 (i)		1,310,000		292,294
Zero Coupon, 02/04/11 (i)		1,247,000		278,237
5.550%, 06/16/10		250,000		55,781
				1,958,368
Semiconductors—1.4%
Analog Devices, Inc. 3.500%, 12/05/26		3,930,000		3,960,603
3.900%, 12/15/25		347,000		360,684
5.300%, 12/15/45		353,000		404,326
Applied Materials, Inc. 3.300%, 04/01/27		1,717,000		1,744,906
4.350%, 04/01/47		1,427,000		1,514,628
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.375%, 01/15/20 (144A)		12,247,000		12,264,795
3.000%, 01/15/22 (144A)		16,144,000		16,288,295
3.625%, 01/15/24 (144A)		8,348,000		8,539,987
Lam Research Corp. 2.750%, 03/15/20		1,335,000		1,351,994
2.800%, 06/15/21		1,643,000		1,666,653
QUALCOMM, Inc. 2.600%, 01/30/23		3,105,000		3,093,673
4.800%, 05/20/45		911,000		999,847
Xilinx, Inc. 2.950%, 06/01/24		1,320,000		1,323,559
				53,513,950
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc. 5.000%, 12/15/21 (144A)		365,000		377,775
Software—0.8%
Autodesk, Inc. 3.500%, 06/15/27		4,405,000		4,331,828
Fidelity National Information Services, Inc. 4.500%, 08/15/46		4,130,000		4,236,620
Microsoft Corp. 3.450%, 08/08/36		2,760,000		2,761,719
3.500%, 02/12/35		2,044,000		2,060,863
3.700%, 08/08/46		6,777,000		6,706,099
4.250%, 02/06/47		6,515,000		7,053,491
Oracle Corp. 3.250%, 05/15/30 (d)		1,379,000		1,385,694
3.900%, 05/15/35		948,000		976,893
4.000%, 07/15/46		2,144,000		2,165,213
4.375%, 05/15/55		632,000		663,679
				32,342,099

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—1.5%
AT&T, Inc. 3.800%, 03/01/24		2,669,000	$	2,729,338
4.300%, 12/15/42		852,000		791,194
4.750%, 05/15/46		1,863,000		1,826,865
5.250%, 03/01/37		1,953,000		2,080,681
6.375%, 03/01/41		1,032,000		1,205,151
Digicel Group, Ltd. 7.125%, 04/01/22 (144A)		238,000		207,369
8.250%, 09/30/20 (144A)		239,000		223,441
Juniper Networks, Inc. 3.300%, 06/15/20 (d)		1,478,000		1,513,577
Orange S.A. 5.500%, 02/06/44 (d)		840,000		1,002,808
Rogers Communications, Inc. 5.000%, 03/15/44		394,000		445,647
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		6,762,000		6,821,168
Telefonica Emisiones S.A.U. 4.103%, 03/08/27		3,325,000		3,435,210
5.213%, 03/08/47		1,295,000		1,398,253
Verizon Communications, Inc. 1.722%, 05/22/20 (b) (d)		27,890,000		27,910,918
3.850%, 11/01/42		808,000		704,498
4.400%, 11/01/34		1,294,000		1,282,168
4.862%, 08/21/46		4,117,000		4,117,700
Vodafone Group plc 4.375%, 02/19/43		1,090,000		1,076,377
				58,772,363
Transportation—0.5%
Burlington Northern Santa Fe LLC 4.125%, 06/15/47		1,180,000		1,240,846
4.150%, 04/01/45		758,000		792,353
4.700%, 09/01/45		665,000		748,934
CSX Corp. 4.250%, 11/01/66		1,290,000		1,271,632
Empresa de Transporte de Pasajeros Metro S.A. 5.000%, 01/25/47 (144A)		200,000		215,408
FedEx Corp. 3.900%, 02/01/35		1,165,000		1,156,356
4.100%, 02/01/45		1,295,000		1,270,462
4.400%, 01/15/47		1,569,000		1,613,798
4.550%, 04/01/46		1,393,000		1,463,245
4.750%, 11/15/45		1,953,000		2,108,978
4.900%, 01/15/34		190,000		211,488
Norfolk Southern Corp. 6.000%, 05/23/2111		885,000		1,065,580
Rumo Luxembourg S.a.r.l. 7.375%, 02/09/24 (144A)		1,004,000		1,031,208
Union Pacific Corp. 3.375%, 02/01/35 (d)		668,000		660,627
3.875%, 02/01/55		1,301,000		1,255,782
Transportation—(Continued)
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26		1,652,807		1,674,723
				17,781,420
Trucking & Leasing—0.2%
Aviation Capital Group Corp. 2.875%, 09/17/18 (144A)		3,355,000		3,387,295
GATX Corp. 2.600%, 03/30/20 (d)		1,747,000		1,765,090
3.850%, 03/30/27 (d)		957,000		963,134
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.400%, 11/15/26 (144A)		3,274,000		3,217,262
				9,332,781
Total Corporate Bonds & Notes (Cost $1,113,998,610)				1,130,041,164
Asset-Backed Securities—12.4%
Asset-Backed - Credit Card—0.0%
CHLUPA Trust 3.326%, 08/15/20 (144A)		156,221		156,026
World Financial Network Credit Card Master Trust 4.550%, 08/15/22		1,600,000		1,637,179
				1,793,205
Asset-Backed - Home Equity—0.6%
ACE Securities Corp. Home Equity Loan Trust 1.346%, 05/25/37 (b)		1,278,150		411,260
Bayview Financial Revolving Asset Trust 2.222%, 05/28/39 (144A) (b)		8,475,931		6,632,758
2.222%, 12/28/40 (144A) (b)		685,585		614,682
Bear Stearns Asset-Backed Securities Trust 1.356%, 11/25/36 (b)		2,138,323		1,962,835
1.566%, 04/25/37 (b)		2,682,221		1,730,840
2.416%, 01/25/36 (b)		273,799		263,291
2.941%, 08/25/34 (b)		175,560		174,164
Citigroup Mortgage Loan Trust 1.416%, 05/25/37 (b)		2,881,885		2,151,843
1.486%, 05/25/37 (b)		1,309,078		984,410
Citigroup Mortgage Loan Trust, Inc. 1.466%, 08/25/36 (b)		1,810,000		1,448,986
Countrywide Asset-Backed Certificates 1.536%, 10/25/36 (b)		1,905,982		1,731,629
Countrywide Home Equity Loan Trust 5.842%, 06/25/35		580,603		606,175
6.155%, 06/25/35		473,351		474,358
Home Equity Mortgage Loan Asset-Backed Trust 3.241%, 07/25/34 (b)		319,936		322,394
Home Equity Mortgage Trust 5.867%, 07/25/36		844,065		355,255

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—(Continued)
Home Loan Mortgage Loan Trust 1.879%, 04/15/36 (b)		1,107,500	$	1,014,874
JPMorgan Mortgage Acquisition Trust 6.000%, 07/25/36		348,907		197,094
6.410%, 07/25/36		473,124		267,107
MASTR Asset-Backed Securities Trust 1.366%, 06/25/36 (b)		1,043,931		579,344
1.476%, 06/25/36 (144A) (b)		665,000		450,741
1.496%, 05/25/37 (b)		621,846		389,418
Nationstar Home Equity Loan Trust 1.396%, 06/25/37 (b)		180,000		171,796
Option One Mortgage Loan Trust 1.426%, 03/25/37 (b)		930,000		609,486
Security National Mortgage Loan Trust 1.374%, 04/25/37 (144A) (b)		483,884		460,149
				24,004,889
Asset-Backed - Manufactured Housing—0.5%
Bank of America Manufactured Housing Contract Trust 7.930%, 12/10/25 (b)		4,000,000		3,145,302
BCMSC Trust 6.785%, 03/15/29 (b)		261,293		223,736
7.575%, 06/15/30 (b)		1,270,293		539,875
7.830%, 06/15/30 (b)		1,178,847		517,779
8.290%, 06/15/30 (b)		2,018,917		938,564
Conseco Finance Securitizations Corp. 7.960%, 05/01/31		1,019,123		702,585
7.970%, 05/01/32		2,328,006		1,232,118
8.060%, 09/01/29 (b)		671,375		379,642
8.200%, 05/01/31		1,862,214		1,316,850
Conseco Financial Corp. 6.280%, 09/01/30		659,933		692,412
6.830%, 04/01/30 (b)		142,711		122,923
6.980%, 09/01/30 (b)		1,136,356		934,464
7.500%, 03/01/30 (b)		519,122		398,319
7.860%, 03/01/30 (b)		709,978		562,274
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (b)		720,000		781,479
Credit-Based Asset Servicing & Securitization LLC 6.250%, 10/25/36 (144A)		344,000		355,199
Greenpoint Manufactured Housing 8.290%, 12/15/29 (b)		440,000		474,650
9.230%, 12/15/29 (b)		598,174		509,754
Lehman ABS Manufactured Housing Contract Trust 6.630%, 04/15/40 (b)		2,430,000		2,600,035
Oakwood Mortgage Investors, Inc. 6.930%, 09/15/31 (b)		308,769		265,481
7.620%, 06/15/32 (b)		839,679		694,987
Origen Manufactured Housing Contract Trust 7.820%, 03/15/32 (b)		350,905		345,855
				17,734,283
Asset-Backed - Other—10.7%
Ajax Mortgage Loan Trust 3.470%, 04/25/57 (144A)		4,029,225		4,021,896
4.000%, 10/25/57 (144A)		917,275		913,492
4.000%, 09/25/65 (144A)		1,302,427		1,300,227
Allegro CLO, Ltd. 2.466%, 01/21/27 (144A) (b)		940,000		939,998
ALM, Ltd. Zero Coupon, 07/15/27 (144A) (b)		720,000		720,000
2.208%, 04/16/27 (144A) (b)		2,780,000		2,778,610
2.232%, 10/17/26 (144A) (b)		5,115,000		5,114,847
2.322%, 07/28/26 (144A) (b)		2,690,000		2,692,136
3.208%, 04/16/27 (144A) (b)		1,385,000		1,383,615
3.272%, 07/28/26 (144A) (b)		514,000		514,009
3.308%, 10/18/26 (144A) (b)		900,000		901,413
AMMC CLO, Ltd. 2.768%, 05/26/28 (144A) (b)		2,180,000		2,192,701
3.085%, 05/10/25 (144A) (b)		738,000		738,141
3.482%, 11/15/27 (144A) (b)		620,000		621,116
3.853%, 01/26/26 (144A) (b)		524,000		524,740
4.758%, 01/15/22 (144A) (b)		1,060,000		1,060,462
Anchorage Capital CLO, Ltd. Zero Coupon, 07/15/30 (144A) (b)		710,000		710,000
2.345%, 07/13/25 (144A) (b)		835,000		835,122
2.905%, 07/13/25 (144A) (b)		550,000		549,998
3.222%, 04/28/26 (144A) (b)		710,000		710,056
3.358%, 10/15/26 (144A) (b)		660,000		659,995
3.822%, 04/28/26 (144A) (b)		250,000		250,022
3.855%, 07/13/25 (144A) (b)		590,000		590,800
Apidos CLO 2.189%, 01/19/25 (144A) (b)		600,000		599,700
2.258%, 04/15/25 (144A) (b)		3,204,000		3,207,524
2.488%, 01/16/27 (144A) (b)		750,000		752,237
Arbor Realty Collateralized Loan Obligation, Ltd. 2.909%, 09/15/25 (144A) (b)		940,000		946,110
Arbor Realty Commercial Real Estate Notes, Ltd. 2.859%, 09/15/26 (144A) (b)		1,590,000		1,594,233
Ares CLO, Ltd. 2.658%, 10/17/24 (144A) (b)		860,000		859,136
3.258%, 10/17/24 (144A) (b)		730,000		729,931
Atlas Senior Loan Fund CLO, Ltd. 2.588%, 07/16/26 (144A) (b)		700,000		701,107
2.682%, 02/17/26 (144A) (b)		2,920,000		2,921,285
3.158%, 07/16/26 (144A) (b)		1,010,000		1,011,414
Atrium X 2.536%, 07/16/25 (144A) (b)		1,550,000		1,551,916
3.036%, 07/16/25 (144A) (b)		630,000		635,128
Atrium XI 2.293%, 10/23/25 (144A) (b)		380,000		381,413
Atrium XII 4.203%, 10/22/26 (144A) (b)		369,000		369,714
Avery Point CLO, Ltd. 2.658%, 01/15/28 (144A) (b)		780,000		784,251
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		579,192		575,129
3.336%, 11/15/48 (144A)		598,383		605,765

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Battalion CLO, Ltd. 2.293%, 10/22/25 (144A) (b)		5,205,000	$	5,202,366
Benefit Street Partners CLO, Ltd. 3.406%, 01/20/28 (144A) (b)		2,010,000		2,016,052
3.408%, 10/15/25 (144A) (b)		3,000,000		3,003,351
Betony CLO, Ltd. 4.008%, 04/15/27 (144A) (b)		520,000		520,064
BlueMountain CLO, Ltd. 2.168%, 04/15/25 (144A) (b)		3,130,000		3,129,987
3.706%, 07/20/23 (144A) (b)		250,000		250,090
Bowman Park CLO, Ltd. 2.366%, 11/23/25 (144A) (b)		1,100,000		1,099,989
Bsprt Issuer, Ltd. 2.426%, 06/15/27 (144A) (b)		1,350,000		1,352,110
C-BASS Trust 1.326%, 11/25/36 (b)		535,528		309,556
1.376%, 10/25/36 (b)		309,947		220,473
1.386%, 04/25/37 (b)		473,582		355,436
1.446%, 11/25/36 (b)		90,414		53,378
3.761%, 01/25/37		2,638,939		1,316,363
Canyon Capital CLO, Ltd. 1.496%, 12/15/20 (144A) (b)		466,384		464,342
Carlyle Global Market Strategies CLO, Ltd. 2.606%, 01/20/29 (144A) (b)		7,485,000		7,513,638
3.808%, 07/15/25 (144A) (b)		270,000		270,054
3.908%, 04/17/25 (144A) (b)		760,000		761,819
Carrington Mortgage Loan Trust 1.276%, 01/25/37 (b)		177,371		155,672
1.336%, 10/25/36 (b)		567,639		367,354
1.366%, 06/25/37 (b)		515,752		485,123
1.376%, 10/25/36 (b)		709,138		562,543
1.436%, 10/25/36 (b)		730,000		488,231
1.456%, 08/25/36 (b)		4,800,000		2,983,415
1.686%, 12/25/35 (b)		834,000		802,995
Catamaran CLO, Ltd. 3.224%, 12/20/23 (144A) (b)		1,170,000		1,169,988
Cavalry CLO, Ltd. 2.658%, 10/15/26 (144A) (b)		490,000		490,343
Cedar Funding V CLO, Ltd. 2.768%, 07/17/28 (144A) (b)		770,000		776,188
Chase Funding Trust 6.333%, 04/25/32		476,207		485,127
CIFC Funding, Ltd. 2.208%, 04/18/25 (144A) (b)		730,000		729,632
2.392%, 05/24/26 (144A) (b)		4,284,000		4,295,288
2.543%, 01/22/27 (144A) (b)		610,000		610,063
2.558%, 01/17/27 (144A) (b)		11,285,000		11,287,584
2.700%, 11/27/24 (144A) (b)		1,270,000		1,269,986
3.058%, 04/16/25 (144A) (b)		1,920,000		1,921,338
3.153%, 07/22/26 (144A) (b)		290,000		290,041
3.858%, 01/17/27 (144A) (b)		290,000		290,447
3.870%, 01/29/25 (144A) (b)		570,000		570,168
3.953%, 07/22/26 (144A) (b)		470,000		470,061
Citicorp Residential Mortgage Trust 5.282%, 06/25/37		1,030,000		997,755
Asset-Backed - Other—(Continued)
Colony American Homes 2.372%, 07/17/32 (144A) (b)		1,652,807		1,655,254
Countrywide Asset-Backed Certificates 1.376%, 01/25/46 (b)		2,526,929		2,411,505
1.436%, 12/25/25 (b)		109,207		117,082
Countrywide Asset-Backed Certificates Trust 1.376%, 09/25/46 (b)		153,501		149,554
Countrywide Revolving Home Equity Loan Resecuritization Trust 1.289%, 12/15/33 (144A) (b)		794,620		688,395
Countrywide Revolving Home Equity Loan Trust 1.339%, 05/15/35 (b)		616,382		533,553
Credit Suisse Mortgage Trust 4.500%, 03/25/21		9,043,431		9,049,751
Credit-Based Asset Servicing & Securitization LLC 3.390%, 12/25/36		250,113		199,293
DCP Rights LLC 5.463%, 10/25/44 (144A)		6,827,975		6,934,662
Dryden Senior Loan Fund 2.282%, 08/15/25 (144A) (b)		1,035,000		1,035,225
2.358%, 01/15/25 (144A) (b)		566,483		567,331
2.658%, 01/15/28 (144A) (b)		250,000		252,016
3.658%, 01/15/25 (144A) (b)		330,000		330,275
Finn Square CLO, Ltd. 2.506%, 12/24/23 (144A) (b)		232,726		233,100
2.996%, 12/24/23 (144A) (b)		370,000		372,246
First Franklin Mortgage Loan Trust 1.356%, 12/25/36 (b)		6,056,807		3,701,950
1.366%, 12/25/36 (b)		3,513,617		2,931,324
1.376%, 04/25/36 (b)		562,030		513,149
1.426%, 12/25/36 (b)		11,141,875		6,897,584
GE-WMC Asset-Backed Pass-Through Certificates 1.466%, 12/25/35 (b)		279,300		269,084
GE-WMC Mortgage Securities Trust 1.366%, 08/25/36 (b)		7,923,688		5,029,465
Greystone Commercial Real Estate Notes, Ltd. 2.539%, 03/15/27 (144A) (b)		400,000		400,164
Greywolf CLO, Ltd. Zero Coupon, 01/17/27 (144A) (b)		320,000		320,000
GT Loan Financing, Ltd. 2.442%, 10/28/24 (144A) (b)		5,670,000		5,670,340
Highbridge Loan Management, Ltd. 2.621%, 05/05/27 (144A) (b)		250,000		250,172
3.285%, 01/29/26 (144A) (b)		670,000		670,000
Invitation Homes Trust 2.309%, 09/17/31 (144A) (b)		2,734,780		2,739,914
2.509%, 08/17/32 (144A) (b)		2,021,372		2,030,589
3.409%, 09/17/31 (144A) (b)		670,000		672,056
4.209%, 12/17/31 (144A) (b)		92,258		92,557
Knollwood CDO, Ltd. 4.355%, 01/10/39 (144A) (b) (e) (j)		835,293		0
LCM L.P. 3.456%, 04/20/27 (144A) (b)		990,000		990,261
4.306%, 04/20/27 (144A) (b)		250,000		250,477

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Lehman ABS Mortgage Loan Trust 1.306%, 06/25/37 (144A) (b)		239,918	$	150,240
Lendmark Funding Trust 2.830%, 01/22/24 (144A)		5,270,000		5,268,921
Lime Street CLO, Ltd. 1.824%, 06/20/21 (144A) (b)		500,000		493,868
Litigation Fee Residual Funding LLC 3.500%, 10/30/27		3,401,966		3,348,235
Long Beach Mortgage Loan Trust 1.366%, 06/25/36 (b)		722,442		382,778
1.376%, 11/25/36 (b)		3,063,591		1,500,323
1.396%, 05/25/46 (b)		2,308,297		1,050,362
1.406%, 03/25/46 (b)		2,898,090		1,445,349
1.436%, 02/25/36 (b)		2,650,793		2,404,620
1.436%, 11/25/36 (b)		901,470		445,626
1.476%, 05/25/36 (b)		2,933,883		1,386,046
1.506%, 03/25/46 (b)		2,984,989		1,518,898
Madison Park Funding, Ltd. 2.276%, 07/20/26 (144A) (b)		11,135,000		11,129,377
2.603%, 10/23/25 (144A) (b)		616,000		616,353
Merrill Lynch First Franklin Mortgage Loan Trust 1.456%, 05/25/37 (b)		12,259,884		7,621,490
Morgan Stanley IXIS Real Estate Capital Trust 1.326%, 11/25/36 (b)		524,854		263,909
Mountain Hawk CLO, Ltd. 2.316%, 07/22/24 (144A) (b)		527,000		526,158
3.336%, 01/20/24 (144A) (b)		1,250,000		1,250,149
MP CLO, Ltd. 2.336%, 04/20/25 (144A) (b)		1,010,000		1,011,459
3.356%, 10/25/25 (144A) (b)		500,000		500,073
Neuberger Berman CLO, Ltd. 3.328%, 04/15/26 (144A) (b)		775,000		775,181
3.453%, 01/23/24 (144A) (b)		3,945,000		3,945,844
Nomura Asset Acceptance Corp. Alternative Loan Trust 1.616%, 10/25/36 (144A) (b)		475,195		423,528
Northwoods Capital, Ltd. 2.578%, 01/18/24 (144A) (b)		4,226,611		4,226,898
OCP CLO, Ltd. Zero Coupon, 07/15/30 (144A) (b)		3,270,000		3,265,507
2.688%, 04/17/27 (144A) (b)		1,220,000		1,220,487
2.728%, 10/18/28 (144A) (b)		540,000		544,799
2.887%, 04/26/26 (144A) (b)		220,000		219,752
Octagon Investment Partners, Ltd. 2.105%, 10/25/25 (144A) (b)		500,000		500,306
2.278%, 07/17/25 (144A) (b)		5,600,000		5,605,734
2.836%, 10/25/25 (144A) (b)		2,920,000		2,921,460
OFSI Fund, Ltd. 3.058%, 03/20/25 (144A) (b)		3,922,000		3,930,475
OHA Credit Partners, Ltd. 2.276%, 04/20/25 (144A) (b)		590,000		590,091
OHA Loan Funding, Ltd. 2.456%, 08/23/24 (144A) (b)		5,670,000		5,670,624
OneMain Financial Issuance Trust 2.430%, 06/18/24 (144A)		399,293		399,444
3.020%, 09/18/24 (144A)		2,000,000		2,007,965
Asset-Backed - Other—(Continued)
OneMain Financial Issuance Trust 3.240%, 06/18/24 (144A)		910,000		910,913
4.100%, 03/20/28 (144A)		692,000		705,908
4.320%, 07/18/25 (144A)		3,100,000		3,099,434
5.310%, 09/18/24 (144A)		500,000		503,881
OZLM Funding, Ltd. 2.303%, 07/22/25 (144A) (b)		9,625,000		9,618,850
2.610%, 10/30/27 (144A) (b)		12,103,000		12,139,430
3.508%, 01/17/26 (144A) (b)		1,450,000		1,450,010
4.153%, 01/22/29 (144A) (b)		3,950,000		3,949,929
OZLM, Ltd. 2.406%, 01/20/29 (144A) (b)		1,950,000		1,955,645
3.016%, 01/20/29 (144A) (b)		810,000		813,068
3.858%, 04/17/26 (144A) (b)		960,000		960,005
4.706%, 01/20/27 (144A) (b)		1,720,000		1,720,083
Palmer Square CLO, Ltd. 2.378%, 10/17/27 (144A) (b)		780,000		782,097
2.682%, 05/15/25 (144A) (b)		1,940,000		1,939,977
3.408%, 10/17/27 (144A) (b)		360,000		360,225
PFS Tax Lien Trust 1.440%, 05/15/29 (144A)		1,023,722		1,015,886
Pretium Mortgage Credit Partners LLC 3.250%, 06/29/32 (144A)		3,960,000		3,960,000
3.250%, 03/28/57 (144A)		5,032,324		5,040,271
3.500%, 10/27/31 (144A)		1,516,928		1,516,716
Progress Residential Trust 2.709%, 09/17/33 (144A) (b)		1,752,110		1,781,823
2.740%, 06/12/32 (144A)		1,114,349		1,120,096
4.722%, 01/17/34 (144A) (b)		650,000		677,530
5.059%, 09/17/33 (144A) (b)		1,190,000		1,241,913
6.643%, 11/12/32 (144A)		250,000		259,978
PRPM LLC 4.250%, 01/25/22 (144A)		292,844		294,508
Race Point CLO, Ltd. 2.668%, 04/15/27 (144A) (b)		1,570,000		1,572,030
3.829%, 11/08/24 (144A) (b)		1,300,000		1,300,090
RCO Mortgage LLC 4.716%, 11/25/45 (144A) (b)		298,153		298,224
Rockford Tower CLO, Ltd. 2.745%, 04/15/29 (144A) (b)		3,550,000		3,549,883
3.175%, 04/15/29 (144A) (b)		1,500,000		1,492,473
SG Mortgage Securities Trust 1.426%, 10/25/36 (b)		570,000		376,477
Shackleton CLO, Ltd. 2.319%, 05/07/26 (144A) (b)		5,290,000		5,289,958
Silvermore CLO, Ltd. 2.632%, 05/15/26 (144A) (b)		6,462,680		6,464,044
Sound Point CLO, Ltd. 2.367%, 04/26/25 (144A) (b)		498,614		498,526
2.683%, 01/23/29 (144A) (b)		3,080,000		3,088,476
2.816%, 10/20/28 (144A) (b)		1,240,000		1,244,935
3.208%, 04/15/27 (144A) (b)		2,500,000		2,501,387
3.406%, 01/21/26 (144A) (b)		630,000		630,006
Soundview Home Loan Trust 2.011%, 01/25/35 (b)		69,917		66,310

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		4,779,335	$	4,807,486
Springleaf Funding Trust 3.620%, 11/15/24 (144A)		2,062,000		2,079,236
Stanwich Mortgage Loan Co. LLC 3.598%, 05/17/22 (144A)		6,780,000		6,780,000
3.721%, 08/16/46 (144A)		1,268,921		1,270,195
SWAY Residential Trust 2.509%, 01/17/32 (144A) (b)		125,711		125,711
Symphony CLO, Ltd. 2.188%, 10/15/25 (144A) (b)		8,810,000		8,810,211
TIAA CLO, Ltd. 2.490%, 04/20/29 (144A) (b)		900,000		903,459
TICP CLO, Ltd. 2.336%, 01/20/27 (144A) (b)		1,290,000		1,290,034
Tricon American Homes Trust 2.422%, 05/17/32 (144A) (b)		685,133		688,963
U.S. Residential Opportunity Fund Trust 3.475%, 07/27/36 (144A)		8,500,612		8,530,969
3.475%, 08/27/36 (144A)		13,131,252		13,066,746
3.598%, 10/27/36 (144A)		7,513,869		7,508,621
Velocity Commercial Capital Loan Trust 2.466%, 05/25/47 (144A) (b)		1,628,747		1,642,461
3.550%, 05/25/47 (144A) (b)		150,000		152,595
4.450%, 05/25/47 (144A) (b)		150,000		150,083
5.350%, 05/25/47 (144A) (b)		150,000		152,540
Venture CLO, Ltd. Zero Coupon, 07/15/26 (144A) (b)		740,000		740,000
2.528%, 01/15/27 (144A) (b)		890,000		892,696
3.258%, 07/15/26 (144A) (b)		740,000		740,440
Vericrest Opportunity Loan Trust LLC 3.125%, 06/25/47 (144A)		1,980,000		1,980,000
Vibrant CLO, Ltd. 2.636%, 04/20/26 (144A) (b)		570,000		571,416
2.706%, 01/20/29 (144A) (b)		1,020,000		1,025,111
3.206%, 04/20/26 (144A) (b)		290,000		289,997
Voya CLO, Ltd. Zero Coupon, 10/14/26 (144A) (b)		500,000		500,000
2.208%, 01/18/26 (144A) (b)		3,140,000		3,141,206
2.306%, 04/25/25 (144A) (b)		1,780,000		1,781,978
2.658%, 01/18/26 (144A) (b)		1,285,000		1,284,992
3.108%, 10/15/22 (144A) (b)		1,670,000		1,670,693
Washington Mutural Asset-Backed Certificates Trust 1.371%, 10/25/36 (b)		1,036,670		851,106
1.396%, 09/25/36 (b)		2,451,814		1,161,110
1.436%, 02/25/37 (b)		2,360,164		970,490
Wellfleet CLO, Ltd. 2.431%, 04/20/29 (144A) (b)		850,000		850,574
West CLO, Ltd. 2.339%, 11/07/25 (144A) (b)		3,970,000		3,969,968
WestVue Mortgage Loan Trust 4.500%, 09/25/20 (144A)		618,143		618,572
Wind River CLO, Ltd. 2.608%, 07/15/26 (144A) (b)		2,080,000		2,085,728
3.008%, 01/18/26 (144A) (b)		560,000		560,299
Asset-Backed - Other—(Continued)
York CLO, Ltd. 3.503%, 01/22/27 (144A) (b)		250,000		249,997
				414,895,134
Asset-Backed - Student Loan—0.6%
Navient Private Education Loan Trust 2.909%, 10/17/44 (144A) (b)		4,595,000		4,405,726
3.500%, 12/16/58 (144A) (b)		970,000		881,129
Scholar Funding Trust 1.872%, 01/30/45 (144A) (b)		6,593,526		6,520,344
SLM Private Credit Student Loan Trust 1.416%, 03/15/23 (b)		37,421		37,370
1.576%, 03/15/24 (b)		4,469,465		4,363,806
SLM Private Education Loan Trust 2.500%, 03/15/47 (144A)		720,000		711,158
2.559%, 10/15/31 (144A) (b)		3,166,394		3,207,950
3.000%, 05/16/44 (144A)		970,000		976,176
SMB Private Education Loan Trust 3.500%, 12/17/40 (144A)		2,090,000		2,063,138
				23,166,797
Total Asset-Backed Securities (Cost $475,989,665)				481,594,308
Mortgage-Backed Securities—6.7%
Collateralized Mortgage Obligations—3.0%
Ajax Mortgage Loan Trust 4.250%, 08/25/64 (144A)		1,733,917		1,745,842
American Home Mortgage Assets Trust 1.652%, 11/25/46 (b)		333,749		176,694
1.672%, 10/25/46 (b)		618,945		525,208
Angel Oak Mortgage Trust LLC 3.500%, 07/25/46 (144A)		951,924		955,014
4.500%, 11/25/45 (144A)		253,533		253,864
APS Resecuritization Trust 3.624%, 04/27/47 (144A) (b)		1,042,020		1,045,161
3.874%, 09/27/46 (144A) (b)		3,630,912		3,679,290
Banc of America Alternative Loan Trust 5.500%, 10/25/35		1,543,735		1,525,883
Bear Stearns Asset-Backed Securities Trust 6.250%, 12/25/35		2,936,163		2,915,632
6.250%, 02/25/36		3,466,751		3,094,575
COLT Funding LLC 4.216%, 12/26/45 (144A) (b)		433,541		432,858
Countrywide Alternative Loan Trust 1.356%, 04/25/47 (b)		1,000,737		890,320
1.356%, 05/25/47 (b)		3,474,274		3,229,123
1.402%, 03/20/47 (b)		2,188,104		1,834,872
1.406%, 10/25/46 (b)		1,423,154		1,303,298
1.412%, 07/20/46 (b)		3,863,414		2,351,348
1.426%, 07/25/46 (b)		1,765,104		1,662,506
1.516%, 01/25/36 (b)		811,523		716,481
2.462%, 11/25/46 (b)		4,087,191		3,824,977
5.500%, 04/25/37		1,091,916		912,501
6.000%, 05/25/37		3,922,783		2,876,779

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Countrywide Home Loan Mortgage Pass-Through Trust 1.692%, 04/25/46 (b)		4,350,224	$	2,253,115
Credit Suisse Mortgage Capital Certificates 1.204%, 03/27/36 (144A) (b)		2,748,310		1,757,702
1.241%, 02/27/36 (144A) (b)		895,000		820,373
Deephaven Residential Mortgage Trust 4.000%, 07/25/46 (144A)		1,257,620		1,258,513
Deutsche ALT-A Securities Mortgage Loan Trust 1.366%, 12/25/36 (b)		3,923,490		3,398,722
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 1.720%, 01/27/37 (144A) (b)		328,563		637,723
Fannie Mae Connecticut Avenue Securities 4.066%, 11/25/29 (b)		2,800,000		2,839,355
4.216%, 10/25/29 (b)		2,310,000		2,372,246
4.766%, 07/25/29 (b)		1,550,000		1,636,876
4.866%, 09/25/29 (b)		1,382,000		1,466,362
5.466%, 04/25/29 (b)		1,620,000		1,786,694
6.466%, 10/25/23 (b)		7,415,000		8,713,856
6.966%, 07/25/29 (b)		683,032		776,723
Freddie Mac Structured Agency Credit Risk Debt Notes 3.809%, 12/25/29 (b)		2,740,000		2,745,128
4.466%, 07/25/29 (b)		1,320,000		1,376,967
4.666%, 10/25/29 (b)		1,750,000		1,848,174
4.766%, 08/25/29 (b)		850,000		898,525
5.016%, 03/25/29 (b)		1,310,000		1,418,535
5.066%, 03/25/29 (b)		1,400,000		1,515,180
6.366%, 10/25/29 (b)		880,000		959,942
GreenPoint Mortgage Funding Trust 2.732%, 03/25/36 (b)		245,515		216,062
GSMPS Mortgage Loan Trust 1.566%, 01/25/35 (144A) (b)		793,208		696,101
1.566%, 03/25/35 (144A) (b)		964,171		851,486
1.566%, 01/25/36 (144A) (b)		730,357		622,976
GSR Mortgage Loan Trust 6.000%, 07/25/37		1,024,608		929,805
JPMorgan Alternative Loan Trust 1.426%, 03/25/37 (b)		1,540,207		1,164,724
3.433%, 05/25/37 (b)		406,661		346,997
JPMorgan Mortgage Trust 3.000%, 05/25/47 (144A) (b)		3,550,370		3,580,733
6.500%, 08/25/36		362,915		316,512
LSTAR Securities Investment Trust 0.031%, 11/01/21 (144A) (b)		3,387,425		3,384,884
LSTAR Securities Investment, Ltd. 3.051%, 02/01/22 (144A) (b)		4,620,200		4,623,030
3.051%, 04/01/22 (144A) (b)		5,098,637		5,018,848
3.227%, 09/01/21 (144A) (b)		4,242,838		4,253,458
MASTR Resecuritization Trust 1.459%, 08/25/37 (144A) (b)		660,565		479,276
Merrill Lynch Mortgage Investors Trust 3.548%, 05/25/36 (b)		2,121,283		1,768,179
Morgan Stanley Resecuritization Trust 1.442%, 06/26/47 (144A) (b)		524,122		488,702
Collateralized Mortgage Obligations—(Continued)
Mortgage Loan Resecuritization Trust 1.329%, 04/16/36 (144A) (b)		4,432,046		3,760,761
Nomura Asset Acceptance Corp. Alternative Loan Trust 6.634%, 05/25/36		287,946		135,337
Nomura Resecuritization Trust 1.544%, 11/26/35 (144A) (b)		710,000		644,507
Residential Accredit Loans, Inc. Trust 1.376%, 02/25/37 (b)		387,283		327,269
1.406%, 07/25/37 (b)		1,027,975		927,159
1.446%, 06/25/46 (b)		626,480		279,682
Structured Adjustable Rate Mortgage Loan Trust 3.511%, 04/25/47 (b)		1,588,839		1,241,716
Structured Asset Mortgage Investments Trust 1.406%, 06/25/36 (b)		1,741,908		1,557,260
1.426%, 05/25/46 (b)		347,728		270,532
1.446%, 02/25/36 (b)		2,549,797		2,278,746
Structured Asset Securities Corp. Mortgage Loan Trust 6.000%, 10/25/36 (144A)		674,299		586,182
Wells Fargo Mortgage-Backed Securities Trust 3.193%, 07/25/36 (b)		223,622		224,641
3.275%, 10/25/35 (b)		416,065		329,970
				117,738,472
Commercial Mortgage-Backed Securities—3.7%
AOA Mortgage Trust 3.110%, 12/13/29 (144A) (b)		460,000		460,919
Aventura Mall Trust 3.867%, 12/05/32 (144A) (b)		1,030,000		1,052,824
BAMLL Commercial Mortgage Securities Trust 2.039%, 09/15/26 (144A) (b)		499,000		500,182
3.589%, 09/15/26 (144A) (b)		260,000		259,960
3.716%, 04/14/33 (144A) (b)		850,000		797,794
3.727%, 08/14/34 (144A) (b)		2,470,000		2,260,050
4.489%, 09/15/26 (144A) (b)		947,000		944,960
Banc of America Commercial Mortgage Trust 0.783%, 02/15/50 (b) (c)		8,000,000		420,160
1.439%, 02/15/50 (144A) (b) (c)		2,000,000		187,560
5.482%, 01/15/49 (b)		229,981		229,713
5.772%, 02/10/51 (b)		2,590,000		2,618,766
5.874%, 06/10/49 (b)		126,392		127,038
Bayview Commercial Asset Trust 1.516%, 01/25/36 (144A) (b)		168,708		155,297
1.516%, 10/25/36 (144A) (b)		316,980		286,855
1.576%, 04/25/36 (144A) (b)		208,207		190,051
1.666%, 01/25/36 (144A) (b)		125,594		116,438
1.666%, 09/25/37 (144A) (b)		806,758		706,923
2.216%, 10/25/37 (144A) (b)		215,507		208,233
2.716%, 12/25/37 (144A) (b)		720,000		484,349
3.966%, 07/25/38 (144A) (b)		381,247		397,313
BB-UBS Trust 0.730%, 11/05/36 (144A) (b) (c)		85,480,000		3,428,039
4.160%, 11/05/36 (144A) (b)		330,000		322,962

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Bear Stearns Commercial Mortgage Securities Trust 1.679%, 06/11/50 (144A) (b)		560,000	$	560,038
BHMS Mortgage Trust 2.492%, 07/05/33 (144A) (b)		8,333,700		8,333,695
BLCP Hotel Trust 2.509%, 08/15/29 (144A) (b)		718,000		718,678
BWAY Mortgage Trust 3.446%, 03/10/33 (144A)		1,495,000		1,490,558
3.454%, 03/10/33 (144A)		2,120,000		2,174,946
3.633%, 03/10/33 (144A)		600,000		594,645
4.058%, 03/10/33 (144A) (b)		1,210,000		1,177,352
BXHTL Mortgage Trust 4.847%, 05/15/29 (144A) (b)		180,000		181,521
BXP Trust 3.379%, 06/13/39 (144A)		1,090,000		1,108,361
3.425%, 06/13/39 (144A) (b)		3,230,000		3,100,774
CCRESG Commercial Mortgage Trust 5.671%, 04/10/29 (144A) (b)		230,000		233,625
CD Mortgage Trust 1.199%, 02/10/50 (b) (c)		4,622,712		358,637
3.631%, 02/10/50		350,000		364,344
5.648%, 10/15/48		501,905		511,396
6.506%, 11/15/44 (b)		2,530,500		2,551,660
CDGJ Commercial Mortgage Trust 2.559%, 12/15/27 (144A) (b)		2,218,682		2,221,465
CFCRE Commercial Mortgage Trust 0.893%, 05/10/58 (b) (c)		2,370,000		135,140
1.924%, 05/10/58 (b) (c)		2,558,958		290,566
CGGS Commercial Mortgage Trust 2.757%, 02/10/33 (144A)		960,854		962,722
Chicago Skyscraper Trust 3.659%, 02/15/30 (144A) (b)		620,000		627,761
4.459%, 02/15/30 (144A) (b)		1,340,000		1,356,774
5.259%, 02/15/30 (144A) (b)		170,000		172,128
Citigroup Commercial Mortgage Trust 1.385%, 10/10/47 (144A) (b) (c)		1,140,000		79,188
2.788%, 04/10/49 (144A)		930,000		650,222
3.520%, 09/10/31 (144A)		130,000		129,583
3.635%, 05/10/35 (144A) (b)		30,000		29,158
3.712%, 04/14/50		990,000		1,033,438
4.509%, 09/10/31 (144A)		250,000		250,421
4.997%, 04/15/49 (b)		40,000		42,184
CLNS Trust 4.500%, 06/11/32 (144A) (b)		665,000		667,484
COBALT CMBS Commercial Mortgage Trust 6.061%, 05/15/46 (b)		245,735		247,860
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.168%, 02/10/35 (144A) (b) (c)		60,958,000		417,562
1.589%, 03/10/46 (b) (c)		34,878,128		1,184,534
1.684%, 12/10/49 (144A) (b)		376,388		376,148
2.820%, 02/13/32 (144A) (b)		1,280,000		1,284,387
3.285%, 10/10/36 (144A) (b)		270,000		244,322
3.378%, 02/13/32 (144A) (b)		550,000		551,713
3.550%, 07/15/47		550,000		568,248
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.796%, 08/10/47		540,000		567,033
3.977%, 05/10/47		3,754,000		3,983,363
4.006%, 04/10/47		400,000		424,863
4.051%, 04/10/47		1,896,000		2,019,718
4.236%, 02/10/47 (b)		320,000		343,848
4.378%, 02/13/32 (144A) (b)		150,000		150,811
4.455%, 07/10/48 (b)		1,600,000		1,526,748
4.564%, 12/10/47 (b)		420,000		418,559
4.698%, 08/10/48 (b)		2,170,000		2,186,426
4.893%, 07/15/47 (b)		1,280,000		1,325,296
5.832%, 06/10/44 (144A) (b)		190,000		196,913
Commercial Mortgage Trust 3.807%, 05/10/48 (144A) (b)		1,140,000		1,115,573
Core Industrial Trust 3.077%, 02/10/34 (144A)		1,990,000		2,041,586
3.977%, 02/10/34 (144A) (b)		2,360,000		2,272,886
Cosmopolitan Hotel Trust 2.559%, 11/15/33 (144A) (b)		2,080,000		2,095,628
Countrywide Commercial Mortgage Trust 6.477%, 11/12/43 (144A) (b)		141,171		141,348
Credit Suisse First Boston Mortgage Securities Corp. 5.234%, 10/15/39 (144A) (b)		250,000		258,381
Credit Suisse Mortgage Capital Certificates Trust 2.759%, 11/15/33 (144A) (b)		290,000		290,904
CSAIL Commercial Mortgage Trust 3.392%, 06/15/50		470,000		478,035
DBJPM Mortgage Trust 1.000%, 06/10/50 (144A) (b) (c)		2,060,000		155,188
3.636%, 09/10/49 (144A) (b)		1,148,000		923,220
Eleven Madison Trust Mortgage Trust 3.673%, 09/10/35 (144A) (b)		440,000		456,633
GAHR Commercial Mortgage Trust 2.290%, 12/15/34 (144A) (b)		190,369		190,651
3.495%, 12/15/34 (144A) (b)		4,097,000		3,976,495
Greenwich Capital Commercial Mortgage Trust 5.867%, 12/10/49 (b)		520,000		521,400
GS Mortgage Securities Corp. 3.550%, 12/10/27 (144A) (b)		10,062,358		10,050,088
GS Mortgage Securities Trust 0.972%, 03/10/50 (b) (c)		2,828,489		186,091
3.345%, 07/10/48		620,000		491,276
3.931%, 09/10/47		800,000		846,998
4.529%, 04/10/47 (b)		50,000		51,543
4.559%, 07/10/48 (b)		500,000		496,110
4.801%, 06/10/47 (144A) (b)		100,000		84,683
HMH Trust 3.062%, 07/05/31 (144A)		1,210,000		1,222,889
IMT Trust 3.478%, 06/15/34		540,000		556,169
3.614%, 06/15/34		570,000		555,978
JPMBB Commercial Mortgage Securities Trust 1.078%, 05/15/48 (b) (c)		1,247,122		46,248

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
JPMBB Commercial Mortgage Securities Trust 1.087%, 09/15/47 (b) (c)		2,862,730	$	144,207
3.775%, 08/15/47		550,000		578,123
3.801%, 09/15/47		220,000		230,244
4.272%, 12/15/48 (144A) (b)		300,000		286,000
4.712%, 09/15/47 (144A) (b)		420,000		348,314
JPMCC Commercial Mortgage Securities Trust 4.804%, 03/15/50 (144A) (b)		650,000		632,363
JPMDB Commercial Mortgage Securities Trust 0.750%, 12/15/49 (144A) (b) (c)		2,067,000		104,735
JPMorgan Chase Commercial Mortgage Securities Trust 0.747%, 04/15/46 (b) (c)		4,900,000		139,608
0.750%, 08/15/49 (144A) (b) (c)		5,300,000		287,454
0.959%, 12/15/49 (b) (c)		996,610		47,942
2.559%, 11/15/31 (144A) (b)		524,993		525,972
2.617%, 02/12/51 (b)		1,086,213		1,039,369
2.859%, 07/15/36 (144A) (b)		2,263,000		2,276,396
2.949%, 10/06/38 (144A) (b)		1,670,000		1,637,493
3.429%, 06/10/27 (144A)		1,140,000		1,158,974
4.400%, 01/15/49 (b)		970,000		892,831
4.900%, 01/15/49 (b)		1,785,000		1,869,688
5.009%, 10/15/29 (144A) (b)		470,000		471,463
Lehman Brothers Small Balance Commercial Mortgage Trust 1.466%, 03/25/37 (144A) (b)		878,632		815,494
Lone Star Portfolio Trust 2.959%, 09/15/28 (144A) (b)		230,472		231,200
6.759%, 09/15/28 (144A) (b)		409,547		417,429
LSTAR Commercial Mortgage Trust 1.393%, 03/10/50 (144A) (b) (c)		999,320		55,791
Merrill Lynch Mortgage Trust 6.527%, 09/12/42 (144A) (b)		490,000		532,083
Morgan Stanley Bank of America Merrill Lynch Trust 1.338%, 12/15/47 (144A) (b) (c)		1,810,000		113,979
1.440%, 01/15/49 (b) (c)		1,729,191		139,269
1.608%, 11/15/49 (b) (c)		1,113,252		106,638
3.060%, 10/15/48 (144A)		820,000		643,060
3.068%, 10/15/48		1,300,000		1,042,255
3.892%, 06/15/47		2,600,000		2,750,341
4.272%, 07/15/50 (144A) (b)		700,000		595,201
4.558%, 05/15/50 (b)		300,000		310,998
4.679%, 10/15/48 (b)		750,000		773,484
Morgan Stanley Capital Trust 2.204%, 06/15/50 (144A) (b) (c)		1,190,000		213,010
2.546%, 06/15/50 (144A)		1,510,000		1,138,871
3.560%, 07/13/29 (144A) (b)		540,000		529,478
3.877%, 08/15/26 (144A) (b)		300,000		299,340
4.281%, 06/15/50 (b)		339,000		342,754
4.559%, 02/15/34 (144A) (b)		280,000		280,626
Morgan Stanley Re-REMIC Trust 2.000%, 07/27/49 (144A)		172,715		172,763
Olympic Tower Mortgage Trust 0.511%, 05/10/39 (144A) (b) (c)		13,300,000		457,440
4.076%, 05/10/39 (144A) (b)		3,155,000		3,061,690
Commercial Mortgage-Backed Securities—(Continued)
One Market Plaza Trust Zero Coupon, 02/10/32 (144A) (b) (c)		4,222,000		4
0.218%, 02/10/32 (144A) (b) (c)		21,110,000		132,993
Park Avenue Trust 0.271%, 06/05/37 (144A) (b) (c)		5,000,000		83,541
3.779%, 06/05/37 (144A) (b)		3,050,000		2,860,983
RAIT Trust 2.100%, 06/15/37 (144A) (b)		1,260,000		1,259,999
Resource Capital Corp., Ltd. 1.889%, 07/15/34 (144A) (b)		1,110,000		1,110,000
3.089%, 07/15/34 (144A) (b)		350,000		350,000
STRIPs, Ltd. 0.500%, 12/25/44 (144A)		1,398,064		1,390,375
UBS Commercial Mortgage Trust 1.617%, 06/15/50 (b) (c)		3,157,000		368,399
UBS-Barclays Commercial Mortgage Trust 4.359%, 02/15/28 (144A) (b)		950,000		951,450
Velocity Commercial Capital Loan Trust 3.016%, 10/25/46 (b)		613,436		620,815
3.646%, 06/25/45 (144A) (b)		783,118		788,489
3.661%, 10/25/46 (b)		150,000		152,063
4.458%, 10/25/46 (b)		100,000		103,313
5.498%, 10/25/46 (b)		140,000		141,806
7.226%, 10/25/46 (b)		160,000		168,321
VNDO Trust 4.033%, 01/10/35 (144A) (b)		950,000		892,002
Wachovia Bank Commercial Mortgage Trust 5.632%, 10/15/48 (b)		163,506		164,246
Waldorf Astoria Boca Raton Trust 2.509%, 06/15/29 (144A) (b)		1,590,000		1,594,926
Wells Fargo Commercial Mortgage Trust 1.092%, 12/15/48 (b) (c)		1,325,624		77,618
1.123%, 02/15/48 (b) (c)		8,754,738		483,124
1.241%, 12/15/59 (b) (c)		5,077,417		345,091
1.410%, 08/15/49 (144A) (b) (c)		1,430,000		127,098
1.484%, 08/15/49 (b) (c)		2,800,000		285,152
3.453%, 07/15/50		449,000		462,433
3.755%, 12/15/48 (b)		110,000		97,589
3.852%, 11/15/48		890,000		676,935
WF-RBS Commercial Mortgage Trust 1.314%, 05/15/47 (b) (c)		11,808,794		613,692
3.678%, 08/15/47		595,000		620,364
3.914%, 09/15/57 (b)		1,540,000		1,452,839
4.234%, 08/15/47 (b)		70,000		68,479
				141,927,712
Total Mortgage-Backed Securities (Cost $258,028,802)				259,666,184
Municipals—5.0%
American Municipal Power, Inc., Build America Bonds 6.449%, 02/15/44		355,000		459,533
Arizona Health Facilities Authority 1.579%, 01/01/37 (b)		780,000		676,268

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
Atlanta GA Water & Wastewater Revenue 5.000%, 11/01/37		570,000	$	676,071
Aurora, CO Water Revenue 5.000%, 08/01/46		670,000		778,004
Bay Area Toll Bridge Authority, Build America Bonds Series S1 6.918%, 04/01/40		1,575,000		2,227,144
7.043%, 04/01/50		1,580,000		2,418,569
Board of Water Commissioners City & County of Denver 5.000%, 09/15/47		1,370,000		1,632,903
Brooklyn Arena Local Development Corp. 5.000%, 07/15/42		990,000		1,113,661
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		1,790,000		1,739,594
California Health Facilities Financing Authority 5.000%, 08/15/33		495,000		581,571
California Housing Finance Agency 3.656%, 02/01/29		835,000		840,219
California Pollution Control Financing Authority 5.000%, 11/21/45 (144A)		450,000		480,213
California State Public Works Board, Build America Bonds 8.361%, 10/01/34		760,000		1,137,804
Central Texas Regional Mobility Authority 5.000%, 01/01/45		350,000		387,842
5.000%, 01/01/46		350,000		388,255
Chesapeake Bay Bridge & Tunnel District 5.000%, 07/01/41		360,000		409,957
5.000%, 07/01/51		275,000		304,112
Chino Valley Unified School District 5.250%, 08/01/47		940,000		1,129,861
Clark County Department of Aviation 5.000%, 07/01/21		640,000		723,706
Clark County School District Series A 5.000%, 06/15/23		295,000		349,062
5.000%, 06/15/24		350,000		420,497
Series C 5.000%, 06/15/26		25,000		30,409
5.000%, 06/15/27		355,000		427,253
5.000%, 06/15/28		360,000		429,617
Clark County, NV 5.000%, 07/01/28		450,000		563,387
Colorado Health Facilities Authority 5.250%, 02/01/31		325,000		344,256
Commonwealth Financing Authority 4.144%, 06/01/38		910,000		943,679
Commonwealth of Puerto Rico 8.000%, 07/01/35		14,975,000		9,097,312
Connecticut State Health & Educational Facility Authority 5.000%, 07/01/45		1,640,000		1,819,519
Dallas Area Rapid Transit Series A 5.000%, 12/01/41		680,000		789,092
5.000%, 12/01/46		920,000		1,061,652
District of Columbia Series A 5.000%, 06/01/34		1,010,000		1,201,950
5.000%, 06/01/36		1,210,000		1,431,902
District of Columbia Water & Sewer Authority 5.000%, 10/01/52		1,010,000		1,165,570
District of Columbia, Income Tax Revenue, Build America Bonds 5.591%, 12/01/34		1,055,000		1,311,091
Dutchess County Local Development Corp. 5.000%, 07/01/46		1,025,000		1,144,341
Eastern Municipal Water District Financing Authority 5.000%, 07/01/47		670,000		789,957
Geisinger Authority 5.000%, 02/15/45		730,000		830,163
Golden State Tobacco Securitization Corp. 5.750%, 06/01/47		340,000		342,312
Series A-1 5.125%, 06/01/47		1,820,000		1,820,036
Grant County Public Utility District No. 2 4.584%, 01/01/40		315,000		321,206
Great Lakes Water Authority Water Supply System Revenue 5.250%, 07/01/33		150,000		178,887
Guilford County, NC Series B 5.000%, 05/01/25		330,000		408,867
5.000%, 05/01/27		330,000		418,193
5.000%, 05/01/28		330,000		414,506
Horry County, SC School District 5.000%, 03/01/25		355,000		435,297
Houston TX, Combined Utility System Revenue 5.000%, 11/15/35		450,000		529,371
Kentucky Economic Development Finance Authority 5.250%, 06/01/50		330,000		359,099
Lone Star College System 5.000%, 08/15/42		950,000		1,111,016
Los Angeles County Metropolitan Transportation Authority 5.000%, 07/01/38		345,000		411,054
Los Angeles, CA Community College District, Build America Bonds 6.600%, 08/01/42		2,280,000		3,326,520
Los Angeles, CA Department of Water 5.000%, 07/01/44		2,130,000		2,481,343
Los Angeles, CA Department of Water & Power Revenue, Build America Bonds 6.603%, 07/01/50		565,000		842,330
Los Angeles, CA Unified School District 5.000%, 07/01/26		680,000		850,197
Los Angeles, CA Unified School District, Build America Bonds 6.758%, 07/01/34		640,000		881,274
Massachusetts Development Finance Agency 5.000%, 07/01/47		500,000		561,910

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
Massachusetts Educational Financing Authority 5.000%, 01/01/22		500,000	$	559,495
Massachusetts State Clean Water Trust Revenue 5.000%, 02/01/27		325,000		400,855
5.000%, 02/01/28		500,000		610,535
Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board 5.000%, 07/01/46		690,000		773,732
Metropolitan Transportation Authority 5.000%, 11/15/47		760,000		890,750
Sereis A1 5.250%, 11/15/57		1,340,000		1,573,970
Series A 5.000%, 11/15/35		660,000		780,562
5.000%, 11/15/42		670,000		784,228
Metropolitan Transportation Authority, Build America Bonds 6.668%, 11/15/39		170,000		232,460
6.687%, 11/15/40		590,000		800,093
6.814%, 11/15/40		1,005,000		1,404,467
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Zero Coupon, 10/01/39		350,000		143,819
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Build America Bonds 7.462%, 10/01/46		560,000		815,276
Miami-Dade County, FL 5.000%, 07/01/35		395,000		459,188
Miami-Dade County, FL Aviation Revenue Series A 5.000%, 10/01/38		1,025,000		1,158,394
Series B 2.504%, 10/01/24		1,000,000		965,680
Miami-Dade County, FL Educational Facilities Authority 5.073%, 04/01/50		655,000		723,258
Michigan Finance Authority 5.000%, 11/15/41		330,000		368,920
Mississippi State Hospital Equipment & Facilities Authority, Baptist Memorial Health Care 5.000%, 09/01/46		630,000		701,348
Missouri State Health & Educational Facilities Authority Revenue 3.652%, 08/15/57		1,030,000		1,015,941
5.000%, 11/15/29		340,000		397,440
Municipal Electric Authority of Georgia 5.000%, 01/01/20		650,000		701,006
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		1,000,000		1,226,080
New Caney Independent School District 5.000%, 02/15/47		670,000		781,120
New Jersey State Turnpike Authority, Build America Bonds 7.414%, 01/01/40		1,451,000		2,192,113
New Jersey Transportation Trust Fund Authority 5.000%, 06/15/29		380,000		408,025
New York City Transitional Finance Authority Building Aid Revenue 5.000%, 07/15/40		370,000		424,986
New York City Transitional Finance Authority Future Tax Secured Revenue 5.000%, 08/01/31		190,000		225,952
5.000%, 02/01/35		410,000		475,243
5.000%, 05/01/36		390,000		452,657
Series A 5.000%, 02/01/43		1,530,000		1,774,586
Series A2 2.280%, 05/01/26		520,000		487,620
Series F-2 3.050%, 05/01/27		1,670,000		1,657,074
New York City Water & Sewer System 5.000%, 06/15/47		2,845,000		3,304,695
5.375%, 06/15/43		2,360,000		2,654,622
5.500%, 06/15/43		2,825,000		3,204,680
5.882%, 06/15/44		1,150,000		1,583,964
New York City Water & Sewer System, Build America Bonds 5.750%, 06/15/41		675,000		891,419
New York Convention Center Development Corp. 5.000%, 11/15/40		370,000		424,923
5.000%, 11/15/46		920,000		1,057,788
New York State Dormitory Authority 5.000%, 03/15/29		1,010,000		1,234,745
Series A 5.000%, 02/15/31		330,000		392,971
Series D 5.000%, 02/15/27		370,000		455,766
5.000%, 02/15/28		370,000		450,982
New York State Dormitory Authority Revenue 5.000%, 03/15/32		580,000		683,489
New York State Dormitory Authority, Build America Bonds 5.389%, 03/15/40		1,075,000		1,325,249
New York State Environmental Facilities Corp. 5.000%, 06/15/46		1,300,000		1,533,064
New York State Urban Development Corp. Series A 5.000%, 03/15/25		210,000		256,040
5.000%, 03/15/27		320,000		396,550
Series B 2.860%, 03/15/24		2,030,000		2,036,597
New York Transportation Development Corp. Series A 5.000%, 07/01/46		660,000		712,180
5.250%, 01/01/50		1,230,000		1,346,026
North Carolina Department of Transportation 5.000%, 06/30/54		1,000,000		1,069,880
Northwest Independent School District 5.000%, 02/15/42		820,000		948,297
Ohio Water Development Authority Water Pollution Control Loan Fund 5.000%, 12/01/31		300,000		365,424

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
Orange County Local Transportation Authority, Build America Bonds 6.908%, 02/15/41		1,420,000	$	1,957,058
Orange County, FL Tourist Development Tax Revenue 5.000%, 10/01/28		480,000		602,256
Oregon School Boards Association 4.759%, 06/30/28		1,740,000		1,934,845
Oregon State Lottery Series A 5.000%, 04/01/35		420,000		501,014
5.000%, 04/01/36		380,000		452,223
5.000%, 04/01/37		380,000		451,508
Series C 5.000%, 04/01/30		520,000		636,745
Oxnard School District 5.000%, 08/01/45		460,000		529,501
Pennsylvania Economic Development Financing Authority 5.000%, 12/31/38		510,000		570,195
Pennsylvania State University 5.000%, 09/01/42		740,000		868,679
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,435,000		1,570,378
4.810%, 10/15/65		720,000		834,379
4.960%, 08/01/46		1,910,000		2,272,193
Port of Seattle, WA 5.000%, 01/01/33		330,000		394,974
5.000%, 01/01/37		330,000		390,416
5.000%, 01/01/38		330,000		389,813
5.000%, 01/01/39		330,000		389,209
5.000%, 01/01/42		680,000		799,530
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds 6.583%, 05/15/49		1,455,000		1,976,894
Riverside, CA, Electric Revenue, Buld America Bonds 7.605%, 10/01/40		525,000		769,503
Royal Oak Hospital Finance Authority 5.000%, 09/01/39		450,000		498,744
Salt Lake City Corp. Airport Revenue 5.000%, 07/01/47		1,250,000		1,434,328
Salt River Project Agricultural Improvement & Power District 5.000%, 12/01/36		460,000		536,254
San Antonio, TX Electric & Gas Systems Revenue, Build Amereica Bonds 5.808%, 02/01/41		470,000		604,805
San Diego County Regional Transportation Commissio 5.000%, 04/01/48		1,340,000		1,549,013
San Diego Public Facilities Financing Authority Sewer Revenue 5.000%, 05/15/39		475,000		554,434
San Francisco Bay Area Rapid Transit District 5.000%, 08/01/36		410,000		494,657
Series A 5.000%, 08/01/47		700,000		832,272
San Francisco City & County Airport Comm-San Francisco International Airport 5.000%, 05/01/41		660,000		748,460
South Carolina Public Service Authority Series A 5.000%, 12/01/49		700,000		754,082
5.000%, 12/01/50		700,000		760,340
Series D 2.388%, 12/01/23		1,085,000		1,020,670
State of California General Obligation Unlimited 5.000%, 08/01/26		1,670,000		2,077,380
5.000%, 09/01/27		325,000		399,454
State of California General Obligation Unlimited, Build America Bonds 7.350%, 11/01/39		550,000		808,088
7.500%, 04/01/34		1,125,000		1,637,561
7.550%, 04/01/39		1,375,000		2,099,240
7.600%, 11/01/40		3,780,000		5,883,986
State of California, General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		345,000		503,979
State of Georgia Sereis A-2 5.000%, 02/01/28		670,000		837,118
5.000%, 02/01/29		670,000		828,629
5.000%, 02/01/30		670,000		821,527
5.000%, 02/01/31		700,000		851,634
5.000%, 02/01/32		700,000		847,000
5.000%, 02/01/33		700,000		843,045
Series C-1 5.000%, 07/01/26		355,000		445,514
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		4,320,000		4,044,038
State of Kansas Department of Transportation 5.000%, 09/01/35		340,000		400,136
State of Maryland Series A 5.000%, 03/15/28		330,000		413,186
5.000%, 03/15/29		990,000		1,229,748
State of Massachusetts 5.000%, 07/01/28		350,000		438,190
State of Ohio Series A 5.000%, 05/01/27		680,000		825,874
5.000%, 05/01/30		460,000		547,317
5.000%, 03/15/32		930,000		1,086,138
5.000%, 05/01/32		620,000		730,899
5.000%, 05/01/34		420,000		491,866
5.000%, 05/01/35		420,000		490,892
5.000%, 05/01/36		1,015,000		1,184,759
5.000%, 05/01/37		760,000		886,532
State of Oregon 5.000%, 08/01/42		1,390,000		1,643,300
State of Texas 5.000%, 08/01/42		490,000		578,822

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
State of Washington General Obligation Unlimited Series R 5.000%, 07/01/28		330,000	$	392,951
5.000%, 08/01/28		415,000		506,246
5.000%, 08/01/29		415,000		502,465
5.000%, 08/01/30		415,000		499,465
State of Wisconsin 5.000%, 11/01/27		670,000		835,932
Series A 5.000%, 05/01/24		580,000		702,740
5.000%, 05/01/25		660,000		810,150
Series C 3.154%, 05/01/27		1,740,000		1,749,048
Sumter Landing Community Development District 4.172%, 10/01/47		385,000		391,918
Texas Private Activity Bond Surface Transportation Corp. 5.000%, 12/31/55		170,000		185,322
Texas Water Development Board Series A 5.000%, 10/15/40		570,000		661,115
5.000%, 10/15/45		490,000		565,979
Tobacco Settlement Financing Corp. 5.000%, 06/01/41		720,000		705,211
University of California CA, Revenue 3.063%, 07/01/25		665,000		671,617
4.858%, 05/15/12		980,000		1,013,055
University of Houston Series A 5.000%, 02/15/33		390,000		455,220
5.000%, 02/15/34		350,000		406,784
5.000%, 02/15/35		800,000		927,144
5.000%, 02/15/36		1,040,000		1,202,718
University of Massachusetts Building Authority 5.000%, 11/01/31		500,000		591,700
University of New Mexico 5.000%, 06/01/47		600,000		695,442
University of Texas Series B 2.756%, 05/15/26		1,810,000		1,790,687
2.836%, 05/15/27		805,000		796,958
University of Virginia Series B 5.000%, 04/01/44		940,000		1,116,006
5.000%, 04/01/46		650,000		770,491
Weld County School District No. 2 5.250%, 12/01/41		560,000		666,596
West Virginia Hospital Finance Authority 5.000%, 06/01/19		365,000		389,867
5.000%, 06/01/20		390,000		428,626
5.000%, 06/01/21		390,000		439,339
5.000%, 06/01/22		425,000		488,325
5.000%, 06/01/23		355,000		414,012
5.000%, 06/01/24		375,000		443,213
Wisconsin Health & Educational Facilities Authority 5.000%, 12/15/44		310,000		339,800
Total Municipals (Cost $192,789,802)				195,157,004
Foreign Government—5.0%
Banks—0.0%
Banque Centrale de Tunisie International Bonds 4.500%, 06/22/20 (EUR)		467,000		555,232
Sovereign—5.0%
Argentine Republic Government International Bonds 5.625%, 01/26/22		3,926,000		4,020,224
6.250%, 04/22/19 (d)		11,907,000		12,472,583
7.125%, 06/28/17 (144A)		995,000		902,963
7.820%, 12/31/33 (EUR) (k)		1,221,996		1,483,699
Colombia Government International Bonds 4.000%, 02/26/24 (d)		9,755,000		10,125,690
4.375%, 07/12/21 (d)		1,926,000		2,049,264
11.750%, 02/25/20		31,000		38,440
Egypt Government International Bonds 5.750%, 04/29/20		1,558,000		1,598,617
8.500%, 01/31/47		804,000		866,670
8.500%, 01/31/47 (144A)		770,000		830,020
Hungary Government International Bond 5.375%, 03/25/24		3,500,000		3,940,006
Indonesia Government International Bond 5.875%, 03/13/20		963,000		1,052,641
Indonesia Treasury Bonds 7.000%, 05/15/27 (IDR)		23,075,000,000		1,753,025
8.375%, 03/15/24 (IDR)		10,130,000,000		825,163
8.375%, 09/15/26 (IDR)		54,738,000,000		4,530,183
9.000%, 03/15/29 (IDR)		3,377,000,000		288,561
Lebanon Government International Bond 6.850%, 03/23/27		1,931,000		1,944,084
Mexican Bonos 4.750%, 06/14/18 (MXN)		75,800,000		4,093,106
5.000%, 12/11/19 (MXN)		777,500,000		41,283,595
Mexican Udibono 3.500%, 12/14/17 (MXN) (k)		20,905,815		1,157,847
Mexico Government International Bond 4.150%, 03/28/27		19,621,000		20,317,545
Panama Government International Bond 3.750%, 03/16/25		3,490,000		3,594,700
Peruvian Government International Bond 7.350%, 07/21/25 (d)		2,900,000		3,787,400
Philippine Government International Bond 5.500%, 03/30/26		5,610,000		6,739,181
Republic of South Africa Government Bonds 5.500%, 03/09/20		1,830,000		1,939,580
6.250%, 03/31/36 (ZAR)		117,145,000		6,321,165

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Shares/ Principal/ Notional Amount*		Value
Sovereign—(Continued)
Russian Federal Bond - OFZ 7.400%, 12/07/22 (RUB)		182,550,000	$	3,042,650
Russian Federal Bonds - OFZ 7.050%, 01/19/28 (RUB)		342,648,000		5,534,077
7.500%, 08/18/21 (RUB)		321,410,000		5,381,812
7.750%, 09/16/26 (RUB)		395,123,000		6,706,539
8.150%, 02/03/27 (RUB)		398,387,000		7,028,094
Turkey Government Bonds 8.800%, 09/27/23 (TRY)		7,570,000		2,004,675
9.200%, 09/22/21 (TRY)		14,475,000		3,935,067
10.500%, 01/15/20 (TRY)		10,775,000		3,058,141
11.000%, 03/02/22 (TRY)		29,888,000		8,656,048
Turkey Government International Bonds 6.000%, 03/25/27		1,945,000		2,070,958
7.000%, 06/05/20		2,617,000		2,861,506
7.375%, 02/05/25		2,221,000		2,571,985
Uruguay Government International Bond 4.375%, 10/27/27 (k)		3,280,000		3,485,000
				194,292,504
Total Foreign Government (Cost $194,627,604)				194,847,736
Floating Rate Loans (l)—0.7%
Diversified Financial Services—0.7%
LSTAR Securities Financing Vehicle Term Loan, 3.209%, 06/16/25 (e)		13,130,000		13,001,326
Term Loan, 3.551%, 05/10/25		13,049,569		12,935,385
Total Floating Rate Loans (Cost $25,939,261)				25,936,711
Preferred Stock—0.2%
Banks—0.2%
Citigroup Capital, 7.542% (b) (Cost $7,956,785)		292,339		7,594,967
Purchased Options—0.0%
Currency Options—0.0%
AUD Put/USD Call, Strike Price USD 0.72, Expires 07/27/17 (Counterparty - JPMorgan Chase Bank N.A.) (AUD)		2,289,000		125
AUD Put/USD Call, Strike Price USD 0.75, Expires 07/27/17 (Counterparty - Barclays Bank plc) (AUD)		2,289,000		2,671
EUR Put/MXN Call, Strike Price MXN 20.50, Expires 08/29/17 (Counterparty - JPMorgan Chase Bank N.A.) (EUR)		1,515,000		15,872
Currency Options—(Continued)
EUR Put/USD Call, Strike Price USD 1.12, Expires 08/25/17 (Counterparty - BNP Paribas S.A.) (EUR)		1,751,000		5,826
EUR Put/MXN Call, Strike Price MXN 20.80, Expires 07/06/17 (Counterparty - JPMorgan Chase Bank N.A.) (EUR)		1,599,000		13,483
USD Call/JPY Put, Strike Price JPY 111.00, Expires 07/07/17 (Counterparty - Barclays Bank plc)		1,589,000		23,179
USD Call/MXN Put, Strike Price MXN 19.00, Expires 07/03/17 (Counterparty - Barclays Bank plc)		1,175,000		55,661
USD Call/MXN Put, Strike Price MXN 20.00, Expires 07/03/17 (Counterparty - Morgan Stanley & Co. International plc)		2,937,000		0
USD Call/MXN Put, Strike Price MXN 21.50, Expires 07/03/17 (Counterparty - Morgan Stanley & Co. LLC)		1,005,000		0
USD Call/RUB Put, Strike Price RUB 58.00, Expires 08/07/17 (Counterparty - Deutsche Bank AG)		1,234,000		36,266
USD Call/TWD Put, Strike Price TWD 30.50, Expires 09/01/17 (Counterparty - JPMorgan Chase Bank N.A.)		2,843,000		21,502
USD Put/BRL Call, Strike Price BRL 3.18, Expires 07/06/17 (Counterparty - Citibank N.A.)		1,923,000		11
USD Put/CNH Call, Strike Price CNH 6.79, Expires 07/03/17 (Counterparty - Citibank N.A.)		75,103,000		167,630
USD Put/CNH Call, Strike Price CNH 6.80, Expires 09/01/17 (Counterparty - Deutsche Bank AG)		3,836,000		20,446
USD Put/CNH Call, Strike Price CNH 6.88, Expires 07/28/17 (Counterparty - JPMorgan Chase Bank N.A.)		3,836,000		51,763
USD Put/TRY Call, Strike Price TRY 3.50, Expires 07/03/17 (Counterparty - BNP Paribas S.A.)		2,324,000		314
USD Put/TRY Call, Strike Price TRY 3.52, Expires 08/25/17 (Counterparty - Citibank N.A.)		3,832,000		35,530
				450,279
Options on Exchange-Traded Futures Contracts—0.0%
Put - Eurodollar Midcurve 1 Year Futures @ 98.00, Expires 10/13/17		3,541		376,231
Total Purchased Options (Cost $1,676,630)				826,510

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—0.2%

Security Description	Principal Amount*		Value
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $6,199,840 on 07/03/17, collateralized by $6,320,000 U.S. Government Agency Obligations with rates ranging from 0.000% - 0.875%, maturity dates ranging from 10/26/17 - 11/03/17, with a value of $6,324,185.		6,199,778	$	6,199,778
Total Short-Term Investments (Cost $6,199,778)				6,199,778
Securities Lending Reinvestments (m)—3.0%
Certificates of Deposit—1.5%
ABN AMRO Bank NV Zero Coupon, 09/05/17 (b)		995,818		997,900
Bank of Montreal 1.130%, 07/07/17 (b)		3,000,000		2,999,970
Canadian Imperial Bank 1.630%, 10/27/17 (b)		2,000,000		2,002,250
Cooperative Rabobank UA New York 1.555%, 10/13/17 (b)		2,000,000		2,002,306
1.558%, 10/13/17 (b)		2,500,000		2,503,392
Credit Suisse AG New York 1.432%, 10/16/17 (b)		1,500,000		1,500,321
DG Bank New York 1.140%, 07/03/17 (b)		1,000,000		999,990
DNB NOR Bank ASA 1.412%, 07/28/17 (b)		3,600,000		3,600,450
KBC Bank NV Zero Coupon, 09/08/17 (b)		2,491,405		2,494,525
1.200%, 07/18/17 (b)		1,000,000		1,000,000
1.250%, 08/08/17 (b)		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17 (b)		1,000,000		999,990
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (b)		2,000,000		2,000,046
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (b)		1,000,000		999,540
1.469%, 10/18/17 (b)		2,000,000		1,999,864
1.610%, 08/02/17 (b)		1,000,000		1,000,305
National Australia Bank London 1.480%, 11/09/17 (b)		4,200,000		4,203,402
Natixis New York 1.506%, 08/03/17 (b)		4,500,000		4,501,359
Norinchukin Bank New York 1.377%, 10/13/17 (b)		2,000,000		2,001,375
1.687%, 07/12/17 (b)		2,000,000		2,000,242
Royal Bank of Canada New York 1.555%, 10/13/17 (b)		4,500,000		4,504,549
Sumitomo Mitsui Banking Corp., New York 1.717%, 07/10/17 (b)		2,501,171		2,500,581
Sumitomo Mitsui Trust Bank, Ltd., New York 1.230%, 12/04/17 (b)		2,000,000		1,999,804
1.466%, 10/26/17 (b)		2,000,000		2,000,512
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.475%, 01/10/18 (b)		1,500,000		1,502,494
UBS, Stamford 1.722%, 07/31/17 (b)		2,102,146		2,101,199
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (b)		3,500,000		3,503,129
				58,919,525
Commercial Paper—0.5%
Atlantic Asset Securitization LLC 1.170%, 07/12/17 (b)		1,994,085		1,999,276
Commonwealth Bank Australia 1.522%, 10/23/17 (b)		4,000,000		4,004,217
ING Funding LLC 1.234%, 12/07/17 (b)		2,500,000		2,500,863
LMA S.A. & LMA Americas 1.150%, 07/07/17 (b)		1,249,720		1,249,840
1.180%, 07/11/17 (b)		997,050		999,668
Sheffield Receivables Co. 1.190%, 07/28/17 (b)		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (b)		5,200,000		5,205,185
				16,958,109
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $395,503 on 07/03/17, collateralized by $411,675 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $403,377.		395,467		395,467
Citigroup Global Markets Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $3,600,330 on 07/03/17, collateralized by $3,586,164 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $3,672,000.		3,600,000		3,600,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $4,300,430 on 07/03/17, collateralized by $4,371,953 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $4,386,013.		4,300,000		4,300,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $4,003,100 on 07/03/17, collateralized by $869 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $4,447,294.		4,000,000		4,000,000

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (m)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $5,385,847 on 10/02/17, collateralized by various Common Stock with a value of $5,830,000.		5,300,000	$	5,300,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Natixis New York Branch Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $7,000,782 on 07/03/17, collateralized by $13,958,433 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $7,140,831.		7,000,000		7,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
				28,095,467
Time Deposits—0.3%
ABN AMRO Bank NV 1.180%, 07/07/17		2,500,000		2,500,000
Australia New Zealand Bank 1.150%, 07/03/17		200,000		200,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		600,000		600,000
Shinkin Central Bank 1.330%, 07/25/17		1,500,000		1,500,000
1.330%, 07/26/17		4,000,000		4,000,000
Standard Chartered plc 1.200%, 07/03/17		1,700,000		1,700,000
				12,500,000
Total Securities Lending Reinvestments (Cost $116,436,033)				116,473,101
Total Investments—124.0% (Cost $4,789,327,648) (n)				4,811,470,852
Other assets and liabilities (net)—(24.0)%				(931,771,942	)
Net Assets—100.0%			$	3,879,698,910

*	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 June 30, 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 June 30, 2017, the market value of securities loaned was $114,675,282 and the collateral received consisted of cash in the amount of $116,423,755. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent 0.3% of net assets.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $3,413,271.
(g)	All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2017, the market value of securities pledged was $706,068.
(h)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2017, the value of securities pledged amounted to $500,258,276.
(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 June 30, 2017, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(k)	Principal amount of security is adjusted for inflation.
(l)	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.
(m)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(n)	As of June 30, 2017, the aggregate cost of investments was $4,789,327,648. The aggregate unrealized appreciation and depreciation of investments were $55,454,318 and $(33,311,114), respectively, resulting in net unrealized appreciation of $22,143,204.
(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 June 30, 2017, the market value of 144A securities was $721,215,959, which is 18.6% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(AUD)—	Australian Dollar
(CDI)—	Brazil Interbank Deposit Rate
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(EUR)—	Euro
(IDR)—	Indonesian Rupiah
(MXN)—	Mexican Peso
(REMIC)—	Real Estate Mortgage Investment Conduit
(RUB)—	Russian Ruble
(TRY)—	Turkish Lira
(ZAR)—	South African Rand

Restricted Securities	Acquisition Date	Principal Amount		Cost		Value
Knollwood CDO, Ltd., 4.355%, 01/10/39	02/10/04	$	835,293	$	835,293	$	0

Reverse Repurchase Agreements

Counterparty	Interest Rate			Settlement Date		Maturity Date		Principal Amount			Net Closing Amount
Bank of America N.A.		(1.350	%)		06/30/17		07/03/17		USD	5,054,972	$	5,054,972
JPMorgan Chase Bank N.A.		(0.500	%)		06/30/17		07/03/17		USD	25,227,426		25,227,426
BNP Paribas S.A.		(1.030	%)		06/30/17		07/03/17		USD	26,791,762		26,791,762
Credit Suisse International		(1.480	%)		06/30/17		07/03/17		USD	34,922,599		34,922,599
Bank of America N.A.		(1.300	%)		06/30/17		07/03/17		USD	55,997,255		55,997,255
Deutsche Bank AG		(1.450	%)		06/30/17		07/03/17		USD	97,688,523		97,688,523
Bank of America N.A.		(1.180	%)		06/30/17		07/03/17		USD	108,896,078		108,896,078
JPMorgan Chase Bank N.A.		(1.380	%)		06/30/17		07/03/17		USD	148,740,000		148,740,000
Total											$	503,318,615

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.500	%		TBA		(10,848,200	)	$	(10,946,512	)	$	(10,889,967	)
Fannie Mae 15 Yr. Pool		3.000	%		TBA		(1,355,000	)		(1,394,374	)		(1,390,675	)
Fannie Mae 15 Yr. Pool		3.000	%		TBA		(3,340,000	)		(3,433,863	)		(3,424,283	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(12,700,000	)		(13,210,977	)		(13,204,280	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(28,344,000	)		(29,623,214	)		(29,491,048	)
Fannie Mae 15 Yr. Pool		4.000	%		TBA		(3,709,000	)		(3,843,451	)		(3,836,497	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(58,700,000	)		(58,633,398	)		(58,530,073	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(123,129,942	)		(123,780,288	)		(122,963,938	)
Fannie Mae 30 Yr. Pool		4.000	%		TBA		(6,514,000	)		(6,848,889	)		(6,836,265	)
Fannie Mae 30 Yr. Pool		4.000	%		TBA		(7,418,000	)		(7,830,916	)		(7,797,882	)
Fannie Mae 30 Yr. Pool		6.000	%		TBA		(2,002,000	)		(2,261,009	)		(2,252,028	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(48,975,000	)		(48,981,912	)		(48,791,344	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(54,363,221	)		(54,592,278	)		(54,244,301	)
Ginnie Mae I 30 Yr. Pool		3.500	%		TBA		(9,297,000	)		(9,660,164	)		(9,630,021	)
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(3,100,000	)		(3,332,500	)		(3,321,480	)
Ginnie Mae II 30 Yr. Pool		4.000	%		TBA		(14,322,000	)		(15,094,045	)		(15,050,408	)
Ginnie Mae II 30 Yr. Pool		4.500	%		TBA		(4,881,000	)		(5,204,366	)		(5,187,588	)
Totals									$	(398,672,156	)	$	(396,842,078	)

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	21,683,000	Citibank N.A.		09/20/17		USD	16,392,738	$	256,768
AUD	1,849,000	Credit Suisse International		09/20/17		USD	1,398,377		21,396
AUD	910,000	Deutsche Bank AG		09/20/17		USD	686,271		12,481
BRL	3,830,616	BNP Paribas S.A.		07/03/17		USD	1,153,800		2,473
BRL	3,171,027	Barclays Bank plc		07/03/17		USD	962,317		(5,141	)
BRL	3,176,796	Citibank N.A.		07/03/17		USD	964,068		(5,151	)
BRL	2,522,207	Deutsche Bank AG		07/03/17		USD	769,200		(7,871	)
BRL	5,082,000	JPMorgan Chase Bank N.A.		07/05/17		USD	1,536,183		(2,179	)
BRL	5,082,000	Morgan Stanley & Co. International plc		07/05/17		USD	1,540,000		(5,997	)
BRL	25,217,380	Goldman Sachs International		07/06/17		USD	7,720,000		(109,865	)
BRL	11,324,032	BNP Paribas S.A.		08/02/17		USD	3,415,998		(17,893	)
BRL	542,874	Goldman Sachs International		08/02/17		USD	165,485		(2,580	)
CAD	597,535	UBS AG		09/20/17		USD	450,000		11,339
CLP	946,286,250	Credit Suisse International		07/06/17		USD	1,410,000		15,466
CLP	967,167,600	BNP Paribas S.A.		07/10/17		USD	1,424,400		32,358
CLP	468,102,710	BNP Paribas S.A.		07/28/17		USD	706,000		(1,272	)
CLP	470,943,000	BNP Paribas S.A.		07/28/17		USD	710,000		(996	)
CLP	163,866,483	Bank of America N.A.		07/28/17		USD	247,100		(399	)
CLP	70,232,880	Goldman Sachs International		07/28/17		USD	105,900		(165	)
CNY	126,114,491	HSBC Bank plc		07/05/17		USD	18,567,000		35,329
COP	4,101,337,500	Credit Suisse International		07/06/17		USD	1,344,511		1,299
COP	4,121,430,000	UBS AG		07/06/17		USD	1,410,000		(57,596	)
COP	9,189,680,000	JPMorgan Chase Bank N.A.		07/07/17		USD	3,130,000		(114,954	)
COP	13,476,240,000	UBS AG		07/07/17		USD	4,590,000		(168,574	)
COP	3,756,296,000	Barclays Bank plc		08/09/17		USD	1,234,000		(7,397	)
COP	3,754,169,100	UBS AG		08/22/17		USD	1,230,000		(6,017	)
EUR	6,771,031	Morgan Stanley & Co. International plc		07/05/17		USD	7,720,000		13,531
EUR	1,530,000	Deutsche Bank AG		07/10/17		USD	1,741,448		6,489
EUR	1,530,000	Goldman Sachs International		07/10/17		USD	1,727,050		20,887
EUR	557,500	JPMorgan Chase Bank N.A.		09/07/17		USD	630,365		8,484
EUR	730,000	BNP Paribas S.A.		09/20/17		USD	815,728		21,399
EUR	450,000	Deutsche Bank AG		09/20/17		USD	504,917		11,120
EUR	11,920,000	Goldman Sachs International		09/20/17		USD	13,494,446		174,800
EUR	12,515,000	Goldman Sachs International		09/20/17		USD	14,277,064		74,497
HUF	460,444,555	Deutsche Bank AG		07/05/17		USD	1,696,703		6,055
HUF	12,588,214	JPMorgan Chase Bank N.A.		07/05/17		USD	46,405		147
HUF	46,077,830	Morgan Stanley & Co. International plc		07/05/17		USD	169,670		729
HUF	1,577,126,167	Morgan Stanley & Co. International plc		07/05/17		USD	5,807,221		25,108
IDR	19,236,280,000	BNP Paribas S.A.		07/24/17		USD	1,442,000		(1,653	)
IDR	44,022,000,000	JPMorgan Chase Bank N.A.		07/24/17		USD	3,300,000		(3,782	)
IDR	9,896,775,000	Bank of America N.A.		08/15/17		USD	735,000		4,202
IDR	9,765,725,106	Citibank N.A.		08/15/17		USD	725,375		4,038
IDR	13,953,444,356	Citibank N.A.		08/15/17		USD	1,036,275		5,924
IDR	7,255,071,639	JPMorgan Chase Bank N.A.		08/15/17		USD	539,010		2,880
IDR	10,886,723,120	JPMorgan Chase Bank N.A.		08/15/17		USD	808,340		4,802
JPY	871,382,524	BNP Paribas S.A.		07/05/17		USD	7,720,000		27,344
JPY	178,880,880	Goldman Sachs International		07/11/17		USD	1,589,000		1,820
JPY	25,229,137	BNP Paribas S.A.		09/20/17		USD	225,000		55
JPY	25,229,137	BNP Paribas S.A.		09/20/17		USD	225,000		55
JPY	50,078,812	Barclays Bank plc		09/20/17		USD	450,000		(3,274	)
KRW	406,810,800	Deutsche Bank AG		09/20/17		USD	360,000		(4,049	)
KRW	629,090,000	JPMorgan Chase Bank N.A.		09/20/17		USD	550,000		440
MXN	6,374,766	Barclays Bank plc		07/03/17		USD	352,571		(1,320	)
MXN	6,374,033	Deutsche Bank AG		07/03/17		USD	352,571		(1,361	)
MXN	9,560,380	Morgan Stanley & Co. International plc		07/03/17		USD	528,857		(2,078	)
MXN	22,288,292	Barclays Bank plc		07/21/17		USD	1,234,000		(9,031	)
MXN	22,421,935	Morgan Stanley & Co. International plc		07/27/17		USD	1,239,000		(7,857	)

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
MXN	10,020,120	Deutsche Bank AG		09/20/17		USD	550,000	$	(4,508	)
MYR	3,198,615	BNP Paribas S.A.		07/17/17		USD	743,000		1,758
MYR	1,607,280	JPMorgan Chase Bank N.A.		07/17/17		USD	370,000		4,235
MYR	3,261,920	JPMorgan Chase Bank N.A.		07/17/17		USD	740,000		19,498
MYR	8,013,299	Morgan Stanley & Co. International plc		08/17/17		USD	1,853,000		10,467
NOK	4,647,034	Morgan Stanley & Co. International plc		09/20/17		USD	550,000		7,450
NZD	635,000	Deutsche Bank AG		09/20/17		USD	462,128		2,546
RUB	56,599,140	BNP Paribas S.A.		07/03/17		USD	953,437		6,278
RUB	55,930,875	Deutsche Bank AG		07/03/17		USD	968,500		(20,117	)
RUB	111,377,500	Deutsche Bank AG		07/03/17		USD	1,876,201		12,353
RUB	92,495,624	JPMorgan Chase Bank N.A.		07/06/17		USD	1,549,600		18,455
RUB	52,232,679	Barclays Bank plc		07/10/17		USD	886,750		(2,013	)
RUB	52,256,178	Barclays Bank plc		07/10/17		USD	886,750		(1,615	)
RUB	52,310,226	JPMorgan Chase Bank N.A.		07/10/17		USD	885,000		1,051
RUB	52,528,120	JPMorgan Chase Bank N.A.		07/10/17		USD	888,500		1,242
RUB	93,084,472	BNP Paribas S.A.		07/24/17		USD	1,549,600		22,747
RUB	92,449,136	Deutsche Bank AG		07/24/17		USD	1,549,600		12,015
RUB	115,733,320	Deutsche Bank AG		07/28/17		USD	1,951,000		2,400
SEK	65,690,522	Deutsche Bank AG		07/05/17		USD	7,720,000		77,372
TRY	27,569,664	BNP Paribas S.A.		07/05/17		USD	7,720,000		111,341
TRY	5,403,727	HSBC Bank plc		07/05/17		USD	1,530,000		4,964
TRY	2,743,987	Deutsche Bank AG		07/10/17		USD	774,012		4,343
TRY	2,757,150	Goldman Sachs International		07/10/17		USD	777,588		4,500
TRY	7,138,635	Goldman Sachs International		07/14/17		USD	2,018,870		3,774
TRY	10,086,948	BNP Paribas S.A.		07/21/17		USD	2,845,000		7,371
TRY	4,388,118	Citibank N.A.		07/21/17		USD	1,233,000		7,865
TRY	1,589,432	BNP Paribas S.A.		07/28/17		USD	449,968		(1,397	)
TRY	3,001,969	BNP Paribas S.A.		07/28/17		USD	850,344		(3,124	)
TRY	3,002,810	Goldman Sachs International		07/28/17		USD	850,344		(2,887	)
TRY	3,461,856	HSBC Bank plc		07/28/17		USD	977,000		10
TRY	7,356,480	HSBC Bank plc		07/28/17		USD	2,076,000		156
TRY	3,001,451	JPMorgan Chase Bank N.A.		07/28/17		USD	850,344		(3,270	)
TRY	2,761,666	Deutsche Bank AG		08/04/17		USD	775,800		2,069
TRY	1,299,672	BNP Paribas S.A.		09/20/17		USD	360,000		1,314
TRY	21,082,569	BNP Paribas S.A.		06/25/18		USD	5,469,315		(11,952	)
TRY	50,124,431	BNP Paribas S.A.		06/25/18		USD	12,949,540		25,503
ZAR	102,401,554	BNP Paribas S.A.		07/05/17		USD	7,720,000		107,369
ZAR	4,567,336	BNP Paribas S.A.		07/21/17		USD	350,900		(2,734	)
ZAR	676,672	Barclays Bank plc		07/21/17		USD	52,000		(418	)
ZAR	11,476,162	Barclays Bank plc		07/21/17		USD	882,100		(7,279	)
ZAR	4,786,848	BNP Paribas S.A.		09/20/17		USD	360,000		1,214
Contracts to Deliver
AUD	11,776,000	Goldman Sachs International		09/20/17		USD	8,914,197		(128,122	)
AUD	11,766,000	Goldman Sachs International		09/20/17		USD	8,892,625		(142,014	)
AUD	910,000	Goldman Sachs International		09/20/17		USD	691,427		(7,325	)
BRL	3,830,616	BNP Paribas S.A.		07/03/17		USD	1,162,484		6,211
BRL	3,171,027	Barclays Bank plc		07/03/17		USD	961,500		4,324
BRL	3,176,796	Citibank N.A.		07/03/17		USD	961,500		2,583
BRL	2,522,207	Deutsche Bank AG		07/03/17		USD	765,418		4,089
BRL	5,082,000	JPMorgan Chase Bank N.A.		07/05/17		USD	1,540,000		5,997
BRL	5,082,000	Morgan Stanley & Co. International plc		07/05/17		USD	1,536,183		2,179
BRL	25,433,540	BNP Paribas S.A.		07/06/17		USD	7,720,000		44,631
BRL	11,866,906	BNP Paribas S.A.		08/02/17		USD	3,554,882		(6,128	)
BRL	3,855,884	BNP Paribas S.A.		08/02/17		USD	1,153,800		(3,270	)
CAD	466,550	Citibank N.A.		09/20/17		USD	360,000		(209	)

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	600,575	HSBC Bank plc		09/20/17		USD	455,000	$	(8,686	)
CAD	597,416	HSBC Bank plc		09/20/17		USD	455,000		(6,247	)
CAD	237,166	JPMorgan Chase Bank N.A.		09/20/17		USD	180,000		(3,109	)
CLP	937,311,600	Bank of America N.A.		07/06/17		USD	1,410,000		(1,946	)
CLP	950,858,220	Deutsche Bank AG		07/10/17		USD	1,424,400		(7,793	)
CNY	126,114,491	Citibank N.A.		07/05/17		USD	18,567,000		(35,329	)
COP	4,101,337,500	Credit Suisse International		07/06/17		USD	1,410,000		64,189
COP	4,121,430,000	UBS AG		07/06/17		USD	1,351,098		(1,306	)
COP	15,403,314,195	BNP Paribas S.A.		07/07/17		USD	5,085,000		31,320
COP	8,010,400,000	Barclays Bank plc		07/07/17		USD	2,635,000		6,864
COP	3,620,556,000	BNP Paribas S.A.		08/09/17		USD	1,234,000		51,722
COP	3,675,240,000	Barclays Bank plc		08/22/17		USD	1,230,000		31,751
COP	3,745,807,000	Credit Suisse International		08/22/17		USD	1,234,000		12,744
EUR	6,853,085	Deutsche Bank AG		07/05/17		USD	7,720,000		(107,248	)
EUR	1,530,000	Citibank N.A.		07/10/17		USD	1,717,139		(30,798	)
EUR	1,530,000	Goldman Sachs International		07/17/17		USD	1,727,674		(20,889	)
EUR	310,870	Bank of America N.A.		08/11/17		USD	339,159		(16,574	)
EUR	1,532,098	Citibank N.A.		08/11/17		USD	1,721,349		(31,854	)
EUR	557,500	BNP Paribas S.A.		09/07/17		USD	630,360		(8,489	)
EUR	24,435,000	Barclays Bank plc		09/20/17		USD	27,496,950		(523,859	)
EUR	590,000	Citibank N.A.		09/20/17		USD	663,809		(12,773	)
EUR	590,000	Citibank N.A.		09/20/17		USD	666,727		(9,855	)
EUR	450,000	JPMorgan Chase Bank N.A.		09/20/17		USD	509,192		(6,845	)
EUR	115,589	Citibank N.A.		02/21/18		USD	124,694		(9,009	)
EUR	190,815	Deutsche Bank AG		02/21/18		USD	205,145		(15,573	)
EUR	188,294	Morgan Stanley & Co. International plc		02/21/18		USD	202,425		(15,376	)
GBP	977,000	JPMorgan Chase Bank N.A.		07/17/17		USD	1,249,743		(23,242	)
GBP	550,000	JPMorgan Chase Bank N.A.		09/20/17		USD	702,576		(15,460	)
GBP	360,000	Morgan Stanley & Co. International plc		09/20/17		USD	462,890		(7,097	)
HUF	2,114,006,200	BNP Paribas S.A.		07/05/17		USD	7,720,000		(97,751	)
IDR	52,361,430,400	BNP Paribas S.A.		08/15/17		USD	3,844,000		(66,936	)
IDR	43,186,748,562	Goldman Sachs International		08/16/17		USD	3,219,288		(5,990	)
IDR	39,918,262,889	Goldman Sachs International		08/16/17		USD	2,975,644		(5,536	)
IDR	14,743,722,251	Goldman Sachs International		08/16/17		USD	1,099,048		(2,045	)
JPY	852,457,840	Royal Bank of Scotland plc		07/05/17		USD	7,720,000		140,913
JPY	50,380,110	BNP Paribas S.A.		09/20/17		USD	450,000		586
JPY	49,850,505	Goldman Sachs International		09/20/17		USD	450,000		5,311
MXN	6,349,624	BNP Paribas S.A.		07/21/17		USD	351,184		2,207
MXN	15,960,525	JPMorgan Chase Bank N.A.		07/21/17		USD	882,816		5,622
MXN	97,069,778	JPMorgan Chase Bank N.A.		08/23/17		USD	5,120,929		(186,464	)
MXN	45,756,359	Deutsche Bank AG		09/20/17		USD	2,517,156		26,194
MXN	44,693,460	Deutsche Bank AG		09/20/17		USD	2,467,266		34,168
MXN	183,047,958	Goldman Sachs International		09/20/17		USD	10,068,624		103,549
MXN	59,717,146	Royal Bank of Scotland plc		09/20/17		USD	3,289,688		38,705
MXN	44,731,730	Royal Bank of Scotland plc		09/20/17		USD	2,467,266		32,084
MYR	7,995,695	Morgan Stanley & Co. International plc		07/17/17		USD	1,853,000		(8,699	)
NOK	3,007,128	Bank of America N.A.		09/20/17		USD	360,000		(730	)
NOK	4,634,728	Deutsche Bank AG		09/20/17		USD	550,000		(5,974	)
NZD	570,000	BNP Paribas S.A.		09/20/17		USD	415,738		(1,371	)
NZD	340,000	BNP Paribas S.A.		09/20/17		USD	248,665		(137	)
NZD	360,000	Standard Chartered Bank		09/20/17		USD	260,371		(3,066	)
RUB	56,599,140	BNP Paribas S.A.		07/03/17		USD	968,500		8,786
RUB	111,377,500	Deutsche Bank AG		07/03/17		USD	1,937,000		48,446
RUB	55,930,875	Deutsche Bank AG		07/03/17		USD	942,179		(6,203	)
RUB	93,068,976	Goldman Sachs International		07/06/17		USD	1,549,600		(28,175	)
RUB	104,585,588	Credit Suisse International		07/10/17		USD	1,782,000		10,489
RUB	103,555,189	Deutsche Bank AG		07/10/17		USD	1,765,000		10,942

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
RUB	167,140,182	BNP Paribas S.A.		09/15/17		USD	2,880,113	$	88,690
RUB	166,876,137	BNP Paribas S.A.		09/15/17		USD	2,880,030		93,017
RUB	55,398,619	Barclays Bank plc		09/15/17		USD	933,973		8,756
RUB	42,718,301	Credit Suisse International		09/15/17		USD	699,669		(13,773	)
RUB	13,885,273	Credit Suisse International		09/15/17		USD	230,404		(1,496	)
RUB	420,270,863	Deutsche Bank AG		09/15/17		USD	7,248,736		229,755
RUB	417,431,866	Deutsche Bank AG		09/15/17		USD	7,173,786		202,219
RUB	377,422,305	JPMorgan Chase Bank N.A.		09/15/17		USD	6,508,179		204,815
SEK	66,842,848	Royal Bank of Scotland plc		07/05/17		USD	7,720,000		(214,152	)
TRY	27,263,751	BNP Paribas S.A.		07/05/17		USD	7,720,000		(24,444	)
TRY	817,678	Barclays Bank plc		07/05/17		USD	232,400		133
TRY	4,087,289	Citibank N.A.		07/05/17		USD	1,162,000		979
TRY	2,774,609	Citibank N.A.		07/10/17		USD	775,800		(11,241	)
TRY	2,742,454	Deutsche Bank AG		07/10/17		USD	775,800		(2,119	)
TRY	7,138,635	Bank of America N.A.		07/14/17		USD	1,993,011		(29,633	)
TRY	7,138,635	Goldman Sachs International		08/11/17		USD	2,002,953		(3,809	)
TRY	34,783,110	BNP Paribas S.A.		08/21/17		USD	9,720,976		(29,626	)
TRY	10,441,816	Bank of America N.A.		09/20/17		USD	2,895,718		(7,151	)
TRY	11,297,173	Citibank N.A.		09/20/17		USD	3,139,106		(1,556	)
TRY	50,124,431	BNP Paribas S.A.		10/23/17		USD	13,772,340		(38,351	)
TRY	21,082,569	BNP Paribas S.A.		10/23/17		USD	5,815,079		6,238
ZAR	100,502,519	BNP Paribas S.A.		07/05/17		USD	7,720,000		37,790
ZAR	15,872,124	Citibank N.A.		07/21/17		USD	1,233,000		23,077
ZAR	676,538	Citibank N.A.		07/21/17		USD	52,000		428
ZAR	28,377,894	Bank of America N.A.		09/20/17		USD	2,152,531		11,147
ZAR	28,600,825	Citibank N.A.		09/20/17		USD	2,174,240		16,034
ZAR	4,730,040	Citibank N.A.		09/20/17		USD	360,000		3,073
ZAR	28,741,948	JPMorgan Chase Bank N.A.		09/20/17		USD	2,184,596		15,741
Cross Currency Contracts to Buy
AUD	730,000	Bank of America N.A.		09/20/17		NZD	763,298		1,979
CHF	20,000	JPMorgan Chase Bank N.A.		09/20/17		NOK	174,585		17
CHF	550,000	Citibank N.A.		09/20/17		NOK	4,823,178		(2,196	)
EUR	550,000	HSBC Bank plc		09/20/17		SEK	5,333,405		(5,105	)
EUR	550,000	Morgan Stanley & Co. International plc		09/20/17		SEK	5,360,947		(8,388	)
MXN	8,522,532	JPMorgan Chase Bank N.A.		09/20/17		GBP	360,000		(6,023	)
MXN	10,510,200	Deutsche Bank AG		09/20/17		GBP	450,000		(15,312	)
NOK	3,179,490	Morgan Stanley & Co. International plc		09/20/17		CHF	360,000		4,137
NOK	4,831,915	UBS AG		09/20/17		CHF	550,000		3,244
NOK	5,460,000	JPMorgan Chase Bank N.A.		09/20/17		SEK	5,565,651		(8,532	)
NZD	766,689	Goldman Sachs International		09/20/17		AUD	730,000		502
SEK	10,722,260	HSBC Bank plc		09/20/17		EUR	1,100,000		16,820
TRY	1,486,800	JPMorgan Chase Bank N.A.		09/20/17		EUR	360,000		507
Net Unrealized Appreciation								$	332,904

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		09/20/17		387		USD	58,975,392	$	501,670
U.S. Treasury Note 2 Year Futures		09/29/17		760		USD	164,398,408		(155,282	)

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		03/18/19		(291	)		USD	(71,154,167	)	$	(246,321	)
Euro-Bobl Futures		09/07/17		(558	)		EUR	(73,699,473	)		240,848
Euro-Bund Futures		09/07/17		(148	)		EUR	(24,200,852	)		278,790
U.S. Treasury Note 10 Year Futures		09/20/17		(2,059	)		USD	(260,165,351	)		1,696,507
U.S. Treasury Note 5 Year Futures		09/29/17		(634	)		USD	(74,926,060	)		218,076
U.S. Treasury Ultra Long Bond Futures		09/20/17		(58	)		USD	(9,785,503	)		164,753
Net Unrealized Appreciation										$	2,699,041

Written Options

Foreign Currency Written Options	Strike Price			Counterparty	Expiration Date		Notional Amount		Premiums Received		Market Value		Unrealized Appreciation/ (Depreciation)
EUR Call/MXN Put		MXN	21.500	JPMorgan Chase Bank N.A.		08/29/17		(1,515,000)	$	(9,970)	$	(17,840)	$	(7,870)
TRY Call/ZAR Put		ZAR	3.680	BNP Paribas S.A.		07/28/17		(4,552,000)		(26,568)		(24,466)		2,102
USD Call/BRL Put		BRL	3.310	Citibank N.A.		07/06/17		(1,923,000)		(26,214)		(10,584)		15,630
USD Call/BRL Put		BRL	3.400	Barclays Bank plc		08/10/17		(1,141,000)		(17,012)		(12,290)		4,722
USD Call/MXN Put		MXN	22.600	JPMorgan Chase Bank N.A.		07/03/17		(2,010,000)		(59,599)		—		59,599
USD Call/MXN Put		MXN	19.000	Morgan Stanley & Co. International plc		07/03/17		(1,175,000)		(34,199)		—		34,199
USD Call/TRY Put		TRY	3.650	Citibank N.A.		07/27/17		(3,832,000)		(15,232)		(14,305)		927
USD Call/ZAR Put		ZAR	14.000	Deutsche Bank AG		07/17/17		(981,000)		(21,739)		(934)		20,805
USD Put/BRL Call		BRL	3.300	Barclays Bank plc		08/10/17		(1,141,000)		(19,283)		(13,903)		5,380
USD Put/CNH Call		CNH	6.749	Citibank N.A.		07/03/17		(75,103,000)		(167,855)		(6,985)		160,870
USD Put/CNH Call		CNH	6.880	Deutsche Bank AG		07/28/17		(3,836,000)		(43,078)		(51,763)		(8,685)
USD Put/TWD Call		TWD	30.000	JPMorgan Chase Bank N.A.		09/01/17		(2,843,000)		(7,216)		(10,397)		(3,181)
AUD Put/USD Call		USD	0.720	Barclays Bank plc		07/27/17		(2,289,000)		(4,780)		(125)		4,655
USD Put/ZAR Call		ZAR	13.000	Deutsche Bank AG		07/17/17		(981,000)		(12,214)		(6,708)		5,506
Totals									$	(464,959)	$	(170,300)	$	294,659

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Appreciation
Put - Eurodollar Midcurve 1 Year Futures	$	97.500		10/13/17		(1,769	)	$	(62,799	)	$	(22,112	)	$	40,687
Put - Eurodollar Midcurve 1 Year Futures		97.630		10/13/17		(3,541	)		(169,968	)		(66,394	)		103,574
Totals								$	(232,767	)	$	(88,506	)	$	144,261

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		9.250	%	01/02/19	Citibank N.A.		BRL	31,034,582	$	22,875		$	—	$	22,875
Pay	1-Day CDI		9.275	%	01/02/19	JPMorgan Chase Bank N.A.		BRL	29,461,321		24,150			—		24,150
Pay	1-Day CDI		9.730	%	01/02/20	JPMorgan Chase Bank N.A.		BRL	21,688,790		14,942			—		14,942
Pay	28-Day TIIE		6.270	%	12/05/25	Bank of America N.A.		MXN	2,209,451		(6,549	)		—		(6,549	)
Pay	28-Day TIIE		6.325	%	07/17/25	Citigroup Global Markets Inc.		MXN	19,973,500		(51,573	)		—		(51,573	)
Pay	28-Day TIIE		6.330	%	08/06/25	Citigroup Global Markets Inc.		MXN	59,593,000		(154,078	)		—		(154,078	)
Pay	28-Day TIIE		6.980	%	11/28/18	JPMorgan Chase Bank N.A.		MXN	92,466,976		(3,469	)		—		(3,469	)
Pay	28-Day TIIE		6.980	%	11/28/18	Citigroup Global Markets Inc.		MXN	163,000,000		(6,115	)		—		(6,115	)
Pay	28-Day TIIE		7.060	%	11/21/18	JPMorgan Chase Bank N.A.		MXN	114,610,942		1,776			—		1,776
Pay	28-Day TIIE		7.070	%	11/21/18	Citigroup Global Markets Inc.		MXN	95,509,119		2,190			—		2,190
Pay	3M CNRR		3.775	%	06/02/22	Bank of America N.A.		CNY	9,838,889		602			—		602
Pay	3M KWCDC		1.920	%	11/10/17	Deutsche Bank AG		KRW	6,513,071,110		10,773			—		10,773

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

OTC Interest Rate Swaps—(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	$	(880	)	$	—	$	(880	)
Receive	1-Day CDI		13.110	%	07/03/17	Citigroup Global Markets Inc.		BRL	20,271,357		(21,424	)		—		(21,424	)
Receive	1-Day CDI		13.130	%	07/03/17	Bank of America N.A.		BRL	16,890,391		(18,574	)		—		(18,574	)
Receive	1-Day CDI		8.980	%	01/02/18	Citibank N.A.		BRL	11,380,601		5,288			—		5,288
Receive	1-Day CDI		9.500	%	10/02/17	Bank of America N.A.		BRL	45,807,529		(1,003	)		—		(1,003	)
Receive	1-Day CDI		9.980	%	01/02/18	JPMorgan Chase Bank N.A.		BRL	36,143,970		(22,382	)		—		(22,382	)
Receive	1-Day CDI		9.985	%	01/02/18	Citibank N.A.		BRL	36,142,712		(22,744	)		—		(22,744	)
Receive	28-Day TIIE		4.300	%	12/07/17	Bank of America N.A.		MXN	12,027,855		8,839			—		8,839
Receive	28-Day TIIE		4.550	%	03/21/18	Barclays Bank plc		MXN	26,793,819		29,074			—		29,074
Receive	28-Day TIIE		4.700	%	12/06/18	Bank of America N.A.		MXN	8,147,763		14,427			—		14,427
Receive	28-Day TIIE		4.760	%	12/06/18	Citigroup Global Markets Inc.		MXN	8,147,763		14,054			—		14,054
Receive	28-Day TIIE		4.770	%	12/05/18	Citigroup Global Markets Inc.		MXN	8,147,763		13,974			—		13,974
Receive	28-Day TIIE		4.850	%	11/01/18	Bank of America N.A.		MXN	22,482,829		35,441			—		35,441
Receive	28-Day TIIE		6.307	%	08/11/25	Deutsche Bank AG		MXN	74,533,884		199,509			—		199,509
Receive	28-Day TIIE		6.310	%	08/11/25	Bank of America N.A.		MXN	20,079,000		53,548			—		53,548
Receive	28-Day TIIE		6.310	%	08/11/25	Bank of America N.A.		MXN	20,079,000		53,548			—		53,548
Receive	3M KWCDC		1.690	%	11/10/17	Deutsche Bank AG		KRW	6,513,071,110		(5,957	)		—		(5,957	)
Totals										$	190,262		$	—	$	190,262

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	8,507,740	$	15,454
Pay	12M UKRPI		3.447	%		10/15/26		GBP	15,168,130		19,714
Pay	12M UKRPI		3.460	%		10/15/26		GBP	8,872,130		58,605
Pay	28-Day TIIE		6.320	%		07/17/25		MXN	40,086,000		(103,839	)
Pay	28-Day TIIE		7.160	%		04/29/20		MXN	257,080,000		152,056
Pay	28-Day TIIE		7.160	%		06/01/22		MXN	108,494,000		94,409
Pay	28-Day TIIE		7.320	%		02/20/20		MXN	267,852,955		201,004
Pay	28-Day TIIE		7.375	%		05/25/27		MXN	10,121,835		8,044
Pay	28-Day TIIE		7.410	%		05/25/27		MXN	62,208,165		58,346
Pay	28-Day TIIE		7.445	%		03/07/22		MXN	91,257,182		138,211
Pay	28-Day TIIE		7.470	%		03/07/22		MXN	45,626,378		71,681
Pay	28-Day TIIE		7.480	%		03/07/22		MXN	45,627,440		72,714
Pay	28-Day TIIE		7.815	%		03/04/37		MXN	21,906,479		26,436
Pay	28-Day TIIE		7.918	%		05/01/37		MXN	28,522,491		51,914
Pay	28-Day TIIE		7.949	%		05/01/37		MXN	26,243,708		52,769
Pay	3M LIBOR		2.131	%		08/25/25		USD	1,285,000		(6,175	)
Receive	12M UKRPI		3.448	%		10/15/26		GBP	6,536,000		6,829
Receive	28-Day TIIE		7.361	%		01/28/19		MXN	300,263,934		(96,483	)
Receive	3M LIBOR		2.272	%		09/11/25		USD	955,000		(5,398	)
Net Unrealized Appreciation										$	816,291

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.28.V1		5.000%		06/20/22	0.000%		USD	36,680,000	$	101,086
CDX.NA.IG.28.V1		1.000%		06/20/22	0.000%		USD	15,358,000		(12,750	)
Net Unrealized Appreciation									$	88,336

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 June 30, 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.		1.529%		USD	175,000	$	3,908		$	10,450		$	(6,542	)
Loews Corp. 6.000%, due 02/01/35		(1.000%	)		12/20/20	Barclays Bank plc		0.129%		USD	2,145,000		(63,698	)		(75,932	)		12,234
Mexico Government International Bond 5.950%, due 03/19/19		(1.000%	)		06/20/20	JPMorgan Chase Bank N.A.		0.615%		USD	3,824,276		(42,887	)		33,406			(76,293	)
Mexico Government International Bond 5.950%, due 03/19/19		(1.000%	)		09/20/20	Bank of America N.A.		0.684%		USD	3,824,276		(38,000	)		50,241			(88,241	)
Republic of Argentina		(5.000%	)		06/20/22	Barclays Bank plc		3.284%		USD	391,000		(29,956	)		(32,881	)		2,925
Republic of Argentina		(5.000%	)		06/20/22	Barclays Bank plc		3.284%		USD	391,000		(29,956	)		(32,881	)		2,925
Republic of Argentina		(5.000%	)		06/20/22	Barclays Bank plc		3.284%		USD	415,000		(31,795	)		(34,312	)		2,517
Republic of Argentina		(5.000%	)		06/20/22	Barclays Bank plc		3.284%		USD	674,000		(51,638	)		(51,382	)		(256	)
Republic of Argentina 7.625%, due 04/22/46		(5.000%	)		06/20/22	Barclays Bank plc		3.284%		USD	2,393,100		(183,346	)		(116,708	)		(66,638	)
Republic of Philippines 10.625%, due 03/16/25		(1.000%	)		06/20/22	JPMorgan Chase Bank N.A.		0.771%		USD	6,851,071		(73,913	)		(18,293	)		(55,620	)
Republic of South Africa 5.500%, due 03/09/20		(1.000%	)		06/20/22	Bank of America N.A.		1.968%		USD	1,965,000		87,628			101,474			(13,846	)
Republic of South Africa 5.500%, due 03/09/20		(1.000%	)		06/20/22	Barclays Bank plc		1.968%		USD	2,154,000		96,056			110,014			(13,958	)
Republic of South Africa 5.500%, due 03/09/20		(1.000%	)		06/20/22	Citibank N.A.		1.968%		USD	4,815,000		214,721			248,650			(33,929	)
Republic of South Africa 5.500%, due 03/09/20		(1.000%	)		06/20/22	Goldman Sachs & Co.		1.968%		USD	1,202,000		53,602			61,936			(8,334	)
Valero Energy Corp. 8.750%, due 06/15/30		(1.000%	)		12/20/20	Morgan Stanley Capital Services, LLC		0.451%		USD	2,145,000		(39,917	)		51,754			(91,671	)
Totals												$	(129,191	)	$	305,536		$	(434,727	)

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 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.		0.615%		USD	3,824,276	$	42,887	$	(38,756	)	$	81,643
Mexico Government International Bond 5.950%, due 03/19/19		1.000%		09/20/20	JPMorgan Chase Bank N.A.		0.684%		USD	3,824,276		38,000		(43,741	)		81,741
Totals											$	80,887	$	(82,497	)	$	163,384

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 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 June 30, 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		0.466%		USD	1,670,000	$	(2,730	)	$	242		$	(2,972	)
CMBX.NA.AAA.V6		(0.500%	)		05/11/63	Deutsche Bank AG		0.466%		USD	2,340,000		(3,826	)		(883	)		(2,943	)
CMBX.NA.AAA.V6		(0.500%	)		05/11/63	Deutsche Bank AG		0.466%		USD	2,680,000		(4,382	)		744			(5,126	)
CMBX.NA.AAA.V9		(0.500%	)		09/17/58	Credit Suisse International		0.682%		USD	1,610,000		22,034			19,805			2,229
CMBX.NA.AAA.V9		(0.500%	)		09/17/58	Deutsche Bank AG		0.682%		USD	1,280,000		17,518			15,972			1,546
CMBX.NA.AAA.V9		(0.500%	)		09/17/58	Morgan Stanley & Co. International plc		0.682%		USD	1,990,000		27,234			29,483			(2,249	)
CMBX.NA.AAA.V9		(0.500%	)		09/17/58	Morgan Stanley & Co. International plc		0.682%		USD	1,090,000		14,917			13,409			1,508
CMBX.NA.AAA.V9		(0.500%	)		09/17/58	Morgan Stanley & Co. International plc		0.682%		USD	900,000		12,317			11,071			1,246
CMBX.NA.BBB-.V6		(3.000%	)		05/11/63	Deutsche Bank AG		0.000%		USD	680,000		79,400			62,676			16,724
CMBX.NA.BBB-.V6		(3.000%	)		05/11/63	JPMorgan Chase Bank N.A.		0.000%		USD	340,000		39,700			22,465			17,235
CMBX.NA.BBB-.V6		(3.000%	)		05/11/63	JPMorgan Chase Bank N.A.		0.000%		USD	340,000		39,700			22,465			17,235
CMBX.NA.BBB-.V6		(3.000%	)		05/11/63	JPMorgan Chase Bank N.A.		0.000%		USD	340,000		39,700			34,298			5,402
CMBX.NA.BBB-.V6		(3.000%	)		05/11/63	Morgan Stanley Capital Services, LLC		0.000%		USD	340,000		39,700			20,627			19,073
Totals												$	321,282		$	252,374		$	68,908

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value			Upfront Premium (Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.A.V10		2.000%		11/17/59	Deutsche Bank AG		0.000%		USD	660,000	$	(20,297	)	$	(30,601	)	$	10,304
CMBX.NA.A.V10		2.000%		11/17/59	Deutsche Bank AG		0.000%		USD	1,310,000		(40,286	)		(59,736	)		19,450
CMBX.NA.A.V8		2.000%		10/17/57	Goldman Sachs & Co.		2.809%		USD	670,000		(33,869	)		(38,377	)		4,508
CMBX.NA.A.V8		2.000%		10/17/57	Morgan Stanley Capital Services, LLC		2.809%		USD	190,000		(9,605	)		(22,074	)		12,469
CMBX.NA.A.V9		2.000%		09/17/58	Morgan Stanley Capital Services, LLC		2.530%		USD	710,000		(26,475	)		(36,483	)		10,008
CMBX.NA.A.V9		2.000%		09/17/58	Credit Suisse International		2.530%		USD	540,000		(20,136	)		(28,165	)		8,029
CMBX.NA.A.V9		2.000%		09/17/58	Credit Suisse International		2.530%		USD	650,000		(24,238	)		(21,121	)		(3,117	)
CMBX.NA.A.V9		2.000%		09/17/58	Deutsche Bank AG		2.530%		USD	600,000		(22,373	)		(31,038	)		8,665
CMBX.NA.A.V9		2.000%		09/17/58	Deutsche Bank AG		2.530%		USD	660,000		(24,611	)		(34,251	)		9,640
CMBX.NA.A.V9		2.000%		09/17/58	JPMorgan Chase Bank N.A.		2.530%		USD	1,830,000		(68,239	)		(98,204	)		29,965
CMBX.NA.A.V9		2.000%		09/17/58	Morgan Stanley & Co. International plc		2.530%		USD	660,000		(24,611	)		(36,240	)		11,629
CMBX.NA.A.V9		2.000%		09/17/58	Morgan Stanley & Co. International plc		2.530%		USD	980,000		(36,543	)		(22,454	)		(14,089	)
CMBX.NA.A.V9		2.000%		09/17/58	Morgan Stanley Capital Services, LLC		2.530%		USD	340,000		(12,678	)		(16,765	)		4,087
CMBX.NA.AAA.V7		0.500%		01/17/47	Credit Suisse International		0.000%		USD	5,000,000		(2,594	)		(156,398	)		153,804
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.		4.523%		USD	40,000		(4,324	)		(3,575	)		(749	)
CMBX.NA.BBB-.V6		3.000%		05/11/63	Credit Suisse International		0.000%		USD	340,000		(39,700	)		(28,925	)		(10,775	)
CMBX.NA.BBB-.V9		3.000%		09/17/58	Morgan Stanley & Co. International plc		4.836%		USD	340,000		(40,163	)		(37,546	)		(2,617	)
CMBX.NA.BBB-.V9		3.000%		09/17/58	Credit Suisse International		4.836%		USD	1,030,000		(121,669	)		(109,437	)		(12,232	)
CMBX.NA.BBB-.V9		3.000%		09/17/58	Morgan Stanley & Co. International plc		4.836%		USD	1,000,000		(118,125	)		(107,927	)		(10,198	)
CMBX.NA.BBB-.V9		3.000%		09/17/58	Morgan Stanley Capital Services, LLC		4.836%		USD	1,480,000		(174,825	)		(190,776	)		15,951
Totals											$	(879,433	)	$	(1,470,070	)	$	590,637

Cash in the amount of $1,373 was received at the custodian bank as collateral for OTC swap contracts.

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 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
(COP)—	Colombian Peso
(EUR)—	Euro
(GBP)—	British Pound
(HUF)—	Hungarian Forint
(IDR)—	Indonesian Rupiah
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(TRY)—	Turkish Lira
(USD)—	United States Dollar
(ZAR)—	South African Rand
(CDI)—	Brazil Interbank Deposit Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CMBX)—	Commercial Mortgage-Backed 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
(CNNR)—	China Floating Rate Repo
(KWCDC)—	Korean Certificate of Deposit Rate
(LIBOR)—	London Interbank Offered Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(UKRPI)—	United Kingdom Retail Price Index

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,393,133,389		$	—	$	2,393,133,389
Total Corporate Bonds & Notes*		—			1,130,041,164			—		1,130,041,164
Asset-Backed Securities
Asset-Backed - Credit Card		—			1,793,205			—		1,793,205
Asset-Backed - Home Equity		—			24,004,889			—		24,004,889
Asset-Backed - Manufactured Housing		—			17,734,283			—		17,734,283
Asset-Backed - Other		—			414,895,134			0		414,895,134
Asset-Backed - Student Loan		—			23,166,797			—		23,166,797
Total Asset-Backed Securities		—			481,594,308			0		481,594,308
Total Mortgage-Backed Securities*		—			259,666,184			—		259,666,184
Total Municipals		—			195,157,004			—		195,157,004
Total Foreign Government*		—			194,847,736			—		194,847,736
Floating Rate Loans
Diversified Financial Services		—			12,935,385			13,001,326		25,936,711
Total Preferred Stock*		7,594,967			—			—		7,594,967
Purchased Options
Currency Options		—			450,279			—		450,279
Options on Exchange-Traded Futures Contracts		376,231			—			—		376,231
Total Purchased Options		376,231			450,279			—		826,510
Total Short-Term Investment*		—			6,199,778			—		6,199,778
Total Securities Lending Reinvestments*		—			116,473,101			—		116,473,101
Total Investments	$	7,971,198		$	4,790,498,328		$	13,001,326	$	4,811,470,852
Collateral for Securities Loaned (Liability)	$	—		$	(116,423,755	)	$	—	$	(116,423,755	)
Total Reverse Repurchase Agreements (Liability)	$	—		$	(503,318,615	)	$	—	$	(503,318,615	)
TBA Forward Sales Commitments	$	—		$	(396,842,078	)	$	—	$	(396,842,078	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	2,991,079		$	—	$	2,991,079
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(2,658,175	)		—		(2,658,175	)
Total Forward Contracts	$	—		$	332,904		$	—	$	332,904
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	3,100,644		$	—		$	—	$	3,100,644
Futures Contracts (Unrealized Depreciation)		(401,603	)		—			—		(401,603	)
Total Futures Contracts	$	2,699,041		$	—		$	—	$	2,699,041

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Written Options
Foreign Currency Written Options at Value	$	—		$	(170,300	)	$	—	$	(170,300	)
Options on Exchange-Traded Futures Contracts at Value		(88,506	)		—			—		(88,506	)
Total Written Options	$	(88,506	)	$	(170,300	)	$	—	$	(258,806	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,129,272		$	—	$	1,129,272
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(224,645	)		—		(224,645	)
Total Centrally Cleared Swap Contracts	$	—		$	904,627		$	—	$	904,627
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,374,032		$	—	$	1,374,032
OTC Swap Contracts at Value (Liabilities)		—			(1,790,225	)		—		(1,790,225	)
Total OTC Swap Contracts	$	—		$	(416,193	)	$	—	$	(416,193	)

* 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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	4,811,470,852
Cash denominated in foreign currencies (c)		9,569,116
Cash collateral (d)		6,048,870
OTC swap contracts at market value (e)		1,374,032
Unrealized appreciation on forward foreign currency exchange contracts		2,991,079
Receivable for:
Investments sold		14,853,795
TBA securities sold (f)		662,639,481
Fund shares sold		896,683
Principal paydowns		1,496
Interest		24,535,737
Variation margin on futures contracts		487,057
Interest on OTC swap contracts		193,139
Other assets		6,028
Total Assets		5,535,067,365
Liabilities
Due to custodian		13,254
Written options at value (g)		258,806
Forward sales commitments, at value		396,842,078
Reverse repurchase agreements		503,318,615
OTC swap contracts at market value (h)		1,790,225
Cash collateral (i)		2,160,000
Unrealized depreciation on forward foreign currency exchange contracts		2,658,175
Collateral for securities loaned		116,423,755
Payables for:
Investments purchased		96,786,945
TBA securities purchased (f)		529,319,015
Fund shares redeemed		717,565
Interest on reverse repurchase agreements		54,466
Foreign taxes		12,979
Variation margin on centrally cleared swap contracts		224,984
Premium on purchased options		1,925,159
Interest on forward sales commitments		488,364
Interest on OTC swap contracts		119,288
Accrued Expenses:
Management fees		1,046,533
Distribution and service fees		122,140
Deferred trustees’ fees		102,166
Other expenses		983,943
Total Liabilities		1,655,368,455
Net Assets	$	3,879,698,910
Net Assets Consist of:
Paid in surplus	$	3,865,631,923
Undistributed net investment income		50,857,110
Accumulated net realized loss		(65,798,473	)
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions (j)		29,008,350
Net Assets	$	3,879,698,910
Net Assets
Class A	$	3,242,708,291
Class B		521,846,080
Class E		115,144,539
Capital Shares Outstanding*
Class A		30,708,385
Class B		5,027,521
Class E		1,099,830
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	105.60
Class B		103.80
Class E		104.69

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $4,789,327,648.
(b)	Includes securities loaned at value of $114,675,282.
(c)	Identified cost of cash denominated in foreign currencies was $9,488,593.
(d)	Includes collateral of $5,538,870 for centrally cleared swap contracts and $510,000 for TBAs.
(e)	Net premium paid on OTC swap contracts was $702,298.
(f)	Included within TBA securities sold is $541,071,050 related to TBA forward sale commitments and included within TBA securities purchased is $141,636,218 related to TBA forward sale commitments.
(g)	Premiums received on written options were $697,726.
(h)	Net premium received on OTC swap contracts was $1,696,955.
(i)	Includes collateral of $1,640,000 for OTC swap contracts and $520,000 for TBAs.
(j)	Includes foreign capital gains tax of $12,979.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	305,404
Interest (a)		61,006,481
Securities lending income		492,840
Total investment income		61,804,725
Expenses
Management fees		6,270,272
Administration fees		61,362
Custodian and accounting fees		385,903
Distribution and service fees—Class B		646,566
Distribution and service fees—Class E		86,580
Interest expense		581,976
Audit and tax services		60,509
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		120,548
Insurance		13,080
Miscellaneous		22,143
Total expenses		8,293,934
Net Investment Income		53,510,791
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		(33,904,051	)
Futures contracts		4,599,000
Written options		1,471,273
Swap contracts		670,856
Foreign currency transactions		464,882
Net realized loss		(26,698,040	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		74,629,087
Futures contracts		4,414,630
Written options		88,690
Swap contracts		938,119
Foreign currency transactions		(1,035,297	)
Net change in unrealized appreciation		79,035,229
Net realized and unrealized gain		52,337,189
Net Increase in Net Assets from Operations	$	105,847,980

(a)	Net of foreign withholding taxes of $7,204.
(b)	Net of foreign capital gains tax of $(34,005).
(c)	Includes change in foreign capital gains tax of $(12,979).

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	53,510,791		$	96,551,518
Net realized gain (loss)		(26,698,040	)		1,066,996
Net change in unrealized appreciation		79,035,229			16,329,604
Increase in net assets from operations		105,847,980			113,948,118
From Distributions to Shareholders
Net investment income
Class A		(100,635,202	)		(102,987,554	)
Class B		(15,212,013	)		(15,546,181	)
Class E		(3,438,021	)		(3,722,162	)
Total distributions		(119,285,236	)		(122,255,897	)
Increase in net assets from capital share transactions		72,272,407			10,844,267
Total increase in net assets		58,835,151			2,536,488
Net Assets
Beginning of period		3,820,863,759			3,818,327,271
End of period	$	3,879,698,910		$	3,820,863,759
Undistributed net investment income
End of period	$	50,857,110		$	116,631,555

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		388,520		$	41,550,741			1,788,011		$	195,109,223
Reinvestments		950,734			100,635,202			960,257			102,987,554
Redemptions		(700,076	)		(75,057,428	)		(2,621,035	)		(281,776,136	)
Net increase		639,178		$	67,128,515			127,233		$	16,320,641
Class B
Sales		213,503		$	22,413,702			518,377		$	55,117,107
Reinvestments		146,185			15,212,013			147,371			15,546,181
Redemptions		(292,381	)		(30,758,112	)		(634,036	)		(67,150,297	)
Net increase		67,307		$	6,867,603			31,712		$	3,512,991
Class E
Sales		31,217		$	3,309,773			88,968		$	9,549,094
Reinvestments		32,756			3,438,021			34,996			3,722,162
Redemptions		(79,844	)		(8,471,505	)		(207,952	)		(22,260,621	)
Net decrease		(15,871	)	$	(1,723,711	)		(83,988	)	$	(8,989,365	)
Increase derived from capital shares transactions				$	72,272,407					$	10,844,267

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	106.00		$	106.14		$	110.97		$	107.33		$	115.27		$	110.90
Income (Loss) from Investment Operations
Net investment income (a)		1.51			2.76	(b)		2.73			3.18			3.36			3.21
Net realized and unrealized gain (loss) on investments		1.47			0.61			(2.08	)		4.28			(4.07	)		4.95
Total from investment operations		2.98			3.37			0.65			7.46			(0.71	)		8.16
Less Distributions
Distributions from net investment income		(3.38	)		(3.51	)		(4.24	)		(3.82	)		(4.49	)		(3.05	)
Distributions from net realized capital gains		0.00			0.00			(1.24	)		0.00			(2.74	)		(0.74	)
Total distributions		(3.38	)		(3.51	)		(5.48	)		(3.82	)		(7.23	)		(3.79	)
Net Asset Value, End of Period	$	105.60		$	106.00		$	106.14		$	110.97		$	107.33		$	115.27
Total Return (%) (c)		2.80	(d)		3.12			0.59			7.08			(0.77	)		7.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.40	(e)		0.37			0.36			0.35			0.35			0.36
Gross ratio of expenses to average net assets excluding interest expense (%)		0.36	(e)		0.37			0.36			0.35			0.35			0.36
Net ratio of expenses to average net assets (%) (f)		0.40	(e)		0.37			0.36			0.35			0.35			0.36
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.36	(e)		0.37			0.36			0.35			0.35			0.36
Ratio of net investment income to average net assets (%)		2.84	(e)		2.56	(b)		2.50			2.91			3.07			2.85
Portfolio turnover rate (%)		339	(d)(g)		571	(g)		824	(g)		679	(g)		801	(g)		1,002	(g)
Net assets, end of period (in millions)	$	3,242.7		$	3,187.2		$	3,178.0		$	3,686.9		$	3,213.0		$	3,474.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	104.12		$	104.31		$	109.16		$	105.64		$	113.56		$	109.31
Income (Loss) from Investment Operations
Net investment income (a)		1.35			2.45	(b)		2.42			2.87			3.05			2.89
Net realized and unrealized gain (loss) on investments		1.44			0.59			(2.05	)		4.20			(4.01	)		4.88
Total from investment operations		2.79			3.04			0.37			7.07			(0.96	)		7.77
Less Distributions
Distributions from net investment income		(3.11	)		(3.23	)		(3.98	)		(3.55	)		(4.22	)		(2.78	)
Distributions from net realized capital gains		0.00			0.00			(1.24	)		0.00			(2.74	)		(0.74	)
Total distributions		(3.11	)		(3.23	)		(5.22	)		(3.55	)		(6.96	)		(3.52	)
Net Asset Value, End of Period	$	103.80		$	104.12		$	104.31		$	109.16		$	105.64		$	113.56
Total Return (%) (c)		2.68	(d)		2.86			0.34			6.81			(1.01	)		7.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(e)		0.62			0.61			0.60			0.60			0.61
Gross ratio of expenses to average net assets excluding interest expense (%)		0.61	(e)		0.62			0.61			0.60			0.60			0.61
Net ratio of expenses to average net assets (%) (f)		0.65	(e)		0.62			0.61			0.60			0.60			0.61
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.61	(e)		0.62			0.61			0.60			0.60			0.61
Ratio of net investment income to average net assets (%)		2.59	(e)		2.31	(b)		2.26			2.67			2.82			2.60
Portfolio turnover rate (%)		339	(d)(g)		571	(g)		824	(g)		679	(g)		801	(g)		1,002	(g)
Net assets, end of period (in millions)	$	521.8		$	516.4		$	514.1		$	519.5		$	488.1		$	503.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-45

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	105.03		$	105.18		$	110.00		$	106.41		$	114.32		$	110.02
Income (Loss) from Investment Operations
Net investment income (a)		1.41			2.57	(b)		2.55			3.00			3.18			3.02
Net realized and unrealized gain (loss) on investments		1.45			0.60			(2.07	)		4.23			(4.04	)		4.91
Total from investment operations		2.86			3.17			0.48			7.23			(0.86	)		7.93
Less Distributions
Distributions from net investment income		(3.20	)		(3.32	)		(4.06	)		(3.64	)		(4.31	)		(2.89	)
Distributions from net realized capital gains		0.00			0.00			(1.24	)		0.00			(2.74	)		(0.74	)
Total distributions		(3.20	)		(3.32	)		(5.30	)		(3.64	)		(7.05	)		(3.63	)
Net Asset Value, End of Period	$	104.69		$	105.03		$	105.18		$	110.00		$	106.41		$	114.32
Total Return (%) (c)		2.72	(d)		2.98			0.44			6.92			(0.91	)		7.38
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(e)		0.52			0.51			0.50			0.50			0.51
Gross ratio of expenses to average net assets excluding interest expense (%)		0.51	(e)		0.52			0.51			0.50			0.50			0.51
Net ratio of expenses to average net assets (%) (f)		0.55	(e)		0.52			0.51			0.50			0.50			0.51
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.51	(e)		0.52			0.51			0.50			0.50			0.51
Ratio of net investment income to average net assets (%)		2.68	(e)		2.40	(b)		2.35			2.78			2.92			2.70
Portfolio turnover rate (%)		339	(d)(g)		571	(g)		824	(g)		679	(g)		801	(g)		1,002	(g)
Net assets, end of period (in millions)	$	115.1		$	117.2		$	126.2		$	143.8		$	150.7		$	176.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 83%, 178%, 278%, 276%, 267% and 390% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

BHFTII-46

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Bond Income Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

BHFTII-47

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through 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 options on swaps (“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 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income

BHFTII-48

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, amortization of debt securities, paydown gain/loss reclasses, foreign capital gains taxes, deflationary sell adjustments and swap contract transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2017, the Portfolio had a payment of $13,254 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2017. The Portfolio’s average overdraft advances during the six months ended June 30, 2017 were not significant.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

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

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

BHFTII-49

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $6,199,778. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $28,095,467. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the six months ended June 30, 2017, the Portfolio had an outstanding reverse repurchase agreement balance for 84 days. The average amount of borrowings was $282,069,109 and the annualized weighted average interest rate was 0.85% during the 84 day period.

BHFTII-51

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis as of June 30, 2017:

Counterparty	Reverse Repurchase Agreements			Collateral Pledged		Net Amount*
BNP Paribas S.A	$	(26,791,762	)	$	26,628,445	$	(163,317	)
Credit Suisse International		(34,922,599	)		34,839,482		(83,117	)
Deutsche Bank AG		(97,688,523	)		96,913,596		(774,927	)
Bank of America N.A		(169,948,305	)		168,707,790		(1,240,515	)
JPMorgan Chase Bank N.A		(173,967,426	)		173,168,963		(798,463	)
	$	(503,318,615	)	$	500,258,276	$	(3,060,339	)

* Net amount represents the net amount payable due to the counterparty in the event of default.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days			31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(30,484,215	)	$	—		$	—	$	—	$	(30,484,215	)
Foreign Government		(15,849,453	)		—			—		—		(15,849,453	)
U.S. Treasury & Government Agencies		(70,090,087	)		—			—		—		(70,090,087	)
Total	$	(116,423,755	)	$	—		$	—	$	—	$	(116,423,755	)
Reverse Repurchase Agreements
U.S. Treasury		—			(503,318,615	)		—		—		(503,318,615	)
Total Borrowings	$	(116,423,755	)	$	(503,318,615	)	$	—	$	—	$	(619,742,370	)
Gross amount of recognized liabilities for securities lending transactions											$	(619,742,370	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the

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Notes to Financial Statements—June 30, 2017—(Continued)

contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

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Notes to Financial Statements—June 30, 2017—(Continued)

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

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

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2017:

Call Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2016		73,784,550			—		$	548,934
Options written		321,634,840			2,290			2,504,477
Options bought back		(124,780,000	)		(2,290	)		(1,192,373	)
Options exercised		(73,738,000	)		—			(613,365	)
Options expired		(179,772,390	)		—			(1,037,140	)
Options outstanding June 30, 2017		17,129,000			—		$	210,533

Put Options	Notional Amount*			Number of Contracts		Premium Received
Options outstanding December 31, 2016		14,240,000			—	$	74,167
Options written		590,899,000			5,310		2,520,998
Options bought back		(260,385,000	)		—		(943,590	)
Options exercised		(43,832,000	)		—		(12,842	)
Options expired		(214,729,000	)		—		(1,151,540	)
Options outstanding June 30, 2017		86,193,000			5,310	$	487,193

* Amount shown is in the currency in which the transaction was denominated.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

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Notes to Financial Statements—June 30, 2017—(Continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

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Notes to Financial Statements—June 30, 2017—(Continued)

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a) (c)	$	376,231
	OTC swap contracts at market value (b)		505,010	OTC swap contracts at market value (b)	$	314,748
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		1,028,186	Unrealized depreciation on centrally cleared swap contracts (c) (d)		211,895
	Unrealized appreciation on futures contracts (e) (c)		3,100,644	Unrealized depreciation on futures contracts (e) (c)		401,603
				Written options at value (c)		88,506
Credit	OTC swap contracts at market value (b)		869,022	OTC swap contracts at market value (b)		1,475,477
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		101,086	Unrealized depreciation on centrally cleared swap contracts (c) (d)		12,750
Foreign Exchange	Investments at market value (a)		450,279
	Unrealized appreciation on forward foreign currency exchange contracts		2,991,079	Unrealized depreciation on forward foreign currency exchange contracts		2,658,175
				Written options at value		170,300
Total		$	9,421,537		$	5,333,454

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest receivable of $193,139 and OTC swap interest payable of $119,288.
(c)	Financial instrument not subject to a master netting agreement.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

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Notes to Financial Statements—June 30, 2017—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	318,156	$	(120,559	)	$	(197,597	)	$	—
Barclays Bank plc		258,469		(258,469	)		—			—
BNP Paribas S.A.		745,917		(341,990	)		—			403,927
Citibank N.A.		766,824		(204,589	)		(490,000	)		72,235
Citigroup Global Markets Inc.		30,218		(30,218	)		—			—
Credit Suisse International		147,617		(147,617	)		—			—
Deutsche Bank AG		1,068,968		(396,067	)		(672,901	)		—
Goldman Sachs & Co.		53,602		(33,869	)		—			19,733
Goldman Sachs International		389,640		(389,640	)		—			—
HSBC Bank plc		57,279		(20,038	)		—			37,241
JPMorgan Chase Bank N.A.		594,646		(594,646	)		—			—
Morgan Stanley & Co. International plc		118,069		(118,069	)		—			—
Morgan Stanley Capital Services, LLC		39,700		(39,700	)		—			—
Royal Bank of Scotland plc		211,702		(211,702	)		—			—
UBS AG		14,583		(14,583	)		—			—
	$	4,815,390	$	(2,921,756	)	$	(1,360,498	)	$	533,136

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	120,559	$	(120,559	)	$	—		$	—
Barclays Bank plc		978,054		(258,469	)		(286,763	)		432,822
BNP Paribas S.A.		341,990		(341,990	)		—			—
Citibank N.A.		204,589		(204,589	)		—			—
Citigroup Global Markets Inc.		233,190		(30,218	)		—			202,972
Credit Suisse International		223,606		(147,617	)		—			75,989
Deutsche Bank AG		396,067		(396,067	)		—			—
Goldman Sachs & Co.		33,869		(33,869	)		—			—
Goldman Sachs International		459,402		(389,640	)		—			69,762
HSBC Bank plc		20,038		(20,038	)		—			—
JPMorgan Chase Bank N.A.		618,191		(594,646	)		—			23,545
Morgan Stanley & Co. International plc		274,934		(118,069	)		(156,865	)		—
Morgan Stanley Capital Services, LLC		263,500		(39,700	)		(223,800	)		—
Royal Bank of Scotland plc		214,152		(211,702	)		—			2,450
Standard Chartered Bank		3,066		—			—			3,066
UBS AG		233,493		(14,583	)		—			218,910
	$	4,618,700	$	(2,921,756	)	$	(667,428	)	$	1,029,516

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(1,866,197	)	$	—		$	(3,748,692	)	$	(5,614,889	)
Forward foreign currency transactions		—			—			(609,099	)		(609,099	)
Futures contracts		4,599,000			—			—			4,599,000
Swap contracts		846,949			(176,093	)		—			670,856
Written options		578,953			—			892,320			1,471,273
	$	4,158,705		$	(176,093	)	$	(3,465,471	)	$	517,141

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Notes to Financial Statements—June 30, 2017—(Continued)

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(604,626	)	$	—		$	(544,750	)	$	(1,149,376	)
Forward foreign currency transactions		—			—			(1,165,328	)		(1,165,328	)
Futures contracts		4,414,630			—			—			4,414,630
Swap contracts		1,603,780			(665,661	)		—			938,119
Written options		144,261			—			(55,571	)		88,690
	$	5,558,045		$	(665,661	)	$	(1,765,649	)	$	3,126,735

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	255,448,483
Forward foreign currency transactions		454,844,220
Futures contracts long		393,183,333
Futures contracts short		(212,342,331	)
Swap contracts		870,174,363
Written options		(151,074,301	)

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in

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BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$886,355,983	$	12,491,730,419	$	11,619,322,108	$	1,211,758,914

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, Inc., the subadviser to the Portfolio, that amounted to $1,118,419 in purchases and $735,928 in sales of investments, which are included above, and resulted in realized gains of $28,692.

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$9,513,139,151	$	9,629,098,993

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BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$6,270,272		0.400	%	Of the first $1 billion
		0.350	%	Of the next $1 billion
		0.300	%	Of the next $1 billion
		0.250	%	On amounts in excess of $3 billion

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

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

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of

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Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$122,255,897	$	190,475,439	$	—	$	13,991,825	$	122,255,897	$	204,467,264

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$119,161,258	$	—	$	(64,170,665	)	$	(27,394,335	)	$	27,596,258

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment short-term accumulated capital losses of $1,466,695 and accumulated long term capital losses of $25,927,640, and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	32,260,032		1,239,360		2,347,986

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		33,388,844		2,458,535
Robert Boulware		33,373,259		2,474,120
Susan C. Gause		33,394,273		2,453,106
Nancy Hawthorne		33,389,634		2,457,745
Barbara A. Nugent		33,413,353		2,434,026
John Rosenthal		33,396,648		2,450,731
Linda B. Strumpf		33,343,671		2,503,709
Dawn M. Vroegop		33,378,227		2,469,152

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Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the BlackRock Capital Appreciation Portfolio returned 17.64%, 17.46%, and 17.56%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 13.99%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks had a strong start to the year, with several equity indices rallying to record highs amid strong macro data, improving corporate earnings and, most notably, optimism around the new administration’s policies and pledged pro-growth initiatives, including tax relief, regulatory rollbacks and increased fiscal spending. The final weeks of the first quarter saw some profit taking as investor enthusiasm waned after the failed attempt to repeal the Affordable Care Act called into question the Trump administration’s ability to push through further reforms in 2017. U.S. stocks continued their climb in the second quarter, but appreciated at a slower rate than in the first quarter as political risk and high valuation metrics influenced investor sentiment. Meanwhile, the U.S. Federal Reserve continued on its previously telegraphed path of gradual monetary policy normalization, raising the federal funds rate by 25 basis points in March and then again in June, despite a weaker patch of data (especially inflation readings).

All told, U.S. stocks registered the best first half in years, with the broad market S&P 500 Index up 9.34% for the six-month period. On a sector basis, leadership in 2017 reversed from the end of 2016. Sectors that had been the biggest beneficiaries of the so-called “Trump trade” (Financials, Industrials and other cyclicals) gave back some relative gains, while growth segments Information Technology (“IT”), Health Care and Consumer Discretionary led the market higher. Energy was the worst-performing sector amid a sharp reversal in crude oil.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index during the six-month period. In sector terms, IT was the largest contributor to relative performance, with notable strength among internet software & services holdings. The consumer sectors also aided results. Internet & direct marketing retail names, positioning within specialty retail and lack of exposure to media companies benefited in the Consumer Discretionary sector, while selection within the beverage industry and an underweight to food & staples retailing added to relative performance in Consumer Staples. Conversely, Financials was a prime detractor from returns due to weakness among bank and diversified financial services holdings. Stock selection in Health Care, in particular biotechnology, also weighed on performance, as did a slight overweight to the Energy sector.

The Portfolio’s top individual contributor was Tencent Holdings. Tencent continues to outperform as its revenue growth accelerates, proving our thesis of growing monetization of the company’s dominant WeChat communication platform. Our view at period end remained that the stock’s price is undervaluing its growth and profitability potential.

Positions in Activision Blizzard and Amazon.com also added value. Activision shares gained following strong earnings performance and increased investor confidence in video game secular growth. We continue to like Activision as the digital transformation in the video game industry enables higher monetization, higher revenue and higher margins. Amazon outperformed as continued underperformance among traditional retailers focused investors on its share gain opportunities. In addition, the company’s advertising opportunity has come to the fore. Our view remains that Amazon has many years of growth ahead and, accordingly, at period end we maintained our overweight.

The largest individual detractor was Alexion Pharmaceuticals. Early in the period, Alexion underperformed despite reporting fourth-quarter 2016 earnings and 2017 guidance that were in line with expectations. Later, the company disclosed that its regional office in Brazil is being investigated for alleged sales irregularities pertaining to its flagship product Soliris. While Soliris sales in Brazil account for less than 5% of overall revenue, the news heightened investor concerns over the company’s sales practices and management’s control of its operations. The company then also announced the departure of its interim Chief Financial Officer, head of R&D and head of Human Resources. While not entirely surprising, the departures further contributed to negative sentiment. We are actively following these developments and have engaged in a discussion with management to further understand the long-term impact from these changes.

Elsewhere, the position in Acuity Brands was a drag. The LED lighting leader underperformed after reporting weaker than expected results in its fiscal 2017 first and second quarters due to an industry slowing in short-cycle business. While management does not expect the business to rebound substantially until 2018, its fiscal third quarter showed improvement and Acuity beat consensus expectations on both top line and margin. We continue to like the stock as the company takes share within the industry, non-residential data points remain strong, and we think innovation in networked lighting will drive growth higher in 2018. An underweight to Apple also weighed on returns. Despite first-half strength, we maintained our underweight, believing future outperformance of the shares requires sustainable iPhone unit growth beyond the iPhone 8 cycle.

Volatility will likely remain a constant feature given uncertainty around the likelihood and timing of policy changes by the new administration and risks around macro events. As always, we will look to take advantage of any incremental volatility to upgrade the Portfolio, adding to favorite holdings on weakness and/or acquiring new names where the risk/reward is favorable.

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Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

From a positioning perspective, a key focus of our investment process is identifying innovative companies with business models that we believe will disrupt incumbents across a whole range of sectors in our economy. The combination of a continued drop in computing costs, easy-to-use mobile applications for e-commerce, increasing adoption of cloud computing, and enhancements in delivery underscore why we think the digital disruption wave will only accelerate in the years ahead. This will continue to have implications for equity markets, with U.S. innovation leadership poised to thrive, creating plenty of alpha-generation opportunities for bottom-up stock pickers who can effectively identify disruptive themes ahead of their market impact, as well as the likely beneficiaries.

At the end of the period, the largest sector overweight in the Portfolio was IT, followed by Financials and Health Care. Consumer Staples and Industrials were the largest underweights.

Lawrence Kemp

Portfolio Manager

BlackRock Advisors, LLC

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

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Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		17.64		22.86		14.27		7.95
Class B		17.46		22.56		13.98		7.68
Class E		17.56		22.71		14.10		7.79
Russell 1000 Growth Index		13.99		20.42		15.30		8.91

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Amazon.com, Inc.		7.6
Alphabet, Inc. - Class A		6.9
Microsoft Corp.		5.6
UnitedHealth Group, Inc.		4.7
Visa, Inc. - Class A		3.6
Tencent Holdings, Ltd.		3.4
Priceline Group, Inc. (The)		3.2
Facebook, Inc. - Class A		3.2
Alexion Pharmaceuticals, Inc.		3.0
Constellation Brands, Inc. - Class A		2.9

Top Sectors

	% of Net Assets
Information Technology		41.1
Consumer Discretionary		20.2
Health Care		16.4
Financials		7.2
Industrials		6.1
Consumer Staples		3.5
Materials		2.3
Real Estate		2.1
Energy		0.8
Telecommunication Services		0.4

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Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.63	%	$	1,000.00	$	1,176.40	$	3.40
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class B(a)	Actual		0.88	%	$	1,000.00	$	1,174.60	$	4.74
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41
Class E(a)	Actual		0.78	%	$	1,000.00	$	1,175.60	$	4.21
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
TransDigm Group, Inc.		79,738	$	21,439,156
Banks—5.4%
Bank of America Corp.		1,740,801		42,231,832
First Republic Bank (a)		265,258		26,552,326
SunTrust Banks, Inc.		166,372		9,436,620
SVB Financial Group (b)		49,471		8,696,507
Wells Fargo & Co.		202,495		11,220,248
				98,137,533
Beverages—3.5%
Constellation Brands, Inc. - Class A (a)		271,533		52,604,088
Dr Pepper Snapple Group, Inc.		118,685		10,813,390
				63,417,478
Biotechnology—7.8%
Alexion Pharmaceuticals, Inc. (b)		456,072		55,490,280
Biogen, Inc. (b)		115,116		31,237,878
Celgene Corp. (b)		285,775		37,113,599
Regeneron Pharmaceuticals, Inc. (a) (b)		20,058		9,851,286
Vertex Pharmaceuticals, Inc. (b)		72,074		9,288,177
				142,981,220
Capital Markets—0.4%
S&P Global, Inc.		50,001		7,299,646
Chemicals—2.3%
Monsanto Co.		151,383		17,917,692
Sherwin-Williams Co. (The)		70,752		24,831,122
				42,748,814
Diversified Financial Services—1.4%
Berkshire Hathaway, Inc. - Class B (b)		150,734		25,529,817
Diversified Telecommunication Services—0.4%
Zayo Group Holdings, Inc. (b)		265,158		8,193,382
Electrical Equipment—1.9%
Acuity Brands, Inc. (a)		172,988		35,165,001
Equity Real Estate Investment Trusts—2.1%
Equinix, Inc.		52,542		22,548,925
SBA Communications Corp. (b)		115,486		15,579,061
				38,127,986
Health Care Equipment & Supplies—3.0%
Becton Dickinson & Co.		129,737		25,312,986
Boston Scientific Corp. (a) (b)		1,076,233		29,833,179
				55,146,165
Health Care Providers & Services—4.6%
UnitedHealth Group, Inc.		458,777		85,066,431
Hotels, Restaurants & Leisure—1.2%
Domino’s Pizza, Inc. (a)		104,039		22,007,370
Industrial Conglomerates—1.0%
Roper Technologies, Inc. (a)		78,123		18,087,818
Internet & Direct Marketing Retail—13.5%
Amazon.com, Inc. (a) (b)		144,240		139,624,320
Netflix, Inc. (b)		323,071		48,270,038
Priceline Group, Inc. (The) (b)		31,098		58,169,431
				246,063,789
Internet Software & Services—14.9%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		192,892		27,178,483
Alphabet, Inc. - Class A (b)		135,655		126,115,740
Facebook, Inc. - Class A (b)		381,893		57,658,205
Tencent Holdings, Ltd.		1,750,400		62,463,355
				273,415,783
IT Services—6.6%
Cognizant Technology Solutions Corp. - Class A		294,931		19,583,418
Global Payments, Inc. (a)		276,875		25,007,350
PayPal Holdings, Inc. (b)		194,556		10,441,821
Visa, Inc. - Class A		697,308		65,393,544
				120,426,133
Multiline Retail—0.9%
Dollar Tree, Inc. (b)		225,491		15,766,331
Oil, Gas & Consumable Fuels—0.8%
Pioneer Natural Resources Co.		93,229		14,877,484
Pharmaceuticals—0.9%
Zoetis, Inc.		262,611		16,381,674
Professional Services—2.0%
Equifax, Inc. (a)		266,816		36,665,855
Semiconductors & Semiconductor Equipment—5.6%
Advanced Micro Devices, Inc. (a) (b)		1,041,926		13,003,237
ASML Holding NV (a)		215,731		28,111,907
Broadcom, Ltd.		149,687		34,884,555
NVIDIA Corp.		107,799		15,583,423
Teradyne, Inc.		355,363		10,671,551
				102,254,673
Software—11.8%
Activision Blizzard, Inc.		363,532		20,928,537
Adobe Systems, Inc. (b)		211,911		29,972,692
Autodesk, Inc. (a) (b)		369,219		37,224,659
Microsoft Corp.		1,478,243		101,895,290
Salesforce.com, Inc. (a) (b)		101,190		8,763,054
Snap, Inc. - Class A (a) (b)		593,336		10,543,581
Zendesk, Inc. (b)		213,274		5,924,752
				215,252,565

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—3.1%
Home Depot, Inc. (The)		248,483	$	38,117,292
Ulta Salon Cosmetics & Fragrance, Inc. (b)		63,621		18,280,858
				56,398,150
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc.		213,187		30,703,192
Textiles, Apparel & Luxury Goods—1.5%
NIKE, Inc. - Class B		478,804		28,249,436
Total Common Stocks (Cost $1,414,113,514)				1,819,802,882
Preferred Stock—0.6%
Software—0.6%
Palantir Technologies, Inc. - Series I (b) (c) (d) (Cost $15,555,194)		2,537,552		10,277,085
Short-Term Investment—0.2%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $2,591,094 on 07/03/17, collateralized by $2,640,000 Federal Farm Credit Banks at 1.125% due 09/22/17 with a value of $2,647,899.		2,591,068		2,591,068
Total Short-Term Investments (Cost $2,591,068)				2,591,068
Securities Lending Reinvestments (e)—8.4%
Certificates of Deposit—4.6%
ABN AMRO Bank NV Zero Coupon, 09/05/17		4,979,088		4,989,500
Bank of Montreal Chicago 1.276%, 09/06/17 (f)		4,500,000		4,500,828
Bank of Nova Scotia 1.492%, 11/03/17 (f)		1,500,000		1,501,481
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		2,018,512		2,002,220
1.602%, 11/16/17 (f)		3,000,000		3,002,928
Canadian Imperial Bank 1.630%, 10/27/17 (f)		1,000,000		1,001,125
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.314%, 11/07/17 (f)		3,000,000		3,000,243
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
Certificates of Deposit—(Continued)
KBC Bank NV 1.220%, 07/26/17		2,500,000		2,500,000
1.220%, 07/27/17		5,500,000		5,500,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		5,000,000		4,999,950
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (f)		3,000,000		3,001,817
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (f)		3,000,000		2,998,620
1.451%, 09/01/17 (f)		1,500,000		1,500,327
1.610%, 08/02/17 (f)		2,500,000		2,500,762
National Australia Bank London 1.480%, 11/09/17 (f)		2,000,000		2,001,620
Natixis New York 1.287%, 11/13/17 (f)		2,500,000		2,499,725
Norinchukin Bank New York 1.297%, 11/13/17 (f)		3,000,000		3,000,234
1.584%, 08/21/17 (f)		1,500,000		1,500,553
Royal Bank of Canada New York 1.532%, 03/20/18 (f)		8,000,000		8,005,760
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,513,850		1,500,345
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (f)		1,000,000		999,909
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (f)		3,000,000		2,999,781
1.342%, 11/16/17 (f)		5,000,000		4,999,685
1.466%, 10/26/17 (f)		2,500,000		2,500,640
Toronto Dominion Bank New York 1.467%, 03/13/18 (f)		4,500,000		4,503,343
1.475%, 01/10/18 (f)		1,500,000		1,502,494
UBS, Stamford 1.722%, 07/31/17 (f)		1,301,329		1,300,743
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (f)		1,250,000		1,251,118
				84,565,785
Commercial Paper—1.7%
Commonwealth Bank Australia 1.391%, 03/01/18		4,500,000		4,503,506
Erste Abwicklungsanstalt 1.379%, 07/18/17 (f)		8,700,000		8,700,505
ING Funding LLC 1.234%, 12/07/17 (f)		2,000,000		2,000,691
1.277%, 11/13/17 (f)		2,500,000		2,499,817
Manhattan Asset Funding Co. 1.434%, 09/07/17 (f)		6,000,000		6,000,360
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (f)		2,500,000		2,501,001
Sheffield Receivables Co. 1.190%, 07/28/17		2,990,678		2,997,180
Westpac Banking Corp. 1.506%, 10/20/17 (f)		2,000,000		2,001,994
				31,205,054

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $36,430 on 07/03/17, collateralized by $37,920 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $37,156.		36,427	$	36,427
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $101,188 on 10/02/17, collateralized by various Common Stock with a value of $110,000.		100,000		100,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $1,500,150 on 07/03/17, collateralized by $1,525,100 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $1,530,005.		1,500,000		1,500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $7,005,425 on 07/03/17, collateralized by $1,521 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $7,782,765.		7,000,000		7,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $3,014,535 on 09/29/17, collateralized by various Common Stock with a value of $3,300,001.		3,000,000		3,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,219,437 on 10/02/17, collateralized by various Common Stock with a value of $1,320,000.		1,200,000		1,200,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $3,022,943 on 10/02/17, collateralized by various Common Stock with a value of $3,300,000.		3,000,000		3,000,000
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
				27,836,427
Time Deposits—0.6%
ABN AMRO Bank NV 1.180%, 07/07/17		1,000,000		1,000,000
Credit Industriel et Commercial 1.100%, 07/03/17		3,000,000		3,000,000
Shinkin Central Bank 1.330%, 07/25/17		2,000,000		2,000,000
1.330%, 07/26/17		4,750,000		4,750,000
				10,750,000
Total Securities Lending Reinvestments (Cost $154,323,388)				154,357,266
Total Investments—108.7% (Cost $1,586,583,164) (g)				1,987,028,301
Other assets and liabilities (net)—(8.7)%				(158,732,778	)
Net Assets—100.0%			$	1,828,295,523

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $151,424,976 and the collateral received consisted of cash in the amount of $154,339,884. 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 June 30, 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 June 30, 2017, the market value of restricted securities was $10,277,085, 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 June 30, 2017.
(f)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(g)	As of June 30, 2017, the aggregate cost of investments was $1,586,583,164. The aggregate unrealized appreciation and depreciation of investments were $418,830,100 and $(18,384,963), respectively, resulting in net unrealized appreciation of $400,445,137.
(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	$	10,277,085

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 Financial Statements.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	21,439,156	$	—		$	—	$	21,439,156
Banks		98,137,533		—			—		98,137,533
Beverages		63,417,478		—			—		63,417,478
Biotechnology		142,981,220		—			—		142,981,220
Capital Markets		7,299,646		—			—		7,299,646
Chemicals		42,748,814		—			—		42,748,814
Diversified Financial Services		25,529,817		—			—		25,529,817
Diversified Telecommunication Services		8,193,382		—			—		8,193,382
Electrical Equipment		35,165,001		—			—		35,165,001
Equity Real Estate Investment Trusts		38,127,986		—			—		38,127,986
Health Care Equipment & Supplies		55,146,165		—			—		55,146,165
Health Care Providers & Services		85,066,431		—			—		85,066,431
Hotels, Restaurants & Leisure		22,007,370		—			—		22,007,370
Industrial Conglomerates		18,087,818		—			—		18,087,818
Internet & Direct Marketing Retail		246,063,789		—			—		246,063,789
Internet Software & Services		210,952,428		62,463,355			—		273,415,783
IT Services		120,426,133		—			—		120,426,133
Multiline Retail		15,766,331		—			—		15,766,331
Oil, Gas & Consumable Fuels		14,877,484		—			—		14,877,484
Pharmaceuticals		16,381,674		—			—		16,381,674
Professional Services		36,665,855		—			—		36,665,855
Semiconductors & Semiconductor Equipment		102,254,673		—			—		102,254,673
Software		215,252,565		—			—		215,252,565
Specialty Retail		56,398,150		—			—		56,398,150
Technology Hardware, Storage & Peripherals		30,703,192		—			—		30,703,192
Textiles, Apparel & Luxury Goods		28,249,436		—			—		28,249,436
Total Common Stocks		1,757,339,527		62,463,355			—		1,819,802,882
Total Preferred Stock*		—		—			10,277,085		10,277,085
Total Short-Term Investment*		—		2,591,068			—		2,591,068
Total Securities Lending Reinvestments*		—		154,357,266			—		154,357,266
Total Investments	$	1,757,339,527	$	219,411,689		$	10,277,085	$	1,987,028,301
Collateral for Securities Loaned (Liability)	$	—	$	(154,339,884	)	$	—	$	(154,339,884	)

* 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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,987,028,301
Cash denominated in foreign currencies (c)		78
Receivable for:
Investments sold		8,290,552
Fund shares sold		112,812
Dividends and interest		211,803
Total Assets		1,995,643,546
Liabilities
Collateral for securities loaned		154,339,884
Payables for:
Investments purchased		10,358,775
Fund shares redeemed		1,382,250
Accrued Expenses:
Management fees		914,091
Distribution and service fees		41,494
Deferred trustees’ fees		104,536
Other expenses		206,993
Total Liabilities		167,348,023
Net Assets	$	1,828,295,523
Net Assets Consist of:
Paid in surplus	$	1,322,374,946
Undistributed net investment income		345,650
Accumulated net realized gain		105,129,790
Unrealized appreciation on investments		400,445,137
Net Assets	$	1,828,295,523
Net Assets
Class A	$	1,613,855,976
Class B		176,420,430
Class E		38,019,117
Capital Shares Outstanding*
Class A		42,310,013
Class B		4,780,321
Class E		1,013,372
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	38.14
Class B		36.91
Class E		37.52

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,586,583,164.
(b)	Includes securities loaned at value of $151,424,976.
(c)	Identified cost of cash denominated in foreign currencies was $78.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	6,325,023
Interest		3,156
Securities lending income		379,560
Total investment income		6,707,739
Expenses
Management fees		6,229,409
Administration fees		28,487
Custodian and accounting fees		50,308
Distribution and service fees—Class B		213,942
Distribution and service fees—Class E		27,494
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		56,819
Insurance		6,010
Miscellaneous		11,406
Total expenses		6,689,527
Less management fee waiver		(832,399	)
Less broker commission recapture		(2,292	)
Net expenses		5,854,836
Net Investment Income		852,903
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		105,689,592
Foreign currency transactions		(1,291	)
Net realized gain		105,688,301
Net change in unrealized appreciation on investments		185,005,235
Net realized and unrealized gain		290,693,536
Net Increase in Net Assets From Operations	$	291,546,439

(a) Net of foreign withholding taxes of $49,912.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	852,903		$	1,823,694
Net realized gain		105,688,301			46,869,437
Net change in unrealized appreciation (depreciation)		185,005,235			(47,499,770	)
Increase in net assets from operations		291,546,439			1,193,361
From Distributions to Shareholders
Net investment income
Class A		(1,710,196	)		0
Net realized capital gains
Class A		(37,749,442	)		(138,220,075	)
Class B		(4,251,821	)		(15,502,355	)
Class E		(902,466	)		(3,325,155	)
Total distributions		(44,613,925	)		(157,047,585	)
Increase (decrease) in net assets from capital share transactions		(120,240,876	)		29,022,424
Total increase (decrease) in net assets		126,691,638			(126,831,800	)
Net Assets
Beginning of period		1,701,603,885			1,828,435,685
End of period	$	1,828,295,523		$	1,701,603,885
Undistributed net investment income
End of period	$	345,650		$	1,202,943

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		205,012		$	7,497,783			1,073,842		$	36,365,740
Reinvestments		1,041,701			39,459,638			4,343,811			138,220,075
Redemptions		(4,247,188	)		(157,577,549	)		(4,208,814	)		(142,018,780	)
Net increase (decrease)		(3,000,475	)	$	(110,620,128	)		1,208,839		$	32,567,035
Class B
Sales		107,779		$	3,822,079			301,022		$	9,813,381
Reinvestments		115,980			4,251,821			502,345			15,502,355
Redemptions		(465,156	)		(16,572,021	)		(787,310	)		(25,750,574	)
Net increase (decrease)		(241,397	)	$	(8,498,121	)		16,057		$	(434,838	)
Class E
Sales		69,084		$	2,483,635			127,032		$	4,245,736
Reinvestments		24,221			902,466			106,167			3,325,155
Redemptions		(124,372	)		(4,508,728	)		(322,793	)		(10,680,664	)
Net decrease		(31,067	)	$	(1,122,627	)		(89,594	)	$	(3,109,773	)
Increase (decrease) derived from capital shares transactions				$	(120,240,876	)				$	29,022,424

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	33.23		$	36.50		$	41.19		$	37.85		$	28.45		$	24.96
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.04	(b)		0.01			0.01			0.03			0.26
Net realized and unrealized gain (loss) on investments		5.84			(0.15	)		2.69			3.35			9.63			3.32
Total from investment operations		5.86			(0.11	)		2.70			3.36			9.66			3.58
Less Distributions
Distributions from net investment income		(0.04	)		0.00			0.00			(0.02	)		(0.26	)		(0.09	)
Distributions from net realized capital gains		(0.91	)		(3.16	)		(7.39	)		0.00			0.00			0.00
Total distributions		(0.95	)		(3.16	)		(7.39	)		(0.02	)		(0.26	)		(0.09	)
Net Asset Value, End of Period	$	38.14		$	33.23		$	36.50		$	41.19		$	37.85		$	28.45
Total Return (%) (c)		17.64	(d)		0.09			6.28			8.90			34.22	(e)		14.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(f)		0.72			0.71			0.71			0.71			0.73
Net ratio of expenses to average net assets (%) (g)		0.63	(f)		0.66			0.66			0.71			0.70			0.72
Ratio of net investment income to average net assets (%)		0.12	(f)		0.13	(b)		0.03			0.02			0.10			0.93
Portfolio turnover rate (%)		27	(d)		87			70			99			160			59
Net assets, end of period (in millions)	$	1,613.9		$	1,505.8		$	1,609.7		$	1,781.3		$	1,917.9		$	1,410.4
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	32.19		$	35.54		$	40.38		$	37.17		$	27.94		$	24.52
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.04	)(b)		(0.08	)		(0.09	)		(0.05	)		0.18
Net realized and unrealized gain (loss) on investments		5.65			(0.15	)		2.63			3.30			9.47			3.26
Total from investment operations		5.63			(0.19	)		2.55			3.21			9.42			3.44
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.19	)		(0.02	)
Distributions from net realized capital gains		(0.91	)		(3.16	)		(7.39	)		0.00			0.00			0.00
Total distributions		(0.91	)		(3.16	)		(7.39	)		0.00			(0.19	)		(0.02	)
Net Asset Value, End of Period	$	36.91		$	32.19		$	35.54		$	40.38		$	37.17		$	27.94
Total Return (%) (c)		17.46	(d)		(0.15	)		6.01			8.64			33.90	(e)		14.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(f)		0.97			0.96			0.96			0.96			0.98
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.91			0.91			0.96			0.95			0.97
Ratio of net investment income (loss) to average net assets (%)		(0.13	)(f)		(0.12	)(b)		(0.22	)		(0.23	)		(0.16	)		0.68
Portfolio turnover rate (%)		27	(d)		87			70			99			160			59
Net assets, end of period (in millions)	$	176.4		$	161.6		$	177.9		$	184.6		$	190.5		$	165.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	32.69		$	36.01		$	40.79		$	37.51		$	28.19		$	24.73
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(h)		(0.01	)(b)		(0.05	)		(0.05	)		(0.02	)		0.21
Net realized and unrealized gain (loss) on investments		5.74			(0.15	)		2.66			3.33			9.56			3.30
Total from investment operations		5.74			(0.16	)		2.61			3.28			9.54			3.51
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.22	)		(0.05	)
Distributions from net realized capital gains		(0.91	)		(3.16	)		(7.39	)		0.00			0.00			0.00
Total distributions		(0.91	)		(3.16	)		(7.39	)		0.00			(0.22	)		(0.05	)
Net Asset Value, End of Period	$	37.52		$	32.69		$	36.01		$	40.79		$	37.51		$	28.19
Total Return (%) (c)		17.56	(d)		(0.06	)		6.11			8.74			34.04	(e)		14.17
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(f)		0.87			0.86			0.86			0.86			0.88
Net ratio of expenses to average net assets (%) (g)		0.78	(f)		0.81			0.81			0.86			0.85			0.87
Ratio of net investment income (loss) to average net assets (%)		(0.03	)(f)		(0.02	)(b)		(0.12	)		(0.13	)		(0.06	)		0.78
Portfolio turnover rate (%)		27	(d)		87			70			99			160			59
Net assets, end of period (in millions)	$	38.0		$	34.1		$	40.8		$	41.5		$	45.7		$	41.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	In 2013, 0.03%, 0.03% and 0.03% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor. Excluding this item, total return would have been 34.19%, 33.87% and 34.01% for Class A, Class B and Class E, respectively.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Capital Appreciation Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, distribution re-designations, real estate investment trusts (“REITs”), adjustments to prior period accumulated balances and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $2,591,068. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $27,836,427. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	476,100,079	$	0	$	629,213,640

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$6,229,409		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.115%	Of the first $1 billion
0.050%	On the next $500 million
0.090%	On the next $1 billion
0.110%	On amounts in excess of $2.5 billion

An identical expense agreement was in place for the period December 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$26,232,560	$	83,570,232	$	130,815,025	$	249,000,590	$	157,047,585	$	332,570,822

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$1,297,448	$	43,117,114	$	214,668,007	$	—	$	259,082,569

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-19

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
46,557,247		1,872,856		3,118,002

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		48,068,743		3,479,363
Robert Boulware		48,087,815		3,460,290
Susan C. Gause		48,062,348		3,485,758
Nancy Hawthorne		48,058,918		3,489,187
Barbara A. Nugent		48,087,757		3,460,348
John Rosenthal		48,053,687		3,494,419
Linda B. Strumpf		48,014,729		3,533,376
Dawn M. Vroegop		48,055,799		3,492,306

BHFTII-20

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the BlackRock Large Cap Value Portfolio returned -0.78%, -0.92%, and -0.72%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 4.66%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks had a strong start to the year, with several equity indices rallying to record highs amid strong macroeconomic data, improving corporate earnings and, most notably, optimism around the new administration’s policies and pledged pro-growth initiatives, including tax relief, regulatory rollbacks and increased fiscal spending. The final weeks of the first quarter saw some profit taking as investor enthusiasm waned after the failed attempt to repeal the Affordable Care Act called into question the Trump administration’s ability to push through further reforms in 2017. U.S. stocks continued their climb in the second quarter, but appreciated at a slower rate than in the first quarter as political risk and high valuation metrics influenced investor sentiment. Meanwhile, the U.S. Federal Reserve continued on its previously telegraphed path of gradual monetary policy normalization, raising the federal funds rate by 25 basis points in March and then again in June, despite a weaker patch of data (especially inflation readings).

All told, U.S. stocks registered the best first half in years, with the broad market S&P 500 Index up 9.34% for the six-month period. On a sector basis, leadership in 2017 reversed from the end of 2016. Sectors that had been the biggest beneficiaries of the so-called “Trump trade” (financials, industrials and other cyclicals) gave back some relative gains, while growth segments information technology (IT), health care and consumer discretionary led the market higher. Energy was the worst-performing sector amid a sharp reversal in crude oil.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell 1000 Value Index during the six-month period. Stock selection in the Energy, Consumer Staples, and Information Technology sectors detracted from relative performance over the period. An overweight allocation and stock selection in Health Care, as well as stock selection in Materials contributed to relative performance during the period.

In Energy, falling oil prices during the period weighed on our overweight positions in oil producers Devon Energy, Marathon Oil, and Gulfport Energy. While we continued to see idiosyncratic value opportunities in these names, we reduced the size of the Portfolio’s energy risk exposure. Stock selection in Consumer Staples, specifically our overweight position in grocery store operator Kroger, also hurt relative results. The stock came under pressure after the company lowered 2017 earnings guidance and the announced Amazon-Whole Foods deal. At period end we continued to believe Kroger is a quality franchise and well equipped, relative to its peers, to withstand new secular pressures. While we evaluate the long-term implications of the Amazon-Whole Foods deal, we believe the market has fully priced in the risk. Our position in Qualcomm drove underperformance in the Information Technology sector. Apple’s lawsuit filed in January has put pressure on Qualcomm shares, but we believe the company’s current valuation implies close to a worst-case scenario and see compelling value on a 2-year time horizon.

Stock selection in Health Care, notably our overweight positions in Baxter International and Zimmer, Biomet generated positive performance following strong first quarter earnings results. An overweight allocation to Health Care, the best performing sector in the Index year-to-date, also contributed positively. At period end, the sector remained a large overweight in the Portfolio as we continued to believe the sector is attractively valued relative to other defensive areas of the market with positive long-term secular growth drivers. Finally, our position in Akzo Nobel in the Materials sector benefited relative performance after receiving a buy-out offer from PPG.

At period end, we were positioned in the areas of the market where we see the greatest value. Our largest absolute exposures remained in the Financials, Health Care and Information Technology sectors. As a result of market movement and trading activity, the Portfolio’s allocation to the Information Technology and Consumer Staples sectors increased modestly, and the weight in Financials and Energy declined. As of the end of June, the Portfolio was overweight the Information Technology, Health Care, and Financials sectors and underweight the Industrials, Real Estate, Consumer Staples, and Energy sectors, relative to the Index.

Carrie King

Joseph Wolfe

Portfolio Managers

BlackRock Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
BlackRock Large Cap Value Portfolio
Class A		-0.78		11.71		11.63		3.59
Class B		-0.92		11.44		11.35		3.33
Class E		-0.72		11.60		11.46		3.44
Russell 1000 Value Index		4.66		15.53		13.94		5.57

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Cisco Systems, Inc.		5.0
Citigroup, Inc.		4.9
JPMorgan Chase & Co.		4.4
Pfizer, Inc.		4.2
QUALCOMM, Inc.		3.6
Baxter International, Inc.		3.1
Zimmer Biomet Holdings, Inc.		3.1
Exelon Corp.		3.0
Bank of America Corp.		2.6
Gilead Sciences, Inc.		2.5

Top Sectors

	% of Net Assets
Financials		26.6
Health Care		16.3
Information Technology		13.2
Energy		9.4
Consumer Staples		7.4
Consumer Discretionary		6.7
Utilities		6.5
Telecommunication Services		3.6
Industrials		3.4
Materials		2.5

BHFTII-2

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Large Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.64	%	$	1,000.00	$	992.20	$	3.16
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21
Class B(a)	Actual		0.89	%	$	1,000.00	$	990.80	$	4.39
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46
Class E(a)	Actual		0.79	%	$	1,000.00	$	992.80	$	3.90
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—95.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.1%
Northrop Grumman Corp.		2,840	$	729,057
Raytheon Co.		3,155		509,469
				1,238,526
Airlines—0.2%
Delta Air Lines, Inc.		38,430		2,065,228
Auto Components—0.8%
Lear Corp.		51,714		7,347,525
Banks—13.6%
Bank of America Corp.		984,750		23,890,035
Citigroup, Inc.		676,599		45,250,941
JPMorgan Chase & Co.		444,111		40,591,745
KeyCorp		369,770		6,929,490
Regions Financial Corp.		598,761		8,765,861
				125,428,072
Beverages—0.3%
PepsiCo, Inc.		23,580		2,723,254
Biotechnology—2.5%
Gilead Sciences, Inc.		330,200		23,371,556
Capital Markets—2.3%
Morgan Stanley		168,260		7,497,666
Nasdaq, Inc.		191,115		13,662,811
				21,160,477
Chemicals—0.6%
Akzo Nobel NV (ADR) (a)		194,643		5,646,593
Communications Equipment—5.0%
Cisco Systems, Inc.		1,481,876		46,382,719
Consumer Finance—5.2%
Capital One Financial Corp.		239,470		19,785,011
Discover Financial Services		325,120		20,219,213
SLM Corp. (b)		665,797		7,656,666
				47,660,890
Containers & Packaging—1.5%
Avery Dennison Corp.		23,400		2,067,858
Bemis Co., Inc. (a)		60,670		2,805,988
Crown Holdings, Inc. (b)		56,290		3,358,261
Graphic Packaging Holding Co.		155,350		2,140,723
Owens-Illinois, Inc. (a) (b)		129,250		3,091,660
				13,464,490
Diversified Telecommunication Services—1.9%
Verizon Communications, Inc.		395,617		17,668,255
Electric Utilities—3.6%
American Electric Power Co., Inc.		42,000		2,917,740
Duke Energy Corp.		26,980		2,255,258
Electric Utilities—(Continued)
Exelon Corp.		770,200		27,781,114
				32,954,112
Equity Real Estate Investment Trusts—0.2%
Brixmor Property Group, Inc.		99,750		1,783,530
Food & Staples Retailing—4.1%
CVS Health Corp.		38,680		3,112,193
Kroger Co. (The)		693,114		16,163,418
Walgreens Boots Alliance, Inc.		243,500		19,068,485
				38,344,096
Food Products—1.8%
General Mills, Inc.		127,330		7,054,082
Hormel Foods Corp. (a)		47,480		1,619,543
J.M. Smucker Co. (The)		42,890		5,075,174
Mondelez International, Inc. - Class A		75,970		3,281,144
				17,029,943
Health Care Equipment & Supplies—7.6%
Baxter International, Inc. (a)		475,972		28,815,345
Hologic, Inc. (b)		88,914		4,034,917
Medtronic plc		100,470		8,916,713
Zimmer Biomet Holdings, Inc.		220,568		28,320,931
				70,087,906
Household Durables—1.0%
Newell Brands, Inc.		173,070		9,280,013
Independent Power and Renewable Electricity Producers—2.9%
AES Corp. (a)		2,096,616		23,293,404
Dynegy, Inc. (a) (b)		369,310		3,054,194
				26,347,598
Industrial Conglomerates—0.3%
Honeywell International, Inc.		20,000		2,665,800
Insurance—5.3%
American International Group, Inc. (a)		120,420		7,528,658
Hartford Financial Services Group, Inc. (The)		220,130		11,572,234
Lincoln National Corp.		128,180		8,662,405
Prudential Financial, Inc.		122,990		13,300,139
XL Group, Ltd. (a)		186,190		8,155,122
				49,218,558
Internet Software & Services—0.9%
eBay, Inc. (b)		227,400		7,940,808
IT Services—0.2%
First Data Corp. - Class A (a) (b)		106,540		1,939,028
Media—4.0%
Comcast Corp. - Class A		360,250		14,020,930
Interpublic Group of Cos., Inc. (The)		436,660		10,741,836

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Omnicom Group, Inc. (a)		41,950	$	3,477,655
Scripps Networks Interactive, Inc. - Class A (a)		132,803		9,071,773
				37,312,194
Metals & Mining—0.5%
Reliance Steel & Aluminum Co.		60,350		4,394,084
Multi-Utilities—0.1%
Public Service Enterprise Group, Inc.		26,220		1,127,722
Multiline Retail—0.8%
Dollar General Corp. (a)		105,430		7,600,449
Oil, Gas & Consumable Fuels—9.4%
Apache Corp. (a)		194,700		9,331,971
ConocoPhillips		407,640		17,919,854
Devon Energy Corp.		582,084		18,609,226
Gulfport Energy Corp. (b)		642,550		9,477,613
Marathon Oil Corp.		743,673		8,812,525
Marathon Petroleum Corp.		157,852		8,260,395
Occidental Petroleum Corp.		30,460		1,823,640
Suncor Energy, Inc.		156,690		4,575,348
Valero Energy Corp. (a)		116,640		7,868,534
				86,679,106
Personal Products—0.2%
Unilever NV		37,720		2,084,784
Pharmaceuticals—6.2%
Novartis AG (ADR) (a)		218,710		18,255,724
Pfizer, Inc.		1,166,473		39,181,828
				57,437,552
Professional Services—2.1%
Nielsen Holdings plc (a)		490,500		18,962,730
Road & Rail—0.7%
Norfolk Southern Corp.		52,540		6,394,118
Semiconductors & Semiconductor Equipment—3.9%
NXP Semiconductors NV (b)		27,320		2,990,174
QUALCOMM, Inc.		595,673		32,893,063
				35,883,237
Software—1.1%
Oracle Corp.		204,930		10,275,190
Technology Hardware, Storage & Peripherals—2.1%
Apple, Inc.		132,690		19,110,014
Thrifts & Mortgage Finance—0.2%
New York Community Bancorp, Inc.		151,600		1,990,508
Tobacco—0.5%
Philip Morris International, Inc.		36,740		4,315,113
Wireless Telecommunication Services—1.7%
Telephone & Data Systems, Inc.		514,252		14,270,493
United States Cellular Corp. (b)		37,904		1,452,481
				15,722,974
Total Common Stocks (Cost $760,741,070)				881,038,752
Convertible Preferred Stock—0.4%
Food Products—0.4%
Tyson Foods, Inc. 4.750%, 07/15/17 (Cost $2,995,850)		59,917		4,061,174
Short-Term Investment—4.4%
Repurchase Agreement—4.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $40,320,780 on 07/03/17, collateralized by $41,155,000 U.S. Treasury Note at 0.875% due 03/31/18 with a value of $41,131,418.		40,320,377		40,320,377
Total Short-Term Investments (Cost $40,320,377)				40,320,377
Securities Lending Reinvestments (c)—8.7%
Certificates of Deposit—5.1%
Bank of Montreal 1.130%, 07/07/17		2,500,000		2,499,975
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		5,000,000		5,004,936
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		2,018,512		2,002,220
1.602%, 11/16/17 (d)		3,000,000		3,002,928
BNP Paribas New York 1.524%, 08/04/17 (d)		4,500,000		4,500,536
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
DG Bank New York 1.140%, 07/03/17		500,000		499,995
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		1,000,000		1,000,125
KBC Bank NV
Zero Coupon, 09/08/17		498,281		498,905
1.220%, 07/27/17		3,500,000		3,500,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		1,000,000		999,990

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
National Australia Bank London 1.480%, 11/09/17 (d)		6,000,000	$	6,004,860
Norinchukin Bank New York 1.584%, 08/21/17 (d)		4,000,000		4,001,476
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		2,000,000		2,001,440
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		504,617		500,115
Sumitomo Mitsui Trust Bank, Ltd., New York 1.342%, 11/16/17 (d)		2,500,000		2,499,843
1.466%, 10/26/17 (d)		1,000,000		1,000,256
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		4,100,000		4,103,046
UBS, Stamford 1.722%, 07/31/17 (d)		1,001,022		1,000,571
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		1,500,000		1,501,341
				47,123,683
Commercial Paper—1.6%
Commonwealth Bank Australia 1.391%, 03/01/18		2,000,000		2,001,559
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		5,500,000		5,500,319
ING Funding LLC 1.234%, 12/07/17 (d)		1,000,000		1,000,345
1.277%, 11/13/17 (d)		1,000,000		999,927
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		3,000,000		3,000,180
Westpac Banking Corp. 1.506%, 10/20/17 (d)		2,000,000		2,001,994
				14,504,324
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $215,588 on 07/03/17, collateralized by $224,404 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $219,881.		215,569		215,569
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $3,000,300 on 07/03/17, collateralized by $3,050,200 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $3,060,009.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $5,526,648 on 09/29/17, collateralized by various Common Stock with a value of $6,050,001.		5,500,000		5,500,000
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,625,916 on 10/02/17, collateralized by various Common Stock with a value of $1,760,000.		1,600,000		1,600,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $3,850,379 on 07/03/17, collateralized by $5,781,788 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $3,927,000.		3,850,000		3,850,000
				15,165,569
Time Deposits—0.4%
Australia New Zealand Bank 1.150%, 07/03/17		200,000		200,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		600,000		600,000
Standard Chartered plc 1.200%, 07/03/17		3,000,000		3,000,000
				3,800,000
Total Securities Lending Reinvestments (Cost $80,564,801)				80,593,576
Total Investments—108.9% (Cost $884,622,098) (e)				1,006,013,879
Other assets and liabilities (net)—(8.9)%				(82,097,679	)
Net Assets—100.0%			$	923,916,200

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $78,908,316 and the collateral received consisted of cash in the amount of $80,588,001. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $884,622,098. The aggregate unrealized appreciation and depreciation of investments were $148,617,582 and $(27,225,801), respectively, resulting in net unrealized appreciation of $121,391,781.
(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.

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	881,038,752	$	—		$	—	$	881,038,752
Total Convertible Preferred Stock*		4,061,174		—			—		4,061,174
Total Short-Term Investment*		—		40,320,377			—		40,320,377
Total Securities Lending Reinvestments*		—		80,593,576			—		80,593,576
Total Investments	$	885,099,926	$	120,913,953		$	—	$	1,006,013,879
Collateral for Securities Loaned (Liability)	$	—	$	(80,588,001	)	$	—	$	(80,588,001	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,006,013,879
Receivable for:
Investments sold		1,309,690
Fund shares sold		955,281
Dividends and interest		379,241
Total Assets		1,008,658,091
Liabilities
Collateral for securities loaned		80,588,001
Payables for:
Investments purchased		1,003,602
Fund shares redeemed		2,334,324
Accrued Expenses:
Management fees		482,612
Distribution and service fees		57,999
Deferred trustees’ fees		101,557
Other expenses		173,796
Total Liabilities		84,741,891
Net Assets	$	923,916,200
Net Assets Consist of:
Paid in surplus	$	743,876,504
Undistributed net investment income		11,426,923
Accumulated net realized gain		47,220,992
Unrealized appreciation on investments		121,391,781
Net Assets	$	923,916,200
Net Assets
Class A	$	622,254,312
Class B		253,157,210
Class E		48,504,678
Capital Shares Outstanding*
Class A		71,369,379
Class B		29,325,397
Class E		5,591,105
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.72
Class B		8.63
Class E		8.68

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $884,622,098.
(b)	Includes securities loaned at value of $78,908,316.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	14,293,778
Interest		4,673
Securities lending income		291,272
Total investment income		14,589,723
Expenses
Management fees		4,100,325
Administration fees		20,431
Custodian and accounting fees		47,967
Distribution and service fees—Class B		322,294
Distribution and service fees—Class E		38,246
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		33,680
Insurance		5,040
Miscellaneous		9,797
Total expenses		4,643,432
Less management fee waiver		(165,654	)
Net expenses		4,477,778
Net Investment Income		10,111,945
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		63,854,389
Futures contracts		(7,916	)
Net realized gain		63,846,473
Net change in unrealized depreciation on investments		(83,860,330	)
Net realized and unrealized loss		(20,013,857	)
Net Decrease in Net Assets From Operations	$	(9,901,912	)

(a) Net of foreign withholding taxes of $87,787.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	10,111,945		$	26,159,252
Net realized gain (loss)		63,846,473			(11,229,489	)
Net change in unrealized appreciation (depreciation)		(83,860,330	)		235,342,895
Increase (decrease) in net assets from operations		(9,901,912	)		250,272,658
From Distributions to Shareholders
Net investment income
Class A		(16,629,084	)		(19,387,735	)
Class B		(6,243,496	)		(3,535,480	)
Class E		(1,224,917	)		(763,362	)
Net realized capital gains
Class A		0			(88,611,057	)
Class B		0			(19,261,297	)
Class E		0			(3,879,474	)
Total distributions		(24,097,497	)		(135,438,405	)
Decrease in net assets from capital share transactions		(534,786,277	)		(82,354,712	)
Total increase (decrease) in net assets		(568,785,686	)		32,479,541
Net Assets
Beginning of period		1,492,701,886			1,460,222,345
End of period	$	923,916,200		$	1,492,701,886
Undistributed net investment income
End of period	$	11,426,923		$	25,412,475

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		438,227		$	3,949,613			1,273,544		$	10,276,489
Reinvestments		1,918,003			16,629,084			13,670,734			107,998,792
Redemptions		(61,172,765	)		(549,325,148	)		(23,006,541	)		(199,668,801	)
Net decrease		(58,816,535	)	$	(528,746,451	)		(8,062,263	)	$	(81,393,520	)
Class B
Sales		1,462,107		$	13,065,418			1,901,610		$	15,743,752
Reinvestments		727,680			6,243,496			2,911,466			22,796,777
Redemptions		(2,327,422	)		(20,767,036	)		(4,927,460	)		(41,216,438	)
Net decrease		(137,635	)	$	(1,458,122	)		(114,384	)	$	(2,675,909	)
Class E
Sales		359,072		$	3,222,853			1,306,764		$	11,096,720
Reinvestments		141,937			1,224,917			590,692			4,642,836
Redemptions		(1,007,236	)		(9,029,474	)		(1,673,687	)		(14,024,839	)
Net increase (decrease)		(506,227	)	$	(4,581,704	)		223,769		$	1,714,717
Decrease derived from capital shares transactions				$	(534,786,277	)				$	(82,354,712	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	9.03		$	8.42		$	9.89		$	12.02		$	9.80		$	10.36
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.16	(b)		0.15			0.16			0.15			0.17
Net realized and unrealized gain (loss) on investments		(0.14	)		1.28			(0.64	)		0.75			2.84			1.21
Total from investment operations		(0.07	)		1.44			(0.49	)		0.91			2.99			1.38
Less Distributions
Distributions from net investment income		(0.24	)		(0.15	)		(0.18	)		(0.16	)		(0.16	)		(0.18	)
Distributions from net realized capital gains		0.00			(0.68	)		(0.80	)		(2.88	)		(0.61	)		(1.76	)
Total distributions		(0.24	)		(0.83	)		(0.98	)		(3.04	)		(0.77	)		(1.94	)
Net Asset Value, End of Period	$	8.72		$	9.03		$	8.42		$	9.89		$	12.02		$	9.80
Total Return (%) (c)		(0.78	)(d)		18.51			(5.99	)		9.92			32.05	(e)		14.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67	(f)		0.66			0.65			0.65			0.65			0.66
Net ratio of expenses to average net assets (%) (g)		0.64	(f)		0.63			0.63			0.52	(h)		0.59			0.63
Ratio of net investment income to average net assets (%)		1.63	(f)		1.85	(b)		1.62			1.61			1.35			1.80
Portfolio turnover rate (%)		14	(d)		32			42			40			113			107
Net assets, end of period (in millions)	$	622.3		$	1,174.9		$	1,164.4		$	1,342.9		$	1,666.1		$	1,414.2
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	8.93		$	8.34		$	9.80		$	11.93		$	9.73		$	10.30
Income (Loss) from Investment Operations
Net investment income (a)		0.06			0.13	(b)		0.13			0.14			0.12			0.15
Net realized and unrealized gain (loss) on investments		(0.14	)		1.27			(0.64	)		0.74			2.82			1.20
Total from investment operations		(0.08	)		1.40			(0.51	)		0.88			2.94			1.35
Less Distributions
Distributions from net investment income		(0.22	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)		(0.16	)
Distributions from net realized capital gains		0.00			(0.68	)		(0.80	)		(2.88	)		(0.61	)		(1.76	)
Total distributions		(0.22	)		(0.81	)		(0.95	)		(3.01	)		(0.74	)		(1.92	)
Net Asset Value, End of Period	$	8.63		$	8.93		$	8.34		$	9.80		$	11.93		$	9.73
Total Return (%) (c)		(0.92	)(d)		18.10			(6.18	)		9.70			31.74	(e)		13.97
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.92	(f)		0.91			0.90			0.90			0.90			0.91
Net ratio of expenses to average net assets (%) (g)		0.89	(f)		0.88			0.88			0.77	(h)		0.84			0.88
Ratio of net investment income to average net assets (%)		1.38	(f)		1.60	(b)		1.37			1.36			1.10			1.52
Portfolio turnover rate (%)		14	(d)		32			42			40			113			107
Net assets, end of period (in millions)	$	253.2		$	263.0		$	246.6		$	283.6		$	278.6		$	229.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	8.97		$	8.38		$	9.84		$	11.97		$	9.76		$	10.32
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.14	(b)		0.14			0.15			0.13			0.16
Net realized and unrealized gain (loss) on investments		(0.14	)		1.26			(0.64	)		0.74			2.83			1.21
Total from investment operations		(0.07	)		1.40			(0.50	)		0.89			2.96			1.37
Less Distributions
Distributions from net investment income		(0.22	)		(0.13	)		(0.16	)		(0.14	)		(0.14	)		(0.17	)
Distributions from net realized capital gains		0.00			(0.68	)		(0.80	)		(2.88	)		(0.61	)		(1.76	)
Total distributions		(0.22	)		(0.81	)		(0.96	)		(3.02	)		(0.75	)		(1.93	)
Net Asset Value, End of Period	$	8.68		$	8.97		$	8.38		$	9.84		$	11.97		$	9.76
Total Return (%) (c)		(0.72	)(d)		18.14			(6.07	)		9.79			31.88	(e)		14.14
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(f)		0.81			0.80			0.80			0.80			0.81
Net ratio of expenses to average net assets (%) (g)		0.79	(f)		0.78			0.78			0.67	(h)		0.74			0.78
Ratio of net investment income to average net assets (%)		1.48	(f)		1.69	(b)		1.47			1.46			1.20			1.62
Portfolio turnover rate (%)		14	(d)		32			42			40			113			107
Net assets, end of period (in millions)	$	48.5		$	54.7		$	49.2		$	59.3		$	59.9		$	47.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	In 2013, 0.11%, 0.11% and 0.11% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor. Excluding this item, total return would have been 31.94%, 31.63% and 31.77% for Class A, Class B and Class E, respectively.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(h)	The effect of the voluntary portion of the waivers on average net assets was 0.10% for the year ended December 31, 2014.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Large Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations, adjustments to prior period accumulated balances, real estate investment trust (“REIT”) adjustments and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 40,320,377 . Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $15,165,569. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending

BHFTII-14

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the six months ended June 30, 2017, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2017 through April 27, 2017, the Portfolio had bought and sold $7,986,611 in notional cost on equity index futures contracts. At June 30, 2017, the Portfolio did not have any open futures contracts. For the six months ended June 30, 2017, the Portfolio had realized losses in the amount of $7,916 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	173,257,085	$	0	$	739,538,934

During the six months ended June 30, 2017, the Portfolio engaged in security transactions with other affiliated Portfolios. These amounted to $101,092,087 in sales of investments, which are included above, and resulted in realized gains of $29,012,430.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$4,100,325		0.700	%	On the first $250 million
		0.650	%	Of the next $500 million
		0.600	%	On amounts in excess of $750 million

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	Of the first $250 million
0.025%	On the next $500 million
0.050%	On amounts in excess of $1 billion

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTII-16

Brighthouse Funds Trust II

BlackRock Large Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$45,420,920	$	91,191,427	$	90,017,485	$	64,234,716	$	135,438,405	$	155,426,143

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$25,503,850	$	—	$	197,954,193	$	(9,327,563	)	$	214,130,480

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had long-term accumulated capital losses of $9,327,563 and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

At a meeting on August 17, 2017, the Board approved a change of subadviser for the Portfolio from BlackRock Advisors, LLC to Massachusetts Financial Services Company (“MFS”) to be effective on or about September 1, 2017, pursuant to a new subadvisory agreement between the Adviser and MFS. Effective on or about September 1, 2017, the name of the Portfolio will change to MFS Value II Portfolio.

BHFTII-17

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
152,123,570		4,460,438		12,451,704

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		156,863,255		12,172,457
Robert Boulware		156,832,345		12,203,367
Susan C. Gause		157,095,033		11,940,679
Nancy Hawthorne		157,168,527		11,867,185
Barbara A. Nugent		157,124,490		11,911,222
John Rosenthal		156,809,338		12,226,375
Linda B. Strumpf		156,987,412		12,048,301
Dawn M. Vroegop		157,087,436		11,948,277

BHFTII-18

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the BlackRock Ultra-Short Term Bond Portfolio returned 0.40%, 0.27%, and 0.32%, respectively. The Portfolio’s benchmark, the Bank of America Merrill Lynch 3-month T-Bill Index¹, returned 0.31%.

MARKET ENVIRONMENT/ CONDITIONS

On the heels of a 0.25% rate hike at end of 2016, remarks from members of the Federal Open Market Committee (the “FOMC”) during the first quarter of 2017 generally indicated an openness to the further removal of monetary accommodation. Indeed, after clearly telegraphing their intentions in the weeks immediately preceding the March 15, 2017 meeting, the FOMC delivered a 0.25% increase in the federal funds target range to 0.75%-1.00%. The strength of the U.S. labor market and continued progress toward the FOMC’s inflation target of 2.00% were cited as factors contributing to the decision to continue along the path toward the normalization of interest rates. Specifically, the FOMC’s preferred measure of inflation—the core personal consumption expenditures (PCE) index—increased 1.8% on an annual basis in February, while broader measures of inflation came in above 2% during the quarter.

While there has been moderate weakness in inflation, the FOMC stated that they believe this to be transitory and delivered their third consecutive quarterly 0.25% interest rate increase at their June 14, 2017 meeting. During this meeting the FOMC also gave an update on its balance sheet normalization strategy, confirming that it would likely kick off “this year.” The amounts of Treasury and agency mortgage backed securities that will not be reinvested will be relatively small at the outset. Similarly, the pace at with such securities will “roll off” of the balance sheet will be measured. While the FOMC appears committed to interest rate and balance sheet normalization, market participants appear less convinced about the outlook set forth by policy makers. Specifically, futures contracts for federal funds are priced in for less than two 0.25% rate hikes by the end of 2018, as compared with four increases stated in the FOMC’s Summary of Economic Projections.

During the first half of 2017, the credit curve inside of a year remained extremely tight (credit spreads remained relatively compressed) with issuers being reluctant to increase issuance and demand in the short term credit markets continuing to exceed supply. Floating rate note issuance has remained strong as demand has outpaced supply with investors preferring floating rate notes over fixed rate investments with the FOMC continuing to tighten monetary policy.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio positioning during the first half of the year reflected our view of the course that the FOMC would likely take as they proceed toward policy normalization as well as our view of the supply challenges facing the short-term market. Our interest rate outlook led us to maintain a relatively short Weighted Average Maturity (“WAM”) over the period, ending June at 30 days. Compression of credit spreads during the second quarter factored into the decision to allow the Weighted Average Life (“WAL”) to shorten to 71 days at period end from the low 80-day range in March. The Portfolio added floating rate instruments indexed to 1 month and 3 month LIBOR (London InterBank Offered Rate) with final maturities of 4 months to 13 months. Spreads ranged from 0.14% to 0.52% over 1 month LIBOR and 0.17% to 0.65% over 3 month LIBOR. Select investments were made in instruments with fixed-rate coupons with maturities of 3 months to 8 months at yields of 1.04% to 1.51%.

On June 30, approximately 34% of the Portfolio was comprised of floating rate securities indexed off of 1-month LIBOR (28%) and 3-month LIBOR (6%). These contributed 0.50% to gross yield while fixed rate investments contributed the balance. At period end, we continued to place investments with the top 2 to 5 systemically important issuers domiciled in each of a select group of countries.

Rich Mejzak

Eric Hiatt

Edward Ingold

Portfolio Managers

BlackRock Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
BlackRock Ultra-Short Term Bond Portfolio
Class A		0.40		0.63		0.15		0.65
Class B		0.27		0.37		0.08		0.56
Class E		0.32		0.47		0.10		0.59
Bank of America/Merrill Lynch 3-Month T-Bill Index		0.31		0.49		0.17		0.58

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Issuers

	% of Net Assets
JPMorgan Securities, Inc.		11.1
Bank of America Corp.		4.1
Collateralized Commercial Paper Co. LLC		4.0
Sumitomo Mitsui Banking Corp.		3.8
Canadian Imperial Bank of Commerce (NY)		3.6
DBS Bank, Ltd.		3.3
Oversea-Chinese Banking Corp., Ltd.		3.1
Norinchukin Bank (NY)		3.0
Bank of Montreal (Chicago)		2.9
Erste Abwicklungsanstalt		2.8

BHFTII-2

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Ultra-Short Term Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.36	%	$	1,000.00	$	1,004.00	$	1.79
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.01	$	1.81
Class B(a)	Actual		0.61	%	$	1,000.00	$	1,002.70	$	3.03
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06
Class E(a)	Actual		0.51	%	$	1,000.00	$	1,003.20	$	2.53
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investments—100.4% of Net Assets

Security Description	Principal Amount*		Value
Certificate of Deposit—31.5%
Bank of America Corp. 1.178%, 10/03/17		10,250,000	$	10,249,754
Bank of Montreal (Chicago) 1.150%, 07/10/17		16,000,000		15,999,675
1.240%, 08/01/17		10,000,000		9,999,981
Bank of Tokyo-Mitsubishi, Ltd. 1.340%, 08/24/17		9,000,000		9,001,610
1.520%, 11/06/17		10,000,000		10,006,588
BNP Paribas S.A. (NY) 1.500%, 10/05/17		9,000,000		9,005,607
Canadian Imperial Bank of Commerce (NY) 1.419%, 07/16/18 (a)		7,500,000		7,499,407
1.601%, 12/01/17 (a)		10,000,000		10,020,680
1.703%, 10/23/17 (a)		15,000,000		15,025,395
Citibank N.A. (NY) 1.300%, 07/05/17		10,000,000		10,000,212
Dexia Credit Local S.A. 1.426%, 01/05/18 (a)		14,000,000		14,014,280
Landesbank Baden-Wuerttemberg 1.150%, 07/06/17		20,000,000		19,999,620
Mizuho Bank, Ltd. (NY) 1.737%, 07/13/17 (a)		13,000,000		13,002,626
1.808%, 10/16/17 (a)		5,000,000		5,008,485
Norinchukin Bank (NY) 1.377%, 10/13/17 (a)		10,000,000		10,004,530
1.500%, 10/27/17		5,000,000		5,002,905
1.766%, 07/24/17 (a)		12,000,000		12,004,656
Royal Bank of Canada (NY) 1.409%, 07/16/18 (a)		12,000,000		11,999,328
1.434%, 03/07/18 (a)		8,000,000		8,009,608
Sumitomo Mitsui Banking Corp. 1.376%, 10/04/17 (a)		10,800,000		10,805,087
1.676%, 07/05/17		10,000,000		10,000,650
1.782%, 07/20/17 (a)		13,000,000		13,003,991
Sumitomo Mitsui Trust Bank, Ltd. (NY) 1.409%, 01/19/18 (a)		10,000,000		9,999,300
Svenska Handelsbanken AB 1.430%, 08/01/17 (a)		5,000,000		5,001,040
Toronto-Dominion Bank 1.400%, 12/08/17		10,000,000		10,003,909
1.467%, 03/13/18 (a)		10,000,000		10,011,840
UBS AG (Stamford) 1.486%, 02/23/18 (a)		5,000,000		5,004,835
Westpac Banking Corp. (NY) 1.616%, 01/09/18 (a)		4,000,000		4,008,988
				283,694,587
Commercial Paper—54.5%
ABN AMRO Funding USA 1.111%, 07/05/17 (b)		8,000,000		7,998,502
Albion Capital LLC 1.235%, 08/21/17 (b)		7,225,000		7,212,529
Alpine Securitization, Ltd. 1.245%, 08/21/17 (b)		4,000,000		3,992,749
1.246%, 08/22/17 (b)		20,000,000		19,963,047
Commercial Paper—(Continued)
Antalis S.A. 1.043%, 07/07/17 (b)		18,830,000		18,825,643
Bedford Row Funding Corp. 1.444%, 06/22/18 (b)		5,000,000		4,999,655
BNZ International Funding, Ltd. 1.531%, 02/01/18 (b)		8,000,000		8,016,552
Caisse Damortissement de la Dette Sociale 1.285%, 09/18/17 (b)		10,000,000		9,972,289
1.349%, 10/02/17 (b)		7,620,000		7,594,791
1.369%, 10/03/17 (b)		2,380,000		2,372,204
Collateralized Commercial Paper Co. LLC 1.317%, 07/26/17 (b)		8,000,000		7,992,899
1.546%, 07/03/17 (144A) (b)		15,000,000		15,000,495
1.734%, 08/21/17 (b)		13,000,000		13,009,789
Commonwealth Bank of Australia 1.569%, 02/15/18 (b)		6,500,000		6,513,007
1.586%, 12/08/17 (b)		11,000,000		11,015,334
1.809%, 07/18/17 (b)		5,000,000		5,001,585
Cooperatieve Rabobank UA 1.176%, 08/07/17 (b)		15,000,000		14,980,953
Crown Point Capital LLC 1.183%, 08/04/17 (144A) (b)		7,000,000		6,991,541
1.512%, 10/10/17 (b)		7,000,000		6,973,999
DBS Bank, Ltd. 0.852%, 07/05/17 (144A) (b)		20,000,000		19,996,811
1.170%, 08/21/17 (b)		10,000,000		9,982,739
Den Norske ASA 1.526%, 03/23/18 (b)		7,000,000		7,009,163
Erste Abwicklungsanstalt 1.214%, 08/18/17 (b)		10,000,000		9,984,170
1.256%, 07/05/17 (b)		15,000,000		15,000,180
Federation des Caisses Desjardins du Quebec 0.989%, 07/06/17 (b)		18,000,000		17,996,553
HSBC Bank plc 1.485%, 02/09/18 (b)		5,000,000		5,007,590
ING U.S. Funding LLC 1.178%, 07/10/17 (b)		6,000,000		5,998,185
KBC Bank NV 1.225%, 08/11/17 (b)		12,000,000		11,962,093
1.338%, 09/08/17 (b)		7,000,000		6,984,670
Liberty Funding LLC 1.092%, 07/18/17 (b)		10,000,000		9,993,960
1.101%, 07/25/17 (b)		7,000,000		6,994,035
Macquarie Bank, Ltd. 1.344%, 10/04/17 (b)		4,000,000		3,985,749
1.466%, 10/24/17 (144A) (b)		7,000,000		7,001,960
1.506%, 08/25/17 (b)		9,500,000		9,502,565
Matchpoint Finance plc 1.158%, 07/06/17 (b)		20,000,000		19,995,770
Mizuho Corporate Bank, Ltd. 1.274%, 09/01/17 (b)		8,000,000		7,964,038
Nieuw Amsterdam Receivables Corp. 1.095%, 07/10/17 (b)		5,000,000		4,998,314
1.153%, 08/17/17 (b)		12,000,000		11,979,648

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Oversea-Chinese Banking Corp., Ltd. 1.150%, 07/10/17 (b)		10,000,000	$	10,000,102
1.257%, 11/10/17 (b)		12,000,000		12,001,632
1.322%, 03/28/18 (144A) (b)		6,000,000		6,003,036
Societe Generale 1.247%, 07/31/17 (b)		12,000,000		11,987,703
Starbird Funding Corp. 1.511%, 10/02/17 (b)		1,550,000		1,544,427
Sumitomo Mitsui Trust Bank, Ltd. 1.189%, 08/10/17 (b)		5,000,000		4,993,024
Suncorp Group, Ltd. 1.087%, 07/05/17 (b)		10,000,000		9,998,226
1.354%, 10/30/17 (b)		12,000,000		11,943,311
Total Capital Canada, Ltd. 1.002%, 07/20/17 (b)		17,500,000		17,488,693
Toyota Credit Canada, Inc. 1.419%, 12/07/17 (b)		6,000,000		5,965,520
Toyota Motor Credit Corp. 1.409%, 03/14/18 (b)		5,000,000		4,999,460
Versailles Commercial Paper LLC 1.147%, 07/24/17 (b)		10,000,000		9,991,840
Westpac Banking Corp. 1.186%, 09/05/17 (b)		10,000,000		9,978,281
Westpac Securities NZ, Ltd. 1.696%, 01/26/18 (b)		3,500,000		3,507,655
				491,168,666
Repurchase Agreements—14.1%
Bank of America Corp. Repurchase Agreement dated 06/30/17 at 1.08% to be repurchased at $27,002,430 on 07/03/17, collateralized by $20,422,300 U.S. Treasury Bond at 4.625% due 02/15/40, with a value of $26,928,641.		27,000,000		27,000,000
Repurchase Agreements—(Continued)
JPMorgan Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.120% to be repurchased at $100,009,333 on 07/03/17, collateralized by $100,785,000 U.S. Treasury Note at 1.875% due 01/31/22, with a value of $100,910,981.		100,000,000		100,000,000
				127,000,000
U.S. Treasury—0.3%
U.S. Treasury Floating Rate Note 1.171%, 10/31/17 (a)		2,371,000		2,372,456
Total Short-Term Investments (Cost $904,078,054)				904,235,709
Total Investments—100.4% (Cost $904,078,054) (c)				904,235,709
Other assets and liabilities (net)—(0.4)%				(3,861,641	)
Net Assets—100.0%			$	900,374,068

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 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 June 30, 2017, the aggregate cost of investments was $904,078,054. The aggregate unrealized appreciation and depreciation of investments were $215,851 and $(58,196), respectively, resulting in net unrealized appreciation of $157,655.
(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 June 30, 2017, the market value of 144A securities was $54,993,843, which is 6.1% of net assets.

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Short-Term Investments
Certificate of Deposit	$	—	$	283,694,587	$	—	$	283,694,587
Commercial Paper		—		491,168,666		—		491,168,666
Repurchase Agreements		—		127,000,000		—		127,000,000
U.S. Treasury		—		2,372,456		—		2,372,456
Total Investments	$	—	$	904,235,709	$	—	$	904,235,709

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	777,235,709
Repurchase Agreements		127,000,000
Receivable for:
Fund shares sold		574,738
Interest		752,792
Total Assets		905,563,239
Liabilities
Due to custodian		1,314
Payables for:
Fund shares redeemed		4,587,484
Accrued Expenses:
Management fees		274,639
Distribution and service fees		108,215
Deferred trustees’ fees		102,159
Other expenses		115,360
Total Liabilities		5,189,171
Net Assets	$	900,374,068
Net Assets Consist of:
Paid in surplus	$	897,265,261
Undistributed net investment income		2,928,783
Accumulated net realized gain		22,369
Unrealized appreciation on investments		157,655
Net Assets	$	900,374,068
Net Assets
Class A	$	324,163,618
Class B		451,989,778
Class E		124,220,672
Capital Shares Outstanding*
Class A		3,230,929
Class B		4,505,867
Class E		1,238,122
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	100.33
Class B		100.31
Class E		100.33

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement, was $777,078,054.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest	$	5,452,775
Total investment income		5,452,775
Expenses
Management fees		1,626,458
Administration fees		14,790
Custodian and accounting fees		32,169
Distribution and service fees—Class B		568,306
Distribution and service fees—Class E		97,481
Audit and tax services		15,352
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		44,167
Insurance		3,671
Miscellaneous		7,236
Total expenses		2,454,625
Less management fee waiver		(116,176	)
Net expenses		2,338,449
Net Investment Income		3,114,326
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		37,379
Net change in unrealized depreciation on investments		(119,335	)
Net realized and unrealized loss		(81,956	)
Net Increase in Net Assets From Operations	$	3,032,370

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,114,326		$	1,910,628
Net realized gain		37,379			12,789
Net change in unrealized appreciation (depreciation)		(119,335	)		276,990
Increase in net assets from operations		3,032,370			2,200,407
From Distributions to Shareholders
Net investment income
Class A		(1,172,909	)		(274,320	)
Class B		(329,579	)		(735	)
Class E		(214,780	)		(28,521	)
Net realized capital gains
Class A		(6,780	)		(7,951	)
Class B		(9,030	)		(10,396	)
Class E		(2,512	)		(2,977	)
Total distributions		(1,735,590	)		(324,900	)
Decrease in net assets from capital share transactions		(73,098,384	)		(137,760,693	)
Total decrease in net assets		(71,801,604	)		(135,885,186	)
Net Assets
Beginning of period		972,175,672			1,108,060,858
End of period	$	900,374,068		$	972,175,672
Undistributed net investment income
End of period	$	2,928,783		$	1,531,725

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		699,050		$	70,228,632			1,901,381		$	190,260,823
Reinvestments		11,761			1,179,689			2,822			282,271
Redemptions		(1,022,151	)		(102,664,035	)		(2,430,163	)		(243,175,177	)
Net decrease		(311,340	)	$	(31,255,714	)		(525,960	)	$	(52,632,083	)
Class B
Sales		676,590		$	67,837,104			2,502,925		$	250,344,616
Reinvestments		3,376			338,609			111			11,131
Redemptions		(964,172	)		(96,643,534	)		(3,183,246	)		(318,407,079	)
Net decrease		(284,206	)	$	(28,467,821	)		(680,210	)	$	(68,051,332	)
Class E
Sales		69,602		$	6,979,419			444,619		$	44,475,182
Reinvestments		2,166			217,292			315			31,498
Redemptions		(205,094	)		(20,571,560	)		(615,587	)		(61,583,958	)
Net decrease		(133,326	)	$	(13,374,849	)		(170,653	)	$	(17,077,278	)
Decrease derived from capital shares transactions				$	(73,098,384	)				$	(137,760,693	)

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014		2013		2012
Net Asset Value, Beginning of Period	$	100.28		$	100.00		$	100.00		$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.41			0.32	(b)		0.00	(c)		0.00		0.00		0.00
Net realized and unrealized gain (loss) on investments		(0.01	)		0.03			0.00			0.00		0.00		0.00
Total from investment operations		0.40			0.35			0.00	(c)		0.00		0.00		0.00
Less Distributions
Distributions from net investment income		(0.35	)		(0.07	)		(0.00	)(d)		0.00		0.00		0.00
Distributions from net realized capital gains		(0.00	)(e)		(0.00	)(e)		0.00			0.00		0.00		0.00
Total distributions		(0.35	)		(0.07	)		(0.00	)(d)		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.33		$	100.28		$	100.00		$	100.00	$	100.00	$	100.00
Total Return (%) (f)		0.40	(g)		0.35			0.00			0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38	(h)		0.38			0.37			0.37		0.35		0.35
Net ratio of expenses to average net assets (%) (i)		0.36	(h)		0.35			0.25			0.20		0.23		0.28
Ratio of net investment income to average net assets (%)		0.81	(h)		0.32	(b)		0.00	(j)		0.00		0.00		0.00
Portfolio turnover rate (%)		0	(l)		0	(k)		N/A			N/A		N/A		N/A
Net assets, end of period (in millions)	$	324.2		$	355.2		$	406.8		$	483.7	$	536.4	$	551.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014		2013		2012
Net Asset Value, Beginning of Period	$	100.11		$	100.00		$	100.00		$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.08	(b)		0.00			0.00		0.00		0.00
Net realized and unrealized gain (loss) on investments		(0.01	)		0.03			0.00			0.00		0.00		0.00
Total from investment operations		0.27			0.11			0.00			0.00		0.00		0.00
Less Distributions
Distributions from net investment income		(0.07	)		(0.00	)(d)		0.00			0.00		0.00		0.00
Distributions from net realized capital gains		(0.00	)(e)		(0.00	)(e)		0.00			0.00		0.00		0.00
Total distributions		(0.07	)		(0.00	)		0.00			0.00		0.00		0.00
Net Asset Value, End of Period	$	100.31		$	100.11		$	100.00		$	100.00	$	100.00	$	100.00
Total Return (%) (f)		0.27	(g)		0.11			0.00			0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.64	(h)		0.63			0.62			0.62		0.60		0.60
Net ratio of expenses to average net assets (%) (i)		0.61	(h)		0.59			0.25			0.20		0.23		0.28
Ratio of net investment income to average net assets (%)		0.56	(h)		0.08	(b)		0.00			0.00		0.00		0.00
Portfolio turnover rate (%)		0	(l)		0	(k)		N/A			N/A		N/A		N/A
Net assets, end of period (in millions)	$	452.0		$	479.6		$	547.0		$	554.2	$	651.3	$	771.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015		2014		2013		2012
Net Asset Value, Beginning of Period	$	100.18		$	100.00		$	100.00	$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.17	(b)		0.00		0.00		0.00		0.00
Net realized and unrealized gain (loss) on investments		(0.01	)		0.03			0.00		0.00		0.00		0.00
Total from investment operations		0.32			0.20			0.00		0.00		0.00		0.00
Less Distributions
Distributions from net investment income		(0.17	)		(0.02	)		0.00		0.00		0.00		0.00
Distributions from net realized capital gains		(0.00	)(e)		(0.00	)(e)		0.00		0.00		0.00		0.00
Total distributions		(0.17	)		(0.02	)		0.00		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.33		$	100.18		$	100.00	$	100.00	$	100.00	$	100.00
Total Return (%) (f)		0.32	(g)		0.20			0.00		0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(h)		0.53			0.52		0.52		0.50		0.50
Net ratio of expenses to average net assets (%) (i)		0.51	(h)		0.50			0.25		0.20		0.23		0.28
Ratio of net investment income to average net assets (%)		0.66	(h)		0.17	(b)		0.00		0.00		0.00		0.00
Portfolio turnover rate (%)		0	(k)		0	(k)		N/A		N/A		N/A		N/A
Net assets, end of period (in millions)	$	124.2		$	137.4		$	154.2	$	175.5	$	237.1	$	309.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.01% of average net assets, respectively.
(c)	Net investment income (loss) was less than $0.01.
(d)	Distributions from net investment income were less than $0.01.
(e)	Distributions from net realized capital gains were less than $0.01.
(f)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(g)	Periods less than one year are not computed on an annualized basis.
(h)	Computed on an annualized basis.
(i)	Includes the effects of the management fee waivers and voluntary distribution & service fee waiver (see Note 4 of the Notes to Financial Statements).
(j)	Ratio of net investment income (loss) to average net assets was less than 0.01%.
(k)	There were no long term transactions during the period ended June 30, 2017 and during the year ended December 31, 2016.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is BlackRock Ultra-Short Term Bond Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each as “pricing services”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

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 Brighthouse Investment Advisers. 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 the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. The Portfolio had no permanent book-tax differences at December 31, 2016.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2017, the Portfolio had a payment of $1,314 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2017. The Portfolio’s average overdraft advances during the six months ended June 30, 2017 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $ 127,000,000, which is reflected as repurchase agreement on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering

BHFTII-12

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$1,626,458		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” as follows:

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

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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

5. Contractual Obligations

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

6. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2016		2015		2016		2015		2016		2015
$	324,900	$	13,344	$	—	$	—	$	324,900	$	13,344

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses		Total
$	1,627,045	$	—	$	276,990	$	—	$	—	$	1,904,035

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

7. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

8. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-14

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
8,123,249		478,877		641,075

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		8,545,168		698,033
Robert Boulware		8,542,910		700,291
Susan C. Gause		8,576,665		666,536
Nancy Hawthorne		8,589,124		654,078
Barbara A. Nugent		8,576,442		666,759
John Rosenthal		8,559,995		683,206
Linda B. Strumpf		8,585,933		657,268
Dawn M. Vroegop		8,553,635		689,566

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Brighthouse/Artisan Mid Cap Value Portfolio returned 4.26%, 4.13%, and 4.18%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 5.18%.

MARKET ENVIRONMENT / CONDITIONS

Overall, markets posted strong gains to begin the year as optimism from the fourth quarter of 2016 carried on, pushing stocks higher and pricing in expectations of tax cuts, regulatory reform and expansionary infrastructure spending at the hands of the new U.S. administration. Broad market indices were largely positive, and growth stocks meaningfully bested value stocks.

Sectors were broadly positive, with the notable exception of Energy. Oil prices reached year-to-date lows in June, as sentiment turned negative on investor worries that the market could take longer than expected to balance. Optimism surrounding the Organization of the Petroleum Exporting Countries (“OPEC’s”) production cuts buoyed oil prices toward the end of 2016, and while production cuts have occurred, oil inventories haven’t been dropping as investors expected, pressuring oil prices and stocks in the sector.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio advanced, but fell shy of the Russell Midcap Value Index during the period. The Portfolio’s above benchmark exposure to the Energy sector was a headwind, as was stock selection. In fact, four of our bottom five names during the period stemmed from the sector (Devon Energy, Hess, Apache and Cimarex). We remain of the belief that oil inventories are going to rebalance, and our long-term theses in these names remain intact. In the interim, we believe these are high quality names, and valuations look to us to be particularly undemanding.

Although the Portfolio’s Industrials holdings aided on an absolute basis, they were a source of relative weakness during the period, driven by weakness in engineering and construction company Fluor. Shares of Fluor have been under pressure due to the bankruptcy filing of Westinghouse, which was in the process of constructing two nuclear reactors in which Fluor is the general contractor. Shares were further pressured by disappointment in management’s softer-than-anticipated forward guidance. The company has strung together a couple of quarters of poor margins, project write-downs and disappointing backlog bookings. Despite the near-term headwinds, our long-term thesis remains intact. Fluor produces strong free cash flow, most of which is returned to shareholders through dividends and share repurchases. Its balance sheet is strong with a net cash position.

On the upside, strong stock selection coupled with the Portfolio’s above-benchmark exposure to Consumer Discretionary was a tailwind. Shares of Liberty Ventures and Liberty Interactive QVC have been standouts. Shares rallied as Liberty Ventures announced the acquisition of Alaskan cable and wireless firm General Communications, forming GCI Liberty. As part of the deal, a mix of assets and liabilities are being reattributed to Liberty Interactive QVC, transitioning Liberty Ventures and Liberty Interactive QVC from tracking stocks to asset-backed securities. In our view, the complicated tracking-stock structure of the companies was a headwind on multiples, and the transition provides better visibility.

Positive stock selection in the Materials sector also aided results during the period, driven by strength in chemicals company Celanese. Faced with the headwind of a challenging macroeconomic environment, Celanese is controlling what it can and executing well—realizing cost efficiencies and productivity gains.

There is an old saying that it’s easier to fall for anything than to stand for something. Our job, as we see it, is to stick to our time-tested investment philosophy. Our goal is to focus on what we can control—aiming to put the business, balance sheet and valuations on our side. We have reached into unloved areas of the market in order to find opportunities, and many of our stocks have lived through a bear market over the last few years while the broader market hit new highs. It is our belief that valuations, business strength and financial condition ultimately matter, much more than any sentiment swings.

Our decisions are always made from the bottom-up, without regard to index construction. At period-end, the Portfolio had above-benchmark exposure to the Information Technology, Consumer Discretionary and Energy sectors. Meanwhile, the Portfolio had below-benchmark exposure to what have been the more highly prized, perceived “stable” areas of the market (e.g., Real Estate, Utilities, Consumer Staples, and Health Care).

James C. Kieffer

George O. Sertl

Daniel L. Kane

Portfolio Managers

Artisan Partners Limited Partnership

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

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Artisan Mid Cap Value Portfolio
Class A		4.26		16.70		11.89		4.06
Class B		4.13		16.42		11.62		3.80
Class E		4.18		16.54		11.73		3.90
Russell Midcap Value Index		5.18		15.93		15.14		7.23

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Air Lease Corp.		3.6
Celanese Corp. - Series A		3.1
Alleghany Corp.		3.0
Arrow Electronics, Inc.		2.8
Devon Energy Corp.		2.7
AutoNation, Inc.		2.6
Liberty Interactive Corp. - Class A		2.6
Hess Corp.		2.4
Torchmark Corp.		2.4
Fifth Third Bancorp		2.3

Top Sectors

	% of Net Assets
Financials		22.8
Consumer Discretionary		16.4
Information Technology		12.9
Industrials		12.3
Energy		12.2
Materials		7.9
Health Care		2.2
Utilities		1.8
Real Estate		1.6

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.85	%	$	1,000.00	$	1,042.60	$	4.30
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26
Class B	Actual		1.10	%	$	1,000.00	$	1,041.30	$	5.57
	Hypothetical*		1.10	%	$	1,000.00	$	1,019.34	$	5.51
Class E	Actual		1.00	%	$	1,000.00	$	1,041.80	$	5.06
	Hypothetical*		1.00	%	$	1,000.00	$	1,019.84	$	5.01

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—90.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.6%
Rockwell Collins, Inc.		175,709	$	18,463,502
Auto Components—1.9%
Gentex Corp. (a)		1,095,277		20,777,405
Banks—4.5%
Fifth Third Bancorp		1,013,871		26,320,091
M&T Bank Corp.		150,478		24,369,912
				50,690,003
Capital Markets—1.4%
Intercontinental Exchange, Inc.		238,358		15,712,559
Chemicals—4.4%
Agrium, Inc.		164,890		14,920,896
Celanese Corp. - Series A		364,461		34,601,927
				49,522,823
Construction & Engineering—3.4%
Fluor Corp. (a)		432,307		19,791,014
Jacobs Engineering Group, Inc.		328,269		17,854,551
				37,645,565
Diversified Consumer Services—1.6%
H&R Block, Inc. (a)		573,165		17,716,530
Electrical Equipment—0.1%
Hubbell, Inc.		14,198		1,606,788
Electronic Equipment, Instruments & Components—6.0%
Arrow Electronics, Inc. (b)		403,392		31,634,001
Avnet, Inc.		603,720		23,472,633
FLIR Systems, Inc.		350,524		12,149,162
				67,255,796
Equity Real Estate Investment Trusts—1.6%
Equity Commonwealth (a) (b)		557,806		17,626,670
Health Care Providers & Services—2.1%
AmerisourceBergen Corp. (a)		254,696		24,076,413
Insurance—15.8%
Alleghany Corp. (b)		55,893		33,245,156
Allied World Assurance Co. Holdings AG		414,497		21,926,891
Allstate Corp. (The)		223,568		19,772,354
Aon plc		168,905		22,455,920
Arch Capital Group, Ltd. (b)		278,377		25,969,790
Loews Corp.		338,476		15,844,062
Progressive Corp. (The)		261,275		11,519,615
Torchmark Corp.		353,028		27,006,642
				177,740,430
Internet & Direct Marketing Retail—5.4%
Liberty Expedia Holdings, Inc. - Class A (b)		211,098		11,403,514
Liberty Interactive Corp. - Class A (a) (b)		1,191,993		29,251,508
Internet & Direct Marketing Retail—(Continued)
Liberty Ventures - Series A (b)		373,549		19,532,877
				60,187,899
Internet Software & Services—3.9%
Cars.com, Inc. (a) (b)		750,411		19,983,445
IAC/InterActiveCorp (a) (b)		228,715		23,612,537
				43,595,982
Marine—1.7%
Kirby Corp. (a) (b)		293,402		19,613,924
Media—5.0%
News Corp. - Class A		1,470,515		20,146,056
Omnicom Group, Inc. (a)		265,100		21,976,790
TEGNA, Inc. (a)		971,471		13,998,897
				56,121,743
Metals & Mining—3.5%
Goldcorp, Inc.		1,646,936		21,261,944
Kinross Gold Corp. (b)		4,518,137		18,388,817
				39,650,761
Mortgage Real Estate Investment Trusts—1.1%
AGNC Investment Corp.		562,351		11,972,453
Multi-Utilities—1.8%
SCANA Corp. (a)		299,337		20,058,572
Oil, Gas & Consumable Fuels—12.2%
Apache Corp. (a)		458,537		21,977,678
Cimarex Energy Co.		180,610		16,979,146
Devon Energy Corp.		932,842		29,822,959
Hess Corp. (a)		618,942		27,152,986
Tesoro Corp.		237,197		22,201,639
World Fuel Services Corp.		505,750		19,446,088
				137,580,496
Road & Rail—1.9%
Ryder System, Inc.		288,299		20,751,762
Semiconductors & Semiconductor Equipment—2.0%
Analog Devices, Inc.		293,120		22,804,736
Software—1.0%
Synopsys, Inc. (b)		155,401		11,333,395
Specialty Retail—2.6%
AutoNation, Inc. (a) (b)		704,258		29,691,517
Trading Companies & Distributors—3.6%
Air Lease Corp. (a)		1,085,687		40,561,266
Total Common Stocks (Cost $739,259,275)				1,012,758,990

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—9.7%

Security Description	Principal Amount*		Value
Repurchase Agreement—9.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $109,014,498 on 07/03/17, collateralized by $110,840,000 U.S. Treasury Floating Rate Note at 1.188% due 01/31/19 with a value of $111,194,023.		109,013,408	$	109,013,408
Total Short-Term Investments (Cost $109,013,408)				109,013,408
Securities Lending Reinvestments (c)—16.9%
Certificates of Deposit—6.7%
ABN AMRO Bank NV Zero Coupon, 09/05/17		1,991,635		1,995,800
Bank of Montreal 1.130%, 07/07/17		4,000,000		3,999,960
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		3,500,000		3,500,644
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		3,000,000		3,002,962
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		2,018,512		2,002,220
1.602%, 11/16/17 (d)		3,000,000		3,002,928
BNP Paribas New York 1.524%, 08/04/17 (d)		3,000,000		3,000,357
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Credit Suisse AG New York 1.314%, 11/07/17 (d)		1,000,000		1,000,081
DG Bank New York 1.140%, 07/03/17		1,500,000		1,499,985
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		1,000,000		1,000,125
KBC Bank NV Zero Coupon, 09/08/17		1,993,124		1,995,620
1.220%, 07/26/17		1,000,000		1,000,000
1.220%, 07/27/17		3,000,000		3,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,500,000		2,499,975
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (d)		3,000,000		3,001,817
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		7,000,000		6,996,780
1.451%, 09/01/17 (d)		400,000		400,087
National Australia Bank London 1.480%, 11/09/17 (d)		3,500,000		3,502,835
Natixis New York 1.287%, 11/13/17 (d)		1,000,000		999,890
Norinchukin Bank New York 1.297%, 11/13/17 (d)		1,000,000		1,000,078
1.687%, 07/12/17 (d)		2,500,000		2,500,302
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		8,100,000		8,105,832
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,009,233		1,000,230
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		1,000,000		999,927
1.342%, 11/16/17 (d)		2,500,000		2,499,842
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		4,000,000		4,002,972
1.475%, 01/10/18 (d)		3,500,000		3,505,819
UBS, Stamford 1.722%, 07/31/17 (d)		2,002,044		2,001,142
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		1,250,000		1,251,118
				75,270,453
Commercial Paper—3.4%
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.391%, 03/01/18		4,500,000		4,503,507
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		8,000,000		8,000,464
ING Funding LLC 1.234%, 12/07/17 (d)		3,000,000		3,001,036
1.277%, 11/13/17 (d)		2,000,000		1,999,854
LMA S.A. & LMA Americas 1.150%, 07/07/17		4,998,882		4,999,361
1.170%, 07/20/17		1,994,410		1,998,726
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		1,000,000		1,000,060
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		2,000,000		2,002,702
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		4,000,000		4,001,601
Sheffield Receivables Co. 1.190%, 07/28/17		2,990,678		2,997,180
Westpac Banking Corp. 1.506%, 10/20/17 (d)		1,300,000		1,301,296
				37,805,135
Repurchase Agreements—5.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $103,707 on 07/03/17, collateralized by $107,948 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $105,772.		103,698		103,698
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,011,875 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $8,600,788 on 07/03/17, collateralized by $8,566,948 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $8,772,001.		8,600,000	$	8,600,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $11,501,150 on 07/03/17, collateralized by $11,692,433 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $11,730,035.		11,500,000		11,500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $11,008,525 on 07/03/17, collateralized by $2,391 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $12,230,059.		11,000,000		11,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,004,845 on 09/29/17, 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 06/08/17 at 1.150% to be repurchased at $5,004,632 on 07/07/17, collateralized by $4,508,413 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $5,103,330.		5,000,000		5,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,524,296 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $4,030,590 on 10/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $10,001,117 on 07/03/17, collateralized by $19,940,618 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $10,201,188.		10,000,000		10,000,000
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				60,703,698
Time Deposits—1.4%
ABN AMRO Bank NV 1.060%, 07/03/17		2,000,000		2,000,000
Australia New Zealand Bank 1.150%, 07/03/17		600,000		600,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,400,000		1,400,000
Nordea Bank New York 1.050%, 07/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.330%, 07/26/17		4,500,000		4,500,000
Standard Chartered plc 1.200%, 07/03/17		3,900,000		3,900,000
				16,400,000
Total Securities Lending Reinvestments (Cost $190,140,332)				190,179,286
Total Investments—116.7% (Cost $1,038,413,015) (e)				1,311,951,684
Other assets and liabilities (net)—(16.7)%				(187,998,893	)
Net Assets—100.0%			$	1,123,952,791

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $186,360,564 and the collateral received consisted of cash in the amount of $190,145,898. 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 June 30, 2017.

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,038,413,015. The aggregate unrealized appreciation and depreciation of investments were $288,182,016 and $(14,643,347), respectively, resulting in net unrealized appreciation of $273,538,669.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,012,758,990	$	—		$	—	$	1,012,758,990
Total Short-Term Investment*		—		109,013,408			—		109,013,408
Total Securities Lending Reinvestments*		—		190,179,286			—		190,179,286
Total Investments	$	1,012,758,990	$	299,192,694		$	—	$	1,311,951,684
Collateral for Securities Loaned (Liability)	$	—	$	(190,145,898	)	$	—	$	(190,145,898	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,311,951,684
Receivable for:
Investments sold		1,838,340
Fund shares sold		597,245
Dividends and interest		1,280,502
Total Assets		1,315,667,771
Liabilities
Collateral for securities loaned		190,145,898
Payables for:
Fund shares redeemed		462,466
Accrued Expenses:
Management fees		750,863
Distribution and service fees		90,297
Deferred trustees’ fees		102,228
Other expenses		163,228
Total Liabilities		191,714,980
Net Assets	$	1,123,952,791
Net Assets Consist of:
Paid in surplus	$	820,291,958
Undistributed net investment income		2,879,752
Accumulated net realized gain		27,242,412
Unrealized appreciation on investments		273,538,669
Net Assets	$	1,123,952,791
Net Assets
Class A	$	651,487,810
Class B		392,764,273
Class E		79,700,708
Capital Shares Outstanding*
Class A		2,721,087
Class B		1,696,742
Class E		338,643
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	239.42
Class B		231.48
Class E		235.35

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,038,413,015.
(b)	Includes securities loaned at value of $186,360,564.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	7,184,970
Interest		30,340
Securities lending income		367,770
Total investment income		7,583,080
Expenses
Management fees		4,596,376
Administration fees		17,945
Custodian and accounting fees		28,631
Distribution and service fees—Class B		497,435
Distribution and service fees—Class E		60,331
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		61,637
Insurance		3,603
Miscellaneous		8,890
Total expenses		5,340,500
Less broker commission recapture		(20,052	)
Net expenses		5,320,448
Net Investment Income		2,262,632
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		48,212,305
Net change in unrealized depreciation on investments		(3,513,111	)
Net realized and unrealized gain		44,699,194
Net Increase in Net Assets From Operations	$	46,961,826

(a) Net of foreign withholding taxes of $54,268.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,262,632		$	7,941,897
Net realized gain (loss)		48,212,305			(19,687,432	)
Net change in unrealized appreciation (depreciation)		(3,513,111	)		245,352,793
Increase in net assets from operations		46,961,826			233,607,258
From Distributions to Shareholders
Net investment income
Class A		(4,618,720	)		(6,747,382	)
Class B		(1,950,478	)		(3,238,393	)
Class E		(461,275	)		(738,422	)
Net realized capital gains
Class A		0			(67,236,609	)
Class B		0			(42,539,350	)
Class E		0			(8,652,798	)
Total distributions		(7,030,473	)		(129,152,954	)
Decrease in net assets from capital share transactions		(54,603,967	)		(139,370,094	)
Total decrease in net assets		(14,672,614	)		(34,915,790	)
Net Assets
Beginning of period		1,138,625,405			1,173,541,195
End of period	$	1,123,952,791		$	1,138,625,405
Undistributed net investment income
End of period	$	2,879,752		$	7,647,593

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		39,862		$	9,504,883			103,786		$	21,914,681
Reinvestments		19,370			4,618,720			360,055			73,983,991
Redemptions		(157,153	)		(37,315,505	)		(1,101,906	)		(249,272,832	)
Net decrease		(97,921	)	$	(23,191,902	)		(638,065	)	$	(153,374,160	)
Class B
Sales		43,174		$	9,920,433			145,540		$	31,247,473
Reinvestments		8,460			1,950,478			230,328			45,777,743
Redemptions		(164,577	)		(37,765,357	)		(296,294	)		(62,975,991	)
Net increase (decrease)		(112,943	)	$	(25,894,446	)		79,574		$	14,049,225
Class E
Sales		5,942		$	1,393,772			10,945		$	2,402,423
Reinvestments		1,968			461,275			46,484			9,391,220
Redemptions		(31,717	)		(7,372,666	)		(55,229	)		(11,838,802	)
Net increase (decrease)		(23,807	)	$	(5,517,619	)		2,200		$	(45,159	)
Decrease derived from capital shares transactions				$	(54,603,967	)				$	(139,370,094	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	231.28		$	213.79		$	271.79		$	268.60		$	198.30		$	179.02
Income (Loss) from Investment Operations
Net investment income (a)		0.59			1.74	(b)		2.26			2.89			1.98			2.22
Net realized and unrealized gain (loss) on investments		9.26			43.82			(23.66	)		2.25			70.60			18.92
Total from investment operations		9.85			45.56			(21.40	)		5.14			72.58			21.14
Less Distributions
Distributions from net investment income		(1.71	)		(2.56	)		(3.17	)		(1.95	)		(2.28	)		(1.86	)
Distributions from net realized capital gains		0.00			(25.51	)		(33.43	)		0.00			0.00			0.00
Total distributions		(1.71	)		(28.07	)		(36.60	)		(1.95	)		(2.28	)		(1.86	)
Net Asset Value, End of Period	$	239.42		$	231.28		$	213.79		$	271.79		$	268.60		$	198.30
Total Return (%) (c)		4.26	(d)		22.96			(9.44	)		1.93			36.85			11.86
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.84			0.84			0.83			0.85
Ratio of net investment income to average net assets (%)		0.50	(e)		0.80	(b)		0.91			1.07			0.84			1.17
Portfolio turnover rate (%)		11	(d)		31			31			25			22			23
Net assets, end of period (in millions)	$	651.5		$	652.0		$	739.1		$	853.7		$	970.0		$	769.4
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	223.41		$	207.30		$	264.50		$	261.50		$	193.14		$	174.44
Income (Loss) from Investment Operations
Net investment income (a)		0.28			1.16	(b)		1.59			2.15			1.36			1.69
Net realized and unrealized gain (loss) on investments		8.94			42.40			(22.95	)		2.21			68.77			18.44
Total from investment operations		9.22			43.56			(21.36	)		4.36			70.13			20.13
Less Distributions
Distributions from net investment income		(1.15	)		(1.94	)		(2.41	)		(1.36	)		(1.77	)		(1.43	)
Distributions from net realized capital gains		0.00			(25.51	)		(33.43	)		0.00			0.00			0.00
Total distributions		(1.15	)		(27.45	)		(35.84	)		(1.36	)		(1.77	)		(1.43	)
Net Asset Value, End of Period	$	231.48		$	223.41		$	207.30		$	264.50		$	261.50		$	193.14
Total Return (%) (c)		4.13	(d)		22.65			(9.66	)		1.67			36.51			11.58
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.10	(e)		1.10			1.09			1.09			1.08			1.10
Ratio of net investment income to average net assets (%)		0.25	(e)		0.55	(b)		0.66			0.82			0.59			0.92
Portfolio turnover rate (%)		11	(d)		31			31			25			22			23
Net assets, end of period (in millions)	$	392.8		$	404.3		$	358.7		$	446.3		$	505.0		$	389.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	227.21		$	210.43		$	267.99		$	264.86		$	195.57		$	176.60
Income (Loss) from Investment Operations
Net investment income (a)		0.40			1.40	(b)		1.85			2.43			1.60			1.89
Net realized and unrealized gain (loss) on investments		9.10			43.07			(23.28	)		2.25			69.65			18.68
Total from investment operations		9.50			44.47			(21.43	)		4.68			71.25			20.57
Less Distributions
Distributions from net investment income		(1.36	)		(2.18	)		(2.70	)		(1.55	)		(1.96	)		(1.60	)
Distributions from net realized capital gains		0.00			(25.51	)		(33.43	)		0.00			0.00			0.00
Total distributions		(1.36	)		(27.69	)		(36.13	)		(1.55	)		(1.96	)		(1.60	)
Net Asset Value, End of Period	$	235.35		$	227.21		$	210.43		$	267.99		$	264.86		$	195.57
Total Return (%) (c)		4.18	(d)		22.78			(9.58	)		1.78			36.65			11.69
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.00	(e)		1.00			0.99			0.99			0.98			1.00
Ratio of net investment income to average net assets (%)		0.35	(e)		0.65	(b)		0.76			0.91			0.68			1.01
Portfolio turnover rate (%)		11	(d)		31			31			25			22			23
Net assets, end of period (in millions)	$	79.7		$	82.4		$	75.8		$	95.1		$	110.8		$	98.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and less than 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Artisan Mid Cap Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $109,013,408. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $60,703,698. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	119,343,581	$	0	$	206,710,125

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$4,596,376		0.820	%	Of the first $1 billion
		0.780	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are

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Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$10,818,093	$	14,362,758	$	118,334,861	$	165,788,757	$	129,152,954	$	180,151,515

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$7,739,673	$	—	$	276,102,312	$	(20,020,425	)	$	263,821,560

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had short-term accumulated capital losses of $2,844,097 and long-term accumulated capital losses of $17,176,328 and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

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Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
4,598,385		164,648		289,466

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		4,718,553		333,947
Robert Boulware		4,722,971		329,528
Susan C. Gause		4,746,102		306,398
Nancy Hawthorne		4,727,793		324,706
Barbara A. Nugent		4,742,674		309,825
John Rosenthal		4,733,666		318,834
Linda B. Strumpf		4,729,237		323,263
Dawn M. Vroegop		4,725,618		326,882

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Managed by Dimensional Fund Advisors LP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Brighthouse/Dimensional International Small Company Portfolio returned 16.82% and 16.65%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned 15.45%.

MARKET ENVIRONMENT / CONDITIONS

In U.S. dollar terms, developed ex-U.S. markets had positive performance for the six-month period, outperforming the U.S. market but trailing emerging markets. The MSCI World ex-USA IMI (net dividends) returned 13.2%, as compared to 8.9% for the Russell 3000 Index and 18.1% for the MSCI Emerging Markets IMI (net dividends).

The U.S. dollar depreciated against most developed ex-U.S. market currencies, particularly the euro. Overall, currency movements had a positive impact on the U.S. dollar-denominated returns of developed ex-U.S. markets.

Small caps (MSCI World ex-U.S. Small Cap Index, net dividends) outperformed large caps (MSCI World ex-U.S. Index, net dividends) by 2.6% for the six-month period. In terms of relative value, large cap value stocks (MSCI World ex-U.S. Value Index, net dividends) underperformed large cap growth stocks (MSCI World ex-U.S. Growth Index, net dividends) by 5.3%, and small cap value stocks (MSCI World ex-U.S. Small Cap Value Index, net dividends) underperformed small cap growth stocks (MSCI World ex-U.S. Small Cap Growth Index, net dividends) by 3.6%.

Profitability premiums were positive in developed ex-U.S. markets for the six-month period. “High-profitability” stocks, as determined by the Dimensional Fund Advisors LP (“Dimensional”), outperformed among both large and small caps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six months ended June 30, 2017, the Portfolio outperformed its benchmark, the MSCI World ex-U.S. Small Cap Index (net dividends), by 138 basis points, net of fees.

The Portfolio’s general exclusion of Real Estate Investment Trusts (“REITs”) contributed to outperformance, as REITs underperformed most other sectors during the period. Additionally, the Portfolio’s exclusion of stocks with the lowest profitability and highest relative price, as determined by Dimensional, contributed positively to relative performance, as those securities underperformed. Dimensional defines the small cap universe differently than does MSCI, and as a result the Portfolio had a greater allocation to France. This greater allocation also benefited relative performance, as France was among the strongest-performing countries in the index.

The Portfolio held over 3,500 securities as of June 30, 2017, and is diversified across both countries and sectors. Dimensional designs the Portfolio to provide broad exposure to small cap securities within non-U.S. developed markets. As a result of the Portfolio’s diversified investment approach, performance is determined principally by broad trends in non-U.S. developed equity markets rather than by the behavior of a limited group of securities in a particular industry, country, or asset class. Dimensional will continue to pursue a disciplined approach to identify securities for purchase or sale in the Portfolio.

Joseph Chi

Jed Fogdall

Arun Keswani

Bhanu Singh

Portfolio Managers

Dimensional Fund Advisors LP

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

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Brighthouse/Dimensional International Small Company Portfolio
Class A		16.82		24.87		12.40		12.56
Class B		16.65		24.62		12.11		12.28
MSCI World ex-U.S. Small Cap Index		15.45		21.26		11.43		12.85

¹ The MSCI World ex-U.S. Small Cap Index is an unmanaged index that measures the performance of stocks with market capitalizations between US $200 million and $800 million across 23 developed markets, excluding the United States. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² Inception date of the Class A and Class B shares is 10/31/08. Index since inception return is based on the Portfolio’s inception date.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Teleperformance SE		0.3
UBISOFT Entertainment S.A.		0.3
Logitech International S.A.		0.3
Bellway plc		0.3
MTU Aero Engines AG		0.3
DS Smith plc		0.3
LANXESS AG		0.3
Halma plc		0.3
Rubis SCA		0.3
Rentokil Initial plc		0.3

Top Countries

	% of Net Assets
Japan		23.3
United Kingdom		15.4
Canada		8.3
Germany		6.5
Australia		6.1
Switzerland		5.4
France		5.3
Italy		3.9
Sweden		3.1
Hong Kong		3.0

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.91	%	$	1,000.00	$	1,168.20	$	4.89
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.28	$	4.56
Class B(a)	Actual		1.16	%	$	1,000.00	$	1,166.50	$	6.23
	Hypothetical*		1.16	%	$	1,000.00	$	1,019.04	$	5.81

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Australia—6.1%
Acrux, Ltd. (a)		41,605	$	6,885
Adelaide Brighton, Ltd.		197,116		852,328
AED Oil, Ltd. (a) (b) (c)		93,946		0
Ainsworth Game Technology, Ltd.		51,616		85,665
Alkane Resources, Ltd. (a)		120,355		21,755
ALS, Ltd.		76,663		438,439
Altium, Ltd.		31,832		209,497
Altona Mining, Ltd. (a)		67,875		6,780
AMA Group, Ltd.		111,029		82,759
Ansell, Ltd.		39,937		727,526
AP Eagers, Ltd.		7,774		49,945
ARB Corp., Ltd.		27,756		335,553
Ardent Leisure Group		50,226		72,576
Arrium, Ltd. (a) (b) (c)		972,288		13,661
AUB Group, Ltd.		25,969		259,281
Ausdrill, Ltd.		110,321		155,543
Austal, Ltd.		81,889		115,278
Australian Agricultural Co., Ltd. (a)		192,359		274,034
Australian Pharmaceutical Industries, Ltd.		174,311		254,793
Auswide Bank, Ltd.		9,275		36,627
Automotive Holdings Group, Ltd.		101,744		261,924
Aveo Group		81,294		173,569
AVJennings, Ltd.		10,332		5,200
AWE, Ltd. (a)		249,785		85,359
Bapcor, Ltd.		23,618		99,610
Beach Energy, Ltd.		743,366		327,974
Beadell Resources, Ltd. (a)		102,327		17,041
Bega Cheese, Ltd.		67,325		337,620
Bellamy’s Australia, Ltd.		13,454		71,558
Billabong International, Ltd. (a)		56,120		31,919
Blackmores, Ltd.		5,495		404,788
Blue Sky Alternative Investments, Ltd.		5,962		43,487
Breville Group, Ltd.		42,107		337,893
Brickworks, Ltd.		5,923		62,701
BT Investment Management, Ltd.		25,960		226,719
Buru Energy, Ltd. (a)		23,457		2,973
Cabcharge Australia, Ltd.		55,813		108,607
Capral, Ltd.		136,176		13,604
Cardno, Ltd. (a)		69,333		65,029
Carnarvon Petroleum, Ltd. (a)		251,902		15,321
carsales.com, Ltd.		83,570		739,727
Cash Converters International, Ltd.		152,939		37,012
Cedar Woods Properties, Ltd.		27,273		109,192
Cleanaway Waste Management, Ltd.		693,108		731,582
Coal of Africa, Ltd. (a)		133,534		4,516
Collection House, Ltd.		19,217		17,199
Collins Foods, Ltd. (a)		502		2,276
Collins Foods, Ltd.		5,520		25,032
Cooper Energy, Ltd. (a)		394,999		115,328
Corporate Travel Management, Ltd.		21,828		384,872
Costa Group Holdings, Ltd.		53,534		199,927
Credit Corp. Group, Ltd.		13,415		182,408
CSG, Ltd.		66,837		38,261
CSR, Ltd.		239,936		780,111
Cudeco, Ltd. (a) (b)		51,210		9,445
Data #3, Ltd.		55,471		73,547
Decmil Group, Ltd.		56,744		40,606
Australia—(Continued)
Downer EDI, Ltd.		333,686		1,642,334
DuluxGroup, Ltd.		165,477		882,046
DWS, Ltd.		36,847		42,518
Elders, Ltd. (a)		18,937		78,051
Energy Resources of Australia, Ltd. (a)		51,910		18,151
Energy World Corp., Ltd. (a)		325,379		95,033
EQT Holdings, Ltd.		3,062		41,680
ERM Power, Ltd.		49,991		45,874
Euroz, Ltd.		23,559		19,556
Event Hospitality and Entertainment, Ltd.		38,556		396,449
Evolution Mining, Ltd.		181,680		337,576
Fairfax Media, Ltd.		967,464		817,246
Finbar Group, Ltd.		6,909		4,218
Fleetwood Corp., Ltd. (a)		22,683		41,145
FlexiGroup, Ltd.		49,133		68,823
Flight Centre Travel Group, Ltd.		14,871		438,098
G8 Education, Ltd.		148,286		411,445
Gateway Lifestyle		13,237		19,840
Global Construction Services, Ltd.		9,380		4,326
GrainCorp, Ltd. - Class A		83,590		607,996
Grange Resources, Ltd.		120,000		11,068
Greencross, Ltd.		21,334		99,404
GUD Holdings, Ltd.		39,734		395,345
GWA Group, Ltd.		92,856		225,275
Hansen Technologies, Ltd.		47,406		147,205
HFA Holdings, Ltd.		45,623		84,152
Hills, Ltd. (a)		80,453		9,572
Horizon Oil, Ltd. (a)		652,736		21,047
HT&E, Ltd.		109,386		221,731
IDM International, Ltd. (a) (b) (c)		1,969		0
Iluka Resources, Ltd.		160,998		1,072,831
Imdex, Ltd. (a)		100,165		58,189
IMF Bentham, Ltd.		49,173		71,427
Independence Group NL		112,057		271,112
Infigen Energy, Ltd. (a)		343,467		192,602
Infomedia, Ltd.		131,353		73,210
Integrated Research, Ltd.		28,972		71,562
International Ferro Metals, Ltd. (a) (b) (c)		82,765		0
Invocare, Ltd.		38,500		436,247
IOOF Holdings, Ltd.		103,265		777,223
Iress, Ltd.		57,739		562,744
iSelect, Ltd.		46,213		71,360
iSentia Group, Ltd.		28,120		46,470
JB Hi-Fi, Ltd.		46,350		833,072
Jupiter Mines, Ltd. (a) (b) (c)		59,374		23,750
K&S Corp., Ltd.		1,802		2,216
Karoon Gas Australia, Ltd. (a)		75,600		74,529
Kingsgate Consolidated, Ltd. (a)		121,238		18,598
Kingsrose Mining, Ltd. (a) (b) (c)		102,961		5,935
MACA, Ltd.		56,351		71,445
Macmahon Holdings, Ltd. (a)		380,170		48,264
Macquarie Atlas Roads Group		117,544		506,847
Magellan Financial Group, Ltd.		27,343		605,617
MaxiTRANS Industries, Ltd.		59,013		30,390
Mayne Pharma Group, Ltd. (a)		452,144		376,708
McMillan Shakespeare, Ltd.		29,453		303,194
McPherson’s, Ltd.		34,460		34,448

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Medusa Mining, Ltd. (a)		60,972	$	13,080
Melbourne IT, Ltd.		41,278		91,167
Metals X, Ltd. (a)		75,358		38,798
Metcash, Ltd. (a)		385,184		711,530
Mincor Resources NL (a)		105,687		14,632
Mineral Resources, Ltd.		41,091		341,818
MMA Offshore, Ltd. (a)		100,235		11,941
Monadelphous Group, Ltd.		40,177		431,434
Monash IVF Group, Ltd.		21,931		30,031
Morning Star Gold NL (a) (b) (c)		33,455		3
Mortgage Choice, Ltd.		48,689		80,420
Mount Gibson Iron, Ltd. (a)		382,742		97,082
Myer Holdings, Ltd.		355,143		228,003
MYOB Group, Ltd.		52,571		138,533
MyState, Ltd.		3,899		14,531
Navitas, Ltd.		96,272		359,525
New Hope Corp., Ltd.		6,285		7,391
nib holdings, Ltd.		199,351		878,077
Nick Scali, Ltd.		16,348		76,575
Nine Entertainment Co. Holdings, Ltd.		18,490		19,590
Northern Star Resources, Ltd.		220,636		808,564
Nufarm, Ltd.		79,335		586,870
OceanaGold Corp.		166,811		502,954
OFX Group, Ltd.		99,303		122,953
Orocobre, Ltd. (a) (d)		49,318		131,864
Orora, Ltd.		225,473		496,549
OrotonGroup, Ltd.		8,647		6,633
OZ Minerals, Ltd.		134,369		765,337
Pacific Current Group, Ltd.		1,159		5,924
Pacific Smiles Group, Ltd.		13,431		18,775
Pact Group Holdings, Ltd.		4,623		21,266
Paladin Energy, Ltd. (a) (b) (c)		612,137		22,113
Panoramic Resources, Ltd. (a)		146,618		24,724
Peet, Ltd.		88,199		81,278
Peninsula Energy, Ltd. (a)		11,352		2,923
Perpetual, Ltd.		19,256		825,991
Perseus Mining, Ltd. (a)		231,401		51,735
Platinum Asset Management, Ltd.		21,691		77,192
Pluton Resources, Ltd. (a) (b) (c)		48,332		0
PMP, Ltd.		158,703		91,497
Premier Investments, Ltd.		44,992		438,788
Primary Health Care, Ltd.		244,279		682,860
Prime Media Group, Ltd.		93,371		27,323
Programmed Maintenance Services, Ltd.		95,504		136,900
Qube Holdings, Ltd.		315,285		637,340
Quintis, Ltd. (b) (c)		106,522		25,565
RCG Corp., Ltd.		90,942		60,190
RCR Tomlinson, Ltd. (a)		61,564		161,220
Reckon, Ltd.		36,898		46,794
Regis Resources, Ltd.		180,703		526,029
Reject Shop, Ltd. (The)		12,421		39,715
Resolute Mining, Ltd.		277,334		254,987
Retail Food Group, Ltd.		62,545		225,948
Ridley Corp., Ltd.		123,003		130,885
RPMGlobal Holdings, Ltd. (a)		4,190		1,755
Ruralco Holdings, Ltd.		9,291		21,066
Salmat, Ltd. (a)		45,807		13,555
Australia—(Continued)
Sandfire Resources NL		40,717		176,614
Saracen Mineral Holdings, Ltd. (a)		349,701		315,643
Select Harvests, Ltd.		30,640		115,839
Senex Energy, Ltd. (a)		248,220		52,468
Servcorp, Ltd.		21,215		92,905
Service Stream, Ltd.		62,705		63,618
Seven Group Holdings, Ltd.		15,634		131,205
Seven West Media, Ltd.		408,410		224,832
SG Fleet Group, Ltd.		4,537		13,275
Sigma Healthcare, Ltd.		560,969		385,488
Silex Systems, Ltd. (a)		28,112		7,885
Silver Chef, Ltd.		8,928		51,259
Silver Lake Resources, Ltd. (a)		112,092		40,668
Sirtex Medical, Ltd.		22,520		281,053
Slater & Gordon, Ltd. (a)		116,238		7,231
SmartGroup Corp., Ltd.		1,922		10,592
SMS Management & Technology, Ltd.		35,576		49,058
Southern Cross Media Group, Ltd.		229,061		218,962
Spark Infrastructure Group		465,240		936,153
Specialty Fashion Group, Ltd. (a)		34,701		10,541
SpeedCast International, Ltd.		2,909		8,537
Spotless Group Holdings, Ltd.		23,095		20,444
St. Barbara, Ltd. (a)		192,892		432,944
Steadfast Group, Ltd.		104,744		213,963
Strike Energy, Ltd. (a)		182,555		8,421
Sundance Energy Australia, Ltd. (a)		373,357		17,863
Sunland Group, Ltd.		40,150		54,917
Super Retail Group, Ltd.		65,652		413,787
Tabcorp Holdings, Ltd.		236,852		795,558
Tassal Group, Ltd.		80,622		236,361
Technology One, Ltd.		85,252		377,159
Ten Network Holdings, Ltd. (a) (b) (c)		109,315		13,443
Thorn Group, Ltd.		62,916		68,652
Tiger Resources, Ltd. (a) (b) (c)		591,241		16,723
Tox Free Solutions, Ltd.		90,131		166,207
Treasury Wine Estates, Ltd.		56,464		570,644
Troy Resources, Ltd. (a)		106,145		6,368
Villa World, Ltd.		15,952		27,633
Village Roadshow, Ltd.		32,709		101,687
Virgin Australia Holdings, Ltd. (a)		442,369		54,562
Virgin Australia International Holding, Ltd. (a) (b) (c)		968,773		1
Virtus Health, Ltd.		37,091		153,408
Vista Group International, Ltd.		7,356		31,484
Vita Group, Ltd.		18,112		15,491
Watpac, Ltd. (a)		37,999		16,503
Webjet, Ltd.		25,862		245,496
Western Areas, Ltd. (a)		118,029		191,428
Westgold Resources, Ltd. (a)		37,679		53,377
Whitehaven Coal, Ltd. (a)		121,287		267,340
WorleyParsons, Ltd. (a)		33,331		287,008
WPP AUNZ, Ltd.		131,382		126,229
				43,889,206
Austria—1.4%
A-TEC Industries AG (a) (b) (c) (d)		1,312		0
Agrana Beteiligungs AG		1,453		189,645

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Austria—(Continued)
ams AG (a)		23,302	$	1,511,719
Andritz AG		10,323		622,599
Austria Technologie & Systemtechnik AG (d)		14,133		158,939
BUWOG AG (a)		17,192		494,163
CA Immobilien Anlagen AG		20,949		510,981
DO & Co. AG		1,857		131,230
EVN AG		12,657		189,252
FACC AG (a)		2,221		20,868
IMMOFINANZ AG (a)		125,781		287,755
Kapsch TrafficCom AG		2,222		118,816
Lenzing AG		3,209		575,571
Mayr Melnhof Karton AG		3,412		446,405
Oberbank AG		198		17,641
Oesterreichische Post AG		10,867		472,338
Palfinger AG		5,947		277,227
POLYTEC Holding AG		10,783		203,206
Porr AG		1,436		45,383
Raiffeisen Bank International AG (a)		13,074		330,880
RHI AG		8,926		331,114
Rosenbauer International AG (d)		1,615		106,405
S IMMO AG		24,014		348,386
S&T AG		3,445		51,882
Schoeller-Bleckmann Oilfield Equipment AG (a)		3,509		230,064
Semperit AG Holding		5,443		158,851
Strabag SE (d)		6,827		294,719
Telekom Austria AG (a)		24,392		192,007
UBM Development AG		78		3,330
UNIQA Insurance Group AG		14,804		138,065
Wienerberger AG		39,101		888,744
Zumtobel Group AG		13,016		241,616
				9,589,801
Belgium—2.0%
Ablynx NV (a)		15,614		201,252
Ackermans & van Haaren NV		8,887		1,484,337
AGFA-Gevaert NV (a)		74,984		364,736
Atenor		1,089		58,850
Banque Nationale de Belgique		92		306,767
Barco NV		4,866		499,860
Bekaert S.A.		11,685		594,865
bpost S.A.		6,013		145,300
Cie d’Entreprises CFE		4,729		670,536
Cie Immobiliere de Belgique S.A.		1,276		78,834
D’ieteren S.A.		8,787		410,926
Deceuninck NV		27,313		102,370
Econocom Group S.A.		54,992		459,974
Elia System Operator S.A.		12,209		691,146
Euronav NV		30,049		237,644
EVS Broadcast Equipment S.A.		4,761		191,401
Exmar NV		10,339		49,622
Fagron (a)		17,646		217,061
Galapagos NV (a)		16,401		1,252,448
GIMV NV		450		27,254
Ion Beam Applications		9,771		538,756
Jensen-Group NV		738		34,979
Kinepolis Group NV		7,011		389,035
Belgium—(Continued)
Lotus Bakeries NV		118		314,147
MDxHealth (a)		5,915		31,911
Melexis NV		9,084		745,557
Nyrstar NV (a) (d)		26,926		164,455
Ontex Group NV		8,369		297,380
Orange Belgium S.A.		13,209		309,267
Picanol		1,475		175,060
RealDolmen NV		1,200		36,729
Recticel S.A.		18,423		142,851
Resilux NV		229		39,975
Rezidor Hotel Group AB		37,700		139,618
Roularta Media Group NV		1,629		41,614
Sioen Industries NV		3,290		106,358
Sipef S.A.		3,499		251,762
Tessenderlo Chemie NV (a)		13,457		578,779
ThromboGenics NV (a)		9,279		33,413
Umicore S.A.		25,634		1,785,966
Van de Velde NV		2,648		141,708
Viohalco S.A. (a)		45,397		148,994
				14,493,497
Cambodia—0.0%
NagaCorp, Ltd.		458,000		240,787
Canada—8.3%
5N Plus, Inc. (a)		33,732		84,018
Absolute Software Corp.		18,754		111,066
Acadian Timber Corp.		3,800		55,177
Advantage Oil & Gas, Ltd. (a)		96,530		652,813
Aecon Group, Inc.		30,622		381,122
AG Growth International, Inc.		5,820		259,046
AGF Management, Ltd. - Class B		32,280		167,772
AGT Food & Ingredients, Inc.		7,901		141,838
Aimia, Inc.		40,971		54,657
AirBoss of America Corp.		3,761		37,993
AKITA Drilling, Ltd. - Class A		2,003		11,044
Alamos Gold, Inc. - Class A		95,845		679,961
Alaris Royalty Corp.		8,954		159,015
Algoma Central Corp.		4,410		44,073
Algonquin Power & Utilities Corp.		77,093		811,474
Alio Gold, Inc. (a)		5,966		27,005
Alterra Power Corp.		15,076		66,149
Altius Minerals Corp.		9,660		80,376
Altus Group, Ltd.		14,488		313,154
Amaya, Inc. (a)		11,800		210,922
Andrew Peller, Ltd. - Class A		6,617		55,873
Asanko Gold, Inc. (a)		23,027		35,336
Athabasca Oil Corp. (a)		78,524		61,158
ATS Automation Tooling Systems, Inc. (a)		36,533		374,401
AuRico Metals, Inc. (a)		42,144		37,048
AutoCanada, Inc.		8,428		124,002
Avigilon Corp. (a)		14,381		159,579
B2Gold Corp. (a)		313,368		882,012
Badger Daylighting, Ltd. (d)		11,862		243,497
Baytex Energy Corp. (a) (d)		67,105		163,002
Bellatrix Exploration, Ltd. (a)		60,265		34,389

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Birchcliff Energy, Ltd.		60,552	$	285,297
Bird Construction, Inc.		18,612		122,281
Black Diamond Group, Ltd.		19,812		42,166
BlackPearl Resources, Inc. (a)		117,817		90,852
BMTC Group, Inc.		5,387		45,902
Bonavista Energy Corp.		62,296		130,184
Bonterra Energy Corp.		12,499		161,346
Boralex, Inc. - Class A		17,054		288,792
Brookfield Real Estate Services, Inc.		800		10,179
BRP, Inc.		10,168		297,873
BSM Technologies, Inc. (a)		15,600		19,127
Calfrac Well Services, Ltd. (a) (d)		35,593		68,891
Calian Group, Ltd.		2,846		60,352
Callidus Capital Corp.		4,100		44,832
Canaccord Genuity Group, Inc.		54,653		224,630
Canacol Energy, Ltd. (a)		37,461		123,926
Canadian Western Bank		32,028		676,223
Canam Group, Inc.		22,324		211,741
Canfor Corp. (a)		17,141		258,939
Canfor Pulp Products, Inc.		15,297		148,157
CanWel Building Materials Group, Ltd.		9,304		47,065
Capital Power Corp.		43,408		814,067
Capstone Mining Corp. (a)		117,839		85,417
Cara Operations, Ltd.		1,150		20,893
Cardinal Energy, Ltd.		350		1,303
Cargojet, Inc.		1,200		43,501
Cascades, Inc.		46,236		630,718
Celestica, Inc. (a)		36,485		495,732
Celestica, Inc. (U.S. Listed Shares) (a)		223		3,028
Centerra Gold, Inc.		62,285		340,051
Cequence Energy, Ltd. (a)		86,636		13,362
Cervus Equipment Corp.		2,998		25,592
CES Energy Solutions Corp.		45,937		204,747
Chartwell Retirement Residences		10,400		124,226
Chesswood Group, Ltd.		2,000		18,337
Chinook Energy, Inc. (a)		27,917		7,319
Cineplex, Inc. (d)		19,436		792,248
Clairvest Group, Inc.		200		5,301
Clarke, Inc. (a)		1,614		13,890
Clearwater Seafoods, Inc.		7,044		62,032
Cogeco Communications, Inc.		4,920		300,519
Cogeco, Inc.		2,309		120,186
Colliers International Group, Inc.		12,580		711,069
Computer Modelling Group, Ltd.		21,620		169,719
Continental Gold, Inc. (a)		20,900		61,565
Copper Mountain Mining Corp. (a)		57,011		36,489
Corby Spirit and Wine, Ltd.		3,957		64,719
Corridor Resources, Inc. (a)		21,385		8,163
Corus Entertainment, Inc. - B Shares		31,990		336,230
Cott Corp.		38,179		551,429
Cott Corp. (U.S. Listed Shares) (d)		2,000		28,880
Crew Energy, Inc. (a)		69,029		213,453
CRH Medical Corp. (a)		11,000		62,600
Delphi Energy Corp. (a) (d)		95,850		90,174
Denison Mines Corp. (a) (d)		247,548		106,899
Descartes Systems Group, Inc. (The) (a)		28,586		695,472
DHX Media, Ltd.		25,796		113,981
Canada—(Continued)
DIRTT Environmental Solutions (a)		14,300		75,536
Dominion Diamond Corp.		23,880		300,526
Dominion Diamond Corp. (U.S. Listed Shares)		9,238		116,029
Dorel Industries, Inc. - Class B		12,134		322,532
Dundee Precious Metals, Inc. (a)		40,545		75,662
E-L Financial Corp., Ltd.		177		115,334
Echelon Financial Holdings, Inc. (a)		900		9,168
EcoSynthetix, Inc. (a)		800		1,826
Eldorado Gold Corp.		112,292		297,875
Enbridge Income Fund Holdings, Inc.		21,718		539,098
EnerCare, Inc.		31,725		482,431
Enerflex, Ltd.		29,289		425,061
Enerplus Corp.		35,800		290,419
Enghouse Systems, Ltd.		7,089		287,266
Ensign Energy Services, Inc.		51,526		275,351
Epsilon Energy, Ltd. (a)		21,856		51,067
Equitable Group, Inc. (d)		3,909		179,293
Equity Financial Holdings, Inc. (a)		1,100		6,353
Essential Energy Services Trust (a)		53,526		26,004
Evertz Technologies, Ltd.		9,149		125,580
Exchange Income Corp. (d)		3,551		90,528
Exco Technologies, Ltd.		13,332		109,798
EXFO, Inc. (a)		85		397
Extendicare, Inc.		41,356		330,070
Fiera Capital Corp.		12,719		134,860
Firm Capital Mortgage Investment Corp.		8,474		86,583
First Majestic Silver Corp. (a)		33,160		275,140
First National Financial Corp. (d)		4,907		102,734
FirstService Corp.		12,580		807,204
Fortress Paper, Ltd. - Class A (a)		7,338		34,743
Fortuna Silver Mines, Inc. (a) (d)		60,121		294,393
Freehold Royalties, Ltd.		30,212		304,030
Gamehost, Inc.		4,952		35,322
Genesis Land Development Corp.		14,348		38,503
Genworth MI Canada, Inc. (d)		12,625		347,363
Gibson Energy, Inc.		29,744		384,415
Glacier Media, Inc. (a)		9,600		4,516
Gluskin Sheff & Associates, Inc.		10,533		136,049
GMP Capital, Inc. (a)		28,336		69,485
Goeasy, Ltd.		2,000		42,566
Gran Tierra Energy, Inc. (a)		109,213		242,546
Granite Oil Corp.		10,252		36,603
Great Canadian Gaming Corp. (a)		14,894		274,266
Great Panther Silver, Ltd. (a) (d)		67,206		86,029
Guyana Goldfields, Inc. (a)		48,247		226,204
Hanfeng Evergreen, Inc. (a) (b) (c)		12,100		0
Heroux-Devtek, Inc. (a)		14,606		164,779
High Liner Foods, Inc.		4,807		64,832
HNZ Group, Inc. (a)		3,031		32,745
Home Capital Group, Inc. (d)		20,814		272,694
Horizon North Logistics, Inc.		30,612		31,396
HudBay Minerals, Inc.		103,103		596,293
Hudson’s Bay Co. (d)		16,774		149,657
IAMGOLD Corp. (a) (d)		152,782		788,180
Imperial Metals Corp. (a)		15,126		55,638
Indigo Books & Music, Inc. (a)		1,986		23,753
Information Services Corp.		800		10,919

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Innergex Renewable Energy, Inc.		38,391	$	422,159
Interfor Corp. (a)		33,292		476,994
International Tower Hill Mines, Ltd. (a)		21,604		10,329
Intertape Polymer Group, Inc.		20,313		386,743
Jean Coutu Group PJC, Inc. (The) - Class A		19,925		305,758
Just Energy Group, Inc.		66,837		350,472
K-Bro Linen, Inc. (d)		2,319		72,424
Kelt Exploration, Ltd. (a)		26,451		128,094
Kinaxis, Inc. (a)		1,060		65,997
Kingsway Financial Services, Inc. (a)		8,765		53,734
Kirkland Lake Gold, Ltd.		42,041		397,782
Klondex Mines, Ltd. (a)		48,447		163,258
Knight Therapeutics, Inc. (a)		33,205		263,479
KP Tissue, Inc.		1,400		15,341
Labrador Iron Ore Royalty Corp.		15,800		191,530
Laurentian Bank of Canada		13,206		551,642
Leon’s Furniture, Ltd.		9,639		130,448
Lightstream Resources, Ltd. (a) (b) (c)		108,373		0
Linamar Corp.		12,800		630,919
Liquor Stores N.A., Ltd.		12,660		95,965
Lucara Diamond Corp.		110,136		234,404
Lundin Mining Corp.		44,577		253,341
MacDonald Dettwiler & Associates, Ltd. (d)		4,268		222,089
Magellan Aerospace Corp.		5,794		90,431
Mainstreet Equity Corp. (a) (d)		2,561		71,786
Major Drilling Group International, Inc. (a)		36,670		240,074
Mandalay Resources Corp.		87,627		25,339
Manitok Energy, Inc. (a)		4,196		243
Manitok Energy, Inc.		748		43
Maple Leaf Foods, Inc.		32,719		826,049
Martinrea International, Inc.		32,289		263,680
Maxim Power Corp. (a)		2,800		5,873
Mediagrif Interactive Technologies, Inc.		4,176		49,527
Medical Facilities Corp.		12,861		145,192
MEG Energy Corp. (a)		33,700		99,011
Melcor Developments, Ltd.		3,120		37,027
Morguard Corp.		900		128,219
Morneau Shepell, Inc.		16,285		261,705
MTY Food Group, Inc.		5,404		193,191
Mullen Group, Ltd.		37,792		466,280
Nautilus Minerals, Inc. (a)		134,471		22,813
Nevsun Resources, Ltd.		81,011		195,531
New Flyer Industries, Inc.		17,136		716,731
New Gold, Inc. (a)		96,948		308,009
Newalta Corp. (a)		23,919		26,560
Norbord, Inc.		8,718		271,395
North American Energy Partners, Inc.		14,743		64,120
North West Co., Inc. (The)		17,071		411,505
Northern Blizzard Resources, Inc.		4,700		11,707
Northland Power, Inc.		33,879		603,489
Novelion Therapeutics, Inc. (a) (b)		5,100		47,073
NuVista Energy, Ltd. (a)		59,117		298,594
Obsidian Energy, Ltd. (a)		163,188		205,118
Osisko Gold Royalties, Ltd.		22,106		270,188
Painted Pony Energy, Ltd. (a)		38,738		141,295
Pan American Silver Corp.		55,071		926,202
Paramount Resources, Ltd. - Class A (a)		10,417		153,347
Canada—(Continued)
Parex Resources, Inc. (a)		55,359		629,662
Parkland Fuel Corp.		26,463		606,274
Pason Systems, Inc.		22,516		335,795
Pengrowth Energy Corp. (a) (d)		183,295		144,171
Petrus Resources, Ltd. (a)		1,290		2,238
PHX Energy Services Corp. (a)		12,350		22,380
Pizza Pizza Royalty Corp. (d)		6,998		92,709
Platinum Group Metals, Ltd. (a)		3,208		2,696
Point Loma Resources, Ltd. (a)		291		88
Points International, Ltd. (a)		5,320		48,080
Polymet Mining Corp. (a)		38,355		22,774
Precision Drilling Corp. (a)		103,898		354,926
Premium Brands Holdings Corp.		7,879		565,285
Primero Mining Corp. (a)		70,253		24,378
Pulse Seismic, Inc. (a)		15,720		31,518
Pure Technologies, Ltd.		7,900		29,789
Quarterhill, Inc.		58,061		83,725
Questerre Energy Corp. - Class A (a)		83,569		41,888
Raging River Exploration, Inc. (a)		56,263		350,993
RB Energy, Inc. (a) (c)		76,741		54
Reitmans Canada, Ltd. - Class A		20,566		68,194
Richelieu Hardware, Ltd.		18,390		426,141
Richmont Mines, Inc. (a)		20,415		159,000
RMP Energy, Inc. (a)		72,808		34,810
Rocky Mountain Dealerships, Inc.		3,738		28,681
Rogers Sugar, Inc. (d)		35,106		171,632
Russel Metals, Inc.		25,722		514,916
Sabina Gold & Silver Corp. (a)		57,206		88,226
Sandstorm Gold, Ltd. (a) (d)		48,383		186,921
Sandvine Corp.		44,900		148,536
Secure Energy Services, Inc.		55,376		377,913
SEMAFO, Inc. (a)		123,983		285,865
ShawCor, Ltd.		20,891		426,584
Sherritt International Corp. (a) (d)		132,332		78,575
Sienna Senior Living, Inc.		14,276		197,825
Sierra Wireless, Inc. (a)		18,510		519,844
Silver Standard Resources, Inc. (a)		37,551		364,564
Solium Capital, Inc. (a)		11,317		85,611
Spartan Energy Corp. (a)		23,368		110,820
Sprott Resource Holdings, Inc. (a)		112,715		13,907
Sprott, Inc.		56,027		98,505
Stantec, Inc.		20,482		515,683
Stella-Jones, Inc.		10,990		375,091
Stornoway Diamond Corp. (a)		70,074		41,608
Strad Energy Services, Ltd. (a)		10,641		11,488
Street Capital Group, Inc. (a)		5,900		6,142
Stuart Olson, Inc.		11,157		45,857
Student Transportation, Inc.		27,425		166,225
SunOpta, Inc. (a)		26,392		268,642
Superior Plus Corp.		44,558		392,391
Surge Energy, Inc. (d)		85,275		137,434
Taseko Mines, Ltd. (a)		108,786		137,576
Tembec, Inc. (a)		32,111		103,999
Teranga Gold Corp. (a)		24,518		66,362
TFI International, Inc.		25,364		547,063
Theratechnologies, Inc. (a)		11,600		76,749
TMX Group, Ltd.		7,727		420,433

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
TORC Oil & Gas, Ltd.		47,624	$	186,192
Torex Gold Resources, Inc. (a)		16,690		318,279
Toromont Industries, Ltd.		22,483		827,682
Torstar Corp. - Class B		21,453		24,649
Total Energy Services, Inc.		17,786		182,413
TransAlta Corp.		62,449		399,215
TransAlta Renewables, Inc.		10,414		125,758
Transcontinental, Inc. - Class A (d)		26,130		517,845
TransGlobe Energy Corp. (a)		36,372		48,242
Trevali Mining Corp. (a)		55,100		53,961
Trican Well Service, Ltd. (a)		101,707		284,698
Trilogy Energy Corp. (a)		19,776		74,267
Trinidad Drilling, Ltd. (a)		83,773		125,970
Uni-Select, Inc.		13,271		320,518
Valener, Inc.		16,303		280,601
Vecima Networks, Inc.		2,500		19,278
Veresen, Inc.		76,138		1,076,782
Wajax Corp.		7,885		137,659
Wesdome Gold Mines, Ltd. (a) (d)		38,107		89,626
West Fraser Timber Co., Ltd.		13,564		642,010
Western Energy Services Corp. (a)		27,573		37,209
Western Forest Products, Inc.		145,247		262,090
WestJet Airlines, Ltd.		861		15,370
Westshore Terminals Investment Corp.		23,388		378,919
Whitecap Resources, Inc.		27,350		195,297
Winpak, Ltd.		9,102		408,635
Xtreme Drilling Corp. (a)		4,967		7,890
Yellow Pages, Ltd. (a) (d)		6,975		40,017
ZCL Composites, Inc.		9,681		97,198
Zenith Capital Corp. (a) (b) (c)		12,830		801
				59,207,238
China—0.2%
APT Satellite Holdings, Ltd.		164,250		86,283
Asia Satellite Telecommunications Holdings, Ltd.		58,500		62,290
BeijingWest Industries International, Ltd.		41,200		8,173
Bund Center Investment, Ltd.		138,000		79,335
CGN Mining Co., Ltd.		145,000		11,701
China Chuanglian Education Group, Ltd. (a)		336,000		5,312
China Display Optoelectronics Technology Holdings, Ltd.		136,000		20,703
China Gold International Resources Corp., Ltd. (a)		62,113		94,836
China Ludao Technology Co., Ltd. (a)		56,000		9,611
Chong Hing Bank, Ltd.		7,000		14,776
CITIC Telecom International Holdings, Ltd.		467,000		149,541
FIH Mobile, Ltd.		214,000		66,182
First Sponsor Group, Ltd.		8,628		8,275
Fountain SET Holdings, Ltd.		422,000		55,142
Guangnan Holdings, Ltd.		264,000		34,802
Guotai Junan International Holdings, Ltd.		571,600		177,228
iOne Holdings, Ltd. (a)		960,000		25,821
Neo-Neon Holdings, Ltd. (a)		322,500		36,765
New Sports Group, Ltd. (a)		2,230,000		11,711
Rivera Holdings, Ltd.		20,000		1,537
Shenwan Hongyuan HK, Ltd.		172,500		66,517
Sino Grandness Food Industry Group, Ltd.		199,272		35,482
China—(Continued)
SITC International Holdings Co., Ltd.		223,000		175,768
Varitronix International, Ltd.		137,000		75,295
				1,313,086
Denmark—2.1%
ALK-Abello A/S		1,596		238,156
Alm Brand A/S		35,116		313,135
Ambu A/S - Class B (d)		9,548		615,699
Bang & Olufsen A/S (a)		9,221		154,436
Bavarian Nordic A/S (a)		10,666		630,942
Brodrene Hartmann A/S		663		39,167
D/S Norden A/S (a) (d)		5,328		96,987
DFDS A/S		11,185		595,929
FLSmidth & Co. A/S		18,666		1,180,140
GN Store Nord A/S		52,383		1,530,684
H+H International A/S - Class B (a)		1,737		29,131
Harboes Bryggeri A/S - Class B		1,454		27,366
IC Group A/S		3,209		69,006
Jeudan A/S (a)		201		21,763
Jyske Bank A/S		14,672		850,422
Matas A/S		972		15,387
NKT A/S (a)		6,820		548,393
NNIT A/S		717		21,910
Nordjyske Bank A/S		185		3,268
Parken Sport & Entertainment A/S		2,351		30,928
PER Aarsleff Holding A/S		8,472		205,761
Ringkjoebing Landbobank A/S		9,819		490,226
Rockwool International A/S - B Shares		3,162		696,542
Royal Unibrew A/S		15,546		745,769
RTX A/S		2,568		64,006
Santa Fe Group A/S (a)		7,121		60,791
Schouw & Co. AB		6,963		748,869
SimCorp A/S		16,061		972,877
Solar A/S - B Shares		2,435		141,238
Spar Nord Bank A/S		32,428		425,377
Sydbank A/S		26,018		980,553
TDC A/S		141,824		826,253
TK Development A/S (a)		37,491		60,467
Topdanmark A/S (a)		22,026		703,296
Tryg A/S		18,564		406,339
United International Enterprises		850		177,608
Vestjysk Bank A/S (a)		3,300		4,619
William Demant Holding A/S (a)		4,204		109,159
Zealand Pharma A/S (a) (d)		3,880		77,937
				14,910,536
Faeroe Islands—0.1%
Bakkafrost P/F		8,908		335,725
Finland—2.7%
Aktia Bank Oyj		3,139		33,598
Alma Media Oyj		22,695		154,769
Amer Sports Oyj (a)		47,651		1,194,592
Apetit Oyj		1,205		19,264
Aspo Oyj		8,414		87,132
Atria Oyj		2,604		30,536

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
BasWare Oyj (a)		3,525	$	158,979
Bittium Oyj		4,041		33,633
Cargotec Oyj - B Shares		12,591		799,490
Caverion Corp. (a) (d)		38,117		306,088
Citycon Oyj		146,997		386,509
Cramo Oyj		9,503		284,442
Elisa Oyj		30,080		1,166,018
F-Secure Oyj		35,820		170,645
Finnair Oyj		24,728		181,082
Fiskars Oyj Abp		17,515		430,045
HKScan Oyj - A Shares		6,704		24,061
Huhtamaki Oyj		37,559		1,484,310
Ilkka-Yhtyma Oyj		2,976		10,201
Kemira Oyj		41,153		520,026
Kesko Oyj - A Shares		933		46,535
Kesko Oyj - B Shares		24,862		1,267,139
Konecranes Oyj		16,662		705,329
Lassila & Tikanoja Oyj		13,899		292,459
Lemminkainen Oyj		5,098		150,046
Metsa Board Oyj		86,501		630,234
Metso Oyj		25,057		869,976
Nokian Renkaat Oyj		40,917		1,695,457
Olvi Oyj - A Shares		6,303		220,665
Oriola-KD Oyj - B Shares		53,692		224,628
Orion Oyj - Class A		11,274		717,780
Orion Oyj - Class B		230		14,686
Outokumpu Oyj		102,277		819,709
Outotec Oyj (a)		52,402		360,821
Ponsse Oyj		3,208		87,176
Poyry Oyj (a)		14,295		78,119
Raisio Oyj - V Shares		55,399		230,543
Ramirent Oyj		31,090		313,881
Rapala VMC Oyj		8,902		40,568
Sanoma Oyj		31,912		298,267
Sponda Oyj		44,426		257,251
Stockmann Oyj Abp - B Shares (a)		11,956		103,853
Talvivaara Mining Co. plc (a) (b) (c)		286,881		1,868
Technopolis Oyj		66,184		279,415
Teleste Oyj		772		7,312
Tieto Oyj		21,736		672,183
Tikkurila Oyj		14,019		303,382
Uponor Oyj		19,661		358,695
Vaisala Oyj - A Shares		4,116		205,341
Valmet Oyj		12,429		241,569
YIT Oyj		33,084		277,982
				19,248,289
France—5.3%
ABC Arbitrage		7,498		55,336
Actia Group		4,338		42,377
Air France-KLM (a)		50,893		727,383
Akka Technologies S.A.		3,497		182,145
Albioma S.A.		13,155		303,176
Altamir Amboise		9,152		170,532
Alten S.A.		9,511		789,731
Altran Technologies S.A.		62,318		1,017,174
France—(Continued)
Antalis International SAS (a)		2,044		5,486
APRIL S.A.		8,341		131,454
Assystem		4,398		155,861
Aubay		1,785		57,490
Axway Software S.A.		2,132		74,281
Bastide le Confort Medical		590		24,124
Beneteau S.A.		15,076		262,377
BioMerieux		755		163,463
Boiron S.A.		2,586		255,261
Bonduelle SCA		6,712		252,576
Burelle S.A.		156		202,228
Catering International Services		541		12,640
Cegedim S.A. (a)		2,643		91,908
CGG S.A. (a)		3,847		17,769
Chargeurs S.A.		7,964		221,040
Cie des Alpes		3,241		108,533
Coface S.A. (a)		2,022		20,286
Dalenys (a)		1,352		13,432
Derichebourg S.A.		31,305		266,530
Devoteam S.A.		2,486		197,800
Edenred		45,201		1,179,850
Electricite de Strasbourg S.A.		88		12,069
Elior Group		19,633		573,053
Elis S.A.		6,943		159,132
Eramet (a)		1,499		74,187
Esso S.A. Francaise (a)		1,341		88,717
Euler Hermes Group		2,457		292,641
Eutelsat Communications S.A.		3,630		92,798
Exel Industries - A Shares		618		69,171
Faurecia		25,665		1,303,591
Fleury Michon S.A.		461		27,394
Fnac Darty S.A. (a)		5,410		440,920
Fnac Darty S.A. (a)		3,721		303,326
Gaztransport Et Technigaz S.A.		5,461		218,824
GEA		165		17,196
GL Events		3,794		107,007
Groupe Crit		1,062		98,876
Groupe Gorge (a)		1,266		34,330
Groupe Open		722		22,598
Guerbet		2,188		196,575
Haulotte Group S.A.		5,337		91,087
Havas S.A.		18,730		197,685
HERIGE SADCS		235		10,171
HiPay Group S.A. (a)		1,527		25,517
ID Logistics Group (a)		428		66,900
Imerys S.A.		3,235		281,634
Interparfums S.A.		5,282		200,696
Ipsen S.A.		13,044		1,786,281
IPSOS		12,134		455,265
Jacquet Metal Service		7,386		195,812
Korian S.A. (d)		22,136		755,248
Lagardere SCA		36,064		1,140,525
Lanson-BCC		15		577
Laurent-Perrier		1,367		120,245
Le Belier		299		15,234
Le Noble Age		1,488		102,498
Lectra		8,150		224,152

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Linedata Services		855	$	51,188
LISI		8,732		416,266
Maisons France Confort S.A.		1,526		109,797
Manitou BF S.A.		4,534		142,028
Manutan International		589		58,278
Mersen		8,985		295,402
METabolic EXplorer S.A. (a)		6,035		16,337
Metropole Television S.A.		15,772		367,225
MGI Coutier		3,301		132,024
Mr. Bricolage		601		9,611
Naturex (a)		2,045		215,903
Neopost S.A.		12,528		582,078
Nexans S.A.		10,974		601,205
Nexity S.A. (a)		12,502		726,754
NRJ Group (a)		9,690		120,983
Oeneo S.A.		4,362		46,561
Onxeo S.A. (a)		4,566		21,997
Onxeo S.A. (a) (d)		3,499		16,887
Orpea		11,098		1,236,707
Parrot S.A. (a) (d)		2,647		28,538
PCAS		614		11,938
Pierre & Vacances S.A. (a) (d)		2,817		158,456
Plastic Omnium S.A.		30,265		1,109,698
Plastivaloire		1,576		45,003
Rallye S.A.		8,863		182,666
Rexel S.A.		55,587		911,061
Robertet S.A.		14		6,466
Rothschild & Co.		488		17,872
Rubis SCA		16,886		1,922,319
Samse S.A.		107		17,953
Sartorius Stedim Biotech		7,221		560,101
Savencia S.A.		2,303		217,166
Seche Environnement S.A.		1,555		61,585
Sequana S.A. (a)		10,224		12,587
SES-imagotag S.A. (a)		383		12,785
Societe des Bains de Mer et du Cercle des Etrangers a Monaco (a)		16		605
Societe Marseillaise du Tunnel Prado-Carenage S.A.		293		7,060
Societe pour l’Informatique Industrielle		713		18,295
Societe Television Francaise 1		48,852		685,019
SOITEC (a)		5,935		362,792
Solocal Group (a)		140,462		184,277
Somfy S.A.		1,645		172,101
Sopra Steria Group (d)		5,251		838,315
SPIE S.A.		11,799		354,787
Ste Industrielle d’Aviation Latecoere S.A. (a)		26,469		126,500
STEF S.A.		1,145		120,263
Sword Group		3,419		139,706
Synergie S.A.		4,031		198,557
Tarkett S.A.		3,785		176,003
Technicolor S.A.		88,305		385,355
Teleperformance SE		18,986		2,442,436
Tessi S.A.		727		132,482
TFF Group		308		48,984
Thermador Groupe		1,081		114,977
Total Gabon		324		52,689
France—(Continued)
Touax S.A. (a)		1,706		24,142
Trigano S.A.		3,132		375,438
UBISOFT Entertainment S.A. (a)		41,482		2,355,188
Union Financiere de France BQE S.A.		1,257		42,928
Vallourec S.A. (a) (d)		64,313		393,939
Valneva SE (a) (d)		15,386		52,173
Vetoquinol S.A.		1,341		78,311
Vicat S.A.		5,373		378,537
VIEL & Cie S.A.		4,205		28,143
Vilmorin & Cie S.A.		2,684		218,938
Virbac S.A. (a)		1,270		203,864
Vranken-Pommery Monopole S.A.		958		26,713
				37,987,117
Georgia—0.0%
BGEO Group plc		6,261		284,997
Germany—6.3%
Aareal Bank AG		26,928		1,067,416
Adler Modemaerkte AG (a)		2,828		18,539
ADLER Real Estate AG (a) (d)		4,349		67,557
ADVA Optical Networking SE (a)		13,833		143,222
AIXTRON SE (a)		30,799		216,657
Allgeier SE		2,942		69,507
Amadeus Fire AG		2,107		185,195
Aurubis AG		14,317		1,127,853
Axel Springer SE		10,274		617,197
Basler AG		236		34,936
Bauer AG		4,696		113,120
BayWa AG		5,731		203,888
BayWa AG		305		10,839
Bechtle AG		6,063		780,767
Bertrandt AG (d)		1,677		168,199
Bijou Brigitte AG		1,603		107,939
Bilfinger SE (d)		3,381		132,607
Biotest AG (a)		4,221		135,808
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)		26,420		184,689
CANCOM SE		6,787		412,637
Carl Zeiss Meditec AG		9,550		496,477
CENIT AG		3,819		93,823
CENTROTEC Sustainable AG		3,158		69,465
Cewe Stiftung & Co. KGaA		2,303		194,423
Comdirect Bank AG		13,399		149,007
CompuGroup Medical SE		8,932		501,410
Constantin Medien AG (a)		15,941		37,328
CropEnergies AG		9,235		102,137
CTS Eventim AG & Co. KGaA		17,775		786,007
Data Modul AG		138		12,360
Delticom AG		1,562		28,299
Deutsche Beteiligungs AG		2,815		125,610
Deutsche Euroshop AG		6,674		263,285
Deutsche Pfandbriefbank AG		10,699		132,050
Deutz AG		35,346		298,269
DIC Asset AG		7,859		86,145
DMG Mori AG		10,739		603,823

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Dr. Hoenle AG		2,084	$	78,007
Draegerwerk AG & Co. KGaA		1,062		85,565
Drillisch AG		17,268		1,042,633
Duerr AG		8,529		1,013,869
Eckert & Ziegler AG		1,629		65,119
Elmos Semiconductor AG		7,336		161,563
ElringKlinger AG (d)		11,206		214,784
Euromicron AG (a)		2,048		20,532
Evotec AG (a)		24,706		396,388
Fielmann AG		2,497		192,613
Francotyp-Postalia Holding AG		3,300		22,547
Fraport AG Frankfurt Airport Services Worldwide		3,441		304,391
Freenet AG		51,967		1,660,080
FUCHS Petrolub SE		4,292		202,736
Gerresheimer AG		9,821		790,224
Gerry Weber International AG (d)		9,842		113,640
Gesco AG		4,563		129,302
GFT Technologies SE (d)		5,932		123,108
Grammer AG		5,154		271,083
GRENKE AG		1,704		378,621
H&R AG GmbH & Co. KGaA (a)		4,113		57,336
Hamburger Hafen und Logistik AG		8,624		188,409
Heidelberger Druckmaschinen AG (a) (d)		100,140		304,883
Hella KGaA Hueck & Co.		2,951		145,249
HolidayCheck Group AG (a)		1,815		6,365
Hornbach Baumarkt AG		1,543		55,702
Hugo Boss AG		9,989		701,120
Indus Holding AG		9,706		690,417
Isra Vision AG		1,587		269,547
Jenoptik AG		19,047		501,009
K&S AG (d)		19,765		506,562
KION Group AG		8,423		646,682
Kloeckner & Co. SE		34,891		368,891
Koenig & Bauer AG		4,373		296,023
Kontron AG (a)		21,842		78,960
Krones AG		5,091		590,866
KSB AG		82		42,239
KWS Saat SE		859		337,984
LANXESS AG		27,203		2,060,159
LEG Immobilien AG		15,885		1,494,464
Leifheit AG		1,890		73,937
Leoni AG		12,471		644,269
LPKF Laser & Electronics AG (a) (d)		4,316		46,222
Manz AG (a) (d)		1,272		49,141
Medigene AG (a)		3,423		43,281
MLP AG		20,985		139,994
MTU Aero Engines AG		14,899		2,108,157
Nemetschek SE		6,185		460,687
Nexus AG		2,764		81,723
Nordex SE (a) (d)		23,261		285,685
Norma Group SE		10,781		560,521
OHB SE		2,315		70,279
OSRAM Licht AG		21,899		1,749,336
Paragon AG		137		10,337
Patrizia Immobilien AG (a)		17,552		331,497
Pfeiffer Vacuum Technology AG		3,596		526,277
PNE Wind AG		24,548		71,503
Germany—(Continued)
Progress-Werk Oberkirch AG		822		41,540
PSI Software AG		2,118		34,079
Puma SE		549		211,373
PVA TePla AG (a)		3,358		10,994
QSC AG		26,632		53,094
R Stahl AG		1,594		56,401
Rational AG		795		423,214
Rheinmetall AG		12,940		1,229,240
Rhoen Klinikum AG		15,358		448,587
RIB Software SE (d)		8,127		137,844
SAF-Holland S.A.		23,797		407,734
Salzgitter AG		12,083		493,626
Schaltbau Holding AG (a)		2,118		92,933
SHW AG		2,013		85,445
Siltronic AG (a)		2,093		177,568
Sixt SE		4,968		300,371
SMA Solar Technology AG (d)		3,992		120,337
SMT Scharf AG (a)		831		11,536
Softing AG		1,971		26,102
Software AG		20,357		892,275
Stabilus S.A.		3,005		233,339
Stada Arzneimittel AG (d)		19,797		1,404,467
Stroeer SE & Co. KGaA (d)		8,451		506,940
Suedzucker AG		26,310		548,288
Surteco SE		1,501		40,695
Suss Microtec AG (a)		6,216		73,104
TAG Immobilien AG		39,448		620,343
Takkt AG		11,656		291,427
Technotrans AG		3,008		129,451
Tele Columbus AG (a)		1,323		14,669
TLG Immobilien AG		6,129		125,449
Tom Tailor Holding SE (a)		8,518		75,972
Traffic Systems SE (d)		1,794		29,503
VERBIO Vereinigte BioEnergie AG		4,145		46,671
Vossloh AG (a)		4,712		303,209
VTG AG		4,846		189,067
Wacker Chemie AG		2,424		263,216
Wacker Neuson SE		10,071		244,183
Washtec AG		3,397		262,285
XING AG		1,097		292,246
Zeal Network SE		1,934		58,543
				44,648,368
Ghana—0.1%
Tullow Oil plc (a)		428,207		844,792
Greenland—0.0%
Gronlandsbanken A/S		17		1,622
Guernsey, Channel Islands—0.0%
Raven Russia, Ltd. (a)		80,649		51,726
Hong Kong—3.0%
Agritrade Resources, Ltd.		135,000		33,379
Alco Holdings, Ltd.		136,000		34,846
Allan International Holdings		20,000		5,712

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Allied Group, Ltd.		22,000	$	138,079
Allied Properties HK, Ltd.		1,118,024		242,238
Anxian Yuan China Holdings, Ltd. (a)		420,000		3,013
APAC Resources, Ltd. (a)		47,217		6,412
Applied Development Holdings, Ltd. (a)		250,000		17,932
Arts Optical International Holdings, Ltd.		16,000		5,328
Asia Financial Holdings, Ltd.		278,000		151,332
Asia Standard International Group, Ltd.		296,000		85,312
Asian Growth Properties, Ltd.		111,584		34,870
Associated International Hotels, Ltd.		14,000		41,960
Auto Italia Holdings (a)		175,000		1,976
Bel Global Resources Holdings, Ltd. (a) (b) (c)		520,000		0
BEP International Holdings, Ltd.		1,700,000		54,677
Bonjour Holdings, Ltd.		615,000		30,737
Bossini International Holdings, Ltd.		302,000		18,208
Bright Smart Securities & Commodities Group, Ltd.		96,000		28,168
Brightoil Petroleum Holdings, Ltd. (a)		664,000		179,819
Brockman Mining, Ltd. (a)		2,516,770		44,723
Burwill Holdings, Ltd. (a)		1,566,000		43,326
Cafe de Coral Holdings, Ltd.		134,000		434,230
Cash Financial Services Group, Ltd. (a)		288,000		10,530
Century City International Holdings, Ltd.		616,000		57,608
Champion Technology Holdings, Ltd. (a)		1,233,093		16,904
Chen Hsong Holdings		150,000		41,115
Cheuk Nang Holdings, Ltd.		95,574		64,155
Chevalier International Holdings, Ltd.		75,139		126,655
China Billion Resources, Ltd. (a)		238,000		762
China Energy Development Holdings, Ltd. (a)		3,670,000		33,844
China Flavors & Fragrances Co., Ltd.		71,446		21,322
China Healthcare Enterprise Group, Ltd. (a)		160,000		2,357
China LNG Group, Ltd. (a)		1,840,000		34,182
China Motor Bus Co., Ltd.		1,200		16,047
China Soft Power Technology Holdings, Ltd. (a)		48,435		1,168
China Solar Energy Holdings, Ltd. (a) (b) (c)		162,000		700
China Star Entertainment, Ltd. (a)		126,000		8,243
China Strategic Holdings, Ltd. (a)		3,402,500		53,249
China Ting Group Holdings, Ltd.		318,550		17,543
Chinese Estates Holdings, Ltd.		29,000		40,494
Chinney Investment, Ltd.		8,000		3,410
Chow Sang Sang Holdings International, Ltd.		119,000		277,846
Chuang’s China Investments, Ltd.		511,500		41,932
Chuang’s Consortium International, Ltd.		382,357		87,682
CK Life Sciences International Holdings, Inc.		1,594,000		134,302
CMBC Capital Holdings, Ltd.		750,000		39,397
CNQC International Holdings, Ltd.		82,500		27,398
CNT Group, Ltd.		246,000		19,852
Common Splendor International Health Industry Group, Ltd. (a)		342,000		26,301
Continental Holdings, Ltd. (a)		220,000		3,159
Convoy Global Holdings, Ltd. (a)		1,314,000		19,186
CP Lotus Corp. (a)		1,750,000		26,449
Crocodile Garments (a)		216,000		28,767
Cross-Harbour Holdings, Ltd. (The)		119,000		177,929
CSI Properties, Ltd.		2,574,023		123,706
Dah Sing Banking Group, Ltd.		172,671		367,604
Dah Sing Financial Holdings, Ltd.		66,260		556,362
Hong Kong—(Continued)
Dickson Concepts International, Ltd.		131,000		52,020
DMX Technologies Group, Ltd. (a) (b) (c)		186,000		2,756
Eagle Nice International Holdings, Ltd.		120,000		41,504
EcoGreen International Group, Ltd.		118,800		24,042
Emperor Capital Group, Ltd.		540,000		48,418
Emperor Entertainment Hotel, Ltd.		235,000		56,595
Emperor International Holdings, Ltd.		529,250		174,247
Emperor Watch & Jewellery, Ltd. (a)		1,520,000		65,222
ENM Holdings, Ltd. (a)		556,000		37,589
Esprit Holdings, Ltd. (a)		833,950		444,364
eSun Holdings, Ltd. (a)		400,000		45,590
Fairwood Holdings, Ltd.		26,500		111,505
Far East Consortium International, Ltd.		535,269		298,950
Far East Holdings International, Ltd. (a)		150,000		14,611
First Pacific Co., Ltd.		74,000		54,595
Future Bright Holdings, Ltd.		156,000		14,018
Future World Financial Holdings, Ltd. (a)		12,575		209
G-Resources Group, Ltd. (a)		10,474,800		150,303
GCL New Energy Holdings, Ltd. (a)		1,406,000		68,330
Get Nice Financial Group, Ltd.		64,350		9,541
Get Nice Holdings, Ltd.		2,574,000		90,750
Giordano International, Ltd.		512,000		292,509
Global Brands Group Holding, Ltd. (a)		896,000		94,107
Glorious Sun Enterprises, Ltd.		393,000		46,310
Gold Peak Industries Holdings, Ltd.		277,714		27,030
Golden Resources Development International, Ltd.		370,000		24,172
Good Resources Holdings, Ltd. (a)		420,000		18,587
Great Eagle Holdings, Ltd.		44,000		223,740
Guoco Group, Ltd.		3,000		34,400
Haitong International Securities Group, Ltd.		451,289		266,584
Hanison Construction Holdings, Ltd.		148,009		28,627
Hao Tian Development Group, Ltd. (a)		858,000		33,561
Harbour Centre Development, Ltd.		88,000		169,975
HKBN, Ltd.		203,500		204,090
HKR International, Ltd. (a)		332,800		179,052
Hon Kwok Land Investment Co., Ltd.		140,000		75,680
Hong Kong Aircraft Engineering Co., Ltd.		8,800		60,302
Hong Kong Ferry Holdings Co., Ltd.		22,000		25,228
Hong Kong Television Network, Ltd. (a)		165,000		63,548
Hongkong & Shanghai Hotels (The)		21,000		37,927
Hongkong Chinese, Ltd.		866,000		160,832
Hopewell Holdings, Ltd.		70,000		266,776
Hsin Chong Group Holdings, Ltd. (a) (b) (c)		918,000		41,153
Huarong Investment Stock Corp., Ltd. (a)		175,000		25,727
Hung Hing Printing Group, Ltd.		252,000		52,932
Hutchison Telecommunications Hong Kong Holdings, Ltd.		526,000		185,271
I-CABLE Communications, Ltd. (a)		177,000		11,121
Imagi International Holdings, Ltd. (a)		90,112		7,387
IPE Group, Ltd.		285,000		69,712
IRC, Ltd. (a)		760,000		24,336
IT, Ltd.		220,000		108,485
ITC Properties Group, Ltd.		99,556		39,670
Johnson Electric Holdings, Ltd.		106,875		371,739
K Wah International Holdings, Ltd.		47,045		28,569
Kader Holdings Co., Ltd.		264,000		24,633

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Kam Hing International Holdings, Ltd.		196,000	$	13,057
Kantone Holdings, Ltd. (a)		93,000		6,875
Karrie International Holdings, Ltd.		140,000		22,601
Keck Seng Investments		72,000		61,787
Kerry Logistics Network, Ltd.		107,000		158,173
Kingmaker Footwear Holdings, Ltd.		102,000		28,611
Kowloon Development Co., Ltd.		159,000		173,516
KuangChi Science, Ltd. (a)		66,000		23,417
Kwan On Holdings, Ltd. (a)		50,000		10,605
L’sea Resources International Holdings, Ltd. (a)		360,000		4,519
Lai Sun Development Co., Ltd.		5,470,666		199,750
Lai Sun Garment International, Ltd.		498,800		202,273
Lam Soon Hong Kong, Ltd.		15,000		22,094
Landing International Development, Ltd. (a)		13,110,000		129,096
Landsea Green Properties Co., Ltd.		120,000		9,837
Li & Fung, Ltd.		112,000		40,802
Lifestyle International Holdings, Ltd.		181,500		249,217
Lippo China Resources, Ltd.		2,106,000		71,517
Lippo, Ltd.		122,000		73,738
Lisi Group Holdings, Ltd.		562,000		44,622
Liu Chong Hing Investment, Ltd.		86,000		132,194
Luk Fook Holdings International, Ltd.		135,000		461,706
Luks Group Vietnam Holdings Co., Ltd.		68,000		22,118
Lung Kee Bermuda Holdings		116,000		52,744
Magnificent Hotel Investment, Ltd.		1,310,000		39,433
Man Sang International, Ltd. (a) (b)		150,000		8,838
Man Wah Holdings, Ltd. (d)		583,200		523,791
Mandarin Oriental International, Ltd.		7,700		15,401
Mason Financial Holdings, Ltd. (a)		5,445,000		71,149
Matrix Holdings, Ltd.		36,000		12,081
Melco International Development, Ltd.		140,000		375,841
Midland Holdings, Ltd. (a)		246,000		66,560
Midland IC&I, Ltd. (a)		151,000		8,026
Ming Fai International Holdings, Ltd.		145,000		23,062
Miramar Hotel & Investment		12,000		27,799
National Electronic Holdings, Ltd.		182,600		25,493
NetMind Financial Holdings, Ltd. (a)		8,984,000		38,004
New Century Group Hong Kong, Ltd. (a)		912,000		16,379
New Times Energy Corp., Ltd. (a)		459,450		15,355
Newocean Energy Holdings, Ltd. (a)		398,000		121,899
Next Digital, Ltd. (a)		414,000		17,234
Nine Express, Ltd. (a)		216,000		8,156
Noble Group, Ltd. (a)		226,440		76,792
O Luxe Holdings, Ltd. (a)		648,000		75,565
Orange Sky Golden Harvest Entertainment Holdings, Ltd. (a)		375,882		42,861
Orient Overseas International, Ltd. (a)		45,000		323,052
Oriental Watch Holdings		215,600		46,882
Pacific Andes International Holdings, Ltd. (a) (b) (c)		1,819,984		6,387
Pacific Basin Shipping, Ltd. (a)		976,000		216,363
Pacific Textiles Holdings, Ltd.		187,000		215,827
Paliburg Holdings, Ltd.		274,000		111,954
Paradise Entertainment, Ltd. (a)		168,000		25,368
Pearl Oriental Oil, Ltd. (a)		404,000		10,499
Perfect Shape Beauty Technology, Ltd.		108,000		10,806
Pico Far East Holdings, Ltd.		350,000		146,506
Hong Kong—(Continued)
Playmates Holdings, Ltd.		460,000		67,583
Playmates Toys, Ltd.		236,000		42,942
Polytec Asset Holdings, Ltd.		565,000		45,074
Public Financial Holdings, Ltd.		166,000		75,483
PYI Corp., Ltd. (a)		2,140,366		43,829
Regal Hotels International Holdings, Ltd.		126,000		110,551
Rentian Technology Holdings, Ltd. (a)		180,000		8,993
Sa Sa International Holdings, Ltd.		251,199		99,128
SAS Dragon Holdings, Ltd.		140,000		40,311
SEA Holdings, Ltd.		76,000		97,381
SEEC Media Group, Ltd. (a)		860,000		3,855
Shun Ho Property Investments, Ltd.		21,615		8,337
Shun Tak Holdings, Ltd. (a)		659,500		303,712
Silver Base Group Holdings, Ltd. (a)		633,000		41,364
Sincere Watch Hong Kong, Ltd. (a)		250,000		5,510
Sing Tao News Corp., Ltd.		276,000		34,576
Singamas Container Holdings, Ltd. (a)		724,000		112,235
SIS International Holdings		16,000		8,279
Sitoy Group Holdings, Ltd.		111,000		25,195
SmarTone Telecommunications Holdings, Ltd.		142,388		186,405
SOCAM Development, Ltd. (a)		179,876		47,231
Solomon Systech International, Ltd. (a)		920,000		44,833
Soundwill Holdings, Ltd.		41,500		100,544
South China Holdings Co., Ltd. (a)		1,240,000		48,354
Stella International Holdings, Ltd.		161,500		289,593
Stelux Holdings International, Ltd. (a)		260,500		21,395
Styland Holdings, Ltd.		460,000		11,156
Success Universe Group, Ltd. (a)		240,000		6,612
Sun Hing Vision Group Holdings, Ltd.		42,000		16,784
Sun Hung Kai & Co., Ltd.		270,440		174,137
Sunwah Kingsway Capital Holdings, Ltd.		310,000		4,566
TAI Cheung Holdings, Ltd.		206,000		218,999
Talent Property Group, Ltd. (a)		420,000		5,714
Tan Chong International, Ltd.		63,000		18,640
Tao Heung Holdings, Ltd.		204,000		50,358
Television Broadcasts, Ltd.		123,500		464,953
Texwinca Holdings, Ltd.		300,000		182,141
Tom Group, Ltd. (a)		118,000		28,868
Town Health International Medical Group, Ltd.		230,000		20,033
Tradelink Electronic Commerce, Ltd.		256,000		47,574
Transport International Holdings, Ltd.		112,800		364,809
Trinity, Ltd. (a)		466,000		28,954
TSC Group Holdings, Ltd. (a)		216,000		18,799
Tsui Wah Holdings, Ltd.		40,000		6,200
United Laboratories International Holdings, Ltd. (The) (a)		241,000		158,983
Universal Technologies Holdings, Ltd. (a)		120,000		4,310
Up Energy Development Group, Ltd. (a) (b) (c)		92,000		285
Upbest Group, Ltd.		16,000		2,398
Value Convergence Holdings, Ltd. (a)		104,000		14,788
Valuetronics Holdings, Ltd.		53,790		31,023
Vedan International Holdings, Ltd.		296,000		32,946
Victory City International Holdings, Ltd.		839,449		30,101
Vitasoy International Holdings, Ltd.		358,000		737,542
VS International Group, Ltd. (a)		160,000		6,046
VST Holdings, Ltd.		487,200		147,385
VTech Holdings, Ltd.		42,500		673,380

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Wai Kee Holdings, Ltd.		54,000	$	23,724
Win Hanverky Holdings, Ltd.		332,000		46,362
Winfull Group Holdings, Ltd. (a)		528,000		13,052
Wing On Co. International, Ltd.		46,000		151,127
Wing Tai Properties, Ltd.		280,000		187,569
Wonderful Sky Financial Group Holdings, Ltd.		44,000		11,732
Xinyi Glass Holdings, Ltd. (a)		750,000		743,677
Yat Sing Holdings, Ltd. (a)		160,000		70,465
Yeebo International Holdings, Ltd.		158,000		74,586
YGM Trading, Ltd.		46,000		42,812
Yugang International, Ltd.		1,466,000		36,243
				21,034,126
India—0.0%
Vedanta Resources plc		13,376		112,269
Ireland—0.8%
C&C Group plc		134,888		496,918
FBD Holdings plc (a)		10,350		97,396
Glanbia plc		37,294		729,443
Greencore Group plc		314,156		1,007,576
IFG Group plc		44,002		91,820
Independent News & Media plc (a)		35,056		5,367
Irish Continental Group plc		22,664		131,436
Kingspan Group plc		44,238		1,520,392
Smurfit Kappa Group plc		13,745		427,929
Tarsus Group plc		6,119		22,207
UDG Healthcare plc		104,367		1,178,102
				5,708,586
Isle of Man—0.2%
GVC Holdings plc		61,038		601,597
Hansard Global plc		2,566		3,012
Paysafe Group plc (a)		74,148		493,295
				1,097,904
Israel—1.0%
ADO Group, Ltd. (a)		3,904		53,555
Africa Israel Investments, Ltd. (a)		64,935		6,362
Africa Israel Properties, Ltd. (a)		4,653		98,736
Africa Israel Residences, Ltd.		880		17,987
Airport City, Ltd. (a)		25,014		346,120
Allot Communications, Ltd. (a)		10,216		51,852
Alrov Properties and Lodgings, Ltd.		3,807		111,531
Amot Investments, Ltd.		25,066		131,320
Ashtrom Properties, Ltd.		6,725		31,043
AudioCodes, Ltd. (a)		5,709		35,000
Avgol Industries 1953, Ltd.		9,099		11,628
Azorim-Investment Development & Construction Co., Ltd. (a)		23,712		25,772
Bayside Land Corp.		205		91,382
Big Shopping Centers, Ltd.		1,031		73,277
BioLine RX, Ltd. (a)		2,565		2,182
Blue Square Real Estate, Ltd.		767		35,069
Cellcom Israel, Ltd. (a)		13,058		125,606
Israel—(Continued)
Ceragon Networks, Ltd. (a)		14,799		38,357
Clal Biotechnology Industries, Ltd. (a)		17,579		18,642
Clal Insurance Enterprises Holdings, Ltd. (a)		7,114		120,222
Cohen Development & Industrial Buildings, Ltd.		305		8,823
Compugen, Ltd. (a)		14,846		57,174
Delek Automotive Systems, Ltd.		10,535		85,829
Delta-Galil Industries, Ltd.		4,030		119,316
Direct Insurance Financial Investments, Ltd.		5,783		62,404
El Al Israel Airlines		54,306		49,955
Electra Consumer Products 1970, Ltd.		1,236		24,763
Electra, Ltd.		652		130,398
Elron Electronic Industries, Ltd.		7,585		45,027
Energix-Renewable Energies, Ltd.		13,559		11,398
Equital, Ltd. (a)		550		14,413
Evogene, Ltd. (a)		5,090		25,500
First International Bank of Israel, Ltd.		8,900		161,354
FMS Enterprises Migun, Ltd.		910		38,194
Formula Systems 1985, Ltd.		2,591		96,943
Fox Wizel, Ltd.		1,475		30,980
Gilat Satellite Networks, Ltd. (a)		7,707		37,734
Hadera Paper, Ltd. (a)		1,104		69,539
Hamlet Israel-Canada, Ltd.		203		3,207
Harel Insurance Investments & Financial Services, Ltd.		43,597		257,495
Hilan, Ltd.		2,216		40,282
IDI Insurance Co., Ltd.		630		36,709
Industrial Buildings Corp., Ltd. (a)		39,465		55,082
Israel Discount Bank, Ltd. - Class A (a)		134,749		354,716
Israel Land Development Co., Ltd. (The)		3,950		36,329
Jerusalem Oil Exploration (a)		4,199		252,120
Kamada, Ltd. (a)		11,729		69,487
Kerur Holdings, Ltd.		931		27,631
Maabarot Products, Ltd.		3,435		63,841
Magic Software Enterprises, Ltd.		9,462		75,727
Matrix IT, Ltd.		14,215		145,886
Maytronics, Ltd.		8,215		32,059
Mazor Robotics, Ltd. (a)		11,491		198,752
Meitav Dash Investments, Ltd.		5,193		21,365
Melisron, Ltd.		4,351		228,341
Menora Mivtachim Holdings, Ltd.		11,310		142,461
Migdal Insurance & Financial Holding, Ltd.		55,471		59,298
Mivtach Shamir Holdings, Ltd.		1,401		30,470
Naphtha Israel Petroleum Corp., Ltd. (a)		14,775		117,772
Neto ME Holdings, Ltd.		788		91,053
Nova Measuring Instruments, Ltd. (a)		9,293		210,438
Oil Refineries, Ltd.		418,554		184,258
Partner Communications Co., Ltd. (a)		21,648		114,637
Paz Oil Co., Ltd.		1,481		252,741
Perion Network, Ltd. (a)		3,246		6,204
Phoenix Holdings, Ltd. (The) (a)		20,176		85,599
Plasson Industries, Ltd.		1,729		66,120
Rami Levi Chain Stores Hashikma Marketing, Ltd.		1,803		88,500
Sapiens International Corp. NV		1,269		14,545
Scope Metals Group, Ltd.		646		20,288
Shapir Engineering & Industry, Ltd.		13,184		41,891
Shikun & Binui, Ltd.		73,332		190,198
Shufersal, Ltd.		23,137		121,302

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
Space Communication, Ltd. (a)		2,951	$	21,293
Strauss Group, Ltd.		6,965		136,582
Summit Real Estate Holdings, Ltd.		2,798		19,820
Tadiran Holdings, Ltd.		568		15,913
Tower Semiconductor, Ltd. (a)		13,157		315,019
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a)		1,303		31,077
Union Bank of Israel (a)		7,545		35,662
				6,807,557
Italy—3.9%
A2A S.p.A.		481,411		801,691
ACEA S.p.A.		23,394		354,760
Aeffe S.p.A. (a)		11,359		21,163
Amplifon S.p.A.		36,377		480,515
Anima Holding S.p.A.		31,184		224,782
Ansaldo STS S.p.A. (a)		39,015		497,802
Arnoldo Mondadori Editore S.p.A. (a)		63,913		116,827
Ascopiave S.p.A.		28,294		112,729
Astaldi S.p.A.		20,559		128,631
Autogrill S.p.A.		44,414		539,505
Azimut Holding S.p.A.		40,582		816,248
Banca Carige S.p.A. (a)		156,432		33,550
Banca Finnat Euramerica S.p.A.		50,851		21,508
Banca Generali S.p.A.		19,591		586,121
Banca IFIS S.p.A.		7,714		314,435
Banca Mediolanum S.p.A.		39,203		325,843
Banca Popolare dell’Emilia Romagna SC		202,667		1,018,647
Banca Popolare di Sondrio Scarl		173,614		685,501
Banca Profilo S.p.A.		117,883		27,134
Banco BPM S.p.A. (a) (d)		390,373		1,317,861
Banco di Desio e della Brianza S.p.A.		20,306		59,523
BasicNet S.p.A.		13,493		55,155
Biesse S.p.A.		6,021		216,787
Brembo S.p.A.		45,165		662,961
Brunello Cucinelli S.p.A.		8,151		214,269
Buzzi Unicem S.p.A.		27,815		696,245
Cairo Communication S.p.A.		24,474		107,562
Caltagirone Editore S.p.A. (a)		6,273		8,237
Cementir Holding S.p.A.		21,979		131,551
Cerved Information Solutions S.p.A.		44,102		473,063
CIR-Compagnie Industriali Riunite S.p.A.		157,057		220,895
Credito Emiliano S.p.A.		35,381		287,134
Credito Valtellinese S.p.A.		46,326		197,999
d’Amico International Shipping S.A. (a)		60,320		20,264
Danieli & C Officine Meccaniche S.p.A.		4,846		118,241
Datalogic S.p.A.		8,028		216,460
Davide Campari-Milano S.p.A.		149,165		1,054,418
De’Longhi S.p.A.		16,896		530,596
DeA Capital S.p.A.		18,071		25,218
DiaSorin S.p.A.		6,863		528,287
Ei Towers S.p.A.		7,035		407,631
El.En. S.p.A.		3,399		108,512
ERG S.p.A.		21,603		303,813
Esprinet S.p.A.		14,507		104,783
Eurotech S.p.A. (a)		13,076		19,988
Falck Renewables S.p.A.		34,815		46,236
Italy—(Continued)
Fincantieri S.p.A. (a)		79,520		88,952
FNM S.p.A.		55,327		33,568
Geox S.p.A.		34,378		113,720
Gruppo Editoriale L’Espresso S.p.A. (a)		52,528		47,440
Gruppo MutuiOnline S.p.A.		5,404		73,596
Hera S.p.A.		231,619		707,230
IMMSI S.p.A.		100,436		49,584
Industria Macchine Automatiche S.p.A.		5,461		502,469
Infrastrutture Wireless Italiane S.p.A.		27,392		155,974
Intek Group S.p.A. (a)		80,757		29,169
Interpump Group S.p.A.		28,206		774,116
Iren S.p.A.		231,134		536,435
Italgas S.p.A.		41,417		209,214
Italmobiliare S.p.A.		3,185		87,122
Juventus Football Club S.p.A. (a)		147,435		88,875
La Doria S.p.A.		3,877		46,397
Maire Tecnimont S.p.A. (d)		35,567		166,172
MARR S.p.A.		13,428		320,016
Mediaset S.p.A.		192,042		755,294
Moncler S.p.A.		23,859		559,566
Nice S.p.A.		9,890		40,079
Parmalat S.p.A.		10,144		35,090
Piaggio & C S.p.A. (d)		71,430		176,659
Prelios S.p.A. (a)		54,976		7,038
Prima Industrie S.p.A.		1,853		52,479
Prysmian S.p.A.		56,467		1,666,746
Reno de Medici S.p.A.		29,538		12,023
Reply S.p.A.		1,643		304,227
Retelit S.p.A. (a)		36,769		55,319
Sabaf S.p.A.		3,059		50,317
SAES Getters S.p.A.		1,416		27,793
Safilo Group S.p.A. (a)		10,142		75,209
Saipem S.p.A. (a)		74,741		276,274
Salini Impregilo S.p.A.		70,140		242,981
Salvatore Ferragamo S.p.A. (d)		16,352		437,185
Saras S.p.A. (d)		134,526		313,600
SAVE S.p.A.		5,376		127,627
Snaitech S.p.A. (a)		21,135		38,571
Societa Cattolica di Assicurazioni S.c.r.l.		61,974		482,987
Societa Iniziative Autostradali e Servizi S.p.A.		25,981		287,063
Sogefi S.p.A. (a)		24,822		133,390
SOL S.p.A.		11,001		133,842
Tamburi Investment Partners S.p.A.		14,397		82,706
Tiscali S.p.A. (a)		802,477		39,215
Tod’s S.p.A.		3,954		246,583
Trevi Finanziaria Industriale S.p.A. (a)		31,414		24,089
TXT e-solutions S.p.A.		1,815		22,487
Uni Land S.p.A. (a) (b) (c)		4,937		0
Unione di Banche Italiane S.p.A.		7,887		34,223
Unipol Gruppo Finanziario S.p.A.		126,457		557,359
UnipolSai S.p.A.		34,177		74,881
Vittoria Assicurazioni S.p.A.		11,087		151,358
Yoox Net-A-Porter Group S.p.A. (a)		21,096		583,523
Zignago Vetro S.p.A.		11,476		96,679
				27,475,592

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—23.3%
77 Bank, Ltd. (The)		8,000	$	39,484
A&A Material Corp.		12,000		13,272
A&D Co., Ltd.		3,000		12,056
A/S One Corp.		4,100		191,817
Achilles Corp.		6,500		109,132
Adastria Co., Ltd.		9,240		257,605
ADEKA Corp.		34,600		527,720
Advan Co., Ltd.		6,700		68,211
Advanex, Inc.		900		13,387
Aeon Delight Co., Ltd.		3,900		126,348
Aeon Fantasy Co., Ltd.		2,400		69,159
Aeon Hokkaido Corp.		2,600		14,041
AGORA Hospitality Group Co., Ltd. (a)		27,000		8,424
Agro-Kanesho Co., Ltd.		3,500		51,316
Ahresty Corp.		9,200		91,011
Ai Holdings Corp.		12,200		328,928
Aica Kogyo Co., Ltd.		17,200		524,899
Aichi Bank, Ltd. (The)		2,600		146,717
Aichi Corp.		10,800		75,113
Aichi Steel Corp.		4,300		170,249
Aichi Tokei Denki Co., Ltd.		1,900		64,108
Aida Engineering, Ltd.		20,700		198,526
Aiphone Co., Ltd.		4,600		80,833
Airport Facilities Co., Ltd.		7,500		40,786
Aisan Industry Co., Ltd.		10,400		82,381
Aizawa Securities Co., Ltd.		13,800		84,388
Akebono Brake Industry Co., Ltd. (a)		32,600		102,383
Akita Bank, Ltd. (The)		62,000		183,554
Alconix Corp.		3,200		56,174
Alinco, Inc.		5,800		57,813
Alpen Co., Ltd.		7,000		124,864
Alpha Corp.		2,200		44,992
Alpha Systems, Inc.		3,140		64,118
Alpine Electronics, Inc.		16,600		248,757
Alps Logistics Co., Ltd.		6,000		38,340
Altech Corp.		2,600		85,201
Amano Corp.		21,000		437,438
Amiyaki Tei Co., Ltd.		1,100		40,666
Amuse, Inc.		3,600		97,940
Anabuki Kosan, Inc.		400		10,338
Anest Iwata Corp.		10,400		95,456
Anicom Holdings, Inc.		2,100		45,988
Anritsu Corp.		48,800		439,973
AOI Electronics Co., Ltd.		1,100		41,222
AOI TYO Holdings, Inc.		6,428		63,503
AOKI Holdings, Inc.		15,900		201,790
Aomori Bank, Ltd. (The)		69,000		244,766
Aoyama Trading Co., Ltd.		17,900		638,199
Arakawa Chemical Industries, Ltd.		6,600		113,397
Arata Corp.		4,200		143,168
Araya Industrial Co., Ltd.		26,000		44,206
Arcland Sakamoto Co., Ltd.		10,600		142,486
Arcs Co., Ltd.		13,364		289,492
Ardepro Co., Ltd.		15,000		20,273
Argo Graphics, Inc.		2,800		64,478
Ariake Japan Co., Ltd.		5,700		397,389
Arisawa Manufacturing Co., Ltd.		14,300		110,140
Japan—(Continued)
Arrk Corp. (a)		22,600		23,561
Artnature, Inc.		5,000		32,273
Asahi Broadcasting Corp.		2,400		17,430
Asahi Co., Ltd.		4,500		52,544
Asahi Diamond Industrial Co., Ltd.		21,200		156,071
Asahi Holdings, Inc.		9,000		148,085
Asahi Kogyosha Co., Ltd.		1,700		45,438
Asahi Net, Inc.		5,000		22,885
Asahi Printing Co., Ltd.		200		4,677
ASAHI YUKIZAI Corp.		25,000		55,298
Asahipen Corp.		4,000		6,366
Asanuma Corp.		24,000		69,359
Asatsu-DK, Inc.		12,800		320,622
Asax Co., Ltd.		1,800		27,019
Ashimori Industry Co., Ltd.		16,000		42,810
ASKA Pharmaceutical Co., Ltd.		7,500		112,619
ASKUL Corp. (d)		2,700		83,097
Asunaro Aoki Construction Co., Ltd.		5,800		43,678
Ateam, Inc.		600		15,940
Atom Corp.		11,100		76,098
Atsugi Co., Ltd.		61,000		65,625
Autobacs Seven Co., Ltd.		22,700		368,653
Avex Group Holdings, Inc.		12,000		161,076
Awa Bank, Ltd. (The)		73,000		497,428
Axell Corp.		3,800		26,623
Axial Retailing, Inc.		5,100		194,722
Bando Chemical Industries, Ltd.		15,400		152,756
Bank of Iwate, Ltd. (The)		6,000		239,723
Bank of Kochi, Ltd. (The)		16,000		18,105
Bank of Nagoya, Ltd. (The)		5,400		204,254
Bank of Okinawa, Ltd. (The)		9,160		372,778
Bank of Saga, Ltd. (The)		61,000		141,486
Bank of the Ryukyus, Ltd.		15,800		231,913
Belc Co., Ltd.		2,800		139,413
Belluna Co., Ltd.		13,800		164,948
Benefit One, Inc.		5,400		216,029
Best Denki Co., Ltd. (a)		30,400		42,532
Bic Camera, Inc.		23,500		249,652
Biofermin Pharmaceutical Co., Ltd.		500		13,514
BML, Inc.		7,600		147,877
Bookoff Corp.		4,700		33,051
BP Castrol KK		2,600		43,403
Broadleaf Co., Ltd.		10,200		62,998
BRONCO BILLY Co., Ltd.		2,400		56,217
Bull-Dog Sauce Co., Ltd.		600		11,712
Bunka Shutter Co., Ltd.		19,000		145,980
C Uyemura & Co., Ltd.		2,800		143,895
C.I. Takiron Corp.		18,000		95,802
CAC Holdings Corp.		6,200		58,091
Can Do Co., Ltd.		3,500		52,611
Canare Electric Co., Ltd.		800		17,545
Canon Electronics, Inc.		7,400		151,791
Capcom Co., Ltd.		14,000		332,198
Carlit Holdings Co., Ltd.		7,300		38,760
Cawachi, Ltd.		5,700		137,911
Central Glass Co., Ltd.		75,000		323,395
Central Security Patrols Co., Ltd.		3,300		59,496

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Central Sports Co., Ltd.		1,600	$	64,146
Chiba Kogyo Bank, Ltd. (The)		16,000		84,247
Chilled & Frozen Logistics Holdings Co., Ltd.		2,800		33,061
CHIMNEY Co., Ltd.		1,400		34,596
Chino Corp.		2,700		29,939
Chiyoda Co., Ltd.		5,800		152,091
Chiyoda Corp.		6,000		35,350
Chiyoda Integre Co., Ltd.		4,600		91,290
Chofu Seisakusho Co., Ltd.		5,700		135,976
Chori Co., Ltd.		5,000		93,326
Chubu Shiryo Co., Ltd.		7,900		104,385
Chudenko Corp.		8,600		223,171
Chuetsu Pulp & Paper Co., Ltd.		35,000		73,611
Chugai Mining Co., Ltd. (a)		68,200		17,549
Chugai Ro Co., Ltd.		29,000		57,675
Chugoku Marine Paints, Ltd.		22,000		169,593
Chukyo Bank, Ltd. (The)		3,900		79,619
Chuo Gyorui Co., Ltd.		2,000		5,165
Chuo Spring Co., Ltd.		14,000		42,898
Ci:z Holdings Co., Ltd.		7,500		283,275
Citizen Watch Co., Ltd.		28,700		201,885
CKD Corp.		18,900		288,510
Clarion Co., Ltd.		34,000		129,507
Cleanup Corp.		7,300		56,295
CMIC Holdings Co., Ltd.		3,900		53,643
CMK Corp.		18,200		151,193
Cocokara fine, Inc.		5,700		282,082
COLOPL, Inc.		8,100		82,191
Colowide Co., Ltd.		17,000		289,836
Computer Engineering & Consulting, Ltd.		5,200		99,724
Computer Institute of Japan, Ltd.		2,000		10,117
CONEXIO Corp.		6,200		106,727
COOKPAD, Inc. (d)		12,600		102,406
Corona Corp.		5,600		56,790
Cosel Co., Ltd.		9,900		121,946
Cosmo Energy Holdings Co., Ltd.		21,800		344,299
Cosmos Initia Co., Ltd.		3,500		13,410
Create Medic Co., Ltd.		1,800		15,620
Create Restaurants Holdings, Inc.		4,700		42,468
Create SD Holdings Co., Ltd.		8,300		192,078
Cresco, Ltd.		2,000		66,366
CROOZ, Inc.		1,400		33,577
CTI Engineering Co., Ltd.		4,800		49,000
D.A. Consortium Holdings, Inc.		7,600		99,582
Dai Nippon Toryo Co., Ltd.		47,000		128,293
Dai-Dan Co., Ltd.		12,000		141,283
Dai-ichi Seiko Co., Ltd.		3,100		60,138
Daibiru Corp.		19,800		206,387
Daido Kogyo Co., Ltd.		10,000		27,481
Daido Metal Co., Ltd.		11,200		101,649
Daido Steel Co., Ltd.		36,000		207,833
Daidoh, Ltd.		10,800		42,469
Daihatsu Diesel Manufacturing Co., Ltd.		9,000		54,305
Daihen Corp.		36,000		283,687
Daiho Corp.		25,000		118,982
Daiichi Jitsugyo Co., Ltd.		14,000		76,641
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		5,000		58,477
Japan—(Continued)
Daiken Corp.		4,800		103,281
Daiken Medical Co., Ltd.		4,400		31,464
Daiki Aluminium Industry Co., Ltd.		9,000		49,785
Daikoku Denki Co., Ltd.		2,700		41,475
Daikokutenbussan Co., Ltd.		1,900		96,099
Daikokuya Holdings Co., Ltd. (a)		21,000		17,037
Daikyo, Inc.		115,000		234,678
Daikyonishikawa Corp.		4,100		54,878
Dainichi Co., Ltd.		4,100		28,645
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		25,000		198,431
Daio Paper Corp.		25,300		341,547
Daisan Bank, Ltd. (The)		5,100		77,855
Daiseki Co., Ltd.		10,700		238,094
Daiseki Eco. Solution Co., Ltd.		2,400		27,949
Daishi Bank, Ltd. (The)		111,000		512,075
Daishinku Corp.		2,600		39,075
Daisue Construction Co., Ltd.		2,300		20,995
Daisyo Corp.		3,100		49,580
Daito Bank, Ltd. (The)		52,000		75,484
Daito Pharmaceutical Co., Ltd.		3,960		87,419
Daitron Co., Ltd.		800		9,091
Daiwa Industries, Ltd.		11,000		120,252
Daiwabo Holdings Co., Ltd.		61,000		212,572
DCM Holdings Co., Ltd.		37,900		332,784
Denka Co., Ltd.		24,000		124,101
Denki Kogyo Co., Ltd.		21,000		108,252
Denyo Co., Ltd.		4,800		83,480
Descente, Ltd.		13,700		185,658
Digital Arts, Inc.		500		17,504
Dip Corp.		4,800		97,607
DKK-Toa Corp.		2,200		13,858
DKS Co., Ltd.		18,000		79,891
DMG Mori Co., Ltd.		23,500		387,650
DMW Corp.		700		11,733
Doshisha Co., Ltd.		8,200		156,137
Doutor Nichires Holdings Co., Ltd.		11,500		244,335
DSB Co., Ltd.		5,300		30,134
DTS Corp.		6,600		202,157
Dunlop Sports Co., Ltd.		4,900		49,129
Duskin Co., Ltd.		13,700		352,741
DyDo Group Holdings, Inc.		2,700		136,124
Dynic Corp.		16,000		26,359
Eagle Industry Co., Ltd.		7,800		131,899
Earth Chemical Co., Ltd.		2,700		139,085
Ebara Jitsugyo Co., Ltd.		2,500		33,136
EDION Corp.		28,900		262,544
eGuarantee, Inc.		1,200		28,233
Ehime Bank, Ltd. (The)		11,400		143,805
Eidai Co., Ltd.		10,000		45,305
Eighteenth Bank, Ltd. (The)		70,000		200,627
Eiken Chemical Co., Ltd.		4,600		139,300
Eizo Corp.		6,300		247,586
Elecom Co., Ltd.		5,100		103,182
Elematec Corp.		4,000		65,075
EM Systems Co., Ltd.		1,800		41,684
en-japan, Inc.		6,800		177,646

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Endo Lighting Corp.		2,600	$	26,591
Enplas Corp.		3,400		104,866
Enshu, Ltd. (a)		23,000		23,979
EPS Holdings, Inc.		7,900		123,970
eRex Co., Ltd.		2,100		18,205
ESPEC Corp.		7,100		108,391
Excel Co., Ltd.		2,500		32,580
Exedy Corp.		11,600		327,424
F-Tech, Inc.		3,600		46,016
F@N Communications, Inc.		9,600		85,040
Faith, Inc.		2,680		29,543
FALCO HOLDINGS Co., Ltd.		3,100		42,226
Fancl Corp.		5,300		97,354
FCC Co., Ltd.		12,600		254,447
FDK Corp. (a)		25,000		29,786
Feed One Co., Ltd.		41,380		84,481
Ferrotec Holdings Corp.		10,400		134,701
FIDEA Holdings Co., Ltd.		62,510		104,257
Fields Corp.		6,000		64,467
Financial Products Group Co., Ltd.		20,000		191,144
FINDEX, Inc.		3,900		32,244
First Juken Co., Ltd.		3,400		47,037
Foster Electric Co., Ltd.		8,800		151,995
FP Corp.		3,100		167,771
France Bed Holdings Co., Ltd.		9,300		82,781
Freund Corp.		2,400		30,435
FTGroup Co., Ltd.		1,500		12,640
Fudo Tetra Corp.		60,300		96,790
Fuji Co., Ltd.		6,700		171,580
Fuji Corp., Ltd.		8,600		57,191
Fuji Kiko Co., Ltd.		7,600		49,957
Fuji Kyuko Co., Ltd. (d)		13,000		140,843
Fuji Oil Co., Ltd.		21,100		63,767
Fuji Oil Holdings, Inc.		21,300		492,012
Fuji Pharma Co., Ltd.		2,800		95,313
Fuji Seal International, Inc.		14,000		386,937
Fuji Soft, Inc.		7,300		206,540
Fujibo Holdings, Inc.		3,700		104,046
Fujicco Co., Ltd.		7,100		162,606
Fujikura Kasei Co., Ltd.		9,500		53,150
Fujikura Rubber, Ltd.		5,800		33,943
Fujikura, Ltd.		86,800		728,772
Fujimi, Inc.		7,000		144,913
Fujimori Kogyo Co., Ltd.		4,800		150,884
Fujisash Co., Ltd.		24,500		21,838
Fujishoji Co., Ltd.		1,300		13,218
Fujita Kanko, Inc.		800		26,252
Fujitec Co., Ltd.		19,500		255,102
Fujitsu Frontech, Ltd.		4,500		71,642
Fujitsu General, Ltd.		2,000		46,411
Fujiya Co., Ltd.		500		11,157
FuKoKu Co., Ltd.		5,100		45,678
Fukuda Corp.		1,600		75,965
Fukui Bank, Ltd. (The)		92,000		230,624
Fukui Computer Holdings, Inc.		600		20,181
Fukushima Bank, Ltd. (The)		112,000		86,761
Fukushima Industries Corp.		4,600		177,169
Japan—(Continued)
Fukuyama Transporting Co., Ltd.		53,000		337,023
FULLCAST Holdings Co., Ltd.		4,300		49,779
Fumakilla, Ltd.		5,000		42,771
Funai Electric Co., Ltd.		7,900		63,358
Funai Soken Holdings, Inc.		7,780		198,351
Furukawa Battery Co., Ltd. (The)		5,000		35,096
Furukawa Co., Ltd.		105,000		182,831
Furuno Electric Co., Ltd.		10,500		62,498
Furusato Industries, Ltd.		3,700		55,816
Furuya Metal Co., Ltd.		1,700		38,972
Fuso Chemical Co., Ltd.		4,000		129,926
Fuso Pharmaceutical Industries, Ltd.		2,600		64,241
Futaba Corp.		10,200		179,084
Futaba Industrial Co., Ltd.		19,600		177,542
Future Corp.		8,400		65,823
Fuyo General Lease Co., Ltd.		7,400		422,673
G-Tekt Corp.		7,700		143,875
Gakken Holdings Co., Ltd.		1,600		46,774
GCA Corp.		4,900		43,752
Gecoss Corp.		4,600		55,085
Genki Sushi Co., Ltd.		1,600		32,145
Genky Stores, Inc.		2,400		64,124
Geo Holdings Corp.		12,300		127,563
GLOBERIDE, Inc.		3,500		60,531
Glory, Ltd.		5,700		187,189
GMO Click Holdings, Inc.		1,800		12,675
GMO internet, Inc.		20,400		265,315
GMO Payment Gateway, Inc. (d)		2,900		161,004
Godo Steel, Ltd.		4,100		73,093
Goldcrest Co., Ltd.		7,230		160,171
Grandy House Corp.		3,600		13,673
Gree, Inc.		26,400		230,266
GSI Creos Corp.		28,000		34,447
Gun-Ei Chemical Industry Co., Ltd.		1,800		58,334
Gunze, Ltd.		69,000		248,057
Gurunavi, Inc.		8,500		137,769
H-One Co., Ltd.		6,000		65,898
Hagihara Industries, Inc.		2,000		52,529
Hakudo Co., Ltd.		500		7,607
Hakuto Co., Ltd.		5,900		74,841
Hakuyosha Co., Ltd.		800		21,410
Hamakyorex Co., Ltd.		5,600		139,928
Hanwa Co., Ltd.		64,000		458,939
Happinet Corp.		5,000		87,767
Hard Off Corp. Co., Ltd.		3,700		38,085
Harima Chemicals Group, Inc.		7,100		58,610
Haruyama Holdings, Inc.		5,400		49,522
Hazama Ando Corp.		54,490		343,780
Heiwa Corp.		200		4,462
Heiwa Real Estate Co., Ltd.		14,400		232,286
Heiwado Co., Ltd.		11,200		239,945
HI-LEX Corp.		7,700		195,485
Hibiya Engineering, Ltd.		7,800		133,512
Hiday Hidaka Corp.		4,846		120,764
Himaraya Co., Ltd.		2,600		20,427
Hioki EE Corp.		2,300		45,339
Hiramatsu, Inc.		8,300		48,916

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Hirano Tecseed Co., Ltd.		500	$	6,135
Hirata Corp.		700		72,853
HIS Co., Ltd.		1,400		42,196
Hisaka Works, Ltd.		9,600		83,460
Hitachi Kokusai Electric, Inc.		14,600		341,135
Hitachi Maxell, Ltd.		2,500		51,284
Hitachi Zosen Corp.		61,600		303,723
Hochiki Corp.		6,300		100,787
Hodogaya Chemical Co., Ltd.		1,800		72,136
Hogy Medical Co., Ltd.		4,400		293,642
Hokkaido Electric Power Co., Inc.		35,000		266,921
Hokkaido Gas Co., Ltd.		27,000		66,038
Hokkan Holdings, Ltd.		25,000		94,987
Hokko Chemical Industry Co., Ltd.		8,000		34,857
Hokkoku Bank, Ltd. (The)		101,000		388,513
Hokuetsu Bank, Ltd. (The)		8,000		190,488
Hokuetsu Industries Co., Ltd.		7,000		64,018
Hokuetsu Kishu Paper Co., Ltd.		47,900		375,733
Hokuriku Electric Industry Co., Ltd.		28,000		34,203
Hokuriku Electric Power Co.		14,200		127,894
Hokuriku Electrical Construction Co., Ltd.		3,000		24,772
Hokuriku Gas Co., Ltd.		1,000		24,641
Hokuto Corp.		7,100		124,986
Honeys Holdings Co., Ltd.		6,930		74,938
Hoosiers Holdings Co., Ltd.		8,000		69,280
Horiba, Ltd.		6,400		389,987
Hosiden Corp.		20,000		229,355
Hosokawa Micron Corp.		2,200		96,116
Howa Machinery, Ltd.		5,700		39,487
Hurxley Corp.		800		7,942
Hyakugo Bank, Ltd. (The)		88,000		358,447
Hyakujushi Bank, Ltd. (The)		98,000		324,238
I-Net Corp.		3,520		41,568
IBJ Leasing Co., Ltd.		7,200		173,047
Ichibanya Co., Ltd.		1,700		58,169
Ichigo, Inc.		39,300		117,483
Ichiken Co., Ltd.		12,000		42,283
Ichikoh Industries, Ltd.		9,000		72,571
ICHINEN HOLDINGS Co., Ltd.		7,400		80,272
Ichiyoshi Securities Co., Ltd.		12,600		105,921
Icom, Inc.		3,800		85,107
Idec Corp.		8,800		114,663
IDOM, Inc.		20,400		140,831
Iino Kaiun Kaisha, Ltd.		32,200		138,219
IJT Technology Holdings Co., Ltd.		9,000		48,261
Ikegami Tsushinki Co., Ltd.		26,000		35,726
Imagica Robot Holdings, Inc.		4,500		28,787
Imasen Electric Industrial		7,200		84,387
Imperial Hotel, Ltd.		1,300		25,723
Inaba Denki Sangyo Co., Ltd.		8,100		307,859
Inaba Seisakusho Co., Ltd.		2,100		27,110
Inabata & Co., Ltd.		17,700		235,276
Inageya Co., Ltd.		9,700		163,087
Ines Corp.		9,500		95,202
Infocom Corp.		4,000		76,921
Infomart Corp.		15,400		117,084
Information Services International-Dentsu, Ltd.		4,300		100,913
Japan—(Continued)
Innotech Corp.		8,200		48,717
Intage Holdings, Inc.		5,800		114,894
Internet Initiative Japan, Inc.		9,800		177,840
Inui Global Logistics Co., Ltd.		5,355		40,042
Iriso Electronics Co., Ltd.		2,500		201,599
Ise Chemicals Corp.		5,000		21,802
Iseki & Co., Ltd.		7,400		145,076
Ishihara Sangyo Kaisha, Ltd. (a)		12,200		125,113
Ishii Iron Works Co., Ltd.		900		13,147
Ishizuka Glass Co., Ltd.		5,000		9,755
Istyle, Inc.		1,700		13,467
Itfor, Inc.		10,300		56,800
Itochu Enex Co., Ltd.		19,400		172,065
Itochu-Shokuhin Co., Ltd.		2,400		100,982
Itoki Corp.		15,600		133,963
IwaiCosmo Holdings, Inc.		7,900		87,253
Iwaki & Co., Ltd.		9,000		34,781
Iwasaki Electric Co., Ltd.		25,000		40,120
Iwatani Corp.		58,000		360,192
Iwatsuka Confectionery Co., Ltd.		500		20,057
Izutsuya Co., Ltd. (a)		4,700		18,268
J Trust Co., Ltd.		1,400		11,046
J-Oil Mills, Inc.		4,000		142,442
Jafco Co., Ltd.		6,400		258,748
Jalux, Inc.		2,400		58,083
Jamco Corp. (d)		3,400		74,839
Janome Sewing Machine Co., Ltd.		7,099		56,366
Japan Aviation Electronics Industry, Ltd.		5,000		69,346
Japan Display, Inc. (a) (d)		60,000		113,350
Japan Drilling Co., Ltd. (a)		2,100		42,069
Japan Foundation Engineering Co., Ltd.		10,200		32,891
Japan Material Co., Ltd.		1,800		33,692
Japan Medical Dynamic Marketing, Inc.		3,000		25,507
Japan Oil Transportation Co., Ltd.		100		2,381
Japan Petroleum Exploration Co., Ltd.		6,000		124,839
Japan Property Management Center Co., Ltd.		2,000		24,685
Japan Pulp & Paper Co., Ltd.		37,000		139,743
Japan Radio Co., Ltd.		4,000		51,406
Japan Steel Works, Ltd. (The)		23,200		363,669
Japan Transcity Corp.		12,000		48,630
Japan Wool Textile Co., Ltd. (The)		19,700		164,357
Jastec Co., Ltd.		5,100		56,145
JBCC Holdings, Inc.		7,000		51,968
JCU Corp.		3,200		113,797
Jeol, Ltd.		26,000		136,379
Jimoto Holdings, Inc.		67,900		123,487
JINS, Inc.		4,200		234,297
JK Holdings Co., Ltd.		5,600		32,884
JMS Co., Ltd.		15,000		43,422
Joban Kosan Co., Ltd.		1,700		27,268
Joshin Denki Co., Ltd.		14,000		202,334
JP-Holdings, Inc.		17,900		48,032
JSP Corp.		5,100		153,998
Juki Corp.		11,200		163,094
Juroku Bank, Ltd. (The)		122,000		385,529
Justsystems Corp.		9,700		144,448
JVC Kenwood Corp.		53,300		159,325

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
K&O Energy Group, Inc.		5,400	$	85,266
K’s Holdings Corp.		5,700		111,394
kabu.com Securities Co., Ltd.		47,800		161,254
Kadokawa Dwango (a)		12,508		161,892
Kaga Electronics Co., Ltd.		7,200		147,865
Kakiyasu Honten Co., Ltd.		3,800		65,679
Kameda Seika Co., Ltd.		4,100		200,403
Kamei Corp.		8,700		118,504
Kanaden Corp.		7,200		74,546
Kanagawa Chuo Kotsu Co., Ltd.		12,000		78,380
Kanamoto Co., Ltd.		8,800		293,072
Kandenko Co., Ltd.		37,000		389,134
Kanematsu Corp.		149,000		305,417
Kanematsu Electronics, Ltd.		4,300		132,317
Kanemi Co., Ltd.		100		3,032
Kansai Urban Banking Corp.		11,000		131,744
Kanto Denka Kogyo Co., Ltd.		15,000		132,342
Kappa Create Co., Ltd. (a)		2,100		23,849
Kasai Kogyo Co., Ltd.		8,600		111,121
Katakura & Co-op Agri Corp.		8,000		19,205
Katakura Industries Co., Ltd.		9,500		112,607
Kato Sangyo Co., Ltd.		7,100		190,847
Kato Works Co., Ltd.		3,800		107,142
Kawada Technologies, Inc.		1,500		100,278
Kawai Musical Instruments Manufacturing Co., Ltd.		2,600		54,892
Kawasaki Kinkai Kisen Kaisha, Ltd.		7,000		18,880
Kawasaki Kisen Kaisha, Ltd. (a) (d)		122,000		293,415
Kawasumi Laboratories, Inc.		4,900		29,669
Keihanshin Building Co., Ltd.		14,500		90,355
Keihin Co., Ltd./Minato-Ku Tokyo Japan		23,000		32,759
Keihin Corp.		15,600		213,388
Keiyo Bank, Ltd. (The)		89,000		385,942
Keiyo Co., Ltd.		14,400		100,165
Kenko Mayonnaise Co., Ltd.		3,200		92,326
KEY Coffee, Inc.		6,700		131,040
KFC Holdings Japan, Ltd.		4,000		70,986
Kimoto Co., Ltd.		14,900		33,059
Kimura Chemical Plants Co., Ltd.		3,300		10,842
King Jim Co., Ltd.		5,800		49,763
Kinki Sharyo Co., Ltd. (The) (a)		1,200		27,536
Kintetsu Department Store Co., Ltd. (a)		19,000		59,411
Kintetsu World Express, Inc.		10,800		190,788
Kissei Pharmaceutical Co., Ltd.		8,100		219,658
Kita-Nippon Bank, Ltd. (The)		2,900		84,005
Kitagawa Iron Works Co., Ltd.		3,100		65,045
Kitamura Co., Ltd.		3,700		23,093
Kitano Construction Corp.		14,000		40,796
Kito Corp.		5,900		60,605
Kitz Corp.		31,200		291,694
Kiyo Bank, Ltd. (The)		25,000		433,784
KLab, Inc. (a)		10,600		168,186
KNT-CT Holdings Co., Ltd. (a)		33,000		50,859
Koa Corp.		10,200		189,312
Koatsu Gas Kogyo Co., Ltd.		11,100		80,255
Kobe Bussan Co., Ltd.		2,400		113,915
Kobe Electric Railway Co., Ltd. (a)		5,000		17,782
Kobelco Eco-Solutions Co., Ltd.		6,000		23,443
Japan—(Continued)
Kohnan Shoji Co., Ltd.		10,400		193,961
Kohsoku Corp.		4,000		38,031
Koike Sanso Kogyo Co., Ltd.		7,000		18,112
Kojima Co., Ltd. (a)		12,000		32,912
Kokusai Co., Ltd.		3,400		28,602
Kokuyo Co., Ltd.		33,800		461,876
KOMAIHALTEC, Inc.		1,800		35,147
Komatsu Seiren Co., Ltd.		10,200		65,521
Komatsu Wall Industry Co., Ltd.		2,700		49,339
Komeri Co., Ltd.		12,300		313,199
Komori Corp.		18,900		243,590
Konaka Co., Ltd.		7,300		39,152
Kondotec, Inc.		7,900		66,461
Konishi Co., Ltd.		9,900		141,825
Konoike Transport Co., Ltd.		3,200		43,679
Kosaido Co., Ltd. (a)		3,700		11,993
Koshidaka Holdings Co., Ltd.		2,500		62,527
Kotobuki Spirits Co., Ltd.		6,700		219,157
Kourakuen Holdings Corp.		2,900		47,199
Krosaki Harima Corp.		19,000		73,383
KRS Corp.		2,200		50,583
KU Holdings Co., Ltd.		8,000		69,029
Kumagai Gumi Co., Ltd.		91,000		292,554
Kumiai Chemical Industry Co., Ltd.		21,195		122,115
Kura Corp.		3,300		151,893
Kurabo Industries, Ltd.		76,000		175,730
Kureha Corp.		5,200		257,674
Kurimoto, Ltd.		3,500		63,588
Kuroda Electric Co., Ltd.		10,900		213,756
Kusuri No. Aoki Holdings Co., Ltd.		4,900		256,682
KYB Corp.		74,000		380,131
Kyodo Printing Co., Ltd.		30,000		102,180
Kyoei Steel, Ltd.		6,100		101,276
Kyokuto Boeki Kaisha, Ltd.		9,000		21,554
Kyokuto Kaihatsu Kogyo Co., Ltd.		11,400		183,608
Kyokuto Securities Co., Ltd.		7,600		108,975
Kyokuyo Co., Ltd.		3,500		96,255
KYORIN Holdings, Inc.		15,500		344,485
Kyoritsu Maintenance Co., Ltd.		6,518		189,697
Kyoritsu Printing Co., Ltd.		6,800		20,458
Kyosan Electric Manufacturing Co., Ltd.		16,000		83,967
Kyowa Electronic Instruments Co., Ltd.		8,000		32,577
Kyowa Exeo Corp.		32,300		543,968
Kyowa Leather Cloth Co., Ltd.		3,300		27,590
Kyudenko Corp.		8,100		290,430
Kyushu Financial Group, Inc.		67,100		424,744
LAC Co., Ltd.		5,900		77,797
Land Business Co., Ltd.		7,100		18,575
Lasertec Corp.		12,200		170,462
LEC, Inc.		4,400		108,171
Leopalace21 Corp.		82,400		511,787
Life Corp.		4,400		123,783
LIFULL Co., Ltd.		17,000		149,281
Linical Co., Ltd.		1,700		27,086
Link And Motivation, Inc.		8,900		64,129
Lintec Corp.		17,100		409,759
Livesense, Inc. (a)		3,500		21,614

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Look, Inc.		11,000	$	24,060
M&A Capital Partners Co., Ltd. (a)		1,200		55,376
Macnica Fuji Electronics Holdings, Inc.		14,550		213,230
Maeda Corp.		40,000		441,209
Maeda Kosen Co., Ltd.		5,700		86,195
Maeda Road Construction Co., Ltd.		21,000		419,308
Maezawa Kasei Industries Co., Ltd.		5,700		63,840
Maezawa Kyuso Industries Co., Ltd.		3,900		53,230
Makino Milling Machine Co., Ltd.		40,000		331,353
Mamiya-Op Co., Ltd.		1,900		20,373
Mandom Corp.		5,200		282,370
Mani, Inc.		5,700		149,175
Mars Engineering Corp.		3,600		79,222
Marubun Corp.		8,200		57,546
Marudai Food Co., Ltd.		38,000		177,715
Marufuji Sheet Piling Co., Ltd.		13,000		30,895
Maruha Nichiro Corp.		13,900		367,117
Maruka Machinery Co., Ltd.		900		15,025
Marusan Securities Co., Ltd.		7,600		63,316
Maruwa Co., Ltd.		3,700		153,342
Maruyama Manufacturing Co., Inc.		1,500		23,618
Maruzen CHI Holdings Co., Ltd. (a)		11,900		38,512
Maruzen Showa Unyu Co., Ltd.		23,000		96,536
Marvelous, Inc.		9,500		93,290
Matsuda Sangyo Co., Ltd.		5,900		77,984
Matsui Construction Co., Ltd.		7,800		62,079
Matsui Securities Co., Ltd.		2,000		16,336
Matsuya Foods Co., Ltd.		2,500		93,548
Max Co., Ltd.		11,000		158,962
Maxvalu Nishinihon Co., Ltd.		2,400		35,421
Maxvalu Tokai Co., Ltd.		4,100		72,468
MCJ Co., Ltd.		4,300		45,344
MEC Co., Ltd.		5,800		72,201
Media Do Co., Ltd.		1,000		24,649
Medical System Network Co., Ltd.		5,300		24,127
Megmilk Snow Brand Co., Ltd.		8,000		223,016
Meidensha Corp.		58,000		199,237
Meiji Shipping Co., Ltd.		8,500		32,049
Meiko Electronics Co., Ltd.		7,500		95,853
Meiko Network Japan Co., Ltd.		7,200		96,001
Meisei Industrial Co., Ltd.		13,500		81,935
Meitec Corp.		9,500		404,996
Meito Sangyo Co., Ltd.		3,000		38,264
Meiwa Corp.		8,100		32,167
Meiwa Estate Co., Ltd.		5,200		37,013
Melco Holdings, Inc.		4,500		128,363
Menicon Co., Ltd.		900		29,569
Michinoku Bank, Ltd. (The)		57,000		93,859
Micronics Japan Co., Ltd. (d)		8,600		85,239
Mie Bank, Ltd. (The)		4,300		97,569
Mikuni Corp.		3,000		12,582
Milbon Co., Ltd.		3,660		205,943
Mimasu Semiconductor Industry Co., Ltd.		6,800		102,658
Minato Bank, Ltd. (The)		6,300		119,489
Ministop Co., Ltd.		5,400		113,195
Miraial Co., Ltd.		2,900		28,265
Mirait Holdings Corp.		22,200		249,626
Japan—(Continued)
Miroku Jyoho Service Co., Ltd.		5,900		125,487
Misawa Homes Co., Ltd.		6,700		60,226
Mitani Corp.		7,800		294,389
Mitani Sekisan Co., Ltd.		4,100		103,817
Mito Securities Co., Ltd.		24,000		67,785
Mitsuba Corp.		12,300		227,419
Mitsubishi Nichiyu Forklift Co., Ltd.		8,000		55,522
Mitsubishi Paper Mills, Ltd. (a)		12,000		86,353
Mitsubishi Pencil Co., Ltd.		11,800		332,946
Mitsubishi Research Institute, Inc.		2,000		58,018
Mitsubishi Shokuhin Co., Ltd.		4,800		137,864
Mitsubishi Steel Manufacturing Co., Ltd.		59,000		139,089
Mitsuboshi Belting, Ltd.		17,000		188,873
Mitsui Engineering & Shipbuilding Co., Ltd.		300,000		428,207
Mitsui High-Tec, Inc.		9,500		152,327
Mitsui Home Co., Ltd.		9,000		59,341
Mitsui Matsushima Co., Ltd.		5,200		64,572
Mitsui Mining & Smelting Co., Ltd.		216,000		847,822
Mitsui Sugar Co., Ltd.		6,100		176,915
Mitsui-Soko Holdings Co., Ltd.		37,000		101,160
Mitsumura Printing Co., Ltd.		5,000		11,346
Mitsuuroko Group Holdings Co., Ltd.		12,900		82,851
Miyaji Engineering Group, Inc.		18,000		38,541
Miyazaki Bank, Ltd. (The)		60,000		197,660
Miyoshi Oil & Fat Co., Ltd.		2,800		35,799
Mizuno Corp.		33,000		188,201
Mochida Pharmaceutical Co., Ltd.		3,500		252,622
Modec, Inc.		3,000		66,903
Monex Group, Inc.		73,600		195,170
Money Partners Group Co., Ltd.		7,100		32,052
Monogatari Corp. (The)		1,700		86,837
MORESCO Corp.		2,500		46,330
Morinaga Milk Industry Co., Ltd.		52,000		395,750
Morita Holdings Corp.		11,200		175,778
Morozoff, Ltd.		9,000		51,047
Mory Industries, Inc.		2,800		57,598
Mr Max Corp.		10,500		51,080
MTI, Ltd.		9,200		59,454
Mugen Estate Co., Ltd.		400		3,293
Murakami Corp.		3,000		58,520
Musashi Seimitsu Industry Co., Ltd.		7,900		229,232
Musashino Bank, Ltd. (The)		11,200		344,480
Mutoh Holdings Co., Ltd.		9,000		20,201
N Field Co., Ltd.		1,300		16,785
NAC Co., Ltd.		3,600		32,130
Nachi-Fujikoshi Corp.		60,000		341,568
Nafco Co., Ltd.		1,400		20,785
Nagaileben Co., Ltd.		5,600		130,374
Nagano Bank, Ltd. (The)		3,500		61,926
Nagano Keiki Co., Ltd.		4,200		28,799
Nagase & Co., Ltd.		2,600		39,615
Nagatanien Holdings Co., Ltd.		8,000		101,002
Nagawa Co., Ltd.		2,800		99,462
Nakabayashi Co., Ltd.		11,000		31,153
Nakamuraya Co., Ltd.		1,600		72,513
Nakanishi, Inc.		4,100		166,045
Nakano Corp.		4,000		21,947

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nakayama Steel Works, Ltd.		6,300	$	36,449
Nakayamafuku Co., Ltd.		2,000		14,014
Namura Shipbuilding Co., Ltd.		18,956		111,817
Nanto Bank, Ltd. (The)		9,200		261,753
Narasaki Sangyo Co., Ltd.		4,000		10,420
Natori Co., Ltd.		2,600		49,203
NDS Co., Ltd.		2,200		60,395
NEC Capital Solutions, Ltd.		3,800		62,582
NEC Networks & System Integration Corp.		7,800		169,664
NET One Systems Co., Ltd.		31,600		299,675
Neturen Co., Ltd.		9,800		93,071
New Japan Chemical Co., Ltd. (a)		9,900		13,765
New Japan Radio Co., Ltd. (a)		6,000		36,378
Nexyz Group Corp.		1,300		23,484
Nice Holdings, Inc.		31,000		42,309
Nichi-iko Pharmaceutical Co., Ltd.		13,200		206,168
Nichia Steel Works, Ltd.		13,000		32,656
Nichias Corp.		33,000		381,968
Nichiban Co., Ltd.		8,000		68,107
Nichicon Corp.		20,100		216,370
Nichiden Corp.		2,600		90,501
Nichiha Corp.		9,600		339,094
NichiiGakkan Co., Ltd.		11,800		117,239
Nichimo Co., Ltd.		16,000		25,232
Nichireki Co., Ltd.		9,000		106,464
Nihon Chouzai Co., Ltd.		1,660		52,709
Nihon Dempa Kogyo Co., Ltd.		7,600		59,285
Nihon Eslead Corp.		2,700		44,184
Nihon House Holdings Co., Ltd.		15,000		70,654
Nihon Kagaku Sangyo Co., Ltd.		3,000		43,985
Nihon Kohden Corp.		4,400		101,758
Nihon Nohyaku Co., Ltd.		14,000		82,619
Nihon Parkerizing Co., Ltd.		31,600		471,827
Nihon Plast Co., Ltd.		2,500		29,015
Nihon Tokushu Toryo Co., Ltd.		2,200		32,071
Nihon Trim Co., Ltd.		1,300		53,094
Nihon Unisys, Ltd.		16,900		267,610
Nihon Yamamura Glass Co., Ltd.		38,000		61,656
Nikkato Corp.		300		1,608
Nikkiso Co., Ltd.		18,600		179,010
Nikko Co., Ltd.		1,800		35,762
Nikkon Holdings Co., Ltd.		22,600		523,308
Nippon Air Conditioning Services Co., Ltd.		9,600		57,736
Nippon Beet Sugar Manufacturing Co., Ltd.		4,500		86,180
Nippon Carbide Industries Co., Inc.		23,000		39,185
Nippon Carbon Co., Ltd. (d)		3,900		121,263
Nippon Ceramic Co., Ltd.		5,200		121,089
Nippon Chemi-Con Corp.		59,000		214,484
Nippon Chemical Industrial Co., Ltd.		30,000		60,749
Nippon Chemiphar Co., Ltd.		800		36,768
Nippon Coke & Engineering Co., Ltd.		71,000		62,020
Nippon Concrete Industries Co., Ltd.		14,000		50,518
Nippon Denko Co., Ltd.		43,865		155,259
Nippon Densetsu Kogyo Co., Ltd.		12,500		257,303
Nippon Felt Co., Ltd.		8,600		39,026
Nippon Filcon Co., Ltd.		5,200		28,380
Nippon Fine Chemical Co., Ltd.		4,300		38,116
Japan—(Continued)
Nippon Flour Mills Co., Ltd.		22,500		361,143
Nippon Gas Co., Ltd.		9,600		311,451
Nippon Hume Corp.		8,200		49,889
Nippon Kanzai Co., Ltd.		4,800		85,034
Nippon Kinzoku Co., Ltd.		1,900		26,066
Nippon Kodoshi Corp.		1,600		18,423
Nippon Koei Co., Ltd.		5,000		142,205
Nippon Koshuha Steel Co., Ltd.		31,000		22,877
Nippon Light Metal Holdings Co., Ltd.		198,000		471,305
Nippon Paper Industries Co., Ltd.		7,000		143,376
Nippon Parking Development Co., Ltd.		65,100		94,528
Nippon Pillar Packing Co., Ltd.		6,500		92,883
Nippon Piston Ring Co., Ltd.		3,200		63,987
Nippon Rietec Co., Ltd.		5,800		64,529
Nippon Road Co., Ltd. (The)		27,000		142,489
Nippon Seiki Co., Ltd.		15,000		302,006
Nippon Seisen Co., Ltd.		6,000		38,035
Nippon Sharyo, Ltd. (a)		26,000		66,454
Nippon Sheet Glass Co., Ltd. (a)		33,000		273,281
Nippon Signal Co., Ltd.		18,700		172,423
Nippon Soda Co., Ltd.		46,000		254,686
Nippon Steel & Sumikin Bussan Corp.		5,196		249,741
Nippon Suisan Kaisha, Ltd.		80,500		471,320
Nippon Systemware Co., Ltd.		1,300		21,468
Nippon Thompson Co., Ltd.		23,200		122,799
Nippon Valqua Industries, Ltd.		6,000		118,871
Nippon Yakin Kogyo Co., Ltd. (d)		54,000		112,424
Nipro Corp.		24,900		325,010
Nishi-Nippon Railroad Co., Ltd.		61,000		274,412
Nishikawa Rubber Co., Ltd.		1,200		23,291
Nishimatsu Construction Co., Ltd.		97,000		515,035
Nishimatsuya Chain Co., Ltd.		8,800		90,134
Nishio Rent All Co., Ltd.		4,400		140,538
Nissan Shatai Co., Ltd.		1,300		12,959
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		41,407
Nissei ASB Machine Co., Ltd.		2,100		73,081
Nissei Build Kogyo Co., Ltd.		18,000		100,104
Nissei Corp.		3,700		33,369
Nissei Plastic Industrial Co., Ltd.		6,000		57,015
Nissha Printing Co., Ltd. (d)		8,700		241,851
Nisshin Fudosan Co.		12,300		64,154
Nisshin Oillio Group, Ltd. (The)		51,000		299,567
Nisshin Steel Co., Ltd.		6,196		68,207
Nisshinbo Holdings, Inc.		47,000		477,750
Nissin Corp.		30,000		145,597
Nissin Electric Co., Ltd.		14,800		157,212
Nissin Kogyo Co., Ltd.		15,200		241,843
Nissui Pharmaceutical Co., Ltd.		5,100		62,576
Nitta Corp.		6,800		211,966
Nitta Gelatin, Inc.		4,500		28,922
Nittan Valve Co., Ltd.		6,300		22,060
Nittetsu Mining Co., Ltd.		2,200		118,342
Nitto Boseki Co., Ltd.		49,000		236,068
Nitto FC Co., Ltd.		4,500		38,050
Nitto Fuji Flour Milling Co., Ltd.		400		14,012
Nitto Kogyo Corp.		9,000		142,283
Nitto Kohki Co., Ltd.		4,100		94,003

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nitto Seiko Co., Ltd.		12,500	$	51,369
Nittoc Construction Co., Ltd.		11,050		56,805
Nittoku Engineering Co., Ltd.		5,200		144,462
NJS Co., Ltd.		3,300		40,314
Noevir Holdings Co., Ltd.		4,800		244,587
NOF Corp.		52,000		662,845
Nohmi Bosai, Ltd.		7,000		100,936
Nojima Corp.		4,200		65,238
Nomura Co., Ltd.		12,000		273,862
Noritake Co., Ltd.		4,200		144,004
Noritsu Koki Co., Ltd.		4,000		34,848
Noritz Corp.		11,400		226,447
North Pacific Bank, Ltd.		122,400		429,267
NS Solutions Corp.		10,200		242,946
NS United Kaiun Kaisha, Ltd.		41,000		82,706
NSD Co., Ltd.		10,670		192,423
Nuflare Technology, Inc.		800		47,842
Obara Group, Inc.		4,400		240,286
Odelic Co., Ltd.		1,000		41,699
Oenon Holdings, Inc.		21,000		52,561
Ogaki Kyoritsu Bank, Ltd. (The)		125,000		360,894
Ohara, Inc.		2,900		32,656
Ohashi Technica, Inc.		4,600		57,422
Ohsho Food Service Corp.		3,600		137,236
Oiles Corp.		8,000		141,661
Oita Bank, Ltd. (The)		57,000		219,673
Okabe Co., Ltd.		14,000		129,192
Okamoto Industries, Inc.		16,000		186,211
Okamoto Machine Tool Works, Ltd.		14,000		30,703
Okamura Corp.		26,300		249,949
Okasan Securities Group, Inc.		29,000		186,772
Okaya Electric Industries Co., Ltd.		8,900		31,644
Oki Electric Industry Co., Ltd.		22,700		322,334
Okinawa Cellular Telephone Co.		4,400		147,345
Okinawa Electric Power Co., Inc. (The)		13,507		308,844
OKK Corp.		31,000		35,166
OKUMA Corp.		43,000		409,794
Okumura Corp.		57,000		383,898
Okura Industrial Co., Ltd.		15,000		79,998
Okuwa Co., Ltd.		10,000		115,179
Olympic Group Corp.		4,900		26,881
ONO Sokki Co., Ltd.		4,200		28,479
Onoken Co., Ltd.		6,500		100,772
Onward Holdings Co., Ltd.		49,000		362,820
Open House Co., Ltd.		6,500		200,578
OPT Holding, Inc.		4,700		61,102
Optex Group Co., Ltd.		4,700		152,425
Organo Corp.		14,000		68,740
Origin Electric Co., Ltd.		17,000		46,973
Osaka Organic Chemical Industry, Ltd.		5,900		74,341
Osaka Soda Co., Ltd.		25,000		121,358
Osaka Steel Co., Ltd.		5,900		114,263
OSAKA Titanium Technologies Co., Ltd.		2,600		43,058
Osaki Electric Co., Ltd.		11,000		82,423
OSG Corp.		19,600		399,608
Otsuka Kagu, Ltd. (d)		5,500		45,032
OUG Holdings, Inc.		7,000		16,385
Japan—(Continued)
Outsourcing, Inc.		3,100		151,388
Oyo Corp.		7,400		104,183
Pacific Industrial Co., Ltd.		16,700		217,254
Pacific Metals Co., Ltd. (a)		61,000		160,498
Pack Corp. (The)		4,600		146,186
Pal Group Holdings Co., Ltd.		3,800		98,845
Paltac Corp.		11,150		376,032
PanaHome Corp. (d)		32,000		340,477
Paramount Bed Holdings Co., Ltd.		6,000		262,595
Parco Co., Ltd.		8,100		97,618
Paris Miki Holdings, Inc.		10,600		44,330
Pasco Corp.		6,000		19,472
Pasona Group, Inc.		6,200		57,227
Penta-Ocean Construction Co., Ltd.		90,500		514,865
PIA Corp.		300		10,093
Pilot Corp.		9,900		420,555
Piolax, Inc.		10,500		293,283
Pioneer Corp. (a)		117,700		236,248
Plenus Co., Ltd.		7,800		164,870
Press Kogyo Co., Ltd.		37,000		172,177
Pressance Corp.		10,400		137,551
Prestige International, Inc.		13,400		144,945
Prima Meat Packers, Ltd.		48,000		282,103
Pronexus, Inc.		6,700		78,438
Proto Corp.		4,400		68,570
PS Mitsubishi Construction Co., Ltd.		8,800		38,635
Qol Co., Ltd.		3,400		51,037
Raito Kogyo Co., Ltd.		16,900		178,901
Rasa Industries, Ltd.		26,000		32,002
Renaissance, Inc.		2,800		49,384
Rengo Co., Ltd.		72,300		419,774
Renown, Inc. (a) (d)		29,200		37,906
Resort Solution Co., Ltd.		4,000		13,108
Retail Partners Co., Ltd.		1,300		13,608
Rheon Automatic Machinery Co., Ltd.		5,000		55,990
Rhythm Watch Co., Ltd.		25,000		51,158
Riberesute Corp.		4,300		32,458
Ricoh Leasing Co., Ltd.		5,600		196,172
Right On Co., Ltd.		5,900		51,563
Riken Corp.		3,500		158,245
Riken Keiki Co., Ltd.		6,000		111,885
Riken Technos Corp.		15,000		79,712
Riken Vitamin Co., Ltd.		2,700		105,771
Ringer Hut Co., Ltd.		4,200		90,992
Rion Co., Ltd.		2,200		33,971
Riso Kagaku Corp.		9,458		184,499
Riso Kyoiku Co., Ltd.		11,590		91,962
Rock Field Co., Ltd.		6,600		113,476
Rokko Butter Co., Ltd.		3,600		85,045
Roland DG Corp.		3,000		68,340
Round One Corp.		24,800		234,868
Royal Holdings Co., Ltd. (d)		9,000		206,147
Ryobi, Ltd.		47,000		191,513
Ryoden Corp.		9,000		62,515
Ryosan Co., Ltd.		10,800		393,701
Ryoyo Electro Corp.		7,800		124,424
S Foods, Inc.		4,100		150,903

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
S&B Foods, Inc.		600	$	36,991
Sac’s Bar Holdings, Inc.		6,850		76,865
Saibu Gas Co., Ltd.		122,000		287,944
Saizeriya Co., Ltd.		10,300		299,989
Sakai Chemical Industry Co., Ltd.		30,000		115,440
Sakai Heavy Industries, Ltd.		14,000		39,438
Sakai Moving Service Co., Ltd.		2,600		100,556
Sakai Ovex Co., Ltd.		1,600		25,739
Sakata INX Corp.		11,800		188,332
Sakura Internet, Inc.		1,600		13,153
Sala Corp.		12,900		79,682
SAMTY Co., Ltd.		2,600		28,408
San Holdings, Inc.		1,400		27,720
San-A Co., Ltd.		5,700		252,066
San-Ai Oil Co., Ltd.		20,000		204,692
San-In Godo Bank, Ltd. (The)		59,000		497,596
Sanden Holdings Corp. (a)		42,000		121,364
Sanei Architecture Planning Co., Ltd.		3,500		54,866
Sangetsu Corp.		20,500		356,113
Sanken Electric Co., Ltd.		37,000		155,911
Sanki Engineering Co., Ltd.		17,900		201,174
Sanko Marketing Foods Co., Ltd.		3,100		26,774
Sanko Metal Industrial Co., Ltd.		1,000		29,574
Sankyo Frontier Co., Ltd.		2,000		24,095
Sankyo Seiko Co., Ltd.		13,400		46,579
Sankyo Tateyama, Inc.		9,600		146,712
Sankyu, Inc.		96,000		626,651
Sanoh Industrial Co., Ltd.		10,100		71,452
Sanrio Co., Ltd.		5,400		105,867
Sanshin Electronics Co., Ltd.		8,500		109,383
Sanwa Holdings Corp.		15,700		165,722
Sanyo Chemical Industries, Ltd.		4,200		197,792
Sanyo Denki Co., Ltd.		16,000		164,320
Sanyo Electric Railway Co., Ltd.		20,000		103,040
Sanyo Housing Nagoya Co., Ltd.		3,000		29,740
Sanyo Industries, Ltd.		13,000		25,372
Sanyo Shokai, Ltd.		5,100		81,158
Sanyo Special Steel Co., Ltd.		43,000		244,090
Sapporo Holdings, Ltd.		13,000		358,320
Sata Construction Co., Ltd.		2,600		10,072
Sato Holdings Corp.		6,900		172,641
Sato Shoji Corp.		6,500		51,695
Satori Electric Co., Ltd.		5,500		40,872
Sawada Holdings Co., Ltd.		10,300		90,540
Saxa Holdings, Inc.		24,000		44,290
SBS Holdings, Inc.		6,900		54,806
Scroll Corp.		13,100		44,353
SEC Carbon, Ltd.		7,000		18,896
Secom Joshinetsu Co., Ltd.		900		28,047
Seibu Electric Industry Co., Ltd.		2,400		50,047
Seika Corp.		21,000		74,538
Seikitokyu Kogyo Co., Ltd.		12,500		64,920
Seiko Holdings Corp.		44,000		180,146
Seino Holdings Co., Ltd.		13,100		174,335
Seiren Co., Ltd.		19,100		300,805
Sekisui Jushi Corp.		10,200		187,420
Sekisui Plastics Co., Ltd.		10,300		84,048
Japan—(Continued)
Senko Group Holdings Co., Ltd.		31,000		201,687
Senshu Electric Co., Ltd.		2,400		45,582
Senshu Ikeda Holdings, Inc.		84,000		355,120
Senshukai Co., Ltd. (d)		11,000		79,311
Septeni Holdings Co., Ltd.		27,500		86,311
Shibaura Electronics Co., Ltd.		2,800		88,256
Shibaura Mechatronics Corp.		9,000		27,143
Shibusawa Warehouse Co., Ltd. (The)		21,000		67,776
Shibuya Corp.		5,400		162,960
Shidax Corp.		9,600		37,214
Shiga Bank, Ltd. (The)		89,000		459,956
Shikibo, Ltd.		47,000		61,206
Shikoku Bank, Ltd. (The)		70,000		195,551
Shikoku Chemicals Corp.		13,000		160,192
Shima Seiki Manufacturing, Ltd.		9,000		420,426
Shimachu Co., Ltd.		19,600		467,492
Shimane Bank, Ltd. (The)		2,500		29,162
Shimizu Bank, Ltd. (The)		3,400		110,470
Shimojima Co., Ltd.		6,300		63,878
Shin Nippon Air Technologies Co., Ltd.		4,600		64,784
Shin-Etsu Polymer Co., Ltd.		16,900		132,319
Shin-Keisei Electric Railway Co., Ltd.		19,000		70,801
Shinagawa Refractories Co., Ltd.		20,000		47,837
Shindengen Electric Manufacturing Co., Ltd.		28,000		152,444
Shinkawa, Ltd. (a)		5,300		33,756
Shinko Electric Industries Co., Ltd.		27,600		234,477
Shinko Plantech Co., Ltd.		16,100		124,558
Shinko Shoji Co., Ltd.		7,700		98,086
Shinko Wire Co., Ltd.		12,000		17,092
Shinmaywa Industries, Ltd.		34,000		287,492
Shinnihon Corp.		10,200		83,005
Shinoken Group Co., Ltd.		1,600		32,264
Shinsho Corp.		1,400		32,224
Shinwa Co., Ltd.		3,900		74,790
Ship Healthcare Holdings, Inc.		14,200		442,288
Shizuki Electric Co., Inc.		8,000		48,101
Shizuoka Gas Co., Ltd.		21,300		141,979
Shobunsha Publications, Inc.		4,800		30,668
Shochiku Co., Ltd.		3,000		38,306
Shoei Foods Corp.		4,300		127,054
Shofu, Inc.		3,900		46,349
Shoko Co., Ltd. (a)		19,000		16,600
Showa Aircraft Industry Co., Ltd.		4,000		42,039
Showa Corp. (a)		17,600		170,895
Showa Denko KK		15,500		360,793
Showa Sangyo Co., Ltd.		33,000		181,455
Siix Corp.		4,800		190,518
Sinanen Holdings Co., Ltd.		2,900		59,059
Sinfonia Technology Co., Ltd.		42,000		173,634
Sinko Industries, Ltd.		6,400		102,612
Sintokogio, Ltd.		16,800		174,695
SKY Perfect JSAT Holdings, Inc.		29,800		128,297
SMK Corp.		23,000		88,248
SMS Co., Ltd.		7,300		221,775
SNT Corp.		7,800		49,116
Soda Nikka Co., Ltd.		7,000		32,782
Sodick Co., Ltd.		16,800		195,849

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Soft99 Corp.		5,100	$	40,825
Softbank Technology Corp.		3,200		58,015
Software Service, Inc.		1,200		52,138
Sogo Medical Co., Ltd.		2,400		103,700
Sosei Group Corp. (a)		800		88,201
Sotoh Co., Ltd.		3,100		31,578
Space Co., Ltd.		4,600		60,834
Sparx Group Co., Ltd.		35,900		69,156
SPK Corp.		1,700		40,188
SRA Holdings		3,100		83,374
Srg Takamiya Co., Ltd.		5,200		26,179
ST Corp.		4,200		98,532
St. Marc Holdings Co., Ltd.		5,100		156,053
Star Mica Co., Ltd.		800		20,467
Star Micronics Co., Ltd.		4,400		71,224
Starts Corp., Inc.		5,800		138,168
Starzen Co., Ltd.		2,500		109,410
Stella Chemifa Corp.		3,600		93,241
Step Co., Ltd.		4,100		52,498
Striders Corp. (a)		16,000		9,115
Studio Alice Co., Ltd.		2,900		59,184
Subaru Enterprise Co., Ltd.		1,000		5,442
Sugimoto & Co., Ltd.		3,800		52,400
Sumida Corp.		6,300		99,885
Suminoe Textile Co., Ltd.		23,000		55,616
Sumitomo Bakelite Co., Ltd.		68,000		480,173
Sumitomo Densetsu Co., Ltd.		5,400		78,239
Sumitomo Mitsui Construction Co., Ltd.		260,300		278,516
Sumitomo Osaka Cement Co., Ltd.		142,000		674,748
Sumitomo Precision Products Co., Ltd.		12,000		37,533
Sumitomo Riko Co., Ltd.		15,300		157,814
Sumitomo Seika Chemicals Co., Ltd.		3,200		157,383
Sumitomo Warehouse Co., Ltd. (The)		53,000		336,595
Sun Frontier Fudousan Co., Ltd.		7,600		76,514
Sun-Wa Technos Corp.		3,900		51,753
Suncall Corp.		8,300		46,583
SWCC Showa Holdings Co., Ltd. (a)		76,000		56,204
Systena Corp.		5,600		112,562
T Hasegawa Co., Ltd.		8,400		177,922
T RAD Co., Ltd.		29,000		91,891
T&K Toka Co., Ltd.		8,600		91,375
T-Gaia Corp.		8,400		159,525
Tabuchi Electric Co., Ltd.		8,900		28,112
Tachi-S Co., Ltd.		10,300		188,315
Tachibana Eletech Co., Ltd.		5,640		76,623
Tadano, Ltd.		38,000		457,803
Taihei Dengyo Kaisha, Ltd.		12,000		138,381
Taiheiyo Kouhatsu, Inc.		21,000		18,359
Taiho Kogyo Co., Ltd.		6,400		81,109
Taikisha, Ltd.		9,100		240,542
Taiko Bank, Ltd. (The)		31,000		66,053
Taiko Pharmaceutical Co., Ltd.		2,300		45,324
Taisei Lamick Co., Ltd.		2,200		57,293
Taiyo Holdings Co., Ltd.		5,300		238,625
Taiyo Yuden Co., Ltd.		26,600		418,795
Takachiho Koheki Co., Ltd.		400		3,905
Takamatsu Construction Group Co., Ltd.		5,400		131,626
Japan—(Continued)
Takano Co., Ltd.		4,600		46,667
Takaoka Toko Co., Ltd.		4,365		63,422
Takara Holdings, Inc.		26,000		271,046
Takara Leben Co., Ltd.		28,600		128,536
Takara Printing Co., Ltd.		3,100		44,805
Takara Standard Co., Ltd.		14,400		235,661
Takasago International Corp.		5,400		203,644
Takasago Thermal Engineering Co., Ltd.		16,800		273,523
Takashima & Co., Ltd.		25,000		46,359
Take And Give Needs Co., Ltd.		4,010		27,551
Takeei Corp.		8,200		79,184
Takeuchi Manufacturing Co., Ltd.		10,000		183,932
Takihyo Co., Ltd.		10,000		41,841
Takisawa Machine Tool Co., Ltd.		22,000		34,729
Takuma Co., Ltd.		25,000		251,089
Tama Home Co., Ltd.		5,900		33,703
Tamron Co., Ltd.		6,000		103,963
Tamura Corp.		26,000		120,904
Tanseisha Co., Ltd.		11,750		125,106
Tatsuta Electric Wire and Cable Co., Ltd.		17,000		103,356
Tayca Corp.		12,000		100,942
TBK Co., Ltd.		8,000		36,254
Teac Corp. (a)		40,000		17,787
TECHNO ASSOCIE Co., Ltd.		300		3,046
Techno Medica Co., Ltd.		2,400		41,813
Techno Ryowa, Ltd.		4,800		33,819
Tecnos Japan, Inc.		2,000		20,717
Teikoku Electric Manufacturing Co., Ltd.		6,800		69,788
Teikoku Sen-I Co., Ltd.		6,900		114,966
Teikoku Tsushin Kogyo Co., Ltd.		15,000		27,933
Tenma Corp.		6,200		114,408
Teraoka Seisakusho Co., Ltd.		200		723
Tigers Polymer Corp.		2,200		14,455
TIS, Inc.		3,800		105,717
TKC Corp.		6,700		197,718
Toa Corp.		9,600		92,553
Toa Corp. (a)		5,800		91,733
Toa Oil Co., Ltd.		32,000		37,889
TOA ROAD Corp.		18,000		75,219
Toabo Corp.		3,400		16,769
Toagosei Co., Ltd.		37,000		482,006
Tobishima Corp.		55,600		83,196
Tobu Store Co., Ltd.		1,100		30,221
TOC Co., Ltd.		15,800		149,662
Tocalo Co., Ltd.		4,800		158,385
Tochigi Bank, Ltd. (The)		38,200		162,387
Toda Corp.		78,000		486,965
Toda Kogyo Corp.		11,000		27,040
Toei Animation Co., Ltd.		1,800		125,728
Toei Co., Ltd.		25,000		237,625
Toenec Corp.		16,000		99,685
Toho Bank, Ltd. (The)		83,000		292,219
Toho Co., Ltd.		2,700		73,534
Toho Holdings Co., Ltd.		19,600		386,595
Toho Zinc Co., Ltd.		50,000		210,979
Tohoku Bank, Ltd. (The)		47,000		63,604
Tohokushinsha Film Corp.		4,800		30,950

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Tohto Suisan Co., Ltd.		1,400	$	23,274
Tokai Carbon Co., Ltd.		68,000		377,487
Tokai Corp.		3,900		154,696
TOKAI Holdings Corp.		23,700		176,793
Tokai Lease Co., Ltd.		16,000		29,905
Tokai Rika Co., Ltd.		8,800		162,436
Tokai Tokyo Financial Holdings, Inc.		34,400		191,302
Token Corp.		2,460		302,996
Tokushu Tokai Paper Co., Ltd.		3,300		119,583
Tokuyama Corp. (a)		106,000		511,952
Tokyo Dome Corp.		31,000		280,653
Tokyo Electron Device, Ltd.		2,400		35,970
Tokyo Energy & Systems, Inc.		8,000		71,984
Tokyo Individualized Educational Institute, Inc.		5,000		70,253
Tokyo Keiki, Inc.		21,000		52,157
Tokyo Ohka Kogyo Co., Ltd.		13,100		436,205
Tokyo Rakutenchi Co., Ltd.		13,000		66,752
Tokyo Rope Manufacturing Co., Ltd.		4,600		70,203
Tokyo Sangyo Co., Ltd.		12,000		47,417
Tokyo Seimitsu Co., Ltd.		13,800		445,034
Tokyo Steel Manufacturing Co., Ltd.		36,800		311,164
Tokyo Tekko Co., Ltd.		17,000		63,024
Tokyo Theatres Co., Inc.		29,000		36,646
Tokyo TY Financial Group, Inc.		9,724		268,754
Tokyotokeiba Co., Ltd.		3,100		79,079
Tokyu Recreation Co., Ltd.		6,000		44,970
Toli Corp.		20,000		66,673
Tomato Bank, Ltd.		4,200		58,796
Tomen Devices Corp.		1,500		29,729
Tomoe Corp.		12,500		39,767
Tomoe Engineering Co., Ltd.		2,100		33,682
Tomoegawa Co., Ltd.		12,000		25,471
Tomoku Co., Ltd.		27,000		91,716
TOMONY Holdings, Inc.		56,900		277,912
Tomy Co., Ltd.		22,400		267,027
Tonami Holdings Co., Ltd.		22,000		82,464
Topcon Corp.		11,500		198,555
Toppan Forms Co., Ltd.		19,800		204,852
Topre Corp.		11,900		322,907
Topy Industries, Ltd.		6,800		202,890
Toridolll Holdings Corp.		6,900		177,756
Torigoe Co., Ltd. (The)		7,100		50,888
Torii Pharmaceutical Co., Ltd.		3,600		87,818
Torishima Pump Manufacturing Co., Ltd.		7,700		77,859
Tosei Corp.		13,200		93,816
Toshiba Machine Co., Ltd.		42,000		189,011
Toshiba Plant Systems & Services Corp.		14,100		222,443
Toshiba TEC Corp.		13,000		67,334
Tosho Co., Ltd.		2,400		114,054
Tosho Printing Co., Ltd.		14,000		63,358
Totetsu Kogyo Co., Ltd.		8,400		257,008
Tottori Bank, Ltd. (The)		3,700		56,181
Toukei Computer Co., Ltd.		1,400		34,810
Tow Co., Ltd.		3,600		26,596
Towa Bank, Ltd. (The)		115,000		129,137
Towa Corp.		8,000		117,887
Towa Pharmaceutical Co., Ltd.		2,800		131,074
Japan—(Continued)
Toyo Construction Co., Ltd.		25,499		100,634
Toyo Corp.		9,600		92,634
Toyo Denki Seizo KK		3,200		47,401
Toyo Engineering Corp. (d)		38,000		93,713
Toyo Ink SC Holdings Co., Ltd.		76,000		400,082
Toyo Kanetsu KK		38,000		104,622
Toyo Kohan Co., Ltd.		16,000		59,782
Toyo Machinery & Metal Co., Ltd.		6,000		40,206
Toyo Securities Co., Ltd.		23,000		52,149
Toyo Sugar Refining Co., Ltd.		9,000		9,379
Toyo Tanso Co., Ltd.		4,600		79,469
Toyo Tire & Rubber Co., Ltd.		2,900		59,220
Toyo Wharf & Warehouse Co., Ltd.		25,000		40,740
Toyobo Co., Ltd.		332,000		609,228
TPR Co., Ltd.		7,300		236,275
Trancom Co., Ltd.		2,300		112,402
Transcosmos, Inc.		7,700		184,589
Trusco Nakayama Corp.		12,600		301,052
Trust Tech, Inc.		3,000		58,390
TS Tech Co., Ltd.		2,600		75,895
TSI Holdings Co., Ltd.		28,205		203,311
Tsubakimoto Chain Co.		45,000		388,881
Tsubakimoto Kogyo Co., Ltd.		8,000		31,208
Tsudakoma Corp. (a)		16,000		25,949
Tsugami Corp.		19,000		136,763
Tsukada Global Holdings, Inc.		7,200		37,488
Tsukamoto Corp. Co., Ltd.		21,000		24,128
Tsukishima Kikai Co., Ltd.		8,600		98,395
Tsukuba Bank, Ltd.		34,500		104,043
Tsukui Corp.		18,800		110,316
Tsumura & Co.		3,400		138,080
Tsurumi Manufacturing Co., Ltd.		6,100		101,329
Tsutsumi Jewelry Co., Ltd.		3,200		61,061
TTK Co., Ltd.		4,000		18,493
TV Tokyo Holdings Corp.		3,700		75,711
TYK Corp.		6,000		11,392
U-Shin, Ltd. (a)		8,400		56,637
UACJ Corp.		106,850		293,790
Ube Industries, Ltd.		163,000		420,133
Uchida Yoko Co., Ltd.		4,200		105,231
Ueki Corp.		11,000		26,762
UKC Holdings Corp.		5,000		84,363
Uniden Holdings Corp. (a)		25,000		55,566
Union Tool Co.		3,400		95,358
Unipres Corp.		13,900		309,892
United Arrows, Ltd.		6,000		194,615
United Super Markets Holdings, Inc.		20,700		218,863
Unitika, Ltd. (a)		156,000		115,390
Universal Entertainment Corp.		3,000		91,624
Unizo Holdings Co., Ltd.		3,800		105,573
Ushio, Inc.		39,000		491,395
UT Group Co., Ltd. (a)		8,300		133,607
Utoc Corp.		5,100		21,359
V Technology Co., Ltd.		800		138,382
Valor Holdings Co., Ltd.		11,800		268,038
Vector, Inc.		1,200		20,358
VeriServe Corp.		500		15,535

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Village Vanguard Co., Ltd.		2,300	$	21,001
Vital KSK Holdings, Inc.		14,200		115,815
Vitec Holdings Co., Ltd.		3,700		46,227
Voyage Group, Inc.		1,500		30,721
VT Holdings Co., Ltd.		24,300		119,934
W-Scope Corp. (d)		3,600		63,172
Wacoal Holdings Corp.		29,000		392,418
Wakachiku Construction Co., Ltd.		46,000		66,799
Wakamoto Pharmaceutical Co., Ltd.		9,000		22,772
Wakita & Co., Ltd.		15,300		177,681
Warabeya Nichiyo Holdings Co., Ltd.		5,000		138,051
WATAMI Co., Ltd.		7,600		90,749
Weathernews, Inc.		2,100		70,283
Wellnet Corp.		4,600		56,840
West Holdings Corp.		7,200		52,695
WirelessGate, Inc.		1,000		13,890
Wood One Co., Ltd.		13,000		32,795
Wowow, Inc.		2,200		59,562
Xebio Holdings Co., Ltd.		8,700		153,704
Y.A.C. Holdings Co., Ltd.		3,900		45,921
Yachiyo Industry Co., Ltd.		3,900		38,732
Yahagi Construction Co., Ltd.		10,900		88,774
Yaizu Suisankagaku Industry Co., Ltd.		4,400		47,289
YAMABIKO Corp.		12,800		138,503
Yamagata Bank, Ltd. (The) (d)		52,000		233,142
Yamaichi Electronics Co., Ltd.		8,200		126,507
Yamanashi Chuo Bank, Ltd. (The)		59,000		249,597
Yamatane Corp.		3,400		49,708
Yamato Corp.		6,600		38,484
Yamato International, Inc.		6,700		25,558
Yamato Kogyo Co., Ltd.		1,800		46,224
Yamaya Corp.		1,150		16,187
Yamazawa Co., Ltd.		1,000		15,933
Yamazen Corp.		19,500		198,178
Yaoko Co., Ltd.		5,200		222,675
Yashima Denki Co., Ltd.		7,500		53,782
Yasuda Logistics Corp.		7,400		48,416
Yellow Hat, Ltd.		5,800		138,469
Yodogawa Steel Works, Ltd.		7,600		201,274
Yokogawa Bridge Holdings Corp.		12,800		177,529
Yokohama Reito Co., Ltd.		16,800		158,603
Yokowo Co., Ltd.		5,200		65,942
Yomeishu Seizo Co., Ltd.		3,000		54,831
Yomiuri Land Co., Ltd.		13,000		61,720
Yondenko Corp.		8,000		36,535
Yondoshi Holdings, Inc.		4,600		114,685
Yorozu Corp.		7,900		122,898
Yoshinoya Holdings Co., Ltd.		13,600		226,599
Yuasa Funashoku Co., Ltd.		13,000		35,407
Yuasa Trading Co., Ltd.		5,800		176,362
Yuken Kogyo Co., Ltd.		17,000		34,311
Yuki Gosei Kogyo Co., Ltd.		6,000		15,362
Yumeshin Holdings Co., Ltd.		10,100		67,243
Yurtec Corp.		12,000		81,834
Yusen Logistics Co., Ltd.		7,100		65,698
Yushiro Chemical Industry Co., Ltd.		3,700		49,823
Yutaka Giken Co., Ltd.		600		13,334
Japan—(Continued)
Zappallas, Inc.		4,900		22,930
Zenrin Co., Ltd.		7,900		229,068
ZERIA Pharmaceutical Co., Ltd.		9,200		170,703
Zojirushi Corp.		9,800		111,617
Zuiko Corp.		1,000		35,031
Zuken, Inc.		5,400		75,826
				166,884,552
Jersey, Channel Islands—0.1%
Centamin plc		342,133		690,735
Liechtenstein—0.0%
Liechtensteinische Landesbank AG		2,973		152,092
VP Bank AG		358		44,313
				196,405
Luxembourg—0.2%
APERAM S.A. (d)		21,182		989,350
B&M European Value Retail S.A.		136,852		603,913
L’Occitane International S.A.		54,000		124,362
				1,717,625
Macau—0.0%
Macau Legend Development, Ltd. (a)		359,000		65,434
Malaysia—0.0%
Nam Cheong, Ltd. (a)		321,000		4,909
Opus International Consultants, Ltd.		4,000		2,954
				7,863
Malta—0.1%
Kindred Group plc		77,749		879,687
Monaco—0.0%
Endeavour Mining Corp. (a)		16,215		279,836
Netherlands—2.1%
Aalberts Industries NV		34,547		1,377,042
Accell Group		10,832		354,281
AMG Advanced Metallurgical Group NV		11,371		334,825
Amsterdam Commodities NV		6,535		212,614
Arcadis NV		34,103		617,131
ASM International NV		19,662		1,144,427
Atrium European Real Estate, Ltd.		78,481		350,483
BE Semiconductor Industries NV		18,560		997,348
Beter Bed Holding NV		5,373		97,138
BinckBank NV		28,201		143,208
Boskalis Westminster		18,250		592,994
Brack Capital Properties NV (a)		1,353		137,285
Brunel International NV		9,034		126,989
Corbion NV		20,382		652,203
Euronext NV		13,262		689,258
Flow Traders		1,749		48,282
Fugro NV (a)		18,901		280,952
Gemalto NV		12,688		766,271

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Netherlands—(Continued)
Heijmans NV (a) (d)		11,179	$	89,675
Hunter Douglas NV		2,423		206,315
IMCD Group NV		4,949		268,491
KAS Bank NV		6,580		73,659
Kendrion NV		3,947		161,642
Koninklijke BAM Groep NV		109,580		597,037
Koninklijke Vopak NV		8,116		376,777
Nederland Apparatenfabriek		2,241		99,823
New World Resources plc - A Shares (a) (b) (c)		11,898		7
OCI NV (a)		1,097		24,293
Ordina NV		44,115		79,012
PostNL NV		167,288		781,333
Refresco Group NV		662		13,513
SBM Offshore NV		72,035		1,156,333
Sligro Food Group NV		10,629		467,671
SNS REAAL NV (a) (b) (c)		105,329		0
Telegraaf Media Groep NV (a)		13,542		95,148
TKH Group NV		13,932		774,286
TomTom NV (a)		51,405		493,305
Van Lanschot NV		45		1,249
Wessanen		34,020		578,634
				15,260,934
New Zealand—1.1%
a2 Milk Co., Ltd. (a)		134,580		396,603
Abano Healthcare Group, Ltd.		880		6,035
Air New Zealand, Ltd.		205,023		490,119
Briscoe Group, Ltd.		13,123		37,822
Chorus, Ltd.		126,068		427,959
Contact Energy, Ltd.		88,793		339,039
Ebos Group, Ltd.		34,915		447,780
Freightways, Ltd.		56,791		319,022
Genesis Energy, Ltd.		64,870		115,594
Gentrack Group, Ltd.		6,656		23,808
Hallenstein Glasson Holdings, Ltd.		19,012		42,075
Heartland Bank, Ltd.		72,313		94,329
Infratil, Ltd.		198,373		432,519
Kathmandu Holdings, Ltd.		23,984		35,858
Mainfreight, Ltd.		32,022		551,710
Methven, Ltd.		19,898		16,483
Metlifecare, Ltd.		34,148		134,391
Metro Performance Glass, Ltd.		8,816		8,902
Michael Hill International, Ltd.		82,929		69,915
New Zealand Oil & Gas, Ltd. (a)		65,632		30,089
New Zealand Refining Co., Ltd. (The)		27,432		49,053
NZME, Ltd.		71,247		48,776
NZX, Ltd.		98,289		80,811
Pacific Edge, Ltd. (a)		17,353		6,487
PGG Wrightson, Ltd.		58,545		24,830
Port of Tauranga, Ltd.		131,460		428,721
Restaurant Brands New Zealand, Ltd.		61,567		282,754
Rubicon, Ltd. (a)		9,922		1,674
Sanford, Ltd.		314		1,611
Scales Corp., Ltd.		7,570		18,416
Skellerup Holdings, Ltd.		29,759		37,160
SKY Network Television, Ltd.		114,579		289,705
New Zealand—(Continued)
SKYCITY Entertainment Group, Ltd.		261,258		782,278
Summerset Group Holdings, Ltd.		25,600		89,116
Tilt Renewables, Ltd.		13,980		20,800
Tourism Holdings, Ltd.		4,866		14,975
TOWER, Ltd. (a)		59,836		57,150
Trade Me Group, Ltd.		117,080		457,621
Trustpower, Ltd.		13,980		55,612
Vector, Ltd.		130,306		318,001
Warehouse Group, Ltd. (The)		48,253		72,614
Xero, Ltd. (a)		18,888		349,135
Z Energy, Ltd.		30,805		178,484
				7,685,836
Norway—0.7%
ABG Sundal Collier Holding ASA		112,462		72,467
AF Gruppen ASA		945		16,975
Akastor ASA (a)		21,838		36,101
Aker Solutions ASA (a)		27,627		125,009
American Shipping Co. ASA (a)		12,027		35,904
Atea ASA (a)		22,644		303,657
Austevoll Seafood ASA		29,238		248,761
Bonheur ASA		10,311		94,490
Borregaard ASA		16,711		206,579
BW Offshore, Ltd. (a)		29,311		73,693
DNO ASA (a)		140,550		128,846
Ekornes ASA		10,741		148,085
Fred Olsen Energy ASA (a)		4,442		6,954
Frontline, Ltd.		10,258		57,871
Grieg Seafood ASA		11,731		81,867
Hexagon Composites ASA (a)		24,991		81,686
Hoegh LNG Holdings, Ltd.		13,626		135,874
Kongsberg Automotive ASA (a)		185,093		164,059
Kvaerner ASA (a)		79,410		97,253
Nordic Semiconductor ASA (a)		44,887		178,946
Norwegian Air Shuttle ASA (a) (d)		8,166		237,801
Norwegian Property ASA		11,843		14,626
Ocean Yield ASA		5,643		44,085
Odfjell SE - A Shares		1,949		7,259
Olav Thon Eiendomsselskap ASA		1,502		30,261
Opera Software ASA (a)		21,316		83,531
Petroleum Geo-Services ASA (a) (d)		61,434		107,008
PhotoCure ASA (a)		5,477		17,226
ProSafe SE (a)		3,505		11,646
Protector Forsikring ASA		13,480		113,018
Q-Free ASA (a)		24,256		23,547
Scatec Solar ASA		12,027		68,065
Selvaag Bolig ASA		3,405		13,144
Sevan Marine ASA (a)		16,466		28,272
Solstad Offshore ASA (a)		10,202		11,746
Songa Offshore (a)		3,180		12,185
SpareBank 1 SMN		29,963		258,246
SpareBank 1 SR Bank ASA		7,986		68,390
Stolt-Nielsen, Ltd.		5,818		81,971
TGS Nopec Geophysical Co. ASA		14,000		287,447
Tomra Systems ASA		37,589		459,759
Treasure ASA		21,003		40,265

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Norway—(Continued)
Veidekke ASA		39,123	$	510,905
Wallenius Wilhelmsen Logistics (a)		21,003		124,054
Wilh Wilhelmsen Holding ASA - Class A		4,777		141,888
XXL ASA		17,225		165,599
				5,257,021
Peru—0.0%
Hochschild Mining plc (d)		74,658		266,316
Philippines—0.0%
Del Monte Pacific, Ltd.		77,636		18,325
Portugal—0.4%
Altri SGPS S.A.		35,597		164,246
Banco Comercial Portugues S.A. (a)		2,143,248		581,369
Banco Espirito Santo S.A. (a) (b) (c)		89,078		0
CTT-Correios de Portugal S.A.		5,621		35,685
Mota-Engil SGPS S.A.		40,942		113,885
Navigator Co. S.A. (The)		110,406		477,262
NOS SGPS S.A.		73,113		444,195
Novabase SGPS S.A.		7,827		28,614
REN - Redes Energeticas Nacionais SGPS S.A.		94,602		296,254
Semapa-Sociedade de Investimento e Gestao		3,197		62,157
Sonae SGPS S.A.		280,308		313,579
Teixeira Duarte S.A.		59,382		25,663
				2,542,909
Russia—0.0%
Evraz plc (a)		60,200		162,419
Singapore—1.2%
Abterra, Ltd. (a)		51,720		9,767
Accordia Golf Trust		47,600		24,730
Ascendas India Trust		94,500		77,818
ASL Marine Holdings, Ltd. (a)		52,500		4,813
Baker Technology, Ltd.		33,200		14,839
Banyan Tree Holdings, Ltd. (a)		97,700		36,193
Bonvests Holdings, Ltd.		18,000		16,997
Boustead Projects, Ltd. (a)		24,607		16,462
Boustead Singapore, Ltd.		82,025		52,456
Breadtalk Group, Ltd.		37,000		40,206
Broadway Industrial Group, Ltd.		132,199		12,560
Bukit Sembawang Estates, Ltd.		72,000		343,602
BW LPG, Ltd.		9,789		34,077
Centurion Corp., Ltd.		38,000		13,528
China Aviation Oil Singapore Corp., Ltd.		108,400		131,512
Chip Eng Seng Corp., Ltd.		157,000		82,848
Chuan Hup Holdings, Ltd.		125,000		23,998
COSCO Shipping International Singapore Co., Ltd. (a)		477,000		95,284
Creative Technology, Ltd. (a)		22,600		16,019
CSE Global, Ltd.		197,000		61,610
CW Group Holdings, Ltd.		106,000		16,613
CWT, Ltd.		81,000		131,202
Delfi, Ltd.		66,000		95,958
Dyna-Mac Holdings, Ltd. (a)		98,000		9,986
Singapore—(Continued)
Elec & Eltek International Co., Ltd.		23,000		34,508
Ezion Holdings, Ltd. (a)		516,229		88,090
Ezra Holdings, Ltd. (a) (b) (c)		1,000,703		7,995
Far East Orchard, Ltd.		74,044		84,605
First Resources, Ltd.		86,700		119,341
Food Empire Holdings, Ltd.		54,000		26,285
Fragrance Group, Ltd.		752,800		91,860
Frasers Centrepoint, Ltd.		29,000		39,605
Gallant Venture, Ltd. (a)		126,000		12,562
Geo Energy Resources, Ltd.		155,000		28,151
GK Goh Holdings, Ltd.		12,000		8,106
GL, Ltd.		188,000		97,647
Golden Agri-Resources, Ltd.		882,200		240,308
GuocoLand, Ltd.		28,000		38,442
Halcyon Agri Corp., Ltd. (a)		188,713		78,147
Hanwell Holdings, Ltd.		19,000		4,485
Haw Par Corp., Ltd.		12,600		102,503
Hi-P International, Ltd.		69,600		46,272
Hiap Hoe, Ltd.		58,000		29,491
Ho Bee Land, Ltd.		74,400		126,483
Hong Fok Corp., Ltd.		146,740		84,206
Hong Leong Asia, Ltd.		41,000		32,785
Hotel Grand Central, Ltd.		1,000		984
Hour Glass, Ltd. (The)		129,000		62,854
Hwa Hong Corp., Ltd.		138,000		31,076
Hyflux, Ltd.		179,500		71,710
IGG, Inc.		167,000		257,396
Indofood Agri Resources, Ltd.		152,000		52,998
Japfa, Ltd.		38,500		18,039
k1 Ventures, Ltd.		80,800		37,563
Kenon Holdings, Ltd. (a)		2,312		31,053
Keppel Infrastructure Trust		549,659		225,223
Keppel Telecommunications & Transportation, Ltd.		44,000		55,450
Koh Brothers Group, Ltd.		97,000		20,056
Lian Beng Group, Ltd.		116,900		51,164
Low Keng Huat Singapore, Ltd.		122,600		56,994
Lum Chang Holdings, Ltd.		115,000		29,245
M1, Ltd.		89,500		141,743
Metro Holdings, Ltd.		141,600		121,887
Mewah International, Inc.		110,000		23,172
Midas Holdings, Ltd. (a)		452,000		73,858
NSL, Ltd.		15,000		15,810
Olam International, Ltd.		45,700		64,737
Overseas Union Enterprise, Ltd.		119,200		169,706
Oxley Holdings, Ltd.		155,000		65,303
Pan-United Corp., Ltd.		43,000		17,178
Penguin International, Ltd. (a)		64,333		11,900
Q&M Dental Group Singapore, Ltd.		41,800		20,491
QAF, Ltd.		74,167		68,422
Raffles Education Corp., Ltd. (a)		384,774		53,667
Raffles Medical Group, Ltd.		148,756		144,883
RHT Health Trust		84,400		54,792
Rickmers Maritime (a) (b) (c)		110,000		783
Riverstone Holdings, Ltd.		40,000		29,200
Rotary Engineering, Ltd.		85,000		22,579
Roxy-Pacific Holdings, Ltd.		85,750		33,428
SATS, Ltd.		100,500		373,156

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
SBS Transit, Ltd.		40,500	$	76,854
Sembcorp Industries, Ltd.		125,400		280,620
Sembcorp Marine, Ltd.		39,300		46,971
Sheng Siong Group, Ltd.		133,900		96,288
SHS Holdings, Ltd.		47,000		7,492
SIA Engineering Co., Ltd.		44,300		131,286
SIIC Environment Holdings, Ltd.		167,400		63,246
Sinarmas Land, Ltd.		656,600		205,083
Sing Holdings, Ltd.		82,000		21,163
Singapore Post, Ltd.		281,700		272,138
Singapore Reinsurance Corp., Ltd.		1,000		232
Stamford Land Corp., Ltd.		278,000		102,957
StarHub, Ltd.		101,900		201,580
Sunningdale Tech, Ltd.		41,100		51,947
Swiber Holdings, Ltd. (a) (b) (c)		117,749		1,745
Tuan Sing Holdings, Ltd.		169,000		39,243
UMS Holdings, Ltd.		93,000		67,838
United Engineers, Ltd.		138,000		275,410
United Industrial Corp., Ltd.		13,600		31,315
United Overseas Insurance, Ltd.		4,000		15,834
UOB-Kay Hian Holdings, Ltd.		131,440		128,890
UPP Holdings, Ltd.		46,000		9,024
Venture Corp., Ltd.		97,000		849,004
Vibrant Group, Ltd.		47,600		13,154
Vicom, Ltd.		2,000		8,251
Wee Hur Holdings, Ltd.		85,000		14,200
Wheelock Properties Singapore, Ltd.		58,000		79,007
Wing Tai Holdings, Ltd.		159,621		230,876
XP Power, Ltd.		4,116		130,368
Yeo Hiap Seng, Ltd.		19,712		18,639
Yongnam Holdings, Ltd. (a)		241,875		36,009
				8,800,119
South Africa—0.0%
Petra Diamonds, Ltd. (a)		172,115		244,859
Spain—2.1%
Acciona S.A.		7,188		634,433
Acerinox S.A.		70,013		961,379
Adveo Group International S.A.		6,292		23,635
Alantra Partners S.A.		3,678		47,774
Almirall S.A.		20,336		331,829
Amper S.A. (a)		186,713		47,118
Applus Services S.A.		17,445		220,071
Atresmedia Corp. de Medios de Comunicacion S.A.		21,362		250,615
Azkoyen S.A.		1,608		13,409
Baron de Ley (a)		1,039		133,479
Bolsas y Mercados Espanoles S.A.		27,936		1,010,806
Caja de Ahorros del Mediterraneo (a) (b) (c)		14,621		0
Cellnex Telecom S.A.		22,587		466,960
Cia de Distribucion Integral Logista Holdings S.A.		2,391		62,872
Cie Automotive S.A.		17,266		396,414
Construcciones y Auxiliar de Ferrocarriles S.A.		5,880		241,654
Distribuidora Internacional de Alimentacion S.A.		184,598		1,152,757
Duro Felguera S.A. (a) (d)		27,756		19,672
Ebro Foods S.A.		25,801		589,446
Spain—(Continued)
Elecnor S.A.		11,262		155,691
Ence Energia y Celulosa S.A		61,968		254,367
Ercros S.A. (a)		60,314		225,152
Euskaltel S.A.		1,702		18,124
Faes Farma S.A.		127,349		423,714
Fluidra S.A.		12,850		93,979
Grupo Catalana Occidente S.A.		20,412		859,700
Grupo Ezentis S.A. (a)		39,717		33,275
Iberpapel Gestion S.A.		612		20,960
Indra Sistemas S.A. (a)		42,149		608,916
Inmobiliaria Colonial S.A.		34,172		298,168
Laboratorios Farmaceuticos Rovi S.A.		3,511		68,399
Liberbank S.A. (a)		9,453		9,730
Mediaset Espana Comunicacion S.A.		49,361		615,002
Melia Hotels International S.A.		21,300		318,844
Miquel y Costas & Miquel S.A.		6,972		254,950
NH Hotel Group S.A. (a)		69,951		421,051
Obrascon Huarte Lain S.A.		35,775		128,347
Papeles y Cartones de Europa S.A.		21,436		183,792
Pescanova S.A. (a)		7,446		14,951
Pharma Mar S.A. (a) (d)		72,263		324,594
Prim S.A.		3,013		38,595
Promotora de Informaciones S.A. - Class A (a)		13,933		37,383
Prosegur Cia de Seguridad S.A.		54,905		357,637
Quabit Inmobiliaria S.A. (a)		12,404		25,088
Realia Business S.A. (a)		112,366		138,010
Sacyr S.A. (a) (d)		107,800		286,788
Solaria Energia y Medio Ambiente S.A. (a)		19,439		30,349
Talgo S.A.		7,525		45,664
Tecnicas Reunidas S.A.		11,115		430,906
Tubacex S.A.		28,250		107,869
Tubos Reunidos S.A. (a)		21,752		30,358
Vidrala S.A.		7,698		543,564
Viscofan S.A.		14,797		876,676
Vocento S.A. (a)		10,923		19,934
Zardoya Otis S.A.		9,760		101,071
				15,005,921
Sweden—3.1%
AAK AB		11,380		831,622
Acando AB		32,705		102,513
AddLife AB		8,096		164,989
AddNode Group AB		1,849		17,604
AddTech AB - B Shares		25,912		494,708
AF AB - B Shares		24,002		497,334
Ahlstrom-Munksjo Oyj (a)		17,418		355,262
Arise AB (a)		4,852		7,743
Atrium Ljungberg AB - B Shares		6,009		100,393
Avanza Bank Holding AB		7,660		334,510
Axactor AB (a)		126,649		33,280
B&B Tools AB - B Shares		12,796		188,765
BE Group AB (a)		1,962		16,101
Beijer Alma AB		9,404		277,351
Beijer Electronics Group AB (a)		5,229		27,434
Beijer Ref AB		6,792		188,144
Betsson AB (a)		27,465		238,098

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Bilia AB - A Shares		36,212	$	358,562
BillerudKorsnas AB		8,804		139,696
BioGaia AB - B Shares		5,094		207,647
Biotage AB		15,339		103,921
Bjorn Borg AB (a) (d)		9,936		38,224
Bonava AB		928		15,874
Bonava AB - B Shares		684		11,709
Bulten AB		2,144		30,543
Bure Equity AB		17,448		203,061
Byggmax Group AB		18,326		133,242
Catena AB		950		15,289
Clas Ohlson AB - B Shares		16,271		312,827
Cloetta AB - B Shares		92,493		380,996
Com Hem Holding AB		7,445		103,568
Concordia Maritime AB - B Shares		4,217		6,620
Corem Property Group AB - Class B		2,227		11,177
Dios Fastigheter AB		31,852		176,540
Doro AB		3,391		21,942
Duni AB		15,028		219,825
Dustin Group AB		1,409		11,715
Eastnine AB		7,088		59,311
Fabege AB		48,889		940,290
Fagerhult AB		19,170		277,608
Granges AB		10,033		92,551
Gunnebo AB		12,816		71,021
Haldex AB (a)		17,698		222,656
Hemfosa Fastigheter AB		14,975		162,092
HIQ International AB (a)		23,043		156,429
Hoist Finance AB		3,141		32,162
Holmen AB - B Shares		15,352		666,809
Hufvudstaden AB - A Shares		9,265		153,769
Indutrade AB		26,721		612,633
Intrum Justitia AB (d)		21,993		750,027
Inwido AB		3,779		53,226
ITAB Shop Concept AB - Class B		1,944		17,402
JM AB		23,748		840,785
KappAhl AB		29,980		163,111
Karo Pharma AB		17,354		89,573
Klovern AB - B Shares		114,185		125,155
Know It AB		9,489		146,550
Kungsleden AB		56,456		345,805
Lagercrantz Group AB - B Shares		24,681		271,725
Lindab International AB		21,316		232,556
Loomis AB - Class B		25,196		902,811
Medivir AB - B Shares (a)		10,470		91,002
Mekonomen AB		9,225		183,197
Modern Times Group MTG AB - B Shares		9,830		338,593
Momentum Group AB - Class B (a)		12,796		123,788
MQ Holding AB		9,112		35,584
Mycronic AB		32,829		299,316
NCC AB - B Shares		10,921		307,744
Nederman Holding AB		932		26,095
Net Insight AB - Class B (a)		74,697		58,101
NetEnt AB (a)		45,991		402,810
New Wave Group AB - B Shares		15,773		106,702
Nobia AB		43,387		437,749
Nolato AB - B Shares		9,452		355,123
Sweden—(Continued)
OEM International AB - B Shares		498		11,471
Pandox AB		2,349		41,968
Peab AB		53,219		645,724
Pricer AB - B Shares		32,212		37,659
Proact IT Group AB		4,203		102,061
Probi AB		211		14,614
Ratos AB - B Shares (d)		40,725		194,260
RaySearch Laboratories AB (a)		4,401		123,293
Recipharm AB - B Shares		2,485		36,286
Saab AB - Class B		4,217		208,703
Sagax AB - Class B		14,540		174,359
SAS AB (a)		30,409		66,426
Scandi Standard AB		6,479		46,950
Sectra AB - B Shares (a)		4,644		95,648
Semcon AB		5,540		41,768
SkiStar AB		9,076		210,685
SSAB AB (Helsinki Exchange) - A Shares (a)		25,093		115,000
SSAB AB (Helsinki Exchange) - B Shares (a) (d)		142,363		527,829
Sweco AB - B Shares		29,847		739,885
Systemair AB		4,286		74,851
Thule Group AB		14,376		270,724
Transcom Worldwide AB (c)		1,837		19,079
Victoria Park AB - B Shares		9,093		30,373
Vitrolife AB		4,321		272,287
Wallenstam AB - B Shares (d)		64,604		622,412
Wihlborgs Fastigheter AB		28,117		594,116
				21,849,121
Switzerland—5.4%
Allreal Holding AG (a)		3,866		699,451
ALSO Holding AG (a)		144		18,537
APG SGA S.A.		468		227,222
Arbonia AG (a)		10,560		193,409
Aryzta AG (a)		11,588		382,966
Ascom Holding AG		13,341		272,735
Autoneum Holding AG		1,187		325,999
Bachem Holding AG - Class B		1,074		122,588
Bank Cler AG		2,047		90,091
Banque Cantonale de Geneve		750		122,942
Banque Cantonale Vaudoise		739		547,566
Belimo Holding AG		197		849,135
Bell Food Group AG		560		267,908
Bellevue Group AG (a)		3,322		61,327
Berner Kantonalbank AG		1,950		372,834
BFW Liegenschaften AG (a)		528		25,213
BKW AG		4,798		282,063
Bobst Group S.A.		5,037		486,806
Bossard Holding AG - Class A		2,245		457,071
Bucher Industries AG		2,604		819,529
Burckhardt Compression Holding AG		1,124		323,860
Burkhalter Holding AG		1,291		185,129
Calida Holding AG (a)		2,002		79,363
Carlo Gavazzi Holding AG		48		17,202
Cembra Money Bank AG (a)		4,192		397,463
Cham Paper Holding AG (a)		113		45,282
Cicor Technologies, Ltd. (a)		644		32,902

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Cie Financiere Tradition S.A.		579	$	56,356
Clariant AG (a)		41,461		916,215
Coltene Holding AG		1,187		122,522
Conzzeta AG		292		290,006
Daetwyler Holding AG		2,920		496,998
DKSH Holding AG		2,596		211,511
dormakaba Holding AG (a)		1,085		943,049
Edmond de Rothschild Suisse S.A.		3		51,324
EFG International AG (a)		20,307		132,074
Emmi AG (a)		916		689,931
Energiedienst Holding AG		3,017		83,451
Feintool International Holding AG (a)		588		73,052
Fenix Outdoor International AG		883		95,168
Ferrexpo plc		36,701		99,308
Flughafen Zuerich AG		7,026		1,725,257
Forbo Holding AG		500		821,430
GAM Holding AG (a)		68,723		925,403
Georg Fischer AG		1,395		1,354,240
Gurit Holding AG (a)		164		197,088
Helvetia Holding AG		2,402		1,376,944
Hiag Immobilien Holding AG (a)		891		115,226
Highlight Communications AG (a)		7,829		46,233
HOCHDORF Holding AG (a)		174		55,609
Huber & Suhner AG		5,559		415,772
Implenia AG		6,413		481,661
Inficon Holding AG (a)		688		340,572
Interroll Holding AG		243		324,397
Intershop Holding AG		395		198,159
IWG plc		206,169		869,601
Jungfraubahn Holding AG		85		10,082
Kardex AG (a)		2,548		292,840
Komax Holding AG		1,321		386,598
Kudelski S.A.		13,221		226,129
LEM Holding S.A.		246		318,098
Logitech International S.A.		59,506		2,185,112
Luzerner Kantonalbank AG		1,452		659,306
MCH Group AG		831		68,291
Metall Zug AG - B Shares		66		286,915
Meyer Burger Technology AG (a) (d)		59,465		74,502
Mikron Holding AG (a)		474		3,060
Mobilezone Holding AG		10,014		147,249
Mobimo Holding AG (a)		2,761		774,911
OC Oerlikon Corp. AG (a)		74,629		981,797
Orascom Development Holding AG (a) (d)		5,250		32,955
Orell Fuessli Holding AG		428		58,419
Oriflame Holding AG (a)		4,387		164,896
Orior AG		2,240		178,018
Panalpina Welttransport Holding AG		2,641		371,636
Phoenix Mecano AG		274		163,986
Plazza AG - Class A		292		70,451
PSP Swiss Property AG		9,560		893,940
Rieter Holding AG (a)		1,344		306,851
Romande Energie Holding S.A.		111		150,957
Schaffner Holding AG (a)		238		79,075
Schmolz & Bickenbach AG (a)		161,565		150,379
Schweiter Technologies AG		381		494,805
Siegfried Holding AG (a)		1,665		471,128
Switzerland—(Continued)
St. Galler Kantonalbank AG		1,123		495,449
Sulzer AG		2,848		323,357
Sunrise Communications Group AG (a)		1,477		116,227
Swiss Prime Site AG (a)		3,399		308,753
Swissquote Group Holding S.A.		3,968		109,612
Tamedia AG		904		144,051
Tecan Group AG		2,995		563,245
Temenos Group AG (a)		19,016		1,696,157
U-Blox Holding AG (a)		2,262		424,448
Valiant Holding AG		5,102		587,602
Valora Holding AG		1,223		391,255
Vaudoise Assurances Holding S.A.		423		234,757
Vetropack Holding AG		88		190,613
Von Roll Holding AG (a)		7,038		10,486
Vontobel Holding AG		9,780		637,376
VZ Holding AG		318		102,065
Walliser Kantonalbank (a)		1,160		108,349
Walter Meier AG		872		39,240
Warteck Invest AG		15		30,570
Ypsomed Holding AG (a)		1,361		275,357
Zehnder Group AG		3,984		145,018
Zug Estates Holding AG - B Shares (a)		83		159,973
Zuger Kantonalbank AG		59		325,909
				38,637,405
Taiwan—0.0%
China Metal International Holdings, Inc.		140,000		52,150
United Arab Emirates—0.0%
Lamprell plc (a)		100,553		133,704
United Kingdom—15.4%
4imprint Group plc		7,338		160,860
888 Holdings plc		47,916		159,266
A.G. Barr plc		43,047		345,581
AA plc		96,328		286,378
Aberdeen Asset Management plc		24,859		97,934
Acacia Mining plc		56,954		221,153
Acal plc		17,866		70,461
Afren plc (a) (b) (c)		251,096		0
Aggreko plc		26,887		322,600
Air Partner plc		4,960		7,179
Aldermore Group plc (a)		6,451		18,262
Amec Foster Wheeler plc		99,456		606,729
Anglo Pacific Group plc		35,633		51,404
Anglo-Eastern Plantations plc		4,252		45,055
Arrow Global Group plc		27,741		146,530
Ashmore Group plc		105,606		485,990
Auto Trader Group plc		108,911		539,259
AVEVA Group plc		4,501		113,772
Avon Rubber plc		10,973		145,842
Balfour Beatty plc		272,534		961,243
BBA Aviation plc		419,362		1,681,413
Beazley plc		227,019		1,444,254
Bellway plc		55,252		2,142,291
Berendsen plc		63,707		1,021,452

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Bloomsbury Publishing plc		25,349	$	55,070
Bodycote plc		101,186		994,981
Booker Group plc		459,166		1,114,955
Bovis Homes Group plc		60,601		754,626
Braemar Shipping Services plc		7,120		25,963
Brewin Dolphin Holdings plc		132,379		591,035
Britvic plc		71,540		645,755
BTG plc (a)		51,257		466,123
Cairn Energy plc (a)		234,247		525,935
Cambian Group plc (a)		3,021		6,553
Cape plc		51,292		125,442
Capital & Counties Properties plc		65,403		249,412
Carclo plc (a)		16,990		37,724
Carillion plc (d)		169,977		413,664
Carr’s Group plc		15,540		27,923
Castings plc		2,870		17,277
Centaur Media plc		92,526		57,862
Chemring Group plc		123,138		297,142
Chesnara plc		58,648		295,634
Cineworld Group plc		70,599		645,836
City of London Investment Group plc		2,966		15,710
Clarkson plc		4,101		134,996
Close Brothers Group plc		58,401		1,148,548
CLS Holdings plc		40,710		107,635
Cobham plc		764,307		1,292,903
Communisis plc		57,478		38,186
Computacenter plc		33,426		353,209
Concentric AB		21,708		355,511
Connect Group plc		107,240		157,550
Consort Medical plc		22,450		305,585
Costain Group plc		22,166		133,288
Countrywide plc		2,910		6,353
Cranswick plc		21,718		793,523
Crest Nicholson Holdings plc		18,352		125,163
Daejan Holdings plc		1,147		92,245
Daily Mail & General Trust plc - Class A		83,431		725,106
Dairy Crest Group plc (d)		60,187		469,826
De La Rue plc		32,774		285,116
Debenhams plc		426,182		240,147
Dechra Pharmaceuticals plc		20,649		457,052
Devro plc		61,396		165,298
Dialight plc (a)		3,360		48,088
Dialog Semiconductor plc (a)		22,851		979,632
Dignity plc		21,727		703,740
Diploma plc		38,305		552,234
Domino’s Pizza Group plc		147,744		565,826
Drax Group plc		137,597		583,956
DS Smith plc		336,909		2,079,871
Dunelm Group plc		12,749		99,919
EI Group plc (a)		256,620		429,521
Electrocomponents plc		174,930		1,316,543
Elementis plc		171,004		655,398
EnQuest plc (a)		38,556		16,138
EnQuest plc (a) (d)		582,443		241,650
Essentra plc		78,989		580,916
esure Group plc		6,724		26,408
Euromoney Institutional Investor plc		14,736		205,959
United Kingdom—(Continued)
FDM Group Holdings plc		1,458		14,429
Fenner plc		78,996		295,206
Fidessa Group plc		14,501		437,852
Findel plc (a)		17,439		45,499
Firstgroup plc (a)		412,049		675,231
Foxtons Group plc		51,116		63,119
Fuller Smith & Turner plc - Class A		7,667		106,712
Galliford Try plc		37,386		565,578
Gem Diamonds, Ltd. (a)		35,552		42,558
Genus plc		26,031		603,781
Go-Ahead Group plc		12,021		275,542
Gocompare.Com Group plc (a)		25,853		35,671
Grafton Group plc		88,160		810,967
Grainger plc		65,581		224,708
Greene King plc		121,167		1,063,515
Greggs plc		41,552		584,493
Halfords Group plc		89,687		399,771
Halma plc		135,194		1,939,057
Hays plc		439,356		950,695
Headlam Group plc		53,920		377,963
Helical plc		47,664		186,833
Henry Boot plc		5,947		23,563
Hill & Smith Holdings plc		32,350		581,569
Hilton Food Group plc		5,520		53,065
Hiscox, Ltd.		106,215		1,753,486
Hogg Robinson Group plc		72,262		62,102
HomeServe plc		112,845		1,081,674
Howden Joinery Group plc		194,200		1,029,961
Hunting plc (a)		52,837		336,788
Huntsworth plc		31,310		23,680
IG Group Holdings plc		127,101		940,987
Imagination Technologies Group plc (a)		15,307		30,528
IMI plc		33,106		515,596
Inchcape plc		161,511		1,588,423
Indivior plc (a)		173,858		708,956
Inmarsat plc		89,261		895,128
Intermediate Capital Group plc		26,473		287,381
International Personal Finance plc		79,366		174,315
Interserve plc		69,361		209,064
IP Group plc (a)		139,902		245,414
ITE Group plc		82,799		165,991
Jackpotjoy plc (a)		2,200		19,457
James Fisher & Sons plc		20,005		424,431
Janus Henderson Group plc (a) (b)		41,412		1,371,151
Jardine Lloyd Thompson Group plc		46,166		722,012
JD Sports Fashion plc		168,830		769,807
JD Wetherspoon plc		32,994		419,206
John Menzies plc		24,573		225,755
John Wood Group plc		122,821		1,027,379
Jupiter Fund Management plc		117,655		774,309
KAZ Minerals plc (a)		44,157		299,009
Kcom Group plc		231,195		268,018
Keller Group plc		25,571		292,819
Kier Group plc		26,579		424,620
Ladbrokes Coral Group plc		312,983		467,098
Laird plc		234,556		423,163
Lancashire Holdings, Ltd.		67,933		616,777

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Laura Ashley Holdings plc		25,157	$	3,729
Lonmin plc (a)		12,029		10,318
Lookers plc		131,372		196,065
Low & Bonar plc		37,972		42,072
LSL Property Services plc		11,741		33,676
Man Group plc		598,620		1,207,936
Marshalls plc		63,336		309,546
Marston’s plc		258,409		410,736
McBride plc (a)		79,138		193,159
McColl’s Retail Group plc		12,767		33,267
Mears Group plc		41,542		257,346
Meggitt plc		50,742		315,660
Melrose Industries plc		556,450		1,757,848
Millennium & Copthorne Hotels plc		54,328		313,474
Mitchells & Butlers plc		69,112		207,574
Mitie Group plc		137,149		493,489
Moneysupermarket.com Group plc		143,669		661,727
Morgan Advanced Materials plc		113,848		421,130
Morgan Sindall Group plc		17,569		283,880
Mothercare plc (a)		51,119		76,829
N Brown Group plc		73,957		299,119
National Express Group plc		203,273		970,438
NCC Group plc		76,130		162,443
NEX Group plc		114,424		931,346
Norcros plc		4,097		9,710
Northgate plc		48,315		278,868
Novae Group plc		22,502		167,016
Ocado Group plc (a) (d)		86,941		328,344
OneSavings Bank plc		14,286		69,807
Ophir Energy plc (a)		122,457		136,336
Oxford Instruments plc		13,946		190,318
Pagegroup plc		84,971		526,699
PayPoint plc		19,490		224,543
Pendragon plc		345,188		139,543
Pennon Group plc		139,688		1,500,919
Petrofac, Ltd.		30,916		178,484
Petropavlovsk plc (a)		192,556		17,184
Phoenix Group Holdings		55,470		559,457
Photo-Me International plc		49,810		107,550
Playtech plc		58,243		721,190
Polypipe Group plc		12,916		64,369
Porvair plc		4,494		32,476
Premier Foods plc (a)		334,879		176,538
Premier Oil plc (a) (d)		172,107		112,624
Punch Taverns plc (a)		16,132		37,608
PZ Cussons plc		102,110		455,115
QinetiQ Group plc		183,469		646,183
Rank Group plc		29,633		91,565
Rathbone Brothers plc		21,429		707,751
REA Holdings plc (a)		1,120		4,779
Redrow plc		150,678		1,074,009
Renewi plc		221,260		238,798
Renishaw plc		16,765		791,754
Renold plc (a)		64,766		44,754
Rentokil Initial plc		507,726		1,809,988
Restaurant Group plc (The)		63,027		268,937
Ricardo plc		13,452		136,238
United Kingdom—(Continued)
Rightmove plc		30,801		1,705,949
RM plc		43,283		97,531
Robert Walters plc		14,599		80,896
Rotork plc		286,300		879,141
RPC Group plc		177,856		1,744,489
RPS Group plc		100,537		343,402
Saga plc		42,815		116,809
Savills plc		62,765		718,117
SDL plc		33,826		274,584
Senior plc		166,890		510,946
Serco Group plc (a)		96,155		144,040
Severfield plc		100,890		101,891
SIG plc		252,797		489,858
Soco International plc		50,968		77,566
Spectris plc		44,465		1,463,553
Speedy Hire plc		205,988		155,595
Spirax-Sarco Engineering plc		22,020		1,536,402
Spirent Communications plc		240,086		365,156
Sportech plc (a)		20,264		28,167
SSP Group plc		49,415		306,231
St. Ives plc		36,663		24,704
St. Modwen Properties plc		86,555		404,549
Stagecoach Group plc		127,734		310,056
Stallergenes Greer plc (a)		569		24,601
SThree plc		33,106		132,867
Stobart Group, Ltd.		12,441		48,055
SuperGroup plc		18,185		354,400
Synthomer plc		102,899		654,323
TalkTalk Telecom Group plc (d)		151,305		355,827
Tate & Lyle plc		139,162		1,200,821
Ted Baker plc		8,726		272,004
Telecom Plus plc		21,749		327,239
Thomas Cook Group plc		438,591		513,838
Topps Tiles plc		83,374		89,612
TP ICAP plc		203,445		1,239,012
Trifast plc		15,629		45,819
Trinity Mirror plc		157,693		202,155
TT electronics plc		79,682		200,534
U & I Group plc		54,856		134,911
UBM plc		98,172		882,274
Ultra Electronics Holdings plc		27,882		744,495
Vectura Group plc (a)		245,376		357,644
Vesuvius plc		97,752		677,099
Victrex plc		29,970		733,367
Vitec Group plc (The)		10,351		137,737
Volex plc (a)		20,438		16,021
Vp plc		3,307		38,359
Weir Group plc (The)		18,886		426,879
WH Smith plc		48,772		1,090,168
William Hill plc		315,264		1,044,835
Wincanton plc		37,122		121,012
WS Atkins plc		34,945		946,630
Xaar plc		18,088		89,128
ZPG plc		4,612		21,719
				110,309,709

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United States—0.5%
Alacer Gold Corp. (a)		102,778	$	164,851
Argonaut Gold, Inc. (a)		57,325		104,766
Energy Fuels, Inc. (a)		9,915		15,750
Golden Star Resources, Ltd. (a)		93,633		61,373
Mitel Networks Corp. (a)		25,492		187,337
QIAGEN NV (a)		49,475		1,647,392
REC Silicon ASA (a) (d)		643,607		83,914
Sims Metal Management, Ltd.		81,887		953,711
				3,219,094
Total Common Stocks (Cost $544,782,247)				709,450,800
Preferred Stocks—0.2%
Germany—0.2%
Biotest AG		3,558		89,661
Draegerwerk AG & Co. KGaA		1,122		118,132
FUCHS Petrolub SE		7,687		420,052
Jungheinrich AG		13,710		501,743
Sartorius AG		3,540		341,359
Sixt SE		554		27,478
Sto SE & Co. KGaA		102		13,295
Total Preferred Stocks (Cost $968,302)				1,511,720
Rights—0.0%
Australia—0.0%
Centrebet International, Ltd. (Litigation Units) (a) (c)		9,600		0
Collins Foods, Ltd., Expires 07/12/17 (a)		502		0
				0
Austria—0.0%
Intercell AG (a) (b) (c)		24,163		0
France—0.0%
Etablissements Maurel et Prom (a) (b) (c)		27,199		0
Hong Kong—0.0%
Fortune Oil CVR (a) (b)		575,627		0
Israel—0.0%
Airport City, Ltd., Expires 07/04/17 (a)		1,668		5,651
Singapore—0.0%
Pan-United Corp., Ltd., Expires 07/12/17 (a)		10,750		874
Spain—0.0%
Sacye S.A., Expires 07/20/17 (a)		107,800		8,619
Total Rights (Cost $13,648)				15,144
Warrant—0.0%
Security Description	Shares/ Principal Amount*		Value
Canada—0.0%
Novelion Therapeutics, Inc., Expires 11/23/17 (a) (c)		51,000		0
Hong Kong—0.0%
Cheuk Nang Holdings, Ltd., Expires 06/21/18 (a)		3,540		454
Styland Holdings, Ltd., Expires 02/13/18 (a)		92,000		1,025
				1,479
Total Warrants (Cost $979)				1,479
Short-Term Investment—0.2%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $1,711,575 on 07/03/17, collateralized by $1,745,000 Federal Home Loan Bank at 1.125% due 04/25/18 with a value of $1,746,726.		1,711,558		1,711,558
Total Short-Term Investments (Cost $1,711,558)				1,711,558
Securities Lending Reinvestments (e)—2.9%
Certificates of Deposit—1.4%
Bank of America N.A. 1.507%, 07/11/17 (f)		750,000		750,132
Bank of Montreal 1.130%, 07/07/17		500,000		499,995
Bank of Tokyo-Mitsubishi, Ltd. 1.602%, 11/16/17 (f)		250,000		250,244
Canadian Imperial Bank 1.630%, 10/27/17 (f)		200,000		200,225
Chiba Bank, Ltd., New York 1.170%, 07/11/17		500,000		499,994
Credit Suisse AG New York 1.432%, 10/16/17 (f)		500,000		500,107
1.466%, 10/25/17 (f)		500,000		500,030
DNB NOR Bank ASA 1.412%, 07/28/17 (f)		200,000		200,025
KBC Bank NV 1.220%, 07/26/17		200,000		200,000
1.250%, 08/08/17		500,000		500,015
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (f)		500,000		500,303
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (f)		200,000		199,993
1.400%, 11/27/17 (f)		500,000		499,770
1.469%, 10/18/17 (f)		500,000		499,966
National Australia Bank London 1.480%, 11/09/17 (f)		500,000		500,405

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Norinchukin Bank New York 1.584%, 08/21/17 (f)		1,000,000	$	1,000,369
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (f)		500,000		499,955
Sumitomo Mitsui Trust Bank, Ltd., New York 1.377%, 10/11/17 (f)		250,000		250,176
1.466%, 10/26/17 (f)		500,000		500,128
1.552%, 08/16/17 (f)		300,000		300,090
Toronto Dominion Bank New York 1.467%, 03/13/18 (f)		500,000		500,371
UBS, Stamford 1.722%, 07/31/17 (f)		100,102		100,057
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (f)		200,000		200,179
				9,652,529
Commercial Paper—0.7%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		249,261		249,909
Barton Capital S.A. 1.210%, 07/10/17		498,420		499,837
Commonwealth Bank Australia 1.391%, 03/01/18		250,000		250,195
1.522%, 10/23/17 (f)		500,000		500,527
ING Funding LLC 1.234%, 12/07/17 (f)		1,000,000		1,000,345
1.277%, 11/13/17 (f)		250,000		249,982
LMA S.A. & LMA Americas 1.150%, 07/07/17		249,944		249,968
1.170%, 07/20/17		249,301		249,841
1.180%, 07/11/17		249,263		249,917
National Australia Bank, Ltd. 1.563%, 12/06/17 (f)		500,000		500,676
Sheffield Receivables Co. 1.190%, 07/28/17		498,446		499,530
1.230%, 07/07/17		498,445		499,883
Westpac Banking Corp. 1.506%, 10/20/17 (f)		300,000		300,299
				5,300,909
Repurchase Agreements—0.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $745,278 on 07/03/17, collateralized by $775,753 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $760,116.		745,211		745,211
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $400,037 on 07/03/17, collateralized by $398,463 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $408,000.		400,000		400,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $500,050 on 07/03/17, collateralized by $508,367 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $510,002.		500,000		500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $500,388 on 07/03/17, collateralized by $109 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $555,912.		500,000		500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $40,194 on 09/29/17, collateralized by various Common Stock with a value of $44,000.		40,000		40,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $100,010 on 07/03/17, collateralized by $90,168 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $102,067.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $304,859 on 10/02/17, collateralized by various Common Stock with a value of $330,000.		300,000		300,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $503,824 on 10/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $1,000,098 on 07/03/17, collateralized by $1,501,763 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $1,020,000.		1,000,000		1,000,000
				4,085,211
Time Deposits—0.2%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		100,000		100,000
Shinkin Central Bank 1.330%, 07/26/17		1,000,000		1,000,000

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Standard Chartered plc 1.200%, 07/03/17		200,000	$	200,000
				1,400,000
Total Securities Lending Reinvestments (Cost $20,434,333)				20,438,649
Total Investments—102.5% (Cost $567,911,067) (g)				733,129,350
Other assets and liabilities (net)—(2.5)%				(18,006,113	)
Net Assets—100.0%			$	715,123,237

*	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 June 30, 2017, these securities represent 0.2% of net assets.
(c)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(d)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $18,364,237 and the collateral received consisted of cash in the amount of $21,879,771. 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 June 30, 2017.
(f)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(g)	As of June 30, 2017, the aggregate cost of investments was $567,911,067. The aggregate unrealized appreciation and depreciation of investments were $246,641,834 and $(81,423,551), respectively, resulting in net unrealized appreciation of $165,218,283.

Ten Largest Industries as of June 30, 2017 (Unaudited)	% of Net Assets
Machinery		6.3
Metals & Mining		4.8
Real Estate Management & Development		4.0
Banks		3.8
Chemicals		3.8
Food Products		3.8
Construction & Engineering		3.6
Capital Markets		3.4
Hotels, Restaurants & Leisure		3.2
Electronic Equipment, Instruments & Components		3.2

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	509,686	$	43,258,326	$	121,194	$	43,889,206
Austria		—		9,589,801		0		9,589,801
Belgium		1,252,448		13,241,049		—		14,493,497
Cambodia		—		240,787		—		240,787
Canada		59,035,095		124,269		47,874		59,207,238

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
China	$	94,836	$	1,218,250	$	—	$	1,313,086
Denmark		—		14,910,536		—		14,910,536
Faeroe Islands		—		335,725		—		335,725
Finland		—		19,246,421		1,868		19,248,289
France		177,587		37,809,530		—		37,987,117
Georgia		—		284,997		—		284,997
Germany		135,808		44,512,560		—		44,648,368
Ghana		—		844,792		—		844,792
Greenland		—		1,622		—		1,622
Guernsey, Channel Islands		—		51,726		—		51,726
Hong Kong		215,800		20,758,207		60,119		21,034,126
India		—		112,269		—		112,269
Ireland		—		5,708,586		—		5,708,586
Isle of Man		—		1,097,904		—		1,097,904
Israel		31,077		6,776,480		—		6,807,557
Italy		—		27,475,592		0		27,475,592
Japan		—		166,884,552		—		166,884,552
Jersey, Channel Islands		—		690,735		—		690,735
Liechtenstein		—		196,405		—		196,405
Luxembourg		—		1,717,625		—		1,717,625
Macau		—		65,434		—		65,434
Malaysia		—		7,863		—		7,863
Malta		—		879,687		—		879,687
Monaco		279,836		—		—		279,836
Netherlands		—		15,260,927		7		15,260,934
New Zealand		—		7,685,836		—		7,685,836
Norway		57,871		5,199,150		—		5,257,021
Peru		—		266,316		—		266,316
Philippines		—		18,325		—		18,325
Portugal		—		2,542,909		0		2,542,909
Russia		—		162,419		—		162,419
Singapore		25,833		8,763,763		10,523		8,800,119
South Africa		—		244,859		—		244,859
Spain		—		15,005,921		—		15,005,921
Sweden		123,788		21,725,333		—		21,849,121
Switzerland		—		38,637,405		—		38,637,405
Taiwan		—		52,150		—		52,150
United Arab Emirates		—		133,704		—		133,704
United Kingdom		—		110,309,709		0		110,309,709
United States		534,077		2,685,017		—		3,219,094
Total Common Stocks		62,473,742		646,735,473		241,585		709,450,800
Total Preferred Stocks*		—		1,511,720		—		1,511,720
Rights
Australia		0		0		—		0
Austria		—		—		0		0
France		—		—		0		0
Hong Kong		—		—		0		0
Israel		5,651		—		—		5,651
Singapore		874		—		—		874
Spain		8,619		—		—		8,619
Total Rights		15,144		0		0		15,144

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Warrant
Canada	$	—	$	0		$	—	$	0
Hong Kong		1,479		—			—		1,479
Total Warrants		1,479		0			—		1,479
Total Short-Term Investment*		—		1,711,558			—		1,711,558
Total Securities Lending Reinvestments*		—		20,438,649			—		20,438,649
Total Investments	$	62,490,365	$	670,397,400		$	241,585	$	733,129,350
Collateral for Securities Loaned (Liability)	$	—	$	(21,879,771	)	$	—	$	(21,879,771	)

* 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 June 30, 2017 is not presented.

Transfers from Level 1 to Level 2 in the amount of $2,050,603 were due to the application of a systematic fair valuation model factor.

Transfers from Level 3 to Level 2 in the amount of $175,723 were due to the resumption of trading activity which resulted in the availability of significant observable inputs. Transfers from Level 2 to Level 3 in the amount of $422,125 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	733,129,350
Cash		6,614
Cash denominated in foreign currencies (c)		1,521,279
Receivable for:
Investments sold		1,067,957
Fund shares sold		43,290
Dividends and interest		3,168,777
Total Assets		738,937,267
Liabilities
Collateral for securities loaned		21,879,771
Payables for:
Investments purchased		1,622
Securities lending cash collateral		577
Fund shares redeemed		820,531
Foreign taxes		28,442
Accrued Expenses:
Management fees		472,179
Distribution and service fees		17,167
Deferred trustees’ fees		102,469
Other expenses		491,272
Total Liabilities		23,814,030
Net Assets	$	715,123,237
Net Assets Consist of:
Paid in surplus	$	532,244,942
Undistributed net investment income		645,204
Accumulated net realized gain		16,994,166
Unrealized appreciation on investments and foreign currency transactions		165,238,925
Net Assets	$	715,123,237
Net Assets
Class A	$	631,600,863
Class B		83,522,374
Capital Shares Outstanding*
Class A		46,160,303
Class B		6,136,589
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.68
Class B		13.61

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $567,911,067.
(b)	Includes securities loaned at value of $18,364,237.
(c)	Identified cost of cash denominated in foreign currencies was $1,517,916.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	10,929,875
Interest		565
Securities lending income		367,885
Total investment income		11,298,325
Expenses
Management fees		2,803,392
Administration fees		11,095
Custodian and accounting fees		200,305
Distribution and service fees—Class B		99,835
Audit and tax services		32,781
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		17,388
Insurance		2,275
Miscellaneous		66,681
Total expenses		3,278,747
Less management fee waiver		(24,795	)
Net expenses		3,253,952
Net Investment Income		8,044,373
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		17,446,834
Foreign currency transactions		(488	)
Net realized gain		17,446,346
Net change in unrealized appreciation on:
Investments		82,642,803
Foreign currency transactions		62,039
Net change in unrealized appreciation		82,704,842
Net realized and unrealized gain		100,151,188
Net Increase in Net Assets From Operations	$	108,195,561

(a) Net of foreign withholding taxes of $1,134,917.

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,044,373		$	14,690,795
Net realized gain		17,446,346			34,599,740
Net change in unrealized appreciation (depreciation)		82,704,842			(10,319,139	)
Increase in net assets from operations		108,195,561			38,971,396
From Distributions to Shareholders
Net investment income
Class A		(13,999,221	)		(12,648,546	)
Class B		(1,667,583	)		(1,467,138	)
Net realized capital gains
Class A		(28,951,949	)		(36,530,415	)
Class B		(3,841,192	)		(4,808,951	)
Total distributions		(48,459,945	)		(55,455,050	)
Decrease in net assets from capital share transactions		(6,551,923	)		(6,958,272	)
Total increase (decrease) in net assets		53,183,693			(23,441,926	)
Net Assets
Beginning of period		661,939,544			685,381,470
End of period	$	715,123,237		$	661,939,544
Undistributed net investment income
End of period	$	645,204		$	8,267,635

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		4,079		$	54,040			70,203		$	852,354
Reinvestments		3,181,568			42,951,170			4,143,131			49,178,961
Redemptions		(3,597,820	)		(49,899,888	)		(4,240,434	)		(54,395,002	)
Net decrease		(412,173	)	$	(6,894,678	)		(27,100	)	$	(4,363,687	)
Class B
Sales		332,621		$	4,523,653			863,724		$	10,719,761
Reinvestments		410,184			5,508,775			531,421			6,276,089
Redemptions		(712,408	)		(9,689,673	)		(1,588,476	)		(19,590,435	)
Net increase (decrease)		30,397		$	342,755			(193,331	)	$	(2,594,585	)
Decrease derived from capital shares transactions				$	(6,551,923	)				$	(6,958,272	)

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.57		$	12.97		$	14.84		$	16.83		$	13.85		$	13.25
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.28	(b)		0.25			0.26			0.28			0.27
Net realized and unrealized gain (loss) on investments		1.94			0.44			0.78			(1.28	)		3.42			2.04
Total from investment operations		2.10			0.72			1.03			(1.02	)		3.70			2.31
Less Distributions
Distributions from net investment income		(0.32	)		(0.29	)		(0.31	)		(0.38	)		(0.30	)		(0.36	)
Distributions from net realized capital gains		(0.67	)		(0.83	)		(2.59	)		(0.59	)		(0.42	)		(1.35	)
Total distributions		(0.99	)		(1.12	)		(2.90	)		(0.97	)		(0.72	)		(1.71	)
Net Asset Value, End of Period	$	13.68		$	12.57		$	12.97		$	14.84		$	16.83		$	13.85
Total Return (%) (c)		16.82	(d)		6.00	(e)		6.08			(6.50	)		27.94			18.25
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.92	(f)		0.93			0.95			0.98			0.95			0.98
Net ratio of expenses to average net assets (%) (g)		0.91	(f)		0.92			0.94			0.97			0.94			0.98
Ratio of net investment income to average net assets (%)		2.35	(f)		2.26	(b)		1.78			1.58			1.86			2.06
Portfolio turnover rate (%)		2	(d)		8			12			10			12			12
Net assets, end of period (in millions)	$	631.6		$	585.6		$	604.2		$	606.4		$	913.3		$	713.4
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.50		$	12.89		$	14.77		$	16.75		$	13.79		$	13.20
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.25	(b)		0.21			0.21			0.24			0.24
Net realized and unrealized gain (loss) on investments		1.93			0.44			0.77			(1.26	)		3.41			2.02
Total from investment operations		2.07			0.69			0.98			(1.05	)		3.65			2.26
Less Distributions
Distributions from net investment income		(0.29	)		(0.25	)		(0.27	)		(0.34	)		(0.27	)		(0.32	)
Distributions from net realized capital gains		(0.67	)		(0.83	)		(2.59	)		(0.59	)		(0.42	)		(1.35	)
Total distributions		(0.96	)		(1.08	)		(2.86	)		(0.93	)		(0.69	)		(1.67	)
Net Asset Value, End of Period	$	13.61		$	12.50		$	12.89		$	14.77		$	16.75		$	13.79
Total Return (%) (c)		16.65	(d)		5.83	(e)		5.76			(6.69	)		27.60			17.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.17	(f)		1.18			1.20			1.23			1.20			1.23
Net ratio of expenses to average net assets (%) (g)		1.16	(f)		1.17			1.19			1.22			1.19			1.23
Ratio of net investment income to average net assets (%)		2.09	(f)		2.01	(b)		1.50			1.32			1.58			1.81
Portfolio turnover rate (%)		2	(d)		8			12			10			12			12
Net assets, end of period (in millions)	$	83.5		$	76.3		$	81.2		$	74.5		$	81.1		$	63.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.02 per share and 0.14% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Includes the impact of the non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which enhanced the performance of the Portfolio for the year ended December 31, 2016 by 0.17%. Includes the impact of the non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which enhanced the performance of the portfolio. Excluding this item, total return would have been 5.91% for Class A and 5.66% for Class B.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Dimensional International Small Company Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $1,711,558. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $4,085,211. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	12,091,343	$	0	$	58,008,155

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$2,803,392		0.850	%	Of the first $100 million
		0.800	%	On amounts in excess of $100 million

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Dimensional Fund Advisors LP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $	100 million

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$14,816,351	$	14,989,927	$	40,638,699	$	114,053,758	$	55,455,050	$	129,043,685

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Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$17,911,663	$	30,200,215	$	75,123,135	$	—	$	123,235,013

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	47,400,112		1,531,273		3,845,066

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		49,950,468		2,825,983
Robert Boulware		50,168,147		2,608,304
Susan C. Gause		50,036,155		2,740,296
Nancy Hawthorne		49,917,684		2,858,767
Barbara A. Nugent		50,045,843		2,730,607
John Rosenthal		50,118,119		2,658,332
Linda B. Strumpf		49,921,040		2,855,411
Dawn M. Vroegop		49,803,023		2,973,428

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Brighthouse/Wellington Balanced Portfolio returned 8.59%, 8.50%, and 8.56%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg Barclays U.S. Aggregate Bond Index², returned 9.34% and 2.27%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) returned 6.48%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose during the first half of 2017 despite plunging oil prices, heightened political risk, and two Federal Reserve (the “Fed”) rate hikes. The first quarter of 2017 was marked by continued optimism in Trump policy expectations and generally encouraging economic data. Steady labor-market gains, along with rising stock prices and optimism about faster economic growth, helped consumer confidence jump to its highest level in 16 years. Despite investor concern over stretched valuations and overly optimistic policy expectations, the market hit a series of record highs early in the first half of the year.

Stocks ended June with a 9.3% year-to-date gain, as measured by the S&P 500 Index. Although U.S. economic data released during second quarter of 2017 was mixed and geopolitical risks remained part of the overall narrative, U.S. and global equities continued to climb. Emmanuel Macron’s victory in the French presidential election was widely seen as supportive for the stability of the European Union. Furthermore, continued solid global economic data, strong year-over-year corporate earnings growth, and the Fed’s initial plan for balance sheet normalization later this year, provided the economy evolves broadly as anticipated, helped stoke investors’ bullish sentiment. Some unfavorable developments during the second quarter included disappointing manufacturing data, weak auto sales, and lackluster housing reports.

Mid- and large-cap stocks outperformed small-cap stocks, as measured by the S&P Midcap 400, S&P 500, and Russell 2000 indices, respectively. All three groups posted strong positive returns during the six-month period.

Global fixed income markets generated strong gains throughout the period amid heightened political uncertainty. Despite concerns about prospects for retailers, particularly in the U.S., generally solid corporate earnings and continued demand for yield-producing assets supported credit markets and spreads tightened further. In the U.S., political controversies—in particular, the ongoing investigation into alleged involvement by Russia in the 2016 presidential election—led to a short-lived dip in risk assets. Elections in France and the U.K. presented potential sources of volatility, but proved benign in the aftermath. Most currencies strengthened versus the U.S. dollar as market participants seemed doubtful that the Fed would deliver on its projected tightening path.

Sovereign yield curves flattened across most developed markets. Short-end yields increased—especially in Germany, the U.K., and Canada—driven by hawkish comments from their respective central banks. However, lack of global inflation suppressed long-end yields. Intermediate and long-end U.S. Treasury yields fell on diminished expectations of fiscal stimulus. Japanese government bond yields, anchored by the Bank of Japan’s yield-targeting policy, were little changed. Globally, most spread sectors posted positive absolute and excess returns as spreads compressed, led by lower-rated sectors.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its custom benchmark, consisting of 60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index, for the period ended June 30, 2017.

The equity portion of the Portfolio outperformed its benchmark, the S&P 500 Index, for the six-month period ended June 30, 2017. Given the industry-neutral structure of the Portfolio, stock selection was the primary driver of the relative performance. In particular, selection within the Information Technology, Industrials, and Consumer Discretionary sectors contributed the most to relative results. This was partially offset by weaker stock selection within the Energy sector.

The Portfolio’s exposure to Wayfair and Arista Networks boosted relative results, as did being underweight weak-performing benchmark constituent Exxon Mobil, and not holding Verizon or AT&T. Wayfair, the online home furnishings specialist, reported strong first quarter results which sent the stock price up. Wayfair revealed that quarterly revenue had climbed 30% to almost $1 billion as the company continues to take share in the North American home category segment.

The Portfolio’s holdings in Newfield Exploration and Advance Auto Parts were among the detractors from relative performance during the period. Newfield Exploration’s stock price declined as the market reacted negatively to conservative guidance from company management in the beginning of the period and faced headwinds as oil prices trended lower. Advance Auto Parts’ stock was down during the period as the automotive aftermarket industry was weighed down by demand headwinds following a record warm winter. As of the end of the period, we maintained the Portfolio’s position in Newfield Exploration and trimmed the position in Advance Auto Parts. Capital One also detracted. We modestly reduced the Portfolio’s position in Capital One, but the stock remains a top active position in the Financials sector as we see upside in banks as a result of the abating regulatory burdens and de-risked balance sheets.

The fixed income portion of the Portfolio outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the period. Sector allocation contributed positively to relative performance. The Portfolio’s exposure to non-Agency Residential Mortgage-Backed Securities, High Yield, and Collateralized Loan Obligations

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

(“CLOs”) contributed to relative outperformance. Exposure to Emerging Markets Debt also contributed to results. Additionally, the Portfolio maintained an allocation to Treasury Inflation-Protected Securities (TIPS) to position for rising inflation expectations, which detracted from relative performance during the second quarter in light of a less hawkish Fed, weak results from the Consumer Price Index (CPI), and doubts over expanded fiscal policy.

During the period, the fixed income portion of the Portfolio used Treasury futures, swaps, and options to manage duration and yield curve positioning. The Portfolio also used currency forwards, futures, and options to implement non-U.S. rate and currency positions. Credit default swaps (“CDX”) were used to manage credit exposure, and investment grade and high yield CDX index positions were used as a source of liquidity and to manage overall portfolio risk.

The equity portion of the Portfolio is generally industry-neutral relative to the benchmark. At period end, the Portfolio had no exposure to the Telecommunication Services sector as we see better opportunities in the broadband cable companies which are categorized in the Consumer Discretionary sector. On an absolute basis, the Portfolio’s largest exposures at the end of the period were to the Software & Services, Capital Goods, Health Care Equipment & Services, and Food, Beverage & Tobacco industries at the end of the period. The Portfolio increased its exposure modestly to the Capital Goods industry and decreased its exposure to the Diversified Financials industry.

At the end of the period, the fixed income portion of the Portfolio had a short duration bias as a result of the team’s belief that the Fed is likely to hike rates more aggressively than what was implied by market pricing and continued to be positioned for rising inflation expectations. The Portfolio ended the period underweight credit, but continued to favor Financials issuers. The Portfolio was overweight Agency Mortgage-Backed Securities (“MBS”) and Commercial Mortgage-Backed Securities. The Portfolio maintained allocations to non-Agency MBS, CLOs, Bank Loans, and BB rated High Yield as of the end of the period.

At the end of the period, the Portfolio’s asset allocation break down was approximately a 60% allocation to the equity portion and a 40% allocation to the fixed income portion of the Portfolio. This represents a marginal decrease in the equity allocation and increase in the fixed income allocation from the beginning of the period reflecting strength in the equity markets and expectations for lower volatility.

Cheryl M. Duckworth

Mark D. Mandel

Joseph F. Marvan

Robert D. Burn

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX AND THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Balanced Portfolio
Class A		8.59		12.48		10.96		6.16
Class B		8.50		12.22		10.68		5.90
Class E		8.56		12.34		10.79		6.01
S&P 500 Index		9.34		17.90		14.63		7.18
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.48

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Holdings

	% of Net Assets
Apple, Inc.		2.3
Bank of America Corp.		1.5
Facebook, Inc.		1.4
Amazon.com, Inc.		1.1
Alphabet, Inc.		1.1

Top Fixed Income Issuers

	% of Net Assets
Fannie Mae 30 Yr. Pool		8.8
Freddie Mac 30 Yr. Gold Pool		4.4
Ginnie Mae II 30 Yr. Pool		2.5
Fannie Mae 15 Yr. Pool		1.4
New Residential Mortgage Loan Trust		0.8

Top Equity Sectors

	% of Net Assets
Information Technology		12.4
Health Care		8.9
Financials		8.5
Consumer Discretionary		7.0
Industrials		6.7

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		22.3
Corporate Bonds & Notes		12.1
Asset-Backed Securities		6.9
Mortgage-Backed Securities		5.2
Floating Rate Loans		1.6

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.51	%	$	1,000.00	$	1,085.90	$	2.64
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,085.00	$	3.93
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class E(a)	Actual		0.66	%	$	1,000.00	$	1,085.60	$	3.41
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Common Stocks—59.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Boeing Co. (The)		35,816	$	7,082,614
General Dynamics Corp.		23,534		4,662,086
Lockheed Martin Corp.		27,361		7,595,687
United Technologies Corp.		56,227		6,865,879
				26,206,266
Air Freight & Logistics—0.3%
FedEx Corp.		17,381		3,777,413
Airlines—0.2%
Southwest Airlines Co.		5,566		345,871
Spirit Airlines, Inc. (a)		32,734		1,690,711
				2,036,582
Banks—3.2%
Bank of America Corp.		802,586		19,470,737
Citigroup, Inc.		127,073		8,498,642
Huntington Bancshares, Inc.		280,312		3,789,818
PNC Financial Services Group, Inc. (The)		73,330		9,156,717
				40,915,914
Beverages—2.1%
Anheuser-Busch InBev S.A. (ADR)		15,708		1,733,535
Constellation Brands, Inc. - Class A		28,841		5,587,367
Dr Pepper Snapple Group, Inc.		15,673		1,427,967
Monster Beverage Corp. (a) (b)		154,808		7,690,861
PepsiCo, Inc.		94,322		10,893,248
				27,332,978
Biotechnology—1.0%
Aduro Biotech, Inc. (a) (b)		45,369		517,207
Alnylam Pharmaceuticals, Inc. (a) (b)		4,677		373,038
Biogen, Inc. (a)		1,037		281,400
Biohaven Pharmaceutical Holding Co., Ltd. (a)		10,800		270,000
Bluebird Bio, Inc. (a)		4,704		494,155
Calithera Biosciences, Inc. (a)		22,900		340,065
Celgene Corp. (a)		25,540		3,316,880
GlycoMimetics, Inc. (a)		35,049		391,147
Incyte Corp. (a) (b)		8,773		1,104,608
Ironwood Pharmaceuticals, Inc. (a) (b)		59,748		1,128,042
Jounce Therapeutics, Inc. (a)		1,100		15,433
Karyopharm Therapeutics, Inc. (a) (b)		35,087		317,537
Loxo Oncology, Inc. (a)		9,058		726,361
Otonomy, Inc. (a)		28,096		529,610
Ra Pharmaceuticals, Inc. (a)		23,729		444,681
Regeneron Pharmaceuticals, Inc. (a)		1,263		620,310
Syndax Pharmaceuticals, Inc. (a)		36,000		502,920
TESARO, Inc. (a) (b)		7,498		1,048,670
Trevena, Inc. (a)		63,243		145,459
				12,567,523
Capital Markets—0.8%
Financial Engines, Inc.		20,064		734,342
Goldman Sachs Group, Inc. (The)		9,171		2,035,045
Capital Markets—(Continued)
Intercontinental Exchange, Inc.		40,503		2,669,958
Legg Mason, Inc. (b)		26,612		1,015,514
Northern Trust Corp.		11,346		1,102,945
TD Ameritrade Holding Corp.		50,785		2,183,247
WisdomTree Investments, Inc.		51,390		522,636
				10,263,687
Chemicals—1.3%
Cabot Corp.		21,534		1,150,562
Celanese Corp. - Series A		29,523		2,802,913
Dow Chemical Co. (The)		79,770		5,031,094
Monsanto Co.		15,990		1,892,576
PPG Industries, Inc.		40,029		4,401,589
Westlake Chemical Corp. (b)		11,932		790,018
				16,068,752
Communications Equipment—0.4%
Arista Networks, Inc. (a)		34,728		5,201,907
Construction Materials—0.3%
CRH plc (ADR)		21,879		776,048
Martin Marietta Materials, Inc.		7,029		1,564,515
Vulcan Materials Co.		9,642		1,221,448
				3,562,011
Consumer Finance—1.1%
American Express Co.		78,033		6,573,500
Capital One Financial Corp.		92,957		7,680,107
				14,253,607
Containers & Packaging—0.7%
Ardagh Group S.A.		41,500		938,315
Ball Corp.		97,598		4,119,612
International Paper Co.		55,346		3,133,137
Owens-Illinois, Inc. (a) (b)		35,933		859,517
				9,050,581
Electric Utilities—1.9%
Avangrid, Inc.		80,687		3,562,331
Edison International		36,101		2,822,737
Eversource Energy		27,501		1,669,586
Exelon Corp.		71,588		2,582,179
NextEra Energy, Inc.		57,332		8,033,933
PG&E Corp.		59,831		3,970,983
Pinnacle West Capital Corp.		15,698		1,336,842
				23,978,591
Electrical Equipment—0.8%
AMETEK, Inc. (b)		85,327		5,168,256
Eaton Corp. plc		73,421		5,714,357
				10,882,613

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—0.1%
Helix Energy Solutions Group, Inc. (a)		59,903	$	337,853
Tesco Corp. (a)		73,560		327,342
				665,195
Equity Real Estate Investment Trusts—2.3%
Alexandria Real Estate Equities, Inc. (b)		29,705		3,578,561
American Tower Corp.		66,283		8,770,567
Apartment Investment & Management Co. - Class A		68,037		2,923,550
Crown Castle International Corp.		41,386		4,146,049
Equinix, Inc.		6,850		2,939,746
Invitation Homes, Inc.		87,835		1,899,871
Outfront Media, Inc.		20,589		476,018
Prologis, Inc.		33,537		1,966,610
Simon Property Group, Inc.		14,603		2,362,181
				29,063,153
Food & Staples Retailing—0.8%
Costco Wholesale Corp.		28,803		4,606,464
Walgreens Boots Alliance, Inc.		72,047		5,642,000
				10,248,464
Food Products—0.9%
Hostess Brands, Inc. (a)		307,819		4,955,886
Post Holdings, Inc. (a)		78,160		6,069,124
				11,025,010
Gas Utilities—0.1%
UGI Corp. (b)		39,758		1,924,685
Health Care Equipment & Supplies—2.8%
Abbott Laboratories		80,940		3,934,494
Baxter International, Inc.		49,885		3,020,038
Becton Dickinson & Co.		19,164		3,739,088
Boston Scientific Corp. (a)		220,003		6,098,483
ConforMIS, Inc. (a)		31,666		135,847
Medtronic plc		151,811		13,473,226
Stryker Corp.		36,510		5,066,858
				35,468,034
Health Care Providers & Services—2.2%
Brookdale Senior Living, Inc. (a)		51,518		757,830
Cardinal Health, Inc.		57,726		4,498,010
Cigna Corp.		26,043		4,359,338
HCA Healthcare, Inc. (a)		31,538		2,750,114
McKesson Corp.		27,084		4,456,401
UnitedHealth Group, Inc.		62,739		11,633,065
				28,454,758
Hotels, Restaurants & Leisure—0.5%
Hilton Worldwide Holdings, Inc.		28,101		1,738,047
McDonald’s Corp.		24,587		3,765,745
Wingstop, Inc.		6,416		198,254
Wynn Resorts, Ltd.		9,098		1,220,224
				6,922,270
Household Durables—0.3%
Mohawk Industries, Inc. (a)		14,515		3,508,130
Industrial Conglomerates—0.7%
General Electric Co.		325,060		8,779,871
Insurance—3.4%
Allstate Corp. (The)		31,083		2,748,980
American International Group, Inc.		126,102		7,883,897
Assured Guaranty, Ltd.		126,699		5,288,416
Athene Holding, Ltd. - Class A (a)		41,001		2,034,060
Chubb, Ltd.		16,328		2,373,765
Hartford Financial Services Group, Inc. (The)		53,485		2,811,706
Manulife Financial Corp.		153,500		2,879,660
Marsh & McLennan Cos., Inc.		93,511		7,290,118
Prudential Financial, Inc.		45,780		4,950,649
XL Group, Ltd.		112,507		4,927,807
				43,189,058
Internet & Direct Marketing Retail—2.7%
Amazon.com, Inc. (a)		14,925		14,447,400
Expedia, Inc.		29,529		4,398,344
Netflix, Inc. (a)		27,516		4,111,166
Priceline Group, Inc. (The) (a)		2,896		5,417,026
Wayfair, Inc. - Class A (a)		77,384		5,949,282
				34,323,218
Internet Software & Services—3.0%
Alphabet, Inc. - Class A (a)		14,818		13,775,998
Blucora, Inc. (a)		36,171		766,825
eBay, Inc. (a)		191,407		6,683,932
Facebook, Inc. - Class A (a)		116,274		17,555,049
				38,781,804
IT Services—2.4%
Accenture plc - Class A		12,383		1,531,529
Alliance Data Systems Corp.		10,676		2,740,422
Cognizant Technology Solutions Corp. - Class A		12,839		852,510
FleetCor Technologies, Inc. (a)		17,602		2,538,384
Genpact, Ltd.		66,414		1,848,302
Global Payments, Inc.		66,876		6,040,240
PayPal Holdings, Inc. (a)		67,733		3,635,230
Total System Services, Inc.		10,379		604,577
Visa, Inc. - Class A		105,379		9,882,443
WEX, Inc. (a)		12,054		1,256,871
				30,930,508
Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.		20,535		3,582,741
Machinery—1.7%
AGCO Corp. (b)		12,193		821,686
Caterpillar, Inc.		6,745		724,818
Deere & Co.		14,092		1,741,630
Fortive Corp.		87,411		5,537,487
Illinois Tool Works, Inc.		48,690		6,974,842

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
PACCAR, Inc.		11,125	$	734,695
Pentair plc		82,870		5,514,170
				22,049,328
Marine—0.0%
Kirby Corp. (a) (b)		8,339		557,462
Media—1.9%
Charter Communications, Inc. - Class A (a)		24,584		8,281,120
Comcast Corp. - Class A		246,862		9,607,869
Liberty Media Corp.-Liberty Formula One - Class C (a)		42,719		1,564,370
New York Times Co. (The) - Class A		32,950		583,215
Twenty-First Century Fox, Inc. - Class A		77,937		2,208,735
Viacom, Inc. - Class B		74,761		2,509,727
				24,755,036
Metals & Mining—0.1%
Steel Dynamics, Inc.		24,988		894,820
Multi-Utilities—0.6%
Dominion Energy, Inc. (b)		50,934		3,903,072
Sempra Energy (b)		35,458		3,997,890
				7,900,962
Oil, Gas & Consumable Fuels—2.8%
Antero Resources Corp. (a)		53,035		1,146,086
BP plc (ADR)		47,714		1,653,290
Chevron Corp.		27,555		2,874,813
Continental Resources, Inc. (a)		40,208		1,299,925
Diamondback Energy, Inc. (a) (b)		20,196		1,793,607
EOG Resources, Inc.		11,763		1,064,787
Extraction Oil & Gas, Inc. (a)		149,625		2,012,456
Exxon Mobil Corp.		32,488		2,622,756
Kinder Morgan, Inc.		203,112		3,891,626
Newfield Exploration Co. (a)		236,679		6,735,884
ONEOK, Inc.		21,380		1,115,181
Parsley Energy, Inc. - Class A (a)		50,411		1,398,905
PDC Energy, Inc. (a) (b)		26,951		1,161,858
Pioneer Natural Resources Co.		9,982		1,592,928
QEP Resources, Inc. (a)		185,200		1,870,520
Suncor Energy, Inc.		54,525		1,592,130
Templar Energy LLC (c) (d)		2,426		24,262
TransCanada Corp.		35,980		1,715,167
Whiting Petroleum Corp. (a)		36,269		199,842
				35,766,023
Paper & Forest Products—0.1%
Boise Cascade Co. (a)		31,228		949,331
Personal Products—0.9%
Coty, Inc. - Class A (b)		367,129		6,887,340
Estee Lauder Cos., Inc. (The) - Class A		27,821		2,670,260
Herbalife, Ltd. (a)		22,729		1,621,259
				11,178,859
Pharmaceuticals—2.6%
Aerie Pharmaceuticals, Inc. (a)		13,051		685,830
Allergan plc		26,692		6,488,558
AstraZeneca plc (ADR) (b)		93,025		3,171,222
Bristol-Myers Squibb Co.		126,537		7,050,642
Eli Lilly & Co.		71,144		5,855,151
Johnson & Johnson		48,086		6,361,297
Mylan NV (a)		72,998		2,833,782
MyoKardia, Inc. (a) (b)		19,599		256,747
Teva Pharmaceutical Industries, Ltd. (ADR)		23,029		765,024
				33,468,253
Professional Services—0.5%
Equifax, Inc.		16,246		2,232,526
IHS Markit, Ltd. (a)		32,032		1,410,689
TransUnion (a)		73,810		3,196,711
				6,839,926
Real Estate Management & Development—0.1%
Conyers Park Acquisition Corp. (a)		144,520		1,842,630
Road & Rail—0.3%
J.B. Hunt Transport Services, Inc.		3,419		312,428
Knight Transportation, Inc. (b)		39,926		1,479,258
Norfolk Southern Corp.		18,244		2,220,295
Schneider National, Inc. - Class B		16,332		365,347
				4,377,328
Semiconductors & Semiconductor Equipment—2.0%
Broadcom, Ltd.		26,603		6,199,829
First Solar, Inc. (a)		7,633		304,404
Microchip Technology, Inc. (b)		48,077		3,710,583
Micron Technology, Inc. (a)		99,032		2,957,096
NVIDIA Corp.		39,857		5,761,728
QUALCOMM, Inc.		120,774		6,669,140
				25,602,780
Software—2.2%
Adobe Systems, Inc. (a)		19,509		2,759,353
Atlassian Corp. plc - Class A (a)		40,442		1,422,749
Autodesk, Inc. (a)		15,474		1,560,089
Guidewire Software, Inc. (a) (b)		16,589		1,139,830
HubSpot, Inc. (a)		20,587		1,353,595
Microsoft Corp.		136,877		9,434,932
Salesforce.com, Inc. (a)		35,256		3,053,170
ServiceNow, Inc. (a) (b)		31,714		3,361,684
Splunk, Inc. (a) (b)		9,712		552,516
SS&C Technologies Holdings, Inc.		20,633		792,513
Workday, Inc. - Class A (a)		28,028		2,718,716
				28,149,147
Specialty Retail—0.9%
Advance Auto Parts, Inc. (b)		34,687		4,044,157
L Brands, Inc.		38,284		2,063,125
O’Reilly Automotive, Inc. (a)		12,896		2,820,871
TJX Cos., Inc. (The)		35,120		2,534,611
				11,462,764

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—2.3%
Apple, Inc.		207,933	$	29,946,511
Textiles, Apparel & Luxury Goods—0.7%
NIKE, Inc. - Class B		147,263		8,688,517
VF Corp.		9,418		542,477
				9,230,994
Tobacco—1.2%
Altria Group, Inc.		134,736		10,033,790
British American Tobacco plc (ADR) (b)		77,116		5,285,531
				15,319,321
Total Common Stocks (Cost $639,048,120)				763,256,799
U.S. Treasury & Government Agencies—22.3%
Agency Sponsored Mortgage - Backed—20.6%
Fannie Mae 15 Yr. Pool 3.000%, 07/01/28		2,002,069		2,057,914
3.000%, 02/01/31		231,810		238,084
3.000%, 03/01/31		27,802		28,554
3.000%, TBA (e)		11,603,000		11,908,485
3.500%, 07/01/28		296,084		309,789
3.500%, TBA (e)		65,000		67,630
4.000%, 04/01/26		51,767		54,498
4.000%, 02/01/29		1,271,455		1,337,794
4.500%, 06/01/24		279,611		295,025
4.500%, 02/01/25		77,300		81,540
4.500%, 04/01/25		12,121		12,732
4.500%, 07/01/25		58,871		62,088
4.500%, 06/01/26		1,220,133		1,285,469
5.000%, TBA (e)		500,000		511,172
Fannie Mae 20 Yr. Pool 3.000%, 03/01/37		991,547		1,007,113
Fannie Mae 30 Yr. Pool 2.500%, 08/01/46		1,670,840		1,612,144
2.500%, 09/01/46		5,354,950		5,166,832
2.500%, 10/01/46		306,794		296,016
2.500%, 11/01/46		1,326,707		1,280,101
2.500%, 12/01/46		277,598		267,845
2.500%, 01/01/47		5,033,566		4,856,730
3.000%, 02/01/43		879,490		885,761
3.000%, 03/01/43		1,130,781		1,137,945
3.000%, 04/01/43		1,022,223		1,028,859
3.000%, 05/01/43		2,896,746		2,915,341
3.000%, 06/01/43		334,302		337,012
3.000%, 04/01/47		10,931,515		10,924,480
3.000%, TBA (e)		5,500,000		5,484,078
3.500%, 03/01/43		59,340		61,269
3.500%, 05/01/43		113,515		117,206
3.500%, 07/01/43		260,002		268,446
3.500%, 08/01/43		497,528		513,711
3.500%, 10/01/44		465,290		480,504
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, 02/01/45		587,364		603,633
3.500%, 01/01/46		1,030,577		1,059,123
3.500%, 02/01/46		1,317,002		1,353,482
3.500%, 09/01/46		1,030,516		1,059,060
3.500%, 10/01/46		430,401		442,323
3.500%, 11/01/46		291,222		300,811
3.500%, TBA (e)		50,535,000		51,867,062
4.000%, 10/01/40		1,034,726		1,092,755
4.000%, 11/01/40		439,002		463,532
4.000%, 12/01/40		319,674		337,509
4.000%, 02/01/41		158,056		166,951
4.000%, 03/01/41		368,380		388,669
4.000%, 08/01/42		214,397		226,184
4.000%, 09/01/42		347,477		366,597
4.000%, 03/01/45		65,493		68,880
4.000%, 07/01/45		289,289		307,077
4.000%, 05/01/46		179,234		188,503
4.000%, 06/01/46		367,821		386,843
4.000%, 04/01/47		388,839		413,036
4.000%, TBA (e)		2,400,000		2,518,734
4.500%, 10/01/40		941,887		1,017,024
4.500%, 09/01/41		110,188		118,989
4.500%, 10/01/41		424,303		458,952
4.500%, 08/01/42		131,452		141,672
4.500%, 09/01/43		2,238,381		2,406,871
4.500%, 10/01/43		305,282		327,919
4.500%, 12/01/43		272,093		292,443
4.500%, 01/01/44		700,827		759,856
5.000%, 04/01/33		4,008		4,394
5.000%, 07/01/33		14,341		15,727
5.000%, 09/01/33		213,041		233,734
5.000%, 11/01/33		54,221		59,482
5.000%, 12/01/33		22,192		24,342
5.000%, 02/01/34		9,703		10,644
5.000%, 03/01/34		4,634		5,084
5.000%, 04/01/34		4,482		4,917
5.000%, 06/01/34		4,241		4,654
5.000%, 07/01/34		64,765		71,092
5.000%, 10/01/34		163,120		179,017
5.000%, 07/01/35		111,363		122,225
5.000%, 10/01/35		123,633		135,637
5.000%, 12/01/35		98,205		107,801
5.000%, 08/01/36		90,133		98,931
5.000%, 07/01/37		48,861		53,627
5.000%, 07/01/41		94,047		103,027
5.000%, 08/01/41		51,388		56,176
5.500%, 08/01/28		27,539		30,481
5.500%, 04/01/33		58,733		65,725
5.500%, 08/01/37		348,209		390,164
5.500%, 04/01/41		30,517		33,901
6.000%, 03/01/28		2,666		2,998
6.000%, 05/01/28		7,921		8,905
6.000%, 02/01/34		234,048		267,379
6.000%, 08/01/34		125,727		143,764

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.000%, 04/01/35		1,054,219	$	1,203,658
6.000%, 02/01/38		78,827		89,248
6.000%, 03/01/38		28,184		31,998
6.000%, 05/01/38		91,793		104,624
6.000%, 10/01/38		26,185		29,645
6.000%, 12/01/38		30,618		34,630
6.000%, TBA (e)		1,000,000		1,125,436
6.500%, 05/01/40		640,831		717,007
Fannie Mae ARM Pool 3.170%, 12/01/40 (f)		172,893		181,574
3.404%, 06/01/41 (f)		216,310		225,581
3.467%, 03/01/41 (f)		125,920		132,975
3.524%, 09/01/41 (f)		142,311		150,089
3.570%, 03/01/41 (f)		41,841		44,257
Fannie Mae Interest Strip (CMO) 2.000%, 09/25/39		570,522		555,018
4.000%, 05/25/27 (g)		473,783		49,627
Fannie Mae Pool 2.350%, 11/01/26		500,000		482,066
2.390%, 09/01/28		125,000		118,530
2.930%, 01/01/27		900,000		906,742
3.020%, 03/01/27		383,782		389,146
3.105%, 04/01/27		1,820,317		1,852,122
3.140%, 11/01/27		681,824		698,697
3.150%, 04/01/27		773,048		790,713
3.160%, 04/01/27		585,000		598,488
3.205%, 01/01/27		794,836		817,336
3.240%, 12/01/26		83,233		85,819
3.410%, 08/01/27		487,191		507,924
3.765%, 12/01/25		1,300,000		1,394,119
3.855%, 12/01/25		45,000		48,560
3.870%, 10/01/25		75,676		81,224
3.890%, 05/01/30		101,730		107,386
3.960%, 05/01/34		43,070		45,593
3.970%, 05/01/29		29,555		31,921
4.060%, 10/01/28		64,547		70,581
Fannie Mae REMICS (CMO) Zero Coupon, 03/25/36 (h)		37,450		31,905
Zero Coupon, 06/25/36 (h)		315,882		275,897
1.700%, 04/25/55 (f) (g)		1,104,434		57,001
1.766%, 05/25/46 (d) (f) (g)		1,131,490		57,431
1.892%, 06/25/55 (d) (f) (g)		925,773		53,086
2.029%, 08/25/44 (d) (f) (g)		1,075,628		54,691
2.500%, 06/25/28 (d) (g)		242,740		19,755
3.000%, 02/25/27 (d) (g)		654,926		54,976
3.000%, 09/25/27 (d) (g)		215,211		19,550
3.000%, 01/25/28 (d) (g)		1,545,355		143,089
3.000%, 02/25/28 (d) (g)		576,660		56,042
3.000%, 04/25/28 (d) (g)		694,833		68,578
3.500%, 05/25/27 (d) (g)		654,642		64,812
3.500%, 10/25/27 (d) (g)		392,095		43,513
3.500%, 05/25/30 (d) (g)		386,210		48,895
3.500%, 08/25/30 (d) (g)		125,396		15,338
3.500%, 02/25/31 (d) (g)		325,364		34,143
3.500%, 09/25/35 (d) (g)		242,978		37,176
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae REMICS (CMO) 4.000%, 03/25/42 (d) (g)		173,171		24,120
4.000%, 05/25/42 (d) (g)		1,021,612		150,756
4.000%, 11/25/42 (d) (g)		98,393		13,916
4.500%, 07/25/27 (d) (g)		225,193		23,240
5.461%, 05/25/42 (f) (g)		130,084		14,460
5.500%, 04/25/35 (d)		375,073		421,917
5.500%, 04/25/37		170,121		189,083
Fannie Mae-ACES (CMO) 2.377%, 01/25/22 (f) (g)		1,517,042		94,920
3.329%, 10/25/23 (f)		505,000		527,569
Freddie Mac 15 Yr. Gold Pool 2.500%, TBA (e)		3,190,000		3,208,192
3.000%, 07/01/28		744,218		764,849
3.000%, 08/01/29		504,028		518,705
3.000%, TBA (e)		775,000		795,828
3.500%, TBA (e)		1,500,000		1,562,227
Freddie Mac 20 Yr. Gold Pool 3.000%, 11/01/36		1,354,548		1,375,093
3.000%, 01/01/37		968,903		983,598
3.500%, 08/01/34		991,582		1,032,505
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/44		21,504		21,473
3.000%, 08/01/46		1,948,310		1,945,359
3.000%, 10/01/46		1,975,622		1,972,629
3.000%, 11/01/46		2,984,320		2,983,755
3.000%, 12/01/46		948,929		948,688
3.000%, 01/01/47		6,917,215		6,906,736
3.000%, TBA (e)		8,000,000		7,982,500
3.500%, 08/01/42		147,101		152,718
3.500%, 11/01/42		222,267		229,334
3.500%, 06/01/46		332,778		342,140
3.500%, 07/01/47		1,700,000		1,747,821
3.500%, TBA (e)		14,765,000		15,152,960
4.000%, 05/01/42		986,232		1,041,326
4.000%, 08/01/42		271,321		287,441
4.000%, 09/01/42		408,358		432,620
4.000%, 07/01/44		81,559		86,186
4.000%, 02/01/46		364,484		383,622
4.000%, TBA (e)		7,145,000		7,507,362
4.500%, 09/01/43		162,028		174,001
4.500%, 11/01/43		1,409,292		1,510,741
4.500%, TBA (e)		1,880,000		2,012,805
5.000%, TBA (e)		1,500,000		1,629,270
5.500%, 07/01/33		152,731		168,691
5.500%, 04/01/39		63,916		71,069
5.500%, 06/01/41		242,880		270,372
Freddie Mac ARM Non-Gold Pool 3.635%, 02/01/41 (f)		183,381		194,688
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.745%, 03/25/27 (f) (g)		4,393,780		217,359
1.606%, 06/25/22 (f) (g)		1,855,902		112,039
1.658%, 12/25/18 (f) (g)		3,047,386		51,616
1.824%, 03/25/22 (f) (g)		1,401,778		91,513
1.872%, 05/25/19 (f) (g)		2,324,417		59,341
3.430%, 01/25/27 (f)		700,000		734,813

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO) Zero Coupon, 11/15/36 (h)		37,167	$	35,122
2.500%, 05/15/28 (g)		254,913		20,906
3.000%, 03/15/28 (d) (g)		803,330		70,028
3.000%, 05/15/32 (g)		342,910		28,854
3.000%, 03/15/33 (d) (g)		228,735		30,126
3.000%, 06/15/41		715,491		731,699
3.000%, 07/15/41		1,625,928		1,658,843
3.500%, 06/15/26 (d) (g)		432,849		33,924
3.500%, 09/15/26 (g)		144,275		14,379
3.500%, 03/15/27 (g)		247,179		23,853
3.500%, 03/15/41 (d) (g)		91,525		11,394
4.000%, 07/15/27 (d) (g)		994,617		105,399
4.000%, 03/15/28 (g)		462,329		49,677
4.000%, 06/15/28 (g)		240,869		27,108
4.500%, 03/15/41		303,402		343,684
4.750%, 07/15/39		704,454		757,756
5.000%, 09/15/33 (g)		318,654		67,134
5.500%, 08/15/33		77,677		86,632
5.500%, 07/15/36		175,459		196,214
5.500%, 06/15/46		243,860		272,498
6.500%, 07/15/36		238,536		266,829
FREMF Mortgage Trust (CMO) 3.072%, 10/25/47 (144A) (f)		770,000		779,580
3.971%, 04/25/24 (144A) (f)		600,000		608,434
4.013%, 02/25/24 (144A) (f)		335,000		334,888
4.117%, 03/25/27 (144A) (f)		245,000		246,611
5.438%, 09/25/43 (144A) (f)		855,000		921,642
Ginnie Mae I 30 Yr. Pool 3.000%, 12/15/44		26,417		26,753
3.000%, 02/15/45		83,022		83,981
3.000%, 04/15/45		1,132,829		1,145,908
3.000%, 05/15/45		1,502,833		1,520,184
3.000%, 07/15/45		40,127		40,590
4.000%, 09/15/42		1,082,515		1,142,586
4.500%, 04/15/41		803,062		865,503
4.500%, 02/15/42		1,652,975		1,791,630
5.000%, 12/15/38		57,415		63,106
5.000%, 04/15/39		1,179,560		1,296,432
5.000%, 07/15/39		123,428		135,623
5.000%, 12/15/40		162,807		178,916
5.500%, 12/15/40		558,730		627,343
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (e)		11,800,000		11,918,922
3.500%, 03/20/47		1,883,538		1,952,988
3.500%, 04/20/47		1,393,160		1,444,528
3.500%, 05/20/47		2,743,840		2,845,010
3.500%, TBA (e)		4,100,000		4,240,297
4.000%, 04/20/47		1,261,516		1,331,021
4.000%, TBA (e)		3,877,000		4,076,962
4.500%, 01/20/46		192,513		204,711
4.500%, TBA (e)		4,170,000		4,430,944
5.000%, 10/20/39		27,134		29,499
Government National Mortgage Association (CMO) 0.794%, 02/16/53 (f) (g)		2,291,730		110,929
2.500%, 12/16/39		536,747		540,949
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 3.000%, 09/20/28 (g)		291,975		28,299
3.000%, 02/16/43 (g)		157,240		28,934
3.000%, 05/20/47		225,563		206,441
3.500%, 02/16/27 (g)		125,629		11,752
3.500%, 03/20/27 (g)		314,027		32,417
3.500%, 02/20/41 (g)		396,148		57,138
3.500%, 04/20/42 (g)		672,583		95,327
3.500%, 05/20/43 (d) (g)		143,538		26,417
3.500%, 07/20/43 (d) (g)		574,371		86,758
4.000%, 12/16/26 (g)		92,397		10,282
4.000%, 05/20/29 (g)		1,320,004		133,776
4.000%, 05/16/42 (d) (g)		123,170		20,116
4.000%, 09/16/42 (g)		642,010		158,431
4.000%, 03/20/43 (g)		181,802		39,296
4.000%, 01/20/44 (d) (g)		86,441		18,411
4.000%, 11/20/44 (d) (g)		1,363,597		246,624
4.500%, 04/20/45 (d) (g)		304,505		70,744
5.000%, 10/16/41 (d) (g)		498,939		80,592
5.500%, 03/20/39 (d) (g)		581,592		130,992
5.500%, 02/16/47 (g)		560,997		124,630
5.500%, 02/20/47 (g)		347,659		70,667
6.000%, 09/20/40 (g)		489,754		113,069
6.000%, 02/20/46 (g)		535,357		127,182
				263,909,487
U.S. Treasury—1.7%
U.S. Treasury Bonds 2.750%, 08/15/42 (i)		350,000		346,172
3.000%, 11/15/44 (i)		595,000		613,966
3.000%, 02/15/47		1,500,000		1,547,343
4.375%, 11/15/39		3,879,000		4,944,057
4.500%, 02/15/36 (i) (j)		1,199,000		1,547,646
U.S. Treasury Inflation Indexed Notes 0.250%, 01/15/25 (j) (k) (l)		8,281,982		8,134,894
U.S. Treasury Notes 1.625%, 03/15/20 (j)		377,000		378,193
2.000%, 11/15/26 (i) (j)		4,474,000		4,362,499
				21,874,770
Total U.S. Treasury & Government Agencies (Cost $287,498,306)				285,784,257
Corporate Bonds & Notes—12.1%
Aerospace/Defense—0.2%
Embraer Netherlands Finance B.V. 5.400%, 02/01/27		410,000		428,450
L3 Technologies, Inc. 3.850%, 12/15/26		70,000		72,160
Lockheed Martin Corp. 2.500%, 11/23/20		225,000		228,088
4.700%, 05/15/46		390,000		438,222

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
United Technologies Corp. 1.900%, 05/04/20		840,000	$	841,441
				2,008,361
Agriculture—0.2%
Altria Group, Inc. 2.850%, 08/09/22		250,000		253,901
3.875%, 09/16/46		190,000		184,557
BAT International Finance plc 2.750%, 06/15/20 (144A)		400,000		405,225
Imperial Brands Finance plc 2.050%, 07/20/18 (144A)		200,000		200,075
2.950%, 07/21/20 (144A)		550,000		559,292
3.750%, 07/21/22 (144A)		310,000		322,753
Reynolds American, Inc. 3.250%, 06/12/20		517,000		532,271
				2,458,074
Airlines—0.1%
Delta Air Lines, Inc. 3.625%, 03/15/22		910,000		934,194
Auto Manufacturers—0.2%
Ford Motor Co. 4.346%, 12/08/26		265,000		272,801
5.291%, 12/08/46		345,000		354,080
Ford Motor Credit Co. LLC 4.134%, 08/04/25		200,000		203,451
General Motors Co. 6.250%, 10/02/43		195,000		216,596
6.750%, 04/01/46		480,000		569,289
General Motors Financial Co., Inc. 3.700%, 05/09/23		300,000		304,638
3.950%, 04/13/24		345,000		349,900
				2,270,755
Banks—4.0%
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 02/19/19 (EUR) (f)		600,000		701,646
9.000%, 05/09/18 (f)		600,000		626,993
Banco de Sabadell S.A. 6.500%, 05/18/22 (EUR) (f)		400,000		449,601
Bank of America Corp. 2.503%, 10/21/22		925,000		913,176
2.625%, 04/19/21		595,000		597,637
3.124%, 01/20/23 (f)		1,285,000		1,299,111
3.705%, 04/24/28 (f)		1,300,000		1,309,522
3.950%, 04/21/25		350,000		354,634
4.000%, 04/01/24		245,000		256,728
4.000%, 01/22/25		1,210,000		1,231,072
4.125%, 01/22/24		265,000		279,643
4.183%, 11/25/27		540,000		549,226
7.750%, 05/14/38		630,000		906,001
Bank of Ireland 7.375%, 06/18/20 (EUR) (f)		300,000		372,606
Banks—(Continued)
Barclays Bank plc 6.050%, 12/04/17 (144A)		1,190,000		1,210,422
Barclays plc 3.684%, 01/10/23		290,000		297,557
4.836%, 05/09/28		480,000		490,699
8.000%, 12/15/20 (EUR) (f)		550,000		688,645
BNP Paribas S.A. 2.950%, 05/23/22 (144A)		220,000		222,191
7.625%, 03/30/21 (144A) (b) (f)		390,000		429,000
BPCE S.A. 3.000%, 05/22/22 (144A)		255,000		257,218
Capital One Financial Corp. 3.050%, 03/09/22		750,000		755,893
Capital One N.A. 1.650%, 02/05/18		670,000		669,725
2.350%, 08/17/18		580,000		582,333
Citigroup, Inc. 2.279%, 05/17/24 (f)		680,000		679,302
2.700%, 03/30/21		295,000		296,958
3.200%, 10/21/26		140,000		136,153
4.300%, 11/20/26		400,000		410,856
4.450%, 09/29/27		1,815,000		1,887,633
4.650%, 07/30/45		56,000		60,894
5.500%, 09/13/25		365,000		405,888
Credit Agricole S.A. 8.125%, 12/23/25 (144A) (b) (f)		725,000		842,232
Credit Suisse Group AG 6.250%, 12/18/24 (144A) (f)		1,320,000		1,402,500
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		560,000		552,465
2.600%, 04/23/20		1,605,000		1,619,904
2.750%, 09/15/20		440,000		445,301
2.875%, 02/25/21		520,000		525,574
5.150%, 05/22/45		640,000		710,885
6.250%, 02/01/41		430,000		561,705
6.750%, 10/01/37		1,375,000		1,784,806
HSBC Holdings plc 2.950%, 05/25/21		255,000		258,243
3.262%, 03/13/23 (f)		1,225,000		1,248,213
3.400%, 03/08/21		765,000		786,265
3.600%, 05/25/23		255,000		263,520
4.250%, 08/18/25		390,000		400,649
6.000%, 05/22/27 (f)		575,000		594,550
HSBC USA, Inc. 2.750%, 08/07/20		375,000		381,131
Intesa Sanpaolo S.p.A. 7.700%, 09/17/25 (144A) (f)		450,000		467,438
7.750%, 01/11/27 (EUR) (f)		200,000		252,986
JPMorgan Chase & Co. 2.295%, 08/15/21		420,000		417,556
2.383%, 10/24/23 (f)		325,000		329,885
2.400%, 06/07/21		565,000		563,929
2.550%, 10/29/20		730,000		736,125
2.700%, 05/18/23		480,000		474,737
2.750%, 06/23/20		830,000		843,868
3.220%, 03/01/25 (f)		550,000		551,033

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
JPMorgan Chase & Co. 4.250%, 10/01/27		635,000	$	662,369
5.600%, 07/15/41		125,000		155,017
Landsbanki Islands Zero Coupon, 08/25/20 (c) (d)		320,000		0
Morgan Stanley 2.500%, 01/24/19		455,000		458,512
2.500%, 04/21/21		1,190,000		1,189,083
2.750%, 05/19/22		645,000		644,861
3.125%, 07/27/26 (b)		320,000		311,119
3.625%, 01/20/27		685,000		689,925
4.000%, 07/23/25		280,000		292,246
4.350%, 09/08/26		95,000		98,766
5.000%, 11/24/25		432,000		469,782
6.250%, 08/28/17		555,000		558,862
Royal Bank of Scotland Group plc 7.500%, 08/10/20 (f)		520,000		536,640
Santander Holdings USA, Inc. 3.700%, 03/28/22 (144A)		675,000		683,723
Societe Generale S.A. 7.375%, 09/13/21 (144A) (f)		650,000		698,750
8.250%, 11/29/18 (f)		685,000		726,723
UBS Group AG 5.750%, 02/19/22 (EUR) (f)		250,000		314,834
6.875%, 03/22/21 (f)		450,000		479,255
7.000%, 02/19/25 (f)		200,000		221,383
7.125%, 02/19/20 (f)		470,000		497,532
UBS Group Funding Switzerland AG 2.650%, 02/01/22 (144A)		620,000		618,684
Wells Fargo & Co. 3.000%, 04/22/26		310,000		302,763
3.000%, 10/23/26		200,000		194,751
3.069%, 01/24/23		960,000		973,449
3.584%, 05/22/28 (f)		930,000		939,887
4.900%, 11/17/45		1,060,000		1,155,801
5.606%, 01/15/44		635,000		755,127
Wells Fargo Bank N.A. 2.150%, 12/06/19		880,000		884,074
				51,858,381
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 1.900%, 02/01/19		840,000		841,879
2.150%, 02/01/19		175,000		176,107
3.300%, 02/01/23		1,665,000		1,714,502
3.650%, 02/01/26		120,000		123,632
4.700%, 02/01/36		510,000		561,328
4.900%, 02/01/46		1,585,000		1,788,896
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		405,000		391,982
Constellation Brands, Inc. 2.700%, 05/09/22		80,000		79,902
3.500%, 05/09/27 (b)		145,000		144,864
4.500%, 05/09/47		50,000		51,468
				5,874,560
Security Description	Principal Amount*		Value
Biotechnology—0.1%
Amgen, Inc. 2.200%, 05/11/20		595,000	$	598,007
Baxalta, Inc. 3.600%, 06/23/22		55,000		56,954
Celgene Corp. 4.625%, 05/15/44		195,000		204,859
Gilead Sciences, Inc. 2.500%, 09/01/23		120,000		118,222
3.250%, 09/01/22		165,000		170,620
				1,148,662
Building Materials—0.0%
Eagle Materials, Inc. 4.500%, 08/01/26		110,000		112,475
Standard Industries, Inc. 5.375%, 11/15/24 (144A)		115,000		121,181
6.000%, 10/15/25 (144A)		220,000		235,400
				469,056
Chemicals—0.1%
Methanex Corp. 4.250%, 12/01/24		230,000		225,415
5.650%, 12/01/44		235,000		222,268
Sherwin-Williams Co. (The) 3.125%, 06/01/24		180,000		180,912
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		25,000		26,281
				654,876
Commercial Services—0.1%
Acwa Power Management & Investments One, Ltd. 5.950%, 12/15/39 (144A)		1,269,000		1,294,537
Cardtronics, Inc. 5.125%, 08/01/22		130,000		131,950
United Rentals North America, Inc. 4.625%, 07/15/23		60,000		62,295
5.500%, 07/15/25		110,000		115,225
				1,604,007
Computers—0.2%
Apple, Inc. 3.350%, 02/09/27		175,000		178,908
3.450%, 02/09/45		550,000		516,812
3.850%, 08/04/46		95,000		94,935
Dell International LLC / EMC Corp. 3.480%, 06/01/19 (144A)		250,000		255,844
4.420%, 06/15/21 (144A)		195,000		205,573
8.350%, 07/15/46 (144A)		125,000		161,323
Hewlett Packard Enterprise Co. 3.600%, 10/15/20		615,000		634,126
NCR Corp. 5.000%, 07/15/22		115,000		117,300
				2,164,821

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—0.3%
American Express Credit Corp. 2.200%, 03/03/20		1,055,000	$	1,060,021
CBOE Holdings, Inc. 3.650%, 01/12/27		455,000		458,915
GTP Acquisition Partners LLC 3.482%, 06/15/50 (144A)		1,355,000		1,382,019
Intercontinental Exchange, Inc. 2.750%, 12/01/20		355,000		361,909
Nasdaq, Inc. 3.850%, 06/30/26		100,000		101,466
Navient Corp. 5.500%, 01/15/19		330,000		343,612
5.875%, 03/25/21		20,000		21,125
				3,729,067
Electric—0.5%
AES Corp. 4.875%, 05/15/23		20,000		20,375
5.500%, 03/15/24		325,000		338,406
Dominion Energy, Inc. 2.850%, 08/15/26 (b)		320,000		305,034
DTE Energy Co. 1.500%, 10/01/19		315,000		310,285
Duke Energy Carolinas LLC 4.250%, 12/15/41		275,000		293,773
Duke Energy Corp. 2.650%, 09/01/26		165,000		156,706
Duke Energy Florida LLC 3.400%, 10/01/46		430,000		399,110
Duke Energy Progress LLC 4.375%, 03/30/44		320,000		347,513
Emera U.S. Finance L.P. 2.700%, 06/15/21		80,000		80,123
4.750%, 06/15/46		90,000		94,980
Exelon Corp. 2.450%, 04/15/21		80,000		79,780
2.850%, 06/15/20		530,000		538,443
FirstEnergy Corp. 3.900%, 07/15/27		505,000		506,615
4.250%, 03/15/23		515,000		541,708
Fortis, Inc. 2.100%, 10/04/21		155,000		151,814
3.055%, 10/04/26		330,000		318,447
Great Plains Energy, Inc. 3.150%, 04/01/22		235,000		237,484
3.900%, 04/01/27		220,000		222,558
NextEra Energy Capital Holdings, Inc. 1.649%, 09/01/18		210,000		209,365
NRG Energy, Inc. 6.250%, 07/15/22		130,000		133,413
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		110,000		132,419
Southern Co. (The) 1.850%, 07/01/19		270,000		268,954
2.950%, 07/01/23		170,000		168,910
Electric—(Continued)
Southern Co. (The) 4.400%, 07/01/46		155,000		157,816
				6,014,031
Electronics—0.0%
Fortive Corp. 2.350%, 06/15/21		275,000		273,409
Engineering & Construction—0.1%
SBA Tower Trust 3.168%, 04/15/22 (144A)		995,000		999,145
Entertainment—0.0%
WMG Acquisition Corp. 4.875%, 11/01/24 (144A)		120,000		122,400
5.000%, 08/01/23 (144A)		40,000		41,000
				163,400
Environmental Control—0.0%
Clean Harbors, Inc. 5.250%, 08/01/20		165,000		167,269
Food—0.1%
Danone S.A. 1.691%, 10/30/19 (144A)		705,000		699,368
Kraft Heinz Foods Co. 2.000%, 07/02/18		270,000		270,684
2.800%, 07/02/20		205,000		208,066
4.375%, 06/01/46		240,000		235,040
Kroger Co. (The) 3.875%, 10/15/46		30,000		26,433
Sysco Corp. 2.500%, 07/15/21 (b)		405,000		406,105
				1,845,696
Gas—0.0%
AmeriGas Partners L.P. / AmeriGas Finance Corp. 5.625%, 05/20/24		55,000		56,650
5.875%, 08/20/26		95,000		97,375
Southern Co. Gas Capital Corp. 2.450%, 10/01/23		95,000		92,162
				246,187
Healthcare-Products—0.2%
Becton Dickinson and Co. 3.363%, 06/06/24		925,000		927,114
Medtronic, Inc. 4.375%, 03/15/35		398,000		434,722
4.625%, 03/15/45		170,000		191,324
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		95,000		92,377
3.000%, 04/15/23		525,000		529,262
				2,174,799

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—0.3%
Aetna, Inc. 2.800%, 06/15/23		175,000	$	174,696
Anthem, Inc. 3.500%, 08/15/24		900,000		925,125
4.625%, 05/15/42		170,000		183,529
CHS/Community Health Systems, Inc. 5.125%, 08/01/21 (b)		125,000		126,563
6.250%, 03/31/23		65,000		67,103
HCA, Inc. 7.500%, 02/15/22		190,000		218,737
LifePoint Health, Inc. 5.875%, 12/01/23		190,000		200,450
Tenet Healthcare Corp. 6.000%, 10/01/20 (b)		190,000		203,538
UnitedHealth Group, Inc. 1.700%, 02/15/19		465,000		464,686
3.350%, 07/15/22		460,000		480,247
3.750%, 07/15/25		475,000		500,295
4.250%, 04/15/47		110,000		117,265
4.750%, 07/15/45		130,000		149,326
				3,811,560
Home Builders—0.0%
Meritage Homes Corp. 6.000%, 06/01/25 (b)		125,000		133,750
Toll Brothers Finance Corp. 4.875%, 11/15/25		10,000		10,375
				144,125
Insurance—0.1%
American International Group, Inc. 4.700%, 07/10/35		305,000		324,189
CNO Financial Group, Inc. 4.500%, 05/30/20		10,000		10,375
5.250%, 05/30/25		175,000		185,325
Genworth Holdings, Inc. 4.900%, 08/15/23		90,000		74,700
7.200%, 02/15/21		20,000		19,156
7.700%, 06/15/20		5,000		4,903
Marsh & McLennan Cos., Inc. 3.500%, 03/10/25		320,000		328,433
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		67,000		109,782
MGIC Investment Corp. 5.750%, 08/15/23		90,000		96,975
Radian Group, Inc. 7.000%, 03/15/21		80,000		89,500
Willis North America, Inc. 3.600%, 05/15/24		210,000		212,116
				1,455,454
Iron/Steel—0.1%
ArcelorMittal 6.125%, 06/01/25		260,000		291,200
Iron/Steel—(Continued)
Steel Dynamics, Inc. 5.500%, 10/01/24		140,000		148,750
Vale Overseas, Ltd. 6.250%, 08/10/26		245,000		264,294
6.875%, 11/10/39		75,000		80,437
				784,681
Machinery-Construction & Mining—0.0%
Oshkosh Corp. 5.375%, 03/01/25		120,000		126,000
Machinery-Diversified—0.0%
CNH Industrial NV 4.500%, 08/15/23 (b)		145,000		154,063
Media—0.9%
21st Century Fox America, Inc. 3.375%, 11/15/26		305,000		304,268
4.750%, 11/15/46		55,000		58,697
6.150%, 03/01/37		685,000		855,807
Altice U.S. Finance I Corp. 5.500%, 05/15/26 (144A)		200,000		210,000
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.579%, 07/23/20		270,000		279,011
4.464%, 07/23/22		815,000		868,355
4.908%, 07/23/25		135,000		145,843
6.484%, 10/23/45		815,000		978,174
Comcast Corp. 3.150%, 03/01/26		860,000		864,448
3.400%, 07/15/46 (b)		400,000		364,240
4.750%, 03/01/44		240,000		267,067
COX Communications, Inc. 3.250%, 12/15/22 (144A)		190,000		189,602
3.350%, 09/15/26 (144A)		95,000		93,285
3.850%, 02/01/25 (144A) (b)		355,000		357,676
4.800%, 02/01/35 (144A)		115,000		112,459
Discovery Communications LLC 3.450%, 03/15/25		237,000		230,694
3.800%, 03/13/24		220,000		222,453
4.900%, 03/11/26		88,000		93,278
DISH DBS Corp. 5.875%, 11/15/24 (b)		260,000		277,412
Grupo Televisa S.A.B. 6.125%, 01/31/46		360,000		400,036
Liberty Interactive LLC 8.250%, 02/01/30 (b)		320,000		344,000
NBCUniversal Media LLC 5.150%, 04/30/20		86,000		93,652
Sky plc 2.625%, 09/16/19 (144A)		480,000		483,247
3.125%, 11/26/22 (144A)		270,000		274,678
TEGNA, Inc. 4.875%, 09/15/21 (144A) (b)		225,000		231,188
6.375%, 10/15/23		5,000		5,275

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Time Warner Cable LLC 4.500%, 09/15/42 (b)		400,000	$	380,596
7.300%, 07/01/38		500,000		639,074
8.250%, 04/01/19		231,000		254,828
8.750%, 02/14/19		759,000		834,830
Time Warner, Inc. 4.850%, 07/15/45 (b)		415,000		427,319
Viacom, Inc. 4.375%, 03/15/43		173,000		153,780
5.875%, 02/28/57 (f)		10,000		10,400
6.250%, 02/28/57 (f)		20,000		20,800
Videotron, Ltd. 5.375%, 06/15/24 (144A)		145,000		153,156
				11,479,628
Mining—0.0%
Kaiser Aluminum Corp. 5.875%, 05/15/24		140,000		147,350
Rio Tinto Finance USA, Ltd. 3.750%, 06/15/25 (b)		145,000		152,618
Teck Resources, Ltd. 8.500%, 06/01/24 (144A)		125,000		144,375
				444,343
Oil & Gas—1.0%
Anadarko Petroleum Corp. 3.450%, 07/15/24		600,000		586,095
4.500%, 07/15/44		240,000		219,936
6.600%, 03/15/46		390,000		481,662
6.950%, 06/15/19		75,000		81,297
Apache Corp. 4.250%, 01/15/44		35,000		32,783
BP Capital Markets plc 2.112%, 09/16/21		355,000		351,855
2.750%, 05/10/23		500,000		497,897
3.062%, 03/17/22		125,000		127,771
Canadian Natural Resources, Ltd. 3.850%, 06/01/27		235,000		233,096
6.250%, 03/15/38		540,000		629,385
Cenovus Energy, Inc. 4.250%, 04/15/27 (144A)		60,000		57,158
6.750%, 11/15/39		90,000		94,545
Concho Resources, Inc. 5.500%, 04/01/23 (b)		75,000		77,063
ConocoPhillips Co. 4.950%, 03/15/26		490,000		545,722
Continental Resources, Inc. 3.800%, 06/01/24		5,000		4,578
4.500%, 04/15/23 (b)		60,000		57,300
4.900%, 06/01/44 (b)		10,000		8,350
5.000%, 09/15/22		70,000		68,688
Devon Energy Corp. 5.000%, 06/15/45		150,000		151,536
Devon Financing Co. LLC 7.875%, 09/30/31		100,000		129,767
Oil & Gas—(Continued)
Encana Corp. 3.900%, 11/15/21		300,000		305,786
EOG Resources, Inc. 4.150%, 01/15/26		225,000		236,403
Hess Corp. 4.300%, 04/01/27 (b)		370,000		361,410
5.600%, 02/15/41		185,000		181,868
Hess Corp. 5.800%, 04/01/47		165,000		166,372
6.000%, 01/15/40		260,000		264,454
Kerr-McGee Corp. 6.950%, 07/01/24		400,000		469,110
Marathon Oil Corp. 2.700%, 06/01/20		200,000		198,235
2.800%, 11/01/22 (b)		370,000		354,737
3.850%, 06/01/25		35,000		34,164
MEG Energy Corp. 6.500%, 01/15/25 (144A) (b)		35,000		31,850
7.000%, 03/31/24 (144A) (b)		61,000		47,428
Petrobras Global Finance B.V. 6.125%, 01/17/22		495,000		510,593
Petroleos Mexicanos 3.500%, 07/23/20		180,000		181,890
5.500%, 02/04/19		380,000		396,720
5.500%, 06/27/44		99,000		87,516
6.375%, 02/04/21		195,000		211,049
6.500%, 03/13/27 (144A)		25,000		26,856
6.750%, 09/21/47		376,000		379,715
Pioneer Natural Resources Co. 4.450%, 01/15/26 (b)		580,000		609,843
QEP Resources, Inc. 5.250%, 05/01/23		80,000		75,600
5.375%, 10/01/22		5,000		4,813
6.800%, 03/01/20 (d)		15,000		15,600
Shell International Finance B.V. 4.375%, 05/11/45		470,000		491,871
SM Energy Co. 6.125%, 11/15/22 (b)		55,000		52,250
Statoil ASA 3.950%, 05/15/43		420,000		411,037
Valero Energy Corp. 3.400%, 09/15/26		660,000		645,638
4.900%, 03/15/45		75,000		78,134
WPX Energy, Inc. 5.250%, 09/15/24		125,000		118,750
YPF S.A. 16.500%, 05/09/22 (144A) (ARS)		19,392,845		1,165,876
				12,552,052
Packaging & Containers—0.0%
Owens-Brockway Glass Container, Inc. 5.875%, 08/15/23 (144A)		135,000		148,838
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, 07/15/23 (144A)		170,000		176,587
				325,425

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—0.6%
Allergan Funding SCS 2.350%, 03/12/18		1,545,000	$	1,551,450
3.000%, 03/12/20		1,060,000		1,082,492
Cardinal Health, Inc. 1.950%, 06/15/18		265,000		265,701
2.616%, 06/15/22		1,125,000		1,126,041
4.368%, 06/15/47		105,000		108,496
EMD Finance LLC 2.950%, 03/19/22 (144A)		535,000		544,498
Mylan NV 3.000%, 12/15/18		245,000		248,307
3.150%, 06/15/21 (b)		300,000		305,203
3.750%, 12/15/20 (b)		325,000		337,808
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		520,000		513,936
Teva Pharmaceutical Finance Netherlands B.V. 1.700%, 07/19/19		805,000		797,798
Teva Pharmaceutical Finance Netherlands III B.V. 2.200%, 07/21/21		635,000		623,353
Valeant Pharmaceuticals International, Inc. 6.500%, 03/15/22 (144A)		65,000		68,169
7.000%, 03/15/24 (144A)		30,000		31,538
				7,604,790
Pipelines—0.5%
DCP Midstream Operating L.P. 3.875%, 03/15/23		20,000		19,300
4.950%, 04/01/22		66,000		66,990
5.600%, 04/01/44		50,000		47,125
Enbridge, Inc. 3.700%, 07/15/27		250,000		249,815
Energy Transfer Equity L.P. 7.500%, 10/15/20		310,000		346,425
Energy Transfer L.P. 3.600%, 02/01/23		40,000		40,185
4.050%, 03/15/25		180,000		180,723
5.950%, 10/01/43		120,000		127,125
Enterprise Products Operating LLC 3.950%, 02/15/27 (b)		220,000		227,395
Kinder Morgan Energy Partners L.P. 6.500%, 04/01/20		50,000		55,007
6.850%, 02/15/20		215,000		237,044
Kinder Morgan, Inc. 5.550%, 06/01/45		590,000		625,238
Magellan Midstream Partners L.P. 5.000%, 03/01/26		145,000		159,907
MPLX L.P. 4.125%, 03/01/27		260,000		260,885
5.200%, 03/01/47		65,000		66,942
Phillips 66 Partners L.P. 3.550%, 10/01/26		145,000		140,839
Plains All American Pipeline L.P. / PAA Finance Corp. 4.500%, 12/15/26 (b)		845,000		854,590
Pipelines—(Continued)
Regency Energy Partners L.P. / Regency Energy Finance Corp. 4.500%, 11/01/23		275,000		285,346
5.875%, 03/01/22		55,000		60,587
Sabine Pass Liquefaction LLC 4.200%, 03/15/28 (144A)		200,000		202,063
Sunoco Logistics Partners Operations L.P. 3.900%, 07/15/26		25,000		24,530
4.250%, 04/01/24		300,000		303,432
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 6.250%, 10/15/22		110,000		116,875
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		420,000		412,042
Williams Cos., Inc. (The) 3.700%, 01/15/23		70,000		68,950
4.550%, 06/24/24		21,000		21,578
7.875%, 09/01/21		25,000		29,000
Williams Partners L.P. 3.600%, 03/15/22		775,000		791,784
4.000%, 11/15/21		280,000		291,337
4.300%, 03/04/24		260,000		270,445
				6,583,504
Real Estate—0.0%
ProLogis L.P. 3.350%, 02/01/21		525,000		542,198
Real Estate Investment Trusts—0.2%
American Tower Corp. 3.400%, 02/15/19		385,000		393,044
3.450%, 09/15/21		95,000		97,968
4.500%, 01/15/18		280,000		283,835
Brandywine Operating Partnership L.P. 3.950%, 02/15/23		400,000		402,398
Crown Castle International Corp. 3.400%, 02/15/21		105,000		107,819
3.700%, 06/15/26		245,000		247,098
Equinix, Inc. 5.875%, 01/15/26		35,000		38,161
Kimco Realty Corp. 3.125%, 06/01/23		605,000		599,501
Ventas Realty L.P. / Ventas Capital Corp. 2.700%, 04/01/20		265,000		267,309
				2,437,133
Retail—0.2%
CVS Health Corp. 2.800%, 07/20/20		595,000		605,768
3.875%, 07/20/25		324,000		336,878
5.125%, 07/20/45		670,000		768,085
Home Depot, Inc. (The) 3.500%, 09/15/56		390,000		353,359
Lowe’s Cos., Inc. 2.500%, 04/15/26		625,000		600,764
3.700%, 04/15/46		520,000		501,213

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.875%, 03/01/27		80,000	$	79,600
				3,245,667
Semiconductors—0.3%
Applied Materials, Inc. 3.300%, 04/01/27		100,000		101,625
4.350%, 04/01/47		70,000		74,298
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22 (144A)		1,310,000		1,321,709
3.625%, 01/15/24 (144A)		540,000		552,419
Intel Corp. 4.100%, 05/19/46		235,000		243,562
Lam Research Corp. 2.800%, 06/15/21		375,000		380,398
QUALCOMM, Inc. 2.100%, 05/20/20		525,000		527,400
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		120,000		125,496
5.625%, 11/01/24 (144A)		20,000		21,450
				3,348,357
Software—0.2%
First Data Corp. 5.000%, 01/15/24 (144A)		40,000		41,137
5.375%, 08/15/23 (144A)		185,000		193,325
Microsoft Corp. 1.550%, 08/08/21		655,000		640,871
2.400%, 08/08/26		255,000		245,406
3.300%, 02/06/27		200,000		206,014
3.700%, 08/08/46		390,000		385,920
3.950%, 08/08/56		400,000		400,057
MSCI, Inc. 5.250%, 11/15/24 (144A)		75,000		79,500
5.750%, 08/15/25 (144A)		65,000		70,403
Open Text Corp. 5.625%, 01/15/23 (144A)		80,000		83,400
5.875%, 06/01/26 (144A)		15,000		16,134
Quintiles IMS, Inc. 4.875%, 05/15/23 (144A) (b)		95,000		97,256
				2,459,423
Telecommunications—0.5%
AT&T, Inc. 3.600%, 02/17/23		770,000		788,064
4.125%, 02/17/26		130,000		133,285
4.500%, 05/15/35		130,000		127,893
4.750%, 05/15/46		445,000		436,369
5.150%, 03/15/42		439,000		448,304
Nokia Oyj 4.375%, 06/12/27		430,000		437,796
6.625%, 05/15/39		110,000		126,637
Sprint Communications, Inc. 7.000%, 03/01/20 (144A)		135,000		148,206
Telecommunications—(Continued)
Sprint Corp. 7.125%, 06/15/24		185,000		205,812
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		1,235,000		1,245,806
Telecom Italia Capital S.A. 6.000%, 09/30/34		45,000		47,581
6.375%, 11/15/33		10,000		10,800
7.721%, 06/04/38		50,000		60,500
Telefonica Emisiones S.A.U. 4.103%, 03/08/27		355,000		366,767
Verizon Communications, Inc. 4.125%, 03/16/27		365,000		376,964
4.400%, 11/01/34		535,000		530,108
4.522%, 09/15/48		100,000		94,609
4.862%, 08/21/46		415,000		415,071
5.012%, 08/21/54		263,000		258,823
5.250%, 03/16/37		320,000		343,997
				6,603,392
Transportation—0.2%
Burlington Northern Santa Fe LLC 3.250%, 06/15/27		70,000		71,511
4.125%, 06/15/47		450,000		473,204
CSX Corp. 3.250%, 06/01/27		890,000		895,672
FedEx Corp. 4.400%, 01/15/47		200,000		205,710
4.550%, 04/01/46		315,000		330,884
4.750%, 11/15/45		125,000		134,983
Norfolk Southern Corp. 2.900%, 06/15/26		365,000		359,201
Ryder System, Inc. 2.550%, 06/01/19		260,000		262,703
				2,733,868
Trucking & Leasing—0.1%
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 2.500%, 06/15/19 (144A)		335,000		336,704
4.875%, 07/11/22 (144A)		655,000		715,537
				1,052,241
Total Corporate Bonds & Notes (Cost $152,481,631)				154,946,654
Asset-Backed Securities—6.9%
Asset-Backed - Automobile—0.2%
AmeriCredit Automobile Receivables Trust 3.310%, 10/08/19		245,000		247,456
First Investors Auto Owner Trust 2.390%, 11/16/20 (144A)		285,000		286,162
Honor Automobile Trust Securitization 2.940%, 11/15/19 (144A)		692,596		694,970

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
Santander Drive Auto Receivables Trust 3.780%, 10/15/19 (144A)		195,000	$	197,149
4.670%, 01/15/20 (144A)		1,085,000		1,103,904
				2,529,641
Asset-Backed - Home Equity—0.3%
GSAA Home Equity Trust 1.266%, 12/25/46 (d) (f)		105,674		76,460
1.286%, 12/25/46 (d) (f)		350,592		194,576
1.316%, 03/25/37 (d) (f)		1,412,681		795,381
1.436%, 05/25/47 (d) (f)		23,679		19,030
1.446%, 04/25/47 (d) (f)		247,911		169,988
1.456%, 11/25/36 (d) (f)		313,059		188,557
1.516%, 03/25/36 (d) (f)		1,395,578		1,021,663
5.876%, 09/25/36 (d)		158,180		81,192
5.985%, 06/25/36 (d) (f)		620,711		335,464
Morgan Stanley ABS Capital, Inc. Trust 1.366%, 06/25/36 (d) (f)		44,444		40,795
Renaissance Home Equity Loan Trust 5.909%, 04/25/37 (d)		584,498		329,938
6.120%, 11/25/36 (d)		258,356		160,386
Soundview Home Loan Trust 1.466%, 11/25/36 (d) (f)		485,000		386,397
				3,799,827
Asset-Backed - Other—6.4%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 5.818%, 11/25/35		100,000		102,207
AMMC CLO, Ltd. 2.606%, 07/27/26 (144A) (f)		1,340,000		1,340,718
Anchorage Capital CLO, Ltd. 2.461%, 01/15/29 (144A) (f)		760,744		762,459
Apidos CLO 2.189%, 01/19/25 (144A) (f)		895,000		894,552
2.488%, 01/16/27 (144A) (f)		480,000		481,432
Atlas Senior Loan Fund CLO, Ltd. 2.588%, 07/16/26 (144A) (f)		620,000		620,981
Atlas Senior Loan Fund, Ltd. 2.408%, 10/15/26 (144A) (f)		1,190,000		1,190,063
Avery Point CLO, Ltd. 2.256%, 04/25/26 (144A) (f)		1,460,000		1,461,345
2.278%, 01/18/25 (144A) (f)		1,275,000		1,275,246
Babson CLO, Ltd. 2.306%, 07/20/25 (144A) (f)		340,000		339,999
Bain Capital Credit CLO, Ltd. Zero Coupon, 07/20/30 (144A) (f)		815,000		814,592
Bayview Opportunity Master Fund Trust 3.500%, 01/28/55 (144A) (f)		837,607		859,017
3.500%, 06/28/57 (144A) (f)		985,000		1,010,675
4.000%, 11/28/53 (144A) (f)		715,830		747,384
4.000%, 10/28/64 (144A) (f)		1,345,472		1,405,203
Benefit Street Partners CLO, Ltd. Zero Coupon, 07/15/29 (144A) (f)		320,000		320,000
Asset-Backed - Other—(Continued)
BlueMountain CLO, Ltd. 2.430%, 04/30/26 (144A) (f)		1,100,000		1,110,897
Carlyle Global Market Strategies CLO, Ltd. 2.640%, 04/27/27 (144A) (f)		1,425,000		1,430,690
Cent CLO, Ltd. 2.380%, 07/27/26 (144A) (f)		930,000		930,079
2.470%, 01/30/25 (144A) (f)		1,029,413		1,029,939
2.589%, 11/07/26 (144A) (f)		755,000		756,131
CIFC Funding, Ltd. 2.208%, 04/18/25 (144A) (f)		1,585,000		1,584,201
2.392%, 05/24/26 (144A) (f)		1,580,000		1,584,163
3.918%, 12/05/24 (144A) (f)		950,000		951,580
Dryden Senior Loan Fund Zero Coupon, 07/18/30 (144A) (f)		1,280,000		1,280,000
2.588%, 07/15/27 (144A) (f)		1,215,000		1,224,216
2.588%, 10/15/28 (144A) (f)		1,604,000		1,614,594
Finance America Mortgage Loan Trust 2.266%, 09/25/33 (d) (f)		92,380		89,683
First Franklin Mortgage Loan Trust 1.526%, 09/25/36 (d) (f)		560,000		480,831
Flatiron CLO, Ltd. 2.695%, 05/15/30 (144A) (f)		810,000		809,562
Fremont Home Loan Trust 2.266%, 12/25/33 (d) (f)		83,367		81,795
Galaxy CLO, Ltd. 2.408%, 04/15/25 (144A) (f)		400,000		400,242
GMACM Home Equity Loan Trust 1.524%, 10/25/34 (144A) (f)		68,927		65,259
GreatAmerica Leasing Receivables Funding LLC 1.720%, 04/22/19 (144A)		150,000		149,914
Highbridge Loan Management, Ltd. 2.621%, 05/05/27 (144A) (f)		895,000		895,616
JFIN CLO, Ltd. 2.324%, 04/24/29 (144A) (f)		1,315,000		1,319,362
KKR Financial CLO, Ltd. 2.448%, 04/15/29 (144A) (f)		565,000		564,715
Knollwood CDO, Ltd. 4.355%, 01/10/39 (144A) (c) (f)		612,949		0
Lehman XS Trust 1.736%, 11/25/35 (d) (f)		217,779		145,398
Lendmark Funding Trust 2.830%, 01/22/24 (144A) (m)		680,000		679,861
3.260%, 04/21/25 (144A) (m)		875,000		882,524
Madison Park Funding, Ltd. 2.416%, 07/20/26 (144A) (f)		1,485,000		1,491,573
2.433%, 10/23/25 (144A) (f)		1,341,165		1,341,413
Magnetite, Ltd. 2.156%, 07/25/26 (144A) (f)		1,255,000		1,255,000
2.458%, 04/15/26 (144A) (f)		865,000		870,192
2.488%, 04/15/27 (144A) (f)		955,000		959,581
2.656%, 07/25/26 (144A) (f)		995,000		995,000
Nationstar HECM Loan Trust Zero Coupon, 02/25/26 (144A) (f)		293,098		293,192
1.968%, 05/25/27 (144A)		325,313		325,342
2.239%, 06/25/26 (144A) (f)		89,306		90,313
2.942%, 05/25/27 (144A)		100,000		99,849

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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	$	1,240,896
3.214%, 02/15/51 (144A)		1,065,000		1,071,052
NRZ Advance Receivables Trust 3.107%, 12/15/50 (144A)		1,195,000		1,178,719
Oak Hill Credit Partners, Ltd. 2.286%, 07/20/26 (144A) (f)		455,000		454,770
Oaktree EIF, Ltd. 2.332%, 11/15/25 (144A) (f)		1,505,000		1,504,986
2.732%, 02/15/26 (144A) (f)		1,345,000		1,348,845
OCP CLO, Ltd. 2.688%, 04/17/27 (144A) (f)		1,230,000		1,230,491
Octagon Investment Partners, Ltd. 2.278%, 07/17/25 (144A) (f)		720,000		720,737
2.567%, 03/17/30 (144A) (f)		725,000		730,741
OHA Loan Funding, Ltd. 2.456%, 08/23/24 (144A) (f)		695,000		695,076
OneMain Financial Issuance Trust 4.100%, 03/20/28 (144A)		1,650,000		1,683,162
OZLM Funding, Ltd. 2.303%, 07/22/25 (144A) (f)		1,205,000		1,204,230
OZLM, Ltd. 2.620%, 04/30/27 (144A) (f)		1,360,000		1,361,764
Race Point CLO, Ltd. 2.668%, 04/15/27 (144A) (f)		1,610,000		1,612,082
SBA Tower Trust 2.898%, 10/15/44 (144A)		845,000		849,451
Securitized Asset-Backed Receivables LLC Trust 1.306%, 07/25/36 (d) (f)		523,159		266,693
Seneca Park CLO, Ltd. 2.278%, 07/17/26 (144A) (f)		1,095,000		1,096,591
Shackleton CLO, Ltd. 2.318%, 07/17/26 (144A) (f)		1,100,000		1,101,408
SoFi Consumer Loan Program LLC 2.500%, 05/26/26 (144A)		600,000		599,891
2.770%, 05/25/26 (144A)		315,310		316,930
3.090%, 10/27/25 (144A) (m)		661,848		667,357
3.280%, 01/26/26 (144A) (m)		541,200		548,246
Sound Point CLO, Ltd. 2.256%, 01/21/26 (144A) (f)		1,415,000		1,415,004
2.496%, 01/23/29 (144A) (f)		505,000		506,446
2.688%, 04/15/27 (144A) (f)		1,315,000		1,315,813
Springleaf Funding Trust 2.680%, 07/15/30 (144A)		1,705,000		1,701,280
2.900%, 11/15/29 (144A)		960,000		964,599
SPS Servicer Advance Receivables Trust 2.750%, 11/15/49 (144A)		1,020,000		1,021,820
Symphony CLO, Ltd. 2.435%, 07/14/26 (144A) (f)		1,295,000		1,295,061
2.905%, 01/09/23 (144A) (f)		1,280,000		1,283,478
Towd Point Mortgage Trust 2.250%, 04/25/56 (144A) (f)		1,067,601		1,064,355
2.750%, 02/25/55 (144A) (f)		264,113		266,082
2.750%, 08/25/55 (144A) (f)		874,222		880,189
2.750%, 10/25/56 (144A) (f)		2,242,749		2,260,036
2.750%, 04/25/57 (144A) (f)		631,726		637,748
3.000%, 03/25/54 (144A) (f)		65,328		66,097
Asset-Backed - Other—(Continued)
Treman Park CLO, Ltd. 2.526%, 04/20/27 (144A) (f)		1,300,000		1,304,463
Vericrest Opportunity Loan Trust LLC 3.250%, 04/25/59 (144A)		610,000		609,455
Vibrant CLO, Ltd. 2.525%, 06/20/29 (144A) (f)		1,515,000		1,515,000
Voya CLO, Ltd. 2.638%, 04/18/27 (144A) (f)		1,265,000		1,272,491
3.258%, 04/18/27 (144A) (f)		440,000		440,251
				82,712,366
Total Asset-Backed Securities (Cost $88,351,278)				89,041,834
Mortgage-Backed Securities—5.2%
Collateralized Mortgage Obligations—3.0%
Adjustable Rate Mortgage Trust 1.716%, 01/25/36 (f)		210,120		196,008
1.736%, 01/25/36 (f)		61,789		58,016
1.756%, 11/25/35 (f)		354,454		331,704
Angel Oak Mortgage Trust LLC 2.501%, 07/25/47		755,000		754,991
2.810%, 01/25/47 (144A) (f)		262,044		262,584
Banc of America Funding Trust 1.442%, 02/20/47 (f)		1,112,705		1,046,773
Bear Stearns Adjustable Rate Mortgage Trust 3.642%, 07/25/36 (f)		495,478		484,041
Bear Stearns ALT-A Trust 1.696%, 02/25/36 (f)		803,888		733,101
Bear Stearns Mortgage Funding Trust 1.396%, 10/25/36 (f)		454,916		402,454
1.416%, 02/25/37 (f)		878,591		795,823
COLT Mortgage Loan Trust 2.614%, 05/27/47 (144A) (f)		781,449		785,482
2.800%, 12/26/46 (144A) (f)		424,047		424,305
Countrywide Alternative Loan Trust 1.486%, 01/25/36 (f)		168,521		157,301
1.536%, 11/25/35 (f)		160,620		137,855
1.666%, 04/25/35 (f)		317,166		281,105
2.016%, 12/25/35 (f)		227,323		197,715
2.082%, 08/25/35 (f)		395,403		350,012
5.500%, 11/25/35		920,216		805,906
Countrywide Home Loan Mortgage Pass-Through Trust 1.416%, 04/25/46 (f)		391,064		333,039
1.896%, 02/25/35 (f)		181,026		170,244
1.896%, 03/25/35 (f)		62,557		56,361
3.174%, 09/25/47 (f)		734,996		683,487
3.404%, 06/20/35 (f)		24,826		24,954
Credit Suisse Mortgage Capital Certificates Trust 3.250%, 04/25/47 (144A) (f)		618,267		625,635
Deephaven Residential Mortgage Trust 2.453%, 06/25/47 (144A) (f)		660,000		657,980
2.725%, 12/26/46 (144A) (f)		444,122		443,982

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Deutsche ALT-A Securities Mortgage Loan Trust 1.366%, 12/25/36 (f)		471,809	$	408,705
DSLA Mortgage Loan Trust 1.652%, 03/19/46 (f)		661,512		604,641
Fannie Mae Connecticut Avenue Securities 4.766%, 07/25/29 (f)		390,000		411,859
5.566%, 04/25/29 (f)		780,142		856,203
GreenPoint Mortgage Funding Trust 2.092%, 10/25/45 (f)		297,225		230,935
GSR Mortgage Loan Trust 1.516%, 01/25/37 (f)		905,280		571,820
3.370%, 01/25/36 (f)		733,100		710,733
6.000%, 07/25/37		376,694		341,840
IndyMac INDX Mortgage Loan Trust 1.406%, 04/25/37 (f)		60,353		48,719
3.410%, 10/25/35 (f)		67,642		63,678
JPMorgan Mortgage Trust 3.377%, 05/25/36 (f)		47,277		43,690
Lehman XS Trust 1.406%, 11/25/46 (d) (f)		884,768		801,320
1.456%, 06/25/47 (f)		763,878		640,075
LSTAR Securities Investment, Ltd. 3.051%, 01/01/22 (144A) (f)		543,553		542,303
3.051%, 02/01/22 (144A) (f)		1,039,081		1,039,718
3.051%, 04/01/22 (144A) (f)		290,797		286,246
3.227%, 09/01/21 (144A) (f)		368,191		369,112
Luminent Mortgage Trust 1.416%, 10/25/46 (f)		139,036		124,336
1.476%, 11/25/35 (f)		65,661		60,429
Master Adjustable Rate Mortgages Trust 3.190%, 11/21/34 (f)		185,159		189,426
MASTR Adjustable Rate Mortgages Trust 2.811%, 09/25/33 (f)		120,901		115,404
MFA Trust 2.588%, 02/25/57 (144A) (f)		458,905		461,246
Morgan Stanley Mortgage Loan Trust 3.414%, 05/25/36 (f)		259,798		195,111
Mortgage Repurchase Agreement Financing Trust 2.287%, 06/10/19 (144A) (f)		1,688,000		1,685,178
New Residential Mortgage Loan Trust 3.750%, 11/26/35 (144A) (f)		1,218,415		1,256,169
3.750%, 11/25/56 (144A) (f)		1,099,018		1,132,248
4.000%, 02/25/57 (144A) (f)		2,245,672		2,334,681
4.000%, 03/25/57 (144A) (f)		2,304,845		2,399,839
4.000%, 04/25/57 (144A) (f)		1,794,633		1,863,957
4.000%, 05/25/57 (144A) (f)		1,560,000		1,629,420
Residential Accredit Loans, Inc. Trust 1.516%, 04/25/36 (f)		803,419		690,880
6.000%, 12/25/35		329,900		314,720
Residential Asset Securitization Trust 1.666%, 03/25/35 (f)		295,264		268,268
RFMSI Trust 3.480%, 08/25/35 (f)		119,145		95,769
Structured Adjustable Rate Mortgage Loan Trust 1.516%, 09/25/34 (f)		78,882		73,416

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments Trust 1.446%, 02/25/36 (f)		164,885	$	145,359
WaMu Mortgage Pass-Through Certificates Trust 1.512%, 12/25/46 (f)		672,823		584,633
1.612%, 10/25/46 (f)		321,403		286,740
1.712%, 07/25/46 (f)		93,020		84,445
3.058%, 06/25/37 (f)		188,840		171,845
Washington Mutual Mortgage Pass-Through Certificates 1.816%, 07/25/36 (f)		135,886		89,563
Wells Fargo Alternative Loan Trust 3.207%, 12/28/37 (f)		28,380		27,740
Wells Fargo Mortgage-Backed Securities Trust 3.036%, 09/25/36 (f)		276,019		272,207
3.232%, 10/25/35 (f)		1,541,000		1,549,248
3.268%, 10/25/36 (f)		319,703		310,269
				37,585,001
Commercial Mortgage-Backed Securities—2.2%
Banc of America Commercial Mortgage Trust 3.262%, 09/15/48 (144A) (f) (m)		413,000		249,790
BB-UBS Trust 3.430%, 11/05/36 (144A)		2,520,000		2,580,128
Bear Stearns Commercial Mortgage Securities Trust 5.279%, 10/12/42 (f)		145,000		143,299
CD Mortgage Trust 6.506%, 11/15/44 (f)		80,000		80,669
Citigroup Commercial Mortgage Trust 1.201%, 07/10/47 (f) (g)		4,397,470		253,205
1.300%, 04/10/48 (f) (g)		5,023,139		314,008
2.935%, 04/10/48		85,000		84,291
3.110%, 04/10/48 (144A)		245,000		180,518
3.616%, 02/10/49		310,000		321,203
3.762%, 06/10/48		295,000		308,688
3.818%, 11/10/48		220,000		230,868
3.855%, 05/10/47		25,000		26,372
Commercial Mortgage Loan Trust 6.335%, 12/10/49 (f)		242,589		243,029
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.967%, 02/10/47 (f) (g)		3,826,274		116,668
1.067%, 08/10/46 (f) (g)		1,069,930		36,818
2.035%, 10/15/45 (f) (g)		443,878		28,851
2.853%, 10/15/45		180,000		181,415
3.101%, 03/10/46		145,000		148,149
3.213%, 03/10/46		280,000		286,512
3.350%, 02/10/48		320,000		324,858
3.424%, 03/10/31 (144A)		1,065,000		1,102,716
3.612%, 06/10/46 (f)		260,000		271,466
3.620%, 07/10/50		130,000		134,300
3.694%, 08/10/47		395,000		409,906
3.796%, 08/10/47		225,000		236,264
3.961%, 03/10/47		235,125		248,066
4.074%, 02/10/47 (f)		115,000		122,572

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates Mortgage Trust 4.205%, 08/10/46		100,035	$	107,595
4.210%, 08/10/46 (f)		175,000		188,522
4.236%, 02/10/47 (f)		100,000		107,452
4.725%, 10/15/45 (144A) (f) (m)		210,000		92,892
4.750%, 10/15/45 (144A) (f) (m)		355,000		224,811
Commercial Mortgage Trust 3.765%, 02/10/49		295,000		308,475
3.902%, 07/10/50		210,000		220,727
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		33,720		33,161
CSAIL Commercial Mortgage Trust 1.008%, 06/15/57 (f) (g)		13,192,488		640,107
1.204%, 11/15/48 (f) (g)		1,157,006		69,221
3.447%, 08/15/48		80,000		81,891
3.502%, 11/15/49		235,000		239,474
3.544%, 11/15/48		280,000		287,571
GE Commercial Mortgage Corp. Trust 5.606%, 12/10/49 (f)		65,000		65,570
GS Mortgage Securities Corp. Trust 2.954%, 11/05/34 (144A)		1,200,000		1,216,098
3.633%, 06/05/31 (144A)		130,000		130,626
GS Mortgage Securities Trust 0.231%, 07/10/46 (f) (g)		12,410,610		64,726
1.523%, 08/10/44 (144A) (f) (g)		1,039,332		46,887
3.674%, 04/10/47 (144A) (m)		235,000		83,615
5.020%, 04/10/47 (144A) (f) (m)		585,000		425,137
JPMBB Commercial Mortgage Securities Trust 0.985%, 09/15/47 (f) (g)		4,710,011		156,854
3.611%, 05/15/48		150,000		155,413
3.775%, 08/15/47		160,000		168,181
3.879%, 10/15/48 (144A) (f)		220,000		166,918
JPMorgan Chase Commercial Mortgage Securities Trust 2.617%, 02/12/51 (f)		1,444,261		1,381,976
2.733%, 10/15/45 (144A) (f) (m)		400,000		194,938
3.905%, 05/05/30 (144A)		867,892		905,287
4.535%, 12/15/47 (144A) (f) (m)		130,000		100,848
6.068%, 02/12/51		172,990		173,596
LB-UBS Commercial Mortgage Trust 6.296%, 04/15/41 (f)		262,130		267,192
Morgan Stanley Bank of America Merrill Lynch Trust 1.262%, 10/15/48 (f) (g)		910,165		61,748
1.288%, 12/15/47 (f) (g)		2,928,142		154,653
2.918%, 02/15/46		130,000		131,777
3.134%, 12/15/48		315,000		322,238
3.176%, 08/15/45		245,000		252,537
3.732%, 05/15/48		155,000		162,242
3.766%, 11/15/46		180,000		189,490
4.259%, 10/15/46 (f)		115,000		124,311
4.500%, 08/15/45 (144A) (m)		220,000		153,920
Commercial Mortgage-Backed Securities—(Continued)
Morgan Stanley Capital Trust 1.465%, 06/15/50 (f) (g)		1,730,000		174,485
2.782%, 08/15/49		210,000		203,770
3.337%, 12/15/49		175,000		177,523
3.596%, 12/15/49		320,000		330,743
5.327%, 07/15/49 (144A) (f) (m)		265,000		222,779
5.411%, 10/12/52 (144A) (f)		135,000		61,754
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (f)		250,000		247,335
UBS-Barclays Commercial Mortgage Trust 1.696%, 02/15/50 (f) (g)		5,747,665		619,423
3.091%, 08/10/49		355,000		363,737
3.185%, 03/10/46		240,000		245,499
3.244%, 04/10/46		300,119		307,756
3.674%, 02/15/50		300,000		312,447
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,105,000		1,127,779
Wells Fargo Commercial Mortgage Trust 1.322%, 05/15/48 (f) (g)		3,903,369		243,046
1.326%, 09/15/57 (f) (g)		8,421,695		494,918
2.881%, 05/15/48 (144A) (f) (m)		510,000		316,521
2.918%, 10/15/45		320,000		324,680
2.942%, 10/15/49		70,000		68,766
3.290%, 05/15/48		230,000		233,089
3.356%, 09/15/58 (144A) (m)		245,000		151,664
3.453%, 07/15/50		165,000		169,937
3.560%, 01/15/59		230,000		237,591
3.637%, 06/15/48		190,000		197,468
3.839%, 09/15/58		225,000		237,267
3.957%, 12/15/47 (144A) (f)		72,000		58,771
4.240%, 05/15/48 (f)		80,000		69,271
4.366%, 06/15/48 (f)		150,000		127,239
WF-RBS Commercial Mortgage Trust 1.531%, 03/15/47 (f) (g)		2,385,284		133,476
2.870%, 11/15/45		400,000		405,297
2.875%, 12/15/45		175,000		176,435
3.016%, 11/15/47 (144A) (m)		550,000		228,741
3.071%, 03/15/45		185,000		188,663
3.345%, 05/15/45		100,000		102,017
3.607%, 11/15/47		190,000		197,167
3.723%, 05/15/47		190,000		198,414
3.995%, 05/15/47		160,281		169,969
4.045%, 03/15/47		40,000		42,587
4.101%, 03/15/47		335,000		357,379
4.490%, 03/15/48 (144A) (f)		55,000		51,200
5.000%, 06/15/44 (144A) (f) (m)		105,000		86,523
5.767%, 04/15/45 (144A) (f)		255,000		255,187
				28,441,619
Total Mortgage-Backed Securities (Cost $65,659,264)				66,026,620

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Floating Rate Loans (n)—1.6%

Security Description	Principal Amount*		Value
Advertising—0.0%
inVentiv Health, Inc. Term Loan B, 4.952%, 11/09/23		243,775	$	244,907
Aerospace/Defense—0.0%
TransDigm, Inc. Term Loan E, 4.249%, 05/14/22		202,135		202,093
Agriculture—0.0%
American Rock Salt Holdings LLC 1st Lien Term Loan, 4.976%, 05/20/21		281,025		282,313
Incremental Term Loan, 4.976%, 05/20/21		122,047		122,352
				404,665
Auto Manufacturers—0.1%
FCA U.S. LLC Term Loan B, 3.160%, 12/31/18		512,322		515,364
Building Materials—0.0%
Quikrete Holdings, Inc. 1st Lien Term Loan, 3.976%, 11/15/23		129,350		129,260
Chemicals—0.0%
Nexeo Solutions LLC Term Loan B, 4.973%, 06/09/23		168,304		169,918
Univar, Inc. Term Loan B, 3.976%, 07/01/22		119,400		119,636
				289,554
Commercial Services—0.1%
Acosta Holdco, Inc. Term Loan, 4.476%, 09/26/21		154,452		139,862
Brickman Group, Ltd. LLC 1st Lien Term Loan, 4.217%, 12/18/20		291,676		292,610
Jaguar Holding Co. II Term Loan, 4.013%, 08/18/22		132,015		132,190
PSAV Holdings LLC Term Loan B, 4.618%, 04/27/24		245,000		245,383
WEX, Inc. Term Loan B, 4.726%, 07/01/23		415,800		418,102
				1,228,147
Computers—0.0%
Tempo Acquisition LLC Term Loan, 4.060%, 05/01/24		210,000		210,678
Xerox Business Services LLC Term Loan B, 5.226%, 12/07/23		134,325		136,214
				346,892
Containers & Packaging—0.0%
Berry Plastics Group, Inc. Term Loan K, 3.367%, 02/08/20		247,751		248,123
Cosmetics/Personal Care—0.0%
Galleria Co. Term Loan B, 4.125%, 09/29/23		90,000		90,689
Revlon Consumer Products Corp. Term Loan B, 4.726%, 09/07/23		243,163		227,306
				317,995
Diversified Financial Services—0.0%
AlixPartners LLP Term Loan B, 4.296%, 04/04/24		179,550		180,605
Russell Investment Group Term Loan B, 6.976%, 06/01/23		133,650		135,237
				315,842
Electric—0.1%
Calpine Construction Finance Co. L.P. Term Loan B2, 3.730%, 01/31/22		829,511		827,610
Helix Gen Funding LLC Term Loan B, 4.960%, 06/02/24		100,000		100,848
TEX Operations Co. LLC Term Loan B, 3.976%, 08/04/23		144,275		143,193
Term Loan C, 3.795%, 08/04/23		35,000		34,738
				1,106,389
Energy Equipment & Services—0.0%
Chief Exploration & Development LLC 2nd Lien Term Loan, 7.932%, 05/16/21		105,000		101,675
Seadrill Partners Finco LLC Term Loan B, 4.296%, 02/21/21		220,707		140,425
				242,100
Food—0.1%
Albertson’s LLC Term Loan B4, 3.976%, 08/25/21		176,018		174,052
Aramark Services, Inc. Term Loan B, 3.226%, 03/28/24		289,275		291,445
Hostess Brands LLC Term Loan, 3.726%, 08/03/22		109,171		109,648
Post Holdings, Inc. Delayed Draw Term Loan, 05/17/24 (o)		75,000		75,174
Incremental Term Loan, 3.470%, 05/24/24		90,000		90,225
				740,544
Healthcare-Services—0.1%
Community Health Systems, Inc. Term Loan H, 4.161%, 01/27/21		111,840		111,800
Envision Healthcare Corp. Term Loan B, 4.300%, 12/01/23		158,006		158,875
INC Research LLC Term Loan B, 06/27/24 (o)		100,000		100,313
MPH Acquisition Holdings LLC Term Loan B, 4.296%, 06/07/23		163,660		163,844
Ortho-Clinical Diagnostics, Inc. Term Loan B, 5.046%, 06/30/21		134,072		133,611

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Floating Rate Loans(n)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
U.S. Renal Care, Inc. Term Loan B, 5.546%, 12/31/22		256,100	$	249,377
				917,820
Insurance—0.2%
Asurion LLC 2nd Lien Term Loan, 8.726%, 03/03/21		385,000		387,246
Term Loan B4, 4.476%, 08/04/22		321,964		323,976
Term Loan B5, 4.226%, 11/03/23		304,308		306,400
Camelot UK Holdco, Ltd. Term Loan B, 4.726%, 10/03/23		109,176		109,950
Hub International, Ltd. Term Loan B, 4.422%, 10/02/20		337,410		339,046
Sedgwick Claims Management Services, Inc. 1st Lien Term Loan, 3.976%, 03/01/21		785,109		786,827
2nd Lien Term Loan, 6.976%, 02/28/22		205,000		205,854
USI, Inc. Term Loan B, 4.180%, 05/16/24		105,000		104,488
				2,563,787
Internet—0.0%
Go Daddy Operating Co. LLC Term Loan B, 3.726%, 02/15/24		194,791		195,448
Zayo Group LLC Term Loan B2, 3.716%, 01/19/24		75,071		75,400
				270,848
Internet & Direct Marketing Retail—0.0%
Lands’ End, Inc. Term Loan B, 4.476%, 04/04/21		207,817		176,818
Investment Company Security—0.0%
Fortress Investment Group LLC Term Loan B, 06/02/22 (o)		115,000		115,815
Leisure Time—0.1%
Delta 2 (LUX) S.a.r.l. 2nd Lien Term Loan, 8.004%, 07/29/22		49,500		49,952
Term Loan B3, 4.504%, 02/01/24		500,000		501,015
				550,967
Lodging—0.1%
Boyd Gaming Corp. Term Loan B3, 3.688%, 09/15/23		129,161		129,518
Caesars Entertainment Operating Co. Term Loan, 03/31/24 (o)		160,000		159,700
La Quinta Intermediate Holdings LLC Term Loan B, 3.908%, 04/14/21		241,314		242,632
MGM Growth Properties Operating Partnership L.P. Term Loan B, 3.476%, 04/25/23		222,188		222,799
				754,649
Machinery-Diversified—0.0%
Gardner Denver, Inc. Term Loan, 4.546%, 07/30/20		472,293		473,946
Media—0.0%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 4.546%, 07/23/21		100,192		96,760
Mission Broadcasting, Inc. Term Loan B2, 4.246%, 01/17/24		9,416		9,454
Nexstar Broadcasting, Inc. Term Loan B, 4.238%, 01/17/24		95,298		95,686
Univision Communications, Inc. Term Loan C5, 3.976%, 03/15/24		149,195		146,725
				348,625
Office/Business Equipment—0.0%
Brand Energy & Infrastructure Services, Inc. Term Loan, 06/21/24 (o)		150,000		149,737
Oil & Gas—0.1%
California Resources Corp. Term Loan, 11.534%, 12/31/21		130,000		138,287
Chesapeake Energy Corp. Term Loan, 8.686%, 08/23/21		110,000		117,666
Fieldwood Energy LLC 1st Lien Term Loan, 4.171%, 09/28/18		499,780		481,872
Foresight Energy LLC 1st Lien Term Loan, 7.046%, 03/28/22		204,488		196,095
Paragon Offshore Finance Co. Term Loan B, 6.000%, 07/18/21		88,750		34,335
				968,255
Packaging & Containers—0.1%
Caesars Growth Properties Holdings LLC Term Loan, 4.226%, 05/08/21		208,565		209,608
Flex Acquisition Co., Inc. 1st Lien Term Loan, 4.398%, 12/29/23		100,000		100,525
Reynolds Group Holdings, Inc. Term Loan, 4.226%, 02/05/23		406,930		408,265
Signode Industrial Group U.S., Inc. Term Loan B, 4.007%, 05/04/21		192,708		192,708
				911,106
Pharmaceuticals—0.1%
Change Healthcare Holdings, Inc. Term Loan B, 3.976%, 03/01/24		174,563		174,808
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 5.500%, 04/29/24		170,000		171,634
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.830%, 04/01/22		142,831		144,924
				491,366
Pipelines—0.0%
Energy Transfer Equity L.P. Term Loan B, 3.826%, 02/02/24		325,000		323,810

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Floating Rate Loans(n)—(Continued)

Security Description	Principal Amount*		Value
Professional Services—0.0%
Trans Union LLC Term Loan B2, 3.726%, 04/09/23		276,237	$	278,457
Real Estate—0.0%
DTZ U.S. Borrower LLC 1st Lien Term Loan, 4.447%, 11/04/21		400,063		400,613
Retail—0.1%
Bass Pro Group LLC Term Loan B, 6.296%, 12/16/23		275,000		267,855
Harbor Freight Tools USA, Inc. Term Loan B, 4.476%, 08/18/23		119,100		119,240
J. Crew Group, Inc. Term Loan B, 4.246%, 03/05/21		312,447		188,640
Michaels Stores, Inc. Term Loan B1, 3.938%, 01/30/23		99,615		99,517
Neiman Marcus Group, Ltd. LLC Term Loan, 4.339%, 10/25/20		225,581		170,737
Party City Holdings, Inc. Term Loan, 4.188%, 08/19/22		166,557		166,869
				1,012,858
Semiconductors—0.0%
Entegris, Inc. Term Loan B, 3.476%, 04/30/21		195,840		197,493
ON Semiconductor Corp. Term Loan B, 3.476%, 03/31/23		83,211		83,445
				280,938
Software—0.2%
First Data Corp. Term Loan, 3.466%, 07/08/22		603,972		603,804
Infor (U.S.), Inc. Term Loan B6, 4.046%, 02/01/22		246,778		245,633
MISYS Europe S.A. 1st Lien Term Loan, 4.736%, 06/13/24		125,000		125,180
Quintiles IMS, Inc. Term Loan B, 3.232%, 03/07/24		671,513		676,899
SS&C Technologies, Inc. Term Loan B1, 3.476%, 07/08/22		181,473		182,461
Term Loan B2, 3.476%, 07/08/22		10,622		10,680
				1,844,657
Telecommunications—0.1%
CSC Holdings LLC 1st Lien Term Loan, 3.459%, 07/17/25		108,281		108,112
Level 3 Financing, Inc. Term Loan B, 3.466%, 02/22/24		365,000		366,293
Sprint Communications, Inc. 1st Lien Term Loan B, 3.750%, 02/02/24		339,150		339,513
UPC Financing Partnership Term Loan AP, 3.909%, 04/15/25		150,000		150,356
				964,274
Trading Companies & Distributors—0.0%
Neff Rental LLC 2nd Lien Term Loan, 7.664%, 06/09/21		100,831		101,041
Transportation—0.0%
Kenan Advantage Group, Inc. Term Loan, 4.226%, 07/31/22		83,554		83,685
Term Loan B, 4.226%, 07/31/22		30,823		30,871
				114,556
Trucking & Leasing—0.0%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. Term Loan B2, 3.962%, 03/20/22		240,000		242,401
Total Floating Rate Loans (Cost $20,876,376)				20,589,219
Foreign Government—0.7%
Banks—0.1%
Banco Nacional de Desenvolvimento Economico e Social 4.750%, 05/09/24 (144A)		730,000		713,575
Sovereign—0.6%
Brazil Notas do Tesouro Nacional 10.000%, 01/01/23 (BRL)		2,239,000		668,478
Chile Government International Bonds 3.860%, 06/21/47		570,000		571,425
Ivory Coast Government International Bonds 5.125%, 06/15/25 (144A) (EUR)		495,000		571,319
Kuwait International Government Bonds 2.750%, 03/20/22 (144A)		665,000		667,327
3.500%, 03/20/27 (144A)		475,000		485,260
Mexican Bonos 5.000%, 12/11/19 (MXN)		18,288,700		971,091
Mexico Government International Bonds 4.150%, 03/28/27		210,000		217,455
5.750%, 10/12/10		598,000		620,425
Oman Government International Bonds 5.375%, 03/08/27 (144A)		1,230,000		1,257,675
6.500%, 03/08/47 (144A)		435,000		443,923
Russian Foreign Bond - Eurobond 5.250%, 06/23/47 (144A)		1,400,000		1,409,761
Uruguay Government International Bonds 9.875%, 06/20/22 (144A) (UYU)		12,320,000		446,066
Venezuela Government International Bonds 7.750%, 10/13/19		158,000		80,185
				8,410,390
Total Foreign Government (Cost $8,978,415)				9,123,965

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Municipals—0.5%

Security Description	Principal Amount*/ Notional Amount*		Value
Chicago Transit Authority Transfer Tax Receipts Revenue 6.899%, 12/01/40		805,000	$	1,023,976
City of Chicago IL, General Obligation Unlimited 7.045%, 01/01/29		975,000		1,009,437
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		55,000		67,434
Puerto Rico Commonwealth Government Employees Retirement System 6.150%, 07/01/38		1,990,000		791,025
6.200%, 07/01/39		580,000		230,550
State of California General Obligation Unlimited, Build America Bonds 7.350%, 11/01/39		1,355,000		1,990,834
7.600%, 11/01/40		300,000		466,983
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		140,000		131,057
5.163%, 02/01/18		85,000		85,880
5.665%, 03/01/18		1,010,000		1,026,513
5.877%, 03/01/19		200,000		206,956
Total Municipals (Cost $7,090,928)				7,030,645
Purchased Options—0.0%
Currency Options—0.0%
USD Put /TRY Call, Strike Price TRY 3.54, Expires 05/02/18 (Counterparty - Goldman Sachs International) (d)		101,000		26,218
USD Put /TRY Call, Strike Price TRY 3.7085, Expires 04/06/18 (Counterparty - Goldman Sachs International) (d)		102,000		48,332
USD Put/CNH Call, Strike Price CNH 6.79, Expires 07/03/17 (Counterparty - Goldman Sachs International) (d)		3,335,000		6,030
USD Put/ZAR Call, Strike Price ZAR 12.791, Expires 07/05/17 (Counterparty - Goldman Sachs International) (d)		843,000		205
				80,785
Interest Rate Swaptions—0.0%
Call - OTC - 10 Year Interest Rate Swap, Exercise Rate 2.72%, Expires 06/07/27 (Counterparty - JPMorgan Chase Bank N.A.) (d)		1,400,000		188,815
Put - OTC - 10 Year Interest Rate Swap, Exercise Rate 2.72%, Expires 06/07/27 (Counterparty - JPMorgan Chase Bank N.A.) (d)		1,400,000		173,679
				362,494
Total Purchased Options (Cost $568,181)				443,279
Short-Term Investments—1.0%
Security Description	Principal Amount*		Value
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $7,142,549 on 07/03/17, collateralized by $7,280,000 Federal Home Loan Bank at 1.125% due 04/25/18 with a value of $7,287,200.		7,142,478		7,142,478
Foreign Government—0.4%
Argentina Treasury Bills 2.402%, 07/14/17 (p)		352,414		352,215
2.814%, 11/24/17 (p)		127,404		125,956
2.818%, 11/10/17 (p)		125,596		124,311
2.832%, 01/26/18 (p)		293,531		288,557
3.089%, 06/15/18 (p)		1,404,336		1,361,460
3.157%, 05/24/18 (p)		419,524		407,777
3.157%, 12/15/17 (p)		748,588		738,715
3.325%, 04/27/18 (p)		753,250		733,874
Egypt Treasury Bills 18.160%, 09/26/17 (p)		9,750,000		514,030
				4,646,895
Total Short-Term Investments (Cost $11,792,126)				11,789,373
Securities Lending Reinvestments (q)—2.6%
Certificates of Deposit—1.3%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Canadian Imperial Bank 1.630%, 10/27/17 (f)		750,000		750,844
Cooperative Rabobank UA New York 1.555%, 10/13/17 (f)		500,000		500,576
1.558%, 10/13/17 (f)		500,000		500,678
Credit Suisse AG New York 1.432%, 10/16/17 (f)		1,000,000		1,000,214
DNB NOR Bank ASA 1.412%, 07/28/17 (f)		900,000		900,112
KBC Bank NV 1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		500,000		499,995
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (f)		500,000		500,012
National Australia Bank London 1.480%, 11/09/17 (f)		2,500,000		2,502,025
Natixis New York 1.287%, 11/13/17 (f)		1,000,000		999,890
Norinchukin Bank New York 1.377%, 10/13/17 (f)		1,000,000		1,000,687
Royal Bank of Canada New York 1.555%, 10/13/17 (f)		500,000		500,506

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Securities Lending Reinvestments (q)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (f)		1,400,000	$	1,400,545
Sumitomo Mitsui Trust Bank, Ltd., New York 1.466%, 10/26/17 (f)		1,000,000		1,000,256
UBS, Stamford 1.722%, 07/31/17 (f)		1,501,533		1,500,857
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (f)		900,000		900,805
				16,455,932
Commercial Paper—0.4%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		498,521		499,819
Commonwealth Bank Australia 1.522%, 10/23/17 (f)		1,500,000		1,501,581
ING Funding LLC 1.234%, 12/07/17 (f)		500,000		500,173
LMA S.A. & LMA Americas 1.150%, 07/07/17		499,888		499,936
1.180%, 07/11/17		498,525		499,834
Sheffield Receivables Co. 1.190%, 07/28/17		498,446		499,530
Westpac Banking Corp. 1.506%, 10/20/17 (f)		1,300,000		1,301,296
				5,302,169
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $632,782 on 07/03/17, collateralized by $658,656 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $645,380.		632,725		632,725
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $354,156 on 10/02/17, collateralized by various Common Stock with a value of $385,000.		350,000		350,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,800,165 on 07/03/17, collateralized by $1,793,082 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,836,000.		1,800,000		1,800,000
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $200,155 on 07/03/17, collateralized by $43 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $222,365.		200,000		200,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $1,000,104 on 07/03/17, collateralized by $901,683 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $1,020,666.		1,000,000		1,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,422,677 on 10/02/17, collateralized by various Common Stock with a value of $1,540,000.		1,400,000		1,400,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $3,000,295 on 07/03/17, collateralized by $4,505,290 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $3,060,000.		3,000,000		3,000,000
				9,382,725
Time Deposits—0.2%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		300,000		300,000
Shinkin Central Bank 1.330%, 07/26/17		1,000,000		1,000,000
Standard Chartered plc 1.200%, 07/03/17		800,000		800,000
				2,200,000
Total Securities Lending Reinvestments (Cost $33,330,197)				33,340,826
Total Investments—112.4% (Cost $1,315,674,822) (r)				1,441,373,471
Other assets and liabilities (net)—(12.4)%				(159,415,699	)
Net Assets—100.0%			$	1,281,957,772

*	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 June 30, 2017, the market value of securities loaned was $31,206,819 and the collateral received consisted of cash in the amount of $33,325,457. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent less than 0.05% of net assets.
(d)	Illiquid security. As of June 30, 2017, these securities represent 0.7% of net assets.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(f)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(g)	Interest only security.
(h)	Principal only security.
(i)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2017, the market value of securities pledged was $2,934,463.
(j)	All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2017, the market value of securities pledged was $1,376,322.
(k)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $2,048,172.
(l)	Principal amount of security is adjusted for inflation.
(m)	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 June 30, 2017, the market value of restricted securities was $5,310,167, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
(n)	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.
(o)	This loan will settle after June 30, 2017, at which time the interest rate will be determined.
(p)	The rate shown represents current yield to maturity.
(q)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(r)	As of June 30, 2017, the aggregate cost of investments was $1,315,674,822. The aggregate unrealized appreciation and depreciation of investments were $148,967,382 and $(23,268,733), respectively, resulting in net unrealized appreciation of $125,698,649.
(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 June 30, 2017, the market value of 144A securities was $145,761,880, which is 11.4% 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.
(ARS)—	Argentine Peso
(BRL)—	Brazilian Real
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(CNH)—	Chinese Renminbi
(EUR)—	Euro
(MXN)—	Mexican Peso
(TRY)—	Turkish Lira
(UYU)—	Uruguayan Peso
(ZAR)—	South African Rand

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Banc of America Commercial Mortgage Trust, 3.262%, 09/15/48		01/21/16 - 02/01/16	$	413,000	$	220,479	$	249,790
Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.750%, 10/15/45		02/18/15		355,000		256,041		224,811
Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.725%, 10/15/45		12/05/14 - 03/29/17		210,000		149,074		92,892
GS Mortgage Securities Trust, 5.020%, 04/10/47		03/27/14 - 06/20/14		585,000		534,065		425,137
GS Mortgage Securities Trust, 3.674%, 04/10/47		04/03/14		235,000		147,173		83,615
JPMorgan Chase Commercial Mortgage Securities Trust, 2.733%, 10/15/45		05/19/15		400,000		269,984		194,938
JPMorgan Chase Commercial Mortgage Securities Trust, 4.535%, 12/15/47		03/17/14		130,000		105,300		100,848
Lendmark Funding Trust, 3.260%, 04/21/25		10/26/16		875,000		874,901		882,524
Lendmark Funding Trust, 2.830%, 01/22/24		06/22/17		680,000		679,861		679,861
Morgan Stanley Bank of America Merrill Lynch Trust, 4.500%, 08/15/45		07/10/14		220,000		173,388		153,920
Morgan Stanley Capital Trust, 5.327%, 07/15/49		03/13/15		265,000		242,868		222,779
SoFi Consumer Loan Program LLC, 3.090%, 10/27/25		07/26/16		661,848		661,745		667,357
SoFi Consumer Loan Program LLC, 3.280%, 01/26/26		01/20/17		541,200		541,154		548,246
WF-RBS Commercial Mortgage Trust, 5.000%, 06/15/44		03/27/14		105,000		94,365		86,523
WF-RBS Commercial Mortgage Trust, 3.016%, 11/15/47		11/05/14		550,000		362,270		228,741
Wells Fargo Commercial Mortgage Trust, 3.356%, 09/15/58		09/24/15		245,000		147,153		151,664
Wells Fargo Commercial Mortgage Trust, 2.881%, 05/15/48		09/15/15		510,000		315,702		316,521
							$	5,310,167

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.500	%		TBA	$	(1,665,000	)	$	(1,682,538	)	$	(1,673,650	)
Fannie Mae 15 Yr. Pool		4.500	%		TBA		(3,500,000	)		(3,577,109	)		(3,579,844	)
Fannie Mae 30 Yr. Pool		2.500	%		TBA		(7,000,000	)		(6,784,531	)		(6,740,156	)
Fannie Mae 30 Yr. Pool		2.500	%		TBA		(7,100,000	)		(6,879,234	)		(6,845,457	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(30,175,000	)		(30,360,308	)		(30,134,318	)
Fannie Mae 30 Yr. Pool		4.500	%		TBA		(2,405,000	)		(2,591,454	)		(2,579,832	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(1,850,000	)		(2,029,797	)		(2,020,836	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(7,200,000	)		(7,221,375	)		(7,173,000	)
Freddie Mac 30 Yr. Gold Pool		5.500	%		TBA		(200,000	)		(221,094	)		(220,581	)
Ginnie Mae II 30 Yr. Pool		3.500	%		TBA		(2,640,000	)		(2,741,063	)		(2,734,462	)
Totals									$	(64,088,503	)	$	(63,702,136	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EGP	1,367,000	Citibank N.A.		03/06/18	$	73,693	$	(2,849	)
EGP	497,000	Goldman Sachs International		03/06/18		26,158		(401	)
EGP	622,000	Goldman Sachs International		03/06/18		32,823		(589	)
RON	45,000	Citibank N.A.		08/28/17		10,659		631
RON	3,990,000	Citibank N.A.		08/28/17		942,349		58,731
Contracts to Deliver
ARS	7,804,000	BNP Paribas S.A.		09/20/17	$	463,420	$	12,375
BRL	2,282,000	Goldman Sachs International		09/05/17		689,468		9,441
EGP	2,486,000	Goldman Sachs International		03/06/18		127,946		(888	)
EUR	2,063,000	Citibank N.A.		07/31/17		2,315,697		(43,694	)
EUR	402,000	Goldman Sachs International		07/31/17		455,007		(4,748	)
EUR	248,000	HSBC Bank plc		09/20/17		278,985		(5,409	)
JPY	1,518,000,000	JPMorgan Chase Bank N.A.		08/04/17		13,562,229		48,966
MXN	18,082,000	Royal Bank of Canada		09/20/17		990,833		6,454
RON	1,520,000	BNP Paribas S.A.		08/28/17		387,508		6,144
RON	2,515,000	JPMorgan Chase Bank N.A.		08/28/17		641,909		10,902
Net Unrealized Appreciation							$	95,066

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		09/15/17		18			USD	2,189,960		$	(11,150	)
U.S. Treasury Long Bond Futures		09/20/17		3			USD	456,849			4,213
U.S. Treasury Note 10 Year Futures		09/20/17		50			USD	6,304,107			(27,544	)
U.S. Treasury Note 5 Year Futures		09/29/17		259			USD	30,586,621			(67,113	)
U.S. Treasury Note Ultra 10 Year Futures		09/20/17		20			USD	2,695,193			1,057
U.S. Treasury Ultra Long Bond Futures		09/20/17		153			USD	24,972,111			406,764
Futures Contracts—Short
90 Day Eurodollar Futures		09/17/18		(204	)		USD	(50,124,846	)		(3,054	)
U.S. Treasury Note 2 Year Futures		09/29/17		(50	)		USD	(10,823,347	)		17,878
United Kingdom Long Gilt Bond Futures		09/27/17		(52	)		GBP	(6,645,806	)		151,300
Net Unrealized Appreciation										$	472,351

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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	$	28,975	$	—	$	28,975
Receive	CPI-U		1.820	%	09/22/25	Bank of America N.A.		USD	10,320,000		68,279		—		68,279
Totals										$	97,254	$	—	$	97,254

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive	3M LIBOR		2.117	%		06/07/27		USD	3,466,000	$	46,898
Receive	3M LIBOR		2.121	%		06/07/27		USD	3,935,000		51,819
Receive	3M LIBOR		2.122	%		06/07/27		USD	3,480,000		45,670
Receive	3M LIBOR		2.124	%		06/07/27		USD	3,955,000		51,009
Receive	3M LIBOR		2.142	%		05/15/24		USD	1,405,000		(1,365	)
Receive	3M LIBOR		2.202	%		05/15/24		USD	1,405,000		(6,609	)
Receive	3M LIBOR		2.202	%		05/15/24		USD	1,405,000		(6,609	)
Receive	3M LIBOR		2.390	%		06/09/47		USD	385,000		11,714
Receive	Federal Funds Rate Compounded - OIS		1.625	%		11/14/26		USD	2,610,000		59,810
Net Unrealized Appreciation										$	252,337

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

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
CDX.NA.IG.28.V1		(1.000%)		06/20/22	0.605%		USD	10,310,000	$	618
CDX.NA.HY.28.V1		(5.000%)		06/20/22	3.390%		USD	9,623,000		(17,905)
ITRAXX.EUR.27.V1		(1.000%)		06/20/22	0.563%		EUR	6,920,000		(23,572)
ITRAXX.XO.27.V1		(5.000%)		06/20/22	2.475%		EUR	1,360,000		5,179
Net Unrealized Depreciation									$	(35,680)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Depreciation
CDX.EM.27.V1		1.000%		06/20/22	2.014%		USD	4,964,000	$	(17,279)

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 June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Depreciation
Republic of Turkey		(1.000%)		06/20/22	Goldman Sachs International		1.925%		USD	875,000	$	37,349	$	47,634	$	(10,285)

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
Anadarko Petroleum Corp. 6.950%, due 06/15/19		1.000%		06/20/22	Morgan Stanley & Co. International plc		1.525%		USD	670,000	$	(16,310)	$	(29,940)	$	13,630
Federative Republic of Brazil 4.250%, due 01/07/25		1.000%		12/20/21	Goldman Sachs International		2.161%		USD	260,000		(12,579)		(21,282)		8,703
Federative Republic of Brazil 4.250%, due 01/07/25		1.000%		12/20/21	Goldman Sachs International		2.161%		USD	265,000		(12,821)		(21,493)		8,672
Republic of South Africa 5.500%, due 03/09/20		1.000%		06/20/22	Barclays Bank plc		1.968%		USD	427,000		(19,042)		(17,103)		(1,939)
Republic of Turkey		1.000%		06/20/22	Barclays Bank plc		1.925%		USD	428,000		(18,269)		(18,575)		306
United Mexican States 4.150%, due 03/28/27		1.000%		06/20/22	Bank of America N.A.		1.129%		USD	464,000		(2,802)		(3,933)		1,131
Totals											$	(81,823)	$	(112,326)	$	30,503

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

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 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	37,024	$	694	$	932	$	(238)
ABX.HE.AAA.6-1		(0.180%)		07/25/45	JPMorgan Chase Bank N.A.		0.000%		USD	11,490		215		—		215
ABX.HE.AAA.7-1		(0.090%)		08/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	330,825		31,842		84,361		(52,519)
ABX.HE.AAA.7-1		(0.090%)		08/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	142,777		13,742		36,409		(22,667)
ABX.HE.AAA.7-1		(0.090%)		08/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	97,506		9,385		25,352		(15,967)
ABX.HE.PEN.AAA.6-2		(0.110%)		05/25/46	JPMorgan Chase Bank N.A.		0.000%		USD	242,758		(17,327)		34,025		(51,352)
CMBX.NA.A.7		(2.000%)		01/17/47	JPMorgan Chase Bank N.A.		0.000%		USD	355,000		7,600		(7,572)		15,172
CMBX.NA.A.9		(2.000%)		09/17/58	Deutsche Bank AG		2.530%		USD	185,000		6,898		9,450		(2,552)
CMBX.NA.A.9		(2.000%)		09/17/58	Morgan Stanley & Co. International plc		2.530%		USD	615,000		22,933		21,727		1,206
CMBX.NA.A.9		(2.000%)		09/17/58	Morgan Stanley & Co. International plc		2.530%		USD	280,000		10,441		12,474		(2,033)
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	735,000		273		23,330		(23,057)
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	635,000		236		20,156		(19,920)
CMBX.NA.AA.7		(1.500%)		01/17/47	Credit Suisse International		0.000%		USD	600,000		223		19,045		(18,822)
CMBX.NA.AA.7		(1.500%)		01/17/47	Morgan Stanley & Co. International plc		0.000%		USD	80,000		30		946		(916)
CMBX.NA.AA.8		(1.500%)		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	265,000		5,223		10,823		(5,600)
CMBX.NA.AAA.8		(0.500%)		10/17/57	Morgan Stanley & Co. International plc		0.596%		USD	670,000		4,294		5,931		(1,637)
CMBX.NA.AAA.9		(0.500%)		09/17/58	Morgan Stanley & Co. International plc		0.682%		USD	1,080,000		14,780		13,548		1,232
CMBX.NA.AM.9		(0.500%)		09/17/58	Morgan Stanley & Co. International plc		0.682%		USD	675,000		9,238		9,763		(525)
CMBX.NA.AS.7		(1.000%)		01/17/47	Credit Suisse International		0.000%		USD	825,000		(3,551)		15,285		(18,836)
CMBX.NA.AS.8		(1.000%)		10/17/57	Deutsche Bank AG		0.000%		USD	210,000		341		15,785		(15,444)
CMBX.NA.BB.8		(5.000%)		10/17/57	Credit Suisse International		0.000%		USD	270,000		70,223		64,373		5,850
CMBX.NA.BB.8		(5.000%)		10/17/57	Credit Suisse International		0.000%		USD	265,000		68,923		62,607		6,316
CMBX.NA.BB.8		(5.000%)		10/17/57	Credit Suisse International		0.000%		USD	135,000		35,111		32,715		2,396
CMBX.NA.BB.8		(5.000%)		10/17/57	Goldman Sachs International		0.000%		USD	200,000		52,017		49,218		2,799
CMBX.NA.BB.8		(5.000%)		10/17/57	Goldman Sachs International		0.000%		USD	200,000		52,017		49,581		2,436
CMBX.NA.BB.9		(5.000%)		09/17/58	Credit Suisse International		0.000%		USD	645,000		122,565		135,812		(13,247)
CMBX.NA.BBB-.10		(3.000%)		11/17/59	Morgan Stanley & Co. International plc		4.523%		USD	315,000		34,048		24,793		9,255

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.BBB-.10		(3.000%)		11/17/59	Morgan Stanley & Co. International plc		4.523%		USD	195,000	$	21,077	$	12,849	$	8,228
CMBX.NA.BBB-.10		(3.000%)		11/17/59	Morgan Stanley & Co. International plc		4.523%		USD	155,000		16,754		15,341		1,413
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Credit Suisse International		4.703%		USD	375,000		33,472		34,662		(1,190)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Credit Suisse International		4.703%		USD	300,000		26,778		29,605		(2,827)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Credit Suisse International		4.703%		USD	255,000		22,761		25,164		(2,403)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Deutsche Bank AG		4.703%		USD	175,000		15,620		22,550		(6,930)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Deutsche Bank AG		4.703%		USD	170,000		15,174		12,815		2,359
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Deutsche Bank AG		4.703%		USD	165,000		14,728		16,233		(1,505)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Goldman Sachs International		4.703%		USD	1,020,000		91,044		98,003		(6,959)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Goldman Sachs International		4.703%		USD	175,000		15,620		25,231		(9,611)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Goldman Sachs International		4.703%		USD	175,000		15,620		15,318		302
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Morgan Stanley & Co. International plc		4.703%		USD	750,000		66,944		74,013		(7,069)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Morgan Stanley & Co. International plc		4.703%		USD	715,000		63,820		53,646		10,174
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Morgan Stanley & Co. International plc		4.703%		USD	385,000		34,365		40,214		(5,849)
CMBX.NA.BBB-.7		(3.000%)		01/17/47	Morgan Stanley & Co. International plc		4.703%		USD	230,000		20,530		19,356		1,174
CMBX.NA.BBB-.9		(3.000%)		09/17/58	Deutsche Bank AG		4.836%		USD	540,000		63,788		66,637		(2,849)
CMBX.NA.BBB-.9		(3.000%)		09/17/58	Goldman Sachs International		4.836%		USD	580,000		68,513		72,471		(3,958)
CMBX.NA.BBB-.9		(3.000%)		09/17/58	Goldman Sachs International		4.836%		USD	215,000		25,397		24,816		581
CMBX.NA.BBB-.9		(3.000%)		09/17/58	Morgan Stanley & Co. International plc		4.836%		USD	380,000		44,887		45,475		(588)
CMBX.NA.BBB-.9		(3.000%)		09/17/58	Morgan Stanley & Co. International plc		4.836%		USD	140,000		16,538		15,385		1,153
Totals											$	1,245,844	$	1,490,653	$	(244,809)

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
ABX.HE.PEN.AAA.06-2		0.110%		05/25/46	Barclays Bank plc		0.000%		USD	242,758	$	(22,455)	$	(6,677)	$	(15,778)
CMBX.NA.A.6		2.000%		05/11/63	Goldman Sachs International		0.000%		USD	355,000		(11,391)		4,634		(16,025)
CMBX.NA.AAA.6		0.500%		05/11/63	Credit Suisse International		0.466%		USD	2,279,985		3,728		(24,655)		28,383
CMBX.NA.AAA.6		0.500%		05/11/63	Credit Suisse International		0.466%		USD	862,429		1,410		(9,325)		10,735
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	91,000		(16,745)		(15,473)		(1,272)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	265,000		(48,764)		(39,508)		(9,256)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	270,000		(49,684)		(40,770)		(8,914)
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	270,000		(49,684)		(53,314)		3,630
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	360,000		(66,246)		(73,198)		6,952
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	460,000		(84,647)		(85,670)		1,023
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	465,000		(85,568)		(86,601)		1,033
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	465,000		(85,568)		(86,601)		1,033
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	465,000		(85,568)		(86,601)		1,033
CMBX.NA.BB.6		5.000%		05/11/63	Credit Suisse International		0.000%		USD	645,000		(118,690)		(135,820)		17,130
CMBX.NA.BB.6		5.000%		05/11/63	Goldman Sachs International		0.000%		USD	200,000		(36,803)		(34,216)		(2,587)

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at June 30, 2017 (b)		Notional Amount (c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.BB.6		5.000%		05/11/63	Goldman Sachs International		0.000%		USD	304,000	$	(55,941)	$	(50,355)	$	(5,586)
CMBX.NA.BB.6		5.000%		05/11/63	Goldman Sachs International		0.000%		USD	530,000		(97,529)		(58,813)		(38,716)
CMBX.NA.BB.6		5.000%		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	1,020,000		(187,696)		(189,964)		2,268
CMBX.NA.BB.8		5.000%		10/17/57	Bank of America N.A.		0.000%		USD	335,000		(87,129)		(24,355)		(62,774)
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	60,000		(15,605)		(15,152)		(453)
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	285,000		(74,124)		(80,923)		6,799
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	550,000		(143,047)		(156,166)		13,119
CMBX.NA.BB.8		5.000%		10/17/57	Credit Suisse International		0.000%		USD	550,000		(143,047)		(156,166)		13,119
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	75,000		(19,506)		(22,824)		3,318
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	115,000		(29,910)		(32,462)		2,552
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	170,000		(44,214)		(27,682)		(16,532)
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	191,000		(49,676)		(22,902)		(26,774)
CMBX.NA.BB.8		5.000%		10/17/57	Goldman Sachs International		0.000%		USD	580,000		(150,849)		(181,510)		30,661
CMBX.NA.BB.8		5.000%		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	160,000		(41,614)		(46,535)		4,921
CMBX.NA.BB.8		5.000%		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	190,000		(49,416)		(55,341)		5,925
CMBX.NA.BB.8		5.000%		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	1,289,000		(335,250)		(365,997)		30,747
CMBX.NA.BB.9		5.000%		09/15/58	Goldman Sachs International		0.000%		USD	130,000		(24,703)		(36,481)		11,778
CMBX.NA.BB.9		5.000%		09/15/58	Goldman Sachs International		0.000%		USD	250,000		(47,506)		(70,766)		23,260
CMBX.NA.BB.9		5.000%		09/17/58	Goldman Sachs International		0.000%		USD	10,000		(1,900)		(2,859)		959
CMBX.NA.BB.9		5.000%		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	255,000		(48,456)		(80,525)		32,069
CMBX.NA.BBB-.6		3.000%		05/11/63	Credit Suisse International		0.000%		USD	185,000		(21,602)		(26,509)		4,907
CMBX.NA.BBB-.6		3.000%		05/11/63	Goldman Sachs International		0.000%		USD	660,000		(77,065)		(74,951)		(2,114)
CMBX.NA.BBB-.6		3.000%		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	90,000		(10,509)		(8,031)		(2,478)
PRIMEX.ARM.2		4.580%		12/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	480,697		3,305		14,435		(11,130)
Totals											$	(2,509,664)	$	(2,546,629)	$	36,965

(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.

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

(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
(BRL)—	Brazilian Real
(EGP)—	Egyptian Pound
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(RON)—	New Romanian Leu
(USD)—	United States Dollar
(ABX.HE)—	Markit Asset-Backed Home Equity Index
(ABX.HE.PEN)—	Markit Asset-Backed Home Equity Penultimate 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)—	Commercial Mortgage-Backed 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.AM)—	Markit North America Mezzanine AAA Rated CMBS Index
(CMBX.NA.AS)—	Markit North America Junior AAA Rated CMBS Index
(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
(LIBOR)—	London Interbank Offered Rate
(ITRAXX.EUR)—	Markit iTraxx Europe Index
(ITRAXX.XO)—	Markit iTraxx Crossover Index
(PRIMEX.ARM)—	Markit PrimeX Adjustable RateMortgage Index

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	26,206,266	$	—	$	—	$	26,206,266
Air Freight & Logistics		3,777,413		—		—		3,777,413
Airlines		2,036,582		—		—		2,036,582
Banks		40,915,914		—		—		40,915,914
Beverages		27,332,978		—		—		27,332,978
Biotechnology		12,567,523		—		—		12,567,523
Capital Markets		10,263,687		—		—		10,263,687
Chemicals		16,068,752		—		—		16,068,752
Communications Equipment		5,201,907		—		—		5,201,907
Construction Materials		3,562,011		—		—		3,562,011
Consumer Finance		14,253,607		—		—		14,253,607
Containers & Packaging		9,050,581		—		—		9,050,581
Electric Utilities		23,978,591		—		—		23,978,591
Electrical Equipment		10,882,613		—		—		10,882,613
Energy Equipment & Services		665,195		—		—		665,195
Equity Real Estate Investment Trusts		29,063,153		—		—		29,063,153
Food & Staples Retailing		10,248,464		—		—		10,248,464
Food Products		11,025,010		—		—		11,025,010
Gas Utilities		1,924,685		—		—		1,924,685
Health Care Equipment & Supplies		35,468,034		—		—		35,468,034
Health Care Providers & Services		28,454,758		—		—		28,454,758
Hotels, Restaurants & Leisure		6,922,270		—		—		6,922,270
Household Durables		3,508,130		—		—		3,508,130
Industrial Conglomerates		8,779,871		—		—		8,779,871
Insurance		43,189,058		—		—		43,189,058
Internet & Direct Marketing Retail		34,323,218		—		—		34,323,218
Internet Software & Services		38,781,804		—		—		38,781,804
IT Services		30,930,508		—		—		30,930,508
Life Sciences Tools & Services		3,582,741		—		—		3,582,741
Machinery		22,049,328		—		—		22,049,328
Marine		557,462		—		—		557,462
Media		24,755,036		—		—		24,755,036
Metals & Mining		894,820		—		—		894,820
Multi-Utilities		7,900,962		—		—		7,900,962
Oil, Gas & Consumable Fuels		35,741,761		—		24,262		35,766,023
Paper & Forest Products		949,331		—		—		949,331

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Personal Products	$	11,178,859	$	—	$	—	$	11,178,859
Pharmaceuticals		33,468,253		—		—		33,468,253
Professional Services		6,839,926		—		—		6,839,926
Real Estate Management & Development		1,842,630		—		—		1,842,630
Road & Rail		4,377,328		—		—		4,377,328
Semiconductors & Semiconductor Equipment		25,602,780		—		—		25,602,780
Software		28,149,147		—		—		28,149,147
Specialty Retail		11,462,764		—		—		11,462,764
Technology Hardware, Storage & Peripherals		29,946,511		—		—		29,946,511
Textiles, Apparel & Luxury Goods		9,230,994		—		—		9,230,994
Tobacco		15,319,321		—		—		15,319,321
Total Common Stocks		763,232,537		—		24,262		763,256,799
Total U.S. Treasury & Government Agencies*		—		285,784,257		—		285,784,257
Corporate Bonds & Notes
Aerospace/Defense		—		2,008,361		—		2,008,361
Agriculture		—		2,458,074		—		2,458,074
Airlines		—		934,194		—		934,194
Auto Manufacturers		—		2,270,755		—		2,270,755
Banks		—		51,858,381		0		51,858,381
Beverages		—		5,874,560		—		5,874,560
Biotechnology		—		1,148,662		—		1,148,662
Building Materials		—		469,056		—		469,056
Chemicals		—		654,876		—		654,876
Commercial Services		—		1,604,007		—		1,604,007
Computers		—		2,164,821		—		2,164,821
Diversified Financial Services		—		3,729,067		—		3,729,067
Electric		—		6,014,031		—		6,014,031
Electronics		—		273,409		—		273,409
Engineering & Construction		—		999,145		—		999,145
Entertainment		—		163,400		—		163,400
Environmental Control		—		167,269		—		167,269
Food		—		1,845,696		—		1,845,696
Gas		—		246,187		—		246,187
Healthcare-Products		—		2,174,799		—		2,174,799
Healthcare-Services		—		3,811,560		—		3,811,560
Home Builders		—		144,125		—		144,125
Insurance		—		1,455,454		—		1,455,454
Iron/Steel		—		784,681		—		784,681
Machinery-Construction & Mining		—		126,000		—		126,000
Machinery-Diversified		—		154,063		—		154,063
Media		—		11,479,628		—		11,479,628
Mining		—		444,343		—		444,343
Oil & Gas		—		12,552,052		—		12,552,052
Packaging & Containers		—		325,425		—		325,425
Pharmaceuticals		—		7,604,790		—		7,604,790
Pipelines		—		6,583,504		—		6,583,504
Real Estate		—		542,198		—		542,198
Real Estate Investment Trusts		—		2,437,133		—		2,437,133
Retail		—		3,245,667		—		3,245,667
Semiconductors		—		3,348,357		—		3,348,357
Software		—		2,459,423		—		2,459,423
Telecommunications		—		6,603,392		—		6,603,392
Transportation		—		2,733,868		—		2,733,868
Trucking & Leasing		—		1,052,241		—		1,052,241
Total Corporate Bonds & Notes		—		154,946,654		0		154,946,654

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2017

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3			Total
Asset-Backed Securities
Asset-Backed - Automobile	$	—		$	2,529,641		$	—		$	2,529,641
Asset-Backed - Home Equity		—			3,799,827			—			3,799,827
Asset-Backed - Other		—			82,712,366			0			82,712,366
Total Asset-Backed Securities		—			89,041,834			0			89,041,834
Total Mortgage-Backed Securities*		—			66,026,620			—			66,026,620
Total Floating Rate Loans*		—			20,589,219			—			20,589,219
Total Foreign Government*		—			9,123,965			—			9,123,965
Total Municipals		—			7,030,645			—			7,030,645
Total Purchased Options*		—			443,279			—			443,279
Total Short-Term Investments*		—			11,789,373			—			11,789,373
Total Securities Lending Reinvestments*		—			33,340,826			—			33,340,826
Total Investments	$	763,232,537		$	678,116,672		$	24,262		$	1,441,373,471
Collateral for Securities Loaned (Liability)	$	—		$	(33,325,457	)	$	—		$	(33,325,457	)
TBA Forward Sales Commitments	$	—		$	(63,702,136	)	$	—		$	(63,702,136	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	153,644		$	—		$	153,644
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(58,578	)		—			(58,578	)
Total Forward Contracts	$	—		$	95,066		$	—		$	95,066
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	581,212		$	—		$	—		$	581,212
Futures Contracts (Unrealized Depreciation)		(108,861	)		—			—			(108,861	)
Total Futures Contracts	$	472,351		$	—		$	—		$	472,351
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	272,717		$	—		$	272,717
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(73,339	)		—			(73,339	)
Total Centrally Cleared Swap Contracts	$	—		$	199,378		$	—		$	199,378
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,409,768		$	—		$	1,409,768
OTC Swap Contracts at Value (Liabilities)		—			(2,603,481	)		(17,327	)		(2,620,808	)
Total OTC Swap Contracts	$	—		$	(1,193,713	)	$	(17,327	)	$	(1,211,040	)

* 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 June 30, 2017 is not presented.

Transfers from Level 2 to Level 3 in the amount of $621,962 were due to the application of a systematic fair valuation model factor.

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statement of Assets and Liabilities

June 30, 2017

Assets
Investments at value (a) (b)	$	1,441,373,471
Cash		51,120
Cash denominated in foreign currencies (c)		13,508,336
Cash collateral (d)		83,729
OTC swap contracts at market value (e)		1,409,768
Unrealized appreciation on forward foreign currency exchange contracts		153,644
Receivable for:
Investments sold		10,318,151
TBA securities sold (f)		157,545,770
Fund shares sold		99,173
Principal paydowns		469
Dividends and interest		3,505,285
Interest on OTC swap contracts		12,547
Variation margin on centrally cleared swap contracts		67,276
Other assets		1,107
Total Assets		1,628,129,846
Liabilities
Forward sales commitments, at value		63,702,136
OTC swap contracts at market value (g)		2,620,808
Cash collateral for OTC swap contracts		160,000
Unrealized depreciation on forward foreign currency exchange contracts		58,578
Collateral for securities loaned		33,325,457
Payables for:
Investments purchased		12,032,262
TBA securities purchased (f)		232,111,287
Fund shares redeemed		261,685
Variation margin on futures contracts		130,482
Premium on purchased options		482,720
Interest on OTC swap contracts		5,825
Accrued Expenses:
Management fees		452,195
Distribution and service fees		18,327
Deferred trustees’ fees		103,777
Other expenses		706,535
Total Liabilities		346,172,074
Net Assets	$	1,281,957,772
Net Assets Consist of:
Paid in surplus	$	1,102,440,268
Undistributed net investment income		11,162,313
Accumulated net realized gain		41,616,380
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		126,738,811
Net Assets	$	1,281,957,772
Net Assets
Class A	$	1,180,390,150
Class B		69,400,013
Class E		32,167,609
Capital Shares Outstanding*
Class A		61,406,310
Class B		3,630,266
Class E		1,676,616
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.22
Class B		19.12
Class E		19.19

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,315,674,822.
(b)	Includes securities loaned at value of $31,206,819.
(c)	Identified cost of cash denominated in foreign currencies was $13,553,107.
(d)	Includes collateral of $83,160 for futures contracts and $569 for centrally cleared swap contracts.
(e)	Net premium paid on OTC swap contracts was $1,564,928.
(f)	Included within TBA securities sold is $82,942,328 related to TBA forward sale commitments and included within TBA securities purchased is $18,897,465 related to TBA forward sale commitments.
(g)	Net premium received on OTC swap contracts was $2,685,596.

Statement of Operations

Six Months Ended June 30, 2017

Investment Income
Dividends (a)	$	6,048,307
Interest (b)		8,407,716
Securities lending income		285,843
Total investment income		14,741,866
Expenses
Management fees		2,894,644
Administration fees		20,057
Custodian and accounting fees		259,281
Distribution and service fees—Class B		85,197
Distribution and service fees—Class E		23,835
Audit and tax services		51,558
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		120,415
Insurance		4,228
Miscellaneous		13,642
Total expenses		3,517,852
Less management fee waiver		(197,462	)
Less broker commission recapture		(3,870	)
Net expenses		3,316,520
Net Investment Income		11,425,346
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments (c)		42,671,270
Futures contracts		1,941,370
Written options		(10,183	)
Swap contracts		413,135
Foreign currency transactions		(533,859	)
Net realized gain		44,481,733
Net change in unrealized appreciation (depreciation) on:
Investments		48,690,257
Futures contracts		586,232
Swap contracts		(989,147	)
Foreign currency transactions		41,300
Net change in unrealized appreciation		48,328,642
Net realized and unrealized gain		92,810,375
Net Increase in Net Assets From Operations	$	104,235,721

(a)	Net of foreign withholding taxes of $24,881.
(b)	Net of foreign withholding taxes of $370.
(c)	Net of foreign capital gains tax of $15,096.

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,425,346		$	24,757,633
Net realized gain		44,481,733			30,826,337
Net change in unrealized appreciation		48,328,642			27,727,246
Increase in net assets from operations		104,235,721			83,311,216
From Distributions to Shareholders
Net investment income
Class A		(22,501,887	)		(31,406,742	)
Class B		(1,167,169	)		(1,622,094	)
Class E		(570,158	)		(809,717	)
Net realized capital gains
Class A		(28,230,714	)		(52,901,850	)
Class B		(1,670,380	)		(3,025,631	)
Class E		(774,249	)		(1,452,246	)
Total distributions		(54,914,557	)		(91,218,280	)
Decrease in net assets from capital share transactions		(293,415	)		(26,430,737	)
Total increase (decrease) in net assets		49,027,749			(34,337,801	)
Net Assets
Beginning of period		1,232,930,023			1,267,267,824
End of period	$	1,281,957,772		$	1,232,930,023
Undistributed net investment income
End of period	$	11,162,313		$	23,976,181

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		363,709		$	7,036,493			964,978		$	17,720,014
Reinvestments		2,635,460			50,732,601			4,763,197			84,308,592
Redemptions		(3,004,893	)		(58,286,959	)		(6,939,141	)		(127,453,287	)
Net decrease		(5,724	)	$	(517,865	)		(1,210,966	)	$	(25,424,681	)
Class B
Sales		141,024		$	2,691,648			337,929		$	6,142,915
Reinvestments		148,175			2,837,549			263,926			4,647,725
Redemptions		(274,239	)		(5,265,952	)		(578,924	)		(10,535,397	)
Net increase		14,960		$	263,245			22,931		$	255,243
Class E
Sales		32,239		$	616,894			27,622		$	507,808
Reinvestments		69,949			1,344,407			128,012			2,261,963
Redemptions		(103,429	)		(2,000,096	)		(220,880	)		(4,031,070	)
Net decrease		(1,241	)	$	(38,795	)		(65,246	)	$	(1,261,299	)
Decrease derived from capital shares transactions				$	(293,415	)				$	(26,430,737	)

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.49		$	18.66		$	22.29		$	20.59		$	17.52		$	15.95
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.37	(b)		0.38			0.39			0.36			0.38
Net realized and unrealized gain on investments		1.41			0.88			0.24			1.73			3.18			1.58
Total from investment operations		1.59			1.25			0.62			2.12			3.54			1.96
Less Distributions
Distributions from net investment income		(0.38	)		(0.53	)		(0.45	)		(0.42	)		(0.47	)		(0.39	)
Distributions from net realized capital gains		(0.48	)		(0.89	)		(3.80	)		0.00			0.00			0.00
Total distributions		(0.86	)		(1.42	)		(4.25	)		(0.42	)		(0.47	)		(0.39	)
Net Asset Value, End of Period	$	19.22		$	18.49		$	18.66		$	22.29		$	20.59		$	17.52
Total Return (%) (c)		8.59	(d)		6.99			2.58			10.55			20.59	(e)		12.38
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(f)		0.55			0.54			0.53			0.51			0.52
Gross ratio of expenses to average net assets excluding interest expense (%)		0.54	(f)		0.55			0.54			0.53			0.51			0.52
Net ratio of expenses to average net assets (%) (g)		0.51	(f)		0.52			0.51			0.50			0.51			0.52
Net ratio of expenses to average net assets excluding interest expense (%) (g)		0.51	(f)		0.52			0.51			0.50			0.51			0.52
Ratio of net investment income to average net assets (%)		1.83	(f)		2.02	(b)		1.87			1.81			1.89			2.23
Portfolio turnover rate (%)		164	(d)(h)		405	(h)		299	(h)		413	(h)		340	(h)		494	(h)
Net assets, end of period (in millions)	$	1,180.4		$	1,135.6		$	1,168.2		$	1,250.6		$	1,249.1		$	1,137.3
	Class B
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.37		$	18.54		$	22.17		$	20.48		$	17.43		$	15.88
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.32	(b)		0.33			0.33			0.31			0.33
Net realized and unrealized gain on investments		1.41			0.88			0.23			1.73			3.16			1.57
Total from investment operations		1.56			1.20			0.56			2.06			3.47			1.90
Less Distributions
Distributions from net investment income		(0.33	)		(0.48	)		(0.39	)		(0.37	)		(0.42	)		(0.35	)
Distributions from net realized capital gains		(0.48	)		(0.89	)		(3.80	)		0.00			0.00			0.00
Total distributions		(0.81	)		(1.37	)		(4.19	)		(0.37	)		(0.42	)		(0.35	)
Net Asset Value, End of Period	$	19.12		$	18.37		$	18.54		$	22.17		$	20.48		$	17.43
Total Return (%) (c)		8.50	(d)		6.74			2.29			10.28			20.28	(e)		12.11
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(f)		0.80			0.79			0.78			0.76			0.77
Gross ratio of expenses to average net assets excluding interest expense (%)		0.79	(f)		0.80			0.79			0.78			0.76			0.77
Net ratio of expenses to average net assets (%) (g)		0.76	(f)		0.77			0.76			0.75			0.76			0.77
Net ratio of expenses to average net assets excluding interest expense (%) (g)		0.76	(f)		0.77			0.76			0.75			0.76			0.77
Ratio of net investment income to average net assets (%)		1.58	(f)		1.77	(b)		1.62			1.56			1.64			1.98
Portfolio turnover rate (%)		164	(d)(h)		405	(h)		299	(h)		413	(h)		340	(h)		494	(h)
Net assets, end of period (in millions)	$	69.4		$	66.4		$	66.6		$	71.6		$	75.0		$	68.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.44		$	18.61		$	22.24		$	20.54		$	17.48		$	15.92
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.34	(b)		0.35			0.35			0.33			0.35
Net realized and unrealized gain on investments		1.42			0.87			0.23			1.74			3.17			1.57
Total from investment operations		1.58			1.21			0.58			2.09			3.50			1.92
Less Distributions
Distributions from net investment income		(0.35	)		(0.49	)		(0.41	)		(0.39	)		(0.44	)		(0.36	)
Distributions from net realized capital gains		(0.48	)		(0.89	)		(3.80	)		0.00			0.00			0.00
Total distributions		(0.83	)		(1.38	)		(4.21	)		(0.39	)		(0.44	)		(0.36	)
Net Asset Value, End of Period	$	19.19		$	18.44		$	18.61		$	22.24		$	20.54		$	17.48
Total Return (%) (c)		8.56	(d)		6.83			2.41			10.41			20.39	(e)		12.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(f)		0.70			0.69			0.68			0.66			0.67
Gross ratio of expenses to average net assets excluding interest expense (%)		0.69	(f)		0.70			0.69			0.68			0.66			0.67
Net ratio of expenses to average net assets (%) (g)		0.66	(f)		0.67			0.66			0.65			0.66			0.67
Net ratio of expenses to average net assets excluding interest expense (%) (g)		0.66	(f)		0.67			0.66			0.65			0.66			0.67
Ratio of net investment income to average net assets (%)		1.68	(f)		1.87	(b)		1.72			1.66			1.74			2.08
Portfolio turnover rate (%)		164	(d)(h)		405	(h)		299	(h)		413	(h)		340	(h)		494	(h)
Net assets, end of period (in millions)	$	32.2		$	30.9		$	32.4		$	36.1		$	36.9		$	35.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.04% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	In 2013, 0.04%, 0.04% and 0.04% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 20.55%, 20.24% and 20.35% for Class A, Class B and Class E, respectively.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(h)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 40%, 58%, 71%, 163%, 139% and 243% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Balanced Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946-Financial Services-Investment Companies and Topic 820-Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

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Notes to Financial Statements—June 30, 2017—(Continued)

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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through 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 options on swaps (“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 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income

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Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, paydown gain/loss reclasses, broker commission recapture, amortization and accretion of debt securities, real estate investment trust (“REIT”) adjustments, adjustments to prior period accumulated balances and swap contract transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

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

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2017, the Portfolio did not have any unfunded loan commitments.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $7,142,478. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $9,382,725. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities. The Portfolio did not have any reverse repurchase agreements during the period ending June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

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The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(27,823,399	)	$	—	$	—	$	—	$	(27,823,399	)
Corporate Bonds & Notes		(5,502,058	)		—		—		—		(5,502,058	)
Total Borrowings	$	(33,325,457	)	$	—	$	—	$	—	$	(33,325,457	)
Gross amount of recognized liabilities for securities lending transactions										$	(33,325,457	)

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing. For the six months ended June 30, 2017, the Portfolio had no secured borrowing transactions and at June 30, 2017 the Portfolio had no outstanding borrowings.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the

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Notes to Financial Statements—June 30, 2017—(Continued)

Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution

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counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the

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referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Spreadlock Swap Contracts - The Portfolio may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the spread difference between two interest rate curves and a fixed spread at a specific forward date determined at the beginning of the contract. Settlement amounts paid or received are recorded as a realized gain or loss on the Statements of Operations at the determination date.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	362,494
	OTC swap contracts at market value (b)		97,254
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		266,920	Unrealized depreciation on centrally cleared swap contracts (c) (d)	$	14,583
	Unrealized appreciation on futures contracts (e) (c)		581,212	Unrealized depreciation on futures contracts (e) (c)		97,711
Credit	OTC swap contracts at market value (b)		1,312,514	OTC swap contracts at market value (b)		2,620,808
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		5,797	Unrealized depreciation on centrally cleared swap contracts (c) (d)		58,756
Equity				Unrealized depreciation on futures contracts (e) (c)		11,150

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	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Investments at market value (a)	$	80,785
	Unrealized appreciation on forward foreign currency exchange contracts		153,644	Unrealized depreciation on forward foreign currency exchange contracts	$	58,578
Total	$2,860,620			$2,861,586

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest receivable of $12,547 and OTC swap interest payable of $5,825.
(c)	Financial instrument not subject to a master netting agreement.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	97,254	$	(89,931	)	$	—		$	7,323
BNP Paribas S.A.		18,519		—			—			18,519
Citibank N.A.		59,362		(46,543	)		—			12,819
Credit Suisse International		385,703		(385,703	)		—			—
Deutsche Bank AG		116,549		—			(110,000	)		6,549
Goldman Sachs International		447,803		(447,803	)		—			—
JPMorgan Chase Bank N.A.		489,145		(17,327	)		(50,000	)		421,818
Morgan Stanley & Co. International plc		385,902		(385,902	)		—			—
Royal Bank of Canada		6,454		—			—			6,454
	$	2,006,691	$	(1,373,209	)	$	(160,000	)	$	473,482

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	89,931	$	(89,931	)	$	—		$	—
Barclays Bank plc		59,766		—			(17,551	)		42,215
Citibank N.A.		46,543		(46,543	)		—			—
Credit Suisse International		1,092,140		(385,703	)		(706,437	)		—
Goldman Sachs International		679,019		(447,803	)		(231,216	)		—
HSBC Bank plc		5,409		—			—			5,409
JPMorgan Chase Bank N.A.		17,327		(17,327	)		—			—
Morgan Stanley & Co. International plc		689,251		(385,902	)		(296,002	)		7,347
	$	2,679,386	$	(1,373,209	)	$	(1,251,206	)	$	54,971

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

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Notes to Financial Statements—June 30, 2017—(Continued)

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Investments (a)	$	59,365		$	—		$	—	$	42,182		$	101,547
Forward foreign currency transactions		—			—			—		(846,232	)		(846,232	)
Futures contracts		1,763,389			—			177,981		—			1,941,370
Swap contracts		208,589			204,546			—		—			413,135
Written options		(18,987	)		—			—		8,804			(10,183	)
	$	2,012,356		$	204,546		$	177,981	$	(795,246	)	$	1,599,637
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Investments (a)	$	(120,226	)	$	—		$	—	$	18,087		$	(102,139	)
Forward foreign currency transactions		—			—			—		(26,340	)		(26,340	)
Futures contracts		544,809			—			41,423		—			586,232
Swap contracts		(392,908	)		(596,239	)		—		—			(989,147	)
	$	31,675		$	(596,239	)	$	41,423	$	(8,253	)	$	(531,394	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	3,643,500
Forward foreign currency transactions		41,237,159
Futures contracts long		57,668,475
Futures contracts short		(71,932,721	)
Swap contracts		93,752,963

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2017:

Call Options	Notional Amount			Premium Received
Options outstanding December 31, 2016		—		$	—
Options written		750,000			—
Options expired		(750,000	)		—
Options outstanding June 30, 2017		—		$	—

Put Options	Notional Amount			Premium Received
Options outstanding December 31, 2016		—		$	—
Options written		1,163,000			8,804
Options expired		(1,163,000	)		(8,804	)
Options outstanding June 30, 2017		—		$	—

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

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Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,697,249,400	$	427,036,877	$	42,957,422	$	2,113,198,613

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$1,627,321,708	$	1,641,289,786

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$2,894,644		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	On the first $	500 million

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. Brighthouse Investment Advisers will receive advisory fees equal to 0.480% of the Portfolio’s average daily net assets for amounts over $500 million but less than $750 million (0.030% over the contractual advisory fee rate) and 0.460% for amounts over $750 million but less than $1 billion (0.010% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $500 million up to $1 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee. An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee agreement, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $197,462 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$33,838,553	$	68,197,869	$	57,379,727	$	179,918,284	$	91,218,280	$	248,116,153

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$30,599,124	$	24,234,514	$	75,456,409	$	—	$	130,290,047

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Brighthouse/Wellington Balanced Portfolio and the Board of Trustees of Brighthouse Funds Trust II:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Brighthouse/Wellington Balanced Portfolio (one of the portfolios constituting Brighthouse Funds Trust II) (the “Portfolio”) as of June 30, 2017, and the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2016, and the financial highlights for the six months then ended and each of the five years in the period then ended December 31, 2016. These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2017, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Brighthouse/Wellington Balanced Portfolio of Brighthouse Funds Trust II, as of June 30, 2017, the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2016, and the financial highlights for the six months then ended and each of the five years in the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 25, 2017

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	60,471,590		2,029,749		4,743,049

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		62,291,516		4,952,872
Robert Boulware		62,317,967		4,926,422
Susan C. Gause		62,495,534		4,748,855
Nancy Hawthorne		62,492,555		4,751,833
Barbara A. Nugent		62,449,190		4,795,199
John Rosenthal		62,327,344		4,917,045
Linda B. Strumpf		62,393,074		4,851,315
Dawn M. Vroegop		62,358,619		4,885,770

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2016, the Class A, B and E shares of the Brighthouse/Wellington Core Equity Opportunities Portfolio returned 9.81%, 9.72%, and 9.78%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 9.27%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose during the first half of 2017 despite plunging oil prices, heightened political risk, and two Federal Reserve (the “Fed”) rate hikes. The first quarter of 2017 was marked by continued optimism in Trump policy expectations and generally encouraging economic data. Steady labor-market gains, along with rising stock prices and optimism about faster economic growth, helped consumer confidence jump to its highest level in 16 years. Despite investor concern over stretched valuations and overly optimistic policy expectations, the market hit a series of record highs early in the first half of the year.

Stocks ended June with a 9.3% year-to-date gain, as measured by the S&P 500 Index. Although U.S. economic data released during second quarter of 2017 was mixed and geopolitical risks remained part of the overall narrative, U.S. and global equities continued to climb. Emmanuel Macron’s victory in the French presidential election was widely seen as supportive for the stability of the European Union. Furthermore, continued solid global economic data, strong year-over-year corporate earnings growth, and the Fed’s initial plan for balance sheet normalization later this year, provided the economy evolves broadly as anticipated, helped stoke investors’ bullish sentiment. Some unfavorable developments during the second quarter included disappointing manufacturing data, weak auto sales, and lackluster housing reports.

Mid- and large-cap stocks outperformed small-cap stocks, as measured by the S&P Midcap 400, S&P 500, and Russell 2000 indices, respectively. All three groups posted strong positive returns during the six-month period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the Russell 1000 Index, for the six month period ended June 30, 2017. Strong stock selection in the Financials, Industrials, Materials, Real Estate, and Consumer Staples sectors more than offset weaker security selection in Information Technology, Energy, and Consumer Discretionary. Sector positioning, a result of the bottom-up stock selection process, also contributed, driven largely by the Portfolio’s overweight allocation to the Health Care sector and underweight allocations to the Telecommunication Services and Energy sectors.

The Portfolio’s positions in Medtronic, Canadian National Railway, and McDonald’s were among the top relative contributors during the period. Not holding benchmark constituents General Electric, Verizon Communications, and AT&T also aided relative results. Shares of Medtronic, a medical technology company focused on medical devices, outperformed during the period. The company’s earnings rebounded after a disappointing final quarter of 2016, back to a resumption of their mid-single-digit growth seen in prior quarters. The rebound was driven by demand for its heart, vascular, and minimally invasive products. We continue to believe the company can improve margins and continue to generate strong cash flow growth with good operating leverage and synergies. Medtronic’s management team remains committed to returning cash to shareholders and growing the dividend. We believe that the company remains well positioned to benefit from the long-term tailwind of an aging population.

The Portfolio’s exposure to Schlumberger, TJX Companies, and Public Storage detracted from relative performance, as did our decision not to hold benchmark constituent Apple. Shares of TJX Companies, an off-price apparel and home goods retailer, underperformed after the company posted decent earnings but management issued second quarter guidance below consensus estimates. Investors were also discouraged by lackluster revenue growth. We believe TJX should continue to drive attractive same-store sales growth as it captures new customers with strong inventory management and

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

excellent execution. Their competitive advantage is how they buy clothing; they buy overages and acquire inventory at great price points. In addition, TJX is less exposed to disaggregating by internet competitors due to the “treasure hunt” aspect of going to their stores. We view the company as a high quality, cash generative, dominant value creator and distributor.

As of the end of the period, the Portfolio was most overweight the Consumer Staples, Industrials, and Health Care sectors, and most underweight the Information Technology, Utilities, and Financials sectors.

Donald J. Kilbride

Portfolio Manager

Wellington Management Company LLP

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

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Core Equity Opportunities Portfolio
Class A		9.81		11.65		13.51		5.40
Class B		9.72		11.37		13.23		5.13
Class E		9.78		11.51		13.35		5.24
Russell 1000 Index		9.27		18.03		14.67		7.29

¹ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
NIKE, Inc. - Class B		4.0
Microsoft Corp.		3.4
Costco Wholesale Corp.		3.0
Chubb, Ltd.		2.9
Canadian National Railway Co.		2.7
United Parcel Service, Inc. - Class B		2.5
Coca-Cola Co. (The)		2.5
Accenture plc - Class A		2.5
Colgate-Palmolive Co.		2.5
Visa, Inc. - Class A		2.5

Top Sectors

	% of Net Assets
Industrials		17.1
Consumer Staples		16.9
Health Care		16.7
Consumer Discretionary		13.5
Financials		11.4
Information Technology		10.7
Real Estate		4.0
Energy		4.0
Materials		3.6

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.57	%	$	1,000.00	$	1,098.10	$	2.97
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86
Class B(a)	Actual		0.82	%	$	1,000.00	$	1,097.20	$	4.26
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11
Class E(a)	Actual		0.72	%	$	1,000.00	$	1,097.80	$	3.75
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—7.2%
General Dynamics Corp.		265,056	$	52,507,594
Lockheed Martin Corp. (a)		362,571		100,653,335
Northrop Grumman Corp. (a)		247,222		63,464,360
United Technologies Corp.		666,686		81,409,027
				298,034,316
Air Freight & Logistics—2.5%
United Parcel Service, Inc. - Class B		941,870		104,161,403
Banks—2.2%
PNC Financial Services Group, Inc. (The)		730,244		91,185,568
Beverages—6.7%
Coca-Cola Co. (The)		2,304,871		103,373,464
Diageo plc		2,741,443		81,040,822
PepsiCo, Inc.		803,785		92,829,130
				277,243,416
Biotechnology—1.8%
Amgen, Inc.		428,529		73,805,550
Capital Markets—1.9%
BlackRock, Inc. (a)		184,008		77,726,819
Chemicals—3.6%
Ecolab, Inc. (a)		488,277		64,818,772
Praxair, Inc.		638,502		84,633,440
				149,452,212
Consumer Finance—2.1%
American Express Co.		1,024,395		86,295,035
Energy Equipment & Services—2.1%
Schlumberger, Ltd.		1,286,196		84,683,145
Equity Real Estate Investment Trusts—4.0%
American Tower Corp.		552,949		73,166,212
Public Storage		441,854		92,139,814
				165,306,026
Food & Staples Retailing—6.5%
Costco Wholesale Corp.		772,418		123,532,811
CVS Health Corp.		860,694		69,251,439
Walgreens Boots Alliance, Inc.		946,044		74,084,706
				266,868,956
Health Care Equipment & Supplies—2.3%
Medtronic plc		1,077,641		95,640,639
Health Care Providers & Services—7.0%
Cardinal Health, Inc. (a)		1,247,785		97,227,407
McKesson Corp.		561,540		92,395,792
UnitedHealth Group, Inc. (a)		523,296		97,029,544
				286,652,743
Hotels, Restaurants & Leisure—2.1%
McDonald’s Corp.		562,385		86,134,887
Household Products—3.7%
Colgate-Palmolive Co.		1,376,466		102,037,425
Procter & Gamble Co. (The)		567,288		49,439,149
				151,476,574
Industrial Conglomerates—2.2%
Honeywell International, Inc.		691,094		92,115,919
Insurance—5.2%
Chubb, Ltd.		813,387		118,250,202
Marsh & McLennan Cos., Inc.		1,239,914		96,663,695
				214,913,897
IT Services—7.3%
Accenture plc - Class A (a)		834,490		103,209,723
Automatic Data Processing, Inc. (a)		917,611		94,018,423
Visa, Inc. - Class A (a)		1,086,431		101,885,499
				299,113,645
Media—1.4%
Walt Disney Co. (The)		549,770		58,413,063
Oil, Gas & Consumable Fuels—1.9%
Exxon Mobil Corp.		985,158		79,531,805
Pharmaceuticals—5.6%
Johnson & Johnson		654,706		86,611,057
Merck & Co., Inc.		1,428,250		91,536,542
Roche Holding AG		200,536		51,204,074
				229,351,673
Road & Rail—5.1%
Canadian National Railway Co.		1,370,116		111,168,727
Union Pacific Corp.		911,853		99,309,910
				210,478,637
Software—3.4%
Microsoft Corp.		2,047,516		141,135,278
Specialty Retail—4.3%
Lowe’s Cos., Inc.		946,425		73,376,330
TJX Cos., Inc. (The)		1,404,784		101,383,262
				174,759,592
Textiles, Apparel & Luxury Goods—5.8%
NIKE, Inc. - Class B (a)		2,764,085		163,081,015
VF Corp. (a)		1,304,705		75,151,008
				238,232,023
Total Common Stocks (Cost $3,341,151,513)				4,032,712,821

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 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—2.1%
Repurchase Agreement—2.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $86,418,016 on 07/03/17, collateralized by $88,150,000 Federal Home Loan Bank at zero coupon due 07/14/17 with a value of $88,150,000.		86,417,152		86,417,152
Total Short-Term Investments (Cost $86,417,152)				86,417,152
Securities Lending Reinvestments (c)—3.1%
Certificates of Deposit—1.7%
Bank of Montreal 1.130%, 07/07/17		3,500,000		3,499,965
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		5,000,000		5,000,920
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		908,331		900,999
1.602%, 11/16/17 (d)		2,000,000		2,001,952
KBC Bank NV Zero Coupon, 09/08/17		3,487,967		3,492,335
1.220%, 07/27/17		4,000,000		4,000,000
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (d)		3,000,000		3,000,069
1.401%, 09/01/17 (d)		3,500,000		3,502,120
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		2,000,000		1,999,080
1.451%, 09/01/17 (d)		6,300,000		6,301,373
Norinchukin Bank New York 1.687%, 07/12/17 (d)		3,000,000		3,000,363
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		11,500,000		11,508,280
Sumitomo Mitsui Trust Bank, Ltd., New York 1.230%, 12/04/17 (d)		1,000,000		999,902
1.297%, 11/13/17 (d)		2,000,000		1,999,854
1.342%, 11/16/17 (d)		5,000,000		4,999,685
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		11,500,000		11,508,544
UBS, Stamford 1.722%, 07/31/17 (d)		1,801,840		1,801,028
				69,516,469
Commercial Paper—1.1%
Commonwealth Bank Australia 1.391%, 03/01/18		7,000,000		7,005,454
Commercial Paper—(Continued)
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		12,000,000		12,000,696
ING Funding LLC 1.234%, 12/07/17 (d)		3,000,000		3,001,036
1.277%, 11/13/17 (d)		2,000,000		1,999,854
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		13,500,000		13,500,810
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		5,000,000		5,002,002
Sheffield Receivables Co. 1.230%, 07/07/17		1,993,782		1,999,532
				44,509,384
Repurchase Agreements—0.2%
Barclays Capital, Inc Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $848,887 on 07/03/17, collateralized by $883,598 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $865,788.		848,811		848,811
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $657,719 on 10/02/17, collateralized by various Common Stock with a value of $715,000.		650,000		650,000
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $4,503,488 on 07/03/17, collateralized by $978 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $5,003,206.		4,500,000		4,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $2,009,690 on 09/29/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $2,519,119 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
				10,498,811

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposit—0.1%
Shinkin Central Bank 1.330%, 07/26/17		6,000,000	$	6,000,000
Total Securities Lending Reinvestments (Cost $130,490,399)				130,524,664
Total Investments—103.1% (Cost $3,558,059,064) (e)				4,249,654,637
Other assets and liabilities (net)—(3.1)%				(129,513,115	)
Net Assets—100.0%			$	4,120,141,522

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $128,880,090 and the collateral received consisted of cash in the amount of $130,490,729. 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 June 30, 2017, these securities represent less than 0.05% of net assets.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $3,558,059,064. The aggregate unrealized appreciation and depreciation of investments were $727,089,765 and $(35,494,192), respectively, resulting in net unrealized appreciation of $691,595,573.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	298,034,316	$	—		$	—	$	298,034,316
Air Freight & Logistics		104,161,403		—			—		104,161,403
Banks		91,185,568		—			—		91,185,568
Beverages		196,202,594		81,040,822			—		277,243,416
Biotechnology		73,805,550		—			—		73,805,550
Capital Markets		77,726,819		—			—		77,726,819
Chemicals		149,452,212		—			—		149,452,212
Consumer Finance		86,295,035		—			—		86,295,035
Energy Equipment & Services		84,683,145		—			—		84,683,145
Equity Real Estate Investment Trusts		165,306,026		—			—		165,306,026
Food & Staples Retailing		266,868,956		—			—		266,868,956
Health Care Equipment & Supplies		95,640,639		—			—		95,640,639
Health Care Providers & Services		286,652,743		—			—		286,652,743
Hotels, Restaurants & Leisure		86,134,887		—			—		86,134,887
Household Products		151,476,574		—			—		151,476,574
Industrial Conglomerates		92,115,919		—			—		92,115,919
Insurance		214,913,897		—			—		214,913,897
IT Services		299,113,645		—			—		299,113,645
Media		58,413,063		—			—		58,413,063
Oil, Gas & Consumable Fuels		79,531,805		—			—		79,531,805
Pharmaceuticals		178,147,599		51,204,074			—		229,351,673
Road & Rail		210,478,637		—			—		210,478,637
Software		141,135,278		—			—		141,135,278
Specialty Retail		174,759,592		—			—		174,759,592
Textiles, Apparel & Luxury Goods		238,232,023		—			—		238,232,023
Total Common Stocks		3,900,467,925		132,244,896			—		4,032,712,821
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		86,417,152			—		86,417,152
Total Securities Lending Reinvestments*		—		130,524,664			—		130,524,664
Total Investments	$	3,900,467,925	$	349,186,712		$	0	$	4,249,654,637
Collateral for Securities Loaned (Liability)	$	—	$	(130,490,729	)	$	—	$	(130,490,729	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	4,249,654,637
Receivable for:
Fund shares sold		183,601
Dividends and interest		7,430,426
Total Assets		4,257,268,664
Liabilities
Collateral for securities loaned		130,490,729
Payables for:
Fund shares redeemed		3,910,930
Accrued Expenses:
Management fees		1,880,290
Distribution and service fees		244,276
Deferred trustees’ fees		187,409
Other expenses		413,508
Total Liabilities		137,127,142
Net Assets	$	4,120,141,522
Net Assets Consist of:
Paid in surplus	$	3,328,651,633
Undistributed net investment income		36,404,873
Accumulated net realized gain		63,488,337
Unrealized appreciation on investments and foreign currency transactions		691,596,679
Net Assets	$	4,120,141,522
Net Assets
Class A	$	2,619,023,983
Class B		711,449,127
Class E		789,668,412
Capital Shares Outstanding*
Class A		87,900,672
Class B		24,156,561
Class E		26,734,650
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	29.80
Class B		29.45
Class E		29.54

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $128,880,090.
(b)	Identified cost of investments was $3,558,059,064.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	49,162,870
Interest		17,265
Securities lending income		300,973
Total investment income		49,481,108
Expenses
Management fees		14,202,475
Administration fees		64,459
Custodian and accounting fees		103,934
Distribution and service fees—Class B		877,324
Distribution and service fees—Class E		586,963
Audit and tax services		20,437
Legal		18,428
Trustees’ fees and expenses		26,258
Shareholder reporting		120,283
Insurance		14,028
Miscellaneous		22,417
Total expenses		16,057,006
Less management fee waiver		(2,952,463	)
Net expenses		13,104,543
Net Investment Income		36,376,565
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		80,777,190
Foreign currency transactions		(16,656	)
Net realized gain		80,760,534
Net change in unrealized appreciation on:
Investments		265,836,519
Foreign currency transactions		127,533
Net change in unrealized appreciation		265,964,052
Net realized and unrealized gain		346,724,586
Net Increase in Net Assets From Operations	$	383,101,151

(a) Net of foreign withholding taxes of $199,792.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	36,376,565		$	62,169,328
Net realized gain		80,760,534			143,274,319
Net change in unrealized appreciation		265,964,052			54,605,046
Increase in net assets from operations		383,101,151			260,048,693
From Distributions to Shareholders
Net investment income
Class A		(40,775,492	)		(40,649,104	)
Class B		(9,546,738	)		(9,626,451	)
Class E		(11,201,278	)		(11,830,071	)
Net realized capital gains
Class A		(96,233,518	)		(111,016,460	)
Class B		(26,449,537	)		(30,747,876	)
Class E		(29,266,208	)		(35,932,458	)
Total distributions		(213,472,771	)		(239,802,420	)
Increase (decrease) in net assets from capital share transactions		(55,298,829	)		431,856,519
Total increase in net assets		114,329,551			452,102,792
Net Assets
Beginning of period		4,005,811,971			3,553,709,179
End of period	$	4,120,141,522		$	4,005,811,971
Undistributed net investment income
End of period	$	36,404,873		$	61,551,816

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		211,849		$	6,339,028			4,260,240		$	124,462,208
Shares issued through acquisition (a)		0			0			11,681,896			342,746,988
Reinvestments		4,585,308			137,009,010			5,503,105			151,665,564
Redemptions		(5,620,078	)		(169,711,430	)		(7,201,166	)		(203,965,242	)
Net increase (decrease)		(822,921	)	$	(26,363,392	)		14,244,075		$	414,909,518
Class B
Sales		391,184		$	11,581,594			1,529,631		$	43,299,317
Shares issued through acquisition (a)		0			0			2,998,245			86,919,323
Reinvestments		1,218,561			35,996,275			1,480,540			40,374,327
Redemptions		(1,930,926	)		(57,417,150	)		(3,305,754	)		(92,826,567	)
Net increase (decrease)		(321,181	)	$	(9,839,281	)		2,702,662		$	77,766,400
Class E
Sales		112,038		$	3,309,332			470,112		$	13,192,817
Reinvestments		1,366,222			40,467,486			1,746,984			47,762,529
Redemptions		(2,107,533	)		(62,872,974	)		(4,328,947	)		(121,774,745	)
Net decrease		(629,273	)	$	(19,096,156	)		(2,111,851	)	$	(60,819,399	)
Increase (decrease) derived from capital shares transactions				$	(55,298,829	)				$	431,856,519

(a) See Note 8 of the Notes to Financial Statements.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	28.61		$	28.38		$	43.13		$	42.97		$	33.21		$	29.67
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.48			0.58			0.72			0.28			0.48
Net realized and unrealized gain on investments		2.55			1.53			0.31			3.41			10.64			3.33
Total from investment operations		2.83			2.01			0.89			4.13			10.92			3.81
Less Distributions
Distributions from net investment income		(0.49	)		(0.48	)		(0.77	)		(0.31	)		(0.53	)		(0.27	)
Distributions from net realized capital gains		(1.15	)		(1.30	)		(14.87	)		(3.66	)		(0.63	)		0.00
Total distributions		(1.64	)		(1.78	)		(15.64	)		(3.97	)		(1.16	)		(0.27	)
Net Asset Value, End of Period	$	29.80		$	28.61		$	28.38		$	43.13		$	42.97		$	33.21
Total Return (%) (b)		9.81	(c)		7.34			2.40			10.63			33.70			12.86
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(d)		0.72			0.72			0.73			0.72			0.73
Net ratio of expenses to average net assets (%) (e)(f)		0.57	(d)		0.58			0.58			0.59			0.67			0.68
Ratio of net investment income to average net assets (%)		1.86	(d)		1.70			1.72			1.74			0.74			1.50
Portfolio turnover rate (%)		4	(c)		32			25			105			11			16
Net assets, end of period (in millions)	$	2,619.0		$	2,538.2		$	2,113.5		$	2,352.1		$	2,391.0		$	2,098.2
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	28.26		$	28.06		$	42.79		$	42.66		$	32.98		$	29.46
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.41			0.49			0.61			0.18			0.40
Net realized and unrealized gain on investments		2.51			1.50			0.31			3.38			10.57			3.31
Total from investment operations		2.75			1.91			0.80			3.99			10.75			3.71
Less Distributions
Distributions from net investment income		(0.41	)		(0.41	)		(0.66	)		(0.20	)		(0.44	)		(0.19	)
Distributions from net realized capital gains		(1.15	)		(1.30	)		(14.87	)		(3.66	)		(0.63	)		0.00
Total distributions		(1.56	)		(1.71	)		(15.53	)		(3.86	)		(1.07	)		(0.19	)
Net Asset Value, End of Period	$	29.45		$	28.26		$	28.06		$	42.79		$	42.66		$	32.98
Total Return (%) (b)		9.72	(c)		7.06			2.14			10.35			33.36			12.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.97			0.97			0.98			0.97			0.98
Net ratio of expenses to average net assets (%) (e)(f)		0.82	(d)		0.83			0.83			0.84			0.92			0.93
Ratio of net investment income to average net assets (%)		1.61	(d)		1.44			1.47			1.49			0.49			1.25
Portfolio turnover rate (%)		4	(c)		32			25			105			11			16
Net assets, end of period (in millions)	$	711.4		$	691.8		$	611.0		$	693.7		$	738.0		$	638.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	28.35		$	28.13		$	42.87		$	42.74		$	33.03		$	29.51
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.43			0.53			0.65			0.22			0.43
Net realized and unrealized gain on investments		2.53			1.52			0.30			3.38			10.60			3.31
Total from investment operations		2.78			1.95			0.83			4.03			10.82			3.74
Less Distributions
Distributions from net investment income		(0.44	)		(0.43	)		(0.70	)		(0.24	)		(0.48	)		(0.22	)
Distributions from net realized capital gains		(1.15	)		(1.30	)		(14.87	)		(3.66	)		(0.63	)		0.00
Total distributions		(1.59	)		(1.73	)		(15.57	)		(3.90	)		(1.11	)		(0.22	)
Net Asset Value, End of Period	$	29.54		$	28.35		$	28.13		$	42.87		$	42.74		$	33.03
Total Return (%) (b)		9.78	(c)		7.15			2.27			10.45			33.53			12.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.88			0.87			0.88
Net ratio of expenses to average net assets (%) (e)(f)		0.72	(d)		0.73			0.73			0.74			0.82			0.83
Ratio of net investment income to average net assets (%)		1.71	(d)		1.54			1.57			1.59			0.59			1.34
Portfolio turnover rate (%)		4	(c)		32			25			105			11			16
Net assets, end of period (in millions)	$	789.7		$	775.8		$	829.2		$	952.4		$	1,032.7		$	900.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2017 and 0.03% for the years ended December 31, 2016, 2015, and 2014. (see Note 5 of the Notes to Financial Statements).
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Core Equity Opportunities Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, merger transactions, adjustments to prior period accumulated balances, distribution re-designations, real estate investment in trust (“REIT”) adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $86,417,152. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $10,498,811. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	144,172,650	$	0	$	394,815,622

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $9,747,187 in sales of investments, which are included above, and resulted in realized gains of $1,105,713.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$14,202,475		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.120%	First $500 million
0.145%	$500 million to $1 billion
0.120%	$1 billion to $3 billion
0.080%	$3 billion to $4.5 billion
0.105%	Over $4.5 billion

An identical agreement was in place for the period May 1, 2016 through April 30, 2017. Amounts waived for the six months ended June 30, 2017 amounted to $2,282,987 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $669,476 was waived in the aggregate for the six months ended June 30, 2017 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Income Tax Information

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$70,580,396	$	141,263,345	$	169,222,024	$	1,235,335,211	$	239,802,420	$	1,376,598,556

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$61,695,417	$	151,767,807	$	408,576,164	$	—	$	622,039,388

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Acquisition

At the close of business on April 29, 2016, the Portfolio, with aggregate Class A, Class B and Class E net assets of $2,079,742,205, $598,612,281 and $818,724,006, respectively, acquired all of the assets and liabilities of Pioneer Fund Portfolio of the Met Investors Series Trust (“Pioneer Fund”).

The acquisition was accomplished by a tax-free exchange of 11,681,896 Class A shares of the Portfolio (valued at $342,746,988) for 37,657,033 Class A shares of Pioneer Fund and 2,998,245 Class B shares of the Portfolio (valued at $86,919,323) for 9,737,087 Class B shares of Pioneer Fund. Each shareholder of Pioneer Fund received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 29, 2016. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by Pioneer Fund may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by Pioneer Fund. All other costs associated with the merger were not borne by the shareholders of either portfolio.

Pioneer Fund’s net assets on April 29, 2016, were $342,746,988 and $86,919,323 for Class A and Class B shares, respectively, including investments valued at $429,706,208 with a cost basis of $417,385,987. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from Pioneer Fund were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Portfolio immediately after the acquisition were $3,926,744,803, which included $12,320,388 of acquired unrealized appreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2016, the Portfolio’s pro-forma results of operations for the year ended December 31, 2016 are as follows:

Net Investment income	$	63,902,224	(a)
Net realized and unrealized gain on investments	$	200,724,550	(b)
Net increase in net assets from operations	$	264,626,774

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Pioneer Fund that have been included in the Portfolio’s Statement of Operations since April 29, 2016.

(a)	$62,169,328 net investment income as reported at December 31, 2016, plus $1,584,300 from Pioneer Fund pre-merger net investment income, plus $130,479 in lower net advisory fees, plus $18,117 of pro-forma eliminated other expenses.
(b)	$425,632,627 unrealized appreciation as reported at December 31, 2016, minus $454,921,890 pro-forma December 31, 2015 unrealized appreciation, plus $143,274,319 net realized gain as reported at December 31, 2016, plus $86,739,494 in net realized gain from Pioneer Fund pre-merger.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-19

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	129,698,432		3,467,240		8,690,717

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		133,756,638		8,099,751
Robert Boulware		133,740,317		8,116,072
Susan C. Gause		133,985,678		7,870,712
Nancy Hawthorne		133,927,269		7,929,121
Barbara A. Nugent		134,029,886		7,826,504
John Rosenthal		133,745,573		8,110,817
Linda B. Strumpf		133,908,387		7,948,003
Dawn M. Vroegop		133,882,072		7,974,318

BHFTII-20

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class A and B shares of the Brighthouse Asset Allocation 20 Portfolio returned 3.85% and 3.80%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Index¹, returned 2.99%.

MARKET ENVIRONMENT / CONDITIONS

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

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

In the first half of 2017, the portfolio outperformed its benchmark, the Dow Jones Conservative Index. While the contribution from the underlying fixed income, U.S. mid cap, and U.S. small cap portfolios was a drag on relative performance, the strong relative performance within the underlying U.S. large cap and foreign developed equity portfolios in combination with favorable overweights to U.S. investment grade bonds and U.S. large cap equities, was enough to outperform the benchmark.

Performance from the underlying fixed income portfolios was mixed during the first half of the year, but the overall contribution was a drag on relative performance. The main culprit for the

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

underperformance was the Brighthouse/Templeton International Bond Portfolio, which underperformed its benchmark by 4.47% over the period. The main detractors from relative performance was the portfolio’s underweighted positions in the euro, the Japanese yen, and the Australian dollar, as well as underweighted duration exposure in the U.S. At the other end of the scale was the Western Asset Management Strategic Bond Opportunities Portfolio, which outperformed its benchmark by 3.08%. The main contributor to performance was the portfolio’s allocation to investment grade credit, non-agency securities and commercial mortgage-backed securities, in addition to favorable allocations to EM. Another strong performer was the PIMCO Total Return Portfolio, which outperformed its benchmark by 0.87%. An overweight to U.S. duration, positions in agency and non-agency mortgage-backed securities, and overweight the euro, yen, and pound currencies, were all positive contributors to performance.

Performance from the underlying equity portfolios during the first half of the year was mixed as well, but the overall contribution to relative performance was positive. Within large cap equity, the T. Rowe Price Large Cap Growth Portfolio did particularly well, outperforming its benchmark by 5.60% during the first half of the year. The strong performance was driven by an overweight to Financial Services, and strong security selection within Consumer Discretionary, Healthcare, and Technology. Another strong performer was the Jennison Growth Portfolio, which outperformed its benchmark by 4.75% for the period. The main reason for the strong performance was an overweight to Technology, underweights to Real Estate and Consumer Staples, and strong security selection within Consumer Discretionary and Industrials. At the other end of the scale was the BlackRock Large Cap Value Portfolio, which underperformed its benchmark by 5.44% during the first half of the year. The significant underperformance was primarily a result of poor security selection within Energy, Consumer Staples, Technology, and Financial Services, in addition to an unfavorable overweight to Energy. Within mid cap equity, the T. Rowe Price Mid Cap Growth Portfolio stood out, as it outperformed its benchmark by 3.45% for the period. The main drivers of outperformance were strong security selection within Industrials, Financial Services, and Consumer Discretionary, as well as favorable underweights to Consumer Discretionary and Consumer Staples. The Neuberger Berman Genesis Portfolio was the strongest performer within the small cap equity asset class, as it outperformed its benchmark by 4.53% during the first half of the year. In addition to a favorable growth tilt vs. its value benchmark, the contribution from security selection within Technology, Industrials, Consumer Staples, and Energy helped relative performance. Furthermore, overweights to Healthcare and Technology and an underweight to Energy, also boosted relative return.

The contribution from the non-U.S. equity portfolios was overall negative, despite strong performance from several individual portfolios. The main reason for the overall detraction from relative performance, was the Van Eck Global Natural Resources Portfolio, which underperformed its benchmark by 4.97% during the first six months of the year. The main reasons for the underperformance were overweight positions and underperformance in the oil & gas exploration & production and oil & gas drilling sub-industries, and poor performance of securities within the Diversified Metals & Mining sector. At the other end of the scale was the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 8.70%. The main driver of outperformance was strong security selection within Financial Services, Consumer Discretionary, Real Estate, and Technology, in addition to underweights to Energy and Real Estate. Another strong performer was the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 5.96% during the first half of the year. The strong results were primarily driven by an overweight to Technology and an underweight to Energy, in addition to strong security selection within Consumer Discretionary and Industrials.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 20 Portfolio
Class A		3.85		4.73		4.47		4.78
Class B		3.80		4.59		4.21		4.53
Dow Jones Conservative Index		2.99		1.55		2.67		4.11

¹ The Dow Jones Conservative Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 20% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Western Asset Management U.S. Government Portfolio (Class A)		13.0
BlackRock Bond Income Portfolio (Class A)		12.5
PIMCO Total Return Portfolio (Class A)		12.0
TCW Core Fixed Income Portfolio (Class A)		9.5
PIMCO Inflation Protected Bond Portfolio (Class A)		9.0
JPMorgan Core Bond Portfolio (Class A)		8.5
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		5.0
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		5.0
Brighthouse/Templeton International Bond Portfolio (Class A)		2.5
Invesco Comstock Portfolio (Class A)		2.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)(b)	Actual		0.63	%	$	1,000.00	$	1,038.50	$	3.18
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class B(a)(b)	Actual		0.88	%	$	1,000.00	$	1,038.00	$	4.45
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of June 30, 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)		536,755	$	6,403,483
BlackRock Bond Income Portfolio (Class A) (a)		758,837		80,125,610
BlackRock Capital Appreciation Portfolio (Class A) (a)		167,740		6,397,584
BlackRock High Yield Portfolio (Class A) (b)		422,509		3,215,297
BlackRock Large Cap Value Portfolio (Class A) (a)		368,804		3,215,973
Brighthouse Small Cap Value Portfolio (Class A) (b)		206,197		3,204,298
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		153,583		1,603,405
Brighthouse/Artisan International Portfolio (Class A) (b)		312,522		3,203,349
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		6,715		1,607,703
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		1,269,194		12,856,940
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		3,352,141		32,113,512
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		1,572,854		16,011,652
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		431,871		12,865,431
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		435,665		6,408,626
Clarion Global Real Estate Portfolio (Class A) (b)		273,102		3,200,753
Harris Oakmark International Portfolio (Class A) (b)		528,275		8,019,210
Invesco Comstock Portfolio (Class A) (b)		1,011,830		14,509,639
Jennison Growth Portfolio (Class A) (a)		438,760		6,392,736
JPMorgan Core Bond Portfolio (Class A) (b)		5,351,249		54,475,714
JPMorgan Small Cap Value Portfolio (Class A) (b)		192,910		3,204,227
MFS Research International Portfolio (Class A) (b)		413,809		4,800,188
MFS Value Portfolio (Class A) (a)		939,574		14,469,439
Neuberger Berman Genesis Portfolio (Class A) (a)		155,729		3,201,788
Oppenheimer Global Equity Portfolio (Class A) (b)		69,798		1,599,079
PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)		5,923,525		57,635,900
Affiliated Investment Companies—(Continued)
PIMCO Total Return Portfolio (Class A) (b)		6,754,603		76,934,933
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		282,429		6,394,182
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		397,527		12,863,967
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		146,528		1,603,017
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		143,618		3,204,115
TCW Core Fixed Income Portfolio (Class A) (b)		6,027,639		60,879,154
Van Eck Global Natural Resources Portfolio (Class A) (a)		351,321		3,200,537
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		2,367,428		32,102,326
Western Asset Management U.S. Government Portfolio (Class A) (a)		7,199,129		83,365,915
Total Mutual Funds (Cost $652,159,340)				641,289,682
Total Investments—100.0% (Cost $652,159,340) (d)				641,289,682
Other assets and liabilities (net)—0.0%				(314,288	)
Net Assets—100.0%			$	640,975,394

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.
(d)	As of June 30, 2017, the aggregate cost of investments was $652,159,340. The aggregate unrealized appreciation and depreciation of investments were $9,060,573 and $(19,930,231), respectively, resulting in net unrealized depreciation of $(10,869,658).

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	641,289,682	$	—	$	—	$	641,289,682
Total Investments	$	641,289,682	$	—	$	—	$	641,289,682

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Affiliated investments at value (a)	$	641,289,682
Receivable for:
Fund shares sold		1,225,974
Due from investment adviser		17,311
Total Assets		642,532,967
Liabilities
Payables for:
Investments purchased		991,678
Fund shares redeemed		234,296
Accrued Expenses:
Management fees		49,970
Distribution and service fees		123,854
Deferred trustees’ fees		102,469
Other expenses		55,306
Total Liabilities		1,557,573
Net Assets	$	640,975,394
Net Assets Consist of:
Paid in surplus	$	638,240,104
Undistributed net investment income		12,969,938
Accumulated net realized gain		635,010
Unrealized depreciation on affiliated investments		(10,869,658	)
Net Assets	$	640,975,394
Net Assets
Class A	$	40,916,702
Class B		600,058,692
Capital Shares Outstanding*
Class A		3,833,800
Class B		56,620,005
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.67
Class B		10.60

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $652,159,340.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from affiliated investments	$	14,280,542
Total investment income		14,280,542
Expenses
Management fees		304,768
Administration fees		10,959
Custodian and accounting fees		13,640
Distribution and service fees—Class B		757,707
Audit and tax services		15,255
Legal		18,678
Trustees’ fees and expenses		26,316
Miscellaneous		3,548
Total expenses		1,150,871
Less expenses reimbursed by the Adviser		(69,455	)
Net expenses		1,081,416
Net Investment Income		13,199,126
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		1,213,145
Capital gain distributions from Affiliated Underlying Portfolios		5,379,028
Net realized gain		6,592,173
Net change in unrealized appreciation on affiliated investments		4,282,248
Net realized and unrealized gain		10,874,421
Net Increase in Net Assets From Operations	$	24,073,547

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	13,199,126		$	12,772,937
Net realized gain		6,592,173			9,026,855
Net change in unrealized appreciation		4,282,248			9,432,216
Increase in net assets from operations		24,073,547			31,232,008
From Distributions to Shareholders
Net investment income
Class A		(947,275	)		(1,595,816	)
Class B		(12,419,033	)		(20,821,731	)
Net realized capital gains
Class A		(651,251	)		(1,533,963	)
Class B		(9,628,854	)		(21,575,721	)
Total distributions		(23,646,413	)		(45,527,231	)
Increase (decrease) in net assets from capital share transactions		(24,925,692	)		16,951,400
Total increase (decrease) in net assets		(24,498,558	)		2,656,177
Net Assets
Beginning of period		665,473,952			662,817,775
End of period	$	640,975,394		$	665,473,952
Undistributed net investment income
End of period	$	12,969,938		$	13,137,120

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		188,681		$	2,057,923			309,240		$	3,347,808
Reinvestments		149,535			1,598,526			297,508			3,129,779
Redemptions		(360,963	)		(3,947,565	)		(1,090,132	)		(11,786,694	)
Net decrease		(22,747	)	$	(291,116	)		(483,384	)	$	(5,309,107	)
Class B
Sales		2,792,142		$	30,274,332			10,480,652		$	112,771,940
Reinvestments		2,078,029			22,047,887			4,057,172			42,397,452
Redemptions		(7,115,709	)		(76,956,795	)		(12,373,645	)		(132,908,885	)
Net increase (decrease)		(2,245,538	)	$	(24,634,576	)		2,164,179		$	22,260,507
Increase (decrease) derived from capital shares transactions				$	(24,925,692	)				$	16,951,400

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.69		$	10.94		$	11.59		$	12.05		$	11.94		$	11.60
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.23			0.36			0.25			0.33			0.30
Net realized and unrealized gain (loss) on investments		0.19			0.28			(0.38	)		0.29			0.20			0.77
Total from investment operations		0.42			0.51			(0.02	)		0.54			0.53			1.07
Less Distributions
Distributions from net investment income		(0.26	)		(0.39	)		(0.27	)		(0.50	)		(0.36	)		(0.41	)
Distributions from net realized capital gains		(0.18	)		(0.37	)		(0.36	)		(0.50	)		(0.06	)		(0.32	)
Total distributions		(0.44	)		(0.76	)		(0.63	)		(1.00	)		(0.42	)		(0.73	)
Net Asset Value, End of Period	$	10.67		$	10.69		$	10.94		$	11.59		$	12.05		$	11.94
Total Return (%) (b)		3.85	(c)		4.76			(0.23	)		4.73			4.50			9.49
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.12	(e)		0.12			0.11			0.12			0.11			0.11
Net ratio of expenses to average net assets (%) (d)(f)		0.10	(e)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income to average net assets (%) (g)		2.09	(e)(h)		2.15			3.20			2.17			2.73			2.58
Portfolio turnover rate (%)		9	(c)		14			21			16			18			9
Net assets, end of period (in millions)	$	40.9		$	41.2		$	47.5		$	50.1		$	50.5		$	54.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.60		$	10.85		$	11.51		$	11.97		$	11.86		$	11.53
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.20			0.33			0.22			0.29			0.27
Net realized and unrealized gain (loss) on investments		0.19			0.28			(0.39	)		0.28			0.22			0.76
Total from investment operations		0.41			0.48			(0.06	)		0.50			0.51			1.03
Less Distributions
Distributions from net investment income		(0.23	)		(0.36	)		(0.24	)		(0.46	)		(0.34	)		(0.38	)
Distributions from net realized capital gains		(0.18	)		(0.37	)		(0.36	)		(0.50	)		(0.06	)		(0.32	)
Total distributions		(0.41	)		(0.73	)		(0.60	)		(0.96	)		(0.40	)		(0.70	)
Net Asset Value, End of Period	$	10.60		$	10.60		$	10.85		$	11.51		$	11.97		$	11.86
Total Return (%) (b)		3.80	(c)		4.53			(0.59	)		4.47			4.29			9.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.37	(e)		0.37			0.36			0.37			0.36			0.36
Net ratio of expenses to average net assets (%) (d)(f)		0.35	(e)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income to average net assets (%) (g)		1.84	(e)(h)		1.83			2.89			1.89			2.49			2.35
Portfolio turnover rate (%)		9	(c)		14			21			16			18			9
Net assets, end of period (in millions)	$	600.1		$	624.2		$	615.4		$	653.6		$	653.8		$	723.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).
(g)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(h)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 20 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations and distributions from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	56,134,247	$	0	$	86,119,163

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$304,768		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

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

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, Brighthouse Investment Advisers has contractually agreed, from May 1, 2017 to April 30, 2018, to waive a portion of its advisory fees or

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then-current fiscal year). For the Asset Allocation Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay Brighthouse Investment Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by Brighthouse Investment Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from May 1, 2017 to April 30, 2018 are 0.10% and 0.35% for Class A and B, respectively.

As of June 30, 2017, the amount of expenses deferred in 2012 subject to repayment until December 31, 2017 was $74,663. The amount of expenses deferred in 2013 subject to repayment until December 31, 2018 was $61,885. The amount of expenses deferred in 2014 subject to repayment until December 31, 2019 was $111,213. The amount of expenses deferred in 2015 subject to repayment until December 31, 2020 was $99,092. The amount of expenses deferred in 2016 subject to repayment until December 31, 2021 was $120,106. The amount of expenses deferred in 2017 subject to repayment until December 31, 2022 was $69,455.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2017 is shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Underlying Portfolios

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Baillie Gifford International Stock		661,879		15,317		(140,441	)		536,755
BlackRock Bond Income		787,557		33,312		(62,032	)		758,837
BlackRock Capital Appreciation		197,346		7,520		(37,126	)		167,740
BlackRock High Yield		433,169		28,056		(38,716	)		422,509
BlackRock Large Cap Value		725,111		34,908		(391,215	)		368,804
Brighthouse Small Cap Value Portfolio		206,539		24,108		(24,450	)		206,197
Brighthouse/Aberdeen Emerging Markets Equity		186,252		6,115		(38,784	)		153,583
Brighthouse/Artisan International		767,229		8,295		(463,002	)		312,522

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
Brighthouse/Artisan Mid Cap Value		7,101			351		(737	)		6,715
Brighthouse/Eaton Vance Floating Rate		1,285,174			67,040		(83,020	)		1,269,194
Brighthouse/Franklin Low Duration Total Return		3,457,751			105,489		(211,099	)		3,352,141
Brighthouse/Templeton International Bond		988,415			721,359		(136,920	)		1,572,854
Brighthouse/Wellington Core Equity Opportunities		460,954			30,966		(60,049	)		431,871
Brighthouse/Wellington Large Cap Research		477,174			30,061		(71,570	)		435,665
Clarion Global Real Estate		288,726			26,829		(42,453	)		273,102
Harris Oakmark International		629,071			18,828		(119,624	)		528,275
Invesco Comstock		894,533			207,453		(90,156	)		1,011,830
Jennison Growth		495,327			44,580		(101,147	)		438,760
JPMorgan Core Bond		6,203,505			201,881		(1,054,137	)		5,351,249
JPMorgan Small Cap Value		181,142			32,797		(21,029	)		192,910
MFS Research International		492,518			15,309		(94,018	)		413,809
MFS Value		861,713			197,332		(119,471	)		939,574
Neuberger Berman Genesis		307,998			25,290		(177,559	)		155,729
Oppenheimer Global Equity		85,688			2,019		(17,909	)		69,798
PIMCO Inflation Protected Bond		6,153,224			242,981		(472,680	)		5,923,525
PIMCO Total Return		7,089,721			271,328		(606,446	)		6,754,603
T. Rowe Price Large Cap Growth		324,859			22,807		(65,237	)		282,429
T. Rowe Price Large Cap Value		389,228			54,546		(46,247	)		397,527
T. Rowe Price Mid Cap Growth		—			154,048		(7,520	)		146,528
T. Rowe Price Small Cap Growth		—			150,459		(6,841	)		143,618
TCW Core Fixed Income		6,943,584			181,300		(1,097,245	)		6,027,639
Van Eck Global Natural Resources		—			356,126		(4,805	)		351,321
Wells Capital Management Mid Cap Value (formerly, Goldman Sachs Mid Cap Value)		142,121			2,326		(144,447	)		—
Western Asset Management Strategic Bond Opportunities		1,990,650			568,568		(191,790	)		2,367,428
Western Asset Management U.S. Government		7,389,795			290,052		(480,718	)		7,199,129
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
Baillie Gifford International Stock	$	369,876		$	—	$	77,392		$	6,403,483
BlackRock Bond Income		49,747			—		2,494,171			80,125,610
BlackRock Capital Appreciation		229,413			148,050		6,708			6,397,584
BlackRock High Yield		(15,845	)		—		178,307			3,215,297
BlackRock Large Cap Value		(78,786	)		—		85,668			3,215,973
Brighthouse Small Cap Value Portfolio		27,851			114,303		36,271			3,204,298
Brighthouse/Aberdeen Emerging Markets Equity		(12,803	)		—		20,781			1,603,405
Brighthouse/Artisan International		(149,407	)		—		42,049			3,203,349
Brighthouse/Artisan Mid Cap Value		(1,909	)		—		11,449			1,607,703
Brighthouse/Eaton Vance Floating Rate		37,821			—		507,154			12,856,940
Brighthouse/Franklin Low Duration Total Return		(66,791	)		—		532,779			32,113,512
Brighthouse/Templeton International Bond		(258,330	)		6,322		—			16,011,652
Brighthouse/Wellington Core Equity Opportunities		(407,699	)		471,013		199,575			12,865,431
Brighthouse/Wellington Large Cap Research		136,356			233,042		69,497			6,408,626
Clarion Global Real Estate		40,776			—		117,603			3,200,753
Harris Oakmark International		(98,799	)		—		145,096			8,019,210
Invesco Comstock		250,171			436,008		365,901			14,509,639
Jennison Growth		(7,168	)		447,616		20,073			6,392,736
JPMorgan Core Bond		(225,769	)		—		1,473,376			54,475,714
JPMorgan Small Cap Value		12,787			154,637		42,995			3,204,227
MFS Research International		178,112			—		92,705			4,800,188
MFS Value		275,486			867,235		293,740			14,469,439
Neuberger Berman Genesis		1,308,360			259,178		13,065			3,201,788
Oppenheimer Global Equity		41,929			—		17,865			1,599,079
PIMCO Inflation Protected Bond		(581,293	)		—		1,033,357			57,635,900
PIMCO Total Return		(662,277	)		377,849		1,518,024			76,934,933
T. Rowe Price Large Cap Growth		6,282			374,215		18,988			6,394,182

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios		Ending Value as of June 30, 2017
T. Rowe Price Large Cap Value	$	473,150		$	1,082,272	$	287,103	$	12,863,967
T. Rowe Price Mid Cap Growth		1,135			131,108		—		1,603,017
T. Rowe Price Small Cap Growth		509			187,188		10,137		3,204,115
TCW Core Fixed Income		239,050			88,992		1,091,635		60,879,154
Van Eck Global Natural Resources		(294	)		—		3,638		3,200,537
Wells Capital Management Mid Cap Value (formerly, Goldman Sachs Mid Cap Value)		149,167			—		—		—
Western Asset Management Strategic Bond Opportunities		163,852			—		1,252,481		32,102,326
Western Asset Management U.S. Government		(211,515	)		—		2,220,959		83,365,915
	$	1,213,145		$	5,379,028	$	14,280,542	$	641,289,682

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$22,479,670	$	14,585,605	$	23,047,561	$	21,269,398	$	45,527,231	$	35,855,003

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$13,229,453	$	10,153,647	$	(20,982,609	)	$	—	$	2,400,491

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTII-15

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
58,919,333		1,722,570		3,373,113

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		60,659,683		3,355,334
Robert Boulware		60,707,931		3,307,086
Susan C. Gause		60,780,310		3,234,707
Nancy Hawthorne		60,756,832		3,258,185
Barbara A. Nugent		60,793,884		3,221,132
John Rosenthal		60,508,738		3,506,279
Linda B. Strumpf		60,649,630		3,365,387
Dawn M. Vroegop		60,717,928		3,297,088

BHFTII-16

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class A and B shares of the Brighthouse Asset Allocation 40 Portfolio returned 5.63% and 5.49%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Index¹, returned 5.51%.

MARKET ENVIRONMENT / CONDITIONS

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

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

Over the six month period, the Portfolio performed in line with the Dow Jones Moderately Conservative Index. The poor relative performance by the underlying fixed income portfolios, was outweighed by strong relative performance by most the underlying portfolios utilized within the various equity asset classes, and a favorable overweight to U.S. large cap equities.

Performance from the underlying fixed income portfolios during the first half of the year was mixed, but the overall contribution was a drag on relative performance. The main culprit for the underperformance was the Brighthouse/Templeton International Bond Portfolio, which underperformed its benchmark by 4.47% over the

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

period. The main detractors from relative performance was the portfolio’s underweighted positions in the euro, the Japanese yen, and the Australian dollar. Underweighted duration exposure in the U.S. was a drag on relative performance as well. At the other end of the scale was the Western Asset Management Strategic Bond Opportunities Portfolio, which outperformed its benchmark by 3.08%. The main contributor to performance was the portfolio’s allocation to investment grade credit, non-agency securities and commercial mortgage-backed securities, in addition to favorable allocations to emerging markets. Another strong performer was the PIMCO Total Return Portfolio, which outperformed its benchmark by 0.87%. An overweight to U.S. duration, positions in agency and non-agency mortgage-backed securities, and overweight the euro, yen, and pound currencies, were all positive contributors to performance.

Performance from the individual underlying domestic equity portfolios was mixed, but the overall contribution to relative performance was positive. Within large cap equity, the T. Rowe Price Large Cap Growth Portfolio did particularly well, outperforming its benchmark by 5.60% during the first half of the year. The strong performance was driven by an overweight to Financial Services, and strong security selection within Consumer Discretionary, Healthcare, and Technology. Another strong performer was the Jennison Growth Portfolio, which outperformed its benchmark by 4.75% for the period. The main reason for the strong performance was an overweight to Technology, underweights to Real Estate and Consumer Staples, and strong security selection within Consumer Discretionary and Industrials. At the other end of the scale was the BlackRock Large Cap Value Portfolio, which underperformed its benchmark by 5.44% during the first half of the year. The significant underperformance was primarily a result of poor security selection within Energy, Consumer Staples, Technology, and Financial Services, in addition to an unfavorable overweight to Energy. Within mid cap equity, the T. Rowe Price Mid Cap Growth Portfolio stood out, as it outperformed its benchmark by 3.45% for the period. The main drivers of outperformance were strong security selection within Industrials, Financial Services, and Consumer Discretionary, as well as favorable underweights to Consumer Discretionary and Consumer Staples. The Neuberger Berman Genesis Portfolio was the strongest performer within the small cap equity asset class, as it outperformed its benchmark by 4.53% during the first half of the year. In addition to a favorable growth tilt vs. its value benchmark, the contribution from security selection within Technology, Industrials, Consumer Staples, and Energy helped relative performance. Furthermore, overweights to Healthcare and Technology and an underweight to Energy, also boosted relative return.

The contribution from the non-U.S. equity portfolios was overall negative, despite strong performance from several individual portfolios. The main reason for the overall detraction from relative performance, was the Van Eck Global Natural Resources Portfolio, which underperformed its benchmark by 4.97% during the first six months of the year. The main reasons for the underperformance were overweight positions and underperformance in the oil & gas exploration & production and oil & gas drilling sub-industries, and poor performance of securities within the Diversified Metals & Mining sector. At the other end of the scale was the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 8.70%. The main driver of outperformance was strong security selection within Financial Services, Consumer Discretionary, Real Estate, and Technology, in addition to underweights to Energy and Real Estate. Another strong performer was the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 5.96% during the first half of the year. The strong results were primarily driven by an overweight to Technology and an underweight to Energy, in addition to strong security selection within Consumer Discretionary and Industrials.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 40 Portfolio
Class A		5.63		8.79		6.72		5.02
Class B		5.49		8.48		6.45		4.76
Dow Jones Moderately Conservative Index		5.51		5.44		5.49		4.80

¹ The Dow Jones Moderately Conservative Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 40% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		9.6
PIMCO Total Return Portfolio (Class A)		9.1
Western Asset Management U.S. Government Portfolio (Class A)		8.1
TCW Core Fixed Income Portfolio (Class A)		7.6
JPMorgan Core Bond Portfolio (Class A)		6.6
PIMCO Inflation Protected Bond Portfolio (Class A)		6.0
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.9
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		3.8
MFS Value Portfolio (Class A)		3.7
T. Rowe Price Large Cap Value Portfolio (Class A)		3.7

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.62	%	$	1,000.00	$	1,056.30	$	3.16
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class B(a)	Actual		0.87	%	$	1,000.00	$	1,054.90	$	4.43
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.48	$	4.36

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of June 30, 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)		11,243,849	$	134,139,114
BlackRock Bond Income Portfolio (Class A) (a)		6,048,152		638,624,326
BlackRock Capital Appreciation Portfolio (Class A) (a)		3,512,260		133,957,597
BlackRock High Yield Portfolio (Class A) (b)		4,420,223		33,637,896
BlackRock Large Cap Value Portfolio (Class A) (a)		7,715,092		67,275,600
Brighthouse Small Cap Value Portfolio (Class A) (b)		4,328,795		67,269,471
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		6,443,682		67,272,038
Brighthouse/Artisan International Portfolio (Class A) (b)		8,183,896		83,884,937
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		70,253		16,819,226
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		13,282,483		134,551,548
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		21,001,287		201,192,328
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		18,536,652		188,703,118
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		8,468,723		252,283,261
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		10,286,900		151,320,301
Clarion Global Real Estate Portfolio (Class A) (b)		4,277,115		50,127,787
ClearBridge Aggressive Growth Portfolio (Class A) (b)		5,842,686		100,260,489
Harris Oakmark International Portfolio (Class A) (b)		12,184,064		184,954,091
Invesco Comstock Portfolio (Class A) (b)		15,940,461		228,586,215
Invesco Small Cap Growth Portfolio (Class A) (b)		3,688,280		50,455,665
Jennison Growth Portfolio (Class A) (a)		6,844,805		99,728,807
JPMorgan Core Bond Portfolio (Class A) (b)		42,906,778		436,791,004
JPMorgan Small Cap Value Portfolio (Class A) (b)		2,999,786		49,826,454
MFS Research International Portfolio (Class A) (b)		8,665,273		100,517,164
MFS Value Portfolio (Class A) (a)		16,215,457		249,718,044
Neuberger Berman Genesis Portfolio (Class A) (a)		1,635,888		33,633,850
Affiliated Investment Companies—(Continued)
Oppenheimer Global Equity Portfolio (Class A) (b)		2,916,849		66,825,000
PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)		40,987,769		398,810,991
PIMCO Total Return Portfolio (Class A) (b)		53,086,422		604,654,351
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		5,912,356		133,855,733
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		7,593,825		245,736,179
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		3,074,663		33,636,816
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		2,172,019		48,457,753
TCW Core Fixed Income Portfolio (Class A) (b)		49,877,060		503,758,304
Van Eck Global Natural Resources Portfolio (Class A) (a)		6,311,871		57,501,140
Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio) (Class A) (b)		1,416,162		16,739,030
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		19,106,858		259,088,998
Western Asset Management U.S. Government Portfolio (Class A) (a)		46,378,077		537,058,131
Total Mutual Funds (Cost $6,535,007,772)				6,661,652,757
Total Investments—100.0% (Cost $6,535,007,772) (d)				6,661,652,757
Other assets and liabilities (net)—0.0%				(1,912,866	)
Net Assets—100.0%			$	6,659,739,891

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.
(d)	As of June 30, 2017, the aggregate cost of investments was $6,535,007,772. The aggregate unrealized appreciation and depreciation of investments were $317,191,416 and $(190,546,431), respectively, resulting in net unrealized appreciation of $126,644,985.

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	6,661,652,757	$	—	$	—	$	6,661,652,757
Total Investments	$	6,661,652,757	$	—	$	—	$	6,661,652,757

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Affiliated investments at value (a)	$	6,661,652,757
Receivable for:
Investments sold		2,336,610
Fund shares sold		303,863
Total Assets		6,664,293,230
Liabilities
Payables for:
Fund shares redeemed		2,640,473
Accrued Expenses:
Management fees		306,339
Distribution and service fees		1,359,869
Deferred trustees’ fees		193,854
Other expenses		52,804
Total Liabilities		4,553,339
Net Assets	$	6,659,739,891
Net Assets Consist of:
Paid in surplus	$	6,309,286,412
Undistributed net investment income		123,104,913
Accumulated net realized gain		100,703,581
Unrealized appreciation on affiliated investments		126,644,985
Net Assets	$	6,659,739,891
Net Assets
Class A	$	85,897,384
Class B		6,573,842,507
Capital Shares Outstanding*
Class A		7,552,189
Class B		583,307,393
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.37
Class B		11.27

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $6,535,007,772.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from Affiliated Underlying Portfolios	$	134,047,802
Total investment income		134,047,802
Expenses
Management fees		1,865,796
Administration fees		10,959
Custodian and accounting fees		13,640
Distribution and service fees—Class B		8,287,896
Audit and tax services		15,255
Legal		18,678
Trustees’ fees and expenses		26,317
Miscellaneous		6,603
Total expenses		10,245,144
Net Investment Income		123,802,658
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		46,964,930
Capital gain distributions from Affiliated Underlying Portfolios		97,564,505
Net realized gain		144,529,435
Net change in unrealized appreciation on affiliated investments		97,501,471
Net realized and unrealized gain		242,030,906
Net Increase in Net Assets From Operations	$	365,833,564

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	123,802,658		$	120,205,079
Net realized gain		144,529,435			215,825,185
Net change in unrealized appreciation		97,501,471			75,487,126
Increase in net assets from operations		365,833,564			411,517,390
From Distributions to Shareholders
Net investment income
Class A		(1,894,168	)		(3,752,608	)
Class B		(129,964,072	)		(245,962,542	)
Net realized capital gains
Class A		(2,618,831	)		(6,398,157	)
Class B		(203,591,787	)		(452,755,406	)
Total distributions		(338,068,858	)		(708,868,713	)
Decrease in net assets from capital share transactions		(189,205,333	)		(136,732,186	)
Total decrease in net assets		(161,440,627	)		(434,083,509	)
Net Assets
Beginning of period		6,821,180,518			7,255,264,027
End of period	$	6,659,739,891		$	6,821,180,518
Undistributed net investment income
End of period	$	123,104,913		$	131,160,495

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		277,366		$	3,227,521			640,434		$	7,395,624
Reinvestments		396,921			4,512,999			927,011			10,150,765
Redemptions		(1,131,711	)		(13,285,893	)		(2,181,467	)		(25,122,906	)
Net decrease		(457,424	)	$	(5,545,373	)		(614,022	)	$	(7,576,517	)
Class B
Sales		2,569,600		$	29,807,514			7,093,454		$	81,278,867
Reinvestments		29,596,793			333,555,859			64,397,968			698,717,948
Redemptions		(47,322,093	)		(547,023,333	)		(79,694,568	)		(909,152,484	)
Net decrease		(15,155,700	)	$	(183,659,960	)		(8,203,146	)	$	(129,155,669	)
Decrease derived from capital shares transactions				$	(189,205,333	)				$	(136,732,186	)

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.36		$	11.90		$	12.74		$	12.99		$	12.14		$	11.25
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.23			0.36			0.24			0.29			0.28
Net realized and unrealized gain (loss) on investments		0.42			0.48			(0.44	)		0.40			1.04			1.02
Total from investment operations		0.64			0.71			(0.08	)		0.64			1.33			1.30
Less Distributions
Distributions from net investment income		(0.26	)		(0.46	)		(0.06	)		(0.41	)		(0.35	)		(0.37	)
Distributions from net realized capital gains		(0.37	)		(0.79	)		(0.70	)		(0.48	)		(0.13	)		(0.04	)
Total distributions		(0.63	)		(1.25	)		(0.76	)		(0.89	)		(0.48	)		(0.41	)
Net Asset Value, End of Period	$	11.37		$	11.36		$	11.90		$	12.74		$	12.99		$	12.14
Total Return (%) (b)		5.63	(c)		6.33			(0.78	)		5.16			11.20			11.74
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.06			0.06			0.08			0.08
Ratio of net investment income to average net assets (%) (f)		1.86	(e)(g)		1.97			2.85			1.92			2.31			2.37
Portfolio turnover rate (%)		5	(c)		8			16			15			15			10
Net assets, end of period (in millions)	$	85.9		$	91.0		$	102.6		$	112.9		$	107.7		$	97.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.25		$	11.79		$	12.64		$	12.89		$	12.05		$	11.17
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.19			0.32			0.03			0.26			0.25
Net realized and unrealized gain (loss) on investments		0.41			0.49			(0.43	)		0.57			1.03			1.01
Total from investment operations		0.62			0.68			(0.11	)		0.60			1.29			1.26
Less Distributions
Distributions from net investment income		(0.23	)		(0.43	)		(0.04	)		(0.37	)		(0.32	)		(0.34	)
Distributions from net realized capital gains		(0.37	)		(0.79	)		(0.70	)		(0.48	)		(0.13	)		(0.04	)
Total distributions		(0.60	)		(1.22	)		(0.74	)		(0.85	)		(0.45	)		(0.38	)
Net Asset Value, End of Period	$	11.27		$	11.25		$	11.79		$	12.64		$	12.89		$	12.05
Total Return (%) (b)		5.49	(c)		6.09			(1.07	)		4.93			10.92			11.46
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.33			0.33
Ratio of net investment income to average net assets (%) (f)		1.67	(e)(g)		1.71			2.62			0.21			2.10			2.16
Portfolio turnover rate (%)		5	(c)		8			16			15			15			10
Net assets, end of period (in millions)	$	6,573.8		$	6,730.2		$	7,152.6		$	8,304.3		$	1,678.4		$	1,618.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 40 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	365,011,063	$	0	$	670,995,970

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$1,865,796		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

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

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2017 is shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Underlying Portfolios

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Baillie Gifford International Stock Portfolio		13,277,655		139,596		(2,173,402	)		11,243,849
BlackRock Bond Income Portfolio		6,090,927		188,775		(231,550	)		6,048,152
BlackRock Capital Appreciation Portfolio		4,103,684		87,261		(678,685	)		3,512,260
BlackRock High Yield Portfolio		4,499,866		247,056		(326,699	)		4,420,223
BlackRock Large Cap Value Portfolio		15,227,343		211,562		(7,723,813	)		7,715,092
Brighthouse Small Cap Value Portfolio		4,331,731		204,965		(207,901	)		4,328,795
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		7,242,100		84,675		(883,093	)		6,443,682
Brighthouse/Artisan International Portfolio		9,350,429		111,544		(1,278,077	)		8,183,896
Brighthouse/Artisan Mid Cap Value Portfolio		74,324		504		(4,575	)		70,253
Brighthouse/Eaton Vance Floating Rate Portfolio		13,343,516		523,708		(584,741	)		13,282,483
Brighthouse/Franklin Low Duration Total Return Portfolio		21,515,284		348,857		(862,854	)		21,001,287
Brighthouse/Templeton International Bond Portfolio		17,190,819		2,368,292		(1,022,459	)		18,536,652
Brighthouse/Wellington Core Equity Opportunities Portfolio		9,019,222		444,938		(995,437	)		8,468,723
Brighthouse/Wellington Large Cap Research Portfolio		11,232,851		489,205		(1,435,156	)		10,286,900
Clarion Global Real Estate Portfolio		4,178,592		167,045		(68,522	)		4,277,115
ClearBridge Aggressive Growth Portfolio		6,572,230		56,260		(785,804	)		5,842,686
Harris Oakmark International Portfolio		14,413,767		228,612		(2,458,315	)		12,184,064
Invesco Comstock Portfolio		14,100,853		2,632,005		(792,397	)		15,940,461
Invesco Small Cap Growth Portfolio		6,236,306		380,725		(2,928,751	)		3,688,280
Jennison Growth Portfolio		7,758,597		514,895		(1,428,687	)		6,844,805
JPMorgan Core Bond Portfolio		46,391,317		1,171,093		(4,655,632	)		42,906,778
JPMorgan Small Cap Value Portfolio		2,857,968		186,737		(44,919	)		2,999,786
MFS Research International Portfolio		10,085,332		171,127		(1,591,186	)		8,665,273
MFS Value Portfolio		15,757,143		1,686,368		(1,228,054	)		16,215,457
Neuberger Berman Genesis Portfolio		2,418,404		140,194		(922,710	)		1,635,888
Oppenheimer Global Equity Portfolio		3,570,922		33,507		(687,580	)		2,916,849
PIMCO Inflation Protected Bond Portfolio		41,783,301		738,915		(1,534,447	)		40,987,769
PIMCO Total Return Portfolio		54,115,005		1,311,445		(2,340,028	)		53,086,422

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
T. Rowe Price Large Cap Growth Portfolio		6,790,138			372,378		(1,250,160	)		5,912,356
T. Rowe Price Large Cap Value Portfolio		7,131,774			948,841		(486,790	)		7,593,825
T. Rowe Price Mid Cap Growth Portfolio		3,302,610			255,347		(483,294	)		3,074,663
T. Rowe Price Small Cap Growth Portfolio		—			2,177,273		(5,254	)		2,172,019
TCW Core Fixed Income Portfolio		53,765,765			978,311		(4,867,016	)		49,877,060
Van Eck Global Natural Resources Portfolio		6,193,723			384,949		(266,801	)		6,311,871
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		1,486,067			18,622		(88,527	)		1,416,162
Western Asset Management Strategic Bond Opportunities Portfolio		18,019,032			2,115,196		(1,027,370	)		19,106,858
Western Asset Management U.S. Government Portfolio		46,351,655			1,233,460		(1,207,038	)		46,378,077
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
Baillie Gifford International Stock Portfolio	$	6,102,018		$	—	$	1,649,160		$	134,139,114
BlackRock Bond Income Portfolio		260,634			—		19,923,009			638,624,326
BlackRock Capital Appreciation Portfolio		5,101,925			3,160,759		143,195			133,957,597
BlackRock High Yield Portfolio		(100,776	)		—		1,879,417			33,637,896
BlackRock Large Cap Value Portfolio		(2,849,848	)		—		1,810,592			67,275,600
Brighthouse Small Cap Value Portfolio		635,885			2,408,192		764,178			67,269,471
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		(345,167	)		—		881,018			67,272,038
Brighthouse/Artisan International Portfolio		(151,437	)		—		1,117,034			83,884,937
Brighthouse/Artisan Mid Cap Value Portfolio		356,059			—		119,889			16,819,226
Brighthouse/Eaton Vance Floating Rate Portfolio		255,771			—		5,300,157			134,551,548
Brighthouse/Franklin Low Duration Total Return Portfolio		(279,506	)		—		3,328,536			201,192,328
Brighthouse/Templeton International Bond Portfolio		(1,360,944	)		74,104		—			188,703,118
Brighthouse/Wellington Core Equity Opportunities Portfolio		(731,794	)		9,336,840		3,956,151			252,283,261
Brighthouse/Wellington Large Cap Research Portfolio		2,523,856			5,549,760		1,655,017			151,320,301
Clarion Global Real Estate Portfolio		115,859			—		1,848,083			50,127,787
ClearBridge Aggressive Growth Portfolio		5,976,896			—		952,108			100,260,489
Harris Oakmark International Portfolio		896,693			—		3,396,763			184,954,091
Invesco Comstock Portfolio		4,725,187			6,836,187		5,736,976			228,586,215
Invesco Small Cap Growth Portfolio		(2,937,250	)		5,166,522		—			50,455,665
Jennison Growth Portfolio		4,434,540			7,189,674		322,407			99,728,807
JPMorgan Core Bond Portfolio		(1,180,454	)		—		11,898,781			436,791,004
JPMorgan Small Cap Value Portfolio		78,361			2,409,584		669,955			49,826,454
MFS Research International Portfolio		439,644			—		1,976,439			100,517,164
MFS Value Portfolio		4,479,820			14,807,444		5,015,424			249,718,044
Neuberger Berman Genesis Portfolio		8,932,776			2,753,596		138,811			33,633,850
Oppenheimer Global Equity Portfolio		1,122,630			—		760,452			66,825,000
PIMCO Inflation Protected Bond Portfolio		(2,098,457	)		—		7,165,843			398,810,991
PIMCO Total Return Portfolio		(2,131,833	)		2,966,660		11,918,689			604,654,351
T. Rowe Price Large Cap Growth Portfolio		7,194,797			8,005,806		406,214			133,855,733
T. Rowe Price Large Cap Value Portfolio		5,716,502			20,552,441		5,452,134			245,736,179
T. Rowe Price Mid Cap Growth Portfolio		595,110			2,782,214		—			33,636,816
T. Rowe Price Small Cap Growth Portfolio		(324	)		2,822,856		152,862			48,457,753
TCW Core Fixed Income Portfolio		1,129,001			741,866		9,100,221			503,758,304
Van Eck Global Natural Resources Portfolio		(479,014	)		—		69,296			57,501,140
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		(233,886	)		—		219,714			16,739,030
Western Asset Management Strategic Bond Opportunities Portfolio		1,051,230			—		10,045,978			259,088,998
Western Asset Management U.S. Government Portfolio		(279,574	)		—		14,273,299			537,058,131
	$	46,964,930		$	97,564,505	$	134,047,802		$	6,661,652,757

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$251,467,645	$	25,111,814	$	457,401,068	$	434,346,857	$	708,868,713	$	459,458,671

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses		Total
$131,370,425	$	205,376,743	$	(13,870,054	)	$	—	$	322,877,114

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTII-14

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
546,666,991		21,857,022		45,956,327

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		574,895,419		39,584,921
Robert Boulware		575,116,285		39,364,055
Susan C. Gause		575,559,456		38,920,884
Nancy Hawthorne		575,118,215		39,362,125
Barbara A. Nugent		575,825,458		38,654,882
John Rosenthal		575,112,295		39,368,045
Linda B. Strumpf		574,391,499		40,088,841
Dawn M. Vroegop		574,423,279		40,057,061

BHFTII-15

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class A and B shares of the Brighthouse Asset Allocation 60 Portfolio returned 7.43% and 7.38%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 7.27%.

MARKET ENVIRONMENT / CONDITIONS

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

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

Over the six month period, the Portfolio outperformed the Dow Jones Moderate Index. While the contribution from the underlying fixed income and international equity portfolios was a drag on relative performance, strong performance by the U.S. equity portfolios combined with a favorable overweight to U.S. large cap equities, was enough to stay ahead of the benchmark.

Performance from the underlying fixed income portfolios was mixed during the first half of the year, but the overall contribution was a drag on relative performance. The main culprit for the underperformance was the Brighthouse/Templeton International Bond Portfolio, which underperformed its benchmark by 4.47% over the

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

period. The main detractors from relative performance was the portfolio’s underweighted positions in the euro, the Japanese yen, and the Australian dollar. Underweighted duration exposure in the U.S. was a drag on relative performance as well. At the other end of the scale was the Western Asset Management Strategic Bond Opportunities Portfolio, which outperformed its benchmark by 3.08%. The main contributor to performance was the portfolio’s allocation to investment grade credit, non-agency securities and commercial mortgage-backed securities, in addition to favorable allocations to emerging markets. Another strong performer was the PIMCO Total Return Portfolio, which outperformed its benchmark by 0.87%. An overweight to U.S. duration, positions in agency and non-agency mortgage-backed securities, and overweight the euro, yen, and pound currencies, were all positive contributors to performance.

Performance from the underlying domestic equity portfolios during the first half of the year was mixed as well, but the overall contribution to relative performance was positive. Within large cap equity, the T. Rowe Price Large Cap Growth Portfolio did particularly well, outperforming its benchmark by 5.60% during the first half of the year. The strong performance was driven by an overweight to Financial Services, and strong security selection within Consumer Discretionary, Healthcare, and Technology. Another strong performer was the Jennison Growth Portfolio, which outperformed its benchmark by 4.75% for the period. The main reason for the strong performance was an overweight to Technology, underweights to Real Estate and Consumer Staples, and strong security selection within Consumer Discretionary and Industrials. At the other end of the scale was the BlackRock Large Cap Value Portfolio, which underperformed its benchmark by 5.44% during the first half of the year. The significant underperformance was primarily a result of poor security selection within Energy, Consumer Staples, Technology, and Financial Services, in addition to an unfavorable overweight to Energy. Within mid cap equity, the T. Rowe Price Mid Cap Growth Portfolio stood out, as it outperformed its benchmark by 3.45% for the period. The main drivers of outperformance were strong security selection within Industrials, Financial Services, and Consumer Discretionary, as well as favorable underweights to Consumer Discretionary and Consumer Staples. The Neuberger Berman Genesis Portfolio was the strongest performer within the small cap equity asset class, as it outperformed its benchmark by 4.53% during the first half of the year. In addition to a favorable growth tilt vs. its value benchmark, the contribution from security selection within Technology, Industrials, Consumer Staples, and Energy helped relative performance. Furthermore, overweights to Healthcare and Technology and an underweight to Energy, also boosted relative return.

The contribution from the non-U.S. equity portfolios was overall negative, despite strong performance from several individual portfolios. The main reason for the overall detraction from relative performance, was the Van Eck Global Natural Resources Portfolio, which underperformed its benchmark by 4.97% during the first six months of the year. The main reasons for the underperformance were overweight positions and underperformance in the oil & gas exploration & production and oil & gas drilling sub-industries, and poor performance of securities within the Diversified Metals & Mining sector. At the other end of the scale was the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 8.70%. The main driver of outperformance was strong security selection within Financial Services, Consumer Discretionary, Real Estate, and Technology, in addition to underweights to Energy and Real Estate. Another strong performer was the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 5.96% during the first half of the year. The strong results were primarily driven by an overweight to Technology and an underweight to Energy, in addition to strong security selection within Consumer Discretionary and Industrials.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 60 Portfolio
Class A		7.43		12.50		8.84		5.06
Class B		7.38		12.18		8.57		4.79
Dow Jones Moderate Index		7.27		10.35		7.87		5.22

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 60% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		6.5
PIMCO Total Return Portfolio (Class A)		6.0
TCW Core Fixed Income Portfolio (Class A)		5.3
MFS Value Portfolio (Class A)		5.0
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.6
T. Rowe Price Large Cap Value Portfolio (Class A)		4.5
JPMorgan Core Bond Portfolio (Class A)		4.5
Invesco Comstock Portfolio (Class A)		4.2
Western Asset Management U.S. Government Portfolio (Class A)		3.9
Jennison Growth Portfolio (Class A)		3.5

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.64	%	$	1,000.00	$	1,074.30	$	3.29
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.62	$	3.21
Class B(a)	Actual		0.89	%	$	1,000.00	$	1,073.80	$	4.58
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of June 30, 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)		30,616,605	$	365,256,099
BlackRock Bond Income Portfolio (Class A) (a)		8,824,677		931,797,637
BlackRock Capital Appreciation Portfolio (Class A) (a)		11,490,751		438,257,250
BlackRock High Yield Portfolio (Class A) (b)		11,522,852		87,688,906
BlackRock Large Cap Value Portfolio (Class A) (a)		29,413,809		256,488,416
Brighthouse Small Cap Value Portfolio (Class A) (b)		9,383,150		145,814,158
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		24,527,182		256,063,783
Brighthouse/Artisan International Portfolio (Class A) (b)		32,155,552		329,594,411
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		304,674		72,941,961
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		10,730,088		146,787,602
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		28,627,238		289,993,917
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		29,973,022		287,141,550
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		41,821,550		425,743,379
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		22,142,201		659,616,173
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		29,801,456		438,379,416
Clarion Global Real Estate Portfolio (Class A) (b)		18,251,675		213,909,632
ClearBridge Aggressive Growth Portfolio (Class A) (b)		27,570,061		473,102,252
Harris Oakmark International Portfolio (Class A) (b)		31,425,725		477,042,511
Invesco Comstock Portfolio (Class A) (b)		42,252,366		605,898,932
Invesco Small Cap Growth Portfolio (Class A) (b)		16,072,197		219,867,660
Jennison Growth Portfolio (Class A) (a)		34,923,450		508,834,664
JPMorgan Core Bond Portfolio (Class A) (b)		62,988,982		641,227,839
JPMorgan Small Cap Value Portfolio (Class A) (b)		6,462,900		107,348,770
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		5,459,436		73,593,194
MFS Research International Portfolio (Class A) (b)		25,171,979		291,994,959
MFS Value Portfolio (Class A) (a)		47,204,533		726,949,812
Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (a)		7,102,712		146,031,762
Oppenheimer Global Equity Portfolio (Class A) (b)		6,377,079		146,098,883
PIMCO Inflation Protected Bond Portfolio (Class A) (b) (c)		43,598,880		424,217,102
PIMCO Total Return Portfolio (Class A) (b)		75,682,441		862,023,000
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		19,350,616		438,097,952
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		19,895,507		643,818,604
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		13,407,113		146,673,813
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		9,837,961		219,484,905
TCW Core Fixed Income Portfolio (Class A) (b)		76,053,516		768,140,516
Van Eck Global Natural Resources Portfolio (Class A) (a)		27,611,210		251,538,121
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio) (Class A) (b)		3,057,896		36,144,336
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		21,542,452		292,115,643
Western Asset Management U.S. Government Portfolio (Class A) (a)		48,983,488		567,228,793
Total Mutual Funds (Cost $13,748,954,837)				14,412,948,313
Total Investments—100.0% (Cost $13,748,954,837) (d)				14,412,948,313
Other assets and liabilities (net)—0.0%				(3,730,851	)
Net Assets—100.0%			$	14,409,217,462

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security. Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(d)	As of June 30, 2017, the aggregate cost of investments was $13,748,954,837. The aggregate unrealized appreciation and depreciation of investments were $957,802,260 and $(293,808,784), respectively, resulting in net unrealized appreciation of $663,993,476.

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	14,412,948,313	$	—	$	—	$	14,412,948,313
Total Investments	$	14,412,948,313	$	—	$	—	$	14,412,948,313

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Affiliated investments at value (a)	$	14,412,948,313
Receivable for:
Investments sold		10,294,189
Fund shares sold		336,204
Total Assets		14,423,578,706
Liabilities
Payables for:
Fund shares redeemed		10,630,393
Accrued Expenses:
Management fees		625,935
Distribution and service fees		2,905,900
Deferred trustees’ fees		148,161
Other expenses		50,855
Total Liabilities		14,361,244
Net Assets	$	14,409,217,462
Net Assets Consist of:
Paid in surplus	$	13,192,375,701
Undistributed net investment income		228,808,647
Accumulated net realized gain		324,039,638
Unrealized appreciation on affiliated investments		663,993,476
Net Assets	$	14,409,217,462
Net Assets
Class A	$	337,660,063
Class B		14,071,557,399
Capital Shares Outstanding*
Class A		28,401,058
Class B		1,188,844,033
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.89
Class B		11.84

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $13,748,954,837.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from affiliated investments	$	250,993,175
Total investment income		250,993,175
Expenses
Management fees		3,768,851
Administration fees		10,960
Custodian and accounting fees		13,640
Distribution and service fees—Class B		17,495,938
Audit and tax services		15,255
Legal		18,678
Trustees’ fees and expenses		26,317
Miscellaneous		9,659
Total expenses		21,359,298
Net Investment Income		229,633,877
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		114,284,399
Capital gain distributions from Affiliated Underlying Portfolios		313,722,381
Net realized gain		428,006,780
Net change in unrealized appreciation on affiliated investments		361,924,192
Net realized and unrealized gain		789,930,972
Net Increase in Net Assets From Operations	$	1,019,564,849

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	229,633,877		$	218,887,997
Net realized gain		428,006,780			629,388,680
Net change in unrealized appreciation		361,924,192			137,092,249
Increase in net assets from operations		1,019,564,849			985,368,926
From Distributions to Shareholders
Net investment income
Class A		(6,636,499	)		(11,103,260	)
Class B		(243,506,359	)		(440,630,708	)
Net realized capital gains
Class A		(13,326,735	)		(29,446,663	)
Class B		(559,162,751	)		(1,271,092,592	)
Total distributions		(822,632,344	)		(1,752,273,223	)
Increase (decrease) in net assets from capital share transactions		(23,193,736	)		282,510,317
Total increase (decrease) in net assets		173,738,769			(484,393,980	)
Net Assets
Beginning of period		14,235,478,693			14,719,872,673
End of period	$	14,409,217,462		$	14,235,478,693
Undistributed net investment income
End of period	$	228,808,647		$	249,317,628

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		879,915		$	10,766,614			1,738,201		$	20,624,999
Reinvestments		1,681,822			19,963,234			3,640,029			40,549,923
Redemptions		(2,329,695	)		(28,508,719	)		(3,614,918	)		(43,116,439	)
Net increase		232,042		$	2,221,129			1,763,312		$	18,058,483
Class B
Sales		4,558,962		$	55,100,117			12,663,938		$	150,563,373
Reinvestments		67,907,708			802,669,110			154,348,359			1,711,723,300
Redemptions		(72,660,837	)		(883,184,092	)		(134,911,201	)		(1,597,834,839	)
Net increase (decrease)		(194,167	)	$	(25,414,865	)		32,101,096		$	264,451,834
Increase (decrease) derived from capital shares transactions				$	(23,193,736	)				$	282,510,317

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.76		$	12.50		$	13.57		$	13.74		$	11.98		$	10.83
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.21			0.32			0.21			0.25			0.23
Net realized and unrealized gain (loss) on investments		0.67			0.63			(0.41	)		0.48			1.89			1.21
Total from investment operations		0.88			0.84			(0.09	)		0.69			2.14			1.44
Less Distributions
Distributions from net investment income		(0.25	)		(0.43	)		(0.10	)		(0.32	)		(0.28	)		(0.29	)
Distributions from net realized capital gains		(0.50	)		(1.15	)		(0.88	)		(0.54	)		(0.10	)		0.00
Total distributions		(0.75	)		(1.58	)		(0.98	)		(0.86	)		(0.38	)		(0.29	)
Net Asset Value, End of Period	$	11.89		$	11.76		$	12.50		$	13.57		$	13.74		$	11.98
Total Return (%) (b)		7.43	(c)		7.47			(0.99	)		5.29			18.29			13.47
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.05	(e)		0.05			0.05			0.05			0.06			0.06
Ratio of net investment income to average net assets (%) (f)		1.69	(e)(g)		1.74			2.40			1.58			1.95			2.03
Portfolio turnover rate (%)		6	(c)		10			15			16			15			11
Net assets, end of period (in millions)	$	337.7		$	331.2		$	330.1		$	353.0		$	331.6		$	274.8
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.69		$	12.44		$	13.52		$	13.69		$	11.94		$	10.79
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.18			0.28			0.05			0.22			0.21
Net realized and unrealized gain (loss) on investments		0.68			0.62			(0.41	)		0.61			1.88			1.20
Total from investment operations		0.87			0.80			(0.13	)		0.66			2.10			1.41
Less Distributions
Distributions from net investment income		(0.22	)		(0.40	)		(0.07	)		(0.29	)		(0.25	)		(0.26	)
Distributions from net realized capital gains		(0.50	)		(1.15	)		(0.88	)		(0.54	)		(0.10	)		0.00
Total distributions		(0.72	)		(1.55	)		(0.95	)		(0.83	)		(0.35	)		(0.26	)
Net Asset Value, End of Period	$	11.84		$	11.69		$	12.44		$	13.52		$	13.69		$	11.94
Total Return (%) (b)		7.38	(c)		7.11			(1.27	)		5.05			17.98			13.24
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.30	(e)		0.30			0.30			0.30			0.31			0.31
Ratio of net investment income to average net assets (%) (f)		1.44	(e)(g)		1.52			2.15			0.39			1.71			1.81
Portfolio turnover rate (%)		6	(c)		10			15			16			15			11
Net assets, end of period (in millions)	$	14,071.6		$	13,904.3		$	14,389.8		$	16,127.1		$	5,420.8		$	4,800.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 60 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations and distributions from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	792,188,140	$	0	$	1,094,714,687

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,768,851		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

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

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2017 is shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Underlying Portfolios

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Baillie Gifford International Stock Portfolio		34,374,118		379,670		(4,137,183	)		30,616,605
BlackRock Bond Income Portfolio		8,548,930		311,045		(35,298	)		8,824,677
BlackRock Capital Appreciation Portfolio		12,669,965		284,280		(1,463,494	)		11,490,751
BlackRock High Yield Portfolio		11,367,631		640,072		(484,851	)		11,522,852
BlackRock Large Cap Value Portfolio		56,915,647		792,568		(28,294,406	)		29,413,809
Brighthouse Small Cap Value Portfolio		9,433,377		441,665		(491,892	)		9,383,150
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		26,067,044		322,599		(1,862,461	)		24,527,182
Brighthouse/Artisan International Portfolio		34,062,613		456,191		(2,363,252	)		32,155,552
Brighthouse/Artisan Mid Cap Value Portfolio		317,601		2,175		(15,102	)		304,674
Brighthouse/Dimensional International Small Company Portfolio		11,346,986		743,322		(1,360,220	)		10,730,088
Brighthouse/Eaton Vance Floating Rate Portfolio		27,844,011		1,126,630		(343,403	)		28,627,238
Brighthouse/Franklin Low Duration Total Return Portfolio		29,623,117		497,945		(148,040	)		29,973,022
Brighthouse/Templeton International Bond Portfolio		43,566,795		18,097		(1,763,342	)		41,821,550
Brighthouse/Wellington Core Equity Opportunities Portfolio		22,730,943		1,158,379		(1,747,121	)		22,142,201
Brighthouse/Wellington Large Cap Research Portfolio		31,636,505		1,415,298		(3,250,347	)		29,801,456
Clarion Global Real Estate Portfolio		17,363,812		950,489		(62,626	)		18,251,675
ClearBridge Aggressive Growth Portfolio		29,906,151		263,462		(2,599,552	)		27,570,061
Harris Oakmark International Portfolio		36,091,653		584,868		(5,250,796	)		31,425,725
Invesco Comstock Portfolio		35,357,565		8,575,410		(1,680,609	)		42,252,366
Invesco Small Cap Growth Portfolio		15,835,532		1,646,379		(1,409,714	)		16,072,197
Jennison Growth Portfolio		37,630,435		2,612,553		(5,319,538	)		34,923,450
JPMorgan Core Bond Portfolio		61,180,076		2,062,613		(253,707	)		62,988,982
JPMorgan Small Cap Value Portfolio		6,257,816		398,879		(193,795	)		6,462,900
Loomis Sayles Small Cap Growth Portfolio		5,846,679		256,228		(643,471	)		5,459,436
MFS Research International Portfolio		27,787,660		496,454		(3,112,135	)		25,171,979
MFS Value Portfolio		42,957,290		6,492,797		(2,245,554	)		47,204,533
Neuberger Berman Genesis Portfolio		6,907,441		604,350		(409,079	)		7,102,712
Oppenheimer Global Equity Portfolio		7,478,956		72,975		(1,174,852	)		6,377,079

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
PIMCO Inflation Protected Bond Portfolio		42,858,192			916,798		(176,110	)		43,598,880
PIMCO Total Return Portfolio		74,004,896			1,981,548		(304,003	)		75,682,441
T. Rowe Price Large Cap Growth Portfolio		21,302,407			1,214,804		(3,166,595	)		19,350,616
T. Rowe Price Large Cap Value Portfolio		17,302,753			3,406,851		(814,097	)		19,895,507
T. Rowe Price Mid Cap Growth Portfolio		13,893,994			1,109,796		(1,596,677	)		13,407,113
T. Rowe Price Small Cap Growth Portfolio		10,201,894			612,365		(976,298	)		9,837,961
TCW Core Fixed Income Portfolio		74,418,648			1,943,778		(308,910	)		76,053,516
Van Eck Global Natural Resources Portfolio		26,372,873			2,037,290		(798,953	)		27,611,210
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		3,154,171			40,127		(136,402	)		3,057,896
Western Asset Management Strategic Bond Opportunities Portfolio		21,153,213			839,675		(450,436	)		21,542,452
Western Asset Management U.S. Government Portfolio		47,552,995			1,627,789		(197,296	)		48,983,488
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
Baillie Gifford International Stock Portfolio	$	12,327,384		$	—	$	4,487,466		$	365,256,099
BlackRock Bond Income Portfolio		56,101			—		28,862,995			931,797,637
BlackRock Capital Appreciation Portfolio		11,887,063			10,301,829		466,713			438,257,250
BlackRock High Yield Portfolio		(354,037	)		—		4,870,950			87,688,906
BlackRock Large Cap Value Portfolio		(13,104,819	)		—		6,869,707			256,488,416
Brighthouse Small Cap Value Portfolio		34,885			5,216,422		1,655,296			145,814,158
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		(2,198,691	)		—		3,349,912			256,063,783
Brighthouse/Artisan International Portfolio		437,943			—		4,373,877			329,594,411
Brighthouse/Artisan Mid Cap Value Portfolio		1,149,961			—		518,543			72,941,961
Brighthouse/Dimensional International Small Company Portfolio		(4,126,583	)		6,763,790		3,270,516			146,787,602
Brighthouse/Eaton Vance Floating Rate Portfolio		166,069			—		11,412,758			289,993,917
Brighthouse/Franklin Low Duration Total Return Portfolio		(45,316	)		—		4,748,441			287,141,550
Brighthouse/Templeton International Bond Portfolio		508,503			167,537		—			425,743,379
Brighthouse/Wellington Core Equity Opportunities Portfolio		4,888,689			24,311,314		10,301,045			659,616,173
Brighthouse/Wellington Large Cap Research Portfolio		5,889,420			16,058,471		4,788,865			438,379,416
Clarion Global Real Estate Portfolio		175,781			—		7,863,375			213,909,632
ClearBridge Aggressive Growth Portfolio		29,494,940			—		4,481,084			473,102,252
Harris Oakmark International Portfolio		516,927			—		8,708,687			477,042,511
Invesco Comstock Portfolio		7,887,919			18,120,046		15,206,470			605,898,932
Invesco Small Cap Growth Portfolio		(433,188	)		22,371,356		—			219,867,660
Jennison Growth Portfolio		13,934,504			36,478,802		1,635,821			508,834,664
JPMorgan Core Bond Portfolio		(70,375	)		—		17,285,924			641,227,839
JPMorgan Small Cap Value Portfolio		326,783			5,191,314		1,443,379			107,348,770
Loomis Sayles Small Cap Growth Portfolio		1,313,352			3,407,835		—			73,593,194
MFS Research International Portfolio		2,407,689			—		5,734,045			291,994,959
MFS Value Portfolio		9,824,633			43,107,795		14,601,027			726,949,812
Neuberger Berman Genesis Portfolio		3,715,057			11,908,710		600,330			146,031,762
Oppenheimer Global Equity Portfolio		2,135,436			—		1,656,542			146,098,883
PIMCO Inflation Protected Bond Portfolio		(89,307	)		—		7,621,202			424,217,102
PIMCO Total Return Portfolio		(227,759	)		4,208,322		16,907,118			862,023,000
T. Rowe Price Large Cap Growth Portfolio		16,347,631			26,117,244		1,325,187			438,097,952
T. Rowe Price Large Cap Value Portfolio		9,573,570			53,845,546		14,284,101			643,818,604
T. Rowe Price Mid Cap Growth Portfolio		1,010,222			12,096,207		—			146,673,813
T. Rowe Price Small Cap Growth Portfolio		1,726,796			12,931,001		700,235			219,484,905
TCW Core Fixed Income Portfolio		65,943			1,118,840		13,724,440			768,140,516
Van Eck Global Natural Resources Portfolio		(3,018,176	)		—		302,900			251,538,121
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		(362,634	)		—		474,695			36,144,336
Western Asset Management Strategic Bond Opportunities Portfolio		505,580			—		11,391,860			292,115,643
Western Asset Management U.S. Government Portfolio		6,503			—		15,067,669			567,228,793
	$	114,284,399		$	313,722,381	$	250,993,175		$	14,412,948,313

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$456,253,652	$	88,972,467	$	1,296,019,571	$	1,016,137,195	$	1,752,273,223	$	1,105,109,662

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$249,457,966	$	572,314,305	$	198,277,323	$	—	$	1,020,049,594

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTII-14

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
1,110,055,986		44,151,552		74,179,400

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		1,157,977,071		70,409,867
Robert Boulware		1,157,742,451		70,644,488
Susan C. Gause		1,158,271,474		70,115,464
Nancy Hawthorne		1,157,775,969		70,610,969
Barbara A. Nugent		1,159,387,651		68,999,287
John Rosenthal		1,157,707,600		70,679,339
Linda B. Strumpf		1,156,732,403		71,654,535
Dawn M. Vroegop		1,157,144,017		71,242,922

BHFTII-15

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six month period ended June 30, 2017, the Class A and B shares of the Brighthouse Asset Allocation 80 Portfolio returned 9.46% and 9.33%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 8.91%.

MARKET ENVIRONMENT / CONDITIONS

The first half of the year was marked by the U.S. Federal Reserve (the “Fed”) raising rates twice, both times in 0.25% increments, from 0.75% to 1.25%. In addition, the Fed has suggested another rate hike in 2017 as well as the beginning of ”a balance sheet normalization”, with reference to the Fed’s plan to start reducing its enormous balance sheet of approximately $4.5 trillion worth of primarily U.S. government bonds and mortgage securities. The Fed’s move comes on the back of continued slow but steady growth in the U.S., currently at the tune of 2% annually. However, despite the muted growth, the current eight-year-long economic expansion has driven the unemployment rate down to 4.3% as of this writing. This is a level not witnessed since 2000, and before that, one would have to go all the way back to 1969 to see a level that low. This level is noticeably below the long-run “normal” level of unemployment, typically defined by the Fed as being between 4.5 to 5.0%. As such, unemployment should not be expected to go much lower, despite the tailwind from more than 6 million current job openings, which would lower the unemployment rate by another approximately 4% if they were all filled. If the job market continues to tighten, however, it would not be a surprise to see stronger growth in wages, which in turn would help push core inflation above the current level of 1.9%, and above the Fed’s stated target of 2%.

Another factor pushing core inflation upward is housing expenses. After a game-changing collapse in housing leading up to the Financial Crisis, surviving homebuilders are still only cautiously embarking on new projects, despite an existing inventory of housing of only slightly more than four months. This, in turn, has led to an increase in the cost of renting and owning, a trend that could continue if interest rates continue to rise.

In addition to relatively healthy economic data, financial markets have been busy interpreting the impact of the potential shift in the regulatory environment and in fiscal policies that followed the November election. The result was a very healthy gain for stocks during the first two months of the year, as financial markets seemed to price in a complete and swift implementation of everything promised before and after the election. However, as investors got into March, expectations were lowered, epitomized by the Republican withdrawal of the healthcare bill. This led to sideways movement of U.S. stock prices until the second half of May, where another push higher led the U.S. stock market, as defined by the S&P 500 Index, to a very strong mid-year return of 9.34%. The robust returns were led by Information Technology and Healthcare, which returned 16.62% and 16.47%, respectively. At the other end of the scale was Energy and Telecommunication Services, which fell 13.82% and 10.77%, in that order. Large cap stocks outperformed both mid cap stocks and small cap stocks, which returned 7.99% and 4.99%, respectively, as measured by the Russell Mid Cap Index and the Russell 2000 Index.

Despite the strong performance of U.S. equity markets, non-U.S. equities fared even better. Foreign developed equity, as defined by the MSCI EAFE Index, returned 13.81% during the first six months of the year, driven by relatively cheap valuations and a European economy that seems to be in recovery mode. Emerging Market (“EM”) equity was the best performing major asset class, returning 18.43% as defined by the MSCI EM Index. The strong returns were primarily driven by Asian economies, led by Korea, China and Taiwan, which returned 28.78%, 24.86% and 21.58%, respectively, according to their MSCI country-specific indices. European emerging markets were the laggard, primarily because of a negative return of 14.18% coming out of Russia, as defined by the MSCI Russia Index.

In the fixed income world, there was a slight curve-flattening during the first half of the year. The 1-year U.S. Treasury rate rose from 0.80% to 1.23%, but longer-term rates were, surprisingly, down slightly for the first six months of the year. The 5-year rates moved from 1.94% to 1.89%, the 10-year rate moved from 2.44% to 2.30%, and the 30-year rate moved from 3.05% to 2.83%, as the market responded to lower than expected inflation, and diminished hope that the economy can break out of the current 2% growth environment any time soon. However, the confirmation of steady economic growth, fueled strong returns for corporate bonds, and more so in in the low-quality end of the spectrum. As such, the lowest quality corporate bonds returned 6.59% during first half of the year, as measured by the Bloomberg Barclays U.S. High Yield Caa Index. Much of the strong return came out of the energy sector during the first quarter of the year, as surviving energy related companies have had a chance to adjust their businesses to low energy prices.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

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

Over the six month period, the Portfolio outperformed the Dow Jones Moderately Aggressive Index. While the contribution from the underlying fixed income and international equity portfolios was a drag on relative performance, strong performance by the U.S. equity portfolios combined with a favorable overweight to U.S. large cap equity, was enough to stay ahead of the benchmark.

Performance from the underlying fixed income portfolios was mixed during the first half of the year, but the overall contribution was a drag on relative performance. The main culprit for the underperformance was the Brighthouse/Templeton International Bond Portfolio, which underperformed its benchmark by 4.47% over the

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

period. The main detractors from relative performance was the portfolio’s underweighted positions in the euro, the Japanese yen, and the Australian dollar. Underweighted duration exposure in the U.S. was a drag on relative performance as well. At the other end of the scale was the Western Asset Management Strategic Bond Opportunities Portfolio, which outperformed its benchmark by 3.08%. The main contributor to performance was the portfolio’s allocation to investment grade credit, non-agency securities and commercial mortgage-backed securities, in addition to favorable allocations to emerging markets. Another strong performer was the PIMCO Total Return Portfolio, which outperformed its benchmark by 0.87%. An overweight to U.S. duration, positions in agency and non-agency mortgage-backed securities, and overweight the euro, yen, and pound currencies, were all positive contributors to performance.

Performance from the underlying domestic equity portfolios during the first half of the year was mixed as well, but the overall contribution to relative performance was positive. Within large cap equity, the T. Rowe Price Large Cap Growth Portfolio did particularly well, outperforming its benchmark by 5.60% during the first half of the year. The strong performance was driven by an overweight to Financial Services, and strong security selection within Consumer Discretionary, Healthcare, and Technology. Another strong performer was the Jennison Growth Portfolio, which outperformed its benchmark by 4.75% for the period. The main reason for the strong performance was an overweight to Technology, underweights to Real Estate and Consumer Staples, and strong security selection within Consumer Discretionary and Industrials. At the other end of the scale was the BlackRock Large Cap Value Portfolio, which underperformed its benchmark by 5.44% during the first half of the year. The significant underperformance was primarily a result of poor security selection within Energy, Consumer Staples, Technology, and Financial Services, in addition to an unfavorable overweight to Energy. Within mid cap equity, the Morgan Stanley Mid Cap Growth Portfolio significantly outperformed its benchmark during the period, beating it by 16.71%. The feat was driven by strong security selection within Consumer Discretionary, Technology, Financial Services, and Healthcare, as well as a large overweight to Technology and an underweight to Consumer Staples. The T. Rowe Price Mid Cap Growth Portfolio also stood out, as it outperformed its benchmark by 3.45% for the period. The main drivers of outperformance were strong security selection within Industrials, Financial Services, and Consumer Discretionary, as well as favorable underweights to Consumer Discretionary and Consumer Staples. The Neuberger Berman Genesis Portfolio was the strongest performer within the small cap equity asset class, as it outperformed its benchmark by 4.53% during the first half of the year. In addition to a favorable growth tilt vs. its value benchmark, the contribution from security selection within Technology, Industrials, Consumer Staples, and Energy helped relative performance. Furthermore, overweights to Healthcare and Technology and an underweight to Energy, also boosted relative return.

The contribution from the non-U.S. equity portfolios was overall negative, despite strong performance from several individual portfolios. The main reason for the overall detraction from relative performance, was the Van Eck Global Natural Resources Portfolio, which underperformed its benchmark by 4.97% during the first six months of the year. The main reasons for the underperformance were overweight positions and underperformance in the oil & gas exploration & production and oil & gas drilling sub-industries, and poor performance of securities within the Diversified Metals & Mining sector. At the other end of the scale was the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 8.70%. The main driver of outperformance was strong security selection within Financial Services, Consumer Discretionary, Real Estate, and Technology, in addition to underweights to Energy and Real Estate. Another strong performer was the Baillie Gifford International Stock Portfolio, which outperformed its benchmark by 5.96% during the first half of the year. The strong results were primarily driven by an overweight to Technology and an underweight to Energy, in addition to strong security selection within Consumer Discretionary and Industrials.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 80 Portfolio
Class A		9.46		16.53		10.77		4.96
Class B		9.33		16.23		10.51		4.70
Dow Jones Moderately Aggressive Index		8.91		14.97		9.95		5.46

¹ The Dow Jones Moderately Aggressive Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 80% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
MFS Value Portfolio (Class A)		5.5
Invesco Comstock Portfolio (Class A)		5.1
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		5.1
Jennison Growth Portfolio (Class A)		5.1
T. Rowe Price Large Cap Value Portfolio (Class A)		4.9
ClearBridge Aggressive Growth Portfolio (Class A)		4.8
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.6
Harris Oakmark International Portfolio (Class A)		4.4
Baillie Gifford International Stock Portfolio (Class A)		3.6
BlackRock Capital Appreciation Portfolio (Class A)		3.6

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.69	%	$	1,000.00	$	1,094.60	$	3.58
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46
Class B(a)	Actual		0.94	%	$	1,000.00	$	1,093.30	$	4.88
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.13	$	4.71

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of June 30, 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)		33,739,243	$	402,509,168
BlackRock Bond Income Portfolio (Class A) (a)		3,088,026		326,064,680
BlackRock Capital Appreciation Portfolio (Class A) (a)		10,532,098		401,694,219
BlackRock High Yield Portfolio (Class A) (b)		7,469,057		56,839,527
BlackRock Large Cap Value Portfolio (Class A) (a)		23,024,152		200,770,606
Brighthouse Small Cap Value Portfolio (Class A) (b)		10,877,832		169,041,502
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		27,442,476		286,499,450
Brighthouse/Artisan International Portfolio (Class A) (b)		36,568,321		374,825,295
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		235,625		56,410,920
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		16,888,163		231,030,066
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		10,903,591		110,453,380
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		32,420,766		330,043,395
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		19,259,940		573,753,610
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		27,215,726		400,343,325
Clarion Global Real Estate Portfolio (Class A) (b)		23,353,273		273,700,356
ClearBridge Aggressive Growth Portfolio (Class A) (b)		31,286,848		536,882,309
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,622,660		57,150,102
Harris Oakmark International Portfolio (Class A) (b)		32,271,965		489,888,428
Invesco Comstock Portfolio (Class A) (b)		40,219,109		576,742,025
Invesco Small Cap Growth Portfolio (Class A) (b)		21,010,345		287,421,517
Jennison Growth Portfolio (Class A) (a)		39,158,892		570,545,057
JPMorgan Core Bond Portfolio (Class A) (b)		21,202,903		215,845,551
JPMorgan Small Cap Value Portfolio (Class A) (b)		9,963,740		165,497,716
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		10,758,319		145,022,145
MFS Research International Portfolio (Class A) (b)		29,693,427		344,443,757
MFS Value Portfolio (Class A) (a)		39,986,779		615,796,395
Affiliated Investment Companies—(Continued)
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		3,150,597		58,002,490
Neuberger Berman Genesis Portfolio (Class A) (a)		2,769,163		56,933,998
Oppenheimer Global Equity Portfolio (Class A) (b)		7,543,922		172,831,261
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		16,544,269		160,975,735
PIMCO Total Return Portfolio (Class A) (b)		28,725,343		327,181,658
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		22,826,167		516,784,421
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		17,025,384		550,941,426
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		10,554,266		115,463,667
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		7,715,261		172,127,483
TCW Core Fixed Income Portfolio (Class A) (b)		26,652,043		269,185,632
Van Eck Global Natural Resources Portfolio (Class A) (a)		31,881,261		290,438,291
Wells Capital Management Mid Cap Value Portfolio (formerly Goldman Sachs Mid Cap Value Portfolio) (Class A) (b)		9,454,878		111,756,656
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		16,537,572		224,249,475
Total Mutual Funds (Cost $10,405,520,146)				11,226,086,694
Total Investments—100.0% (Cost $10,405,520,146) (c)				11,226,086,694
Other assets and liabilities (net)—0.0%				(2,953,235	)
Net Assets—100.0%			$	11,223,133,459

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	As of June 30, 2017, the aggregate cost of investments was $10,405,520,146. The aggregate unrealized appreciation and depreciation of investments were $1,015,043,740 and $(194,477,192), respectively, resulting in net unrealized appreciation of $820,566,548.

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	11,226,086,694	$	—	$	—	$	11,226,086,694
Total Investments	$	11,226,086,694	$	—	$	—	$	11,226,086,694

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Affiliated investments at value (a)	$	11,226,086,694
Receivable for:
Investments sold		2,360,234
Fund shares sold		1,701,244
Total Assets		11,230,148,172
Liabilities
Payables for:
Fund shares redeemed		4,061,478
Accrued Expenses:
Management fees		493,829
Distribution and service fees		2,228,645
Deferred trustees’ fees		179,615
Other expenses		51,146
Total Liabilities		7,014,713
Net Assets	$	11,223,133,459
Net Assets Consist of:
Paid in surplus	$	9,984,193,654
Undistributed net investment income		149,117,465
Accumulated net realized gain		269,255,792
Unrealized appreciation on affiliated investments		820,566,548
Net Assets	$	11,223,133,459
Net Assets
Class A	$	419,269,032
Class B		10,803,864,427
Capital Shares Outstanding*
Class A		32,103,685
Class B		830,463,727
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.06
Class B		13.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $10,405,520,146.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends from affiliated investments	$	166,535,505
Total investment income		166,535,505
Expenses
Management fees		2,956,045
Administration fees		10,960
Custodian and accounting fees		13,639
Distribution and service fees—Class B		13,337,261
Audit and tax services		15,255
Legal		18,678
Trustees’ fees and expenses		26,316
Miscellaneous		8,263
Total expenses		16,386,417
Net Investment Income		150,149,088
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		108,874,510
Capital gain distributions from Affiliated Underlying Portfolios		304,526,369
Net realized gain		413,400,879
Net change in unrealized appreciation on affiliated investments		432,647,142
Net realized and unrealized gain		846,048,021
Net Increase in Net Assets From Operations	$	996,197,109

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	150,149,088		$	142,937,254
Net realized gain		413,400,879			696,231,370
Net change in unrealized appreciation (depreciation)		432,647,142			(1,222,410	)
Increase in net assets from operations		996,197,109			837,946,214
From Distributions to Shareholders
Net investment income
Class A		(7,454,246	)		(12,442,422	)
Class B		(167,613,633	)		(305,769,387	)
Net realized capital gains
Class A		(22,901,598	)		(45,949,646	)
Class B		(593,631,616	)		(1,237,778,000	)
Total distributions		(791,601,093	)		(1,601,939,455	)
Increase in net assets from capital share transactions		160,313,811			493,678,669
Total increase (decrease) in net assets		364,909,827			(270,314,572	)
Net Assets
Beginning of period		10,858,223,632			11,128,538,204
End of period	$	11,223,133,459		$	10,858,223,632
Undistributed net investment income
End of period	$	149,117,465		$	174,036,256

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		754,645		$	10,153,839			1,613,028		$	21,073,047
Reinvestments		2,331,478			30,355,844			4,878,201			58,392,068
Redemptions		(1,955,880	)		(26,400,522	)		(3,159,848	)		(41,121,076	)
Net increase		1,130,243		$	14,109,161			3,331,381		$	38,344,039
Class B
Sales		4,421,673		$	59,367,716			9,628,013		$	125,113,184
Reinvestments		58,692,772			761,245,249			129,383,687			1,543,547,387
Redemptions		(50,098,529	)		(674,408,315	)		(93,479,114	)		(1,213,325,941	)
Net increase		13,015,916		$	146,204,650			45,532,586		$	455,334,630
Increase derived from capital shares transactions				$	160,313,811					$	493,678,669

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.86		$	13.98		$	14.92		$	14.41		$	11.78		$	10.39
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.20			0.29			0.18			0.21			0.18
Net realized and unrealized gain (loss) on investments		1.02			0.82			(0.47	)		0.60			2.64			1.45
Total from investment operations		1.22			1.02			(0.18	)		0.78			2.85			1.63
Less Distributions
Distributions from net investment income		(0.25	)		(0.46	)		(0.08	)		(0.27	)		(0.22	)		(0.24	)
Distributions from net realized capital gains		(0.77	)		(1.68	)		(0.68	)		0.00			0.00			0.00
Total distributions		(1.02	)		(2.14	)		(0.76	)		(0.27	)		(0.22	)		(0.24	)
Net Asset Value, End of Period	$	13.06		$	12.86		$	13.98		$	14.92		$	14.41		$	11.78
Total Return (%) (b)		9.46	(c)		8.43			(1.50	)		5.53			24.51			15.82
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.05			0.06			0.07			0.07
Ratio of net investment income to average net assets (%) (f)		1.44	(e)(g)		1.55			1.96			1.26			1.65			1.60
Portfolio turnover rate (%)		6	(c)		10			13			22			13			13
Net assets, end of period (in millions)	$	419.3		$	398.2		$	386.4		$	395.4		$	365.2		$	290.4
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.80		$	13.92		$	14.86		$	14.36		$	11.73		$	10.36
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.17			0.25			0.02			0.19			0.15
Net realized and unrealized gain (loss) on investments		1.02			0.81			(0.46	)		0.72			2.63			1.43
Total from investment operations		1.20			0.98			(0.21	)		0.74			2.82			1.58
Less Distributions
Distributions from net investment income		(0.22	)		(0.42	)		(0.05	)		(0.24	)		(0.19	)		(0.21	)
Distributions from net realized capital gains		(0.77	)		(1.68	)		(0.68	)		0.00			0.00			0.00
Total distributions		(0.99	)		(2.10	)		(0.73	)		(0.24	)		(0.19	)		(0.21	)
Net Asset Value, End of Period	$	13.01		$	12.80		$	13.92		$	14.86		$	14.36		$	11.73
Total Return (%) (b)		9.33	(c)		8.14			(1.70	)		5.23			24.31			15.39
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.30			0.31			0.32			0.32
Ratio of net investment income to average net assets (%) (f)		1.18	(e)(g)		1.32			1.73			0.14			1.43			1.38
Portfolio turnover rate (%)		6	(c)		10			13			22			13			13
Net assets, end of period (in millions)	$	10,803.9		$	10,460.0		$	10,742.1		$	12,034.0		$	3,042.8		$	2,608.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 80 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Asset Allocation Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Asset Allocation Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Investments in the Underlying Portfolios are valued at their closing daily net asset value (“NAV”) on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations and distributions from Underlying Portfolios. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the companies whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	660,390,774	$	0	$	836,994,832

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$2,956,045		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

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

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amount incurred by the Asset Allocation Portfolio for the six months ended June 30, 2017 is shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Underlying Portfolios

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2017 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017
Baillie Gifford International Stock Portfolio		36,574,012		419,026		(3,253,795	)		33,739,243
BlackRock Bond Income Portfolio		2,967,065		135,006		(14,045	)		3,088,026
BlackRock Capital Appreciation Portfolio		11,250,400		259,627		(977,929	)		10,532,098
BlackRock High Yield Portfolio		7,154,585		413,650		(99,178	)		7,469,057
BlackRock Large Cap Value Portfolio		43,642,214		621,906		(21,239,968	)		23,024,152
Brighthouse Small Cap Value Portfolio		10,886,932		513,485		(522,585	)		10,877,832
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		28,252,286		376,191		(1,186,001	)		27,442,476
Brighthouse/Artisan International Portfolio		36,992,135		1,295,802		(1,719,616	)		36,568,321
Brighthouse/Artisan Mid Cap Value Portfolio		243,087		1,683		(9,145	)		235,625
Brighthouse/Dimensional International Small Company Portfolio		17,179,222		1,164,393		(1,455,452	)		16,888,163
Brighthouse/Eaton Vance Floating Rate Portfolio		10,488,901		462,755		(48,065	)		10,903,591
Brighthouse/Templeton International Bond Portfolio		32,925,468		24,334		(529,036	)		32,420,766
Brighthouse/Wellington Core Equity Opportunities Portfolio		19,103,461		1,003,352		(846,873	)		19,259,940
Brighthouse/Wellington Large Cap Research Portfolio		28,150,280		1,288,228		(2,222,782	)		27,215,726
Clarion Global Real Estate Portfolio		21,877,183		1,573,765		(97,675	)		23,353,273
ClearBridge Aggressive Growth Portfolio		33,329,146		298,231		(2,340,529	)		31,286,848
Frontier Mid Cap Growth Portfolio		1,749,614		38,127		(165,081	)		1,622,660
Harris Oakmark International Portfolio		35,967,819		597,706		(4,293,560	)		32,271,965
Invesco Comstock Portfolio		34,852,715		6,852,032		(1,485,638	)		40,219,109
Invesco Small Cap Growth Portfolio		20,192,546		2,141,886		(1,324,087	)		21,010,345
Jennison Growth Portfolio		40,791,562		2,924,733		(4,557,403	)		39,158,892
JPMorgan Core Bond Portfolio		20,420,041		880,066		(97,204	)		21,202,903
JPMorgan Small Cap Value Portfolio		9,652,574		622,441		(311,275	)		9,963,740
Loomis Sayles Small Cap Growth Portfolio		11,175,251		500,532		(917,464	)		10,758,319
MFS Research International Portfolio		31,617,066		584,332		(2,507,971	)		29,693,427
MFS Value Portfolio		36,427,694		5,052,984		(1,493,899	)		39,986,779

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2016			Shares purchased		Shares sold			Number of shares held at June 30, 2017
Morgan Stanley Mid Cap Growth Portfolio		3,472,191			11,650		(333,244	)		3,150,597
Neuberger Berman Genesis Portfolio		2,649,036			235,002		(114,875	)		2,769,163
Oppenheimer Global Equity Portfolio		8,529,408			85,871		(1,071,357	)		7,543,922
PIMCO Inflation Protected Bond Portfolio		16,132,098			488,081		(75,910	)		16,544,269
PIMCO Total Return Portfolio		27,858,259			998,118		(131,034	)		28,725,343
T. Rowe Price Large Cap Growth Portfolio		24,217,091			1,428,471		(2,819,395	)		22,826,167
T. Rowe Price Large Cap Value Portfolio		14,863,521			2,685,823		(523,960	)		17,025,384
T. Rowe Price Mid Cap Growth Portfolio		10,600,830			868,141		(914,705	)		10,554,266
T. Rowe Price Small Cap Growth Portfolio		7,808,757			478,223		(571,719	)		7,715,261
TCW Core Fixed Income Portfolio		25,852,931			922,413		(123,301	)		26,652,043
Van Eck Global Natural Resources Portfolio		30,347,697			2,412,126		(878,562	)		31,881,261
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		9,641,394			124,786		(311,302	)		9,454,878
Western Asset Management Strategic Bond Opportunities Portfolio		15,924,143			686,289		(72,860	)		16,537,572
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios			Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of June 30, 2017
Baillie Gifford International Stock Portfolio	$	7,036,964		$	—	$	4,929,989		$	402,509,168
BlackRock Bond Income Portfolio		24,566			—		10,099,304			326,064,680
BlackRock Capital Appreciation Portfolio		8,075,497			9,408,303		426,233			401,694,219
BlackRock High Yield Portfolio		(29,719	)		—		3,147,818			56,839,527
BlackRock Large Cap Value Portfolio		(15,762,201	)		—		5,355,561			200,770,606
Brighthouse Small Cap Value Portfolio		145,541			6,043,389		1,917,713			169,041,502
Brighthouse/Aberdeen Emerging Markets Equity Portfolio		(315,335	)		—		3,737,886			286,499,450
Brighthouse/Artisan International Portfolio		302,048			—		4,938,951			374,825,295
Brighthouse/Artisan Mid Cap Value Portfolio		461,227			—		400,072			56,410,920
Brighthouse/Dimensional International Small Company Portfolio		(1,017,739	)		10,595,859		5,123,446			231,030,066
Brighthouse/Eaton Vance Floating Rate Portfolio		8,529			—		4,346,694			110,453,380
Brighthouse/Templeton International Bond Portfolio		166,055			129,795		—			330,043,395
Brighthouse/Wellington Core Equity Opportunities Portfolio		5,256,341			21,057,715		8,922,449			573,753,610
Brighthouse/Wellington Large Cap Research Portfolio		3,974,895			14,616,697		4,358,908			400,343,325
Clarion Global Real Estate Portfolio		559,323			—		10,060,933			273,700,356
ClearBridge Aggressive Growth Portfolio		27,158,611			—		5,066,170			536,882,309
Frontier Mid Cap Growth Portfolio		700,726			1,348,558		—			57,150,102
Harris Oakmark International Portfolio		3,790,502			—		8,899,846			489,888,428
Invesco Comstock Portfolio		10,248,419			17,246,980		14,473,787			576,742,025
Invesco Small Cap Growth Portfolio		2,586,471			29,101,235		—			287,421,517
Jennison Growth Portfolio		14,372,255			40,840,446		1,831,410			570,545,057
JPMorgan Core Bond Portfolio		21,241			—		5,818,143			215,845,551
JPMorgan Small Cap Value Portfolio		724,798			8,002,760		2,225,067			165,497,716
Loomis Sayles Small Cap Growth Portfolio		1,854,031			6,657,081		—			145,022,145
MFS Research International Portfolio		5,838,676			—		6,745,733			344,443,757
MFS Value Portfolio		10,636,116			36,512,428		12,367,113			615,796,395
Morgan Stanley Mid Cap Growth Portfolio		1,676,722			—		202,361			58,002,490
Neuberger Berman Genesis Portfolio		871,449			4,630,228		233,415			56,933,998
Oppenheimer Global Equity Portfolio		1,981,133			—		1,949,268			172,831,261
PIMCO Inflation Protected Bond Portfolio		(89,056	)		—		2,891,794			160,975,735
PIMCO Total Return Portfolio		(50,069	)		1,597,173		6,416,714			327,181,658
T. Rowe Price Large Cap Growth Portfolio		14,776,886			30,710,880		1,558,269			516,784,421
T. Rowe Price Large Cap Value Portfolio		6,200,126			46,073,650		12,222,379			550,941,426
T. Rowe Price Mid Cap Growth Portfolio		1,716,157			9,462,740		—			115,463,667
T. Rowe Price Small Cap Growth Portfolio		1,145,654			10,098,402		546,845			172,127,483
TCW Core Fixed Income Portfolio		27,967			392,050		4,809,152			269,185,632
Van Eck Global Natural Resources Portfolio		(4,950,826	)		—		350,088			290,438,291
Wells Capital Management Mid Cap Value Portfolio (Formerly Goldman Sachs Mid Cap Value Portfolio)		(1,174,693	)		—		1,466,486			111,756,656
Western Asset Management Strategic Bond Opportunities Portfolio		(74,778	)		—		8,695,508			224,249,475
	$	108,874,510		$	304,526,369	$	166,535,505		$	11,226,086,694

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$322,023,352	$	40,629,365	$	1,279,916,103	$	543,456,542	$	1,601,939,455	$	584,085,907

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$174,209,639	$	616,353,371	$	243,954,162	$	—	$	1,034,517,172

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties.

BHFTII-14

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
766,451,284		33,573,168		55,138,961

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		801,600,219		53,563,195
Robert Boulware		801,812,401		53,351,013
Susan C. Gause		803,898,062		51,265,352
Nancy Hawthorne		803,195,018		51,968,396
Barbara A. Nugent		804,090,516		51,072,898
John Rosenthal		801,638,190		53,525,224
Linda B. Strumpf		802,559,564		52,603,850
Dawn M. Vroegop		802,503,126		52,660,288

BHFTII-15

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, D and E shares of the Frontier Mid Cap Growth Portfolio returned 14.80%, 14.64%, 14.71%, and 14.71%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 11.40%.

MARKET ENVIRONMENT / CONDITIONS

The markets’ steady climb through the first six months of 2017 has been the result of solid corporate earnings and continued multiple expansion based upon a series of healthy economic readings. Although policy changes anticipated under the new administration have not been enacted, the economy continued along a path of modest growth, with first quarter Gross Domestic Product (GDP) expanding 1.2%. The U.S. Federal Reserve raised their benchmark rate another 25 basis points in mid-June and the market has accepted this gradual tightening.

During the first half of the year, growth has handily outpaced value in a reversal of 2016. Specifically, the Russell Midcap Growth Index gain of 11.4% far surpassed the Russell Midcap Value return of 5.2%. This pattern was consistent in all market capitalization segments. The divergence is reflective of market concern regarding a peaking in Institute for Supply Management (ISM) manufacturing data, an inflection in monetary policy and inaction in Washington. Indeed, sector leadership is transitioning from cyclical groups such as Energy and Industrials to areas of greater secular growth such as Information Technology and Health Care.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s relative outperformance was driven equally by favorable sector allocation and positive stock selection. Information Technology was the area of the greatest absolute and relative exposure which proved advantageous and was augmented by strong stock selection. Within the sector, our focus on companies with key enabling wireless content prospered with Universal Display rising 94%. Additionally, gaming software holdings Electronic Arts and Activision Blizzard which had lagged during the fourth quarter of 2016 on holiday sales concerns bounced back strongly (up 34% and 60%, respectively) following better than expected results. Health Care was the second largest sector and also an area the Portfolio was overweight relative to the index. We have been focused upon companies with steady secular growth, innovation and new product-driven margin opportunities. All of these attributes were reflected in our top contributing holdings Cooper Companies and C. R. Bard (up 37% and 41%, respectively). Finally, our long-held caution toward the consumer sectors proved accurate as both Consumer Staples and Consumer Discretionary significantly underperformed the Index during the first six months of the year while our selective approach produced positive stock selection. On the downside, performance was modestly restrained by Energy as oil prices once again fell below $50 a barrel causing a drag on exploration companies such as Carrizo Oil & Gas (down 53%).

At period end, we continued to favor areas with steady, visible growth amid an economic environment displaying constrained nominal growth and more specifically companies that are share gainers in growth markets. During the period, we found attractive opportunities in data services and insurance brokerage companies within Financials, communications-related semiconductors within Information Technology, biotechnology and specialized pharmaceuticals suppliers within Health Care, and infrastructure-related building suppliers within Materials. In terms of areas with relatively less exposure, we continued to find the consumer sectors challenged by competitive disruption from the likes of Amazon and Netflix and as such remain underweight. In addition, given the maturing of this business cycle, we are being selective in our industrial and commodity-related exposure.

Stephen M. Knightly

Christopher J. Scarpa

Portfolio Managers

Frontier Capital Management Company, LLC

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

BHFTII-1

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Frontier Mid Cap Growth Portfolio
Class A		14.80		19.52		14.03		7.07
Class B		14.64		19.22		13.75		6.81
Class D		14.71		19.35		13.91		6.96
Class E		14.71		19.34		13.86		6.92
Russell Midcap Growth Index		11.40		17.05		14.19		7.87

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Cooper Cos., Inc. (The)		2.9
Equifax, Inc.		2.5
Global Payments, Inc.		2.4
Electronic Arts, Inc.		2.2
Cintas Corp.		2.2
Euronet Worldwide, Inc.		2.2
Aramark		2.2
Incyte Corp.		2.2
Zoetis, Inc.		2.2
CDK Global, Inc.		2.1

Top Sectors

	% of Net Assets
Information Technology		28.7
Health Care		16.5
Consumer Discretionary		15.3
Industrials		12.1
Financials		10.2
Materials		8.8
Real Estate		2.2
Consumer Staples		1.5
Energy		0.9
Telecommunication Services		0.6

BHFTII-2

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.73	%	$	1,000.00	$	1,148.00	$	3.89
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class B(a)	Actual		0.98	%	$	1,000.00	$	1,146.40	$	5.22
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91
Class D(a)	Actual		0.83	%	$	1,000.00	$	1,147.10	$	4.42
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class E(a)	Actual		0.88	%	$	1,000.00	$	1,147.10	$	4.68
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—96.8% of Net Assets

Security Description	Shares		Value
Airlines—0.5%
United Continental Holdings, Inc. (a)		79,501	$	5,982,450
Auto Components—0.6%
Dana, Inc.		310,453		6,932,415
Banks—1.9%
Popular, Inc.		121,479		5,066,889
Signature Bank (a) (b)		65,476		9,397,771
Webster Financial Corp. (b)		155,092		8,098,904
				22,563,564
Beverages—1.0%
Monster Beverage Corp. (a)		228,875		11,370,510
Biotechnology—4.5%
Alkermes plc (a) (b)		120,739		6,999,240
BioMarin Pharmaceutical, Inc. (a) (b)		152,842		13,881,110
Bioverativ, Inc. (a)		120,552		7,253,614
Incyte Corp. (a)		207,397		26,113,356
				54,247,320
Building Products—1.1%
A.O. Smith Corp. (b)		236,120		13,300,640
Capital Markets—5.4%
E*Trade Financial Corp. (a)		242,764		9,232,315
Moody’s Corp.		71,846		8,742,221
Nasdaq, Inc.		248,519		17,766,623
Raymond James Financial, Inc.		288,079		23,109,698
SEI Investments Co. (b)		109,955		5,913,380
				64,764,237
Chemicals—2.4%
CF Industries Holdings, Inc. (b)		170,754		4,774,282
FMC Corp. (b)		164,865		12,043,388
Sherwin-Williams Co. (The) (b)		32,381		11,364,436
				28,182,106
Commercial Services & Supplies—5.4%
Cintas Corp. (b)		211,584		26,668,047
KAR Auction Services, Inc.		343,220		14,404,944
Waste Connections, Inc.		360,472		23,221,606
				64,294,597
Construction Materials—3.6%
Eagle Materials, Inc. (b)		152,337		14,078,986
Martin Marietta Materials, Inc.		68,080		15,153,246
Vulcan Materials Co. (b)		112,755		14,283,803
				43,516,035
Containers & Packaging—2.8%
Ball Corp.		437,094		18,449,738
Berry Global Group, Inc. (a)		266,423		15,188,775
				33,638,513
Distributors—0.9%
LKQ Corp. (a)		317,811		10,471,872
Diversified Consumer Services—0.7%
Bright Horizons Family Solutions, Inc. (a)		105,030		8,109,366
Diversified Telecommunication Services—0.6%
Cogent Communications Holdings, Inc.		176,299		7,069,590
Electronic Equipment, Instruments & Components—2.5%
Amphenol Corp. - Class A		148,472		10,960,203
Flex, Ltd. (a)		387,875		6,326,241
Universal Display Corp.		119,741		13,081,705
				30,368,149
Equity Real Estate Investment Trusts—2.2%
Healthcare Trust of America, Inc. - Class A		201,121		6,256,874
SBA Communications Corp. (a)		146,455		19,756,780
				26,013,654
Food Products—0.5%
Blue Buffalo Pet Products, Inc. (a) (b)		270,557		6,171,405
Health Care Equipment & Supplies—6.7%
Align Technology, Inc. (a) (b)		84,141		12,631,247
Cooper Cos., Inc. (The)		143,557		34,370,417
Edwards Lifesciences Corp. (a)		98,687		11,668,751
STERIS plc (b)		112,117		9,137,535
Teleflex, Inc. (b)		59,652		12,393,300
				80,201,250
Health Care Providers & Services—0.9%
Acadia Healthcare Co., Inc. (a) (b)		226,811		11,199,927
Hotels, Restaurants & Leisure—5.3%
Aramark		646,253		26,483,448
MGM Resorts International		466,240		14,588,650
Royal Caribbean Cruises, Ltd.		45,657		4,987,114
Texas Roadhouse, Inc. (b)		146,657		7,472,174
Yum! Brands, Inc.		140,296		10,348,233
				63,879,619
Insurance—2.9%
Aon plc		161,627		21,488,310
Willis Towers Watson plc (b)		87,798		12,771,097
				34,259,407
Internet & Direct Marketing Retail—1.8%
Expedia, Inc. (b)		146,118		21,764,276
IT Services—11.6%
Alliance Data Systems Corp.		39,911		10,244,755
Conduent, Inc. (a)		723,181		11,527,505
DXC Technology Co.		143,741		11,027,810
Euronet Worldwide, Inc. (a) (b)		303,754		26,538,987
Gartner, Inc. (a)		68,224		8,426,346

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Global Payments, Inc.		315,389	$	28,485,934
InterXion Holding NV (a)		232,353		10,637,120
Jack Henry & Associates, Inc. (b)		95,369		9,905,978
Teradata Corp. (a) (b)		150,504		4,438,363
Vantiv, Inc. - Class A (a)		267,756		16,959,665
				138,192,463
Leisure Products—1.1%
Brunswick Corp. (b)		214,729		13,469,950
Life Sciences Tools & Services—1.8%
Illumina, Inc. (a)		50,785		8,812,213
QIAGEN NV (a) (b)		393,292		13,187,081
				21,999,294
Machinery—0.5%
Wabtec Corp. (b)		61,358		5,614,257
Media—0.4%
IMAX Corp. (a)		233,719		5,141,818
Multiline Retail—2.3%
Dollar General Corp.		254,663		18,358,655
Dollar Tree, Inc. (a)		122,165		8,541,777
				26,900,432
Oil, Gas & Consumable Fuels—0.9%
Carrizo Oil & Gas, Inc. (a) (b)		278,026		4,843,213
Concho Resources, Inc. (a)		53,645		6,519,477
				11,362,690
Pharmaceuticals—2.5%
Medicines Co. (The) (a) (b)		91,790		3,488,938
Zoetis, Inc.		416,466		25,979,149
				29,468,087
Professional Services—2.5%
Equifax, Inc.		216,789		29,791,144
Semiconductors & Semiconductor Equipment—5.4%
Integrated Device Technology, Inc. (a) (b)		432,797		11,161,835
Lam Research Corp.		108,592		15,358,166
MACOM Technology Solutions Holdings, Inc. (a) (b)		213,901		11,929,259
Monolithic Power Systems, Inc. (b)		81,777		7,883,303
Qorvo, Inc. (a) (b)		279,425		17,693,191
				64,025,754
Software—9.2%
Activision Blizzard, Inc.		308,750		17,774,738
Cadence Design Systems, Inc. (a)		561,107		18,791,473
CDK Global, Inc.		407,581		25,294,477
Software—(Continued)
Electronic Arts, Inc. (a)		252,339		26,677,279
Fortinet, Inc. (a)		157,201		5,885,605
Red Hat, Inc. (a)		166,314		15,924,566
				110,348,138
Specialty Retail—2.2%
O’Reilly Automotive, Inc. (a) (b)		65,368		14,298,596
Ross Stores, Inc.		205,321		11,853,182
				26,151,778
Trading Companies & Distributors—2.2%
Beacon Roofing Supply, Inc. (a) (b)		286,900		14,058,100
HD Supply Holdings, Inc. (a)		379,871		11,635,449
				25,693,549
Total Common Stocks (Cost $905,252,018)				1,156,460,256
Short-Term Investment—3.3%
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $39,042,774 on 07/03/17, collateralized by $39,705,000 Federal Farm Credit Bank at 1.125% due 09/22/17 with a value of $39,823,797.		39,042,384		39,042,384
Total Short-Term Investments (Cost $39,042,384)				39,042,384
Securities Lending Reinvestments (c)—11.4%
Certificates of Deposit—6.8%
ABN AMRO Bank NV Zero Coupon, 09/05/17		3,485,362		3,492,650
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		5,000,000		5,000,920
Bank of Nova Scotia 1.492%, 11/03/17 (d)		3,000,000		3,002,962
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		2,321,289		2,302,553
1.602%, 11/16/17 (d)		2,000,000		2,001,952
BNP Paribas New York 1.524%, 08/04/17 (d)		750,000		750,089
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Credit Suisse AG New York 1.314%, 11/07/17 (d)		2,000,000		2,000,162
DG Bank New York 1.140%, 07/03/17		2,000,000		1,999,980
DNB Bank ASA New York 1.412%, 07/28/17 (d)		900,000		900,113

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
KBC Bank NV Zero Coupon, 09/08/17		1,494,843	$	1,496,715
1.220%, 07/26/17		3,000,000		3,000,000
1.220%, 07/27/17		4,000,000		4,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (d)		3,500,000		3,502,120
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		6,500,000		6,497,010
1.451%, 09/01/17 (d)		1,700,000		1,700,371
1.610%, 08/02/17 (d)		2,000,000		2,000,610
National Australia Bank London 1.480%, 11/09/17 (d)		3,200,000		3,202,592
Natixis New York 1.287%, 11/13/17 (d)		1,000,000		999,890
Norinchukin Bank New York 1.297%, 11/13/17 (d)		2,500,000		2,500,195
1.687%, 07/12/17 (d)		3,000,000		3,000,363
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		5,800,000		5,804,176
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (d)		2,000,000		2,000,778
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		1,500,000		1,499,890
1.342%, 11/16/17 (d)		2,500,000		2,499,842
1.466%, 10/26/17 (d)		4,000,000		4,001,024
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		4,500,000		4,503,343
1.475%, 01/10/18 (d)		2,500,000		2,504,156
UBS, Stamford 1.722%, 07/31/17 (d)		1,201,226		1,200,685
Wells Fargo Bank N.A. 1.547%, 10/26/17 (d)		1,250,000		1,251,118
				81,617,364
Commercial Paper—2.1%
Commonwealth Bank Australia 1.391%, 03/01/18		5,000,000		5,003,896
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		7,100,000		7,100,412
ING Funding LLC 1.234%, 12/07/17 (d)		2,000,000		2,000,691
1.277%, 11/13/17 (d)		2,000,000		1,999,854
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		3,500,000		3,500,210
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		4,000,000		4,001,601
Westpac Banking Corp. 1.506%, 10/20/17 (d)		1,500,000		1,501,495
				25,108,159
Repurchase Agreements—2.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $1,092,911 on 07/03/17, collateralized by $1,137,600 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $1,114,670.		1,092,813		1,092,813
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $758,906 on 10/02/17, collateralized by various Common Stock with a value of $825,000.		750,000		750,000
Deutsche Bank AG, London Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,501,163 on 07/03/17, collateralized by $326 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,667,735.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $7,033,915 on 09/29/17, collateralized by various Common Stock with a value of $7,700,002.		7,000,000		7,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,524,296 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
				23,342,813
Time Deposits—0.5%
ABN AMRO Bank NV 1.180%, 07/07/17		2,000,000		2,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Shinkin Central Bank 1.330%, 07/26/17		4,000,000	$	4,000,000
				6,000,000
Total Securities Lending Reinvestments (Cost $136,031,811)				136,068,336
Total Investments—111.5% (Cost $1,080,326,213) (e)				1,331,570,976
Other assets and liabilities (net)—(11.5)%				(137,398,780	)
Net Assets—100.0%			$	1,194,172,196

*	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 June 30, 2017, the market value of securities loaned was $133,499,896 and the collateral received consisted of cash in the amount of $136,045,533. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,080,326,213. The aggregate unrealized appreciation and depreciation of investments were $269,624,998 and $(18,380,235), respectively, resulting in net unrealized appreciation of $251,244,763.
(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.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,156,460,256	$	—		$	—	$	1,156,460,256
Total Short-Term Investment*		—		39,042,384			—		39,042,384
Total Securities Lending Reinvestments*		—		136,068,336			—		136,068,336
Total Investments	$	1,156,460,256	$	175,110,720		$	—	$	1,331,570,976
Collateral for Securities Loaned (Liability)	$	—	$	(136,045,533	)	$	—	$	(136,045,533	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,331,570,976
Receivable for:
Fund shares sold		160,571
Dividends and interest		495,330
Total Assets		1,332,226,877
Liabilities
Collateral for securities loaned		136,045,533
Payables for:
Fund shares redeemed		960,596
Accrued Expenses:
Management fees		688,901
Distribution and service fees		45,509
Deferred trustees’ fees		131,290
Other expenses		182,852
Total Liabilities		138,054,681
Net Assets	$	1,194,172,196
Net Assets Consist of:
Paid in surplus	$	870,828,998
Accumulated net investment loss		(455,141	)
Accumulated net realized gain		72,553,576
Unrealized appreciation on investments		251,244,763
Net Assets	$	1,194,172,196
Net Assets
Class A	$	918,076,866
Class B		177,223,601
Class D		88,622,609
Class E		10,249,120
Capital Shares Outstanding*
Class A		26,068,889
Class B		5,545,222
Class D		2,564,774
Class E		298,046
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	35.22
Class B		31.96
Class D		34.55
Class E		34.39

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,080,326,213.
(b)	Includes securities loaned at value of $133,499,896.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	3,839,711
Interest		3,318
Securities lending income		339,531
Total investment income		4,182,560
Expenses
Management fees		4,183,442
Administration fees		18,655
Custodian and accounting fees		28,242
Distribution and service fees—Class B		216,512
Distribution and service fees—Class D		43,096
Distribution and service fees—Class E		7,426
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		76,496
Insurance		3,876
Miscellaneous		8,488
Total expenses		4,651,885
Less management fee waiver		(119,944	)
Less broker commission recapture		(16,854	)
Net expenses		4,515,087
Net Investment Loss		(332,527	)
Net Realized and Unrealized Gain
Net realized gain on investments		72,872,191
Net change in unrealized appreciation on investments		88,791,200
Net realized and unrealized gain		161,663,391
Net Increase in Net Assets From Operations	$	161,330,864

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(332,527	)	$	(554,448	)
Net realized gain		72,872,191			28,284,612
Net change in unrealized appreciation		88,791,200			30,452,768
Increase in net assets from operations		161,330,864			58,182,932
From Distributions to Shareholders
Net realized capital gains
Class A		(21,562,735	)		(99,260,079	)
Class B		(4,569,749	)		(21,703,876	)
Class D		(2,121,753	)		(10,011,075	)
Class E		(246,731	)		(1,135,232	)
Total distributions		(28,500,968	)		(132,110,262	)
Increase (decrease) in net assets from capital share transactions		(61,587,832	)		36,453,154
Total increase (decrease) in net assets		71,242,064			(37,474,176	)
Net Assets
Beginning of period		1,122,930,132			1,160,404,308
End of period	$	1,194,172,196		$	1,122,930,132
Accumulated net investment loss
End of period	$	(455,141	)	$	(122,614	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		78,809		$	2,657,559			354,929		$	11,140,121
Reinvestments		609,633			21,562,735			3,306,465			99,260,079
Redemptions		(2,107,790	)		(72,589,851	)		(2,241,975	)		(71,084,912	)
Net increase (decrease)		(1,419,348	)	$	(48,369,557	)		1,419,419		$	39,315,288
Class B
Sales		144,385		$	4,547,160			287,661		$	8,283,291
Reinvestments		142,360			4,569,749			792,691			21,703,876
Redemptions		(601,808	)		(18,678,323	)		(1,061,101	)		(30,861,135	)
Net increase (decrease)		(315,063	)	$	(9,561,414	)		19,251		$	(873,968	)
Class D
Sales		52,353		$	1,737,136			129,785		$	4,014,396
Reinvestments		61,128			2,121,753			339,358			10,011,075
Redemptions		(217,902	)		(7,288,211	)		(506,551	)		(15,730,103	)
Net decrease		(104,421	)	$	(3,429,322	)		(37,408	)	$	(1,704,632	)
Class E
Sales		7,137		$	238,428			8,990		$	274,586
Reinvestments		7,144			246,731			38,639			1,135,232
Redemptions		(21,312	)		(712,698	)		(54,814	)		(1,693,352	)
Net decrease		(7,031	)	$	(227,539	)		(7,185	)	$	(283,534	)
Increase (decrease) derived from capital shares transactions				$	(61,587,832	)				$	36,453,154

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	31.41		$	33.70		$	37.28		$	36.90		$	28.92		$	26.06
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(c)		(0.00	)(b)(c)		(0.03	)		(0.05	)		(0.00	)(c)		0.34
Net realized and unrealized gain on investments		4.65			1.63			1.51			3.78			9.18			2.52
Total from investment operations		4.65			1.63			1.48			3.73			9.18			2.86
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.42	)		0.00
Distributions from net realized capital gains		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)		0.00
Total distributions		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.20	)		0.00
Net Asset Value, End of Period	$	35.22		$	31.41		$	33.70		$	37.28		$	36.90		$	28.92
Total Return (%) (d)		14.80	(e)		5.40			2.88			11.14			32.77			10.97
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.75			0.74			0.76			0.75			0.78
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.73			0.75			0.74			0.78
Ratio of net investment income (loss) to average net assets (%)		(0.01	)(f)		(0.00	)(b)(h)		(0.09	)		(0.13	)		(0.01	)		1.21
Portfolio turnover rate (%)		13	(e)		40			60			48			120			78
Net assets, end of period (in millions)	$	918.1		$	863.5		$	878.5		$	831.2		$	982.6		$	571.6
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	28.61		$	31.11		$	34.85		$	34.79		$	27.33		$	24.69
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.04	)		(0.07	)(b)		(0.12	)		(0.13	)		(0.08	)		0.26
Net realized and unrealized gain on investments		4.23			1.49			1.44			3.54			8.66			2.38
Total from investment operations		4.19			1.42			1.32			3.41			8.58			2.64
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.34	)		0.00
Distributions from net realized capital gains		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)		0.00
Total distributions		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.12	)		0.00
Net Asset Value, End of Period	$	31.96		$	28.61		$	31.11		$	34.85		$	34.79		$	27.33
Total Return (%) (d)		14.64	(e)		5.16			2.60			10.88			32.43			10.69
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(f)		1.00			0.99			1.01			1.00			1.03
Net ratio of expenses to average net assets (%) (g)		0.98	(f)		0.98			0.98			1.00			0.99			1.03
Ratio of net investment income (loss) to average net assets (%)		(0.26	)(f)		(0.25	)(b)		(0.35	)		(0.37	)		(0.25	)		0.98
Portfolio turnover rate (%)		13	(e)		40			60			48			120			78
Net assets, end of period (in millions)	$	177.2		$	167.7		$	181.7		$	198.6		$	201.9		$	84.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	30.85		$	33.20		$	36.83		$	36.52		$	28.63		$	25.82
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.03	)(b)		(0.07	)		(0.08	)		(0.04	)		0.30
Net realized and unrealized gain on investments		4.56			1.60			1.50			3.74			9.09			2.51
Total from investment operations		4.54			1.57			1.43			3.66			9.05			2.81
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.38	)		0.00
Distributions from net realized capital gains		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)		0.00
Total distributions		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.16	)		0.00
Net Asset Value, End of Period	$	34.55		$	30.85		$	33.20		$	36.83		$	36.52		$	28.63
Total Return (%) (d)		14.71	(e)		5.29			2.78			11.06			32.63			10.88
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(f)		0.85			0.84			0.86			0.85			0.88
Net ratio of expenses to average net assets (%) (g)		0.83	(f)		0.83			0.83			0.85			0.84			0.88
Ratio of net investment income (loss) to average net assets (%)		(0.11	)(f)		(0.10	)(b)		(0.20	)		(0.22	)		(0.13	)		1.06
Portfolio turnover rate (%)		13	(e)		40			60			48			120			78
Net assets, end of period (in millions)	$	88.6		$	82.3		$	89.8		$	101.3		$	107.1		$	99.9
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	30.71		$	33.08		$	36.73		$	36.46		$	28.58		$	25.79
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.05	)(b)		(0.09	)		(0.10	)		(0.06	)		0.29
Net realized and unrealized gain on investments		4.55			1.60			1.50			3.72			9.09			2.50
Total from investment operations		4.52			1.55			1.41			3.62			9.03			2.79
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			(0.37	)		0.00
Distributions from net realized capital gains		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)		0.00
Total distributions		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.15	)		0.00
Net Asset Value, End of Period	$	34.39		$	30.71		$	33.08		$	36.73		$	36.46		$	28.58
Total Return (%) (d)		14.71	(e)		5.25			2.72			10.96			32.59			10.82
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(f)		0.90			0.89			0.91			0.90			0.93
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.88			0.88			0.90			0.89			0.93
Ratio of net investment income (loss) to average net assets (%)		(0.16	)(f)		(0.15	)(b)		(0.25	)		(0.28	)		(0.17	)		1.04
Portfolio turnover rate (%)		13	(e)		40			60			48			120			78
Net assets, end of period (in millions)	$	10.2		$	9.4		$	10.3		$	11.2		$	11.7		$	10.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Net investment income (loss) was less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Frontier Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, D and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-12

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, adjustments to prior period accumulated balances and net operating losses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $39,042,384. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $23,342,813. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-14

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	149,151,082	$	0	$	269,561,386

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$4,183,442		0.750	%	Of the first $500 million
		0.700	%	Of the next $500 million
		0.650	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Frontier Capital Management Company, LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	On the first $500 million
0.025%	Over $850 million and less than $1 billion
(0.025)%	On the next $250 million

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

BHFTII-15

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$—	$	25,138,144	$	132,110,262	$	136,736,489	$	132,110,262	$	161,874,633

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$—	$	28,382,089	$	162,253,825	$	—	$	190,635,914

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-16

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
33,047,370		1,068,519		2,369,647

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		34,058,418		2,427,119
Robert Boulware		34,046,663		2,438,874
Susan C. Gause		34,081,840		2,403,696
Nancy Hawthorne		34,105,958		2,379,578
Barbara A. Nugent		34,120,561		2,364,975
John Rosenthal		34,025,246		2,460,291
Linda B. Strumpf		34,084,714		2,400,822
Dawn M. Vroegop		34,072,173		2,413,364

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Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Jennison Growth Portfolio returned 18.74%, 18.66%, and 18.69%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 13.99%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets advanced broadly in 2017’s first half. In the U.S., solid economic fundamentals, including moderate GDP (Gross Domestic Product) expansion, robust employment, and accelerating corporate profit growth, held sway over the new administration’s shaky start and Congress’s inaction. Inflation remained benign, as oil prices fell. The U.S. dollar declined against major world currencies, and gold and other major metal prices rose. The Federal Reserve raised the federal funds target rate to 1.00%-1.25%. As the legislative process for altering health care policy extended well beyond the GOP’s original timetable, other legislation—raising the debt ceiling, passing a budget resolution, tax reform, and infrastructure spending—stalled. The firing of FBI director James Comey, which led to the appointment of a special counsel to assume his investigation of Russia’s interference in the 2016 presidential election, stoked further political acrimony and impeded action on policies proposed during the 2016 campaign.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Information Technology (“IT”) positions were key contributors to Portfolio outperformance, with both stock selection and an overweight benefiting absolute and relative return. Internet and mobile technologies have been transforming the world for some time, yet their impact, far from moderating, continues to grow. This inflection point in the broad-based effects of technology continues to be a major driver of returns and a key investment theme. Nowhere is this more dramatic than China. Alibaba’s financial results beat consensus expectations on most key metrics. The company operates China’s largest global online wholesale platform for small businesses, China’s largest online retail website, and China’s largest online third-party platform for brands and retailers. Tencent, China’s largest and most visited Internet service portal, continued to perform well fundamentally driven by its dominant position in China’s online gaming and instant messaging markets and its growing advertising and payment service efforts. Its revenue and earnings exceeded forecasts. Apple’s strength reflected the proliferation of the iOS platform across mobile phone, tablet, and personal computer landscapes as well as the financial power and attractive margins of the company’s hardware products. The technology of social media has changed how we interact with friends and family, and how and when we consume and share information. Facebook’s revenue and earnings beat consensus expectations, with user growth continuing to accelerate and engagement remaining solid. We believe that as the Internet-based social platform solidifies its dominant position, it continued to increase its appeal to both users and advertisers. Adobe Systems makes digital-imaging and print-publishing products as well as web-development tools and online-analytics software. Its revenue, operating margin, earnings, and cash flow beat projections. Nvidia transformed itself from a personal-computer-centric graphics provider to a company focused on key high-growth markets where we believe it can leverage its graphics expertise to offer high-value-added solutions. Its revenue and earnings exceeded expectations, and the company’s guidance likewise surpassed forecasts.

Technological innovation is affecting not only the Technology sector but many other industries, as well. In the Consumer sectors, it’s transforming the retail industry. Amazon’s proposed acquisition of Whole Foods potentially unlocks another large addressable market over the long term. It also suggests that food retailers will have to focus on e-commerce efforts and customer data to drive traffic. As Amazon’s business momentum continues, we believe investments in distribution, digital content, Prime Now/Amazon Fresh, Alexa/Echo, and India will continue to fuel growth. Technology is also altering the automotive industry. We continue to believe that Tesla is positioned to drive rapid growth in the adoption of electric autos. Its revenue and automobile gross margin were better than anticipated. Technology has also transformed how we plan and book travel. Priceline is benefitting from the secular shift to online travel spending, especially in markets with lower market penetration offering greater early-stage growth opportunities.

In Health Care, advances in human genome mapping and gene-sequencing technology have coupled with a new understanding of the underlying biology of diseases. The result is an innovation cycle in which companies are able to identify gene function and implement new technology platforms to develop drugs that more precisely target underlying disease mechanisms. We expect that productive research and development activity will yield effective disease treatments that improve the quality of patients’ lives – characteristics that have been the source of longer-term outperformance in the sector. However, Health Care holdings have been challenged of late. Alexion Pharmaceuticals declined on news of an investigation into its sales practices and a management shakeup. The Portfolio’s position was eliminated. Bristol-Myers Squibb fell on dashed hopes for an accelerated approval timeline for its combination of two drugs in the treatment of lung cancer.

Other detractors from Portfolio performance included Qualcomm and O’Reilly Automotive. Cellphone chipmaker Qualcomm fell on new and ongoing antitrust litigation. The position was eliminated by period end. O’Reilly Automotive’s revenue, earnings, and comparable-store sales missed estimates. The stock’s weakness also may have reflected concerns about online competition.

Energy positions Halliburton, EOG Resources, and Concho Resources declined along with the benchmark sector, as expectations that oil prices would stabilize and that oil field capital spending programs would accelerate have come into question. The Portfolio’s position in Halliburton was eliminated during the period.

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Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio is constructed through individual stock selection, based on the fundamentals of individual companies. Sector weights over the course of 2017’s first six months were largely stable. Relative to the Russell 1000 Growth benchmark, the Portfolio ended the period overweight IT and Consumer Discretionary, and underweight Industrials and Consumer Staples.

Kathleen A. McCarragher

Spiros “Sig” Segalas

Michael A. Del Balso

Portfolio Managers

Jennison Associates LLC

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

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Jennison Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Jennison Growth Portfolio
Class A		18.74		27.50		15.43		9.26
Class B		18.66		27.23		15.15		8.99
Class E		18.69		27.29		15.26		9.09
Russell 1000 Growth Index		13.99		20.42		15.30		8.91

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Apple, Inc.		5.6
Amazon.com, Inc.		4.9
Facebook, Inc. - Class A		4.5
Alibaba Group Holding, Ltd. (ADR)		4.0
Microsoft Corp.		3.7
Netflix, Inc.		3.4
Tencent Holdings, Ltd.		3.3
MasterCard, Inc. - Class A		3.0
Visa, Inc. - Class A		2.9
Alphabet, Inc. - Class C		2.9

Top Sectors

	% of Net Assets
Information Technology		46.8
Consumer Discretionary		25.9
Health Care		11.5
Financials		4.9
Industrials		4.3
Consumer Staples		2.5
Energy		1.4
Real Estate		1.3
Materials		1.0

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Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.54	%	$	1,000.00	$	1,187.40	$	2.93
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71
Class B(a)	Actual		0.79	%	$	1,000.00	$	1,186.60	$	4.28
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class E(a)	Actual		0.69	%	$	1,000.00	$	1,186.90	$	3.74
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Boeing Co. (The)		280,802	$	55,528,596
Automobiles—1.6%
Tesla, Inc. (a) (b)		125,279		45,302,139
Banks—1.1%
JPMorgan Chase & Co.		346,634		31,682,348
Beverages—0.9%
Constellation Brands, Inc. - Class A		128,073		24,811,582
Biotechnology—6.2%
BioMarin Pharmaceutical, Inc. (a)		405,002		36,782,282
Celgene Corp. (a)		510,298		66,272,401
Regeneron Pharmaceuticals, Inc. (a)		49,803		24,460,245
Shire plc (ADR) (b)		161,332		26,663,340
Vertex Pharmaceuticals, Inc. (a)		121,305		15,632,575
				169,810,843
Capital Markets—3.7%
Goldman Sachs Group, Inc. (The)		212,625		47,181,488
Morgan Stanley		480,904		21,429,082
S&P Global, Inc.		231,121		33,741,355
				102,351,925
Chemicals—1.0%
Albemarle Corp.		250,004		26,385,422
Equity Real Estate Investment Trusts—1.3%
Crown Castle International Corp.		358,967		35,961,314
Food & Staples Retailing—1.6%
Costco Wholesale Corp.		271,374		43,400,844
Health Care Equipment & Supplies—0.5%
Boston Scientific Corp. (a)		498,067		13,806,417
Hotels, Restaurants & Leisure—3.5%
Marriott International, Inc. - Class A		549,655		55,135,893
McDonald’s Corp.		275,844		42,248,267
				97,384,160
Internet & Direct Marketing Retail—11.4%
Amazon.com, Inc. (a)		138,673		134,235,464
Expedia, Inc.		172,916		25,755,838
Netflix, Inc. (a)		620,770		92,749,246
Priceline Group, Inc. (The) (a)		32,620		61,016,362
				313,756,910
Internet Software & Services—17.6%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		786,615		110,834,053
Alphabet, Inc. - Class A (a)		84,576		78,628,616
Alphabet, Inc. - Class C (a)		86,841		78,915,022
Facebook, Inc. - Class A (a)		822,347		124,157,950
Internet Software & Services—(Continued)
Tencent Holdings, Ltd.		2,568,348		91,651,984
				484,187,625
IT Services—5.8%
MasterCard, Inc. - Class A		673,669		81,817,100
Visa, Inc. - Class A (b)		844,622		79,208,651
				161,025,751
Life Sciences Tools & Services—1.2%
Illumina, Inc. (a) (b)		184,316		31,982,512
Machinery—1.4%
Parker-Hannifin Corp.		239,817		38,327,553
Media—2.1%
Charter Communications, Inc. - Class A (a)		135,893		45,775,557
Time Warner, Inc.		112,728		11,319,019
				57,094,576
Oil, Gas & Consumable Fuels—1.4%
Concho Resources, Inc. (a)		147,278		17,898,696
EOG Resources, Inc.		231,739		20,977,014
				38,875,710
Pharmaceuticals—3.7%
Allergan plc		192,519		46,799,444
Bristol-Myers Squibb Co.		981,611		54,695,365
				101,494,809
Road & Rail—0.9%
CSX Corp.		434,820		23,723,779
Semiconductors & Semiconductor Equipment—4.4%
Broadcom, Ltd.		191,973		44,739,308
NVIDIA Corp.		526,825		76,157,822
				120,897,130
Software—13.4%
Activision Blizzard, Inc.		623,954		35,921,032
Adobe Systems, Inc. (a)		526,198		74,425,445
Microsoft Corp.		1,473,978		101,601,304
Red Hat, Inc. (a)		345,818		33,112,073
Salesforce.com, Inc. (a)		811,197		70,249,660
Splunk, Inc. (a) (b)		359,615		20,458,497
Workday, Inc. - Class A (a) (b)		339,686		32,949,542
				368,717,553
Specialty Retail—5.6%
Home Depot, Inc. (The)		286,112		43,889,581
Industria de Diseno Textil S.A.		1,426,525		54,934,534
O’Reilly Automotive, Inc. (a) (b)		142,059		31,073,985
Ulta Salon Cosmetics & Fragrance, Inc. (a)		86,161		24,757,502
				154,655,602

See accompanying notes to financial statements.

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Jennison Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—5.6%
Apple, Inc.		1,076,257	$	155,002,533
Textiles, Apparel & Luxury Goods—1.7%
adidas AG		238,722		45,763,013
Total Common Stocks (Cost $1,795,460,985)				2,741,930,646
Short-Term Investment—0.1%
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $3,738,688 on 07/03/17, collateralized by $3,830,000 Federal Home Loan Bank zero coupon due 11/03/17 with a value of $3,815,657.		3,738,651		3,738,651
Total Short-Term Investments (Cost $3,738,651)				3,738,651
Securities Lending Reinvestments (c)—9.1%
Certificates of Deposit—5.3%
ABN AMRO Bank NV Zero Coupon, 09/05/17		7,468,632		7,484,250
Bank of Montreal 1.130%, 07/07/17		5,500,000		5,499,945
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		4,550,000		4,550,837
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		5,000,000		5,004,936
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		3,027,768		3,003,330
1.602%, 11/16/17 (d)		2,000,000		2,001,952
BNP Paribas New York 1.524%, 08/04/17 (d)		2,500,000		2,500,298
Canadian Imperial Bank 1.630%, 10/27/17 (d)		1,000,000		1,001,125
Credit Industriel et Commercial 1.125%, 07/03/17		1,000,000		1,000,022
Credit Suisse AG New York 1.314%, 11/07/17 (d)		7,500,000		7,500,607
1.466%, 10/25/17 (d)		1,000,000		1,000,059
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		2,900,000		2,900,363
KBC Bank NV 1.220%, 07/26/17		2,000,000		2,000,000
1.220%, 07/27/17		12,000,000		12,000,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		7,500,000		7,499,925
Certificates of Deposit—(Continued)
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (d)		8,900,000		8,905,390
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		10,000,000		9,995,400
1.451%, 09/01/17 (d)		1,500,000		1,500,327
1.610%, 08/02/17 (d)		3,700,000		3,701,129
Natixis New York 1.287%, 11/13/17 (d)		2,000,000		1,999,780
Norinchukin Bank New York 1.297%, 11/13/17 (d)		2,500,000		2,500,195
1.584%, 08/21/17 (d)		2,000,000		2,000,738
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		10,000,000		10,007,200
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		504,617		500,115
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (d)		7,500,000		7,502,917
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		1,500,000		1,499,891
1.466%, 10/26/17 (d)		11,000,000		11,002,816
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		12,500,000		12,509,287
UBS, Stamford 1.722%, 07/31/17 (d)		2,502,555		2,501,428
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		3,500,000		3,503,129
				145,577,381
Commercial Paper—1.8%
Commonwealth Bank Australia 1.391%, 03/01/18		9,000,000		9,007,013
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		14,100,000		14,100,818
ING Funding LLC 1.234%, 12/07/17 (d)		4,000,000		4,001,381
1.277%, 11/13/17 (d)		4,500,000		4,499,672
LMA S.A. & LMA Americas 1.150%, 07/07/17		4,998,882		4,999,361
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		1,250,000		1,250,075
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		2,000,000		2,002,702
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (d)		5,000,000		5,002,001
Westpac Banking Corp. 1.506%, 10/20/17 (d)		5,300,000		5,305,284
				50,168,307

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $783,764 on 07/03/17, collateralized by $815,812 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $799,368.		783,694	$	783,694
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,000,092 on 07/03/17, collateralized by $996,157 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $10,001,000 on 07/03/17, collateralized by $10,167,333 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $10,200,031.		10,000,000		10,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $7,505,813 on 07/03/17, collateralized by $1,630 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $8,338,676.		7,500,000		7,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $6,431,008 on 09/29/17, collateralized by various Common Stock with a value of $7,040,002.		6,400,000		6,400,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,572,889 on 10/02/17, collateralized by various Common Stock with a value of $4,950,000.		4,500,000		4,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $5,038,238 on 10/02/17, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
				45,183,694
Time Deposits—0.4%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		100,000		100,000
Shinkin Central Bank 1.330%, 07/26/17		6,300,000		6,300,000
Standard Chartered plc 1.200%, 07/03/17		2,000,000		2,000,000
				10,500,000
Total Securities Lending Reinvestments (Cost $251,367,351)				251,429,382
Total Investments—108.8% (Cost $2,050,566,987) (e)				2,997,098,679
Other assets and liabilities (net)—(8.8)%				(243,668,284	)
Net Assets—100.0%			$	2,753,430,395

*	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 June 30, 2017, the market value of securities loaned was $245,450,226 and the collateral received consisted of cash in the amount of $251,386,148. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $2,050,566,987. The aggregate unrealized appreciation and depreciation of investments were $961,152,435 and $(14,620,743), respectively, resulting in net unrealized appreciation of $946,531,692.
(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.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	55,528,596	$	—		$	—	$	55,528,596
Automobiles		45,302,139		—			—		45,302,139
Banks		31,682,348		—			—		31,682,348
Beverages		24,811,582		—			—		24,811,582
Biotechnology		169,810,843		—			—		169,810,843
Capital Markets		102,351,925		—			—		102,351,925
Chemicals		26,385,422		—			—		26,385,422
Equity Real Estate Investment Trusts		35,961,314		—			—		35,961,314
Food & Staples Retailing		43,400,844		—			—		43,400,844
Health Care Equipment & Supplies		13,806,417		—			—		13,806,417
Hotels, Restaurants & Leisure		97,384,160		—			—		97,384,160
Internet & Direct Marketing Retail		313,756,910		—			—		313,756,910
Internet Software & Services		392,535,641		91,651,984			—		484,187,625
IT Services		161,025,751		—			—		161,025,751
Life Sciences Tools & Services		31,982,512		—			—		31,982,512
Machinery		38,327,553		—			—		38,327,553
Media		57,094,576		—			—		57,094,576
Oil, Gas & Consumable Fuels		38,875,710		—			—		38,875,710
Pharmaceuticals		101,494,809		—			—		101,494,809
Road & Rail		23,723,779		—			—		23,723,779
Semiconductors & Semiconductor Equipment		120,897,130		—			—		120,897,130
Software		368,717,553		—			—		368,717,553
Specialty Retail		99,721,068		54,934,534			—		154,655,602
Technology Hardware, Storage & Peripherals		155,002,533		—			—		155,002,533
Textiles, Apparel & Luxury Goods		—		45,763,013			—		45,763,013
Total Common Stocks		2,549,581,115		192,349,531			—		2,741,930,646
Total Short-Term Investment*		—		3,738,651			—		3,738,651
Total Securities Lending Reinvestments*		—		251,429,382			—		251,429,382
Total Investments	$	2,549,581,115	$	447,517,564		$	—	$	2,997,098,679
Collateral for Securities Loaned (Liability)	$	—	$	(251,386,148	)	$	—	$	(251,386,148	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,997,098,679
Receivable for:
Investments sold		37,817,012
Fund shares sold		454,237
Dividends and interest		370,483
Total Assets		3,035,740,411
Liabilities
Collateral for securities loaned		251,386,148
Payables for:
Investments purchased		28,133,562
Fund shares redeemed		976,246
Accrued Expenses:
Management fees		1,194,731
Distribution and service fees		176,985
Deferred trustees’ fees		155,569
Other expenses		286,775
Total Liabilities		282,310,016
Net Assets	$	2,753,430,395
Net Assets Consist of:
Paid in surplus	$	1,621,941,842
Undistributed net investment income		5,567,784
Accumulated net realized gain		179,392,561
Unrealized appreciation on investments and foreign currency transactions		946,528,208
Net Assets	$	2,753,430,395
Net Assets
Class A	$	1,901,498,243
Class B		839,537,915
Class E		12,394,237
Capital Shares Outstanding*
Class A		130,471,510
Class B		58,421,651
Class E		855,190
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.57
Class B		14.37
Class E		14.49

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,050,566,987.
(b)	Includes securities loaned at value of $245,450,226.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	13,539,225
Interest		6,300
Securities lending income		851,157
Total investment income		14,396,682
Expenses
Management fees		8,126,721
Administration fees		42,988
Custodian and accounting fees		80,344
Distribution and service fees—Class B		1,025,342
Distribution and service fees—Class E		8,768
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		70,133
Insurance		8,961
Miscellaneous		41,387
Total expenses		9,470,296
Less management fee waiver		(1,084,694	)
Less broker commission recapture		(51,707	)
Net expenses		8,333,895
Net Investment Income		6,062,787
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		179,848,560
Foreign currency transactions		(6,393	)
Net realized gain		179,842,167
Net change in unrealized appreciation on:
Investments		279,618,232
Foreign currency transactions		7,058
Net change in unrealized appreciation		279,625,290
Net realized and unrealized gain		459,467,457
Net Increase in Net Assets From Operations	$	465,530,244

(a) Net of foreign withholding taxes of $174,759.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,062,787		$	6,998,309
Net realized gain		179,842,167			197,819,055
Net change in unrealized appreciation (depreciation)		279,625,290			(203,964,428	)
Increase in net assets from operations		465,530,244			852,936
From Distributions to Shareholders
Net investment income
Class A		(6,092,912	)		(5,320,506	)
Class B		(708,505	)		(166,514	)
Class E		(21,896	)		(14,444	)
Net realized capital gains
Class A		(135,871,942	)		(235,463,323	)
Class B		(60,767,920	)		(105,625,369	)
Class E		(871,933	)		(1,446,696	)
Total distributions		(204,335,108	)		(348,036,852	)
Increase (decrease) in net assets from capital share transactions		(81,176,488	)		143,300,114
Total increase (decrease) in net assets		180,018,648			(203,883,802	)
Net Assets
Beginning of period		2,573,411,747			2,777,295,549
End of period	$	2,753,430,395		$	2,573,411,747
Undistributed net investment income
End of period	$	5,567,784		$	6,328,310

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		949,251		$	13,975,912			3,073,897		$	42,526,889
Reinvestments		9,730,285			141,964,854			19,386,782			240,783,829
Redemptions		(15,024,722	)		(222,450,753	)		(11,647,772	)		(156,455,180	)
Net increase (decrease)		(4,345,186	)	$	(66,509,987	)		10,812,907		$	126,855,538
Class B
Sales		913,201		$	13,455,745			3,234,110		$	43,395,835
Reinvestments		4,272,163			61,476,425			8,629,030			105,791,883
Redemptions		(6,195,469	)		(90,059,222	)		(9,868,582	)		(132,583,024	)
Net increase (decrease)		(1,010,105	)	$	(15,127,052	)		1,994,558		$	16,604,694
Class E
Sales		60,779		$	900,994			110,299		$	1,490,776
Reinvestments		61,601			893,829			118,216			1,461,140
Redemptions		(90,688	)		(1,334,272	)		(229,835	)		(3,112,034	)
Net increase (decrease)		31,692		$	460,551			(1,320	)	$	(160,118	)
Increase (decrease) derived from capital shares transactions				$	(81,176,488	)				$	143,300,114

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.25		$	15.30		$	16.23		$	15.82		$	11.73		$	12.14
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.05			0.04			0.04			0.04			0.07
Net realized and unrealized gain (loss) on investments		2.45			(0.16	)		1.67			1.26			4.25			1.88
Total from investment operations		2.49			(0.11	)		1.71			1.30			4.29			1.95
Less Distributions
Distributions from net investment income		(0.05	)		(0.04	)		(0.05	)		(0.04	)		(0.06	)		(0.03	)
Distributions from net realized capital gains		(1.12	)		(1.90	)		(2.59	)		(0.85	)		(0.14	)		(2.33	)
Total distributions		(1.17	)		(1.94	)		(2.64	)		(0.89	)		(0.20	)		(2.36	)
Net Asset Value, End of Period	$	14.57		$	13.25		$	15.30		$	16.23		$	15.82		$	11.73
Total Return (%) (b)		18.74	(c)		0.17			10.78			9.06			37.00			15.78
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(d)		0.62			0.62			0.62			0.62			0.64
Net ratio of expenses to average net assets (%) (e)		0.54	(d)		0.55			0.54			0.54			0.55			0.57
Ratio of net investment income to average net assets (%)		0.52	(d)		0.35			0.27			0.26			0.31			0.58
Portfolio turnover rate (%)		17	(c)		25			28			25			36			41
Net assets, end of period (in millions)	$	1,901.5		$	1,786.2		$	1,897.1		$	2,047.5		$	2,332.0		$	1,744.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.06		$	15.11		$	16.05		$	15.66		$	11.61		$	12.03
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.01			0.00	(f)		0.00	(f)		0.01			0.03
Net realized and unrealized gain (loss) on investments		2.42			(0.16	)		1.65			1.25			4.21			1.88
Total from investment operations		2.44			(0.15	)		1.65			1.25			4.22			1.91
Less Distributions
Distributions from net investment income		(0.01	)		(0.00	)(g)		(0.00	)(g)		(0.01	)		(0.03	)		(0.00	)(g)
Distributions from net realized capital gains		(1.12	)		(1.90	)		(2.59	)		(0.85	)		(0.14	)		(2.33	)
Total distributions		(1.13	)		(1.90	)		(2.59	)		(0.86	)		(0.17	)		(2.33	)
Net Asset Value, End of Period	$	14.37		$	13.06		$	15.11		$	16.05		$	15.66		$	11.61
Total Return (%) (b)		18.66	(c)		(0.13	)		10.54			8.74			36.73			15.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.87			0.87			0.89
Net ratio of expenses to average net assets (%) (e)		0.79	(d)		0.80			0.79			0.79			0.80			0.82
Ratio of net investment income to average net assets (%)		0.27	(d)		0.10			0.02			0.01			0.06			0.30
Portfolio turnover rate (%)		17	(c)		25			28			25			36			41
Net assets, end of period (in millions)	$	839.5		$	776.3		$	867.6		$	907.1		$	976.7		$	804.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.17		$	15.22		$	16.15		$	15.75		$	11.67		$	12.09
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.03			0.02			0.02			0.02			0.04
Net realized and unrealized gain (loss) on investments		2.44			(0.16	)		1.66			1.25			4.24			1.88
Total from investment operations		2.47			(0.13	)		1.68			1.27			4.26			1.92
Less Distributions
Distributions from net investment income		(0.03	)		(0.02	)		(0.02	)		(0.02	)		(0.04	)		(0.01	)
Distributions from net realized capital gains		(1.12	)		(1.90	)		(2.59	)		(0.85	)		(0.14	)		(2.33	)
Total distributions		(1.15	)		(1.92	)		(2.61	)		(0.87	)		(0.18	)		(2.34	)
Net Asset Value, End of Period	$	14.49		$	13.17		$	15.22		$	16.15		$	15.75		$	11.67
Total Return (%) (b)		18.69	(c)		(0.01	)		10.66			8.86			36.90			15.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77	(d)		0.77			0.77			0.77			0.77			0.79
Net ratio of expenses to average net assets (%) (e)		0.69	(d)		0.70			0.69			0.69			0.70			0.72
Ratio of net investment income to average net assets (%)		0.37	(d)		0.20			0.12			0.11			0.16			0.38
Portfolio turnover rate (%)		17	(c)		25			28			25			36			41
Net assets, end of period (in millions)	$	12.4		$	10.8		$	12.6		$	12.0		$	12.5		$	11.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)	Net investment income (loss) was less than $0.01.
(g)	Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Jennison Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-13

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”), adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-14

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $ 3,738,651. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $45,183,694. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-15

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	459,631,439	$	0	$	741,852,999

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$8,126,721		0.700	%	Of the first $200 million
		0.650	%	Of the next $300 million
		0.600	%	Of the next $1.5 billion
		0.550	%	On amounts in excess of $2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Jennison Associates LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period January 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.100%	Of the first $200 million
0.050%	On the next $800 million
0.100%	On the next $1 billion
0.080%	On amounts in excess of $2 billion

BHFTII-16

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$5,501,464	$	8,272,620	$	342,535,388	$	435,555,050	$	348,036,852	$	443,827,670

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$6,476,431	$	197,548,587	$	666,416,520	$	—	$	870,441,538

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-17

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-18

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
176,805,238		6,701,636		12,699,052

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		181,563,593		14,642,333
Robert Boulware		181,212,710		14,993,216
Susan C. Gause		181,540,683		14,665,243
Nancy Hawthorne		181,533,763		14,672,164
Barbara A. Nugent		181,543,586		14,662,341
John Rosenthal		181,459,721		14,746,205
Linda B. Strumpf		181,415,505		14,790,421
Dawn M. Vroegop		181,469,858		14,736,068

BHFTII-19

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Loomis Sayles Small Cap Core Portfolio returned 4.54%, 4.42%, and 4.47%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 4.99%.

MARKET ENVIRONMENT / CONDITIONS

The equity markets continued to climb during the period, extending the post-election rally and preserving positive trends since February of 2016. Underlying positive market action was a change in leadership between growth and value stocks. Over the first half of 2017, growth stocks had been outperforming value stocks. Similarly, large cap stocks outperformed small cap stocks. This marks a notable change from the rally following the U.S. Presidential election which favored domestically focused small cap stocks and value stocks like financials that are potential beneficiaries of fiscal stimulus, reduced regulation and higher interest rates. The market shift over the period reflected a more stable economic environment and lowered expectations for the Trump administration’s ability to implement policy changes. Sector leadership was concentrated in growth segments such as Health Care and Information Technology, while traditional value sectors such as Energy, Financials and Consumer Staples lagged. The difference in performance between small cap sectors was notable, despite overall market volatility tracking at historical lows. For instance, small cap Health Care stocks in the Russell 2000 Index were up over 22% during the first half of 2017, while the Energy sector was down almost 28%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell 2000 Index during the six months ended June 30, 2017. Positive stock selection was offset by negative sector allocation. An underweight to the top-performing Health Care sector, despite solid stock selection, and a slight overweight to the bottom-performing Energy sector hurt the Portfolio’s overall return. Positive stock performance in the Information Technology, Consumer Discretionary and Health Care sectors were additive to the Portfolio’s results.

The largest detractors to performance were Synchronoss Technologies, U.S. Silica Holdings, and Genesco. In technology, Synchronoss Technologies, a provider of hosted storage, software and services to the telecommunications industry, surprised to the downside with some disappointing news. The company pre-announced a first-quarter earnings shortfall in late April. The company also announced the sudden departure of its new CEO and CFO, both of whom had only been with the company for a couple of weeks. We eliminated the holding over the period. U.S. Silica is a producer and logistical supplier of sand for energy and industrial markets. Investor concerns were focused on OPEC (Organization of Petroleum Exporting Companies) and the price of oil, as well as industry announcements of growth in sand mine capacity. We retained a constructive view in the stock driven by our belief of a good management team, a solid balance sheet, a diversified asset base, the industry trend of increased sand consumption on a per well basis, and the significantly under-appreciated last-mile logistical assets. Genesco is a mall based retailer of footwear and headwear, operating through Journeys, Johnston & Murphy, Schuh and Lids retail brands. While we believe retail in general has been weak and recent changes in fashion trends have negatively impacted the Journeys store concept, other brands such as Lids appear poised for improvement. In our view, the stock’s valuation was fundamentally attractive, and we maintained the position in anticipation of improving trends in the second half of the year.

The Portfolio’s top contributors to performance were Marriott Vacations Worldwide, Cynosure, and RingCentral. Marriott Vacations Worldwide, a developer of timeshare ownership properties operating under the Ritz-Carlton and Marriott brand names, was a top contributor over the period. The company reported another strong quarterly result, and expectations for further consolidation within the timeshare industry led to solid gains in the stock. We reduced the Portfolio’s holdings during the period to manage the position size, as valuations increased. Cynosure manufactures lasers for medical and aesthetic treatment applications. In February, Hologic acquired Cynosure at a 28% premium to its prior day closing price. The holding was sold during the first quarter. RingCentral offers a cloud-based service that replaces the need to install business communication systems (dubbed PBXs) on premise, offering advantages such as minimal upfront investment, rapid deployment and management ease. The company reported revenues that surpassed Wall Street estimates and the company raised 2017 guidance.

During the period, we added new stocks with attractive investment potential and eliminated holdings where valuations had exceeded our target levels or where fundamental trends strayed from our investment thesis. New positions included C&J Energy Services, a leading oilfield services company providing a range of well completion and well support services; Nautilus, a fitness equipment company; CenterState Banks, the holding company for CenterState Bank of Florida; Ingevity, a leading manufacturer of activated carbon used in gasoline emission control in cars, trucks and other vehicles; and Varex Imaging, who designs, manufactures, and sells x-ray imaging components and is a recent spin-out from Varian Medical. Eliminations included Cynosure and Nord Anglia Education (Hong Kong) which were both acquisition targets. Other sales included Life Storage and Gibraltar Industries on fundamental developments. Vail Resorts and WellCare Health Plans were eliminated on strength as both stocks had performed well and provided a source of funds for new ideas.

While we do not make major adjustments to the Portfolio based on near-term macroeconomic expectations, they are part of the mosaic of inputs and we can adjust position sizes to reflect our fundamental level of conviction and the risk/reward outlook. Sector weight changes during the six-month period ending June 30, 2017 were modest, resulting in slight changes to the positioning of the Portfolio.

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

As a result of individual stock selection, the Portfolio’s weight in the Financials and Real Estate sectors was reduced and the Portfolio’s weight to the Health Care sector increased. As always, our focus remained on small cap companies where the stock price and valuation do not accurately reflect our assessment of the underlying value of the corporate enterprise.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwartz

Portfolio Managers

Loomis, Sayles & Company, L.P.

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

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		4.54		20.93		14.04		8.13
Class B		4.42		20.64		13.76		7.86
Class E		4.47		20.75		13.87		7.96
Russell 2000 Index		4.99		24.60		13.70		6.92

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Euronet Worldwide, Inc.		1.2
Littelfuse, Inc.		1.1
Chemical Financial Corp.		1.0
Wintrust Financial Corp.		0.9
Employers Holdings, Inc.		0.9
LCI Industries		0.9
ALLETE, Inc.		0.9
Pinnacle Financial Partners, Inc.		0.8
Albany International Corp. - Class A		0.8
RBC Bearings, Inc.		0.8

Top Sectors

	% of Net Assets
Financials		19.9
Information Technology		18.7
Industrials		17.8
Consumer Discretionary		15.3
Health Care		10.6
Real Estate		3.9
Energy		3.7
Materials		3.1
Consumer Staples		2.4
Utilities		1.5

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.88	%	$	1,000.00	$	1,045.40	$	4.46
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41
Class B(a)	Actual		1.13	%	$	1,000.00	$	1,044.20	$	5.73
	Hypothetical*		1.13	%	$	1,000.00	$	1,019.19	$	5.66
Class E(a)	Actual		1.03	%	$	1,000.00	$	1,044.70	$	5.22
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Aerojet Rocketdyne Holdings, Inc. (a)		81,921	$	1,703,957
BWX Technologies, Inc.		64,350		3,137,062
Hexcel Corp.		30,287		1,598,851
KLX, Inc. (a)		19,605		980,250
Mercury Systems, Inc. (a)		40,037		1,685,157
				9,105,277
Air Freight & Logistics—0.2%
Echo Global Logistics, Inc. (a)		55,053		1,095,555
Auto Components—3.0%
Adient plc		33,516		2,191,276
Cooper Tire & Rubber Co. (b)		38,074		1,374,472
Dorman Products, Inc. (a)		20,316		1,681,555
Fox Factory Holding Corp. (a)		76,780		2,733,368
Horizon Global Corp. (a) (b)		111,073		1,595,008
LCI Industries		39,028		3,996,467
				13,572,146
Banks—13.0%
BancorpSouth, Inc.		89,585		2,732,343
Bank of the Ozarks, Inc.		57,069		2,674,824
Bryn Mawr Bank Corp.		66,092		2,808,910
Cathay General Bancorp		90,289		3,426,468
CenterState Banks, Inc.		69,623		1,730,828
Chemical Financial Corp.		90,814		4,396,306
CVB Financial Corp.		128,647		2,885,552
First Financial Bancorp		121,533		3,366,464
First Financial Bankshares, Inc.		41,971		1,855,118
Home BancShares, Inc.		99,277		2,471,997
Iberiabank Corp.		38,475		3,135,712
LegacyTexas Financial Group, Inc.		44,495		1,696,594
PacWest Bancorp		59,942		2,799,291
Pinnacle Financial Partners, Inc.		61,707		3,875,200
Popular, Inc.		75,510		3,149,522
Prosperity Bancshares, Inc.		42,944		2,758,723
Renasant Corp.		40,260		1,760,972
Signature Bank (a)		17,609		2,527,420
Texas Capital Bancshares, Inc. (a)		33,961		2,628,581
Triumph Bancorp, Inc. (a)		71,247		1,749,114
UMB Financial Corp.		10,304		771,357
Wintrust Financial Corp.		56,274		4,301,585
				59,502,881
Beverages—0.4%
Cott Corp. (b)		123,495		1,783,268
Biotechnology—1.1%
Genomic Health, Inc. (a)		40,396		1,314,890
Ironwood Pharmaceuticals, Inc. (a) (b)		82,175		1,551,464
Lexicon Pharmaceuticals, Inc. (a) (b)		63,214		1,039,870
Prothena Corp. plc (a) (b)		18,041		976,379
				4,882,603
Building Products—2.2%
Apogee Enterprises, Inc. (b)		56,655		3,220,270
Armstrong World Industries, Inc. (a)		43,018		1,978,828
Masonite International Corp. (a)		29,564		2,232,082
Patrick Industries, Inc. (a)		16,831		1,226,139
Trex Co., Inc. (a)		22,299		1,508,750
				10,166,069
Capital Markets—1.9%
Donnelley Financial Solutions, Inc. (a)		64,345		1,477,361
Financial Engines, Inc. (b)		41,697		1,526,111
Hercules Capital, Inc. (b)		72,230		956,325
MarketAxess Holdings, Inc.		11,991		2,411,390
Stifel Financial Corp. (a)		53,544		2,461,953
				8,833,140
Chemicals—1.9%
AdvanSix, Inc. (a)		81,841		2,556,713
Cabot Corp.		33,522		1,791,081
Ingevity Corp. (a)		37,116		2,130,458
Minerals Technologies, Inc.		33,085		2,421,822
				8,900,074
Commercial Services & Supplies—3.1%
Clean Harbors, Inc. (a)		26,285		1,467,492
Healthcare Services Group, Inc.		37,693		1,765,163
KAR Auction Services, Inc.		73,609		3,089,370
Kimball International, Inc. - Class B		60,960		1,017,422
Knoll, Inc.		38,226		766,431
LSC Communications, Inc.		64,341		1,376,897
Viad Corp.		66,814		3,156,962
West Corp.		65,591		1,529,582
				14,169,319
Communications Equipment—1.0%
ARRIS International plc (a)		64,351		1,803,115
Digi International, Inc. (a)		95,393		968,239
Viavi Solutions, Inc. (a)		168,632		1,775,695
				4,547,049
Construction & Engineering—1.0%
Granite Construction, Inc. (b)		31,516		1,520,332
MYR Group, Inc. (a)		27,808		862,604
Primoris Services Corp.		60,917		1,519,270
Quanta Services, Inc. (a)		24,049		791,693
				4,693,899
Construction Materials—0.8%
Summit Materials, Inc. - Class A (a)		62,578		1,806,627
U.S. Concrete, Inc. (a) (b)		26,382		2,072,306
				3,878,933
Consumer Finance—0.7%
Green Dot Corp. - Class A (a)		24,646		949,611
PRA Group, Inc. (a) (b)		55,417		2,100,304
				3,049,915

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Distributors—0.8%
Core-Mark Holding Co., Inc.		61,419	$	2,030,512
Pool Corp.		14,084		1,655,856
				3,686,368
Diversified Consumer Services—1.7%
Adtalem Global Education, Inc.		52,979		2,010,553
Bright Horizons Family Solutions, Inc. (a)		25,402		1,961,289
Grand Canyon Education, Inc. (a)		26,857		2,105,857
Houghton Mifflin Harcourt Co. (a)		147,097		1,809,293
				7,886,992
Diversified Financial Services—0.5%
FNFV Group (a)		145,845		2,304,351
Diversified Telecommunication Services—0.6%
Cogent Communications Holdings, Inc.		39,504		1,584,111
ORBCOMM, Inc. (a)		88,898		1,004,547
				2,588,658
Electric Utilities—0.9%
ALLETE, Inc.		55,503		3,978,455
Electrical Equipment—0.6%
Generac Holdings, Inc. (a)		35,446		1,280,664
TPI Composites, Inc. (a)		74,238		1,371,918
				2,652,582
Electronic Equipment, Instruments & Components—3.9%
Belden, Inc.		29,998		2,262,749
II-VI, Inc. (a)		101,450		3,479,735
IPG Photonics Corp. (a)		15,184		2,203,199
Kimball Electronics, Inc. (a)		23,162		418,074
Littelfuse, Inc.		30,010		4,951,650
Methode Electronics, Inc.		37,627		1,550,232
Rogers Corp. (a)		16,434		1,785,061
Vishay Intertechnology, Inc.		60,772		1,008,815
				17,659,515
Energy Equipment & Services—2.3%
C&J Energy Services, Inc. (a)		74,404		2,549,825
Dril-Quip, Inc. (a) (b)		20,571		1,003,865
Forum Energy Technologies, Inc. (a)		56,654		883,802
Natural Gas Services Group, Inc. (a)		67,192		1,669,721
RPC, Inc. (b)		91,061		1,840,343
U.S. Silica Holdings, Inc.		67,138		2,382,728
				10,330,284
Equity Real Estate Investment Trusts—3.9%
American Campus Communities, Inc.		50,208		2,374,838
CubeSmart		96,732		2,325,437
CyrusOne, Inc.		37,480		2,089,510
Hersha Hospitality Trust		75,629		1,399,893
iStar, Inc. (a)		126,428		1,522,193
Mid-America Apartment Communities, Inc.		6,995		737,133
Equity Real Estate Investment Trusts—(Continued)
National Retail Properties, Inc.		36,977		1,445,801
Retail Opportunity Investments Corp. (b)		164,831		3,163,107
Rexford Industrial Realty, Inc.		55,974		1,535,926
Sabra Health Care REIT, Inc. (b)		57,386		1,383,003
				17,976,841
Food & Staples Retailing—0.4%
SpartanNash Co.		69,016		1,791,655
Food Products—1.3%
Darling Ingredients, Inc. (a)		89,572		1,409,863
J&J Snack Foods Corp.		6,991		923,301
Post Holdings, Inc. (a)		32,904		2,554,996
SunOpta, Inc. (a)		108,794		1,109,699
				5,997,859
Health Care Equipment & Supplies—4.2%
AtriCure, Inc. (a) (b)		53,633		1,300,600
Halyard Health, Inc. (a)		55,540		2,181,611
Inogen, Inc. (a)		16,476		1,572,140
Insulet Corp. (a) (b)		40,951		2,101,196
Merit Medical Systems, Inc. (a)		59,384		2,265,500
Neogen Corp. (a)		18,542		1,281,438
NxStage Medical, Inc. (a)		49,321		1,236,477
Penumbra, Inc. (a) (b)		11,178		980,870
Spectranetics Corp. (The) (a) (b)		63,378		2,433,715
Varex Imaging Corp. (a)		59,235		2,002,143
Wright Medical Group NV (a) (b)		66,990		1,841,555
				19,197,245
Health Care Providers & Services—1.9%
AMN Healthcare Services, Inc. (a)		41,997		1,639,983
HealthEquity, Inc. (a)		45,945		2,289,439
PharMerica Corp. (a)		73,609		1,932,236
Teladoc, Inc. (a) (b)		51,495		1,786,877
Tivity Health, Inc. (a)		27,561		1,098,306
				8,746,841
Health Care Technology—0.5%
Medidata Solutions, Inc. (a)		32,125		2,512,175
Hotels, Restaurants & Leisure—3.5%
Caesars Entertainment Corp. (a) (b)		145,101		1,741,212
Carrols Restaurant Group, Inc. (a)		76,567		937,946
Churchill Downs, Inc.		19,332		3,543,556
Chuy’s Holdings, Inc. (a)		40,141		939,299
Cracker Barrel Old Country Store, Inc. (b)		6,635		1,109,704
Marriott Vacations Worldwide Corp. (b)		26,948		3,173,127
Planet Fitness, Inc. - Class A (b)		72,467		1,691,380
Six Flags Entertainment Corp.		24,309		1,449,059
Wingstop, Inc. (b)		48,013		1,483,602
				16,068,885
Household Durables—1.1%
Helen of Troy, Ltd. (a)		24,675		2,321,917

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Installed Building Products, Inc. (a)		32,348	$	1,712,827
iRobot Corp. (a) (b)		13,095		1,101,813
				5,136,557
Household Products—0.3%
HRG Group, Inc. (a)		82,704		1,464,688
Industrial Conglomerates—0.5%
Raven Industries, Inc.		63,565		2,116,715
Insurance—2.7%
Atlas Financial Holdings, Inc. (a)		34,991		521,366
Employers Holdings, Inc.		95,755		4,050,436
First American Financial Corp.		36,778		1,643,609
Health Insurance Innovations, Inc. - Class A (a)		24,507		575,915
ProAssurance Corp.		45,299		2,754,179
Reinsurance Group of America, Inc.		21,990		2,823,296
				12,368,801
Internet & Direct Marketing Retail—1.4%
1-800-Flowers.com, Inc. - Class A (a)		85,575		834,356
HSN, Inc.		22,661		722,886
Liberty Expedia Holdings, Inc. - Class A (a)		28,384		1,533,304
Liberty Ventures - Series A (a)		60,890		3,183,938
				6,274,484
Internet Software & Services—3.2%
2U, Inc. (a) (b)		46,355		2,174,977
CommerceHub, Inc. - Series C (a)		49,308		859,932
Envestnet, Inc. (a)		36,329		1,438,628
IAC/InterActiveCorp (a)		22,653		2,338,696
LogMeIn, Inc.		16,995		1,775,977
Mimecast, Ltd. (a) (b)		46,278		1,239,325
Q2 Holdings, Inc. (a)		51,696		1,910,167
Quotient Technology, Inc. (a) (b)		89,480		1,029,020
Wix.com, Ltd. (a)		27,795		1,934,532
				14,701,254
IT Services—3.8%
Acxiom Corp. (a)		51,450		1,336,671
Blackhawk Network Holdings, Inc. (a)		23,463		1,022,987
Booz Allen Hamilton Holding Corp.		46,137		1,501,298
CSG Systems International, Inc.		25,784		1,046,315
DST Systems, Inc.		49,944		3,081,545
Euronet Worldwide, Inc. (a)		60,573		5,292,263
InterXion Holding NV (a)		42,443		1,943,040
WEX, Inc. (a)		22,459		2,341,800
				17,565,919
Leisure Products—0.4%
Nautilus, Inc. (a) (b)		98,103		1,878,672
Life Sciences Tools & Services—1.2%
Accelerate Diagnostics, Inc. (a) (b)		46,992		1,285,231
PRA Health Sciences, Inc. (a)		26,239		1,968,188
Life Sciences Tools & Services—(Continued)
VWR Corp. (a)		69,696		2,300,665
				5,554,084
Machinery—4.5%
Alamo Group, Inc.		15,694		1,425,172
Albany International Corp. - Class A		69,120		3,691,008
Altra Industrial Motion Corp.		18,279		727,504
Astec Industries, Inc.		23,509		1,304,984
Columbus McKinnon Corp.		60,543		1,539,003
EnPro Industries, Inc.		30,064		2,145,668
John Bean Technologies Corp.		30,622		3,000,956
Middleby Corp. (The) (a)		5,222		634,525
RBC Bearings, Inc. (a)		36,118		3,675,368
Standex International Corp.		27,048		2,453,254
				20,597,442
Marine—0.2%
Kirby Corp. (a)		14,365		960,300
Media—1.2%
Emerald Expositions Events, Inc. (b)		42,010		920,019
EW Scripps Co. (The) - Class A (a)		95,644		1,703,420
Gray Television, Inc. (a)		70,512		966,014
John Wiley & Sons, Inc. - Class A		33,185		1,750,509
				5,339,962
Metals & Mining—0.3%
Ferroglobe Representation & Warranty Insurance Trust (a) (c)		141,548		0
Haynes International, Inc.		37,282		1,353,709
				1,353,709
Multi-Utilities—0.6%
NorthWestern Corp.		45,896		2,800,574
Multiline Retail—0.4%
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		40,832		1,739,443
Oil, Gas & Consumable Fuels—1.5%
Arch Coal, Inc. - Class A (b)		26,357		1,800,183
Gulfport Energy Corp. (a)		58,149		857,698
PDC Energy, Inc. (a) (b)		20,052		864,441
QEP Resources, Inc. (a)		116,408		1,175,721
SRC Energy, Inc. (a) (b)		308,833		2,078,446
				6,776,489
Pharmaceuticals—1.7%
Aclaris Therapeutics, Inc. (a) (b)		34,181		926,989
Akorn, Inc. (a)		53,846		1,805,995
Catalent, Inc. (a)		58,046		2,037,415
Dermira, Inc. (a) (b)		31,161		908,031
Supernus Pharmaceuticals, Inc. (a)		47,792		2,059,835
				7,738,265

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—1.5%
Insperity, Inc.		28,305	$	2,009,655
Korn/Ferry International		80,832		2,791,129
WageWorks, Inc. (a)		29,660		1,993,152
				6,793,936
Road & Rail—1.0%
Genesee & Wyoming, Inc. - Class A (a)		28,230		1,930,650
Old Dominion Freight Line, Inc.		28,758		2,738,912
				4,669,562
Semiconductors & Semiconductor Equipment—3.0%
Advanced Energy Industries, Inc. (a)		6,978		451,407
Mellanox Technologies, Ltd. (a) (b)		52,286		2,263,984
MKS Instruments, Inc.		28,759		1,935,481
Monolithic Power Systems, Inc.		19,943		1,922,505
Semtech Corp. (a)		75,590		2,702,342
Silicon Laboratories, Inc. (a)		24,610		1,682,094
Teradyne, Inc.		86,372		2,593,751
				13,551,564
Software—3.6%
Blackbaud, Inc.		20,043		1,718,687
Callidus Software, Inc. (a)		69,674		1,686,111
CommVault Systems, Inc. (a)		26,750		1,510,037
Guidewire Software, Inc. (a)		33,836		2,324,872
HubSpot, Inc. (a)		23,364		1,536,183
RealPage, Inc. (a)		37,329		1,341,978
RingCentral, Inc. - Class A (a)		64,742		2,366,320
Ultimate Software Group, Inc. (The) (a) (b)		8,870		1,863,232
Verint Systems, Inc. (a)		50,416		2,051,931
				16,399,351
Specialty Retail—1.3%
Camping World Holdings, Inc. - Class A (b)		66,606		2,054,795
Genesco, Inc. (a)		38,244		1,296,471
Sally Beauty Holdings, Inc. (a)		44,399		899,080
Tile Shop Holdings, Inc.		77,198		1,594,139
				5,844,485
Technology Hardware, Storage & Peripherals—0.2%
Cray, Inc. (a)		48,293		888,591
Textiles, Apparel & Luxury Goods—0.5%
Columbia Sportswear Co.		16,513		958,745
Steven Madden, Ltd. (a)		34,245		1,368,088
				2,326,833
Thrifts & Mortgage Finance—1.1%
Essent Group, Ltd. (a)		40,814		1,515,832
Federal Agricultural Mortgage Corp. - Class C		28,323		1,832,498
OceanFirst Financial Corp.		57,331		1,554,817
				4,903,147
Trading Companies & Distributors—1.0%
Beacon Roofing Supply, Inc. (a)		31,907		1,563,443
BMC Stock Holdings, Inc. (a)		34,660		757,321
SiteOne Landscape Supply, Inc. (a)		38,840		2,022,010
				4,342,774
Total Common Stocks (Cost $311,919,118)				445,646,435
Short-Term Investment—2.2%
Repurchase Agreement—2.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $10,174,399 on 07/03/17, collateralized by $10,370,000 Federal National Mortgage Association at 0.875% due 10/26/17 with a value of $10,378,400.		10,174,297		10,174,297
Total Short-Term Investments (Cost $10,174,297)				10,174,297
Securities Lending Reinvestments (d)—10.8%
Certificates of Deposit—4.5%
ABN AMRO Bank NV Zero Coupon, 09/05/17		497,909		498,950
Bank of Montreal 1.130%, 07/07/17		1,500,000		1,499,985
Bank of Montreal Chicago 1.276%, 09/06/17 (e)		750,000		750,138
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		302,777		300,333
1.602%, 11/16/17 (e)		1,000,000		1,000,976
Canadian Imperial Bank 1.630%, 10/27/17 (e)		500,000		500,562
Chiba Bank, Ltd., New York 1.170%, 07/11/17		1,000,000		999,988
Credit Suisse AG New York 1.366%, 10/06/17 (e)		500,000		500,124
1.466%, 10/25/17 (e)		1,500,000		1,500,089
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
DNB NOR Bank ASA 1.412%, 07/28/17 (e)		300,000		300,037
KBC Bank NV 1.220%, 07/26/17		1,400,000		1,400,000
1.250%, 08/08/17		500,000		500,015
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (e)		1,000,000		1,000,606
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (e)		750,000		749,655
1.610%, 08/02/17 (e)		1,000,000		1,000,305
Norinchukin Bank New York 1.584%, 08/21/17 (e)		2,250,000		2,250,830

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (e)		800,000	$	800,311
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (e)		400,000		399,971
1.377%, 10/11/17 (e)		200,000		200,141
1.552%, 08/16/17 (e)		1,000,000		1,000,301
Toronto Dominion Bank New York 1.467%, 03/13/18 (e)		1,200,000		1,200,892
UBS, Stamford 1.722%, 07/31/17 (e)		700,715		700,400
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (e)		300,000		300,268
				20,354,867
Commercial Paper—1.9%
Barton Capital S.A. 1.210%, 07/10/17		996,841		999,674
Commonwealth Bank Australia 1.391%, 03/01/18		1,250,000		1,250,974
ING Funding LLC 1.234%, 12/07/17 (e)		1,000,000		1,000,345
1.277%, 11/13/17 (e)		1,000,000		999,927
LMA S.A. & LMA Americas 1.170%, 07/20/17		997,205		999,363
National Australia Bank, Ltd. 1.563%, 12/06/17 (e)		1,500,000		1,502,027
Sheffield Receivables Co. 1.190%, 07/28/17		1,495,339		1,498,590
Westpac Banking Corp. 1.506%, 10/20/17 (e)		500,000		500,498
				8,751,398
Repurchase Agreements—3.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $524,417 on 07/03/17, collateralized by $545,860 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $534,858.		524,370		524,370
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $202,375 on 10/02/17, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,000,092 on 07/03/17, collateralized by $996,157 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,020,000.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $5,565,557 on 07/03/17, collateralized by $5,658,121 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $5,676,317.		5,565,000		5,565,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,501,163 on 07/03/17, collateralized by $326 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,667,735.		1,500,000		1,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,105,330 on 09/29/17, 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 06/30/17 at 1.250% to be repurchased at $1,500,156 on 07/03/17, collateralized by $1,352,524 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $1,530,999.		1,500,000		1,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $203,240 on 10/02/17, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
				14,589,370
Time Deposits—1.2%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		400,000		400,000
Shinkin Central Bank 1.330%, 07/26/17		1,100,000		1,100,000

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Standard Chartered plc 1.200%, 07/03/17		2,000,000	$	2,000,000
				5,600,000
Total Securities Lending Reinvestments (Cost $49,286,467)				49,295,635
Total Investments—110.5% (Cost $371,379,882) (f)				505,116,367
Other assets and liabilities (net)—(10.5)%				(48,064,754	)
Net Assets—100.0%			$	457,051,613

*	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 June 30, 2017, the market value of securities loaned was $47,614,176 and the collateral received consisted of cash in the amount of $49,280,156. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of June 30, 2017, the aggregate cost of investments was $371,379,882. The aggregate unrealized appreciation and depreciation of investments were $141,529,883 and $(7,793,398), respectively, resulting in net unrealized appreciation of $133,736,485.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	9,105,277	$	—	$	—	$	9,105,277
Air Freight & Logistics		1,095,555		—		—		1,095,555
Auto Components		13,572,146		—		—		13,572,146
Banks		59,502,881		—		—		59,502,881
Beverages		1,783,268		—		—		1,783,268
Biotechnology		4,882,603		—		—		4,882,603
Building Products		10,166,069		—		—		10,166,069
Capital Markets		8,833,140		—		—		8,833,140
Chemicals		8,900,074		—		—		8,900,074
Commercial Services & Supplies		14,169,319		—		—		14,169,319
Communications Equipment		4,547,049		—		—		4,547,049
Construction & Engineering		4,693,899		—		—		4,693,899
Construction Materials		3,878,933		—		—		3,878,933
Consumer Finance		3,049,915		—		—		3,049,915
Distributors		3,686,368		—		—		3,686,368

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Diversified Consumer Services	$	7,886,992	$	—		$	—	$	7,886,992
Diversified Financial Services		2,304,351		—			—		2,304,351
Diversified Telecommunication Services		2,588,658		—			—		2,588,658
Electric Utilities		3,978,455		—			—		3,978,455
Electrical Equipment		2,652,582		—			—		2,652,582
Electronic Equipment, Instruments & Components		17,659,515		—			—		17,659,515
Energy Equipment & Services		10,330,284		—			—		10,330,284
Equity Real Estate Investment Trusts		17,976,841		—			—		17,976,841
Food & Staples Retailing		1,791,655		—			—		1,791,655
Food Products		5,997,859		—			—		5,997,859
Health Care Equipment & Supplies		19,197,245		—			—		19,197,245
Health Care Providers & Services		8,746,841		—			—		8,746,841
Health Care Technology		2,512,175		—			—		2,512,175
Hotels, Restaurants & Leisure		16,068,885		—			—		16,068,885
Household Durables		5,136,557		—			—		5,136,557
Household Products		1,464,688		—			—		1,464,688
Industrial Conglomerates		2,116,715		—			—		2,116,715
Insurance		12,368,801		—			—		12,368,801
Internet & Direct Marketing Retail		6,274,484		—			—		6,274,484
Internet Software & Services		14,701,254		—			—		14,701,254
IT Services		17,565,919		—			—		17,565,919
Leisure Products		1,878,672		—			—		1,878,672
Life Sciences Tools & Services		5,554,084		—			—		5,554,084
Machinery		20,597,442		—			—		20,597,442
Marine		960,300		—			—		960,300
Media		5,339,962		—			—		5,339,962
Metals & Mining		1,353,709		0			—		1,353,709
Multi-Utilities		2,800,574		—			—		2,800,574
Multiline Retail		1,739,443		—			—		1,739,443
Oil, Gas & Consumable Fuels		6,776,489		—			—		6,776,489
Pharmaceuticals		7,738,265		—			—		7,738,265
Professional Services		6,793,936		—			—		6,793,936
Road & Rail		4,669,562		—			—		4,669,562
Semiconductors & Semiconductor Equipment		13,551,564		—			—		13,551,564
Software		16,399,351		—			—		16,399,351
Specialty Retail		5,844,485		—			—		5,844,485
Technology Hardware, Storage & Peripherals		888,591		—			—		888,591
Textiles, Apparel & Luxury Goods		2,326,833		—			—		2,326,833
Thrifts & Mortgage Finance		4,903,147		—			—		4,903,147
Trading Companies & Distributors		4,342,774		—			—		4,342,774
Total Common Stocks		445,646,435		0			—		445,646,435
Total Short-Term Investment*		—		10,174,297			—		10,174,297
Total Securities Lending Reinvestments*		—		49,295,635			—		49,295,635
Total Investments	$	445,646,435	$	59,469,932		$	—	$	505,116,367
Collateral for Securities Loaned (Liability)	$	—	$	(49,280,156	)	$	—	$	(49,280,156	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	505,116,367
Receivable for:
Investments sold		2,321,168
Fund shares sold		352,675
Dividends and interest		257,957
Total Assets		508,048,167
Liabilities
Collateral for securities loaned		49,280,156
Payables for:
Investments purchased		956,468
Fund shares redeemed		203,359
Accrued Expenses:
Management fees		307,647
Distribution and service fees		37,439
Deferred trustees’ fees		102,161
Other expenses		109,324
Total Liabilities		50,996,554
Net Assets	$	457,051,613
Net Assets Consist of:
Paid in surplus	$	299,981,866
Undistributed net investment income		330,495
Accumulated net realized gain		23,002,767
Unrealized appreciation on investments		133,736,485
Net Assets	$	457,051,613
Net Assets
Class A	$	262,324,098
Class B		164,536,428
Class E		30,191,087
Capital Shares Outstanding*
Class A		994,380
Class B		653,909
Class E		117,601
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	263.81
Class B		251.62
Class E		256.72

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $371,379,882.
(b)	Includes securities loaned at value of $47,614,176.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	2,177,488
Interest		3,234
Securities lending income		154,760
Total investment income		2,335,482
Expenses
Management fees		2,044,306
Administration fees		7,296
Custodian and accounting fees		20,242
Distribution and service fees—Class B		205,283
Distribution and service fees—Class E		22,690
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		35,593
Insurance		1,431
Miscellaneous		5,900
Total expenses		2,408,393
Less management fee waiver		(177,556	)
Less broker commission recapture		(10,380	)
Net expenses		2,220,457
Net Investment Income		115,025
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		23,183,248
Net change in unrealized depreciation on investments		(3,170,098	)
Net realized and unrealized gain		20,013,150
Net Increase in Net Assets From Operations	$	20,128,175

(a) Net of foreign withholding taxes of $4,998.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	115,025		$	1,535,336
Net realized gain		23,183,248			29,731,611
Net change in unrealized appreciation (depreciation)		(3,170,098	)		44,701,960
Increase in net assets from operations		20,128,175			75,968,907
From Distributions to Shareholders
Net investment income
Class A		(766,898	)		(785,353	)
Class B		(115,507	)		(107,250	)
Class E		(48,669	)		(47,516	)
Net realized capital gains
Class A		(17,072,061	)		(21,737,937	)
Class B		(11,251,238	)		(14,860,492	)
Class E		(2,031,748	)		(2,652,217	)
Total distributions		(31,286,121	)		(40,190,765	)
Increase (decrease) in net assets from capital share transactions		7,944,310			(3,980,889	)
Total increase (decrease) in net assets		(3,213,636	)		31,797,253
Net Assets
Beginning of period		460,265,249			428,467,996
End of period	$	457,051,613		$	460,265,249
Undistributed net investment income
End of period	$	330,495		$	1,146,544

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		30,276		$	8,321,116			21,038		$	5,240,084
Reinvestments		67,746			17,838,959			96,584			22,523,290
Redemptions		(70,899	)		(19,507,239	)		(113,164	)		(27,833,327	)
Net increase (decrease)		27,123		$	6,652,836			4,458		$	(69,953	)
Class B
Sales		16,288		$	4,290,210			29,994		$	6,988,544
Reinvestments		45,253			11,366,745			67,057			14,967,742
Redemptions		(54,806	)		(14,438,641	)		(105,996	)		(25,281,449	)
Net increase (decrease)		6,735		$	1,218,314			(8,945	)	$	(3,325,163	)
Class E
Sales		2,857		$	764,603			2,454		$	610,403
Reinvestments		8,118			2,080,417			11,872			2,699,733
Redemptions		(10,347	)		(2,771,860	)		(16,210	)		(3,895,909	)
Net increase (decrease)		628		$	73,160			(1,884	)	$	(585,773	)
Increase (decrease) derived from capital shares transactions				$	7,944,310					$	(3,980,889	)

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	270.77		$	250.78		$	290.12		$	322.61		$	250.37		$	224.06
Income (Loss) from Investment Operations
Net investment income (a)		0.21			1.15	(b)		1.19			0.91			0.53			1.56
Net realized and unrealized gain (loss) on investments		12.07			43.25			(2.32	)		8.06			94.94			30.73
Total from investment operations		12.28			44.40			(1.13	)		8.97			95.47			32.29
Less Distributions
Distributions from net investment income		(0.83	)		(0.85	)		(0.46	)		(0.14	)		(1.29	)		0.00
Distributions from net realized capital gains		(18.41	)		(23.56	)		(37.75	)		(41.32	)		(21.94	)		(5.98	)
Total distributions		(19.24	)		(24.41	)		(38.21	)		(41.46	)		(23.23	)		(5.98	)
Net Asset Value, End of Period	$	263.81		$	270.77		$	250.78		$	290.12		$	322.61		$	250.37
Total Return (%) (c)		4.54	(d)		19.27			(1.50	)		3.76			41.04			14.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(e)		0.96			0.96			0.96			0.95			0.97
Net ratio of expenses to average net assets (%) (f)		0.88	(e)		0.88			0.88			0.88			0.88			0.89
Ratio of net investment income to average net assets (%)		0.15	(e)		0.47	(b)		0.43			0.31			0.19			0.65
Portfolio turnover rate (%)		15	(d)		34			36			35			36			38
Net assets, end of period (in millions)	$	262.3		$	261.9		$	241.5		$	269.1		$	286.0		$	222.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	258.82		$	240.67		$	280.08		$	313.49		$	243.89		$	218.94
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.13	)		0.51	(b)		0.48			0.18			(0.18	)		0.96
Net realized and unrealized gain (loss) on investments		11.53			41.37			(2.14	)		7.73			92.38			29.97
Total from investment operations		11.40			41.88			(1.66	)		7.91			92.20			30.93
Less Distributions
Distributions from net investment income		(0.19	)		(0.17	)		0.00			0.00			(0.66	)		0.00
Distributions from net realized capital gains		(18.41	)		(23.56	)		(37.75	)		(41.32	)		(21.94	)		(5.98	)
Total distributions		(18.60	)		(23.73	)		(37.75	)		(41.32	)		(22.60	)		(5.98	)
Net Asset Value, End of Period	$	251.62		$	258.82		$	240.67		$	280.08		$	313.49		$	243.89
Total Return (%) (c)		4.42	(d)		18.97			(1.74	)		3.50			40.68			14.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21	(e)		1.21			1.21			1.21			1.20			1.22
Net ratio of expenses to average net assets (%) (f)		1.13	(e)		1.13			1.13			1.13			1.13			1.14
Ratio of net investment income (loss) to average net assets (%)		(0.10	)(e)		0.22	(b)		0.18			0.06			(0.07	)		0.41
Portfolio turnover rate (%)		15	(d)		34			36			35			36			38
Net assets, end of period (in millions)	$	164.5		$	167.5		$	157.9		$	179.5		$	190.1		$	151.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	263.82		$	244.89		$	284.11		$	317.10		$	246.44		$	220.96
Income (Loss) from Investment Operations
Net investment income (a)		0.00	(g)		0.76	(b)		0.76			0.46			0.09			1.18
Net realized and unrealized gain (loss) on investments		11.75			42.15			(2.23	)		7.87			93.41			30.28
Total from investment operations		11.75			42.91			(1.47	)		8.33			93.50			31.46
Less Distributions
Distributions from net investment income		(0.44	)		(0.42	)		0.00			0.00			(0.90	)		0.00
Distributions from net realized capital gains		(18.41	)		(23.56	)		(37.75	)		(41.32	)		(21.94	)		(5.98	)
Total distributions		(18.85	)		(23.98	)		(37.75	)		(41.32	)		(22.84	)		(5.98	)
Net Asset Value, End of Period	$	256.72		$	263.82		$	244.89		$	284.11		$	317.10		$	246.44
Total Return (%) (c)		4.47	(d)		19.09			(1.64	)		3.60			40.83			14.38
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(e)		1.11			1.11			1.11			1.10			1.12
Net ratio of expenses to average net assets (%) (f)		1.03	(e)		1.03			1.03			1.03			1.03			1.04
Ratio of net investment income to average net assets (%)		0.00	(h)(e)		0.31	(b)		0.28			0.16			0.03			0.50
Portfolio turnover rate (%)		15	(d)		34			36			35			36			38
Net assets, end of period (in millions)	$	30.2		$	30.9		$	29.1		$	33.9		$	38.3		$	33.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.03 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Net investment income (loss) was less than $0.01.
(h)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Small Cap Core Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, adjustments to prior period accumulated balances, distribution re-designations and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $10,174,297. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $14,589,370. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	68,974,801	$	0	$	92,690,078

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$2,044,306		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.050	%	Of the first $200 million
	0.100	%	On the next $300 million
	0.050	%	On amounts in excess of $500 million

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s

BHFTII-19

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:    

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$1,101,754	$	410,528	$	39,089,011	$	60,274,042	$	40,190,765	$	60,684,570

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$1,238,555	$	30,081,353	$	136,999,794	$	—	$	168,319,702

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTII-20

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-21

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
1,605,543		55,681		87,797

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		1,648,176		100,846
Robert Boulware		1,648,501		100,521
Susan C. Gause		1,651,727		97,295
Nancy Hawthorne		1,651,477		97,544
Barbara A. Nugent		1,650,156		98,866
John Rosenthal		1,646,965		102,056
Linda B. Strumpf		1,650,292		98,730
Dawn M. Vroegop		1,652,538		96,484

BHFTII-22

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 14.32%, 14.06%, and 14.11%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 9.97%.

MARKET ENVIRONMENT / CONDITIONS

The equity markets continued to climb during the period, extending the post-election rally and preserving positive trends since February of 2016. Underlying positive market action was a change in leadership between growth and value stocks. Over the first half of 2017, growth stocks had been outperforming value stocks. Similarly, large cap stocks outperformed small cap stocks. This marks a notable change from the rally following the U.S. Presidential election which favored domestically focused small cap stocks and value stocks like financials that are potential beneficiaries of fiscal stimulus, reduced regulation and higher interest rates. The market shift over the last few months reflected a more stable economic environment and lowered expectations for the Trump administration’s ability to implement policy changes. Not surprisingly, growth areas of the market regained their leadership roles, as Information Technology and Health Care sectors outperformed during the period. Biotechnology stocks have been particularly strong, up over 33% (as measured by the industry group in the Russell 2000 Growth Index). Overall, the environment favored growth during the first half of the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 2000 Growth Index during the period. Positive stock selection, primarily within the Information Technology and Consumer Discretionary sectors, contributed to relative results. The Portfolio’s overweight position in the Energy sector detracted over the period as Energy declined significantly during the quarter.

The Portfolio’s top stock contributors were RingCentral, Wix.com and Medidata Solutions. RingCentral is a leading provider of software-as-a-service (“SaaS”) solution for business communications. The company reported a strong quarter driven by accelerated subscription revenue growth. Wix.com is a leading internet-based web development platform with more than 100 million registered users worldwide. The stock has benefited significantly based roughly on 40% annual growth in revenue and billings, combined with steady improvement in margins and free cash flow. Medidata Solutions, a provider of cloud-based applications for the clinical trial process, announced a multi-year contract with a large pharmaceutical company, and also saw solid results from its cross-selling efforts.

The Portfolio’s largest detractors were Team, PDC Energy, and Acorda Therapeutics. Team, a specialized industrial services company, reported a weak fourth quarter. The company experienced uneven ordering patterns from its customers due to depressed oil prices and subsequent deferral of necessary maintenance work. The company refrained from giving any 2017 guidance until visibility in spending patterns from customers improves. PDC Energy declined during the time period, as weakness in Energy negatively impacted the stock despite the company reporting steady sequential production growth. Acorda Therapeutics, a specialty pharmaceutical company with a commercialized multiple sclerosis drug and two Parkinson’s drugs in late-stage development, received bad news on the last day of the first quarter. The patent court rejected the company’s attempt to extend the life of its patents, and the market immediately discounted the loss of Acorda’s exclusive position.

Sector weights during the six-month period ending June 30, 2017 did change in a few sectors on both an absolute and relative basis. The changes were primarily the result of our bottom-up, stock selection investment process. The Portfolio’s weight in the Information Technology sector increased during the time period, particularly in the software and SaaS groups. We added selectively to those groups, but market appreciation also factored into the Portfolio’s absolute exposure being increased. Industrials and Health Care exposures also increased slightly during the period through additions to aerospace and defense within Industrials and providers within Health Care. Consumer Discretionary exposure was decreased over the time period as we sold out of a few names in the restaurant and leisure group that no longer met our investment criteria.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company L.P.

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

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		14.32		23.73		14.10		7.34
Class B		14.06		23.37		13.79		7.08
Class E		14.11		23.50		13.91		7.18
Russell 2000 Growth Index		9.97		24.40		13.98		7.82

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Medidata Solutions, Inc.		1.7
Spectranetics Corp. (The)		1.6
MarketAxess Holdings, Inc.		1.6
RingCentral, Inc.- Class A		1.6
Guidewire Software, Inc.		1.6
HealthEquity, Inc.		1.5
Merit Medical Systems, Inc.		1.5
IPG Photonics Corp.		1.5
2U, Inc.		1.5
Grand Canyon Education, Inc.		1.4

Top Sectors

	% of Net Assets
Information Technology		28.5
Health Care		24.3
Industrials		18.2
Consumer Discretionary		15.3
Financials		8.1
Energy		1.8
Telecommunication Services		1.7
Materials		0.5

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.88	%	$	1,000.00	$	1,143.20	$	4.68
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41
Class B(a)	Actual		1.13	%	$	1,000.00	$	1,140.60	$	6.00
	Hypothetical*		1.13	%	$	1,000.00	$	1,019.19	$	5.66
Class E(a)	Actual		1.03	%	$	1,000.00	$	1,141.10	$	5.47
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—98.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.9%
Hexcel Corp.		73,812	$	3,896,535
KLX, Inc. (a)		47,782		2,389,100
Mercury Systems, Inc. (a)		98,012		4,125,325
				10,410,960
Air Freight & Logistics—0.7%
Echo Global Logistics, Inc. (a)		134,165		2,669,883
Auto Components—3.1%
Dorman Products, Inc. (a)		49,511		4,098,026
Fox Factory Holding Corp. (a)		98,667		3,512,545
LCI Industries (b)		34,655		3,548,672
				11,159,243
Banks—3.8%
Chemical Financial Corp.		72,666		3,517,761
Pinnacle Financial Partners, Inc.		65,874		4,136,887
Renasant Corp.		98,116		4,291,594
UMB Financial Corp.		25,187		1,885,499
				13,831,741
Biotechnology—3.3%
Genomic Health, Inc. (a)		98,445		3,204,385
Ironwood Pharmaceuticals, Inc. (a) (b)		200,261		3,780,928
Lexicon Pharmaceuticals, Inc. (a) (b)		154,054		2,534,188
Prothena Corp. plc (a) (b)		43,967		2,379,494
				11,898,995
Building Products—3.0%
Apogee Enterprises, Inc. (b)		78,135		4,441,194
Patrick Industries, Inc. (a)		41,019		2,988,234
Trex Co., Inc. (a)		54,344		3,676,915
				11,106,343
Capital Markets—2.6%
Financial Engines, Inc.		101,616		3,719,146
MarketAxess Holdings, Inc.		29,223		5,876,745
				9,595,891
Chemicals—0.5%
Ingevity Corp. (a)		30,808		1,768,379
Commercial Services & Supplies—1.2%
Healthcare Services Group, Inc.		91,860		4,301,804
Construction & Engineering—2.0%
Granite Construction, Inc.		76,805		3,705,073
Primoris Services Corp.		148,457		3,702,518
				7,407,591
Consumer Finance—0.6%
Green Dot Corp. - Class A (a)		60,177		2,318,620
Distributors—1.1%
Pool Corp.		34,322		4,035,237
Diversified Consumer Services—2.7%
Bright Horizons Family Solutions, Inc. (a)		61,905		4,779,685
Grand Canyon Education, Inc. (a)		65,453		5,132,170
				9,911,855
Diversified Telecommunication Services—1.7%
Cogent Communications Holdings, Inc.		96,272		3,860,507
ORBCOMM, Inc. (a)		216,647		2,448,111
				6,308,618
Electrical Equipment—0.9%
Generac Holdings, Inc. (a)		86,383		3,121,018
Electronic Equipment, Instruments & Components—2.3%
II-VI, Inc. (a)		91,417		3,135,603
IPG Photonics Corp. (a)		37,005		5,369,426
				8,505,029
Energy Equipment & Services—1.3%
Dril-Quip, Inc. (a) (b)		50,131		2,446,393
Forum Energy Technologies, Inc. (a)		138,067		2,153,845
				4,600,238
Health Care Equipment & Supplies—10.0%
AtriCure, Inc. (a) (b)		130,706		3,169,620
Inogen, Inc. (a)		40,422		3,857,067
Insulet Corp. (a)		99,798		5,120,635
Merit Medical Systems, Inc. (a)		144,719		5,521,030
Neogen Corp. (a)		45,187		3,122,874
NxStage Medical, Inc. (a)		120,196		3,013,314
Penumbra, Inc. (a) (b)		27,294		2,395,049
Spectranetics Corp. (The) (a)		154,453		5,930,995
Wright Medical Group NV (a) (b)		163,255		4,487,880
				36,618,464
Health Care Providers & Services—4.6%
AMN Healthcare Services, Inc. (a)		102,348		3,996,689
HealthEquity, Inc. (a) (b)		111,970		5,579,465
Teladoc, Inc. (a) (b)		125,496		4,354,711
Tivity Health, Inc. (a)		67,296		2,681,746
				16,612,611
Health Care Technology—1.7%
Medidata Solutions, Inc. (a)		78,290		6,122,278
Hotels, Restaurants & Leisure—2.7%
Chuy’s Holdings, Inc. (a)		97,824		2,289,082
Planet Fitness, Inc. - Class A		176,603		4,121,914
Wingstop, Inc. (b)		117,049		3,616,814
				10,027,810

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—1.9%
Installed Building Products, Inc. (a)		78,835	$	4,174,313
iRobot Corp. (a) (b)		31,979		2,690,713
				6,865,026
Internet Software & Services—7.7%
2U, Inc. (a) (b)		112,968		5,300,459
Envestnet, Inc. (a)		88,534		3,505,946
LogMeIn, Inc.		41,418		4,328,181
Mimecast, Ltd. (a)		113,217		3,031,951
Q2 Holdings, Inc. (a) (b)		125,983		4,655,072
Quotient Technology, Inc. (a)		218,066		2,507,759
Wix.com, Ltd. (a)		67,736		4,714,426
				28,043,794
IT Services—4.2%
Acxiom Corp. (a)		125,385		3,257,502
Blackhawk Network Holdings, Inc. (a)		57,288		2,497,757
Euronet Worldwide, Inc. (a)		55,808		4,875,945
InterXion Holding NV (a)		103,434		4,735,209
				15,366,413
Life Sciences Tools & Services—2.2%
Accelerate Diagnostics, Inc. (a) (b)		114,520		3,132,122
PRA Health Sciences, Inc. (a)		63,945		4,796,514
				7,928,636
Machinery—3.2%
Albany International Corp. - Class A		53,876		2,876,978
Astec Industries, Inc.		57,293		3,180,335
Middleby Corp. (The) (a)		12,726		1,546,336
RBC Bearings, Inc. (a)		41,129		4,185,287
				11,788,936
Multiline Retail—1.2%
Ollie’s Bargain Outlet Holdings, Inc. (a)		99,509		4,239,083
Oil, Gas & Consumable Fuels—0.6%
PDC Energy, Inc. (a)		48,868		2,106,699
Pharmaceuticals—2.6%
Aclaris Therapeutics, Inc. (a) (b)		83,301		2,259,123
Dermira, Inc. (a)		75,940		2,212,892
Supernus Pharmaceuticals, Inc. (a)		116,471		5,019,900
				9,491,915
Professional Services—1.3%
WageWorks, Inc. (a)		72,282		4,857,350
Semiconductors & Semiconductor Equipment—4.6%
MKS Instruments, Inc.		70,087		4,716,855
Monolithic Power Systems, Inc.		48,602		4,685,233
Semtech Corp. (a)		93,833		3,354,530
Silicon Laboratories, Inc. (a)		59,976		4,099,359
				16,855,977
Software—9.6%
Blackbaud, Inc. (b)		48,845		4,188,459
Callidus Software, Inc. (a)		169,796		4,109,063
CommVault Systems, Inc. (a)		65,192		3,680,088
Guidewire Software, Inc. (a)		82,459		5,665,758
HubSpot, Inc. (a)		56,938		3,743,674
RealPage, Inc. (a)		90,973		3,270,479
RingCentral, Inc. - Class A (a)		157,779		5,766,823
Ultimate Software Group, Inc. (The) (a) (b)		21,618		4,541,077
				34,965,421
Specialty Retail—1.1%
Tile Shop Holdings, Inc.		188,133		3,884,946
Textiles, Apparel & Luxury Goods—1.6%
Columbia Sportswear Co.		40,243		2,336,509
Steven Madden, Ltd. (a)		83,457		3,334,107
				5,670,616
Thrifts & Mortgage Finance—1.0%
Essent Group, Ltd. (a)		99,465		3,694,130
Trading Companies & Distributors—2.9%
Beacon Roofing Supply, Inc. (a)		77,758		3,810,142
BMC Stock Holdings, Inc. (a)		84,497		1,846,260
SiteOne Landscape Supply, Inc. (a)		94,654		4,927,687
				10,584,089
Total Common Stocks (Cost $261,246,533)				358,675,639
Short-Term Investment—2.2%
Repurchase Agreement—2.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $8,022,391 on 07/03/17, collateralized by $8,175,000 Federal Home Loan Bank at 1.125% due 04/25/18 with a value of $8,183,085.		8,022,311		8,022,311
Total Short-Term Investments (Cost $8,022,311)				8,022,311
Securities Lending Reinvestments (c)—16.0%
Certificates of Deposit—6.3%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		746,863		748,425
Bank of Montreal 1.130%, 07/07/17		1,000,000		999,990
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		750,000		750,138
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		605,554		600,666
1.602%, 11/16/17 (d)		1,000,000		1,000,976

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Canadian Imperial Bank 1.630%, 10/27/17 (d)		500,000	$	500,562
Chiba Bank, Ltd., New York 1.170%, 07/11/17		1,500,000		1,499,982
Credit Suisse AG New York 1.366%, 10/06/17 (d)		500,000		500,124
1.466%, 10/25/17 (d)		1,500,000		1,500,089
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		400,000		400,050
KBC Bank NV 1.220%, 07/26/17		1,500,000		1,500,000
1.250%, 08/08/17		500,000		500,015
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (d)		1,000,000		1,000,606
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		1,250,000		1,249,425
1.610%, 08/02/17 (d)		700,000		700,213
National Australia Bank London 1.480%, 11/09/17 (d)		500,000		500,405
Norinchukin Bank New York 1.584%, 08/21/17 (d)		2,250,000		2,250,830
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		300,000		299,973
1.551%, 08/01/17 (d)		500,000		500,195
Sumitomo Mitsui Trust Bank, Ltd., New York 1.377%, 10/11/17 (d)		200,000		200,141
1.466%, 10/26/17 (d)		1,000,000		1,000,256
1.552%, 08/16/17 (d)		900,000		900,271
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		1,500,000		1,501,114
UBS, Stamford 1.722%, 07/31/17 (d)		1,001,022		1,000,571
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		400,000		400,358
				23,005,365
Commercial Paper—3.0%
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.391%, 03/01/18		1,250,000		1,250,974
ING Funding LLC 1.234%, 12/07/17 (d)		1,000,000		1,000,345
1.277%, 11/13/17 (d)		1,000,000		999,927
LMA S.A. & LMA Americas 1.170%, 07/20/17		1,994,410		1,998,726
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		1,000,000		1,001,351
Sheffield Receivables Co. 1.190%, 07/28/17		1,993,786		1,998,120
Westpac Banking Corp. 1.506%, 10/20/17 (d)		700,000		700,698
				10,949,489
Repurchase Agreements—4.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $361,463 on 07/03/17, collateralized by $376,243 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $368,660.		361,431		361,431
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $202,375 on 10/02/17, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $2,900,266 on 07/03/17, collateralized by $2,888,855 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $2,958,000.		2,900,000		2,900,000
Deutsche Bank AG, London
Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $3,500,350 on 07/03/17, collateralized by $3,558,567 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $3,570,011.		3,500,000		3,500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $3,002,325 on 07/03/17, collateralized by $652 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,335,471.		3,000,000		3,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $351,696 on 09/29/17, collateralized by various Common Stock with a value of $385,000.		350,000		350,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $508,099 on 10/02/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $4,000,393 on 07/03/17, collateralized by $6,007,053 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $4,080,000.		4,000,000		4,000,000
				15,811,431

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—2.4%
Australia New Zealand Bank 1.060%, 07/03/17		2,000,000	$	2,000,000
1.150%, 07/03/17		200,000		200,000
Credit Industriel et Commercial 1.100%, 07/03/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		500,000		500,000
Nordea Bank New York 1.050%, 07/03/17		1,500,000		1,500,000
Shinkin Central Bank 1.330%, 07/26/17		1,100,000		1,100,000
Standard Chartered plc 1.200%, 07/03/17		1,300,000		1,300,000
				8,600,000
Total Securities Lending Reinvestments (Cost $58,356,884)				58,366,285
Total Investments—116.6% (Cost $327,625,728) (e)				425,064,235
Other assets and liabilities (net)—(16.6)%				(60,389,438	)
Net Assets—100.0%			$	364,674,797

*	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 June 30, 2017, the market value of securities loaned was $57,068,875 and the collateral received consisted of cash in the amount of $58,346,746. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $327,625,728. The aggregate unrealized appreciation and depreciation of investments were $102,206,573 and $(4,768,066), respectively, resulting in net unrealized appreciation of $97,438,507.

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	358,675,639	$	—		$	—	$	358,675,639
Total Short-Term Investment*		—		8,022,311			—		8,022,311
Total Securities Lending Reinvestments*		—		58,366,285			—		58,366,285
Total Investments	$	358,675,639	$	66,388,596		$	—	$	425,064,235
Collateral for Securities Loaned (Liability)	$	—	$	(58,346,746	)	$	—	$	(58,346,746	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	425,064,235
Receivable for:
Investments sold		1,262,977
Fund shares sold		12,989
Dividends and interest		39,201
Total Assets		426,379,402
Liabilities
Collateral for securities loaned		58,346,746
Payables for:
Investments purchased		2,328,273
Fund shares redeemed		592,811
Accrued Expenses:
Management fees		244,732
Distribution and service fees		13,860
Deferred trustees’ fees		102,469
Other expenses		75,714
Total Liabilities		61,704,605
Net Assets	$	364,674,797
Net Assets Consist of:
Paid in surplus	$	245,666,955
Accumulated net investment loss		(898,789	)
Accumulated net realized gain		22,468,124
Unrealized appreciation on investments		97,438,507
Net Assets	$	364,674,797
Net Assets
Class A	$	294,612,599
Class B		63,035,293
Class E		7,026,905
Capital Shares Outstanding*
Class A		21,858,729
Class B		4,981,146
Class E		539,928
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.48
Class B		12.65
Class E		13.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $327,625,728.
(b)	Includes securities loaned at value of $57,068,875.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	648,615
Interest		4,149
Securities lending income		172,390
Total investment income		825,154
Expenses
Management fees		1,601,412
Administration fees		5,739
Custodian and accounting fees		14,622
Distribution and service fees—Class B		76,958
Distribution and service fees—Class E		4,990
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		17,315
Insurance		1,188
Miscellaneous		5,711
Total expenses		1,793,587
Less management fee waiver		(153,140	)
Less broker commission recapture		(8,838	)
Net expenses		1,631,609
Net Investment Loss		(806,455	)
Net Realized and Unrealized Gain
Net realized gain on investments		22,778,040
Net change in unrealized appreciation on investments		25,815,083
Net realized and unrealized gain		48,593,123
Net Increase in Net Assets From Operations	$	47,786,668

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(806,455	)	$	(164,590	)
Net realized gain		22,778,040			16,681,440
Net change in unrealized appreciation		25,815,083			3,075,213
Increase in net assets from operations		47,786,668			19,592,063
From Distributions to Shareholders
Net realized capital gains
Class A		(13,532,335	)		(30,426,236	)
Class B		(3,071,571	)		(6,865,485	)
Class E		(330,190	)		(718,244	)
Total distributions		(16,934,096	)		(38,009,965	)
Decrease in net assets from capital share transactions		(13,245,344	)		(16,090,966	)
Total increase (decrease) in net assets		17,607,228			(34,508,868	)
Net Assets
Beginning of period		347,067,569			381,576,437
End of period	$	364,674,797		$	347,067,569
Accumulated net investment loss
End of period	$	(898,789	)	$	(92,334	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		267,260		$	3,489,370			443,531		$	5,365,293
Reinvestments		1,017,469			13,532,335			2,678,366			30,426,236
Redemptions		(2,119,501	)		(28,133,301	)		(4,200,459	)		(51,411,522	)
Net decrease		(834,772	)	$	(11,111,596	)		(1,078,562	)	$	(15,619,993	)
Class B
Sales		130,639		$	1,650,432			305,780		$	3,440,459
Reinvestments		245,922			3,071,571			640,437			6,865,485
Redemptions		(553,408	)		(6,933,824	)		(948,429	)		(10,789,006	)
Net decrease		(176,847	)	$	(2,211,821	)		(2,212	)	$	(483,062	)
Class E
Sales		34,186		$	442,847			27,839		$	333,581
Reinvestments		25,696			330,190			65,295			718,244
Redemptions		(54,193	)		(694,964	)		(89,074	)		(1,039,736	)
Net increase		5,689		$	78,073			4,060		$	12,089
Decrease derived from capital shares transactions				$	(13,245,344	)				$	(16,090,966	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	12.36		$	13.07		$	14.70		$	16.55		$	11.13		$	10.01
Income (Loss) from Investment Operations
Net investment loss (a)		(0.03	)		(0.00	)(b)(c)		(0.04	)		(0.06	)		(0.07	)		(0.03	)
Net realized and unrealized gain on investments		1.79			0.69			0.47			0.11			5.49			1.15
Total from investment operations		1.76			0.69			0.43			0.05			5.42			1.12
Less Distributions
Distributions from net realized capital gains		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00			0.00
Total distributions		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00			0.00
Net Asset Value, End of Period	$	13.48		$	12.36		$	13.07		$	14.70		$	16.55		$	11.13
Total Return (%) (d)		14.32	(e)		6.21			1.73			1.22			48.70			11.19
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(f)		0.96			0.95			0.95			0.95			0.96
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.87			0.86			0.86			0.86			0.87
Ratio of net investment loss to average net assets (%)		(0.41	)(f)		(0.00	)(c)(h)		(0.26	)		(0.40	)		(0.53	)		(0.26	)
Portfolio turnover rate (%)		21	(e)		53			64			56			58			74
Net assets, end of period (in millions)	$	294.6		$	280.6		$	310.7		$	355.8		$	402.4		$	311.0
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.66		$	12.43		$	14.11		$	16.01		$	10.79		$	9.73
Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.03	)(c)		(0.07	)		(0.09	)		(0.10	)		(0.05	)
Net realized and unrealized gain on investments		1.67			0.66			0.45			0.09			5.32			1.11
Total from investment operations		1.63			0.63			0.38			0.00			5.22			1.06
Less Distributions
Distributions from net realized capital gains		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00			0.00
Total distributions		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00			0.00
Net Asset Value, End of Period	$	12.65		$	11.66		$	12.43		$	14.11		$	16.01		$	10.79
Total Return (%) (d)		14.06	(e)		6.05			1.43			0.94			48.38			10.89
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21	(f)		1.21			1.20			1.20			1.20			1.21
Net ratio of expenses to average net assets (%) (g)		1.13	(f)		1.12			1.11			1.11			1.11			1.12
Ratio of net investment loss to average net assets (%)		(0.66	)(f)		(0.25	)(c)		(0.51	)		(0.65	)		(0.77	)		(0.51	)
Portfolio turnover rate (%)		21	(e)		53			64			56			58			74
Net assets, end of period (in millions)	$	63.0		$	60.1		$	64.2		$	71.9		$	80.7		$	60.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.97		$	12.71		$	14.37		$	16.25		$	10.94		$	9.86
Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.02	)(c)		(0.06	)		(0.08	)		(0.09	)		(0.04	)
Net realized and unrealized gain on investments		1.72			0.68			0.46			0.10			5.40			1.12
Total from investment operations		1.68			0.66			0.40			0.02			5.31			1.08
Less Distributions
Distributions from net realized capital gains		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00			0.00
Total distributions		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00			0.00
Net Asset Value, End of Period	$	13.01		$	11.97		$	12.71		$	14.37		$	16.25		$	10.94
Total Return (%) (d)		14.11	(e)		6.16			1.55			1.05			48.54			10.95
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(f)		1.11			1.10			1.10			1.10			1.11
Net ratio of expenses to average net assets (%) (g)		1.03	(f)		1.02			1.01			1.01			1.01			1.02
Ratio of net investment loss to average net assets (%)		(0.56	)(f)		(0.15	)(c)		(0.41	)		(0.55	)		(0.67	)		(0.41	)
Portfolio turnover rate (%)		21	(e)		53			64			56			58			74
Net assets, end of period (in millions)	$	7.0		$	6.4		$	6.7		$	7.4		$	8.7		$	6.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to net operating losses, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $8,022,311. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $15,811,431. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	73,871,962	$	0	$	98,005,008

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$1,601,412		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $100 million
0.100%	On the next $400 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$—	$	—	$	38,009,965	$	55,079,215	$	38,009,965	$	55,079,215

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$—	$	16,748,734	$	71,498,870	$	—	$	88,247,604

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-16

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
25,926,036		653,320		2,172,506

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		26,796,608		1,955,255
Robert Boulware		26,905,617		1,846,246
Susan C. Gause		26,763,186		1,988,676
Nancy Hawthorne		26,841,124		1,910,738
Barbara A. Nugent		26,714,973		2,036,890
John Rosenthal		26,900,586		1,851,276
Linda B. Strumpf		26,749,165		2,002,697
Dawn M. Vroegop		26,814,138		1,937,725

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, E and G shares of the MetLife Aggregate Bond Index Portfolio returned 2.12%, 2.00%, 2.07%, and 1.97%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (the “Committee”) met four times during the six-month period and twice raised the Federal Funds Rate by 25 basis points during the March and June meetings to increase the Federal Funds Rate target to 1.00% to 1.25%. The Committee had noted improvements in the labor market, household spending and business investment as the main drivers of the moderate expansion of the economy. Inflation had been moving towards the Federal Reserve’s (the “Fed”) 2% long-run target before decreasing to 1.7% in April. The Committee still expects inflation to normalize towards its long-run target given employment is at its maximum sustainable levels.

As of the end of June, the Committee is maintaining the size of the Fed’s balance sheet containing Treasury and Agency Mortgage-Backed Securities (“MBS”), but will begin to implement balance sheet normalization later this year. According to the Policy and Normalization Principles and Plans, the Committee will reinvest proceeds from holdings only to the extent that they exceed gradually increasing caps on reductions in security holdings. The Committee will begin gradually reducing its holdings by $6 billion a month in Treasury and $4 billion in Agency MBS. Those caps will be increased over the next year to $30 billion a month for Treasury and $20 billion a month for Agency MBS. By limiting the number of securities that the market needs to absorb, the caps should guard against potential market strains.

The conclusion of the U.S. presidential election and increased probability of a Republican controlled congress to pass pro-growth policies sustained a rally in equity and fixed income risk markets initially. Those optimistic projections have been tempered by the reality of the current political process and the equity rally subsided, but volatility remains very low. The S&P 500 Index returned 5.5% in the first quarter but weakened slightly in the second quarter to finish the first half of 2017 at 9.34%. The risk rally and historically low volatility led to a flatter fixed income curve. The difference between 2-year and 10-year Treasury rates decreased 46 basis points to 0.93% at the end of the second quarter. The 10-year Treasury declined 15 basis points to 2.31% and the 30-year Treasury declined 23 basis points to 2.84%.

The Corporate sector was the strongest-performing Index sector for the six-month period on a total return basis. Total returns for the Index sectors were: 3.80% for Corporate; 2.70% for Government-Related; 2.18% for Commercial Mortgage-Backed Securities; 1.87% for Treasury; 1.35% for MBS and 1.14% for Asset-Backed Securities.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio is managed utilizing a Stratified Sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impact tracking error include: sampling, transaction costs, contributions and withdrawals.

Stacey Lituchy

Jason Chapin

Brian Leonard

Portfolio Managers

MetLife Investment Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Aggregate Bond Index Portfolio
Class A		2.12		-0.62		1.94		4.25		—
Class B		2.00		-0.80		1.69		3.99		—
Class E		2.07		-0.69		1.79		4.10		—
Class G		1.97		-0.93		1.63		—		3.35
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.48		—

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

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98,1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		67.3
Corporate Bonds & Notes		27.8
Foreign Government		1.5
Mortgage-Backed Securities		1.4
Municipals		0.6
Asset-Backed Securities		0.5

BHFTII-2

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.27	%	$	1,000.00	$	1,021.20	$	1.35
	Hypothetical*		0.27	%	$	1,000.00	$	1,023.46	$	1.35
Class B(a)	Actual		0.52	%	$	1,000.00	$	1,020.00	$	2.60
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class E(a)	Actual		0.42	%	$	1,000.00	$	1,020.70	$	2.10
	Hypothetical*		0.42	%	$	1,000.00	$	1,022.71	$	2.11
Class G(a)	Actual		0.57	%	$	1,000.00	$	1,019.70	$	2.85
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—67.3% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—28.5%
Fannie Mae 15 Yr. Pool 2.500%, 12/01/27		3,402,199	$	3,441,335
2.500%, 02/01/28		2,631,540		2,660,300
2.500%, 07/01/28		4,723,233		4,774,854
2.500%, 10/01/28		2,963,405		2,995,792
2.500%, 03/01/30		3,015,722		3,041,307
2.500%, 09/01/31		4,539,723		4,565,788
2.500%, 01/01/32		1,454,149		1,462,498
2.500%, 04/01/32		2,946,612		2,963,957
3.000%, 01/01/27		1,305,386		1,342,297
3.000%, 02/01/27		2,179,425		2,241,219
3.000%, 03/01/27		1,141,349		1,173,711
3.000%, 01/01/29		5,215,036		5,360,509
3.000%, 10/01/29		2,313,751		2,377,789
3.000%, 06/01/30		2,825,292		2,901,457
3.000%, 02/01/32		1,899,954		1,950,680
3.500%, 02/01/26		1,955,624		2,036,426
3.500%, 03/01/26		866,953		902,774
3.500%, 05/01/29		2,088,474		2,175,015
4.000%, 04/01/19		39,113		40,490
4.000%, 05/01/19		74,285		76,901
4.000%, 01/01/20		195,097		201,970
4.000%, 06/01/24		328,777		343,525
4.000%, 11/01/24		1,742,831		1,821,008
4.500%, 07/01/18		68,998		69,758
4.500%, 05/01/19		42,361		43,379
4.500%, 08/01/24		419,925		443,005
4.500%, 06/01/25		787,991		833,566
5.000%, 06/01/18		8,611		8,818
5.000%, 01/01/19		37,756		38,664
5.000%, 02/01/20		107,675		111,135
5.000%, 01/01/22		152,315		158,712
5.000%, 02/01/24		477,856		502,496
5.500%, 11/01/17		810		810
5.500%, 02/01/18		4,294		4,316
5.500%, 04/01/18		38,541		38,833
6.000%, 09/01/17		239		239
Fannie Mae 20 Yr. Pool 3.000%, 02/01/33		1,723,874		1,752,541
3.000%, 08/01/35		2,404,388		2,444,052
3.000%, 05/01/36		3,375,494		3,425,540
3.500%, 04/01/32		1,578,612		1,643,886
3.500%, 09/01/35		2,421,852		2,517,207
4.000%, 02/01/31		716,900		760,303
4.500%, 08/01/30		450,603		483,825
5.000%, 02/01/24		182,522		199,257
5.000%, 09/01/25		136,324		148,824
5.500%, 07/01/23		102,544		113,497
5.500%, 01/01/24		67,854		75,102
5.500%, 07/01/24		178,714		197,804
5.500%, 07/01/25		151,487		167,668
7.000%, 10/01/21		7,622		8,056
Fannie Mae 30 Yr. Pool 2.500%, 08/01/46		3,781,230		3,647,644
3.000%, 08/01/42		1,504,890		1,511,225
3.000%, 09/01/42		2,009,909		2,018,370
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.000%, 11/01/42		2,472,120		2,482,527
3.000%, 12/01/42		4,695,616		4,715,383
3.000%, 01/01/43		1,215,006		1,220,121
3.000%, 02/01/43		4,418,255		4,436,234
3.000%, 03/01/43		5,141,715		5,162,638
3.000%, 05/01/43		3,667,547		3,682,472
3.000%, 07/01/43		9,638,153		9,677,374
3.000%, 09/01/43		1,852,334		1,859,872
3.000%, 05/01/45		3,377,063		3,380,734
3.000%, 05/01/46		3,516,081		3,513,632
3.000%, 06/01/46		4,499,508		4,496,375
3.000%, 08/01/46		4,555,772		4,552,600
3.000%, 10/01/46		9,469,275		9,462,680
3.000%, 11/01/46		2,475,663		2,473,938
3.000%, 02/01/47		9,854,848		9,847,985
3.500%, 12/01/40		1,822,250		1,882,077
3.500%, 03/01/42		1,256,067		1,296,333
3.500%, 04/01/42		2,690,890		2,777,152
3.500%, 05/01/42		3,042,356		3,139,885
3.500%, 06/01/42		2,311,992		2,386,108
3.500%, 08/01/42		1,492,241		1,540,078
3.500%, 09/01/42		4,442,638		4,585,056
3.500%, 10/01/42		2,153,993		2,223,044
3.500%, 01/01/43		1,870,064		1,930,013
3.500%, 02/01/43		3,014,226		3,110,853
3.500%, 04/01/43		3,510,835		3,620,865
3.500%, 06/01/43		1,965,438		2,027,035
3.500%, 08/01/44		2,225,474		2,290,623
3.500%, 02/01/45		3,222,203		3,316,530
3.500%, 03/01/45		5,102,127		5,243,584
3.500%, 04/01/45		6,262,150		6,435,768
3.500%, 09/01/45		10,525,672		10,817,497
3.500%, 11/01/45		3,689,363		3,791,651
3.500%, 01/01/46		4,094,988		4,208,521
3.500%, 03/01/46		4,125,651		4,240,001
3.500%, 05/01/46		3,397,156		3,491,315
3.500%, 04/01/47		8,739,069		8,982,466
4.000%, 08/01/39		1,088,962		1,149,793
4.000%, 09/01/39		906,284		956,910
4.000%, 12/01/39		1,118,569		1,181,054
4.000%, 06/01/40		1,652,372		1,744,874
4.000%, 09/01/40		716,525		756,637
4.000%, 12/01/40		5,466,956		5,773,005
4.000%, 01/01/41		2,797,245		2,953,943
4.000%, 02/01/41		3,426,435		3,618,517
4.000%, 12/01/41		1,248,676		1,318,676
4.000%, 02/01/42		1,395,255		1,472,968
4.000%, 09/01/43		2,038,192		2,147,078
4.000%, 02/01/44		3,082,339		3,243,709
4.000%, 05/01/44		2,304,918		2,425,587
4.000%, 08/01/44		3,298,323		3,471,000
4.000%, 10/01/44		1,958,025		2,060,534
4.000%, 11/01/44		4,098,637		4,313,213
4.000%, 01/01/45		3,298,058		3,470,722
4.000%, 03/01/45		2,593,461		2,729,103

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 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		3,553,412	$	3,739,261
4.000%, 03/01/47		1,404,819		1,478,839
4.000%, 05/01/47		1,871,546		1,968,332
4.000%, 06/01/47		3,785,868		3,985,345
4.500%, 08/01/33		231,083		249,291
4.500%, 10/01/33		220,645		238,031
4.500%, 04/01/34		74,657		80,074
4.500%, 01/01/39		102,481		110,443
4.500%, 07/01/39		1,464,998		1,579,042
4.500%, 09/01/39		2,177,604		2,347,121
4.500%, 10/01/39		1,065,323		1,148,255
4.500%, 05/01/40		1,341,823		1,445,713
4.500%, 08/01/40		2,107,537		2,270,711
4.500%, 11/01/40		1,099,435		1,184,558
4.500%, 12/01/40		2,065,628		2,225,558
4.500%, 04/01/41		4,688,019		5,049,328
4.500%, 05/01/41		1,158,118		1,247,375
4.500%, 03/01/44		1,606,398		1,723,653
5.000%, 07/01/33		144,095		157,771
5.000%, 08/01/33		457,185		500,576
5.000%, 09/01/33		196,264		214,891
5.000%, 10/01/33		1,961,252		2,147,397
5.000%, 03/01/34		227,655		249,262
5.000%, 04/01/34		535,957		588,224
5.000%, 05/01/34		68,356		75,159
5.000%, 09/01/34		208,513		229,266
5.000%, 02/01/35		327,721		360,338
5.000%, 04/01/35		150,635		165,212
5.000%, 05/01/35		43,085		47,255
5.000%, 11/01/35		129,261		141,770
5.000%, 03/01/36		531,530		582,965
5.000%, 07/01/37		434,628		476,826
5.000%, 01/01/39		399,592		437,750
5.000%, 04/01/40		1,484,432		1,624,006
5.000%, 07/01/41		956,508		1,048,725
5.500%, 10/01/32		41,528		46,248
5.500%, 02/01/33		112,173		124,849
5.500%, 03/01/33		353,980		393,981
5.500%, 05/01/33		1,472,415		1,638,805
5.500%, 08/01/33		629,206		700,309
5.500%, 10/01/33		69,321		77,154
5.500%, 12/01/33		781,610		869,936
5.500%, 02/01/34		178,524		198,285
5.500%, 03/01/34		110,915		123,193
5.500%, 04/01/34		52,753		58,592
5.500%, 06/01/34		206,293		229,129
5.500%, 09/01/34		189,125		210,060
5.500%, 12/01/34		460,411		511,377
5.500%, 01/01/35		133,579		148,365
5.500%, 02/01/35		367,736		408,443
5.500%, 04/01/35		143,263		159,245
5.500%, 06/01/35		724,343		805,146
5.500%, 01/01/37		198,858		221,031
5.500%, 05/01/37		121,108		134,622
5.500%, 05/01/38		101,303		112,690
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 06/01/38		127,442		141,767
5.500%, 07/01/38		74,277		82,627
6.000%, 08/01/28		2,630		2,957
6.000%, 11/01/28		685		770
6.000%, 12/01/28		801		908
6.000%, 06/01/31		36,459		40,233
6.000%, 09/01/32		82,872		91,889
6.000%, 01/01/33		17,678		19,601
6.000%, 02/01/33		68,983		76,595
6.000%, 03/01/33		93,540		103,862
6.000%, 04/01/33		204,845		227,448
6.000%, 05/01/33		274,924		305,261
6.000%, 05/01/34		318,727		354,180
6.000%, 09/01/34		209,065		232,320
6.000%, 11/01/34		289,574		321,783
6.000%, 01/01/35		102,904		114,599
6.000%, 07/01/36		46,369		51,784
6.000%, 09/01/36		152,268		170,049
6.000%, 07/01/37		48,035		53,736
6.000%, 08/01/37		208,641		233,405
6.000%, 09/01/37		408,481		456,964
6.000%, 10/01/37		164,470		183,991
6.000%, 05/01/38		563,031		629,858
6.000%, 12/01/38		130,316		145,535
6.500%, 05/01/28		44,214		50,070
6.500%, 12/01/28		114,808		126,983
6.500%, 03/01/29		2,751		3,043
6.500%, 04/01/29		25,555		28,412
6.500%, 05/01/29		4,947		5,471
6.500%, 08/01/29		817		904
6.500%, 05/01/30		29,080		32,164
6.500%, 09/01/31		5,939		6,571
6.500%, 06/01/32		21,910		24,373
6.500%, 10/01/33		68,119		75,342
6.500%, 10/01/34		243,916		278,390
6.500%, 10/01/37		64,179		72,366
7.000%, 06/01/26		528		569
7.000%, 06/01/28		6,949		7,012
7.000%, 10/01/29		8,323		9,666
7.000%, 12/01/29		3,392		3,472
7.000%, 06/01/32		49,901		56,047
7.000%, 10/01/37		168,110		195,783
7.500%, 09/01/25		4,044		4,583
7.500%, 06/01/26		4,645		5,351
7.500%, 07/01/29		9,809		11,498
7.500%, 10/01/29		6,795		7,178
8.000%, 11/01/29		126		145
8.000%, 05/01/30		16,390		16,934
8.000%, 11/01/30		2,910		3,337
8.000%, 01/01/31		2,902		3,269
8.000%, 02/01/31		5,019		5,813
Fannie Mae-ACES 2.679%, 05/25/21 (a)		5,000,000		5,104,500
Freddie Mac 15 Yr. Gold Pool 2.500%, 12/01/27		1,511,287		1,529,055

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 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%, 02/01/28		2,376,711	$	2,403,449
2.500%, 04/01/28		2,088,540		2,112,036
2.500%, 12/01/29		3,114,491		3,146,969
2.500%, 01/01/31		3,977,062		4,001,781
2.500%, 01/01/32		5,807,427		5,843,523
3.000%, 03/01/27		1,190,035		1,224,332
3.000%, 05/01/27		1,624,773		1,671,600
3.000%, 11/01/28		1,943,294		1,998,979
3.000%, 12/01/29		3,490,570		3,589,059
3.000%, 05/01/31		4,107,953		4,220,196
3.500%, 12/01/25		1,381,475		1,439,606
3.500%, 05/01/26		471,154		491,018
3.500%, 09/01/30		2,984,359		3,114,331
4.000%, 06/01/19		52,625		54,493
4.000%, 05/01/25		726,635		760,591
4.000%, 08/01/25		355,172		371,769
4.000%, 10/01/25		368,857		386,094
4.500%, 09/01/18		37,490		38,324
4.500%, 10/01/18		84,147		86,019
4.500%, 04/01/19		112,560		115,565
4.500%, 06/01/19		65,256		66,707
4.500%, 08/01/19		19,382		19,814
5.000%, 05/01/18		73,614		75,488
5.000%, 12/01/18		13,802		14,153
5.000%, 06/01/19		79,549		81,574
5.500%, 11/01/17		3,652		3,663
5.500%, 01/01/24		331,516		353,277
Freddie Mac 20 Yr. Gold Pool 3.000%, 04/01/33		2,716,036		2,759,431
3.000%, 02/01/37		2,902,138		2,943,050
3.500%, 04/01/32		2,056,075		2,141,784
4.000%, 01/01/31		797,868		846,541
4.000%, 08/01/31		787,798		835,857
4.500%, 05/01/29		208,564		223,406
5.000%, 03/01/27		112,368		121,978
Freddie Mac 30 Yr. Gold Pool 2.500%, 07/01/43		2,584,723		2,494,265
3.000%, 10/01/42		2,346,401		2,354,612
3.000%, 01/01/43		2,315,441		2,323,543
3.000%, 03/01/43		5,716,546		5,735,777
3.000%, 04/01/43		4,277,978		4,292,369
3.000%, 06/01/43		1,798,962		1,805,014
3.000%, 07/01/43		3,769,389		3,782,069
3.000%, 06/01/45		4,168,757		4,170,580
3.000%, 01/01/46		2,561,199		2,562,319
3.000%, 06/01/46		4,480,881		4,474,518
3.000%, 10/01/46		3,711,728		3,706,457
3.000%, 11/01/46		4,693,736		4,687,070
3.000%, 01/01/47		7,370,891		7,360,424
3.000%, 02/01/47		4,042,900		4,037,158
3.500%, 01/01/42		1,327,685		1,370,663
3.500%, 03/01/42		1,204,370		1,243,356
3.500%, 08/01/42		3,023,883		3,121,768
3.500%, 02/01/43		1,744,263		1,799,471
3.500%, 05/01/43		2,804,356		2,893,117
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.500%, 06/01/43		1,781,993		1,838,395
3.500%, 06/01/44		2,013,854		2,073,553
3.500%, 10/01/44		2,214,026		2,279,659
3.500%, 11/01/44		3,082,742		3,174,128
3.500%, 12/01/44		2,956,885		3,044,540
3.500%, 05/01/45		3,638,788		3,740,562
3.500%, 08/01/45		3,544,468		3,643,604
3.500%, 11/01/45		3,818,264		3,925,058
3.500%, 12/01/45		2,326,578		2,391,650
3.500%, 03/01/46		7,119,469		7,318,739
3.500%, 02/01/47		4,789,725		4,924,460
3.500%, 06/01/47		3,882,172		3,991,378
4.000%, 06/01/39		716,968		757,283
4.000%, 12/01/39		1,214,399		1,282,685
4.000%, 11/01/40		1,113,681		1,176,499
4.000%, 04/01/41		1,095,161		1,157,001
4.000%, 09/01/41		1,139,328		1,203,662
4.000%, 10/01/41		2,591,423		2,737,751
4.000%, 11/01/41		1,124,499		1,187,995
4.000%, 10/01/43		3,085,717		3,251,344
4.000%, 07/01/44		3,256,892		3,428,550
4.000%, 10/01/44		2,492,132		2,623,482
4.000%, 07/01/45		3,980,453		4,189,272
4.000%, 01/01/46		4,012,617		4,224,833
4.000%, 02/01/46		2,151,830		2,265,634
4.000%, 06/01/47		1,894,176		1,993,316
4.500%, 10/01/35		373,748		401,361
4.500%, 06/01/38		555,555		596,581
4.500%, 02/01/39		379,539		408,587
4.500%, 03/01/39		282,476		304,095
4.500%, 04/01/39		597,783		643,534
4.500%, 09/01/39		692,287		745,271
4.500%, 10/01/39		1,754,771		1,889,071
4.500%, 11/01/39		526,243		566,518
4.500%, 01/01/40		377,404		406,142
4.500%, 05/01/40		682,511		734,481
4.500%, 11/01/40		1,032,103		1,110,693
4.500%, 02/01/41		417,283		448,915
4.500%, 05/01/41		629,401		677,112
4.500%, 06/01/41		427,971		460,413
4.500%, 12/01/43		981,578		1,052,898
4.500%, 12/01/45		1,286,980		1,378,686
5.000%, 10/01/33		534,309		581,293
5.000%, 03/01/34		85,912		93,870
5.000%, 08/01/35		442,174		481,908
5.000%, 09/01/35		195,373		212,929
5.000%, 10/01/35		186,635		203,406
5.000%, 01/01/36		558,319		608,490
5.000%, 04/01/38		290,036		315,791
5.000%, 11/01/39		1,271,791		1,385,153
5.000%, 05/01/40		1,634,218		1,776,524
5.500%, 06/01/34		365,344		403,447
5.500%, 10/01/35		141,221		156,083
5.500%, 12/01/35		541,371		598,345
5.500%, 01/01/36		360,318		398,195

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 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%, 12/01/37		336,883	$	372,269
5.500%, 04/01/38		1,473,275		1,629,361
5.500%, 07/01/38		171,608		189,789
5.500%, 08/01/38		485,999		537,488
6.000%, 11/01/28		7,064		7,991
6.000%, 12/01/28		5,411		6,151
6.000%, 04/01/29		2,262		2,542
6.000%, 05/01/29		1,861		2,091
6.000%, 06/01/31		2,056		2,310
6.000%, 07/01/31		676		770
6.000%, 09/01/31		56,950		64,013
6.000%, 11/01/32		23,736		26,395
6.000%, 06/01/34		85,912		95,661
6.000%, 11/01/35		75,046		83,483
6.000%, 02/01/36		129,435		144,491
6.000%, 08/01/36		66,659		74,413
6.000%, 10/01/36		137,779		153,806
6.000%, 11/01/36		90,015		100,485
6.000%, 01/01/37		129,596		144,670
6.000%, 02/01/38		144,104		161,220
6.000%, 11/01/39		1,252,429		1,400,321
6.000%, 04/01/40		380,001		425,136
6.500%, 02/01/30		5,147		5,689
6.500%, 08/01/31		7,785		8,686
6.500%, 10/01/31		6,905		7,633
6.500%, 11/01/31		16,918		18,903
6.500%, 03/01/32		335,772		374,987
6.500%, 04/01/32		245,658		283,201
6.500%, 09/01/36		296,415		334,838
6.500%, 11/01/37		153,951		173,048
7.000%, 12/01/27		1,125		1,273
7.000%, 11/01/28		3,239		3,739
7.000%, 04/01/29		3,138		3,611
7.000%, 05/01/29		648		708
7.000%, 06/01/29		5,676		5,840
7.000%, 07/01/29		1,518		1,656
7.000%, 01/01/31		96,780		102,051
7.500%, 08/01/24		7,532		7,554
7.500%, 10/01/27		8,771		9,786
7.500%, 10/01/29		11,002		12,669
7.500%, 05/01/30		11,603		12,999
8.000%, 02/01/27		2,893		3,301
8.000%, 10/01/28		5,394		6,221
Freddie Mac Multifamily Structured Pass-Through Certificates 2.902%, 08/25/20		834,522		848,333
3.060%, 07/25/23 (a)		4,800,000		4,961,808
Ginnie Mae I 15 Yr. Pool 3.000%, 08/15/28		2,341,146		2,420,792
5.000%, 10/15/20		98,604		103,897
5.000%, 01/15/21		93,012		98,003
Ginnie Mae I 30 Yr. Pool 3.000%, 11/15/42		2,505,666		2,546,418
3.000%, 12/15/42		1,951,025		1,982,756
3.000%, 02/15/43		1,672,590		1,698,216
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 3.000%, 03/15/43		1,977,083		2,007,373
3.000%, 05/15/43		2,752,920		2,795,097
3.000%, 07/15/43		1,781,654		1,808,950
3.500%, 01/15/42		2,453,475		2,557,087
3.500%, 02/15/42		828,241		861,958
3.500%, 03/15/42		1,698,180		1,767,312
3.500%, 05/15/42		1,127,564		1,173,466
3.500%, 09/15/42		1,490,943		1,551,638
3.500%, 05/15/43		1,979,135		2,059,096
4.000%, 07/15/39		1,721,822		1,823,951
4.000%, 07/15/40		947,857		999,586
4.000%, 03/15/41		608,646		641,505
4.000%, 10/15/41		1,566,087		1,650,634
4.500%, 01/15/39		247,535		266,845
4.500%, 04/15/39		789,714		851,317
4.500%, 05/15/39		1,639,544		1,767,439
4.500%, 08/15/39		724,601		781,125
4.500%, 01/15/40		779,238		840,314
4.500%, 04/15/40		1,029,473		1,110,163
4.500%, 02/15/41		202,075		218,036
4.500%, 04/15/41		451,488		487,148
5.000%, 12/15/35		277,681		304,929
5.000%, 12/15/36		136,845		150,389
5.000%, 01/15/39		876,083		958,385
5.000%, 02/15/39		166,474		182,110
5.000%, 08/15/39		1,144,198		1,251,671
5.000%, 09/15/39		269,958		295,315
5.000%, 12/15/39		548,380		599,889
5.000%, 05/15/40		866,148		947,378
5.500%, 03/15/36		244,891		274,134
5.500%, 01/15/37		345,800		388,730
5.500%, 11/15/37		487,276		547,757
5.500%, 09/15/38		213,621		236,663
5.500%, 08/15/39		890,708		990,038
6.000%, 01/15/29		4,448		5,015
6.000%, 01/15/33		188,687		217,107
6.000%, 03/15/35		203,500		231,525
6.000%, 12/15/35		144,156		163,496
6.000%, 06/15/36		127,175		144,002
6.000%, 09/15/36		132,442		149,313
6.000%, 07/15/38		816,401		925,754
6.500%, 05/15/23		1,054		1,152
6.500%, 02/15/27		24,785		28,076
6.500%, 07/15/28		8,583		9,433
6.500%, 08/15/28		9,086		9,929
6.500%, 11/15/28		7,948		9,198
6.500%, 12/15/28		8,643		9,444
6.500%, 07/15/29		1,979		2,162
6.500%, 05/15/36		114,723		127,538
7.000%, 01/15/28		1,473		1,621
7.000%, 04/15/28		2,781		2,844
7.000%, 05/15/28		9,157		9,692
7.000%, 06/15/28		7,516		8,314
7.000%, 10/15/28		7,213		7,870
7.000%, 06/15/29		1,904		1,936

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 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%, 09/15/29		2,306	$	2,348
7.000%, 01/15/31		1,277		1,297
7.000%, 03/15/31		11,799		11,989
7.000%, 07/15/31		347,194		407,862
7.000%, 08/15/31		59,616		71,367
7.000%, 02/15/32		9,521		9,623
7.000%, 07/15/32		19,985		22,678
7.500%, 04/15/30		7,872		7,985
8.000%, 08/15/26		3,017		3,364
8.000%, 09/15/26		2,576		2,843
8.000%, 06/15/29		21,502		22,841
9.000%, 11/15/24		4,769		5,120
Ginnie Mae II 30 Yr. Pool 3.000%, 12/20/42		2,329,950		2,366,132
3.000%, 03/20/43		3,342,168		3,392,301
3.000%, 12/20/44		3,023,701		3,060,925
3.000%, 04/20/45		2,834,045		2,867,501
3.000%, 08/20/45		4,080,363		4,128,533
3.000%, 11/20/45		2,350,236		2,377,981
3.000%, 01/20/46		4,054,213		4,102,073
3.000%, 09/20/46		4,548,727		4,600,007
3.000%, 10/20/46		4,622,877		4,674,993
3.000%, 11/20/46		4,776,543		4,830,392
3.000%, 01/20/47		10,674,804		10,793,690
3.000%, 03/20/47		2,942,966		2,975,742
3.000%, 04/20/47		1,958,247		1,980,399
3.500%, 12/20/41		1,453,276		1,512,500
3.500%, 03/20/42		3,047,970		3,173,751
3.500%, 08/20/42		1,410,755		1,468,973
3.500%, 01/20/43		4,264,310		4,436,655
3.500%, 04/20/43		1,726,251		1,794,978
3.500%, 05/20/43		2,812,675		2,924,655
3.500%, 07/20/44		3,771,098		3,914,298
3.500%, 02/20/45		4,076,937		4,228,138
3.500%, 06/20/45		2,633,321		2,730,984
3.500%, 08/20/45		5,954,245		6,175,070
3.500%, 09/20/45		6,815,250		7,068,007
3.500%, 10/20/45		4,033,713		4,183,311
3.500%, 12/20/45		3,532,269		3,663,271
3.500%, 01/20/46		3,553,035		3,684,806
3.500%, 02/20/46		2,906,736		3,013,257
3.500%, 05/20/46		4,005,936		4,152,737
3.500%, 06/20/46		3,362,045		3,485,251
3.500%, 02/20/47		2,858,615		2,964,016
3.500%, 03/20/47		4,770,832		4,946,741
3.500%, 06/20/47		1,912,000		1,982,498
4.000%, 11/20/40		1,403,022		1,489,108
4.000%, 12/20/40		1,569,774		1,666,091
4.000%, 05/20/43		2,380,159		2,522,023
4.000%, 11/20/43		1,045,831		1,108,166
4.000%, 02/20/44		3,532,646		3,735,904
4.000%, 04/20/44		1,448,423		1,531,761
4.000%, 05/20/44		1,775,096		1,877,230
4.000%, 09/20/44		2,765,230		2,924,332
4.000%, 10/20/44		3,981,712		4,210,807
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 4.000%, 11/20/44		779,817		824,686
4.000%, 10/20/45		3,270,173		3,446,789
4.000%, 11/20/45		1,712,454		1,804,941
4.000%, 02/20/47		4,688,924		4,945,478
4.500%, 08/20/40		1,213,980		1,300,539
4.500%, 12/20/40		769,076		823,912
4.500%, 04/20/41		670,783		718,810
4.500%, 03/20/42		537,576		576,066
4.500%, 10/20/43		864,615		922,633
4.500%, 02/20/44		1,677,588		1,790,160
4.500%, 04/20/45		1,618,553		1,727,163
4.500%, 03/20/47		2,768,815		2,950,098
5.000%, 08/20/40		549,087		594,529
5.000%, 10/20/40		562,398		608,941
5.000%, 06/20/44		1,333,449		1,443,805
6.500%, 06/20/31		21,623		25,397
6.500%, 11/20/38		461,895		527,787
7.500%, 02/20/28		2,639		2,999
				767,144,874
Federal Agencies—2.1%
Federal Home Loan Bank 1.750%, 06/12/20 (b)		17,700,000		17,762,835
Federal Home Loan Mortgage Corp. 1.125%, 04/15/19 (b)		12,000,000		11,942,160
1.250%, 10/02/19		3,000,000		2,984,730
1.375%, 05/01/20 (b)		5,145,000		5,111,815
Federal National Mortgage Association 2.125%, 04/24/26 (b)		11,500,000		11,213,535
6.625%, 11/15/30		2,450,000		3,496,909
Tennessee Valley Authority 5.250%, 09/15/39 (b)		3,350,000		4,381,532
				56,893,516
U.S. Treasury—36.7%
U.S. Treasury Bonds 2.250%, 08/15/46		3,000,000		2,642,100
2.500%, 02/15/45		14,400,000		13,444,704
2.500%, 02/15/46		8,200,000		7,636,004
2.500%, 05/15/46		4,800,000		4,467,408
2.750%, 08/15/42		2,020,000		1,998,568
2.875%, 05/15/43		4,760,000		4,807,219
2.875%, 08/15/45		5,000,000		5,029,050
2.875%, 11/15/46		3,000,000		3,017,550
3.000%, 11/15/44		11,000,000		11,354,641
3.000%, 05/15/45		4,500,000		4,639,140
3.000%, 11/15/45		7,700,000		7,934,080
3.000%, 02/15/47		3,000,000		3,095,550
3.000%, 05/15/47		3,800,000		3,921,718
3.125%, 02/15/42		1,800,000		1,906,596
3.125%, 02/15/43		3,270,000		3,456,227
3.125%, 08/15/44		4,700,000		4,967,195
3.375%, 05/15/44		3,000,000		3,315,600
3.500%, 02/15/39		2,080,000		2,351,253

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Bonds 3.625%, 02/15/44		10,120,000	$	11,663,402
3.750%, 08/15/41		1,830,000		2,143,223
3.750%, 11/15/43		2,600,000		3,057,470
3.875%, 08/15/40		10,380,000		12,356,871
4.250%, 11/15/40		7,280,000		9,149,868
4.375%, 11/15/39		3,900,000		4,971,798
4.375%, 05/15/40		5,220,000		6,663,695
4.375%, 05/15/41		5,850,000		7,501,046
4.500%, 05/15/38		4,950,000		6,410,498
5.000%, 05/15/37		1,560,000		2,140,944
5.250%, 02/15/29		750,000		968,550
5.375%, 02/15/31		3,675,000		4,940,119
6.125%, 11/15/27		5,750,000		7,765,375
6.250%, 08/15/23		7,700,000		9,585,114
6.250%, 05/15/30 (b)		2,500,000		3,564,350
6.375%, 08/15/27		6,900,000		9,433,956
6.500%, 11/15/26		4,500,000		6,108,300
7.125%, 02/15/23		11,125,000		14,176,366
7.250%, 08/15/22		6,120,000		7,710,098
7.875%, 02/15/21 (b)		4,450,000		5,411,912
8.000%, 11/15/21		2,920,000		3,679,141
8.125%, 08/15/19		2,645,000		3,016,305
8.125%, 08/15/21 (b)		1,250,000		1,565,225
8.500%, 02/15/20		6,700,000		7,911,628
8.750%, 08/15/20		1,000,000		1,217,710
8.875%, 02/15/19 (b)		5,215,000		5,850,395
U.S. Treasury Notes 0.750%, 02/15/19 (b)		14,100,000		13,966,332
0.750%, 08/15/19		5,000,000		4,932,900
0.875%, 04/15/19		6,000,000		5,948,640
1.000%, 08/15/18 (b)		28,000,000		27,907,040
1.125%, 05/31/19		12,300,000		12,244,896
1.125%, 03/31/20		5,100,000		5,047,776
1.125%, 02/28/21		10,100,000		9,896,788
1.125%, 06/30/21		14,200,000		13,860,620
1.125%, 07/31/21		12,300,000		11,990,163
1.250%, 10/31/19		5,130,000		5,109,839
1.250%, 01/31/20		15,000,000		14,909,700
1.250%, 02/29/20		25,800,000		25,634,622
1.250%, 03/31/21		6,100,000		5,999,899
1.375%, 09/30/18 (b)		50,790,000		50,824,534
1.375%, 11/30/18 (b)		15,000,000		15,006,901
1.375%, 01/31/20 (b)		27,100,000		27,030,625
1.375%, 08/31/20		14,900,000		14,798,680
1.500%, 03/31/19 (b)		16,870,000		16,914,537
1.500%, 02/28/23		4,000,000		3,894,280
1.625%, 06/30/19		15,800,000		15,873,944
1.625%, 12/31/19		14,800,000		14,857,867
1.625%, 11/30/20		5,000,000		4,997,950
1.625%, 11/15/22		5,000,000		4,917,350
1.625%, 05/31/23		7,900,000		7,725,805
1.625%, 05/15/26 (b)		15,900,000		15,076,857
1.750%, 10/31/20		10,000,000		10,043,500
1.750%, 12/31/20		14,800,000		14,846,620
1.750%, 11/30/21		11,000,000		10,971,730
U.S. Treasury—(Continued)
U.S. Treasury Notes 1.750%, 02/28/22 (b)		9,000,000		8,962,110
1.750%, 05/15/22		4,900,000		4,873,148
1.750%, 05/15/23		17,520,000		17,259,653
1.875%, 02/28/22		15,000,000		15,020,100
1.875%, 08/31/22		7,400,000		7,386,236
2.000%, 11/30/20		14,800,000		14,975,972
2.000%, 02/28/21		5,000,000		5,056,100
2.000%, 10/31/21		6,000,000		6,048,720
2.000%, 02/15/22		3,800,000		3,828,842
2.000%, 11/30/22		9,600,000		9,621,696
2.000%, 02/15/23		6,900,000		6,903,519
2.000%, 02/15/25		5,000,000		4,931,750
2.000%, 08/15/25		11,100,000		10,912,632
2.000%, 11/15/26		13,300,000		12,970,958
2.125%, 08/31/20		5,800,000		5,894,366
2.125%, 06/30/21		12,000,000		12,175,560
2.125%, 08/15/21		8,710,000		8,832,463
2.125%, 12/31/21		11,900,000		12,053,629
2.125%, 02/29/24		12,000,000		12,014,880
2.125%, 05/15/25		11,100,000		11,030,958
2.250%, 07/31/21		19,000,000		19,363,850
2.250%, 11/15/24		7,800,000		7,844,149
2.250%, 11/15/25		10,800,000		10,803,347
2.250%, 02/15/27		5,900,000		5,873,745
2.375%, 12/31/20		7,600,000		7,786,428
2.375%, 08/15/24		16,800,000		17,058,722
2.500%, 08/15/23		14,400,000		14,779,296
2.500%, 05/15/24		7,000,000		7,171,569
2.625%, 08/15/20		6,000,000		6,189,359
2.750%, 11/15/23		14,335,000		14,921,875
2.750%, 02/15/24		5,600,000		5,826,520
3.125%, 05/15/19		3,000,000		3,097,050
3.375%, 11/15/19		4,350,000		4,546,229
3.500%, 05/15/20		7,790,000		8,218,761
3.625%, 02/15/20		17,190,000		18,127,199
3.750%, 11/15/18		4,550,000		4,698,194
4.000%, 08/15/18 (b)		9,620,000		9,907,446
				991,145,388
Total U.S. Treasury & Government Agencies (Cost $1,782,702,734)				1,815,183,778
Corporate Bonds & Notes—27.8%
Aerospace/Defense—0.4%
Boeing Co. (The) 7.250%, 06/15/25		460,000		592,419
Lockheed Martin Corp. 4.700%, 05/15/46		3,000,000		3,368,580
6.150%, 09/01/36		1,700,000		2,205,852
Northrop Grumman Systems Corp. 7.750%, 02/15/31		515,000		736,718
Raytheon Co. 3.125%, 10/15/20		1,000,000		1,035,760

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
United Technologies Corp. 4.500%, 06/01/42		2,645,000	$	2,886,806
7.500%, 09/15/29		200,000		282,014
				11,108,149
Agriculture—0.3%
Altria Group, Inc. 9.700%, 11/10/18		750,000		827,640
Archer-Daniels-Midland Co. 4.479%, 03/01/21 (b)		2,000,000		2,159,900
Philip Morris International, Inc. 3.250%, 11/10/24 (b)		3,000,000		3,057,600
4.500%, 03/26/20		925,000		985,994
Reynolds American, Inc. 4.450%, 06/12/25		1,900,000		2,037,769
				9,068,903
Auto Manufacturers—0.7%
American Honda Finance Corp. 2.300%, 09/09/26 (b)		1,100,000		1,036,629
Daimler Finance North America LLC 8.500%, 01/18/31		1,050,000		1,581,699
Ford Motor Co. 7.450%, 07/16/31		2,200,000		2,774,332
Ford Motor Credit Co. LLC 2.597%, 11/04/19 (b)		3,000,000		3,020,130
General Motors Financial Co., Inc. 2.400%, 05/09/19		5,000,000		5,011,950
Toyota Motor Credit Corp. 3.300%, 01/12/22		4,000,000		4,152,000
				17,576,740
Banks—6.5%
Bank of America Corp. 2.625%, 04/19/21 (b)		1,000,000		1,004,010
3.300%, 01/11/23		4,075,000		4,154,951
4.100%, 07/24/23		2,905,000		3,069,452
4.200%, 08/26/24		3,000,000		3,114,420
5.875%, 02/07/42		3,000,000		3,761,280
6.500%, 07/15/18		200,000		209,166
Bank of New York Mellon Corp. (The) 5.450%, 05/15/19		2,000,000		2,128,240
Bank of Nova Scotia (The) 2.050%, 10/30/18 (b)		3,480,000		3,494,059
Barclays plc 5.250%, 08/17/45		2,700,000		3,025,188
BNP Paribas S.A. 5.000%, 01/15/21		3,225,000		3,523,796
Branch Banking & Trust Co. 2.850%, 04/01/21		3,400,000		3,472,046
Capital One N.A. 2.250%, 09/13/21		3,000,000		2,945,130
Citigroup, Inc. 4.125%, 07/25/28 (b)		3,000,000		3,043,500
Banks—(Continued)
Citigroup, Inc. 4.750%, 05/18/46		3,000,000		3,145,980
5.375%, 08/09/20 (b)		2,200,000		2,394,392
Cooperatieve Rabobank UA 5.250%, 05/24/41		3,640,000		4,441,237
Credit Suisse Group AG 4.375%, 08/05/20		2,611,000		2,770,036
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		3,000,000		3,115,950
Deutsche Bank AG 6.000%, 09/01/17		1,500,000		1,509,897
Fifth Third Bancorp 8.250%, 03/01/38		1,175,000		1,744,299
Goldman Sachs Group, Inc. (The) 2.300%, 12/13/19		3,000,000		3,008,520
3.850%, 01/26/27		1,900,000		1,932,885
6.000%, 06/15/20		2,000,000		2,206,940
6.125%, 02/15/33 (b)		2,075,000		2,594,621
HSBC Holdings plc 5.100%, 04/05/21		2,556,000		2,777,631
6.500%, 09/15/37		905,000		1,169,839
HSBC USA, Inc. 2.350%, 03/05/20		3,000,000		3,017,670
JPMorgan Chase & Co. 1.700%, 03/01/18		2,000,000		2,000,690
3.250%, 09/23/22		2,850,000		2,923,074
3.900%, 07/15/25		4,700,000		4,890,820
4.950%, 03/25/20		2,650,000		2,841,754
6.300%, 04/23/19		1,900,000		2,044,799
KeyBank N.A. 3.300%, 06/01/25		3,800,000		3,855,708
KFW 1.000%, 06/11/18 (b)		3,536,000		3,523,518
1.500%, 02/06/19 (b)		5,000,000		4,999,900
1.625%, 03/15/21 (b)		5,500,000		5,450,940
2.375%, 08/25/21		1,945,000		1,977,092
2.750%, 09/08/20		2,300,000		2,367,091
Landwirtschaftliche Rentenbank 2.000%, 01/13/25 (b)		3,500,000		3,412,255
Lloyds Bank plc 6.375%, 01/21/21 (b)		1,500,000		1,696,140
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22 (b)		1,900,000		1,928,538
Morgan Stanley 4.350%, 09/08/26		3,800,000		3,947,440
5.625%, 09/23/19		1,900,000		2,040,885
7.250%, 04/01/32		1,850,000		2,521,772
7.300%, 05/13/19		2,460,000		2,690,502
National Australia Bank, Ltd. 2.800%, 01/10/22 (b)		1,900,000		1,922,781
Oesterreichische Kontrollbank AG 1.625%, 03/12/19		3,025,000		3,025,817
PNC Bank N.A. 2.950%, 02/23/25		4,100,000		4,093,235
4.875%, 09/21/17		1,000,000		1,006,872

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Royal Bank of Canada 2.150%, 03/15/19		3,915,000	$	3,933,557
Santander UK plc 2.375%, 03/16/20 (b)		2,000,000		2,009,580
Sumitomo Mitsui Banking Corp. 1.950%, 07/23/18		4,000,000		4,009,600
Toronto-Dominion Bank (The) 2.250%, 11/05/19		4,000,000		4,025,640
U.S. Bancorp 3.600%, 09/11/24		3,000,000		3,114,210
UBS AG 4.875%, 08/04/20		3,500,000		3,777,200
Wells Fargo & Co. 2.600%, 07/22/20		4,000,000		4,049,080
3.000%, 01/22/21		3,400,000		3,471,808
3.000%, 10/23/26		2,000,000		1,947,514
Wells Fargo Bank N.A. 5.950%, 08/26/36		1,900,000		2,390,105
Westpac Banking Corp. 1.950%, 11/23/18		3,000,000		3,004,890
2.800%, 01/11/22 (b)		2,000,000		2,027,380
				175,697,322
Beverages—0.7%
Anheuser-Busch InBev Finance, Inc. 4.900%, 02/01/46		7,800,000		8,802,534
Anheuser-Busch InBev Worldwide, Inc. 4.439%, 10/06/48 (144A)		1,165,000		1,235,981
Coca-Cola Co. (The) 3.150%, 11/15/20		280,000		290,934
3.200%, 11/01/23		3,000,000		3,105,090
Pepsi-Cola Metropolitan Bottling Co., Inc. 7.000%, 03/01/29		300,000		407,241
PepsiCo, Inc. 3.600%, 03/01/24		3,975,000		4,191,677
5.000%, 06/01/18		1,000,000		1,032,040
				19,065,497
Biotechnology—0.5%
Amgen, Inc. 2.600%, 08/19/26		3,200,000		3,037,696
5.700%, 02/01/19		850,000		899,699
6.150%, 06/01/18		1,650,000		1,716,759
Celgene Corp. 4.625%, 05/15/44		4,000,000		4,227,080
Gilead Sciences, Inc. 3.650%, 03/01/26		3,000,000		3,085,590
				12,966,824
Chemicals—0.6%
Dow Chemical Co. (The) 4.250%, 11/15/20		2,750,000		2,917,860
9.400%, 05/15/39		650,000		1,097,271
Chemicals—(Continued)
E. I. du Pont de Nemours & Co. 5.600%, 12/15/36		1,000,000		1,185,970
6.000%, 07/15/18		1,000,000		1,044,180
LyondellBasell Industries NV 4.625%, 02/26/55		4,400,000		4,296,908
Potash Corp. of Saskatchewan, Inc. 4.875%, 03/30/20 (b)		970,000		1,027,007
Praxair, Inc. 3.000%, 09/01/21		3,950,000		4,060,165
				15,629,361
Computers—0.6%
Apple, Inc. 2.250%, 02/23/21		3,000,000		3,019,710
2.400%, 05/03/23		2,072,000		2,055,279
4.450%, 05/06/44 (b)		2,944,000		3,212,022
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 (b)		1,400,000		1,468,712
HP, Inc. 4.650%, 12/09/21 (b)		3,600,000		3,884,688
International Business Machines Corp. 4.000%, 06/20/42		3,200,000		3,262,752
8.375%, 11/01/19		425,000		487,500
				17,390,663
Cosmetics/Personal Care—0.2%
Procter & Gamble Co. (The) 2.300%, 02/06/22 (b)		3,600,000		3,642,984
Unilever Capital Corp. 5.900%, 11/15/32		1,500,000		1,956,750
				5,599,734
Diversified Financial Services—0.8%
Air Lease Corp. 2.625%, 09/04/18		4,000,000		4,029,720
Associates Corp. of North America 6.950%, 11/01/18		1,700,000		1,802,850
BlackRock, Inc. 3.500%, 03/18/24		3,800,000		3,994,560
GE Capital International Funding Co. 4.418%, 11/15/35		2,700,000		2,938,464
HSBC Finance Corp. 6.676%, 01/15/21 (b)		3,500,000		3,948,630
Nomura Holdings, Inc. 6.700%, 03/04/20		1,325,000		1,466,192
Visa, Inc. 2.800%, 12/14/22 (b)		3,000,000		3,055,350
				21,235,766
Electric—1.5%
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		3,070,000		3,100,792
5.850%, 04/01/18		855,000		881,901

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Dominion Energy, Inc. 3.900%, 10/01/25		1,900,000	$	1,968,704
6.400%, 06/15/18		1,750,000		1,826,492
DTE Electric Co. 3.700%, 03/15/45		4,000,000		3,945,120
Duke Energy Carolinas LLC 5.300%, 02/15/40		2,000,000		2,453,960
Duke Energy Corp. 3.050%, 08/15/22		4,000,000		4,079,320
Exelon Corp. 3.400%, 04/15/26		3,000,000		2,988,540
5.625%, 06/15/35		1,500,000		1,763,655
Florida Power & Light Co. 5.950%, 02/01/38 (b)		1,700,000		2,210,170
Northern States Power Co. 6.250%, 06/01/36		2,200,000		2,903,208
Ohio Power Co. 5.375%, 10/01/21		1,640,000		1,825,041
Oncor Electric Delivery Co. LLC 7.000%, 05/01/32 (b)		950,000		1,302,355
Pacific Gas & Electric Co. 5.400%, 01/15/40		3,320,000		4,055,048
PacifiCorp 2.950%, 02/01/22		2,800,000		2,862,664
PPL Capital Funding, Inc. 3.400%, 06/01/23 (b)		2,000,000		2,055,700
PSEG Power LLC 8.625%, 04/15/31 (b)		1,000,000		1,289,580
				41,512,250
Electrical Components & Equipment—0.1%
Emerson Electric Co. 4.875%, 10/15/19		1,800,000		1,918,170
Environmental Control—0.1%
Waste Management, Inc. 7.000%, 07/15/28		1,265,000		1,638,301
Food—0.5%
General Mills, Inc. 5.650%, 02/15/19		1,700,000		1,801,677
Kraft Heinz Foods Co. 3.000%, 06/01/26 (b)		3,300,000		3,156,714
Kroger Co. (The) 3.300%, 01/15/21 (b)		3,900,000		3,991,143
Mondelez International, Inc. 5.375%, 02/10/20		1,800,000		1,937,862
Sysco Corp. 2.600%, 06/12/22		2,400,000		2,409,000
				13,296,396
Forest Products & Paper—0.1%
Georgia-Pacific LLC 8.000%, 01/15/24		1,800,000		2,309,256
Gas—0.2%
Nisource Finance Corp. 4.800%, 02/15/44 (b)		4,000,000		4,344,520
Sempra Energy 6.150%, 06/15/18		900,000		937,044
				5,281,564
Healthcare-Products—0.5%
Abbott Laboratories 4.750%, 11/30/36		3,000,000		3,263,790
5.125%, 04/01/19		1,073,000		1,128,839
Becton Dickinson & Co. 4.669%, 06/06/47		2,000,000		2,075,460
Medtronic, Inc. 4.000%, 04/01/43 (b)		3,900,000		3,940,950
Thermo Fisher Scientific, Inc. 4.150%, 02/01/24		3,445,000		3,675,849
				14,084,888
Healthcare-Services—0.5%
Aetna, Inc. 2.750%, 11/15/22		3,000,000		3,009,690
Anthem, Inc. 5.850%, 01/15/36		1,800,000		2,164,914
Cigna Corp. 5.375%, 02/15/42		3,000,000		3,614,160
Laboratory Corp. of America Holdings 4.625%, 11/15/20 (b)		1,900,000		2,016,888
UnitedHealth Group, Inc. 3.750%, 07/15/25		3,600,000		3,802,212
				14,607,864
Household Products/Wares—0.0%
Kimberly-Clark Corp. 6.125%, 08/01/17		500,000		501,615
Insurance—0.9%
Aflac, Inc. 3.625%, 06/15/23		2,975,000		3,125,208
Allstate Corp. (The) 6.900%, 05/15/38		150,000		204,257
7.450%, 05/16/19		1,700,000		1,857,709
American International Group, Inc. 3.300%, 03/01/21		3,000,000		3,084,570
AXA S.A. 8.600%, 12/15/30 (b)		1,165,000		1,663,480
Berkshire Hathaway, Inc. 3.125%, 03/15/26		2,900,000		2,933,756
Chubb Corp. (The) 6.000%, 05/11/37		865,000		1,127,735
Chubb INA Holdings, Inc. 3.350%, 05/15/24		4,000,000		4,134,720
Hartford Financial Services Group, Inc. (The) 6.100%, 10/01/41		780,000		1,002,292

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26		4,000,000	$	4,162,120
Prudential Financial, Inc. 5.700%, 12/14/36		1,525,000		1,863,535
				25,159,382
Internet—0.1%
Amazon.com, Inc. 3.800%, 12/05/24 (b)		3,800,000		4,049,280
Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36 (b)		1,100,000		1,180,300
Machinery-Construction & Mining—0.1%
Caterpillar, Inc. 7.900%, 12/15/18		1,757,000		1,905,502
Machinery-Diversified—0.1%
Deere & Co. 2.600%, 06/08/22		1,950,000		1,973,654
Media—1.0%
21st Century Fox America, Inc. 6.550%, 03/15/33		1,950,000		2,457,507
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, 07/23/22		2,800,000		2,986,956
Comcast Corp. 4.650%, 07/15/42		3,670,000		4,020,632
5.650%, 06/15/35		1,500,000		1,836,240
Discovery Communications LLC 6.350%, 06/01/40		1,800,000		1,982,592
Historic TW, Inc. 6.875%, 06/15/18		1,800,000		1,885,410
Thomson Reuters Corp. 6.500%, 07/15/18 (b)		800,000		837,312
Time Warner Cable LLC 5.000%, 02/01/20 (b)		1,900,000		2,027,414
6.550%, 05/01/37 (b)		100,000		119,734
Time Warner Entertainment Co. L.P. 8.375%, 03/15/23		380,000		478,538
Time Warner, Inc. 6.100%, 07/15/40		925,000		1,106,920
7.700%, 05/01/32		685,000		956,219
Viacom, Inc. 4.375%, 03/15/43		3,500,000		3,111,185
Walt Disney Co. (The) 2.750%, 08/16/21 (b)		1,930,000		1,972,981
				25,779,640
Mining—0.3%
Barrick North America Finance LLC 4.400%, 05/30/21 (b)		3,125,000		3,366,688
Mining—(Continued)
Newmont Mining Corp. 6.250%, 10/01/39		1,800,000		2,212,164
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		2,145,202
				7,724,054
Miscellaneous Manufacturing—0.4%
General Electric Co. 3.375%, 03/11/24 (b)		2,900,000		3,041,897
5.250%, 12/06/17		1,800,000		1,829,558
5.300%, 02/11/21		1,915,000		2,116,726
6.750%, 03/15/32		1,250,000		1,712,537
7.500%, 08/21/35		100,000		142,471
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, 05/01/20		1,200,000		1,211,280
				10,054,469
Multi-National—1.5%
Asian Development Bank 1.625%, 08/26/20		4,000,000		3,981,560
2.000%, 02/16/22		2,000,000		1,999,700
European Bank for Reconstruction & Development 1.000%, 06/15/18		3,564,000		3,551,027
European Investment Bank 2.500%, 10/15/24 (b)		3,800,000		3,847,462
4.000%, 02/16/21		1,700,000		1,823,386
4.875%, 02/15/36		3,700,000		4,758,940
Inter-American Development Bank 1.750%, 10/15/19		2,000,000		2,007,620
2.125%, 01/15/25 (b)		3,900,000		3,850,431
6.800%, 10/15/25		500,000		626,940
7.000%, 06/15/25		200,000		259,468
International Bank for Reconstruction & Development 0.875%, 08/15/19		3,000,000		2,957,160
2.125%, 03/03/25		3,000,000		2,947,170
7.625%, 01/19/23 (b)		2,970,000		3,804,927
8.875%, 03/01/26		535,000		780,550
International Finance Corp. 1.750%, 09/04/18		2,975,000		2,986,632
				40,182,973
Oil & Gas—1.6%
Apache Finance Canada Corp. 7.750%, 12/15/29		300,000		393,792
BP Capital Markets plc 3.245%, 05/06/22		3,900,000		4,011,228
Canadian Natural Resources, Ltd. 6.250%, 03/15/38 (b)		1,800,000		2,111,256
Chevron Corp. 3.191%, 06/24/23		3,025,000		3,130,633
ConocoPhillips Canada Funding Co. I 5.950%, 10/15/36		1,550,000		1,896,162

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000	$	901,726
Hess Corp. 8.125%, 02/15/19 (b)		1,630,000		1,768,729
Marathon Oil Corp. 6.600%, 10/01/37 (b)		2,000,000		2,204,460
Noble Energy, Inc. 3.900%, 11/15/24		4,200,000		4,301,976
Petroleos Mexicanos 4.875%, 01/24/22		1,900,000		1,952,668
6.625%, 06/15/35 (b)		3,400,000		3,516,484
Shell International Finance B.V. 1.875%, 05/10/21 (b)		5,000,000		4,938,150
4.300%, 09/22/19		1,000,000		1,052,460
4.375%, 05/11/45		1,900,000		1,980,123
Statoil ASA 3.250%, 11/10/24 (b)		3,100,000		3,159,613
6.700%, 01/15/18		300,000		307,937
Total Capital International S.A. 2.700%, 01/25/23		3,000,000		3,015,240
XTO Energy, Inc. 6.500%, 12/15/18		1,600,000		1,707,232
				42,349,869
Oil & Gas Services—0.2%
Halliburton Co. 3.500%, 08/01/23		4,000,000		4,110,960
Pharmaceuticals—1.1%
AbbVie, Inc. 4.400%, 11/06/42		3,200,000		3,284,224
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,217,508
Express Scripts Holding Co. 4.500%, 02/25/26 (b)		2,700,000		2,863,485
6.125%, 11/15/41		313,000		373,659
Johnson & Johnson 5.950%, 08/15/37		910,000		1,219,791
6.950%, 09/01/29		250,000		342,265
Merck & Co., Inc. 2.400%, 09/15/22 (b)		4,000,000		4,033,360
6.550%, 09/15/37		1,000,000		1,365,920
Merck Sharp & Dohme Corp. 5.950%, 12/01/28		300,000		376,263
Novartis Capital Corp. 4.400%, 04/24/20 (b)		900,000		961,299
Sanofi 4.000%, 03/29/21		2,775,000		2,951,740
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26 (b)		3,000,000		2,938,920
Teva Pharmaceutical Finance Netherlands B.V. 2.800%, 07/21/23 (b)		3,000,000		2,922,270
Wyeth LLC 5.950%, 04/01/37		3,300,000		4,256,967
				29,107,671
Pipelines—0.9%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		220,000		279,894
Enbridge Energy Partners L.P. 5.875%, 10/15/25		3,000,000		3,418,050
Energy Transfer L.P. 4.650%, 06/01/21		1,950,000		2,056,548
5.150%, 03/15/45		2,600,000		2,517,788
Enterprise Products Operating LLC 3.950%, 02/15/27 (b)		3,800,000		3,941,436
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,249,620
Sabine Pass Liquefaction LLC 5.625%, 04/15/23 (b)		2,700,000		3,004,992
Tennessee Gas Pipeline Co. LLC 7.000%, 10/15/28		1,050,000		1,249,846
7.625%, 04/01/37		640,000		812,058
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		2,291,292
Williams Partners L.P. 5.250%, 03/15/20		3,575,000		3,846,379
				25,667,903
Real Estate Investment Trusts—0.4%
AvalonBay Communities, Inc. 6.100%, 03/15/20		860,000		944,536
Boston Properties L.P. 3.850%, 02/01/23 (b)		2,950,000		3,096,998
HCP, Inc. 5.375%, 02/01/21		2,591,000		2,822,014
Kimco Realty Corp. 6.875%, 10/01/19		550,000		605,110
Simon Property Group L.P. 3.300%, 01/15/26		3,800,000		3,800,152
				11,268,810
Retail—1.1%
CVS Health Corp. 2.250%, 12/05/18 (b)		3,930,000		3,954,366
Home Depot, Inc. (The) 2.000%, 04/01/21		3,000,000		2,993,370
4.400%, 04/01/21		1,450,000		1,562,955
Lowe’s Cos., Inc. 4.050%, 05/03/47		1,500,000		1,530,195
Macy’s Retail Holdings, Inc. 4.300%, 02/15/43 (b)		2,300,000		1,782,348
McDonald’s Corp. 3.700%, 01/30/26		6,000,000		6,220,920
5.350%, 03/01/18		885,000		906,922
Target Corp. 6.350%, 11/01/32		708,000		905,752
Wal-Mart Stores, Inc. 2.550%, 04/11/23		4,000,000		4,029,000
5.250%, 09/01/35		935,000		1,143,243
5.625%, 04/15/41 (b)		1,900,000		2,454,572

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Walgreens Boots Alliance, Inc. 2.700%, 11/18/19		3,000,000	$	3,045,960
				30,529,603
Semiconductors—0.2%
Intel Corp. 2.700%, 12/15/22		2,000,000		2,025,340
QUALCOMM, Inc. 3.450%, 05/20/25 (b)		4,000,000		4,110,960
				6,136,300
Software—1.1%
Adobe Systems, Inc. 4.750%, 02/01/20		2,200,000		2,360,336
Fidelity National Information Services, Inc. 2.850%, 10/15/18		4,000,000		4,048,040
Microsoft Corp. 2.000%, 11/03/20		3,000,000		3,009,150
3.125%, 11/03/25		5,100,000		5,206,488
3.300%, 02/06/27 (b)		2,000,000		2,059,560
4.200%, 06/01/19 (b)		2,700,000		2,830,032
4.250%, 02/06/47		3,000,000		3,239,580
Oracle Corp. 2.375%, 01/15/19		3,885,000		3,930,415
4.125%, 05/15/45		4,200,000		4,321,926
				31,005,527
Telecommunications—1.5%
AT&T Mobility LLC 7.125%, 12/15/31		100,000		127,657
AT&T, Inc. 2.450%, 06/30/20		4,100,000		4,120,582
4.125%, 02/17/26 (b)		3,000,000		3,074,400
4.500%, 03/09/48		2,100,000		1,975,575
5.000%, 03/01/21		2,600,000		2,807,922
5.800%, 02/15/19 (b)		1,700,000		1,802,408
6.300%, 01/15/38		1,300,000		1,533,480
British Telecommunications plc 9.125%, 12/15/30		1,000,000		1,520,940
Cisco Systems, Inc. 5.500%, 01/15/40		2,000,000		2,497,900
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		1,000,000		1,483,190
Orange S.A. 5.500%, 02/06/44 (b)		2,400,000		2,861,088
Rogers Communications, Inc. 6.800%, 08/15/18		800,000		843,984
Telefonica Emisiones S.A.U. 6.221%, 07/03/17		1,400,000		1,400,000
Verizon Communications, Inc. 2.946%, 03/15/22 (144A)		1,690,000		1,700,309
4.600%, 04/01/21 (b)		2,400,000		2,576,136
4.812%, 03/15/39 (144A)		3,927,000		3,970,197
5.012%, 04/15/49 (144A) (b)		3,532,000		3,574,526
Telecommunications—(Continued)
Vodafone Group plc 6.150%, 02/27/37		2,170,000		2,631,798
				40,502,092
Transportation—0.5%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		3,900,000		4,077,801
CSX Corp. 6.150%, 05/01/37		1,600,000		2,045,360
FedEx Corp. 4.550%, 04/01/46		1,000,000		1,049,200
8.000%, 01/15/19		675,000		735,851
Norfolk Southern Corp. 3.000%, 04/01/22		1,911,000		1,954,074
5.590%, 05/17/25		28,000		31,878
Union Pacific Corp. 6.625%, 02/01/29		1,200,000		1,567,536
United Parcel Service, Inc. 5.125%, 04/01/19		760,000		803,411
				12,265,111
Total Corporate Bonds & Notes (Cost $733,201,475)				751,442,363
Foreign Government—1.5%
Electric—0.0%
Hydro-Quebec 8.400%, 01/15/22		1,000,000		1,242,550
Provincial—0.3%
Province of British Columbia Canada 2.000%, 10/23/22		1,970,000		1,952,605
Province of Nova Scotia Canada 9.250%, 03/01/20		250,000		292,028
Province of Ontario Canada 2.450%, 06/29/22 (b)		4,000,000		4,032,480
4.400%, 04/14/20		2,100,000		2,239,608
Province of Quebec Canada 7.500%, 07/15/23		350,000		438,889
				8,955,610
Sovereign—1.2%
Canada Government International Bonds 1.625%, 02/27/19		4,000,000		4,014,600
Colombia Government International Bonds 5.000%, 06/15/45 (b)		1,000,000		1,006,710
8.125%, 05/21/24 (b)		1,500,000		1,908,885
Export-Import Bank of Korea 2.250%, 01/21/20		2,000,000		1,996,240
Japan Bank for International Cooperation 1.750%, 05/28/20		5,000,000		4,945,100
Mexico Government International Bonds 5.750%, 10/12/10 (b)		2,000,000		2,071,320

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Mexico Government International Bonds 6.750%, 09/27/34		1,050,000	$	1,334,077
8.000%, 09/24/22		2,200,000		2,741,728
Panama Government International Bonds 5.200%, 01/30/20		1,370,000		1,480,367
Peruvian Government International Bonds 8.750%, 11/21/33 (b)		1,450,000		2,221,429
Philippine Government International Bonds 5.000%, 01/13/37		1,740,000		2,059,412
Republic of Korea 7.125%, 04/16/19		4,900,000		5,340,804
				31,120,672
Total Foreign Government (Cost $40,825,647)				41,318,832
Mortgage-Backed Securities—1.4%
Commercial Mortgage-Backed Securities—1.4%
CD Mortgage Trust 2.724%, 08/10/49		1,664,000		1,611,501
Commercial Mortgage Trust 3.765%, 02/10/49		1,539,000		1,609,348
3.838%, 09/10/47		3,800,000		3,973,698
3.902%, 07/10/50		1,835,000		1,929,301
Credit Suisse Mortgage Capital Certificates Trust 3.795%, 12/15/49 (a)		2,889,000		3,005,311
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,835,000		1,870,838
GS Mortgage Securities Trust 3.135%, 06/10/46		2,935,000		2,994,962
3.377%, 05/10/45		2,700,234		2,800,304
4.243%, 08/10/46		966,000		1,043,860
JPMBB Commercial Mortgage Securities Trust 3.598%, 11/15/48		3,900,000		4,040,829
3.801%, 08/15/48		1,534,000		1,601,435
Morgan Stanley Bank of America Merrill Lynch Trust 3.544%, 01/15/49		3,850,000		3,947,636
3.635%, 10/15/48		1,547,000		1,600,665
3.732%, 05/15/48		3,750,000		3,907,687
WF-RBS Commercial Mortgage Trust 3.488%, 06/15/46		1,054,000		1,080,255
Total Mortgage-Backed Securities (Cost $37,124,803)				37,017,630
Municipals—0.6%
Los Angeles, CA Unified School District, Build America Bonds 6.758%, 07/01/34		2,160,000		2,974,298
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		2,000,000		2,452,160
New Jersey State Turnpike Authority, Build America Bonds 7.414%, 01/01/40		3,500,000		5,287,660
Oregon School Boards Association, General Obligation Unlimited 5.680%, 06/30/28		1,900,000		2,265,256
State of California, General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		2,000,000		2,921,620
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		1,230,000		1,151,428
Total Municipals (Cost $14,826,876)				17,052,422
Asset-Backed Securities—0.5%
Asset-Backed - Automobile—0.2%
Honda Auto Receivables Owner Trust 1.330%, 11/18/22		1,011,000		999,158
1.470%, 08/23/21		2,000,000		1,997,313
Nissan Auto Receivables Owner Trust 1.790%, 01/17/22		1,498,000		1,499,187
				4,495,658
Asset-Backed - Credit Card—0.3%
Citibank Credit Card Issuance Trust 2.150%, 07/15/21		2,980,000		3,004,875
2.880%, 01/23/23		4,924,000		5,070,248
				8,075,123
Total Asset-Backed Securities (Cost $12,509,420)				12,570,781
Short-Term Investments—0.5%
Discount Notes—0.2%
Federal Home Loan Bank 0.904%, 08/02/17 (c)		2,400,000		2,397,960
0.913%, 07/10/17 (c)		700,000		699,864
0.974%, 07/25/17 (c)		1,100,000		1,099,328
0.982%, 08/25/17 (c)		200,000		199,700
				4,396,852
U.S. Treasury—0.3%
U.S. Treasury Bills 0.619%, 08/10/17 (c)		1,500,000		1,498,620
1.008%, 10/19/17 (c)		5,800,000		5,782,066
				7,280,686
Total Short-Term Investments (Cost $11,678,070)				11,677,538

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—10.5%

Security Description	Principal Amount*		Value
Certificates of Deposit—5.1%
Banco Del Estado De Chile New York 1.429%, 10/19/17 (a)		6,000,000	$	6,001,428
Bank of America N.A. 1.507%, 07/11/17 (a)		10,000,000		10,001,761
Bank of Montreal Chicago 1.276%, 09/06/17 (a)		7,500,000		7,501,380
Bank of Nova Scotia Houston 1.492%, 11/03/17 (a)		4,000,000		4,003,949
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		7,973,124		7,908,768
1.602%, 11/16/17 (a)		3,000,000		3,002,928
Canadian Imperial Bank 1.630%, 10/27/17 (a)		2,500,000		2,502,813
Cooperative Rabobank UA New York 1.555%, 10/13/17 (a)		500,000		500,577
1.558%, 10/13/17 (a)		500,000		500,678
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.432%, 10/16/17 (a)		6,500,000		6,501,391
DG Bank New York 1.140%, 07/03/17		2,000,000		1,999,980
DNB NOR Bank ASA 1.412%, 07/28/17 (a)		2,800,000		2,800,350
KBC Bank NV Zero Coupon, 09/08/17		4,982,809		4,989,050
1.200%, 07/18/17		2,250,000		2,250,000
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (a)		2,000,000		2,000,448
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (a)		6,000,000		5,999,802
1.400%, 11/27/17 (a)		1,500,000		1,499,310
1.469%, 10/18/17 (a)		2,500,000		2,499,830
1.610%, 08/02/17 (a)		4,500,000		4,501,372
National Australia Bank London 1.480%, 11/09/17 (a)		3,500,000		3,502,835
Natixis New York 1.287%, 11/13/17 (a)		6,000,000		5,999,340
1.506%, 08/03/17 (a)		7,500,000		7,502,265
Norinchukin Bank New York 1.377%, 10/13/17 (a)		4,000,000		4,002,750
1.584%, 08/21/17 (a)		7,500,000		7,502,767
Royal Bank of Canada New York 1.555%, 10/13/17 (a)		500,000		500,506
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		1,009,233		1,000,230
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (a)		1,000,000		999,927
1.342%, 11/16/17 (a)		750,000		749,953
1.377%, 10/11/17 (a)		2,500,000		2,501,761
1.466%, 10/26/17 (a)		3,500,000		3,500,896
1.552%, 08/16/17 (a)		2,500,000		2,500,753
Toronto Dominion Bank New York 1.467%, 03/13/18 (a)		12,000,000		12,008,916
UBS, Stamford 1.722%, 07/31/17 (a)		3,503,577		3,501,999
Certificates of Deposit—(Continued)
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (a)		2,100,000		2,101,877
				136,842,634
Commercial Paper—2.2%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		4,985,213		4,998,190
Barton Capital S.A. 1.210%, 07/10/17		4,984,203		4,998,370
Commonwealth Bank Australia 1.522%, 10/23/17 (a)		2,000,000		2,002,108
Erste Abwicklungsanstalt 1.379%, 07/18/17 (a)		13,000,000		13,000,754
ING Funding LLC 1.234%, 12/07/17 (a)		7,500,000		7,502,590
1.277%, 11/13/17 (a)		3,000,000		2,999,781
LMA S.A. & LMA Americas 1.180%, 07/11/17		2,492,625		2,499,170
Manhattan Asset Funding Co. 1.434%, 09/07/17 (a)		5,300,000		5,300,318
National Australia Bank, Ltd. 1.563%, 12/06/17 (a)		2,750,000		2,753,715
Ridgefield Funding Co. LLC 1.180%, 07/31/17		1,994,100		1,997,854
1.434%, 09/07/17 (a)		2,500,000		2,501,001
Sheffield Receivables Co. 1.230%, 07/07/17		7,476,681		7,498,245
Westpac Banking Corp. 1.506%, 10/20/17 (a)		2,100,000		2,102,094
				60,154,190
Repurchase Agreements—1.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $351,771 on 07/03/17, collateralized by $366,155 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $358,775.		351,740		351,740
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,517,813 on 10/02/17, 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 06/15/17 at 1.550% to be repurchased at $3,002,325 on 07/03/17, collateralized by $652 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,335,471.		3,000,000		3,000,000

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $6,732,462 on 09/29/17, collateralized by various Common Stock with a value of $7,370,002.		6,700,000	$	6,700,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,166,410 on 10/02/17, collateralized by various Common Stock with a value of $4,510,000.		4,100,000		4,100,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $8,061,180 on 10/02/17, collateralized by various Common Stock with a value of $8,800,001.		8,000,000		8,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				38,651,740
Time Deposits—1.8%
ABN AMRO Bank NV 1.060%, 07/03/17		5,000,000		5,000,000
Australia New Zealand Bank 1.060%, 07/03/17		10,000,000		10,000,000
Time Deposits—(Continued)
Credit Industriel et Commercial 1.100%, 07/03/17		10,000,000		10,000,000
Nordea Bank New York 1.050%, 07/03/17		10,000,000		10,000,000
Shinkin Central Bank 1.330%, 07/26/17		4,250,000		4,250,000
Svenska 1.050%, 07/03/17		10,000,000		10,000,000
				49,250,000
Total Securities Lending Reinvestments (Cost $284,834,822)				284,898,564
Total Investments—110.1% (Cost $2,917,703,847) (e)				2,971,161,908
Other assets and liabilities (net)—(10.1)%				(272,215,197	)
Net Assets—100.0%			$	2,698,946,711

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 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 June 30, 2017, the market value of securities loaned was $277,110,653 and the collateral received consisted of cash in the amount of $284,853,304. 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 June 30, 2017.
(e)	As of June 30, 2017, the aggregate cost of investments was $2,917,703,847. The aggregate unrealized appreciation and depreciation of investments were $92,068,330 and $(38,610,269), respectively, resulting in net unrealized appreciation of $53,458,061.
(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 June 30, 2017, the market value of 144A securities was $10,481,013, which is 0.4% of net assets.
(ACES)—	Alternative Credit Enhancement Securities

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,815,183,778		$	—	$	1,815,183,778
Total Corporate Bonds & Notes*		—		751,442,363			—		751,442,363
Total Foreign Government*		—		41,318,832			—		41,318,832
Total Mortgage-Backed Securities*		—		37,017,630			—		37,017,630
Total Municipals		—		17,052,422			—		17,052,422
Total Asset-Backed Securities*		—		12,570,781			—		12,570,781
Short-Term Investments
Discount Notes		—		4,396,852			—		4,396,852
U.S. Treasury		—		7,280,686			—		7,280,686
Total Short-Term Investments		—		11,677,538			—		11,677,538
Total Securities Lending Reinvestments*		—		284,898,564			—		284,898,564
Total Investments	$	—	$	2,971,161,908		$	—	$	2,971,161,908
Collateral for Securities Loaned (Liability)	$	—	$	(284,853,304	)	$	—	$	(284,853,304	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,971,161,908
Cash		58,551
Receivable for:
Investments sold		4,654,898
Fund shares sold		4,171,437
Interest		17,158,556
Total Assets		2,997,205,350
Liabilities
Collateral for securities loaned		284,853,304
Payables for:
Investments purchased		11,873,714
Fund shares redeemed		182,572
Accrued Expenses:
Management fees		537,352
Distribution and service fees		290,054
Deferred trustees’ fees		101,824
Other expenses		419,819
Total Liabilities		298,258,639
Net Assets	$	2,698,946,711
Net Assets Consist of:
Paid in surplus	$	2,688,709,909
Undistributed net investment income		31,723,405
Accumulated net realized loss		(74,944,664	)
Unrealized appreciation on investments		53,458,061
Net Assets	$	2,698,946,711
Net Assets
Class A	$	1,335,021,609
Class B		973,729,512
Class E		61,383,996
Class G		328,811,594
Capital Shares Outstanding*
Class A		123,792,292
Class B		92,137,060
Class E		5,720,529
Class G		31,217,369
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.78
Class B		10.57
Class E		10.73
Class G		10.53

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,917,703,847.
(b)	Includes securities loaned at value of $277,110,653.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest	$	36,732,044
Securities lending income		658,583
Total investment income		37,390,627
Expenses
Management fees		3,327,937
Administration fees		42,211
Custodian and accounting fees		109,807
Distribution and service fees—Class B		1,212,599
Distribution and service fees—Class E		45,842
Distribution and service fees—Class G		485,555
Audit and tax services		43,664
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		111,314
Insurance		9,425
Miscellaneous		12,417
Total expenses		5,445,766
Less management fee waiver		(112,895	)
Net expenses		5,332,871
Net Investment Income		32,057,756
Net Realized and Unrealized Gain
Net realized gain on investments		3,483,603
Net change in unrealized appreciation on investments		19,921,621
Net realized and unrealized gain		23,405,224
Net Increase in Net Assets From Operations	$	55,462,980

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	32,057,756		$	60,072,739
Net realized gain		3,483,603			4,607,161
Net change in unrealized appreciation (depreciation)		19,921,621			(9,700,851	)
Increase in net assets from operations		55,462,980			54,979,049
From Distributions to Shareholders
Net investment income
Class A		(38,670,834	)		(35,505,596	)
Class B		(26,417,841	)		(25,827,980	)
Class E		(1,698,687	)		(1,710,890	)
Class G		(8,827,881	)		(8,916,198	)
Total distributions		(75,615,243	)		(71,960,664	)
Increase in net assets from capital share transactions		58,178,531			202,342,319
Total increase in net assets		38,026,268			185,360,704
Net Assets
Beginning of period		2,660,920,443			2,475,559,739
End of period	$	2,698,946,711		$	2,660,920,443
Undistributed net investment income
End of period	$	31,723,405		$	75,280,892

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		4,628,899		$	50,685,243			14,977,122		$	167,041,241
Reinvestments		3,574,014			38,670,834			3,198,702			35,505,596
Redemptions		(3,911,826	)		(42,900,048	)		(6,472,663	)		(72,124,890	)
Net increase		4,291,087		$	46,456,029			11,703,161		$	130,421,947
Class B
Sales		2,193,717		$	23,441,196			6,937,312		$	75,769,716
Reinvestments		2,489,900			26,417,841			2,373,895			25,827,980
Redemptions		(4,091,698	)		(43,914,319	)		(8,757,227	)		(95,246,249	)
Net increase		591,919		$	5,944,718			553,980		$	6,351,447
Class E
Sales		186,352		$	2,027,327			218,707		$	2,421,191
Reinvestments		157,724			1,698,687			154,832			1,710,890
Redemptions		(313,284	)		(3,410,441	)		(858,121	)		(9,490,766	)
Net increase (decrease)		30,792		$	315,573			(484,582	)	$	(5,358,685	)
Class G
Sales		2,417,561		$	25,824,634			15,083,718		$	163,746,308
Reinvestments		835,183			8,827,881			821,769			8,916,198
Redemptions		(2,734,511	)		(29,190,304	)		(9,352,634	)		(101,734,896	)
Net increase		518,233		$	5,462,211			6,552,853		$	70,927,610
Increase derived from capital shares transactions				$	58,178,531					$	202,342,319

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.87		$	10.92		$	11.22		$	10.93		$	11.59		$	11.58
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.27			0.28			0.29			0.29			0.34
Net realized and unrealized gain (loss) on investments		0.09			(0.01	)		(0.25	)		0.33			(0.55	)		0.10
Total from investment operations		0.23			0.26			0.03			0.62			(0.26	)		0.44
Less Distributions
Distributions from net investment income		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.40	)		(0.43	)
Total distributions		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.40	)		(0.43	)
Net Asset Value, End of Period	$	10.78		$	10.87		$	10.92		$	11.22		$	10.93		$	11.59
Total Return (%) (b)		2.12	(c)		2.35			0.25			5.81			(2.33	)		3.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.28			0.28			0.28			0.29
Net ratio of expenses to average net assets (%) (e)		0.27	(d)		0.27			0.27			0.28			0.28			0.28
Ratio of net investment income to average net assets (%)		2.54	(d)		2.39			2.48			2.62			2.65			2.92
Portfolio turnover rate (%)		12	(c)		16			18			13			18			24
Net assets, end of period (in millions)	$	1,335.0		$	1,299.2		$	1,177.2		$	1,008.2		$	797.4		$	637.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.65		$	10.70		$	10.99		$	10.72		$	11.37		$	11.37
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.23			0.24			0.26			0.26			0.30
Net realized and unrealized gain (loss) on investments		0.09			0.01			(0.23	)		0.32			(0.54	)		0.10
Total from investment operations		0.21			0.24			0.01			0.58			(0.28	)		0.40
Less Distributions
Distributions from net investment income		(0.29	)		(0.29	)		(0.30	)		(0.31	)		(0.37	)		(0.40	)
Total distributions		(0.29	)		(0.29	)		(0.30	)		(0.31	)		(0.37	)		(0.40	)
Net Asset Value, End of Period	$	10.57		$	10.65		$	10.70		$	10.99		$	10.72		$	11.37
Total Return (%) (b)		2.00	(c)		2.14			0.09			5.48			(2.53	)		3.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.53			0.53			0.53			0.54
Net ratio of expenses to average net assets (%) (e)		0.52	(d)		0.52			0.52			0.53			0.53			0.53
Ratio of net investment income to average net assets (%)		2.29	(d)		2.14			2.23			2.37			2.40			2.67
Portfolio turnover rate (%)		12	(c)		16			18			13			18			24
Net assets, end of period (in millions)	$	973.7		$	974.5		$	973.6		$	997.1		$	964.2		$	934.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.81		$	10.86		$	11.15		$	10.87		$	11.52		$	11.52
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.25			0.26			0.27			0.28			0.32
Net realized and unrealized gain (loss) on investments		0.10			(0.01	)		(0.24	)		0.33			(0.55	)		0.09
Total from investment operations		0.23			0.24			0.02			0.60			(0.27	)		0.41
Less Distributions
Distributions from net investment income		(0.31	)		(0.29	)		(0.31	)		(0.32	)		(0.38	)		(0.41	)
Total distributions		(0.31	)		(0.29	)		(0.31	)		(0.32	)		(0.38	)		(0.41	)
Net Asset Value, End of Period	$	10.73		$	10.81		$	10.86		$	11.15		$	10.87		$	11.52
Total Return (%) (b)		2.07	(c)		2.19			0.19			5.58			(2.41	)		3.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.43			0.43			0.43			0.44
Net ratio of expenses to average net assets (%) (e)		0.42	(d)		0.42			0.42			0.43			0.43			0.43
Ratio of net investment income to average net assets (%)		2.39	(d)		2.24			2.33			2.47			2.50			2.77
Portfolio turnover rate (%)		12	(c)		16			18			13			18			24
Net assets, end of period (in millions)	$	61.4		$	61.5		$	67.0		$	76.9		$	82.2		$	88.1
	Class G
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.61		$	10.67		$	10.97		$	10.70		$	11.35		$	11.35
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.23			0.24			0.25			0.26			0.30
Net realized and unrealized gain (loss) on investments		0.09			0.00			(0.25	)		0.33			(0.54	)		0.10
Total from investment operations		0.21			0.23			(0.01	)		0.58			(0.28	)		0.40
Less Distributions
Distributions from net investment income		(0.29	)		(0.29	)		(0.29	)		(0.31	)		(0.37	)		(0.40	)
Total distributions		(0.29	)		(0.29	)		(0.29	)		(0.31	)		(0.37	)		(0.40	)
Net Asset Value, End of Period	$	10.53		$	10.61		$	10.67		$	10.97		$	10.70		$	11.35
Total Return (%) (b)		1.97	(c)		2.09			(0.06	)		5.46			(2.57	)		3.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.58			0.58			0.58			0.58			0.59
Net ratio of expenses to average net assets (%) (e)		0.57	(d)		0.57			0.57			0.58			0.58			0.58
Ratio of net investment income to average net assets (%)		2.24	(d)		2.09			2.18			2.32			2.35			2.62
Portfolio turnover rate (%)		12	(c)		16			18			13			18			24
Net assets, end of period (in millions)	$	328.8		$	325.7		$	257.7		$	223.3		$	169.1		$	157.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Aggregate Bond Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

BHFTII-24

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, expired capital loss carryforwards and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

BHFTII-25

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $38,651,740. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at

BHFTII-26

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(87,808,843	)	$	—	$	—	$	—	$	(87,808,843	)
Foreign Government		(8,540,672	)		—		—		—		(8,540,672	)
U.S. Treasury & Government Agencies		(188,503,789	)		—		—		—		(188,503,789	)
Total	$	(284,853,304	)	$	—	$	—	$	—	$	(284,853,304	)
Total Borrowings	$	(284,853,304	)	$	—	$	—	$	—	$	(284,853,304	)
Gross amount of recognized liabilities for securities lending transactions										$	(284,853,304	)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$246,939,398	$	93,469,392	$	220,396,083	$	98,233,081

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing

BHFTII-27

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $3,327,937.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2017 were $298,854.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

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Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$71,960,664	$	67,783,544	$	—	$	—	$	71,960,664	$	67,783,544

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$75,372,548	$	—	$	1,159,047	$	(9,934,932	)	$	(36,115,942	)	$	30,480,721

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2016, $6,670,752 of capital loss carryforwards expired.

As of December 31, 2016, the Portfolio had post-enactment short-term accumulated capital losses of $6,088,888, post-enactment long-term accumulated capital losses of $30,027,054, and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring
12/31/17

$9,934,932

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	222,717,860		7,936,852		15,959,562.274

To Approve a Subadvisory Agreement between the Manager and MetLife Investment Advisors, LLC

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
222,973,672		7,743,799		15,896,805

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		222,281,031		24,333,243
Robert Boulware		222,301,512		24,312,763
Susan C. Gause		230,134,400		16,479,875
Nancy Hawthorne		222,471,740		24,142,535
Barbara A. Nugent		230,055,153		16,559,122
John Rosenthal		229,691,695		16,922,580
Linda B. Strumpf		222,362,638		24,251,637
Dawn M. Vroegop		222,378,286		24,235,988

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Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, E and G shares of the MetLife Mid Cap Stock Index Portfolio returned 5.87%, 5.71%, 5.82%, and 5.68%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) Midcap 400 Index¹, returned 5.99%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2017, equity markets continued to make new all-time highs, rallying on the strength of the global economy, strong corporate earnings, and optimism about potential changes to financial regulation and tax reform. The equity markets also reacted positively to U.S. lawmakers reaching an agreement on a spending bill, the outcome of the French Presidential elections, and better than expected macroeconomic data, including U.S. manufacturing, U.S. nonfarm payrolls, and U.S. consumer sentiment. Equity markets remained resilient despite the United Kingdom (“U.K.”) Conservative Party’s failure to win a majority in the U.K. snap election on June 8^th and increased political risks in the U.S. after President Trump fired FBI Director Comey. Other factors that weighed on the equity markets included geopolitical tensions in Syria and North Korea, two rate hikes by the Federal Reserve (the “Fed”), and the Federal Open Market Committee (the “FOMC”) minutes showing members discussed the potential shrinking of the Fed balance sheet by as early as December.

During the first six months, the FOMC met four times and raised the target range for the Federal Funds Rate twice to 1.00% to 1.25%. The FOMC stated that the labor market had continued to strengthen and that economic activity had been rising moderately so far this year. The FOMC also stated that job gains had moderated but had been solid since the beginning of the year.

Eight of the eleven sectors comprising the S&P Midcap 400 Index experienced positive returns for the first six months of 2017. Health Care (7.5% beginning weight in the benchmark), up 22.5%, was the best performing sector. Information Technology (17.6% beginning weight), up 12.0%, and Materials (7.3% beginning weight), up 9.1%, were the next best-performing sectors. Telecom Services (0.2% beginning weight), down 31.2%, and Energy (4.0% beginning weight), down 30.0%, were the worst performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Chemours, up 71.0%; Align Technology, up 51.1%; and Packaging Corporation of America, up 33.0%. The stocks with the largest negative impact were Nabors Industries, down 49.8%; QEP Resources, down 45.1%; and United States Steel, down 32.7%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P Midcap 400 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P Midcap 400 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

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

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Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Mid Cap Stock Index Portfolio
Class A		5.87		18.26		14.65		8.35		—
Class B		5.71		17.99		14.35		8.07		—
Class E		5.82		18.11		14.47		8.18		—
Class G		5.68		17.90		14.30		—		16.40
S&P MidCap 400 Index		5.99		18.57		14.92		8.56		—

¹ The Standard & Poor’s (S&P) MidCap 400 Index is an unmanaged index measuring the performance of the mid-size company segment of the U.S. market. The Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

² Inception dates of the Class A, Class B, Class E and Class G shares are 7/5/00, 1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
SPDR S&P MidCap 400 ETF Trust		2.3
ResMed, Inc.		0.6
Packaging Corp. of America		0.6
Domino’s Pizza, Inc.		0.6
Duke Realty Corp.		0.6
Cadence Design Systems, Inc.		0.5
Teleflex, Inc.		0.5
MSCI, Inc.		0.5
SVB Financial Group		0.5
Alleghany Corp.		0.5

Top Sectors

	% of Net Assets
Financials		17.9
Information Technology		17.0
Industrials		14.4
Consumer Discretionary		11.2
Real Estate		9.4
Health Care		8.7
Materials		7.3
Utilities		5.2
Consumer Staples		3.5
Energy		2.8

BHFTII-2

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.29	%	$	1,000.00	$	1,058.70	$	1.48
	Hypothetical*		0.29	%	$	1,000.00	$	1,023.36	$	1.45
Class B(a)	Actual		0.54	%	$	1,000.00	$	1,057.10	$	2.75
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71
Class E(a)	Actual		0.44	%	$	1,000.00	$	1,058.20	$	2.25
	Hypothetical*		0.44	%	$	1,000.00	$	1,022.61	$	2.21
Class G(a)	Actual		0.59	%	$	1,000.00	$	1,056.80	$	3.01
	Hypothetical*		0.59	%	$	1,000.00	$	1,021.87	$	2.96

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—95.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.6%
Curtiss-Wright Corp.		28,417	$	2,608,112
Esterline Technologies Corp. (a)		19,123		1,812,861
Huntington Ingalls Industries, Inc.		29,557		5,502,331
KLX, Inc. (a)		33,219		1,660,950
Orbital ATK, Inc.		37,067		3,645,910
Teledyne Technologies, Inc. (a)		22,663		2,892,932
				18,123,096
Airlines—0.4%
JetBlue Airways Corp. (a) (b)		214,303		4,892,537
Auto Components—0.6%
Cooper Tire & Rubber Co. (c)		33,996		1,227,256
Dana, Inc. (c)		92,843		2,073,184
Gentex Corp. (c)		184,500		3,499,965
				6,800,405
Automobiles—0.3%
Thor Industries, Inc.		30,734		3,212,318
Banks—7.8%
Associated Banc-Corp.		97,828		2,465,266
BancorpSouth, Inc. (c)		53,385		1,628,243
Bank of Hawaii Corp. (c)		27,433		2,276,116
Bank of the Ozarks, Inc.		77,990		3,655,391
Cathay General Bancorp		48,197		1,829,076
Chemical Financial Corp.		45,678		2,211,272
Commerce Bancshares, Inc.		56,127		3,189,697
Cullen/Frost Bankers, Inc. (c)		36,554		3,432,786
East West Bancorp, Inc.		92,795		5,435,931
First Horizon National Corp.		150,148		2,615,578
FNB Corp.		207,512		2,938,370
Fulton Financial Corp. (c)		112,276		2,133,244
Hancock Holding Co.		54,282		2,659,818
Home BancShares, Inc.		81,062		2,018,444
International Bancshares Corp.		37,332		1,308,487
MB Financial, Inc. (c)		45,765		2,015,491
PacWest Bancorp (c)		76,987		3,595,293
Pinnacle Financial Partners, Inc.		46,565		2,924,282
Prosperity Bancshares, Inc. (c)		44,630		2,867,031
Signature Bank (a)		34,478		4,948,627
SVB Financial Group (a) (c)		33,715		5,926,787
Synovus Financial Corp.		78,547		3,474,919
TCF Financial Corp.		109,973		1,752,970
Texas Capital Bancshares, Inc. (a)		31,833		2,463,874
Trustmark Corp. (c)		43,499		1,398,928
UMB Financial Corp.		28,175		2,109,180
Umpqua Holdings Corp.		141,555		2,598,950
United Bankshares, Inc.		67,338		2,639,650
Valley National Bancorp (c)		169,451		2,001,216
Webster Financial Corp. (c)		59,219		3,092,416
Wintrust Financial Corp.		35,747		2,732,501
				86,339,834
Beverages—0.1%
Boston Beer Co., Inc. (The)—Class A (a) (c)		5,937		784,575
Biotechnology—0.7%
Bioverativ, Inc. (a)		69,466		4,179,769
United Therapeutics Corp. (a)		28,941		3,754,516
				7,934,285
Building Products—0.9%
A.O. Smith Corp.		94,588		5,328,142
Lennox International, Inc.		24,667		4,529,848
				9,857,990
Capital Markets—2.9%
Eaton Vance Corp.		73,847		3,494,440
FactSet Research Systems, Inc. (c)		25,342		4,211,334
Federated Investors, Inc. - Class B (c)		59,584		1,683,248
Janus Henderson Group plc (a)		115,845		3,835,628
Legg Mason, Inc. (c)		54,794		2,090,939
MarketAxess Holdings, Inc.		24,140		4,854,554
MSCI, Inc.		58,153		5,989,177
SEI Investments Co.		85,623		4,604,805
Stifel Financial Corp. (a)		43,962		2,021,373
				32,785,498
Chemicals—2.8%
Ashland Global Holdings, Inc.		39,967		2,634,225
Cabot Corp.		40,125		2,143,879
Chemours Co. (The)		118,472		4,492,458
Minerals Technologies, Inc.		22,534		1,649,489
NewMarket Corp. (c)		5,938		2,734,330
Olin Corp. (c)		106,549		3,226,304
PolyOne Corp.		52,508		2,034,160
RPM International, Inc.		85,794		4,680,063
Scotts Miracle-Gro Co. (The)		28,313		2,532,881
Sensient Technologies Corp.		28,426		2,289,146
Valvoline, Inc.		131,341		3,115,408
				31,532,343
Commercial Services & Supplies—1.5%
Clean Harbors, Inc. (a) (c)		33,436		1,866,732
Copart, Inc. (a)		131,658		4,185,408
Deluxe Corp.		31,150		2,156,203
Herman Miller, Inc.		38,397		1,167,269
HNI Corp.		28,318		1,129,038
MSA Safety, Inc.		20,225		1,641,663
Pitney Bowes, Inc.		119,781		1,808,693
Rollins, Inc.		61,607		2,508,021
				16,463,027
Communications Equipment—1.5%
ARRIS International plc (a)		120,603		3,379,296
Brocade Communications Systems, Inc.		263,352		3,320,869
Ciena Corp. (a) (c)		91,051		2,278,096
InterDigital, Inc.		22,275		1,721,857
NetScout Systems, Inc. (a)		58,908		2,026,435

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—(Continued)
Plantronics, Inc.		21,475	$	1,123,357
ViaSat, Inc. (a) (c)		34,028		2,252,654
				16,102,564
Construction & Engineering—1.1%
AECOM (a)		100,020		3,233,647
Dycom Industries, Inc. (a) (c)		19,961		1,786,909
EMCOR Group, Inc.		38,043		2,487,251
Granite Construction, Inc. (c)		25,573		1,233,641
KBR, Inc.		91,941		1,399,342
Valmont Industries, Inc.		14,506		2,170,098
				12,310,888
Construction Materials—0.3%
Eagle Materials, Inc.		31,174		2,881,101
Consumer Finance—0.3%
SLM Corp. (a)		276,836		3,183,614
Containers & Packaging—1.9%
AptarGroup, Inc. (c)		40,095		3,482,652
Bemis Co., Inc.		59,056		2,731,340
Greif, Inc. - Class A		16,580		924,832
Owens-Illinois, Inc. (a) (c)		104,493		2,499,473
Packaging Corp. of America (c)		60,504		6,739,540
Silgan Holdings, Inc.		48,164		1,530,652
Sonoco Products Co.		63,830		3,282,139
				21,190,628
Distributors—0.3%
Pool Corp.		26,558		3,122,424
Diversified Consumer Services—0.8%
Adtalem Global Education, Inc.		36,601		1,389,008
Graham Holdings Co. - Class B		2,988		1,791,754
Service Corp. International		120,738		4,038,686
Sotheby’s (a)		29,430		1,579,508
				8,798,956
Diversified Telecommunication Services—0.1%
Frontier Communications Corp. (c)		753,413		873,959
Electric Utilities—1.8%
Great Plains Energy, Inc.		138,473		4,054,489
Hawaiian Electric Industries, Inc. (c)		69,845		2,261,581
IDACORP, Inc.		32,364		2,762,267
OGE Energy Corp.		128,260		4,462,165
PNM Resources, Inc. (c)		51,158		1,956,794
Westar Energy, Inc.		91,229		4,836,962
				20,334,258
Electrical Equipment—0.7%
EnerSys		27,950		2,024,978
Hubbell, Inc.		32,876		3,720,577
Electrical Equipment—(Continued)
Regal-Beloit Corp.		28,779		2,346,927
				8,092,482
Electronic Equipment, Instruments & Components—4.7%
Arrow Electronics, Inc. (a)		57,060		4,474,645
Avnet, Inc.		80,277		3,121,170
Belden, Inc.		27,149		2,047,849
Cognex Corp.		55,649		4,724,600
Coherent, Inc. (a)		15,816		3,558,442
IPG Photonics Corp. (a)		24,134		3,501,843
Jabil, Inc.		117,076		3,417,449
Keysight Technologies, Inc. (a)		118,624		4,618,032
Knowles Corp. (a)		57,303		969,567
Littelfuse, Inc.		14,575		2,404,875
National Instruments Corp. (c)		68,250		2,745,015
SYNNEX Corp.		18,714		2,244,931
Tech Data Corp. (a)		22,282		2,250,482
Trimble, Inc. (a) (c)		162,424		5,793,664
VeriFone Systems, Inc. (a) (c)		71,685		1,297,499
Vishay Intertechnology, Inc. (c)		86,092		1,429,127
Zebra Technologies Corp. - Class A (a)		33,888		3,406,422
				52,005,612
Energy Equipment & Services—0.9%
Diamond Offshore Drilling, Inc. (a)		41,422		448,600
Dril-Quip, Inc. (a) (c)		24,299		1,185,791
Ensco plc - Class A (c)		194,987		1,006,133
Nabors Industries, Ltd.		183,556		1,494,146
Oceaneering International, Inc.		63,107		1,441,364
Oil States International, Inc. (a)		33,166		900,457
Patterson-UTI Energy, Inc.		106,190		2,143,976
Rowan Cos. plc - Class A (a) (c)		80,987		829,307
Superior Energy Services, Inc. (a) (c)		98,157		1,023,778
				10,473,552
Equity Real Estate Investment Trusts—9.0%
American Campus Communities, Inc.		86,109		4,072,956
Camden Property Trust		56,288		4,813,187
Care Capital Properties, Inc.		53,981		1,441,293
CoreCivic, Inc.		75,882		2,092,825
Corporate Office Properties Trust (c)		63,861		2,237,051
Cousins Properties, Inc. (c)		269,038		2,364,844
CyrusOne, Inc.		50,145		2,795,584
DCT Industrial Trust, Inc.		59,038		3,154,991
Douglas Emmett, Inc.		94,318		3,603,891
Duke Realty Corp. (c)		228,381		6,383,249
Education Realty Trust, Inc. (c)		47,001		1,821,289
EPR Properties (c)		41,147		2,957,235
First Industrial Realty Trust, Inc.		75,319		2,155,630
Geo Group, Inc. (The)		79,916		2,363,116
Healthcare Realty Trust, Inc.		74,784		2,553,874
Highwoods Properties, Inc.		65,523		3,322,671
Hospitality Properties Trust		105,501		3,075,354
Kilroy Realty Corp.		63,123		4,743,693
Lamar Advertising Co. - Class A (c)		53,622		3,944,970

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
LaSalle Hotel Properties		72,715	$	2,166,907
Liberty Property Trust		94,547		3,849,008
Life Storage, Inc.		29,862		2,212,774
Mack-Cali Realty Corp.		57,703		1,566,059
Medical Properties Trust, Inc. (c)		233,776		3,008,697
National Retail Properties, Inc.		95,785		3,745,193
Omega Healthcare Investors, Inc. (c)		126,401		4,173,761
Potlatch Corp.		26,081		1,191,902
Quality Care Properties, Inc. (a)		60,113		1,100,669
Rayonier, Inc.		82,740		2,380,430
Senior Housing Properties Trust		152,563		3,118,388
Tanger Factory Outlet Centers, Inc.		61,949		1,609,435
Taubman Centers, Inc.		38,980		2,321,259
Uniti Group, Inc.		101,414		2,549,548
Urban Edge Properties		63,534		1,507,662
Washington Prime Group, Inc.		119,034		996,315
Weingarten Realty Investors		75,861		2,283,416
				99,679,126
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc. (c)		25,164		2,695,316
Sprouts Farmers Market, Inc. (a)		83,006		1,881,746
United Natural Foods, Inc. (a) (c)		32,493		1,192,493
				5,769,555
Food Products—2.3%
Dean Foods Co.		58,369		992,273
Flowers Foods, Inc.		118,253		2,046,959
Hain Celestial Group, Inc. (The) (a)		66,439		2,579,162
Ingredion, Inc.		46,038		5,488,190
Lamb Weston Holdings, Inc.		89,122		3,924,933
Lancaster Colony Corp.		12,514		1,534,467
Post Holdings, Inc. (a)		42,560		3,304,784
Snyder’s-Lance, Inc. (c)		55,236		1,912,270
Tootsie Roll Industries, Inc. (c)		11,397		397,186
TreeHouse Foods, Inc. (a)		36,570		2,987,403
				25,167,627
Gas Utilities—2.1%
Atmos Energy Corp.		67,622		5,609,245
National Fuel Gas Co. (c)		54,859		3,063,327
New Jersey Resources Corp. (c)		55,515		2,203,945
ONE Gas, Inc.		33,684		2,351,480
Southwest Gas Holdings, Inc.		30,545		2,231,618
UGI Corp.		111,189		5,382,659
WGL Holdings, Inc. (c)		32,896		2,744,513
				23,586,787
Health Care Equipment & Supplies—3.5%
ABIOMED, Inc. (a)		26,173		3,750,591
Globus Medical, Inc. - Class A (a) (c)		46,372		1,537,232
Halyard Health, Inc. (a) (c)		29,974		1,177,379
Hill-Rom Holdings, Inc.		38,438		3,060,049
LivaNova plc (a)		27,848		1,704,576
Masimo Corp. (a)		29,234		2,665,556
Health Care Equipment & Supplies—(Continued)
NuVasive, Inc. (a)		32,539		2,502,900
ResMed, Inc.		91,084		7,092,711
STERIS plc		54,549		4,445,743
Teleflex, Inc.		28,890		6,002,186
West Pharmaceutical Services, Inc.		47,240		4,465,125
				38,404,048
Health Care Providers & Services—2.2%
Acadia Healthcare Co., Inc. (a) (c)		49,075		2,423,324
HealthSouth Corp.		57,526		2,784,258
LifePoint Health, Inc. (a) (c)		25,925		1,740,864
MEDNAX, Inc. (a)		59,740		3,606,504
Molina Healthcare, Inc. (a)		27,458		1,899,544
Owens & Minor, Inc.		39,307		1,265,292
Tenet Healthcare Corp. (a)		51,652		998,950
VCA, Inc. (a)		52,195		4,818,120
WellCare Health Plans, Inc. (a)		28,576		5,131,107
				24,667,963
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc. (a) (c)		116,546		1,487,127
Medidata Solutions, Inc. (a)		35,607		2,784,467
				4,271,594
Hotels, Restaurants & Leisure—2.7%
Brinker International, Inc.		31,426		1,197,331
Buffalo Wild Wings, Inc. (a)		10,366		1,313,372
Cheesecake Factory, Inc. (The) (c)		28,648		1,440,994
Churchill Downs, Inc.		7,941		1,455,585
Cracker Barrel Old Country Store, Inc.		15,442		2,582,674
Domino’s Pizza, Inc.		30,887		6,533,527
Dunkin’ Brands Group, Inc.		59,189		3,262,498
International Speedway Corp. - Class A		16,214		608,836
Jack in the Box, Inc.		18,893		1,860,961
Panera Bread Co. - Class A (a)		13,703		4,311,512
Papa John’s International, Inc.		17,001		1,219,992
Texas Roadhouse, Inc.		41,451		2,111,928
Wendy’s Co. (The)		122,963		1,907,156
				29,806,366
Household Durables—1.7%
CalAtlantic Group, Inc. (c)		49,440		1,747,704
Helen of Troy, Ltd. (a)		17,376		1,635,081
KB Home		53,368		1,279,231
NVR, Inc. (a) (c)		2,239		5,397,356
Tempur Sealy International, Inc. (a)		30,115		1,607,840
Toll Brothers, Inc. (c)		95,033		3,754,754
TRI Pointe Group, Inc. (a)		102,155		1,347,424
Tupperware Brands Corp.		32,578		2,287,953
				19,057,343
Household Products—0.2%
Energizer Holdings, Inc.		39,712		1,906,970

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		41,489	$	3,958,051
Insurance—4.1%
Alleghany Corp. (a)		9,916		5,898,037
American Financial Group, Inc.		47,280		4,698,213
Aspen Insurance Holdings, Ltd.		38,527		1,920,571
Brown & Brown, Inc.		73,872		3,181,667
CNO Financial Group, Inc.		110,025		2,297,322
First American Financial Corp.		70,827		3,165,259
Genworth Financial, Inc. - Class A (a)		320,452		1,208,104
Hanover Insurance Group, Inc. (The)		27,407		2,429,082
Kemper Corp. (c)		31,296		1,208,026
Mercury General Corp. (c)		23,445		1,266,030
Old Republic International Corp.		157,439		3,074,784
Primerica, Inc. (c)		29,224		2,213,718
Reinsurance Group of America, Inc.		41,356		5,309,697
RenaissanceRe Holdings, Ltd.		26,090		3,627,814
W.R. Berkley Corp.		62,287		4,308,392
				45,806,716
Internet & Direct Marketing Retail—0.1%
HSN, Inc.		20,519		654,556
Internet Software & Services—0.8%
Cars.com, Inc. (a)		45,967		1,224,101
j2 Global, Inc. (c)		30,952		2,633,706
LogMeIn, Inc.		33,835		3,535,758
WebMD Health Corp. (a) (c)		24,233		1,421,265
				8,814,830
IT Services—3.3%
Acxiom Corp. (a)		50,422		1,309,964
Broadridge Financial Solutions, Inc.		75,515		5,705,913
Convergys Corp.		60,453		1,437,572
CoreLogic, Inc. (a)		54,361		2,358,180
DST Systems, Inc.		39,668		2,447,516
Jack Henry & Associates, Inc.		49,872		5,180,205
Leidos Holdings, Inc. (c)		92,152		4,763,337
MAXIMUS, Inc.		41,632		2,607,412
NeuStar, Inc. - Class A (a)		35,821		1,194,630
Sabre Corp.		132,167		2,877,276
Science Applications International Corp.		28,070		1,948,619
Teradata Corp. (a)		84,063		2,479,018
WEX, Inc. (a)		24,792		2,585,062
				36,894,704
Leisure Products—0.6%
Brunswick Corp.		57,358		3,598,067
Polaris Industries, Inc. (c)		37,626		3,470,246
				7,068,313
Life Sciences Tools & Services—1.2%
Bio-Rad Laboratories, Inc. - Class A (a)		13,370		3,025,765
Bio-Techne Corp. (c)		23,977		2,817,297
Charles River Laboratories International, Inc. (a)		30,596		3,094,785
Life Sciences Tools & Services—(Continued)
INC Research Holdings, Inc. - Class A (a)		34,748		2,032,758
PAREXEL International Corp. (a)		32,602		2,833,440
				13,804,045
Machinery—4.8%
AGCO Corp.		42,862		2,888,470
Crane Co.		32,486		2,578,739
Donaldson Co., Inc.		84,844		3,863,796
Graco, Inc. (c)		35,679		3,899,001
IDEX Corp.		49,009		5,538,507
ITT, Inc. (c)		56,944		2,288,010
Kennametal, Inc.		51,736		1,935,961
Lincoln Electric Holdings, Inc.		39,722		3,657,999
Nordson Corp. (c)		34,426		4,176,562
Oshkosh Corp.		48,037		3,308,789
Terex Corp. (c)		62,684		2,350,650
Timken Co. (The) (c)		45,082		2,085,042
Toro Co. (The)		69,095		4,787,593
Trinity Industries, Inc. (c)		97,733		2,739,456
Wabtec Corp. (c)		55,468		5,075,322
Woodward, Inc.		35,417		2,393,481
				53,567,378
Marine—0.2%
Kirby Corp. (a)		34,685		2,318,692
Media—1.4%
AMC Networks, Inc. - Class A (a)		35,394		1,890,393
Cable One, Inc.		3,013		2,141,942
Cinemark Holdings, Inc.		68,043		2,643,471
John Wiley & Sons, Inc. - Class A		28,763		1,517,248
Live Nation Entertainment, Inc. (a)		85,783		2,989,537
Meredith Corp. (c)		23,557		1,400,464
New York Times Co. (The)—Class A		78,458		1,388,707
TEGNA, Inc.		137,902		1,987,168
				15,958,930
Metals & Mining—1.9%
Allegheny Technologies, Inc. (c)		69,891		1,188,846
Carpenter Technology Corp. (c)		30,019		1,123,611
Commercial Metals Co.		74,359		1,444,795
Compass Minerals International, Inc. (c)		21,723		1,418,512
Reliance Steel & Aluminum Co.		46,809		3,408,163
Royal Gold, Inc.		41,964		3,280,326
Steel Dynamics, Inc.		155,288		5,560,863
United States Steel Corp.		112,176		2,483,577
Worthington Industries, Inc.		28,220		1,417,209
				21,325,902
Multi-Utilities—1.0%
Black Hills Corp. (c)		34,336		2,316,650
MDU Resources Group, Inc.		125,434		3,286,371
NorthWestern Corp. (c)		31,114		1,898,576
Vectren Corp.		53,277		3,113,508
				10,615,105

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multiline Retail—0.2%
Big Lots, Inc. (c)		28,764	$	1,389,301
Dillard’s, Inc. - Class A		13,907		802,295
				2,191,596
Oil, Gas & Consumable Fuels—1.9%
CONSOL Energy, Inc. (a)		113,767		1,699,679
Energen Corp. (a)		62,341		3,077,775
Gulfport Energy Corp. (a)		102,161		1,506,875
HollyFrontier Corp. (c)		113,906		3,128,998
Matador Resources Co. (a)		59,841		1,278,802
PBF Energy, Inc. - Class A		70,447		1,568,150
QEP Resources, Inc. (a)		154,464		1,560,086
SM Energy Co.		62,881		1,039,423
Southwestern Energy Co. (a)		324,897		1,975,374
World Fuel Services Corp.		44,355		1,705,450
WPX Energy, Inc. (a)		255,361		2,466,787
				21,007,399
Paper & Forest Products—0.3%
Domtar Corp.		40,198		1,544,407
Louisiana-Pacific Corp. (a)		92,964		2,241,362
				3,785,769
Personal Products—0.5%
Avon Products, Inc. (a) (c)		282,494		1,073,477
Edgewell Personal Care Co. (a)		36,879		2,803,542
Nu Skin Enterprises, Inc. - Class A (c)		31,900		2,004,596
				5,881,615
Pharmaceuticals—0.7%
Akorn, Inc. (a) (c)		55,997		1,878,139
Catalent, Inc. (a)		80,256		2,816,986
Endo International plc (a) (c)		127,532		1,424,533
Prestige Brands Holdings, Inc. (a) (c)		34,010		1,796,068
				7,915,726
Professional Services—0.7%
Dun & Bradstreet Corp. (The)		23,697		2,562,831
FTI Consulting, Inc. (a)		26,539		927,803
ManpowerGroup, Inc.		43,082		4,810,105
				8,300,739
Real Estate Management & Development—0.4%
Alexander & Baldwin, Inc.		29,671		1,227,786
Jones Lang LaSalle, Inc.		29,086		3,635,750
				4,863,536
Road & Rail—1.3%
Avis Budget Group, Inc. (a) (c)		54,100		1,475,307
Genesee & Wyoming, Inc. - Class A (a)		39,514		2,702,362
Landstar System, Inc.		26,927		2,304,951
Old Dominion Freight Line, Inc.		44,477		4,235,990
Ryder System, Inc.		34,399		2,476,040
Road & Rail—(Continued)
Werner Enterprises, Inc. (c)		28,757		844,018
				14,038,668
Semiconductors & Semiconductor Equipment—2.4%
Cirrus Logic, Inc. (a)		41,369		2,594,664
Cree, Inc. (a) (c)		62,483		1,540,206
Cypress Semiconductor Corp. (c)		211,582		2,888,094
First Solar, Inc. (a)		50,235		2,003,372
Integrated Device Technology, Inc. (a)		85,414		2,202,827
Microsemi Corp. (a)		74,165		3,470,922
Monolithic Power Systems, Inc.		24,383		2,350,521
Silicon Laboratories, Inc. (a)		27,198		1,858,983
Synaptics, Inc. (a)		22,032		1,139,275
Teradyne, Inc.		127,777		3,837,143
Versum Materials, Inc.		69,796		2,268,370
				26,154,377
Software—3.9%
ACI Worldwide, Inc. (a) (c)		75,812		1,695,915
Blackbaud, Inc.		30,852		2,645,559
Cadence Design Systems, Inc. (a)		179,574		6,013,933
CDK Global, Inc.		93,251		5,787,157
CommVault Systems, Inc. (a)		26,846		1,515,457
Fair Isaac Corp.		19,888		2,772,586
Fortinet, Inc. (a)		95,950		3,592,368
Manhattan Associates, Inc. (a) (c)		44,600		2,143,476
PTC, Inc. (a) (c)		74,194		4,089,573
Take-Two Interactive Software, Inc. (a)		66,690		4,893,712
Tyler Technologies, Inc. (a) (c)		21,673		3,807,296
Ultimate Software Group, Inc. (The) (a) (c)		19,086		4,009,205
				42,966,237
Specialty Retail—1.7%
Aaron’s, Inc.		40,389		1,571,132
American Eagle Outfitters, Inc.		106,843		1,287,458
Cabela’s, Inc. (a)		33,194		1,972,387
Chico’s FAS, Inc. (c)		83,164		783,405
Dick’s Sporting Goods, Inc.		56,370		2,245,217
GameStop Corp. - Class A		65,037		1,405,450
Michaels Cos., Inc. (The) (a)		67,938		1,258,212
Murphy USA, Inc. (a) (c)		22,202		1,645,390
Office Depot, Inc.		331,814		1,871,431
Sally Beauty Holdings, Inc. (a) (c)		88,268		1,787,427
Urban Outfitters, Inc. (a)		56,762		1,052,367
Williams-Sonoma, Inc.		51,191		2,482,764
				19,362,640
Technology Hardware, Storage & Peripherals—0.5%
3D Systems Corp. (a) (c)		69,440		1,298,528
Diebold Nixdorf, Inc. (c)		48,475		1,357,300
NCR Corp. (a)		77,841		3,179,026
				5,834,854

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—0.7%
Carter’s, Inc.		31,079	$	2,764,477
Deckers Outdoor Corp. (a)		20,546		1,402,470
Kate Spade & Co. (a)		82,395		1,523,484
Skechers USA, Inc. - Class A (a)		85,925		2,534,787
				8,225,218
Thrifts & Mortgage Finance—0.5%
New York Community Bancorp, Inc.		314,097		4,124,094
Washington Federal, Inc.		57,442		1,907,074
				6,031,168
Trading Companies & Distributors—0.7%
GATX Corp.		25,112		1,613,948
MSC Industrial Direct Co., Inc. - Class A		28,957		2,489,144
NOW, Inc. (a) (c)		69,150		1,111,932
Watsco, Inc.		19,523		3,010,447
				8,225,471
Water Utilities—0.3%
Aqua America, Inc. (c)		114,065		3,798,365
Wireless Telecommunication Services—0.2%
Telephone & Data Systems, Inc.		60,242		1,671,716
Total Common Stocks (Cost $774,380,977)				1,061,455,641
Mutual Fund—2.3%
Investment Company Security—2.3%
SPDR S&P MidCap 400 ETF Trust (c) (Cost $25,312,133)		80,600		25,600,172
Short-Term Investments—2.5%
Discount Notes—1.5%
Federal Home Loan Bank 0.609%, 07/07/17 (d)		175,000		174,981
0.675%, 07/19/17 (d)		750,000		749,667
0.776%, 07/12/17 (d)		1,675,000		1,674,581
0.818%, 07/21/17 (d)		6,825,000		6,821,587
0.902%, 08/02/17 (d)		7,125,000		7,118,944
0.941%, 08/11/17 (d)		200,000		199,779
				16,739,539
U.S. Treasury—1.0%
U.S. Treasury Bills 0.615%, 08/03/17 (d)		850,000		849,376
0.905%, 08/17/17 (d)		1,725,000		1,723,051
0.936%, 09/07/17 (d)		1,200,000		1,197,910
0.940%, 09/28/17 (d)		800,000		798,047
0.957%, 08/31/17 (d)		4,225,000		4,218,612
U.S. Treasury—(Continued)
U.S. Treasury Bills 0.958%, 09/21/17 (d)		1,600,000		1,596,539
				10,383,535
Total Short-Term Investments (Cost $27,123,220)				27,123,074
Securities Lending Reinvestments (e)—9.2%
Certificates of Deposit—5.1%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17 (f)		9,000,000		9,001,585
Canadian Imperial Bank 1.630%, 10/27/17 (f)		2,000,000		2,002,250
Cooperative Rabobank UA New York 1.555%, 10/13/17 (f)		1,500,000		1,501,729
1.558%, 10/13/17 (f)		1,500,000		1,502,035
Credit Industriel et Commercial 1.125%, 07/03/17		2,000,000		2,000,044
Credit Suisse AG New York 1.432%, 10/16/17 (f)		2,000,000		2,000,428
DNB NOR Bank ASA 1.412%, 07/28/17 (f)		2,500,000		2,500,312
KBC Bank NV 1.200%, 07/18/17		500,000		500,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (f)		1,000,000		1,000,023
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (f)		1,000,000		999,932
1.610%, 08/02/17 (f)		2,000,000		2,000,610
National Australia Bank London 1.480%, 11/09/17 (f)		2,500,000		2,502,025
Natixis New York 1.506%, 08/03/17 (f)		3,500,000		3,501,057
Norinchukin Bank New York 1.377%, 10/13/17 (f)		1,000,000		1,000,688
1.687%, 07/12/17 (f)		6,000,000		6,000,726
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (f)		4,000,000		4,001,556
Sumitomo Mitsui Trust Bank, Ltd., New York 1.170%, 07/03/17		1,000,000		999,997
1.466%, 10/26/17 (f)		1,500,000		1,500,384
Toronto Dominion Bank New York 1.475%, 01/10/18 (f)		4,000,000		4,006,650
UBS, Stamford 1.722%, 07/31/17 (f)		1,701,737		1,700,971
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (f)		2,400,000		2,402,146
				56,623,058

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Shares		Value
Commercial Paper—1.1%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		1,994,085	$	1,999,276
Commonwealth Bank Australia 1.522%, 10/23/17 (f)		3,000,000		3,003,163
ING Funding LLC 1.234%, 12/07/17 (f)		500,000		500,173
LMA S.A. & LMA Americas 1.150%, 07/07/17		999,776		999,872
1.180%, 07/11/17		997,050		999,668
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (f)		3,800,000		3,803,788
				12,305,000
Repurchase Agreements—2.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $683,449 on 07/03/17, collateralized by $711,395 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $697,056.		683,388		683,388
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $4,700,470 on 07/03/17, collateralized by $4,778,647 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $4,794,014.		4,700,000		4,700,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $2,512,113 on 09/29/17, collateralized by various Common Stock with a value of $2,750,001.		2,500,000		2,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,064,790 on 10/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $2,015,295 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $5,000,558 on 07/03/17, collateralized by $9,970,309 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,100,594.		5,000,000		5,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,000,197 on 07/03/17, collateralized by $3,003,526 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,040,000.		2,000,000		2,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000		5,000,000
				26,883,388
Time Deposits—0.6%
ABN AMRO Bank NV 1.180%, 07/07/17		3,000,000		3,000,000
Shinkin Central Bank 1.330%, 07/26/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 07/03/17		1,800,000		1,800,000
				6,800,000
Total Securities Lending Reinvestments (Cost $102,579,873)				102,611,446
Total Investments—109.3% (Cost $929,396,203) (g)				1,216,790,333
Other assets and liabilities (net)—(9.3)%				(103,199,336	)
Net Assets—100.0%			$	1,113,590,997

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $3,310,350.
(c)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $100,214,841 and the collateral received consisted of cash in the amount of $102,485,147. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(d)	The rate shown represents current yield to maturity.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(f)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(g)	As of June 30, 2017, the aggregate cost of investments was $929,396,203. The aggregate unrealized appreciation and depreciation of investments were $338,489,428 and $(51,095,298), respectively, resulting in net unrealized appreciation of $287,394,130.
(ETF)—	Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts		Notional Amount			Unrealized Depreciation
S&P Midcap 400 Index E-Mini Futures	09/15/17		142		USD	24,948,184	$	(153,564	)

(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	1,061,455,641		$	—		$	—	$	1,061,455,641
Total Mutual Fund*		25,600,172			—			—		25,600,172
Total Short-Term Investments*		—			27,123,074			—		27,123,074
Total Securities Lending Reinvestments*		—			102,611,446			—		102,611,446
Total Investments	$	1,087,055,813		$	129,734,520		$	—	$	1,216,790,333
Collateral for Securities Loaned (Liability)	$	—		$	(102,485,147	)	$	—	$	(102,485,147	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(153,564	)	$	—		$	—	$	(153,564	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,216,790,333
Cash		7,256
Receivable for:
Investments sold		865,066
Fund shares sold		1,181,185
Dividends		1,038,014
Variation margin on futures contracts		17,040
Total Assets		1,219,898,894
Liabilities
Collateral for securities loaned		102,485,147
Payables for:
Investments purchased		2,761,871
Fund shares redeemed		383,369
Accrued Expenses:
Management fees		225,812
Distribution and service fees		126,001
Deferred trustees’ fees		102,469
Other expenses		223,228
Total Liabilities		106,307,897
Net Assets	$	1,113,590,997
Net Assets Consist of:
Paid in surplus	$	767,916,188
Undistributed net investment income		6,073,684
Accumulated net realized gain		52,360,559
Unrealized appreciation on investments and futures contracts		287,240,566
Net Assets	$	1,113,590,997
Net Assets
Class A	$	514,108,401
Class B		417,971,325
Class E		38,879,084
Class G		142,632,187
Capital Shares Outstanding*
Class A		27,820,199
Class B		22,937,269
Class E		2,119,869
Class G		7,878,751
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.48
Class B		18.22
Class E		18.34
Class G		18.10

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $929,396,203.
(b)	Includes securities loaned at value of $100,214,841.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	8,250,203
Interest		80,178
Securities lending income		572,503
Total investment income		8,902,884
Expenses
Management fees		1,366,696
Administration fees		17,400
Custodian and accounting fees		35,938
Distribution and service fees—Class B		515,962
Distribution and service fees—Class E		29,288
Distribution and service fees—Class G		208,982
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		81,314
Insurance		3,346
Miscellaneous		29,595
Total expenses		2,354,173
Less management fee waiver		(17,476	)
Net expenses		2,336,697
Net Investment Income		6,566,187
Net Realized and Unrealized Gain
Net realized gain on:
Investments		53,330,213
Futures contracts		952,719
Net realized gain		54,282,932
Net change in unrealized appreciation on:
Investments		691,205
Futures contracts		293,223
Net change in unrealized appreciation		984,428
Net realized and unrealized gain		55,267,360
Net Increase in Net Assets From Operations	$	61,833,547

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,566,187		$	13,583,156
Net realized gain		54,282,932			72,335,625
Net change in unrealized appreciation		984,428			99,228,619
Increase in net assets from operations		61,833,547			185,147,400
From Distributions to Shareholders
Net investment income
Class A		(7,049,030	)		(5,545,745	)
Class B		(4,872,736	)		(3,993,247	)
Class E		(484,668	)		(419,718	)
Class G		(1,663,693	)		(1,094,410	)
Net realized capital gains
Class A		(32,132,259	)		(33,298,068	)
Class B		(26,576,624	)		(29,970,595	)
Class E		(2,460,772	)		(2,888,891	)
Class G		(9,113,829	)		(8,484,683	)
Total distributions		(84,353,611	)		(85,695,357	)
Increase in net assets from capital share transactions		60,241,579			49,521,306
Total increase in net assets		37,721,515			148,973,349
Net Assets
Beginning of period		1,075,869,482			926,896,133
End of period	$	1,113,590,997		$	1,075,869,482
Undistributed net investment income
End of period	$	6,073,684		$	13,577,624

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		1,189,889		$	23,150,414			3,164,401		$	54,007,217
Reinvestments		2,113,338			39,181,289			2,324,584			38,843,813
Redemptions		(1,641,205	)		(31,862,635	)		(3,218,808	)		(56,807,431	)
Net increase		1,662,022		$	30,469,068			2,270,177		$	36,043,599
Class B
Sales		529,470		$	10,117,090			961,246		$	16,438,942
Reinvestments		1,720,424			31,449,360			2,058,415			33,963,842
Redemptions		(1,287,991	)		(24,665,401	)		(3,079,377	)		(53,725,241	)
Net increase (decrease)		961,903		$	16,901,049			(59,716	)	$	(3,322,457	)
Class E
Sales		50,246		$	969,387			89,484		$	1,566,085
Reinvestments		160,078			2,945,440			199,314			3,308,609
Redemptions		(183,772	)		(3,546,662	)		(340,312	)		(5,923,336	)
Net increase (decrease)		26,552		$	368,165			(51,514	)	$	(1,048,642	)
Class G
Sales		726,593		$	13,823,218			1,679,990		$	29,260,345
Reinvestments		593,149			10,777,522			583,735			9,579,093
Redemptions		(633,869	)		(12,097,443	)		(1,219,032	)		(20,990,632	)
Net increase		685,873		$	12,503,297			1,044,693		$	17,848,806
Increase derived from capital shares transactions				$	60,241,579					$	49,521,306

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.89		$	17.23		$	19.01		$	18.45		$	14.47		$	12.97
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.27			0.24			0.24			0.18			0.19
Net realized and unrealized gain (loss) on investments		0.98			3.04			(0.57	)		1.41			4.46			2.05
Total from investment operations		1.11			3.31			(0.33	)		1.65			4.64			2.24
Less Distributions
Distributions from net investment income		(0.27	)		(0.24	)		(0.23	)		(0.20	)		(0.19	)		(0.14	)
Distributions from net realized capital gains		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)		(0.60	)
Total distributions		(1.52	)		(1.65	)		(1.45	)		(1.09	)		(0.66	)		(0.74	)
Net Asset Value, End of Period	$	18.48		$	18.89		$	17.23		$	19.01		$	18.45		$	14.47
Total Return (%) (b)		5.87	(c)		20.43			(2.35	)		9.49			33.15			17.60
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.29	(d)		0.30			0.30			0.30			0.30			0.32
Net ratio of expenses to average net assets (%) (e)		0.29	(d)		0.29			0.29			0.30			0.30			0.31
Ratio of net investment income to average net assets (%)		1.34	(d)		1.53			1.30			1.33			1.09			1.40
Portfolio turnover rate (%)		13	(c)		28			25			17			16			11
Net assets, end of period (in millions)	$	514.1		$	494.1		$	411.5		$	399.6		$	370.0		$	260.2
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.63		$	17.01		$	18.79		$	18.25		$	14.32		$	12.84
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.22			0.19			0.19			0.14			0.16
Net realized and unrealized gain (loss) on investments		0.97			3.00			(0.57	)		1.39			4.42			2.03
Total from investment operations		1.07			3.22			(0.38	)		1.58			4.56			2.19
Less Distributions
Distributions from net investment income		(0.23	)		(0.19	)		(0.18	)		(0.15	)		(0.16	)		(0.11	)
Distributions from net realized capital gains		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)		(0.60	)
Total distributions		(1.48	)		(1.60	)		(1.40	)		(1.04	)		(0.63	)		(0.71	)
Net Asset Value, End of Period	$	18.22		$	18.63		$	17.01		$	18.79		$	18.25		$	14.32
Total Return (%) (b)		5.71	(c)		20.14			(2.62	)		9.23			32.83			17.33
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(d)		0.55			0.55			0.55			0.55			0.57
Net ratio of expenses to average net assets (%) (e)		0.54	(d)		0.54			0.54			0.55			0.55			0.56
Ratio of net investment income to average net assets (%)		1.09	(d)		1.28			1.04			1.08			0.83			1.16
Portfolio turnover rate (%)		13	(c)		28			25			17			16			11
Net assets, end of period (in millions)	$	418.0		$	409.3		$	374.7		$	404.0		$	388.4		$	311.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.75		$	17.10		$	18.89		$	18.33		$	14.38		$	12.89
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.24			0.21			0.21			0.15			0.17
Net realized and unrealized gain (loss) on investments		0.98			3.03			(0.59	)		1.41			4.44			2.04
Total from investment operations		1.09			3.27			(0.38	)		1.62			4.59			2.21
Less Distributions
Distributions from net investment income		(0.25	)		(0.21	)		(0.19	)		(0.17	)		(0.17	)		(0.12	)
Distributions from net realized capital gains		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)		(0.60	)
Total distributions		(1.50	)		(1.62	)		(1.41	)		(1.06	)		(0.64	)		(0.72	)
Net Asset Value, End of Period	$	18.34		$	18.75		$	17.10		$	18.89		$	18.33		$	14.38
Total Return (%) (b)		5.82	(c)		20.26			(2.58	)		9.39			32.95			17.46
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.44	(d)		0.45			0.45			0.45			0.45			0.47
Net ratio of expenses to average net assets (%) (e)		0.44	(d)		0.44			0.44			0.45			0.45			0.46
Ratio of net investment income to average net assets (%)		1.19	(d)		1.38			1.13			1.17			0.93			1.24
Portfolio turnover rate (%)		13	(c)		28			25			17			16			11
Net assets, end of period (in millions)	$	38.9		$	39.2		$	36.7		$	42.4		$	45.0		$	37.6
	Class G
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	18.52		$	16.92		$	18.70		$	18.16		$	14.26		$	12.79
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.21			0.18			0.18			0.13			0.15
Net realized and unrealized gain (loss) on investments		0.96			2.98			(0.57	)		1.39			4.40			2.02
Total from investment operations		1.06			3.19			(0.39	)		1.57			4.53			2.17
Less Distributions
Distributions from net investment income		(0.23	)		(0.18	)		(0.17	)		(0.14	)		(0.16	)		(0.10	)
Distributions from net realized capital gains		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)		(0.60	)
Total distributions		(1.48	)		(1.59	)		(1.39	)		(1.03	)		(0.63	)		(0.70	)
Net Asset Value, End of Period	$	18.10		$	18.52		$	16.92		$	18.70		$	18.16		$	14.26
Total Return (%) (b)		5.68	(c)		20.08			(2.68	)		9.21			32.75			17.27
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59	(d)		0.60			0.60			0.60			0.60			0.62
Net ratio of expenses to average net assets (%) (e)		0.59	(d)		0.59			0.59			0.60			0.60			0.61
Ratio of net investment income to average net assets (%)		1.04	(d)		1.24			1.00			1.02			0.79			1.10
Portfolio turnover rate (%)		13	(c)		28			25			17			16			11
Net assets, end of period (in millions)	$	142.6		$	133.2		$	104.0		$	105.2		$	103.3		$	71.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Mid Cap Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTII-16

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTII-17

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $26,883,388. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

BHFTII-18

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	153,564

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	952,719
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	293,223

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	14,200

‡ Averages are based on activity levels during the period.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

BHFTII-19

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	137,277,904	$	0	$	151,916,790

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $1,366,696.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.030%	On the first $500 million
0.020%	On the next $500 million
0.010%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2017 were $129,051.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

BHFTII-20

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$11,053,120	$	14,033,509	$	74,642,237	$	56,487,447	$	85,695,357	$	70,520,956

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$14,672,131	$	69,971,811	$	283,643,265	$	—	$	368,287,207

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments

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Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	52,321,128		1,682,560		3,733,145

To Approve a Subadvisory Agreement between the Manager and MetLife Investment Advisors, LLC

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
52,338,078		1,690,906		3,707,851

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		53,404,362		4,332,472
Robert Boulware		53,413,125		4,323,709
Susan C. Gause		53,443,430		4,293,404
Nancy Hawthorne		53,415,769		4,321,064
Barbara A. Nugent		53,472,766		4,264,068
John Rosenthal		53,422,562		4,314,272
Linda B. Strumpf		53,382,387		4,354,447
Dawn M. Vroegop		53,346,930		4,389,904

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MetLife Stock Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, D, E and G shares of the MetLife Stock Index Portfolio returned 9.20%, 9.08%, 9.16%, 9.12% and 9.06%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 9.34%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2017, equity markets continued to make new all-time highs, rallying on the strength of the global economy, strong corporate earnings, and optimism about potential changes to financial regulation and tax reform. The equity markets also reacted positively to U.S. lawmakers reaching an agreement on a spending bill, the outcome of the French Presidential elections, and better than expected macroeconomic data, including U.S. manufacturing, U.S. nonfarm payrolls, and U.S. consumer sentiment. Equity markets remained resilient despite the United Kingdoms (“U.K.”) Conservative Party’s failure to win a majority in the U.K. snap election on June 8^th and increased political risks in the U.S. after President Trump fired FBI Director Comey. Other factors that weighed on the equity markets included geopolitical tensions in Syria and North Korea, two rate hikes by the Federal Reserve (the “Fed”), and the Federal Open Market Committee (the “FOMC”) minutes showing members discussed the potential shrinking of the Fed balance sheet by as early as December.

During the first six months, the FOMC met four times and raised the target range for the Federal Funds Rate twice to 1.00% to 1.25%. The FOMC stated that the labor market had continued to strengthen and that economic activity had been rising moderately so far this year. The FOMC also stated that job gains had moderated but had been solid since the beginning of the year.

Nine of the eleven sectors comprising the S&P 500 Index experienced positive returns for the first six months of 2017. Information Technology (20.8% beginning weight in the benchmark), up 17.2%, was the best-performing sector and had the largest positive impact on the benchmark return. Health Care (13.6% beginning weight), up 16.1%, and Consumer Discretionary (12.0% beginning weight), up 11.0%, were the next best-performing sectors. Energy (7.6% beginning weight), down 12.6%, and Telecom Services (2.7% beginning weight), down 10.7%, were the worst-performing sectors.

The stocks with the largest positive impact to the benchmark return for the first half of the year were Facebook, up 31.2%; Amazon, up 29.1%; and Apple, up 25.4%. The stocks with the largest negative impact were Verizon, down 14.4%; General Electric, down 13.1%; and Exxon Mobil, down 8.9%.

PORTFOLIO REVIEW / CURRENT POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P 500 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

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

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Brighthouse Funds Trust II

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Stock Index Portfolio
Class A		9.20		17.61		14.34		6.93		—
Class B		9.08		17.30		14.06		6.67		—
Class D		9.16		17.48		14.23		—		15.62
Class E		9.12		17.42		14.17		6.77		—
Class G		9.06		17.24		—		—		8.52
S&P 500 Index		9.34		17.90		14.63		7.18		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Inception dates of the Class A, Class B, Class D, Class E and Class G shares are 5/1/90, 1/2/01, 4/28/09, 5/1/01 and 11/12/14, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Apple, Inc.		3.6
Microsoft Corp.		2.5
Amazon.com, Inc.		1.8
Facebook, Inc. - Class A		1.7
Johnson & Johnson		1.7
Exxon Mobil Corp.		1.6
JPMorgan Chase & Co.		1.5
Berkshire Hathaway, Inc. - Class B		1.5
Alphabet, Inc. - Class A		1.3
Alphabet, Inc. - Class C		1.3

Top Sectors

	% of Net Assets
Information Technology		21.9
Financials		15.5
Health Care		14.2
Consumer Discretionary		12.0
Industrials		10.1
Consumer Staples		8.9
Energy		5.9
Utilities		3.1
Real Estate		2.9
Materials		2.8

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MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.26	%	$	1,000.00	$	1,092.00	$	1.35
	Hypothetical*		0.26	%	$	1,000.00	$	1,023.51	$	1.30
Class B(a)	Actual		0.51	%	$	1,000.00	$	1,090.80	$	2.64
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class D(a)	Actual		0.36	%	$	1,000.00	$	1,091.60	$	1.87
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.01	$	1.81
Class E(a)	Actual		0.41	%	$	1,000.00	$	1,091.20	$	2.13
	Hypothetical*		0.41	%	$	1,000.00	$	1,022.76	$	2.06
Class G(a)	Actual		0.56	%	$	1,000.00	$	1,090.60	$	2.90
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.02	$	2.81

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—98.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.3%
Arconic, Inc. (a)		141,574	$	3,206,651
Boeing Co. (The)		180,298		35,653,929
General Dynamics Corp.		91,087		18,044,335
L3 Technologies, Inc.		25,014		4,179,339
Lockheed Martin Corp.		79,953		22,195,752
Northrop Grumman Corp.		56,073		14,394,500
Raytheon Co.		93,493		15,097,250
Rockwell Collins, Inc.		52,157		5,480,658
Textron, Inc.		85,980		4,049,658
TransDigm Group, Inc.		15,708		4,223,410
United Technologies Corp.		239,338		29,225,563
				155,751,045
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc. (a)		45,252		3,107,908
Expeditors International of Washington, Inc. (a)		57,868		3,268,385
FedEx Corp.		79,010		17,171,243
United Parcel Service, Inc. - Class B		221,231		24,465,936
				48,013,472
Airlines—0.6%
Alaska Air Group, Inc.		39,701		3,563,562
American Airlines Group, Inc. (a)		158,218		7,961,530
Delta Air Lines, Inc.		236,414		12,704,888
Southwest Airlines Co.		194,216		12,068,582
United Continental Holdings, Inc. (b)		90,509		6,810,802
				43,109,364
Auto Components—0.2%
BorgWarner, Inc. (a)		64,074		2,714,175
Delphi Automotive plc		86,046		7,541,932
Goodyear Tire & Rubber Co. (The)		80,875		2,827,390
				13,083,497
Automobiles—0.5%
Ford Motor Co.		1,256,245		14,057,382
General Motors Co.		441,084		15,407,064
Harley-Davidson, Inc.		56,221		3,037,058
				32,501,504
Banks—6.4%
Bank of America Corp.		3,196,522		77,547,624
BB&T Corp. (a)		260,609		11,834,255
Citigroup, Inc.		884,338		59,144,525
Citizens Financial Group, Inc.		162,701		5,805,172
Comerica, Inc. (a)		56,831		4,162,302
Fifth Third Bancorp		240,984		6,255,945
Huntington Bancshares, Inc.		349,179		4,720,900
JPMorgan Chase & Co.		1,141,151		104,301,201
KeyCorp		352,066		6,597,717
M&T Bank Corp.		49,421		8,003,731
People’s United Financial, Inc. (a)		110,602		1,953,231
PNC Financial Services Group, Inc. (The)		155,428		19,408,294
Regions Financial Corp.		386,099		5,652,489
SunTrust Banks, Inc.		155,291		8,808,106
Banks—(Continued)
U.S. Bancorp		508,829		26,418,402
Wells Fargo & Co.		1,444,612		80,045,951
Zions Bancorp (a)		65,083		2,857,795
				433,517,640
Beverages—2.0%
Brown-Forman Corp. - Class B (a)		56,815		2,761,209
Coca-Cola Co. (The)		1,235,100		55,394,235
Constellation Brands, Inc. - Class A		55,068		10,668,324
Dr Pepper Snapple Group, Inc.		59,041		5,379,225
Molson Coors Brewing Co. - Class B (a)		59,312		5,120,998
Monster Beverage Corp. (a) (b)		129,489		6,433,013
PepsiCo, Inc.		458,830		52,990,277
				138,747,281
Biotechnology—2.9%
AbbVie, Inc.		511,198		37,066,967
Alexion Pharmaceuticals, Inc. (b)		72,127		8,775,692
Amgen, Inc.		236,366		40,709,316
Biogen, Inc. (b)		68,613		18,618,824
Celgene Corp. (b)		250,798		32,571,136
Gilead Sciences, Inc.		419,717		29,707,569
Incyte Corp. (a) (b)		54,591		6,873,553
Regeneron Pharmaceuticals, Inc. (b)		24,475		12,020,652
Vertex Pharmaceuticals, Inc. (b)		80,000		10,309,600
				196,653,309
Building Products—0.3%
Allegion plc (a)		30,600		2,482,272
Fortune Brands Home & Security, Inc. (a)		49,414		3,223,769
Johnson Controls International plc		301,317		13,065,105
Masco Corp.		102,765		3,926,651
				22,697,797
Capital Markets—2.9%
Affiliated Managers Group, Inc.		18,181		3,015,501
Ameriprise Financial, Inc.		48,968		6,233,137
Bank of New York Mellon Corp. (The)		334,005		17,040,935
BlackRock, Inc. (a)		38,943		16,449,913
CBOE Holdings, Inc.		29,510		2,697,214
Charles Schwab Corp. (The)		390,829		16,790,014
CME Group, Inc. (a)		109,139		13,668,568
E*Trade Financial Corp. (b)		88,225		3,355,197
Franklin Resources, Inc.		109,979		4,925,959
Goldman Sachs Group, Inc. (The)		117,583		26,091,668
Intercontinental Exchange, Inc.		190,170		12,536,006
Invesco, Ltd.		130,681		4,598,664
Moody’s Corp.		53,457		6,504,648
Morgan Stanley		457,491		20,385,799
Nasdaq, Inc.		36,607		2,617,034
Northern Trust Corp.		69,318		6,738,403
Raymond James Financial, Inc.		41,170		3,302,657
S&P Global, Inc.		82,805		12,088,702
State Street Corp.		113,595		10,192,879
T. Rowe Price Group, Inc. (a)		77,494		5,750,830
				194,983,728

See accompanying notes to financial statements.

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MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—2.1%
Air Products & Chemicals, Inc. (a)		69,932	$	10,004,472
Albemarle Corp.		35,573		3,754,374
CF Industries Holdings, Inc. (a)		74,880		2,093,645
Dow Chemical Co. (The)		361,014		22,769,153
E.I. du Pont de Nemours & Co.		278,488		22,476,766
Eastman Chemical Co. (a)		46,839		3,934,008
Ecolab, Inc. (a)		83,846		11,130,557
FMC Corp. (a)		43,041		3,144,145
International Flavors & Fragrances, Inc. (a)		25,365		3,424,275
LyondellBasell Industries NV - Class A		106,091		8,953,020
Monsanto Co.		140,944		16,682,132
Mosaic Co. (The)		112,745		2,573,968
PPG Industries, Inc.		82,290		9,048,608
Praxair, Inc.		91,818		12,170,476
Sherwin-Williams Co. (The)		26,024		9,133,383
				141,292,982
Commercial Services & Supplies—0.3%
Cintas Corp.		27,740		3,496,350
Republic Services, Inc.		73,841		4,705,887
Stericycle, Inc. (a) (b)		27,388		2,090,252
Waste Management, Inc.		130,552		9,575,989
				19,868,478
Communications Equipment—1.0%
Cisco Systems, Inc.		1,606,003		50,267,894
F5 Networks, Inc. (b)		20,782		2,640,561
Harris Corp.		39,158		4,271,355
Juniper Networks, Inc.		122,728		3,421,657
Motorola Solutions, Inc.		52,506		4,554,370
				65,155,837
Construction & Engineering—0.1%
Fluor Corp.		44,897		2,055,385
Jacobs Engineering Group, Inc. (a)		38,680		2,103,805
Quanta Services, Inc. (b)		47,573		1,566,103
				5,725,293
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		20,117		4,477,642
Vulcan Materials Co.		42,448		5,377,313
				9,854,955
Consumer Finance—0.7%
American Express Co.		241,146		20,314,139
Capital One Financial Corp.		155,128		12,816,676
Discover Financial Services		122,116		7,594,394
Navient Corp.		91,522		1,523,841
Synchrony Financial		247,401		7,377,498
				49,626,548
Containers & Packaging—0.3%
Avery Dennison Corp.		28,444		2,513,596
Ball Corp.		112,456		4,746,768
Containers & Packaging—(Continued)
International Paper Co.		132,621		7,507,675
Sealed Air Corp. (a)		62,894		2,815,136
WestRock Co. (a)		80,652		4,569,742
				22,152,917
Distributors—0.1%
Genuine Parts Co. (a)		47,342		4,391,444
LKQ Corp. (b)		99,020		3,262,709
				7,654,153
Diversified Consumer Services—0.0%
H&R Block, Inc.		66,541		2,056,782
Diversified Financial Services—1.6%
Berkshire Hathaway, Inc. - Class B (b)		610,110		103,334,331
Leucadia National Corp.		104,015		2,721,032
				106,055,363
Diversified Telecommunication Services—2.1%
AT&T, Inc. (a)		1,974,720		74,506,186
CenturyLink, Inc. (a)		176,276		4,209,471
Level 3 Communications, Inc. (b)		94,021		5,575,445
Verizon Communications, Inc.		1,310,281		58,517,149
				142,808,251
Electric Utilities—2.0%
Alliant Energy Corp.		73,176		2,939,480
American Electric Power Co., Inc.		157,936		10,971,814
Duke Energy Corp.		224,801		18,791,116
Edison International		104,649		8,182,505
Entergy Corp.		57,644		4,425,330
Eversource Energy (a)		101,782		6,179,185
Exelon Corp.		297,459		10,729,346
FirstEnergy Corp.		142,528		4,156,116
NextEra Energy, Inc. (a)		150,373		21,071,769
PG&E Corp.		164,006		10,885,078
Pinnacle West Capital Corp.		35,833		3,051,538
PPL Corp. (a)		219,433		8,483,280
Southern Co. (The)		319,462		15,295,841
Xcel Energy, Inc.		163,092		7,482,661
				132,645,059
Electrical Equipment—0.6%
Acuity Brands, Inc. (a)		14,165		2,879,461
AMETEK, Inc.		73,910		4,476,729
Eaton Corp. plc		143,671		11,181,914
Emerson Electric Co.		207,005		12,341,638
Rockwell Automation, Inc. (a)		41,382		6,702,229
				37,581,971
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A (a)		98,163		7,246,393
Corning, Inc. (a)		295,575		8,882,029
FLIR Systems, Inc.		43,829		1,519,113

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
TE Connectivity, Ltd.		114,033	$	8,972,116
				26,619,651
Energy Equipment & Services—0.9%
Baker Hughes, Inc.		136,663		7,449,500
Halliburton Co.		278,756		11,905,669
Helmerich & Payne, Inc. (a)		34,871		1,894,890
National Oilwell Varco, Inc. (a)		122,068		4,020,920
Schlumberger, Ltd.		446,296		29,384,129
TechnipFMC plc (b)		149,868		4,076,410
Transocean, Ltd. (a) (b)		125,602		1,033,704
				59,765,222
Equity Real Estate Investment Trusts—2.8%
Alexandria Real Estate Equities, Inc. (a)		29,252		3,523,989
American Tower Corp.		136,512		18,063,268
Apartment Investment & Management Co. - Class A		50,435		2,167,192
AvalonBay Communities, Inc. (a)		44,257		8,504,868
Boston Properties, Inc.		49,418		6,079,402
Crown Castle International Corp.		117,593		11,780,467
Digital Realty Trust, Inc. (a)		51,319		5,796,481
Equinix, Inc.		25,025		10,739,729
Equity Residential		117,929		7,763,266
Essex Property Trust, Inc. (a)		21,070		5,420,679
Extra Space Storage, Inc. (a)		40,442		3,154,476
Federal Realty Investment Trust (a)		23,202		2,932,501
GGP, Inc. (a)		187,104		4,408,170
HCP, Inc.		150,504		4,810,108
Host Hotels & Resorts, Inc. (a)		237,604		4,341,025
Iron Mountain, Inc. (a)		78,895		2,710,832
Kimco Realty Corp.		136,719		2,508,794
Macerich Co. (The) (a)		38,252		2,220,911
Mid-America Apartment Communities, Inc.		36,480		3,844,262
Prologis, Inc. (a)		170,335		9,988,444
Public Storage		48,022		10,014,028
Realty Income Corp. (a)		87,705		4,839,562
Regency Centers Corp.		46,980		2,942,827
Simon Property Group, Inc.		100,276		16,220,646
SL Green Realty Corp. (a)		32,708		3,460,506
UDR, Inc. (a)		85,885		3,346,939
Ventas, Inc. (a)		113,984		7,919,608
Vornado Realty Trust		55,328		5,195,299
Welltower, Inc. (a)		117,611		8,803,183
Weyerhaeuser Co.		241,313		8,083,986
				191,585,448
Food & Staples Retailing—1.8%
Costco Wholesale Corp.		140,875		22,530,139
CVS Health Corp.		327,234		26,329,247
Kroger Co. (The) (a)		293,125		6,835,675
Sysco Corp. (a)		158,151		7,959,740
Wal-Mart Stores, Inc.		474,441		35,905,695
Walgreens Boots Alliance, Inc.		274,286		21,479,337
Whole Foods Market, Inc.		102,643		4,322,297
				125,362,130
Food Products—1.3%
Archer-Daniels-Midland Co.		183,296		7,584,788
Campbell Soup Co. (a)		61,592		3,212,023
Conagra Brands, Inc.		129,836		4,642,935
General Mills, Inc.		185,052		10,251,881
Hershey Co. (The)		44,965		4,827,892
Hormel Foods Corp. (a)		86,641		2,955,324
J.M. Smucker Co. (The)		37,396		4,425,069
Kellogg Co. (a)		81,006		5,626,677
Kraft Heinz Co. (The)		191,639		16,411,964
McCormick & Co., Inc. (a)		36,368		3,546,244
Mondelez International, Inc. - Class A		487,345		21,048,430
Tyson Foods, Inc. - Class A		92,566		5,797,409
				90,330,636
Health Care Equipment & Supplies—2.8%
Abbott Laboratories		557,364		27,093,464
Align Technology, Inc. (b)		24,254		3,641,010
Baxter International, Inc. (a)		156,667		9,484,620
Becton Dickinson & Co. (a)		73,025		14,247,908
Boston Scientific Corp. (b)		439,848		12,192,587
C.R. Bard, Inc.		23,260		7,352,719
Cooper Cos., Inc. (The)		15,693		3,757,218
Danaher Corp.		196,195		16,556,896
DENTSPLY SIRONA, Inc. (a)		73,628		4,774,039
Edwards Lifesciences Corp. (a) (b)		67,388		7,967,957
Hologic, Inc. (b)		89,938		4,081,386
IDEXX Laboratories, Inc. (b)		28,305		4,568,993
Intuitive Surgical, Inc. (a) (b)		11,834		11,069,169
Medtronic plc		439,682		39,021,777
Stryker Corp.		99,643		13,828,456
Varian Medical Systems, Inc. (a) (b)		29,525		3,046,685
Zimmer Biomet Holdings, Inc.		64,633		8,298,877
				190,983,761
Health Care Providers & Services—2.8%
Aetna, Inc.		106,541		16,176,120
AmerisourceBergen Corp. (a)		53,303		5,038,733
Anthem, Inc.		85,113		16,012,309
Cardinal Health, Inc. (a)		101,460		7,905,763
Centene Corp. (b)		55,335		4,420,160
Cigna Corp.		82,231		13,764,647
DaVita, Inc. (a) (b)		50,004		3,238,259
Envision Healthcare Corp. (a) (b)		37,727		2,364,351
Express Scripts Holding Co. (a) (b)		190,639		12,170,394
HCA Healthcare, Inc. (a) (b)		91,922		8,015,598
Henry Schein, Inc. (a) (b)		25,480		4,663,350
Humana, Inc. (a)		46,354		11,153,699
Laboratory Corp. of America Holdings (b)		32,859		5,064,886
McKesson Corp.		67,741		11,146,104
Patterson Cos., Inc. (a)		26,207		1,230,419
Quest Diagnostics, Inc.		43,948		4,885,260
UnitedHealth Group, Inc.		309,526		57,392,311
Universal Health Services, Inc. - Class B		28,718		3,505,893
				188,148,256

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.1%
Cerner Corp. (a) (b)		94,430	$	6,276,762
Hotels, Restaurants & Leisure—1.7%
Carnival Corp.		134,440		8,815,231
Chipotle Mexican Grill, Inc. (b)		9,207		3,831,033
Darden Restaurants, Inc. (a)		39,937		3,611,902
Hilton Worldwide Holdings, Inc.		65,814		4,070,596
Marriott International, Inc. - Class A		99,793		10,010,236
McDonald’s Corp.		261,798		40,096,982
Royal Caribbean Cruises, Ltd.		53,883		5,885,640
Starbucks Corp.		465,125		27,121,439
Wyndham Worldwide Corp. (a)		33,518		3,365,542
Wynn Resorts, Ltd.		25,646		3,439,641
Yum! Brands, Inc.		106,258		7,837,590
				118,085,832
Household Durables—0.5%
DR Horton, Inc.		109,777		3,794,991
Garmin, Ltd. (a)		36,849		1,880,404
Leggett & Platt, Inc.		42,496		2,232,315
Lennar Corp. - Class A		65,264		3,479,876
Mohawk Industries, Inc. (b)		20,291		4,904,132
Newell Brands, Inc.		155,170		8,320,215
PulteGroup, Inc. (a)		91,205		2,237,259
Whirlpool Corp.		23,759		4,552,700
				31,401,892
Household Products—1.7%
Church & Dwight Co., Inc. (a)		80,060		4,153,513
Clorox Co. (The)		41,370		5,512,139
Colgate-Palmolive Co.		283,711		21,031,496
Kimberly-Clark Corp.		114,002		14,718,798
Procter & Gamble Co. (The)		821,498		71,593,551
				117,009,497
Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (a)		212,036		2,355,720
NRG Energy, Inc. (a)		101,524		1,748,243
				4,103,963
Industrial Conglomerates—2.3%
3M Co.		191,947		39,961,446
General Electric Co.		2,797,214		75,552,750
Honeywell International, Inc.		244,861		32,637,522
Roper Technologies, Inc.		32,773		7,587,933
				155,739,651
Insurance—2.7%
Aflac, Inc.		127,466		9,901,559
Allstate Corp. (The)		117,082		10,354,732
American International Group, Inc. (a)		282,487		17,661,087
Aon plc		84,176		11,191,199
Arthur J. Gallagher & Co. (a)		57,647		3,300,291
Assurant, Inc.		17,598		1,824,737
Chubb, Ltd.		149,975		21,803,366
Insurance—(Continued)
Cincinnati Financial Corp. (a)		48,136		3,487,453
Everest Re Group, Ltd.		13,191		3,358,297
Hartford Financial Services Group, Inc. (The)		117,995		6,202,997
Lincoln National Corp.		72,037		4,868,260
Loews Corp.		88,681		4,151,158
Marsh & McLennan Cos., Inc.		165,524		12,904,251
MetLife, Inc. (c)		347,036		19,066,158
Principal Financial Group, Inc. (a)		86,094		5,516,043
Progressive Corp. (The)		186,583		8,226,444
Prudential Financial, Inc.		137,794		14,901,043
Torchmark Corp.		34,944		2,673,216
Travelers Cos., Inc. (The)		89,748		11,355,814
Unum Group		73,301		3,418,026
Willis Towers Watson plc (a)		40,818		5,937,386
XL Group, Ltd.		83,974		3,678,061
				185,781,578
Internet & Direct Marketing Retail—2.7%
Amazon.com, Inc. (b)		127,426		123,348,368
Expedia, Inc.		39,048		5,816,200
Netflix, Inc. (a) (b)		138,437		20,683,872
Priceline Group, Inc. (The) (a) (b)		15,794		29,542,993
TripAdvisor, Inc. (a) (b)		35,470		1,354,954
				180,746,387
Internet Software & Services—4.5%
Akamai Technologies, Inc. (b)		55,526		2,765,750
Alphabet, Inc. - Class A (b)		95,598		88,875,549
Alphabet, Inc. - Class C (b) (d)		95,843		87,095,409
eBay, Inc. (b)		323,308		11,289,915
Facebook, Inc. - Class A (b)		759,226		114,627,942
VeriSign, Inc. (a) (b)		28,356		2,635,974
				307,290,539
IT Services—3.8%
Accenture plc - Class A (a)		199,169		24,633,222
Alliance Data Systems Corp. (a)		17,883		4,590,387
Automatic Data Processing, Inc.		143,707		14,724,219
Cognizant Technology Solutions Corp. - Class A		189,184		12,561,818
CSRA, Inc.		46,667		1,481,677
DXC Technology Co.		90,951		6,977,761
Fidelity National Information Services, Inc.		106,182		9,067,943
Fiserv, Inc. (b)		68,215		8,345,423
Gartner, Inc. (b)		29,046		3,587,471
Global Payments, Inc.		48,977		4,423,603
International Business Machines Corp.		274,605		42,242,487
MasterCard, Inc. - Class A (a)		301,280		36,590,456
Paychex, Inc. (a)		102,696		5,847,510
PayPal Holdings, Inc. (b)		358,831		19,258,460
Total System Services, Inc.		53,199		3,098,842
Visa, Inc. - Class A (a)		593,010		55,612,478
Western Union Co. (The) (a)		151,365		2,883,503
				255,927,260

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—0.1%
Hasbro, Inc. (a)		36,135	$	4,029,414
Mattel, Inc. (a)		110,028		2,368,903
				6,398,317
Life Sciences Tools & Services—0.7%
Agilent Technologies, Inc. (a)		103,522		6,139,890
Illumina, Inc. (a) (b)		46,895		8,137,220
Mettler-Toledo International, Inc. (a) (b)		8,294		4,881,351
PerkinElmer, Inc. (a)		35,344		2,408,340
Thermo Fisher Scientific, Inc.		125,659		21,923,726
Waters Corp. (a) (b)		25,708		4,726,159
				48,216,686
Machinery—1.5%
Caterpillar, Inc.		189,235		20,335,193
Cummins, Inc.		49,637		8,052,114
Deere & Co.		94,520		11,681,727
Dover Corp. (a)		50,000		4,011,000
Flowserve Corp. (a)		41,954		1,947,924
Fortive Corp.		96,849		6,135,384
Illinois Tool Works, Inc.		99,862		14,305,231
Ingersoll-Rand plc		82,233		7,515,274
PACCAR, Inc. (a)		112,830		7,451,293
Parker-Hannifin Corp.		42,778		6,836,780
Pentair plc		53,853		3,583,379
Snap-on, Inc. (a)		18,613		2,940,854
Stanley Black & Decker, Inc.		49,135		6,914,769
Xylem, Inc. (a)		57,724		3,199,641
				104,910,563
Media—3.0%
CBS Corp. - Class B		118,315		7,546,131
Charter Communications, Inc. - Class A (b)		69,278		23,336,294
Comcast Corp. - Class A		1,520,134		59,163,615
Discovery Communications, Inc. - Class A (a) (b)		49,390		1,275,744
Discovery Communications, Inc. - Class C (a) (b)		67,718		1,707,171
DISH Network Corp. - Class A (a) (b)		73,064		4,585,497
Interpublic Group of Cos., Inc. (The)		126,908		3,121,937
News Corp. - Class A		122,755		1,681,744
News Corp. - Class B		38,472		544,379
Omnicom Group, Inc. (a)		74,756		6,197,272
Scripps Networks Interactive, Inc. - Class A (a)		30,804		2,104,221
Time Warner, Inc.		249,100		25,012,131
Twenty-First Century Fox, Inc. - Class A		338,007		9,579,118
Twenty-First Century Fox, Inc. - Class B		156,454		4,360,373
Viacom, Inc. - Class B		113,157		3,798,680
Walt Disney Co. (The)		467,261		49,646,481
				203,660,788
Metals & Mining—0.2%
Freeport-McMoRan, Inc. (b)		427,535		5,134,695
Newmont Mining Corp.		171,272		5,547,500
Nucor Corp.		102,478		5,930,402
				16,612,597
Multi-Utilities—1.0%
Ameren Corp. (a)		77,933		4,260,597
CenterPoint Energy, Inc.		138,424		3,790,049
CMS Energy Corp. (a)		90,080		4,166,200
Consolidated Edison, Inc. (a)		98,087		7,927,391
Dominion Energy, Inc. (a)		202,028		15,481,406
DTE Energy Co.		57,619		6,095,514
NiSource, Inc.		103,889		2,634,625
Public Service Enterprise Group, Inc.		162,486		6,988,523
SCANA Corp. (a)		45,904		3,076,027
Sempra Energy (a)		80,566		9,083,817
WEC Energy Group, Inc.		101,363		6,221,661
				69,725,810
Multiline Retail—0.4%
Dollar General Corp. (a)		81,033		5,841,669
Dollar Tree, Inc. (b)		76,023		5,315,528
Kohl’s Corp. (a)		54,758		2,117,492
Macy’s, Inc. (a)		97,806		2,273,012
Nordstrom, Inc. (a)		35,734		1,709,157
Target Corp. (a)		177,207		9,266,154
				26,523,012
Oil, Gas & Consumable Fuels—5.1%
Anadarko Petroleum Corp.		179,979		8,160,248
Apache Corp. (a)		122,173		5,855,752
Cabot Oil & Gas Corp. (a)		149,524		3,750,062
Chesapeake Energy Corp. (a) (b)		245,001		1,217,655
Chevron Corp.		608,526		63,487,518
Cimarex Energy Co.		30,549		2,871,911
Concho Resources, Inc. (b)		47,589		5,783,491
ConocoPhillips		397,354		17,467,682
Devon Energy Corp.		168,853		5,398,230
EOG Resources, Inc.		185,417		16,783,947
EQT Corp. (a)		55,668		3,261,588
Exxon Mobil Corp.		1,360,998		109,873,369
Hess Corp. (a)		86,796		3,807,740
Kinder Morgan, Inc. (a)		616,666		11,815,321
Marathon Oil Corp.		273,015		3,235,228
Marathon Petroleum Corp.		166,616		8,719,015
Murphy Oil Corp. (a)		52,096		1,335,220
Newfield Exploration Co. (a) (b)		63,980		1,820,871
Noble Energy, Inc.		146,204		4,137,573
Occidental Petroleum Corp.		245,581		14,702,934
ONEOK, Inc.		122,022		6,364,667
Phillips 66		140,904		11,651,352
Pioneer Natural Resources Co.		54,634		8,718,494
Range Resources Corp.		60,439		1,400,372
Tesoro Corp.		48,542		4,543,531
Valero Energy Corp.		143,649		9,690,562
Williams Cos., Inc. (The)		265,397		8,036,221
				343,890,554
Personal Products—0.1%
Coty, Inc. - Class A (a)		151,287		2,838,144
Estee Lauder Cos., Inc. (The) - Class A		71,907		6,901,634
				9,739,778

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—5.0%
Allergan plc (a)		107,880	$	26,224,549
Bristol-Myers Squibb Co.		529,151		29,484,294
Eli Lilly & Co.		311,877		25,667,477
Johnson & Johnson		865,252		114,464,187
Mallinckrodt plc (b)		31,909		1,429,842
Merck & Co., Inc.		878,527		56,304,795
Mylan NV (b)		148,054		5,747,456
Perrigo Co. plc (a)		46,051		3,477,772
Pfizer, Inc.		1,916,854		64,387,126
Zoetis, Inc.		157,642		9,833,708
				337,021,206
Professional Services—0.3%
Equifax, Inc.		38,612		5,306,061
IHS Markit, Ltd. (a) (b)		101,935		4,489,217
Nielsen Holdings plc (a)		107,878		4,170,563
Robert Half International, Inc.		40,849		1,957,893
Verisk Analytics, Inc. (a) (b)		49,389		4,166,950
				20,090,684
Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (a) (b)		96,586		3,515,730
Road & Rail—0.9%
CSX Corp.		296,364		16,169,620
J.B. Hunt Transport Services, Inc. (a)		27,554		2,517,884
Kansas City Southern		34,074		3,565,844
Norfolk Southern Corp.		93,077		11,327,471
Union Pacific Corp.		259,347		28,245,482
				61,826,301
Semiconductors & Semiconductor Equipment—3.3%
Advanced Micro Devices, Inc. (a) (b)		248,899		3,106,259
Analog Devices, Inc.		117,883		9,171,297
Applied Materials, Inc.		345,168		14,258,890
Broadcom, Ltd.		128,917		30,044,107
Intel Corp.		1,512,517		51,032,324
KLA-Tencor Corp.		50,352		4,607,711
Lam Research Corp.		51,813		7,327,913
Microchip Technology, Inc. (a)		73,682		5,686,777
Micron Technology, Inc. (a) (b)		334,022		9,973,897
NVIDIA Corp.		191,112		27,627,151
Qorvo, Inc. (a) (b)		40,823		2,584,912
QUALCOMM, Inc.		474,548		26,204,541
Skyworks Solutions, Inc. (a)		59,269		5,686,860
Texas Instruments, Inc.		320,016		24,618,831
Xilinx, Inc. (a)		79,672		5,124,503
				227,055,973
Software—4.8%
Activision Blizzard, Inc.		222,708		12,821,300
Adobe Systems, Inc. (b)		158,896		22,474,250
ANSYS, Inc. (b)		27,461		3,341,454
Autodesk, Inc. (b)		62,294		6,280,481
CA, Inc. (a)		100,650		3,469,405
Software—(Continued)
Citrix Systems, Inc. (b)		48,548		3,863,450
Electronic Arts, Inc. (b)		99,580		10,527,598
Intuit, Inc.		78,181		10,383,219
Microsoft Corp.		2,479,807		170,933,096
Oracle Corp.		964,786		48,374,370
Red Hat, Inc. (b)		57,101		5,467,421
Salesforce.com, Inc. (a) (b)		214,771		18,599,169
Symantec Corp. (a)		195,364		5,519,033
Synopsys, Inc. (b)		48,279		3,520,987
				325,575,233
Specialty Retail—2.2%
Advance Auto Parts, Inc.		23,719		2,765,398
AutoNation, Inc. (a) (b)		21,141		891,305
AutoZone, Inc. (a) (b)		9,044		5,159,240
Bed Bath & Beyond, Inc.		46,623		1,417,339
Best Buy Co., Inc. (a)		85,219		4,885,605
CarMax, Inc. (a) (b)		59,488		3,751,313
Foot Locker, Inc. (a)		42,151		2,077,201
Gap, Inc. (The) (a)		70,702		1,554,737
Home Depot, Inc. (The)		384,009		58,906,981
L Brands, Inc. (a)		77,391		4,170,601
Lowe’s Cos., Inc.		275,606		21,367,733
O’Reilly Automotive, Inc. (a) (b)		29,231		6,393,989
Ross Stores, Inc.		125,909		7,268,727
Signet Jewelers, Ltd. (a)		21,969		1,389,319
Staples, Inc.		209,795		2,112,636
Tiffany & Co. (a)		34,432		3,232,132
TJX Cos., Inc. (The)		206,618		14,911,621
Tractor Supply Co.		41,294		2,238,548
Ulta Salon Cosmetics & Fragrance, Inc. (b)		18,730		5,381,878
				149,876,303
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.		1,674,671		241,186,118
Hewlett Packard Enterprise Co.		534,734		8,871,237
HP, Inc. (a)		540,682		9,451,121
NetApp, Inc.		87,028		3,485,471
Seagate Technology plc (a)		95,395		3,696,556
Western Digital Corp.		93,546		8,288,176
Xerox Corp.		68,569		1,969,987
				276,948,666
Textiles, Apparel & Luxury Goods—0.7%
Coach, Inc.		90,297		4,274,660
Hanesbrands, Inc. (a)		116,964		2,708,886
Michael Kors Holdings, Ltd. (b)		50,055		1,814,494
NIKE, Inc. - Class B		425,658		25,113,822
PVH Corp.		25,055		2,868,798
Ralph Lauren Corp. (a)		17,702		1,306,408
Under Armour, Inc. - Class A (a) (b)		59,315		1,290,694
Under Armour, Inc. - Class C (a) (b)		59,209		1,193,653
VF Corp. (a)		102,900		5,927,040
				46,498,455

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Tobacco—1.8%
Altria Group, Inc.		620,439	$	46,204,092
Philip Morris International, Inc.		498,865		58,591,694
Reynolds American, Inc.		265,788		17,286,852
				122,082,638
Trading Companies & Distributors—0.1%
Fastenal Co.		92,910		4,044,373
United Rentals, Inc. (b)		27,145		3,059,513
WW Grainger, Inc.		17,259		3,115,767
				10,219,653
Water Utilities—0.1%
American Water Works Co., Inc. (a)		57,234		4,461,390
Total Common Stocks (Cost $3,442,604,843)				6,671,546,028
Mutual Fund—1.2%
Investment Company Security—1.2%
SPDR S&P 500 ETF Trust (Cost $82,640,128)		340,000		82,212,000
Short-Term Investments—0.5%
Discount Notes—0.2%
Federal Home Loan Bank 0.608%, 07/07/17 (e)		1,150,000		1,149,872
0.908%, 08/02/17 (e)		2,425,000		2,422,939
0.919%, 07/21/17 (e)		2,950,000		2,948,525
0.949%, 07/28/17 (e)		4,750,000		4,746,703
				11,268,039
U.S. Treasury—0.3%
U.S. Treasury Bills
0.930%, 08/17/17 (e)		350,000		349,604
0.940%, 09/28/17 (e)		1,100,000		1,097,315
0.943%, 09/21/17 (e)		2,150,000		2,145,350
0.957%, 08/31/17 (e)		9,900,000		9,885,031
0.971%, 09/07/17 (e)		9,700,000		9,683,103
				23,160,403
Total Short-Term Investments (Cost $34,426,463)				34,428,442
Securities Lending Reinvestments (f)—8.4%
Certificates of Deposit—5.2%
ABN AMRO Bank NV Zero Coupon, 09/05/17		17,426,807		17,463,250
Banco Del Estado De Chile New York 1.429%, 10/19/17 (g)		11,000,000		11,002,618
Bank of Montreal Chicago 1.276%, 09/06/17 (g)		17,300,000		17,303,183
Certificates of Deposit—(Continued)
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		5,046,281		5,005,550
BNP Paribas New York 1.372%, 02/15/18 (g)		10,000,000		10,001,600
Canadian Imperial Bank 1.630%, 10/27/17 (g)		3,500,000		3,503,938
Cooperative Rabobank UA New York 1.555%, 10/13/17 (g)		8,000,000		8,009,224
1.558%, 10/13/17 (g)		7,000,000		7,009,496
Credit Industriel et Commercial 1.125%, 07/03/17		3,000,000		3,000,066
Credit Suisse AG New York 1.314%, 11/07/17 (g)		7,000,000		7,000,567
1.432%, 10/16/17 (g)		17,500,000		17,503,745
1.466%, 10/25/17 (g)		2,000,000		2,000,118
DG Bank New York 1.140%, 07/03/17		10,000,000		9,999,900
DNB NOR Bank ASA 1.412%, 07/28/17 (g)		5,900,000		5,900,737
KBC Bank NV Zero Coupon, 09/08/17		5,979,371		5,986,860
1.200%, 07/18/17		2,400,000		2,400,000
1.220%, 07/27/17		5,000,000		5,000,000
1.250%, 08/08/17		8,000,000		8,000,240
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		10,000,000		9,999,900
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (g)		15,000,000		15,003,360
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (g)		6,000,000		5,999,802
1.400%, 11/27/17 (g)		5,000,000		4,997,700
1.469%, 10/18/17 (g)		16,000,000		15,998,912
Natixis New York 1.287%, 11/13/17 (g)		12,000,000		11,998,680
1.506%, 08/03/17 (g)		11,200,000		11,203,382
Norinchukin Bank New York 1.297%, 11/13/17 (g)		3,500,000		3,500,273
1.377%, 10/13/17 (g)		5,000,000		5,003,438
1.584%, 08/21/17 (g)		8,000,000		8,002,952
1.687%, 07/12/17 (g)		10,000,000		10,001,210
Royal Bank of Canada New York 1.358%, 06/12/18 (g)		4,000,000		3,998,648
1.555%, 10/13/17 (g)		15,000,000		15,015,165
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		4,743,397		4,701,081
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (g)		6,000,000		5,999,454
1.357%, 10/12/17 (g)		7,000,000		7,001,967
1.551%, 08/01/17 (g)		2,000,000		2,000,778
Sumitomo Mitsui Trust Bank, Ltd., New York 1.342%, 11/16/17 (g)		5,000,000		4,999,685
1.377%, 10/11/17 (g)		12,000,000		12,008,453
1.466%, 10/26/17 (g)		5,000,000		5,001,280
1.552%, 08/16/17 (g)		5,000,000		5,001,505

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.467%, 03/13/18 (g)		11,500,000	$	11,508,544
1.475%, 01/10/18 (g)		11,500,000		11,519,119
UBS, Stamford 1.722%, 07/31/17 (g)		8,608,789		8,604,912
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (g)		6,200,000		6,205,543
				351,366,835
Commercial Paper—1.3%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		14,955,638		14,994,570
Barton Capital S.A. 1.210%, 07/10/17		2,990,522		2,999,022
Commonwealth Bank Australia 1.522%, 10/23/17 (g)		7,000,000		7,007,380
Erste Abwicklungsanstalt 1.379%, 07/18/17 (g)		15,500,000		15,500,899
ING Funding LLC 1.234%, 12/07/17 (g)		2,500,000		2,500,863
1.277%, 11/13/17 (g)		5,000,000		4,999,635
LMA S.A. & LMA Americas 1.150%, 07/07/17		1,499,665		1,499,808
1.180%, 07/11/17		7,477,875		7,497,510
Manhattan Asset Funding Co. 1.434%, 09/07/17 (g)		4,000,000		4,000,240
Ridgefield Funding Co. LLC 1.180%, 08/04/17		9,971,156		9,987,890
Sheffield Receivables Co. 1.230%, 07/07/17		18,940,926		18,995,554
				89,983,371
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $99,983 on 07/03/17, collateralized by $104,072 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $101,974.		99,974		99,974
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,011,875 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $8,000,733 on 07/03/17, collateralized by $7,969,254 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $8,160,001.		8,000,000		8,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $12,001,200 on 07/03/17, collateralized by $12,200,800 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $12,240,037.		12,000,000		12,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $29,022,475 on 07/03/17, collateralized by $6,303 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $32,242,882.		29,000,000		29,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $7,033,915 on 09/29/17, collateralized by various Common Stock with a value of $7,700,002.		7,000,000		7,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $11,279,792 on 10/02/17, collateralized by various Common Stock with a value of $12,210,000.		11,100,000		11,100,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $8,061,180 on 10/02/17, collateralized by various Common Stock with a value of $8,800,001.		8,000,000		8,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $14,001,563 on 07/03/17, collateralized by $27,916,865 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $14,281,663.		14,000,000		14,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $10,002,061 on 07/07/17, collateralized by $10,211,044 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $10,200,282.		10,000,000		10,000,000
				110,199,974

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—0.3%
ABN AMRO Bank NV 1.180%, 07/07/17		3,500,000	$	3,500,000
Shinkin Central Bank 1.330%, 07/25/17		2,500,000		2,500,000
1.330%, 07/26/17		10,500,000		10,500,000
				16,500,000
Total Securities Lending Reinvestments (Cost $567,928,702)				568,050,180
Total Investments—108.3% (Cost $4,127,600,136) (h)				7,356,236,650
Other assets and liabilities (net)—(8.3)%				(564,508,817	)
Net Assets—100.0%			$	6,791,727,833

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $556,491,694 and the collateral received consisted of cash in the amount of $567,840,400. 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. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $18,224,580.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of June 30, 2017, the aggregate cost of investments was $4,127,600,136. The aggregate unrealized appreciation and depreciation of investments were $3,321,196,424 and $(92,559,910), respectively, resulting in net unrealized appreciation of $3,228,636,514.
(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		09/15/17		300		USD	36,527,682	$	(214,182	)

(USD)— United States Dollar

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	6,671,546,028		$	—		$	—	$	6,671,546,028
Total Mutual Fund*		82,212,000			—			—		82,212,000
Total Short-Term Investments*		—			34,428,442			—		34,428,442
Total Securities Lending Reinvestments*		—			568,050,180			—		568,050,180
Total Investments	$	6,753,758,028		$	602,478,622		$	—	$	7,356,236,650
Collateral for Securities Loaned (Liability)	$	—		$	(567,840,400	)	$	—	$	(567,840,400	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(214,182	)	$	—		$	—	$	(214,182	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	7,337,170,492
Affiliated investments at value (c)		19,066,158
Cash		56,945
Receivable for:
Investments sold		6,299,836
Fund shares sold		743,464
Dividends		6,667,638
Variation margin on futures contracts		13,500
Total Assets		7,370,018,033
Liabilities
Collateral for securities loaned		567,840,400
Payables for:
Investments purchased		2,829,774
Fund shares redeemed		4,888,176
Accrued Expenses:
Management fees		1,335,126
Distribution and service fees		452,750
Deferred trustees’ fees		122,451
Other expenses		821,523
Total Liabilities		578,290,200
Net Assets	$	6,791,727,833
Net Assets Consist of:
Paid in surplus	$	3,404,811,180
Undistributed net investment income		61,159,541
Accumulated net realized gain		97,334,780
Unrealized appreciation on investments, affiliated investments and futures contracts		3,228,422,332
Net Assets	$	6,791,727,833
Net Assets
Class A	$	4,512,460,634
Class B		2,053,754,720
Class D		60,218,333
Class E		147,721,316
Class G		17,572,830
Capital Shares Outstanding*
Class A		94,044,744
Class B		44,417,505
Class D		1,257,979
Class E		3,098,652
Class G		380,638
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	47.98
Class B		46.24
Class D		47.87
Class E		47.67
Class G		46.17

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $4,113,911,896.
(b)	Includes securities loaned at value of $556,491,694.
(c)	Identified cost of affiliated investments was $13,688,240.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	68,379,114
Dividends from affiliated investments		290,339
Interest		96,676
Securities lending income		1,342,425
Total investment income		70,108,554
Expenses
Management fees		8,390,737
Administration fees		106,252
Custodian and accounting fees		144,884
Distribution and service fees—Class B		2,541,182
Distribution and service fees—Class D		31,267
Distribution and service fees—Class E		109,442
Distribution and service fees—Class G		24,537
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		244,403
Insurance		21,728
Miscellaneous		178,343
Total expenses		11,858,427
Less management fee waiver		(416,663	)
Net expenses		11,441,764
Net Investment Income		58,666,790
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		209,389,793
Affiliated investments		(229,842	)
Futures contracts		2,789,037
Net realized gain		211,948,988
Net change in unrealized appreciation on:
Investments		319,477,095
Affiliated investments		571,564
Futures contracts		59,985
Net change in unrealized appreciation		320,108,644
Net realized and unrealized gain		532,057,632
Net Increase in Net Assets From Operations	$	590,724,422

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	58,666,790		$	121,940,581
Net realized gain		211,948,988			204,028,334
Net change in unrealized appreciation		320,108,644			372,226,276
Increase in net assets from operations		590,724,422			698,195,191
From Distributions to Shareholders
Net investment income
Class A		(80,429,505	)		(82,857,392	)
Class B		(32,596,779	)		(34,449,077	)
Class D		(1,016,112	)		(1,352,543	)
Class E		(2,425,322	)		(2,620,458	)
Class G		(270,023	)		(221,158	)
Net realized capital gains
Class A		(126,414,984	)		(181,662,999	)
Class B		(59,739,457	)		(86,318,673	)
Class D		(1,693,922	)		(3,124,405	)
Class E		(4,167,036	)		(6,212,616	)
Class G		(511,585	)		(570,749	)
Total distributions		(309,264,725	)		(399,390,070	)
Increase (decrease) in net assets from capital share transactions		(47,864,599	)		22,715,272
Total increase in net assets		233,595,098			321,520,393
Net Assets
Beginning of period		6,558,132,735			6,236,612,342
End of period	$	6,791,727,833		$	6,558,132,735
Undistributed net investment income
End of period	$	61,159,541		$	119,230,492

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		982,400		$	47,306,740			4,983,063		$	217,058,335
Reinvestments		4,295,836			206,844,489			6,272,715			264,520,391
Redemptions		(5,683,320	)		(275,943,115	)		(10,092,498	)		(444,409,066	)
Net increase (decrease)		(405,084	)	$	(21,791,886	)		1,163,280		$	37,169,660
Class B
Sales		943,424		$	43,690,709			3,242,120		$	138,068,372
Reinvestments		1,990,005			92,336,236			2,967,267			120,767,750
Redemptions		(3,325,214	)		(155,524,014	)		(5,867,660	)		(249,825,548	)
Net increase (decrease)		(391,785	)	$	(19,497,069	)		341,727		$	9,010,574
Class D
Sales		165,283		$	7,981,264			384,822		$	16,959,636
Reinvestments		56,424			2,710,034			106,417			4,476,948
Redemptions		(364,483	)		(17,627,839	)		(1,004,553	)		(43,730,065	)
Net decrease		(142,776	)	$	(6,936,541	)		(513,314	)	$	(22,293,481	)
Class E
Sales		36,409		$	1,762,917			67,984		$	2,927,160
Reinvestments		137,800			6,592,358			210,763			8,833,074
Redemptions		(229,202	)		(11,014,838	)		(405,732	)		(17,710,668	)
Net decrease		(54,993	)	$	(2,659,563	)		(126,985	)	$	(5,950,434	)
Class G
Sales		74,081		$	3,419,459			136,685		$	5,693,057
Reinvestments		16,871			781,608			19,486			791,907
Redemptions		(25,259	)		(1,180,607	)		(40,319	)		(1,706,011	)
Net increase		65,693		$	3,020,460			115,852		$	4,778,953
Increase (decrease) derived from capital shares transactions				$	(47,864,599	)				$	22,715,272

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	46.03		$	44.04		$	46.21		$	42.58		$	33.42		$	29.60
Income (Loss) from Investment Operations
Net investment income (a)		0.44			0.89			0.85			0.79			0.71			0.67
Net realized and unrealized gain (loss) on investments		3.80			3.98			(0.26	)		4.66			9.72			3.95
Total from investment operations		4.24			4.87			0.59			5.45			10.43			4.62
Less Distributions
Distributions from net investment income		(0.89	)		(0.90	)		(0.81	)		(0.74	)		(0.70	)		(0.57	)
Distributions from net realized capital gains		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)		(0.23	)
Total distributions		(2.29	)		(2.88	)		(2.76	)		(1.82	)		(1.27	)		(0.80	)
Net Asset Value, End of Period	$	47.98		$	46.03		$	44.04		$	46.21		$	42.58		$	33.42
Total Return (%) (b)		9.20	(c)		11.67			1.17			13.36			32.02			15.76
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.27	(d)		0.27			0.27			0.27			0.27			0.28
Net ratio of expenses to average net assets (%) (e)		0.26	(d)		0.26			0.26			0.26			0.26			0.27
Ratio of net investment income to average net assets (%)		1.83	(d)		2.02			1.88			1.81			1.87			2.08
Portfolio turnover rate (%)		6	(c)		8			9			12			12			12
Net assets, end of period (in millions)	$	4,512.5		$	4,347.5		$	4,108.5		$	4,295.4		$	4,059.9		$	3,303.3
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	44.37		$	42.55		$	44.73		$	41.27		$	32.43		$	28.76
Income (Loss) from Investment Operations
Net investment income (a)		0.37			0.75			0.71			0.66			0.60			0.57
Net realized and unrealized gain (loss) on investments		3.67			3.84			(0.25	)		4.52			9.43			3.83
Total from investment operations		4.04			4.59			0.46			5.18			10.03			4.40
Less Distributions
Distributions from net investment income		(0.77	)		(0.79	)		(0.69	)		(0.64	)		(0.62	)		(0.50	)
Distributions from net realized capital gains		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)		(0.23	)
Total distributions		(2.17	)		(2.77	)		(2.64	)		(1.72	)		(1.19	)		(0.73	)
Net Asset Value, End of Period	$	46.24		$	44.37		$	42.55		$	44.73		$	41.27		$	32.43
Total Return (%) (b)		9.08	(c)		11.38			0.91			13.10			31.70			15.43
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52	(d)		0.52			0.52			0.52			0.52			0.53
Net ratio of expenses to average net assets (%) (e)		0.51	(d)		0.51			0.51			0.51			0.51			0.52
Ratio of net investment income to average net assets (%)		1.58	(d)		1.77			1.63			1.56			1.62			1.83
Portfolio turnover rate (%)		6	(c)		8			9			12			12			12
Net assets, end of period (in millions)	$	2,053.8		$	1,988.2		$	1,892.0		$	2,025.6		$	1,928.0		$	1,615.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	45.90		$	43.93		$	46.10		$	42.46		$	33.32		$	29.52
Income (Loss) from Investment Operations
Net investment income (a)		0.41			0.84			0.80			0.73			0.66			0.63
Net realized and unrealized gain (loss) on investments		3.80			3.97			(0.26	)		4.67			9.71			3.94
Total from investment operations		4.21			4.81			0.54			5.40			10.37			4.57
Less Distributions
Distributions from net investment income		(0.84	)		(0.86	)		(0.76	)		(0.68	)		(0.66	)		(0.54	)
Distributions from net realized capital gains		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)		(0.23	)
Total distributions		(2.24	)		(2.84	)		(2.71	)		(1.76	)		(1.23	)		(0.77	)
Net Asset Value, End of Period	$	47.87		$	45.90		$	43.93		$	46.10		$	42.46		$	33.32
Total Return (%) (b)		9.16	(c)		11.54			1.07			13.26			31.91			15.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37	(d)		0.37			0.37			0.37			0.37			0.38
Net ratio of expenses to average net assets (%) (e)		0.36	(d)		0.36			0.36			0.36			0.36			0.37
Ratio of net investment income to average net assets (%)		1.73	(d)		1.92			1.76			1.70			1.77			1.97
Portfolio turnover rate (%)		6	(c)		8			9			12			12			12
Net assets, end of period (in millions)	$	60.2		$	64.3		$	84.1		$	143.5		$	237.5		$	297.3
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	45.71		$	43.75		$	45.92		$	42.32		$	33.22		$	29.44
Income (Loss) from Investment Operations
Net investment income (a)		0.40			0.81			0.78			0.72			0.65			0.62
Net realized and unrealized gain (loss) on investments		3.78			3.97			(0.26	)		4.64			9.67			3.92
Total from investment operations		4.18			4.78			0.52			5.36			10.32			4.54
Less Distributions
Distributions from net investment income		(0.82	)		(0.84	)		(0.74	)		(0.68	)		(0.65	)		(0.53	)
Distributions from net realized capital gains		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)		(0.23	)
Total distributions		(2.22	)		(2.82	)		(2.69	)		(1.76	)		(1.22	)		(0.76	)
Net Asset Value, End of Period	$	47.67		$	45.71		$	43.75		$	45.92		$	42.32		$	33.22
Total Return (%) (b)		9.12	(c)		11.50			1.02			13.20			31.83			15.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.42	(d)		0.42			0.42			0.42			0.42			0.43
Net ratio of expenses to average net assets (%) (e)		0.41	(d)		0.41			0.41			0.41			0.41			0.42
Ratio of net investment income to average net assets (%)		1.68	(d)		1.87			1.73			1.66			1.72			1.92
Portfolio turnover rate (%)		6	(c)		8			9			12			12			12
Net assets, end of period (in millions)	$	147.7		$	144.2		$	143.5		$	161.4		$	164.9		$	147.9

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class G
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014(f)
Net Asset Value, Beginning of Period	$	44.29		$	42.48		$	44.64		$	44.10
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.73			0.70			0.09
Net realized and unrealized gain (loss) on investments		3.66			3.83			(0.24	)		0.45
Total from investment operations		4.02			4.56			0.46			0.54
Less Distributions
Distributions from net investment income		(0.74	)		(0.77	)		(0.67	)		0.00
Distributions from net realized capital gains		(1.40	)		(1.98	)		(1.95	)		0.00
Total distributions		(2.14	)		(2.75	)		(2.62	)		0.00
Net Asset Value, End of Period	$	46.17		$	44.29		$	42.48		$	44.64
Total Return (%) (b)		9.06	(c)		11.32			0.91			1.22	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(d)		0.57			0.57			0.58	(d)
Net ratio of expenses to average net assets (%) (e)		0.56	(d)		0.56			0.56			0.57	(d)
Ratio of net investment income to average net assets (%)		1.54	(d)		1.72			1.64			1.54	(d)
Portfolio turnover rate (%)		6	(c)		8			9			12
Net assets, end of period (in millions)	$	17.6		$	14.0		$	8.5		$	0.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers five classes of shares: Class A, B, D, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTII-20

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTII-21

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $110,199,974. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

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Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	214,182

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location-Net Realized Gain (Loss)	Equity
Futures contracts	$	2,789,037
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	59,985

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	15,000

‡ Averages are based on activity levels during the period.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	400,632,779	$	0	$	681,526,505

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $8,390,737.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.020%	On the first $500 million
0.015%	Of the next $500 million
0.010%	Of the next $1 billion
0.005%	On amounts over $2 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2017 were $254,596.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, D, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described

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MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, E, and G Shares. Under the Distribution and Service Plan, the Class B, D, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017		Realized Loss on shares sold			Income earned from affiliates during the period		Ending Value as of June 30, 2017
MetLife, Inc.		369,258		0		(22,222	)		347,036	$	(229,842	)	$	290,339	$	19,066,158

8. Contractual Obligations

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

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$130,333,642	$	114,006,177	$	269,056,428	$	268,543,180	$	399,390,070	$	382,549,357

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$128,199,537	$	183,362,044	$	2,794,008,702	$	—	$	3,105,570,283

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

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Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	129,660,319		5,516,073		9,466,213

To Approve Subadvisory Agreement between the Manager and MetLife Investment Advisors, LLC

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
129,410,075		5,648,765		9,583,767

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		133,340,356		11,302,250
Robert Boulware		133,422,548		11,220,058
Susan C. Gause		133,526,056		11,116,550
Nancy Hawthorne		133,458,975		11,183,631
Barbara A. Nugent		133,449,490		11,193,115
John Rosenthal		133,444,869		11,197,737
Linda B. Strumpf		133,398,240		11,244,365
Dawn M. Vroegop		133,172,138		11,470,468

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Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Managed By MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, E and G shares of the MetLife MSCI EAFE Index Portfolio returned 14.26%, 14.20%, 14.26%, and 14.16%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned 13.81%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2017, equity markets continued to make new all-time highs, rallying on the strength of the global economy, strong corporate earnings, and optimism about potential changes to financial regulation and tax reform. The equity markets also reacted positively to U.S. lawmakers reaching an agreement on a spending bill, the outcome of the French Presidential elections, and better than expected macroeconomic data, including U.S. manufacturing, U.S. nonfarm payrolls, and U.S. consumer sentiment. Equity markets remained resilient despite the United Kingdom (“U.K.”) Conservative Party’s failure to win a majority in the U.K. snap election on June 8^th and increased political risks in the U.S. after President Trump fired FBI Director Comey. Other factors that weighed on the equity markets included geopolitical tensions in Syria and North Korea, two rate hikes by the Federal Reserve (the “Fed”), and the Federal Open Market Committee (the “FOMC”) minutes showing members discussed the potential shrinking of the Fed balance sheet by as early as December.

During the first six months, the FOMC met four times and raised the target range for the Federal Funds Rate twice to 1.00% to 1.25%. The FOMC stated that the labor market had continued to strengthen and that economic activity had been rising moderately so far this year. The FOMC also stated that job gains had moderated but had been solid since the beginning of the year.

The U.S. dollar weakened during the six-month period, which positively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 6.26%.

All twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the first six months of 2017. Austria (0.2% beginning weight in the benchmark), up 33.2%, was the best performing country. Spain (3.1% beginning weight), up 24.1%, and Finland (1.0% beginning weight), up 23.2%, were the next best-performing countries. Norway (0.7% beginning weight), up 6.3%, and Ireland (0.5% beginning weight), up 7.9% were the worst-relative performing countries.

The stocks in the MSCI EAFE Index with the largest positive impact on the benchmark return for the first half of the year were Nestle, up 24.9%; Novartis, up 18.4%; and HSBC, up 18.2%. The stocks with the largest negative impact were BT Group, down 15.5%; Toyota, down 9.5%; and BP, down 5.4%

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the MSCI EAFE Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across countries. The Portfolio is periodically rebalanced for compositional changes in the MSCI EAFE Index. Factors that impact tracking error include sampling, fair value pricing, transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

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

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Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife MSCI EAFE Index Portfolio
Class A		14.26		19.24		8.38		0.95		—
Class B		14.20		18.97		8.13		0.71		—
Class E		14.26		19.16		8.22		0.81		—
Class G		14.16		18.96		8.07		—		8.94
MSCI EAFE Index		13.81		20.27		8.69		1.03		—

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Nestle S.A.		1.9
Novartis AG		1.3
HSBC Holdings plc		1.3
Roche Holding AG		1.3
Toyota Motor Corp.		1.0
British American Tobacco plc		0.9
Royal Dutch Shell plc- A Shares		0.8
Total S.A.		0.8
BP plc		0.8
Sanofi		0.8

Top Countries

	% of Net Assets
Japan		22.9
United Kingdom		15.4
France		10.0
Germany		9.3
Switzerland		8.9
Australia		6.9
Netherlands		4.2
Spain		3.3
Hong Kong		3.2
United States		2.9

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Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.37	%	$	1,000.00	$	1,142.60	$	1.97
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86
Class B(a)	Actual		0.62	%	$	1,000.00	$	1,142.00	$	3.29
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class E(a)	Actual		0.52	%	$	1,000.00	$	1,142.60	$	2.76
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class G(a)	Actual		0.67	%	$	1,000.00	$	1,141.60	$	3.56
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—97.1% of Net Assets

Security Description	Shares		Value
Australia—6.9%
AGL Energy, Ltd.		54,235	$	1,061,645
Alumina, Ltd.		191,453		281,556
Amcor, Ltd.		95,202		1,183,769
AMP, Ltd.		234,994		934,586
APA Group		98,264		690,652
Aristocrat Leisure, Ltd.		41,217		712,697
ASX, Ltd.		16,055		660,220
Aurizon Holdings, Ltd.		157,842		648,277
AusNet Services		138,423		184,210
Australia & New Zealand Banking Group, Ltd.		230,017		5,059,756
Bank of Queensland, Ltd.		24,917		218,573
Bendigo & Adelaide Bank, Ltd.		35,779		304,720
BGP Holdings plc (a) (d)		713,624		0
BHP Billiton plc		163,047		2,491,253
BHP Billiton, Ltd.		249,365		4,439,021
BlueScope Steel, Ltd.		45,759		463,022
Boral, Ltd.		114,731		611,660
Brambles, Ltd.		129,540		966,833
Caltex Australia, Ltd.		18,604		450,574
Challenger, Ltd.		44,035		450,604
CIMIC Group, Ltd.		8,428		250,844
Coca-Cola Amatil, Ltd.		42,510		300,691
Cochlear, Ltd.		4,099		489,136
Commonwealth Bank of Australia		135,329		8,596,362
Computershare, Ltd.		41,806		452,829
Crown Resorts, Ltd.		29,464		277,539
CSL, Ltd.		35,775		3,793,673
Dexus Property Group (REIT)		77,269		561,420
Domino’s Pizza Enterprises, Ltd.		4,938		197,271
Fortescue Metals Group, Ltd.		125,869		503,122
Goodman Group (REIT)		139,425		840,889
GPT Group (The) (REIT)		140,241		514,809
Healthscope, Ltd.		134,432		228,189
Incitec Pivot, Ltd.		152,808		400,901
Insurance Australia Group, Ltd.		184,566		958,854
Lend Lease Group (REIT)		51,045		651,941
Macquarie Group, Ltd.		25,451		1,727,812
Medibank Private, Ltd.		199,900		429,067
Mirvac Group (REIT)		298,553		488,878
National Australia Bank, Ltd.		207,219		4,703,454
Newcrest Mining, Ltd.		60,310		934,406
Oil Search, Ltd.		104,563		547,099
Orica, Ltd.		26,176		414,710
Origin Energy, Ltd. (b)		140,897		740,300
QBE Insurance Group, Ltd.		110,125		997,664
Ramsay Health Care, Ltd.		10,616		599,869
REA Group, Ltd.		4,158		212,081
Santos, Ltd. (b)		164,725		382,356
Scentre Group (REIT)		417,733		1,296,444
Seek, Ltd.		22,233		288,278
Sonic Healthcare, Ltd.		32,696		607,443
South32, Ltd.		422,905		867,737
Stockland (REIT)		205,214		689,032
Suncorp Group, Ltd.		108,776		1,235,079
Sydney Airport		80,467		437,438
Tabcorp Holdings, Ltd.		54,472		182,596
Tatts Group, Ltd.		123,533		396,646
Australia—(Continued)
Telstra Corp., Ltd.		335,688		1,109,316
Transurban Group		159,204		1,446,100
Treasury Wine Estates, Ltd.		53,467		539,266
Vicinity Centres (REIT)		252,185		496,895
Wesfarmers, Ltd.		90,211		2,778,462
Westfield Corp. (REIT)		163,017		1,003,420
Westpac Banking Corp.		260,701		6,072,382
Woodside Petroleum, Ltd.		60,391		1,381,602
Woolworths, Ltd.		104,896		2,056,999
				75,894,929
Austria—0.2%
Andritz AG		5,828		351,005
Erste Group Bank AG (b)		23,576		903,066
OMV AG		12,416		644,558
Raiffeisen Bank International AG (b)		9,390		237,311
Voestalpine AG (c)		9,525		443,837
				2,579,777
Belgium—1.1%
Ageas		15,573		626,555
Anheuser-Busch InBev S.A.		59,757		6,603,157
Colruyt S.A.		5,430		285,721
Groupe Bruxelles Lambert S.A.		5,864		564,387
KBC Groep NV		19,558		1,482,591
Proximus		11,920		416,415
Solvay S.A.		5,735		768,951
Telenet Group Holding NV (b)		4,184		263,244
UCB S.A.		9,619		660,999
Umicore S.A.		8,519		592,702
				12,264,722
Chile—0.0%
Antofagasta plc		26,957		280,723
China—0.1%
BOC Hong Kong Holdings, Ltd.		290,465		1,392,595
Yangzijiang Shipbuilding Holdings, Ltd.		184,300		159,307
				1,551,902
Denmark—1.8%
AP Moller - Maersk A/S - Class A		274		522,968
AP Moller - Maersk A/S - Class B		566		1,142,209
Carlsberg A/S - Class B		7,850		839,255
Chr Hansen Holding A/S		7,473		542,711
Coloplast A/S - Class B		9,594		802,572
Danske Bank A/S		57,815		2,228,863
DONG Energy A/S		11,778		532,527
DSV A/S		16,462		1,013,203
Genmab A/S (b)		4,236		905,698
H Lundbeck A/S		5,421		304,891
ISS A/S		13,228		520,086
Novo Nordisk A/S - Class B		141,939		6,080,586
Novozymes A/S - B Shares		17,609		770,151
Pandora A/S		9,197		861,148

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
TDC A/S		59,338	$	345,249
Tryg A/S		8,735		190,948
Vestas Wind Systems A/S		17,209		1,592,403
William Demant Holding A/S (b)		9,405		243,890
				19,439,358
Finland—1.0%
Elisa Oyj		13,058		505,470
Fortum Oyj		39,670		623,003
Kone Oyj - Class B		26,344		1,341,557
Metso Oyj		7,511		260,416
Neste Oyj		9,073		357,409
Nokia Oyj		457,328		2,806,752
Nokian Renkaat Oyj		10,639		440,226
Orion Oyj - Class B		8,084		515,473
Sampo Oyj - A Shares		35,348		1,814,594
Stora Enso Oyj - R Shares		40,497		522,918
UPM-Kymmene Oyj		42,203		1,201,943
Wartsila Oyj Abp		10,464		617,670
				11,007,431
France—10.0%
Accor S.A.		13,973		657,530
Aeroports de Paris		2,209		356,331
Air Liquide S.A.		30,451		3,778,926
Airbus SE		46,190		3,800,569
Alstom S.A. (b)		13,067		456,640
Arkema S.A.		5,073		540,954
Atos SE		7,084		992,575
AXA S.A.		150,280		4,135,797
BNP Paribas S.A.		87,449		6,351,422
Bollore S.A.		61,600		280,130
Bouygues S.A.		14,921		629,009
Bureau Veritas S.A.		19,643		434,513
Capgemini SE		12,357		1,282,180
Carrefour S.A. (c)		46,421		1,176,657
Casino Guichard Perrachon S.A.		4,364		258,219
Christian Dior SE		4,040		1,153,568
Cie de St-Gobain		40,023		2,138,034
Cie Generale des Etablissements Michelin		13,198		1,752,198
CNP Assurances		10,520		235,930
Credit Agricole S.A.		90,038		1,461,901
Danone S.A.		47,151		3,539,347
Dassault Aviation S.A.		183		255,415
Dassault Systemes SE		10,162		909,435
Edenred		20,034		522,201
Eiffage S.A.		5,760		523,134
Electricite de France S.A.		42,972		468,645
Engie S.A.		133,584		2,025,208
Essilor International S.A.		16,817		2,147,211
Eurazeo S.A.		2,602		195,014
Eutelsat Communications S.A.		14,990		382,672
Fonciere Des Regions (REIT)		3,163		293,944
Gecina S.A. (REIT)		3,255		509,985
Groupe Eurotunnel SE		32,808		349,605
Hermes International		1,649		814,302
France—(Continued)
ICADE (REIT)		3,450		290,219
Iliad S.A.		2,335		551,689
Imerys S.A.		2,253		195,868
Ingenico Group S.A.		4,093		370,857
Ipsen S.A.		2,947		403,005
JCDecaux S.A.		4,706		154,350
Kering		5,893		2,014,877
Klepierre (REIT)		16,658		681,902
L’Oreal S.A.		19,520		4,062,623
Lagardere SCA		8,303		262,215
Legrand S.A.		20,811		1,455,564
LVMH Moet Hennessy Louis Vuitton SE		21,649		5,423,303
Natixis S.A.		80,165		542,860
Orange S.A.		155,574		2,474,743
Pernod-Ricard S.A.		17,290		2,314,606
Peugeot S.A.		40,345		804,243
Publicis Groupe S.A.		15,420		1,153,626
Remy Cointreau S.A.		1,860		217,041
Renault S.A.		15,031		1,361,610
Rexel S.A.		20,752		339,645
Safran S.A.		24,884		2,279,311
Sanofi		90,750		8,709,954
Schneider Electric SE (b)		43,900		3,374,335
SCOR SE		11,686		462,918
SEB S.A.		1,809		324,557
SFR Group S.A. (b)		1		34
Societe BIC S.A.		2,149		254,694
Societe Generale S.A.		60,631		3,291,934
Sodexo S.A.		7,921		1,022,694
Suez		28,840		533,738
Thales S.A.		7,807		839,936
Total S.A.		182,655		9,037,243
Unibail-Rodamco SE (REIT)		7,985		2,010,625
Valeo S.A.		18,217		1,233,988
Veolia Environnement S.A.		38,440		815,145
Vinci S.A.		38,848		3,313,756
Vivendi S.A.		82,472		1,833,337
Wendel S.A.		2,267		335,447
Zodiac Aerospace		14,929		405,393
				109,963,086
Germany—8.8%
adidas AG		14,905		2,853,287
Allianz SE		35,791		7,043,412
Axel Springer SE		3,006		180,329
BASF SE		72,075		6,690,279
Bayer AG		64,892		8,384,230
Bayerische Motoren Werke AG		26,677		2,479,529
Beiersdorf AG		8,429		886,498
Brenntag AG		12,657		731,830
Commerzbank AG (b)		87,047		1,041,054
Continental AG		8,799		1,896,234
Covestro AG		7,151		515,655
Daimler AG		75,187		5,446,693
Deutsche Bank AG		163,591		2,901,028
Deutsche Boerse AG		15,450		1,631,569

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Deutsche Lufthansa AG		17,782	$	405,482
Deutsche Post AG		76,616		2,870,909
Deutsche Telekom AG		254,158		4,561,255
Deutsche Wohnen AG		28,299		1,081,728
E.ON SE		172,724		1,627,792
Evonik Industries AG		13,109		418,447
Fraport AG Frankfurt Airport Services Worldwide		3,260		287,976
Fresenius Medical Care AG & Co. KGaA		17,215		1,653,835
Fresenius SE & Co. KGaA		32,401		2,782,205
GEA Group AG		14,300		585,988
Hannover Rueck SE		5,368		644,201
HeidelbergCement AG		11,924		1,152,207
Henkel AG & Co. KGaA		7,933		958,184
HOCHTIEF AG		1,646		301,375
Hugo Boss AG		4,934		345,829
Infineon Technologies AG		90,469		1,914,494
Innogy SE		11,200		440,182
K&S AG (c)		14,121		361,403
LANXESS AG		7,402		559,789
Linde AG		15,006		2,846,340
MAN SE		3,022		323,497
Merck KGaA		10,657		1,288,315
Metro AG		15,747		531,060
Muenchener Rueckversicherungs-Gesellschaft AG		12,315		2,481,101
OSRAM Licht AG		6,124		488,512
ProSiebenSat.1 Media SE		18,669		780,152
RWE AG (b)		39,146		779,503
SAP SE		77,122		8,049,436
Siemens AG		59,702		8,197,358
Symrise AG		8,745		618,745
Telefonica Deutschland Holding AG		58,800		293,435
ThyssenKrupp AG		26,477		751,568
TUI AG		37,093		539,888
United Internet AG		8,781		482,196
Volkswagen AG		2,495		386,922
Vonovia SE		36,786		1,459,634
Zalando SE (b)		8,719		399,147
				96,331,717
Hong Kong—3.2%
AIA Group, Ltd.		946,800		6,921,180
ASM Pacific Technology, Ltd.		19,600		264,634
Bank of East Asia, Ltd. (The)		103,920		446,926
Cheung Kong Property Holdings, Ltd.		214,440		1,679,944
CK Hutchison Holdings, Ltd.		213,440		2,680,155
CK Infrastructure Holdings, Ltd.		57,000		478,633
CLP Holdings, Ltd.		131,377		1,390,245
Galaxy Entertainment Group, Ltd.		181,000		1,099,107
Hang Lung Group, Ltd.		74,000		306,198
Hang Lung Properties, Ltd.		162,000		404,694
Hang Seng Bank, Ltd.		60,800		1,271,900
Henderson Land Development Co., Ltd.		107,902		601,983
HK Electric Investments & HK Electric Investments, Ltd.		218,500		201,536
Hong Kong—(Continued)
HKT Trust & HKT, Ltd.		314,980		413,987
Hong Kong & China Gas Co., Ltd.		630,427		1,184,862
Hong Kong Exchanges and Clearing, Ltd.		89,700		2,319,416
Hongkong Land Holdings, Ltd.		95,400		702,174
Hutchison Port Holdings Trust - Class U		418,400		179,921
Hysan Development Co., Ltd.		45,000		214,961
Jardine Matheson Holdings, Ltd.		16,900		1,085,309
Jardine Strategic Holdings, Ltd.		18,200		759,376
Kerry Properties, Ltd.		57,500		195,208
Li & Fung, Ltd.		485,600		176,929
Link REIT (REIT)		181,141		1,378,386
Melco Resorts & Entertainment, Ltd. (ADR)		19,800		444,510
MTR Corp., Ltd.		110,500		622,726
New World Development Co., Ltd.		463,707		588,699
NWS Holdings, Ltd.		99,000		194,800
PCCW, Ltd.		240,000		136,524
Power Assets Holdings, Ltd.		107,549		949,266
Sands China, Ltd.		190,000		870,168
Sino Land Co., Ltd.		289,600		474,884
Sun Hung Kai Properties, Ltd.		115,250		1,693,466
Swire Pacific, Ltd. - Class A		44,317		432,881
Swire Properties, Ltd.		83,600		276,149
Techtronic Industries Co., Ltd.		95,000		436,899
WH Group, Ltd.		642,500		648,587
Wharf Holdings, Ltd. (The)		104,976		870,298
Wheelock & Co., Ltd.		68,000		513,200
Yue Yuen Industrial Holdings, Ltd.		50,500		209,603
				35,720,324
Ireland—0.5%
AerCap Holdings NV (b)		10,200		473,586
Bank of Ireland (b)		2,405,091		635,333
CRH plc		67,317		2,385,120
James Hardie Industries plc		31,140		489,692
Kerry Group plc - Class A		13,003		1,117,172
Paddy Power Betfair plc		6,200		660,922
				5,761,825
Israel—0.6%
Azrieli Group, Ltd.		3,653		202,868
Bank Hapoalim B.M.		86,396		582,123
Bank Leumi Le-Israel B.M.		120,713		585,976
Bezeq The Israeli Telecommunication Corp., Ltd.		167,349		277,673
Check Point Software Technologies, Ltd. (b)		10,500		1,145,340
Elbit Systems, Ltd.		1,987		245,220
Frutarom Industries, Ltd.		3,269		228,584
Israel Chemicals, Ltd.		45,583		214,747
Mizrahi Tefahot Bank, Ltd.		11,922		216,894
Nice, Ltd.		5,213		413,359
Teva Pharmaceutical Industries, Ltd. (ADR)		67,753		2,250,755
				6,363,539
Italy—2.0%
Assicurazioni Generali S.p.A.		93,308		1,539,634
Atlantia S.p.A.		35,591		1,003,728

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Enel S.p.A.		626,740	$	3,370,315
Eni S.p.A.		203,492		3,066,589
Ferrari NV		9,578		824,211
Intesa Sanpaolo S.p.A.		993,553		3,165,116
Intesa Sanpaolo S.p.A. - Risparmio Shares		65,400		194,645
Leonardo S.p.A.		28,782		480,107
Luxottica Group S.p.A.		13,581		786,917
Mediobanca S.p.A.		44,816		444,065
Poste Italiane S.p.A.		41,357		282,783
Prysmian S.p.A.		19,125		563,725
Recordati S.p.A.		8,194		332,936
Saipem S.p.A. (b)		47,532		175,452
Snam S.p.A.		193,977		847,226
Telecom Italia S.p.A. (b)		866,636		802,072
Telecom Italia S.p.A. - Risparmio Shares		472,353		348,965
Terna Rete Elettrica Nazionale S.p.A.		118,746		641,718
UniCredit S.p.A. (b)		156,851		2,953,630
UnipolSai S.p.A. (c)		64,500		141,121
				21,964,955
Japan—22.9%
Aeon Co., Ltd.		51,500		784,050
AEON Financial Service Co., Ltd.		8,400		178,333
Aeon Mall Co., Ltd.		9,100		179,482
Air Water, Inc.		10,000		184,497
Aisin Seiki Co., Ltd.		13,500		693,066
Ajinomoto Co., Inc.		44,000		951,831
Alfresa Holdings Corp.		15,300		295,775
Alps Electric Co., Ltd.		13,100		380,114
Amada Holdings Co., Ltd.		27,000		312,932
ANA Holdings, Inc.		84,000		292,442
Aozora Bank, Ltd.		96,000		366,492
Asahi Glass Co., Ltd.		16,200		684,373
Asahi Group Holdings, Ltd.		30,700		1,157,028
Asahi Kasei Corp.		97,000		1,045,971
Asics Corp.		11,000		204,468
Astellas Pharma, Inc.		174,100		2,133,893
Bandai Namco Holdings, Inc.		16,000		546,530
Bank of Kyoto, Ltd. (The)		22,000		208,162
Benesse Holdings, Inc.		5,400		204,376
Bridgestone Corp.		51,600		2,230,481
Brother Industries, Ltd.		16,400		379,891
Calbee, Inc.		5,500		216,576
Canon, Inc.		83,900		2,857,988
Casio Computer Co., Ltd.		16,900		260,597
Central Japan Railway Co.		11,700		1,910,897
Chiba Bank, Ltd. (The)		49,000		356,650
Chubu Electric Power Co., Inc.		57,000		758,985
Chugai Pharmaceutical Co., Ltd.		16,800		630,236
Chugoku Bank, Ltd. (The)		12,000		179,984
Chugoku Electric Power Co., Inc. (The)		23,700		261,663
Coca-Cola Bottlers Japan, Inc.		9,900		286,966
Concordia Financial Group, Ltd.		83,000		420,800
Credit Saison Co., Ltd.		10,500		205,673
Dai Nippon Printing Co., Ltd.		40,000		445,613
Dai-ichi Life Holdings, Inc.		83,600		1,519,511
Japan—(Continued)
Daicel Corp.		22,000		274,549
Daiichi Sankyo Co., Ltd.		42,100		993,895
Daikin Industries, Ltd.		18,800		1,924,689
Daito Trust Construction Co., Ltd.		5,200		810,080
Daiwa House Industry Co., Ltd.		42,500		1,455,611
Daiwa House REIT Investment Co. (REIT)		110		261,293
Daiwa Securities Group, Inc.		126,000		749,440
DeNA Co., Ltd.		8,500		190,828
Denso Corp.		36,900		1,563,264
Dentsu, Inc.		16,600		796,011
Disco Corp.		2,300		368,553
Don Quijote Holdings Co., Ltd.		8,200		311,476
East Japan Railway Co.		26,900		2,577,302
Eisai Co., Ltd.		21,000		1,162,102
Electric Power Development Co., Ltd.		10,900		269,955
FamilyMart UNY Holdings Co., Ltd.		6,600		378,509
FANUC Corp.		15,300		2,957,513
Fast Retailing Co., Ltd.		4,200		1,402,514
Fuji Electric Co., Ltd.		43,000		227,510
FUJIFILM Holdings Corp.		33,100		1,192,725
Fujitsu, Ltd.		146,000		1,078,981
Fukuoka Financial Group, Inc.		53,000		252,724
Hachijuni Bank, Ltd. (The)		30,000		191,202
Hakuhodo DY Holdings, Inc.		17,600		234,260
Hamamatsu Photonics KK		9,600		295,704
Hankyu Hanshin Holdings, Inc.		20,400		734,916
Hikari Tsushin, Inc.		1,800		189,748
Hino Motors, Ltd.		19,000		211,543
Hirose Electric Co., Ltd.		2,300		328,874
Hiroshima Bank, Ltd. (The)		38,000		169,067
Hisamitsu Pharmaceutical Co., Inc.		4,500		215,949
Hitachi Chemical Co., Ltd.		8,500		254,358
Hitachi Construction Machinery Co., Ltd.		8,900		223,104
Hitachi High-Technologies Corp.		5,500		214,469
Hitachi Metals, Ltd.		20,000		279,406
Hitachi, Ltd.		383,000		2,357,727
Honda Motor Co., Ltd.		135,000		3,692,389
Hoshizaki Corp.		4,100		371,523
Hoya Corp.		31,900		1,663,107
Hulic Co., Ltd.		32,300		330,488
Idemitsu Kosan Co., Ltd.		7,200		204,213
IHI Corp. (b)		122,000		416,866
Iida Group Holdings Co., Ltd.		12,700		211,930
Inpex Corp.		71,100		686,402
Isetan Mitsukoshi Holdings, Ltd.		26,900		270,535
Isuzu Motors, Ltd.		43,700		541,047
ITOCHU Corp.		113,500		1,690,995
J Front Retailing Co., Ltd.		23,000		354,355
Japan Airlines Co., Ltd.		8,400		260,130
Japan Exchange Group, Inc.		46,400		843,701
Japan Post Bank Co., Ltd.		30,800		395,125
Japan Post Holdings Co., Ltd.		34,200		425,040
Japan Prime Realty Investment Corp. (REIT)		51		176,781
Japan Real Estate Investment Corp. (REIT)		105		522,383
Japan Retail Fund Investment Corp. (REIT)		202		373,044
Japan Tobacco, Inc.		88,100		3,099,687
JFE Holdings, Inc.		41,700		726,148

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
JGC Corp.		14,000	$	227,605
JSR Corp.		19,100		330,133
JTEKT Corp.		20,000		293,916
JXTG Holdings, Inc.		236,900		1,037,581
Kajima Corp.		80,000		676,227
Kakaku.com, Inc.		11,000		158,292
Kamigumi Co., Ltd.		17,000		178,588
Kaneka Corp.		22,000		168,141
Kansai Electric Power Co., Inc. (The)		55,000		759,240
Kansai Paint Co., Ltd.		17,200		396,766
Kao Corp.		40,000		2,379,897
Kawasaki Heavy Industries, Ltd.		124,000		367,877
KDDI Corp.		143,800		3,813,461
Keihan Holdings Co., Ltd.		39,000		248,454
Keikyu Corp.		36,000		434,650
Keio Corp.		45,000		377,226
Keisei Electric Railway Co., Ltd.		10,000		267,643
Keyence Corp.		7,800		3,436,828
Kikkoman Corp.		12,000		384,260
Kintetsu Group Holdings Co., Ltd.		157,120		606,469
Kirin Holdings Co., Ltd.		66,100		1,349,166
Kobe Steel, Ltd. (b)		27,200		280,682
Koito Manufacturing Co., Ltd.		10,100		522,251
Komatsu, Ltd.		75,400		1,924,168
Konami Holdings Corp.		7,300		406,569
Konica Minolta, Inc.		37,000		308,291
Kose Corp.		2,300		251,903
Kubota Corp.		79,300		1,337,703
Kuraray Co., Ltd.		24,500		445,573
Kurita Water Industries, Ltd.		7,100		193,948
Kyocera Corp.		24,900		1,445,088
Kyowa Hakko Kirin Co., Ltd.		20,000		372,562
Kyushu Electric Power Co., Inc.		39,700		482,998
Kyushu Financial Group, Inc.		26,400		167,283
Kyushu Railway Co.		12,700		412,683
Lawson, Inc.		4,900		342,783
Lion Corp.		19,000		394,068
LIXIL Group Corp.		19,000		476,179
M3, Inc.		18,600		514,097
Mabuchi Motor Co., Ltd.		3,600		179,761
Makita Corp.		19,000		704,287
Marubeni Corp.		133,500		865,183
Marui Group Co., Ltd.		16,000		236,475
Mazda Motor Corp.		43,000		602,408
McDonald’s Holdings Co. Japan, Ltd. (c)		5,400		207,251
Mebuki Financial Group, Inc.		63,100		235,464
Medipal Holdings Corp.		10,700		198,405
MEIJI Holdings Co., Ltd.		9,600		779,415
Minebea Mitsumi, Inc.		30,800		497,627
Miraca Holdings, Inc.		4,000		180,391
MISUMI Group, Inc.		22,200		507,994
Mitsubishi Chemical Holdings Corp.		116,300		966,835
Mitsubishi Corp.		119,900		2,521,327
Mitsubishi Electric Corp.		150,200		2,168,634
Mitsubishi Estate Co., Ltd.		99,000		1,851,345
Mitsubishi Gas Chemical Co., Inc.		13,000		275,826
Mitsubishi Heavy Industries, Ltd.		260,000		1,067,901
Japan—(Continued)
Mitsubishi Materials Corp.		7,900		240,042
Mitsubishi Motors Corp.		44,999		297,664
Mitsubishi Tanabe Pharma Corp.		15,300		354,736
Mitsubishi UFJ Financial Group, Inc.		944,388		6,375,112
Mitsubishi UFJ Lease & Finance Co., Ltd.		41,500		227,709
Mitsui & Co., Ltd.		137,517		1,970,674
Mitsui Chemicals, Inc.		75,000		398,597
Mitsui Fudosan Co., Ltd.		68,000		1,627,370
Mitsui OSK Lines, Ltd.		75,000		221,045
Mixi, Inc.		3,700		205,422
Mizuho Financial Group, Inc.		1,855,200		3,403,497
MS&AD Insurance Group Holdings, Inc.		35,900		1,211,701
Murata Manufacturing Co., Ltd.		14,900		2,272,612
Nabtesco Corp.		7,500		218,666
Nagoya Railroad Co., Ltd.		74,000		345,567
NEC Corp.		206,000		547,735
Nexon Co., Ltd. (b)		19,100		378,576
NGK Insulators, Ltd.		23,000		460,117
NGK Spark Plug Co., Ltd.		12,000		256,437
NH Foods, Ltd.		14,000		426,032
Nidec Corp.		18,500		1,901,669
Nikon Corp.		31,200		499,853
Nintendo Co., Ltd.		9,000		3,015,295
Nippon Building Fund, Inc. (REIT)		118		602,787
Nippon Electric Glass Co., Ltd.		6,200		226,472
Nippon Express Co., Ltd.		59,000		370,225
Nippon Paint Holdings Co., Ltd.		13,000		493,746
Nippon Prologis REIT, Inc. (REIT)		109		232,338
Nippon Steel & Sumitomo Metal Corp.		62,800		1,422,943
Nippon Telegraph & Telephone Corp.		54,900		2,599,641
Nippon Yusen KK (b)		142,000		264,995
Nissan Chemical Industries, Ltd.		10,000		331,127
Nissan Motor Co., Ltd.		182,600		1,822,301
Nisshin Seifun Group, Inc.		15,700		258,120
Nissin Foods Holdings Co., Ltd.		4,700		294,158
Nitori Holdings Co., Ltd.		6,900		924,316
Nitto Denko Corp.		12,600		1,040,471
NOK Corp.		7,900		167,534
Nomura Holdings, Inc.		280,200		1,688,039
Nomura Real Estate Holdings, Inc.		13,100		256,973
Nomura Real Estate Master Fund, Inc. (REIT)		322		440,123
Nomura Research Institute, Ltd.		9,900		391,110
NSK, Ltd.		26,600		334,530
NTT Data Corp.		53,880		601,098
NTT DoCoMo, Inc.		106,700		2,521,247
Obayashi Corp.		58,000		683,399
Obic Co., Ltd.		5,000		308,046
Odakyu Electric Railway Co., Ltd.		27,500		555,733
OJI Holdings Corp.		68,000		352,234
Olympus Corp.		22,800		834,114
Omron Corp.		16,400		714,192
Ono Pharmaceutical Co., Ltd.		32,000		699,749
Oracle Corp. Japan		3,000		195,162
Oriental Land Co., Ltd.		17,300		1,173,093
ORIX Corp.		101,100		1,573,109
Osaka Gas Co., Ltd.		161,000		659,484
Otsuka Corp.		3,700		229,988

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Otsuka Holdings Co., Ltd.		32,000	$	1,366,115
Panasonic Corp.		171,400		2,333,717
Park24 Co., Ltd.		7,400		188,122
Pola Orbis Holdings, Inc.		7,600		200,920
Rakuten, Inc.		76,600		903,905
Recruit Holdings Co., Ltd.		87,900		1,514,218
Resona Holdings, Inc.		169,400		937,047
Ricoh Co., Ltd.		63,700		564,160
Rinnai Corp.		2,800		261,516
Rohm Co., Ltd.		6,700		516,691
Ryohin Keikaku Co., Ltd.		1,800		450,362
Santen Pharmaceutical Co., Ltd.		27,500		373,881
SBI Holdings, Inc.		19,011		258,375
Secom Co., Ltd.		17,500		1,331,008
Sega Sammy Holdings, Inc.		13,300		179,479
Seibu Holdings, Inc.		13,800		255,816
Seiko Epson Corp.		20,000		446,247
Sekisui Chemical Co., Ltd.		29,500		529,768
Sekisui House, Ltd.		46,800		826,124
Seven & i Holdings Co., Ltd.		58,800		2,427,018
Seven Bank, Ltd.		43,000		154,350
Sharp Corp. (b) (c)		120,000		447,070
Shimadzu Corp.		19,900		379,740
Shimamura Co., Ltd.		2,300		281,775
Shimano, Inc.		6,000		951,947
Shimizu Corp.		39,000		414,454
Shin-Etsu Chemical Co., Ltd.		30,900		2,809,889
Shinsei Bank, Ltd.		132,000		231,151
Shionogi & Co., Ltd.		22,500		1,256,328
Shiseido Co., Ltd.		29,300		1,044,871
Shizuoka Bank, Ltd. (The)		41,000		371,785
SMC Corp.		4,500		1,371,891
SoftBank Group Corp.		64,100		5,213,106
Sohgo Security Services Co., Ltd.		4,800		216,593
Sompo Holdings, Inc.		26,999		1,048,423
Sony Corp.		99,100		3,784,031
Sony Financial Holdings, Inc.		12,800		219,455
Stanley Electric Co., Ltd.		11,800		357,249
Start Today Co., Ltd.		14,400		355,345
Subaru Corp.		49,600		1,678,214
Sumitomo Chemical Co., Ltd.		126,000		727,542
Sumitomo Corp.		93,000		1,213,673
Sumitomo Dainippon Pharma Co., Ltd.		12,500		170,940
Sumitomo Electric Industries, Ltd.		57,634		890,304
Sumitomo Heavy Industries, Ltd.		39,000		258,379
Sumitomo Metal Mining Co., Ltd.		40,000		536,030
Sumitomo Mitsui Financial Group, Inc.		106,500		4,170,625
Sumitomo Mitsui Trust Holdings, Inc.		26,526		952,609
Sumitomo Realty & Development Co., Ltd.		28,000		866,346
Sumitomo Rubber Industries, Ltd.		12,500		211,613
Sundrug Co., Ltd.		6,000		224,155
Suntory Beverage & Food, Ltd.		10,400		484,314
Suruga Bank, Ltd.		13,000		316,219
Suzuken Co., Ltd.		5,800		193,045
Suzuki Motor Corp.		26,200		1,246,449
Sysmex Corp.		12,200		730,355
T&D Holdings, Inc.		49,200		754,469
Japan—(Continued)
Taiheiyo Cement Corp.		82,000		299,817
Taisei Corp.		80,000		731,817
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		228,757
Takashimaya Co., Ltd.		19,000		181,282
Takeda Pharmaceutical Co., Ltd.		56,400		2,870,495
TDK Corp.		10,500		693,526
Teijin, Ltd.		13,200		254,480
Terumo Corp.		27,200		1,073,336
THK Co., Ltd.		7,700		219,090
Tobu Railway Co., Ltd.		73,000		398,899
Toho Co., Ltd.		8,500		262,251
Toho Gas Co., Ltd.		31,000		226,030
Tohoku Electric Power Co., Inc.		39,800		551,936
Tokio Marine Holdings, Inc.		53,500		2,225,068
Tokyo Electric Power Co. Holdings, Inc. (b)		124,100		512,924
Tokyo Electron, Ltd.		12,200		1,654,479
Tokyo Gas Co., Ltd.		162,000		844,547
Tokyo Tatemono Co., Ltd.		14,500		190,480
Tokyu Corp.		75,000		573,339
Tokyu Fudosan Holdings Corp.		37,000		219,301
Toppan Printing Co., Ltd.		41,000		450,888
Toray Industries, Inc.		126,000		1,056,665
Toshiba Corp. (b) (c)		313,000		759,026
Tosoh Corp.		46,000		473,503
TOTO, Ltd.		10,400		398,372
Toyo Seikan Group Holdings, Ltd.		17,200		291,177
Toyo Suisan Kaisha, Ltd.		6,000		230,341
Toyota Industries Corp.		12,600		665,414
Toyota Motor Corp.		204,900		10,759,010
Toyota Tsusho Corp.		15,500		465,933
Trend Micro, Inc.		10,400		537,120
Tsuruha Holdings, Inc.		2,900		308,380
Unicharm Corp.		33,200		835,942
United Urban Investment Corp. (REIT)		266		379,967
USS Co., Ltd.		16,600		330,586
West Japan Railway Co.		13,700		969,725
Yahoo Japan Corp.		103,000		449,043
Yakult Honsha Co., Ltd.		6,300		429,518
Yamada Denki Co., Ltd.		55,900		278,061
Yamaguchi Financial Group, Inc.		15,000		181,770
Yamaha Corp.		15,800		547,472
Yamaha Motor Co., Ltd.		23,700		613,389
Yamato Holdings Co., Ltd.		27,000		548,971
Yamazaki Baking Co., Ltd.		9,000		179,586
Yaskawa Electric Corp.		18,000		382,860
Yokogawa Electric Corp.		16,300		262,302
Yokohama Rubber Co., Ltd. (The)		9,200		185,290
				251,999,957
Jersey, Channel Islands—0.1%
Randgold Resources, Ltd.		8,250		728,188
Jordan—0.0%
Hikma Pharmaceuticals plc		11,370		217,186

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Luxembourg—0.3%
ArcelorMittal (b)		52,051	$	1,183,086
Eurofins Scientific SE		878		494,310
Millicom International Cellular S.A.		5,384		318,064
RTL Group S.A. (b)		2,700		203,917
SES S.A.		29,140		682,368
Tenaris S.A. (c)		35,513		553,044
				3,434,789
Macau—0.0%
MGM China Holdings, Ltd.		78,800		175,279
Wynn Macau, Ltd.		134,800		315,140
				490,419
Mexico—0.0%
Fresnillo plc		14,894		288,257
Netherlands—4.2%
ABN AMRO Group NV		29,995		800,397
Aegon NV		144,233		740,118
Akzo Nobel NV		19,973		1,731,446
Altice NV - Class A (b) (c)		30,479		707,797
Altice NV - Class B (b)		8,752		201,691
ASML Holding NV		28,803		3,744,929
Boskalis Westminster		6,498		210,843
EXOR NV		8,104		440,367
Gemalto NV		7,697		464,197
Heineken Holding NV		8,233		755,590
Heineken NV		17,749		1,726,664
ING Groep NV		300,946		5,226,702
Koninklijke Ahold Delhaize NV		99,624		1,906,849
Koninklijke DSM NV		13,712		1,000,362
Koninklijke KPN NV		263,537		844,457
Koninklijke Philips NV		74,893		2,662,193
Koninklijke Vopak NV		3,942		182,747
NN Group NV		24,394		867,311
NXP Semiconductors NV (b)		27,100		2,966,095
Randstad Holding NV		9,402		549,035
Royal Dutch Shell plc - A Shares		347,094		9,195,098
Royal Dutch Shell plc - B Shares		293,915		7,873,124
Wolters Kluwer NV		22,804		965,019
				45,763,031
New Zealand—0.2%
Auckland International Airport, Ltd.		69,174		361,169
Contact Energy, Ltd.		58,969		224,977
Fletcher Building, Ltd.		56,031		328,262
Meridian Energy, Ltd.		124,449		265,169
Ryman Healthcare, Ltd.		29,900		181,500
Spark New Zealand, Ltd.		153,824		426,169
				1,787,246
Norway—0.6%
DNB ASA		81,386		1,384,359
Gjensidige Forsikring ASA (c)		14,357		244,209
Marine Harvest ASA (b)		30,284		516,622
Norway—(Continued)
Norsk Hydro ASA		110,802		613,278
Orkla ASA		68,492		694,281
Schibsted ASA - B Shares		6,744		148,639
Statoil ASA		87,269		1,445,583
Telenor ASA		58,784		971,681
Yara International ASA		14,337		537,079
				6,555,731
Portugal—0.2%
Banco Espirito Santo S.A. (a) (b) (d)		199,038		0
EDP - Energias de Portugal S.A.		185,244		605,216
Galp Energia SGPS S.A.		40,100		608,233
Jeronimo Martins SGPS S.A.		22,596		441,718
				1,655,167
Singapore—1.3%
Ascendas Real Estate Investment Trust (REIT)		215,000		407,646
CapitaLand Commercial Trust (REIT)		143,000		172,411
CapitaLand Mall Trust (REIT)		240,200		344,558
CapitaLand, Ltd.		227,200		577,596
City Developments, Ltd.		34,000		264,987
ComfortDelGro Corp., Ltd.		153,000		255,890
DBS Group Holdings, Ltd.		141,667		2,134,183
Genting Singapore plc		418,200		329,665
Global Logistic Properties, Ltd.		184,100		382,584
Golden Agri-Resources, Ltd.		605,100		164,815
Jardine Cycle & Carriage, Ltd.		8,888		286,396
Keppel Corp., Ltd.		96,900		442,720
Oversea-Chinese Banking Corp., Ltd.		247,264		1,937,894
SATS, Ltd.		56,300		209,026
Sembcorp Industries, Ltd.		71,000		158,872
Singapore Airlines, Ltd.		51,440		378,170
Singapore Exchange, Ltd.		54,400		290,071
Singapore Press Holdings, Ltd.		153,050		359,088
Singapore Technologies Engineering, Ltd.		130,000		347,479
Singapore Telecommunications, Ltd.		656,420		1,854,643
Suntec Real Estate Investment Trust (REIT)		179,000		243,123
United Overseas Bank, Ltd.		105,192		1,767,202
UOL Group, Ltd.		33,000		183,191
Wilmar International, Ltd.		102,200		248,677
				13,740,887
South Africa—0.1%
Investec plc		52,596		391,998
Mediclinic International plc (c)		30,600		294,675
Mondi plc		27,093		709,096
				1,395,769
Spain—3.3%
Abertis Infraestructuras S.A.		51,494		953,447
ACS Actividades de Construccion y Servicios S.A.		18,493		714,288
Aena S.A.		5,774		1,126,626
Amadeus IT Group S.A. (c)		36,080		2,155,354
Banco Bilbao Vizcaya Argentaria S.A.		520,464		4,343,855

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—(Continued)
Banco de Sabadell S.A.		385,331	$	787,624
Banco Santander S.A.		1,144,201		7,607,034
Bankia S.A.		80,824		390,448
Bankinter S.A.		48,939		452,227
CaixaBank S.A. (c)		268,510		1,283,451
Distribuidora Internacional de Alimentacion S.A.		40,490		252,493
Enagas S.A.		17,953		503,635
Endesa S.A. (c)		23,384		539,313
Ferrovial S.A.		39,001		865,672
Gamesa Corp. Technologica S.A.		18,682		399,654
Gas Natural SDG S.A.		31,745		744,867
Grifols S.A.		23,842		663,970
Iberdrola S.A.		455,599		3,612,396
Industria de Diseno Textil S.A.		85,169		3,275,208
Mapfre S.A.		74,474		259,899
Red Electrica Corp. S.A.		36,520		763,700
Repsol S.A.		90,138		1,380,895
Telefonica S.A.		356,309		3,678,920
				36,754,976
Sweden—2.8%
Alfa Laval AB		20,852		426,757
Assa Abloy AB - Class B		80,175		1,760,335
Atlas Copco AB - A Shares		53,715		2,066,395
Atlas Copco AB - B Shares		32,703		1,130,631
Boliden AB		20,002		545,944
Electrolux AB - Series B		17,118		562,271
Essity AB - Class B (b)		46,532		1,271,630
Getinge AB - B Shares		19,011		372,583
Hennes & Mauritz AB - B Shares		74,424		1,856,621
Hexagon AB - B Shares		19,206		912,515
Husqvarna AB - B Shares		25,677		255,762
ICA Gruppen AB		5,619		209,237
Industrivarden AB - C Shares		16,050		384,504
Investor AB - B Shares		35,158		1,698,646
Kinnevik AB - Class B		16,046		492,017
L E Lundbergforetagen AB - B Shares		3,045		240,120
Lundin Petroleum AB (b)		16,017		308,224
Nordea Bank AB		237,519		3,027,497
Sandvik AB		84,986		1,336,721
Securitas AB - B Shares		21,462		362,354
Skandinaviska Enskilda Banken AB - Class A		113,560		1,376,824
Skanska AB - B Shares		30,119		715,903
SKF AB - B Shares		32,785		666,606
Svenska Handelsbanken AB - A Shares		123,478		1,771,040
Swedbank AB - A Shares		68,851		1,677,521
Swedish Match AB		14,499		510,622
Tele2 AB - B Shares		23,661		248,365
Telefonaktiebolaget LM Ericsson - B Shares		245,096		1,765,673
Telia Co. AB		203,590		938,073
Volvo AB - B Shares		126,102		2,151,417
				31,042,808
Switzerland—8.9%
ABB, Ltd.		156,197		3,869,386
Switzerland—(Continued)
Adecco Group AG		12,943		986,647
Baloise Holding AG		4,297		665,266
Barry Callebaut AG (b)		132		181,858
Chocoladefabriken Lindt & Spruengli AG		7		488,644
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81		470,316
Cie Financiere Richemont S.A.		40,858		3,375,903
Coca-Cola HBC AG (b)		13,800		404,859
Credit Suisse Group AG (b)		188,003		2,727,587
Dufry AG (b)		2,729		449,655
EMS-Chemie Holding AG		579		428,854
Geberit AG		3,038		1,420,034
Givaudan S.A.		717		1,436,701
Glencore plc (b)		976,977		3,657,132
Julius Baer Group, Ltd. (b)		17,027		898,527
Kuehne & Nagel International AG		4,135		692,101
LafargeHolcim, Ltd. (b)		35,455		2,039,436
Lonza Group AG (b)		5,887		1,274,815
Nestle S.A.		244,217		21,301,511
Novartis AG		175,231		14,652,460
Pargesa Holding S.A.		3,025		231,157
Partners Group Holding AG		1,388		861,657
Roche Holding AG		55,131		14,095,307
Schindler Holding AG		1,428		296,533
Schindler Holding AG (Participation Certificate)		3,216		681,632
SGS S.A.		429		1,041,395
Sika AG		170		1,095,799
Sonova Holding AG		4,058		659,682
STMicroelectronics NV		51,024		730,630
Straumann Holding AG		747		426,999
Swatch Group AG (The)		4,374		319,952
Swatch Group AG (The) - Bearer Shares		2,384		882,512
Swiss Life Holding AG (b)		2,458		831,502
Swiss Prime Site AG (b)		4,706		428,034
Swiss Re AG		26,071		2,391,516
Swisscom AG		2,156		1,042,513
UBS Group AG (b)		285,210		4,847,945
Vifor Pharma AG		3,820		422,850
Wolseley plc		20,872		1,280,119
Zurich Insurance Group AG		11,791		3,437,932
				97,427,358
United Kingdom—15.4%
3i Group plc		83,477		980,195
Aberdeen Asset Management plc		62,282		244,706
Admiral Group plc		16,009		416,675
Anglo American plc (b)		102,893		1,375,253
Ashtead Group plc		37,846		782,925
Associated British Foods plc		27,546		1,050,775
AstraZeneca plc		98,802		6,603,812
Auto Trader Group plc		75,401		372,335
Aviva plc		331,823		2,269,425
Babcock International Group plc		22,688		259,709
BAE Systems plc		259,623		2,139,488
Barclays plc		1,307,401		3,450,496
Barratt Developments plc		88,548		648,436

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Berkeley Group Holdings plc		10,289	$	431,349
BP plc		1,532,947		8,832,122
British American Tobacco plc		146,300		9,933,648
British Land Co. plc (The) (REIT)		73,348		577,209
BT Group plc		669,710		2,564,871
Bunzl plc		27,344		813,453
Burberry Group plc		32,742		707,456
Capita plc		56,282		505,621
Centrica plc		433,996		1,128,235
CNH Industrial NV		78,026		886,792
Cobham plc		208,055		351,000
Coca-Cola European Partners plc		17,100		693,523
Compass Group plc		123,635		2,603,475
ConvaTec Group plc) (b)		91,978		381,472
Croda International plc		12,193		615,590
DCC plc		7,008		636,952
Diageo plc		197,298		5,816,725
Direct Line Insurance Group plc		120,497		556,679
Dixons Carphone plc		87,082		321,117
easyJet plc		10,815		190,985
Experian plc		72,847		1,491,951
Fiat Chrysler Automobiles NV (b)		83,815		882,931
G4S plc		108,086		458,641
GKN plc		126,099		534,565
GlaxoSmithKline plc		382,640		8,128,762
Hammerson plc (REIT)		74,953		559,634
Hargreaves Lansdown plc		23,808		402,896
HSBC Holdings plc		1,553,512		14,381,048
IMI plc		20,055		311,499
Imperial Brands plc		74,257		3,330,153
Inmarsat plc		33,445		334,492
InterContinental Hotels Group plc		14,856		823,421
International Consolidated Airlines Group S.A. - Class DI		49,850		395,857
Intertek Group plc		14,174		777,489
Intu Properties plc (REIT)		51,249		179,176
J Sainsbury plc		120,106		392,982
Johnson Matthey plc		15,590		581,585
Kingfisher plc		189,541		740,345
Land Securities Group plc (REIT)		58,284		767,285
Legal & General Group plc		465,307		1,561,916
Lloyds Banking Group plc		5,600,801		4,821,210
London Stock Exchange Group plc		25,259		1,197,278
Marks & Spencer Group plc		137,472		595,181
Meggitt plc		55,862		346,577
Merlin Entertainments plc		52,353		326,990
National Grid plc		274,656		3,399,801
Next plc		11,803		591,189
Old Mutual plc		378,865		952,129
Pearson plc		63,486		570,259
Persimmon plc		22,805		664,455
Provident Financial plc		11,099		350,969
Prudential plc		205,782		4,714,809
Reckitt Benckiser Group plc		52,126		5,274,624
RELX NV		78,420		1,611,447
RELX plc		85,441		1,843,968
Rio Tinto plc		97,042		4,080,652
United Kingdom—(Continued)
Rio Tinto, Ltd.		34,042		1,649,961
Rolls-Royce Holdings plc (b)		129,769		1,504,064
Royal Bank of Scotland Group plc (b)		268,333		862,404
Royal Mail plc		67,965		372,084
RSA Insurance Group plc		74,322		594,648
Sage Group plc (The)		93,810		838,975
Schroders plc		10,735		433,026
Segro plc (REIT)		74,212		471,979
Severn Trent plc		20,415		579,047
Sky plc		81,836		1,056,639
Smith & Nephew plc		70,070		1,207,087
Smiths Group plc		31,976		664,414
SSE plc		80,939		1,526,599
St. James’s Place plc		38,927		597,909
Standard Chartered plc (b)		260,617		2,636,425
Standard Life plc		166,532		863,620
Tate & Lyle plc		33,576		288,947
Taylor Wimpey plc		240,026		549,587
Tesco plc (b)		641,000		1,407,969
Travis Perkins plc		20,832		394,001
Unilever NV		127,597		7,041,771
Unilever plc		100,244		5,415,292
United Utilities Group plc		57,234		645,384
Vodafone Group plc		2,068,985		5,855,566
Weir Group plc (The)		17,104		385,561
Whitbread plc		14,502		747,362
WM Morrison Supermarkets plc		166,578		522,338
Worldpay Group plc		144,225		589,985
WPP plc		101,031		2,119,983
				169,343,297
United States—0.6%
Carnival plc		15,318		1,011,549
Mobileye NV (b)		15,800		992,240
QIAGEN NV (b)		15,166		504,282
Shire plc		71,765		3,943,234
				6,451,305
Total Common Stocks (Cost $911,203,787)				1,068,200,659
Preferred Stocks—0.5%
Germany—0.5%
Bayerische Motoren Werke (BMW) AG		3,581		295,060
FUCHS Petrolub SE		4,900		267,383
Henkel AG & Co. KGaA		13,964		1,919,193
Porsche Automobil Holding SE		11,870		665,991
Schaeffler AG		13,141		187,964
Volkswagen AG		14,125		2,151,310
Total Preferred Stocks (Cost $4,128,463)				5,486,901

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mutual Fund—0.5%

Security Description	Shares/ Principal Amount*		Value
United States—0.5%
iShares MSCI EAFE ETF (c) (e) (Cost $5,032,743)		79,000	$	5,150,800
Rights—0.0%
Spain—0.0%
ACS Actividades de Construccion y Servicios S.A., Expires 07/17/17 (b)		18,493		14,764
Repsol S.A., Expires 06/30/17 (b)		90,138		41,123
Total Rights (Cost $58,620)				55,887
Short-Term Investments—1.8%
Discount Notes—0.8%
Federal Home Loan Bank 0.596%, 07/19/17 (f)		700,000		699,689
0.608%, 07/07/17 (f)		700,000		699,922
0.772%, 07/14/17 (f)		550,000		549,832
0.848%, 07/21/17 (f)		4,600,000		4,597,700
0.906%, 08/03/17 (f)		600,000		599,473
0.935%, 08/02/17 (f)		650,000		649,448
0.949%, 07/28/17 (f)		525,000		524,636
1.009%, 08/09/17 (f)		450,000		449,528
				8,770,228
U.S. Treasury—1.0%
U.S. Treasury Bills 0.662%, 07/06/17 (f)		175,000		174,989
0.746%, 08/03/17 (f)		200,000		199,853
0.900%, 08/17/17 (f)		3,225,000		3,221,356
0.936%, 09/07/17 (f)		325,000		324,434
0.989%, 09/21/17 (f)		6,125,000		6,111,752
1.021%, 09/28/17 (f)		700,000		698,291
				10,730,675
Total Short-Term Investments (Cost $19,500,313)				19,500,903
Securities Lending Reinvestments (g)—0.5%
Repurchase Agreements—0.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $253,356 on 07/03/17, collateralized by $263,716 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $258,400.		253,334		253,334
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,000,092 on 07/03/17, collateralized by $996,157 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $600,060 on 07/03/17, collateralized by $610,040 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $612,002.		600,000		600,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $400,310 on 07/03/17, collateralized by $87 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $444,729.		400,000		400,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $400,042 on 07/03/17, collateralized by $360,673 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $408,266.		400,000		400,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $1,100,123 on 07/03/17, collateralized by $2,193,468 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $1,122,131.		1,100,000		1,100,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $1,000,098 on 07/03/17, collateralized by $1,501,763 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $1,020,000.		1,000,000		1,000,000
				4,753,334
Time Deposits—0.1%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Credit Industriel et Commercial 1.100%, 07/03/17		200,000	$	200,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		200,000		200,000
Nordea Bank New York 1.050%, 07/03/17		200,000		200,000
Standard Chartered plc 1.200%, 07/03/17		250,000		250,000
				950,000
Total Securities Lending Reinvestments (Cost $5,703,334)				5,703,334
Total Investments—100.4% (Cost $945,627,260) (h)				1,104,098,484
Other assets and liabilities (net)—(0.4)%				(3,913,768	)
Net Assets—100.0%			$	1,100,184,716

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(b)	Non-income producing security.
(c)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $5,441,992 and the collateral received consisted of cash in the amount of $5,703,334. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent less than 0.05% of net assets.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2017, the market value of securities pledged was $2,608,000.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(h)	As of June 30, 2017, the aggregate cost of investments was $945,627,260. The aggregate unrealized appreciation and depreciation of investments were $279,878,396 and $(121,407,172), respectively, resulting in net unrealized appreciation of $158,471,224.
(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 June 30, 2017 (Unaudited)	% of Net Assets
Banks		12.4
Pharmaceuticals		7.8
Insurance		5.4
Oil, Gas & Consumable Fuels		4.5
Chemicals		3.6
Automobiles		3.3
Food Products		3.2
Metals & Mining		2.7
Machinery		2.6
Diversified Telecommunication Services		2.5

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
MSCI EAFE Mini Index Futures		09/15/17		198		USD	18,629,240	$	77,800

(USD)— United States Dollar

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	75,894,929	$	0	$	75,894,929
Austria		—		2,579,777		—		2,579,777
Belgium		—		12,264,722		—		12,264,722
Chile		—		280,723		—		280,723
China		—		1,551,902		—		1,551,902
Denmark		—		19,439,358		—		19,439,358
Finland		—		11,007,431		—		11,007,431
France		1,153,568		108,809,518		—		109,963,086
Germany		—		96,331,717		—		96,331,717
Hong Kong		444,510		35,275,814		—		35,720,324
Ireland		473,586		5,288,239		—		5,761,825
Israel		3,396,095		2,967,444		—		6,363,539
Italy		—		21,964,955		—		21,964,955
Japan		—		251,999,957		—		251,999,957
Jersey, Channel Islands		—		728,188		—		728,188
Jordan		—		217,186		—		217,186
Luxembourg		—		3,434,789		—		3,434,789
Macau		—		490,419		—		490,419
Mexico		—		288,257		—		288,257
Netherlands		2,966,095		42,796,936		—		45,763,031
New Zealand		—		1,787,246		—		1,787,246
Norway		—		6,555,731		—		6,555,731
Portugal		—		1,655,167		0		1,655,167
Singapore		—		13,740,887		—		13,740,887
South Africa		—		1,395,769		—		1,395,769
Spain		—		36,754,976		—		36,754,976
Sweden		1,271,630		29,771,178		—		31,042,808
Switzerland		1,350,301		96,077,057		—		97,427,358
United Kingdom		—		169,343,297		—		169,343,297
United States		992,240		5,459,065		—		6,451,305
Total Common Stocks		12,048,025		1,056,152,634		0		1,068,200,659
Total Preferred Stocks*		—		5,486,901		—		5,486,901
Total Mutual Fund*		5,150,800		—		—		5,150,800
Total Rights*		55,887		—		—		55,887
Total Short-Term Investments*		—		19,500,903		—		19,500,903

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Total Securities Lending Reinvestments*	$	—	$	5,703,334		$	—	$	5,703,334
Total Investments	$	17,254,712	$	1,086,843,772		$	0	$	1,104,098,484
Collateral for Securities Loaned (Liability)	$	—	$	(5,703,334	)	$	—	$	(5,703,334	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	77,800	$	—		$	—	$	77,800

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $978,286 were due to the application of a systematic fair valuation model factor.

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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,104,098,484
Cash		5,092
Cash denominated in foreign currencies (c)		532,527
Receivable for:
Investments sold		2,948,380
Fund shares sold		203,426
Dividends		4,521,679
Variation margin on futures contracts		14,850
Total Assets		1,112,324,438
Liabilities
Collateral for securities loaned		5,703,334
Payables for:
Investments purchased		195,957
Fund shares redeemed		5,195,703
Accrued Expenses:
Management fees		271,566
Distribution and service fees		116,841
Deferred trustees’ fees		103,290
Other expenses		553,031
Total Liabilities		12,139,722
Net Assets	$	1,100,184,716
Net Assets Consist of:
Paid in surplus	$	966,314,855
Undistributed net investment income		10,874,903
Accumulated net realized loss		(35,600,989	)
Unrealized appreciation on investments, futures contracts and foreign currency transactions		158,595,947
Net Assets	$	1,100,184,716
Net Assets
Class A	$	548,338,670
Class B		412,374,524
Class E		30,794,549
Class G		108,676,973
Capital Shares Outstanding*
Class A		41,199,915
Class B		31,586,228
Class E		2,324,660
Class G		8,374,632
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.31
Class B		13.06
Class E		13.25
Class G		12.98

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $945,627,260.
(b)	Includes securities loaned at value of $5,441,992.
(c)	Identified cost of cash denominated in foreign currencies was $531,627.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	21,060,338
Interest		57,249
Securities lending income		247,485
Total investment income		21,365,072
Expenses
Management fees		1,599,571
Administration fees		16,973
Custodian and accounting fees		137,938
Distribution and service fees—Class B		508,056
Distribution and service fees—Class E		22,886
Distribution and service fees—Class G		156,357
Audit and tax services		21,648
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		81,896
Insurance		3,422
Miscellaneous		92,511
Total expenses		2,686,253
Less management fee waiver		(16,127	)
Net expenses		2,670,126
Net Investment Income		18,694,946
Net Realized and Unrealized Gain
Net realized gain on:
Investments		5,412,338
Futures contracts		2,211,431
Foreign currency transactions		32,473
Net realized gain		7,656,242
Net change in unrealized appreciation on:
Investments		115,549,818
Futures contracts		190,558
Foreign currency transactions		147,171
Net change in unrealized appreciation		115,887,547
Net realized and unrealized gain		123,543,789
Net Increase in Net Assets From Operations	$	142,238,735

(a) Net of foreign withholding taxes of $2,134,613.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	18,694,946		$	27,801,838
Net realized gain		7,656,242			1,294,778
Net change in unrealized appreciation (depreciation)		115,887,547			(13,397,235	)
Increase in net assets from operations		142,238,735			15,699,381
From Distributions to Shareholders
Net investment income
Class A		(14,750,511	)		(12,581,615	)
Class B		(10,394,985	)		(9,346,457	)
Class E		(789,604	)		(740,137	)
Class G		(2,690,889	)		(2,272,642	)
Total distributions		(28,625,989	)		(24,940,851	)
Increase (decrease) in net assets from capital share transactions		(31,124,168	)		43,616,044
Total increase in net assets		82,488,578			34,374,574
Net Assets
Beginning of period		1,017,696,138			983,321,564
End of period	$	1,100,184,716		$	1,017,696,138
Undistributed net investment income
End of period	$	10,874,903		$	20,805,946

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		1,201,602		$	15,363,365			5,749,280		$	65,578,434
Reinvestments		1,113,246			14,750,511			1,120,357			12,581,615
Redemptions		(2,790,440	)		(36,034,808	)		(3,480,264	)		(41,023,397	)
Net increase (decrease)		(475,592	)	$	(5,920,932	)		3,389,373		$	37,136,652
Class B
Sales		348,373		$	4,305,411			2,296,371		$	26,002,064
Reinvestments		799,614			10,394,985			848,135			9,346,457
Redemptions		(2,866,980	)		(36,738,095	)		(2,928,273	)		(34,015,204	)
Net increase (decrease)		(1,718,993	)	$	(22,037,699	)		216,233		$	1,333,317
Class E
Sales		26,822		$	340,276			105,785		$	1,216,258
Reinvestments		59,864			789,604			66,202			740,137
Redemptions		(248,835	)		(3,222,152	)		(278,954	)		(3,258,030	)
Net decrease		(162,149	)	$	(2,092,272	)		(106,967	)	$	(1,301,635	)
Class G
Sales		528,393		$	6,592,959			1,362,232		$	15,441,431
Reinvestments		208,273			2,690,889			207,358			2,272,642
Redemptions		(820,202	)		(10,357,113	)		(978,555	)		(11,266,363	)
Net increase (decrease)		(83,536	)	$	(1,073,265	)		591,035		$	6,447,710
Increase (decrease) derived from capital shares transactions				$	(31,124,168	)				$	43,616,044

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.97		$	12.14		$	12.67		$	13.83		$	11.72		$	10.22
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.34	(b)		0.34			0.45			0.35			0.35
Net realized and unrealized gain (loss) on investments		1.48			(0.20	)		(0.45	)		(1.26	)		2.15			1.49
Total from investment operations		1.71			0.14			(0.11	)		(0.81	)		2.50			1.84
Less Distributions
Distributions from net investment income		(0.37	)		(0.31	)		(0.42	)		(0.35	)		(0.39	)		(0.34	)
Total distributions		(0.37	)		(0.31	)		(0.42	)		(0.35	)		(0.39	)		(0.34	)
Net Asset Value, End of Period	$	13.31		$	11.97		$	12.14		$	12.67		$	13.83		$	11.72
Total Return (%) (c)		14.26	(d)		1.34			(1.09	)		(6.00	)		21.86			18.33
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.37	(e)		0.38			0.40			0.40			0.40			0.41
Net ratio of expenses to average net assets (%) (f)		0.37	(e)		0.38			0.40			0.40			0.40			0.40
Ratio of net investment income to average net assets (%)		3.64	(e)		2.93	(b)		2.59			3.34			2.76			3.25
Portfolio turnover rate (%)		4	(d)		12			9			9			10			8
Net assets, end of period (in millions)	$	548.3		$	498.7		$	464.9		$	430.0		$	394.5		$	297.7
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.73		$	11.91		$	12.43		$	13.58		$	11.52		$	10.05
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.31	(b)		0.30			0.42			0.31			0.32
Net realized and unrealized gain (loss) on investments		1.45			(0.21	)		(0.43	)		(1.25	)		2.11			1.46
Total from investment operations		1.66			0.10			(0.13	)		(0.83	)		2.42			1.78
Less Distributions
Distributions from net investment income		(0.33	)		(0.28	)		(0.39	)		(0.32	)		(0.36	)		(0.31	)
Total distributions		(0.33	)		(0.28	)		(0.39	)		(0.32	)		(0.36	)		(0.31	)
Net Asset Value, End of Period	$	13.06		$	11.73		$	11.91		$	12.43		$	13.58		$	11.52
Total Return (%) (c)		14.20	(d)		1.00			(1.28	)		(6.27	)		21.52			18.02
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(e)		0.63			0.65			0.65			0.65			0.66
Net ratio of expenses to average net assets (%) (f)		0.62	(e)		0.63			0.65			0.65			0.65			0.65
Ratio of net investment income to average net assets (%)		3.38	(e)		2.69	(b)		2.37			3.14			2.55			2.99
Portfolio turnover rate (%)		4	(d)		12			9			9			10			8
Net assets, end of period (in millions)	$	412.4		$	390.7		$	394.0		$	405.3		$	422.9		$	375.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.90		$	12.08		$	12.60		$	13.75		$	11.66		$	10.17
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.33	(b)		0.32			0.44			0.33			0.33
Net realized and unrealized gain (loss) on investments		1.48			(0.22	)		(0.44	)		(1.26	)		2.13			1.48
Total from investment operations		1.70			0.11			(0.12	)		(0.82	)		2.46			1.81
Less Distributions
Distributions from net investment income		(0.35	)		(0.29	)		(0.40	)		(0.33	)		(0.37	)		(0.32	)
Total distributions		(0.35	)		(0.29	)		(0.40	)		(0.33	)		(0.37	)		(0.32	)
Net Asset Value, End of Period	$	13.25		$	11.90		$	12.08		$	12.60		$	13.75		$	11.66
Total Return (%) (c)		14.26	(d)		1.08			(1.18	)		(6.11	)		21.62			18.13
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52	(e)		0.53			0.55			0.55			0.55			0.56
Net ratio of expenses to average net assets (%) (f)		0.52	(e)		0.53			0.55			0.55			0.55			0.55
Ratio of net investment income to average net assets (%)		3.47	(e)		2.80	(b)		2.48			3.26			2.66			3.11
Portfolio turnover rate (%)		4	(d)		12			9			9			10			8
Net assets, end of period (in millions)	$	30.8		$	29.6		$	31.3		$	34.3		$	38.9		$	37.0

	Class G
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.66		$	11.84		$	12.36		$	13.51		$	11.47		$	10.01
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.30	(b)		0.29			0.41			0.31			0.31
Net realized and unrealized gain (loss) on investments		1.44			(0.20	)		(0.42	)		(1.25	)		2.09			1.46
Total from investment operations		1.65			0.10			(0.13	)		(0.84	)		2.40			1.77
Less Distributions
Distributions from net investment income		(0.33	)		(0.28	)		(0.39	)		(0.31	)		(0.36	)		(0.31	)
Total distributions		(0.33	)		(0.28	)		(0.39	)		(0.31	)		(0.36	)		(0.31	)
Net Asset Value, End of Period	$	12.98		$	11.66		$	11.84		$	12.36		$	13.51		$	11.47
Total Return (%) (c)		14.16	(d)		0.97			(1.31	)		(6.33	)		21.44			17.94
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67	(e)		0.68			0.70			0.70			0.70			0.71
Net ratio of expenses to average net assets (%) (f)		0.67	(e)		0.68			0.70			0.70			0.70			0.70
Ratio of net investment income to average net assets (%)		3.34	(e)		2.63	(b)		2.32			3.10			2.49			2.94
Portfolio turnover rate (%)		4	(d)		12			9			9			10			8
Net assets, end of period (in millions)	$	108.7		$	98.6		$	93.1		$	90.7		$	99.3		$	69.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.04% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife MSCI EAFE Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-21

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-22

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $4,753,334. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(5,641,836	)	$	—	$	—	$	—	$	(5,641,836	)
Mutual Funds		(61,498	)		—		—		—		(61,498	)
Total	$	(5,703,334	)	$	—	$	—	$	—	$	(5,703,334	)
Total Borrowings	$	(5,703,334	)	$	—	$	—	$	—	$	(5,703,334	)
Gross amount of recognized liabilities for securities lending transactions										$	(5,703,334	)

BHFTII-23

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	77,800

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	2,211,431
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	190,558

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	10,350

‡ Averages are based on activity levels during the period.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

BHFTII-24

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	42,150,041	$	0	$	82,921,886

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.300% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $1,599,571.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum		Average daily net assets
	0.050%	On the first $500 million
	0.040%	Of the next $500 million
	0.020%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2017 were $230,611.

BHFTII-25

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum		Average daily net assets
	0.005%	Over $500 million and under $1 billion
	0.010%	Of the next $1 billion
	0.015%	On amounts over $2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$24,940,851	$	30,966,932	$	—	$	—	$	24,940,851	$	30,966,932

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses			Total
$28,503,271	$	—	$	30,097,317	$	(26,531,041	)	$	(11,719,235	)	$	20,350,312

BHFTII-26

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the post-enactment accumulated short-term capital losses were $2,156,264, the post-enactment accumulated long-term capital losses were $9,562,971 and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$23,421,712	$	3,109,329	$	26,531,041

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-27

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	75,106,15		2,791,00		6,730,081

To Approve a Subadvisory Agreement between the Manager and MetLife Investment Advisors, LLC

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
75,055,545		2,772,629		6,799,068

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		78,155,466		6,471,775
Robert Boulware		78,188,922		6,438,319
Susan C. Gause		78,292,748		6,334,492
Nancy Hawthorne		78,245,824		6,381,417
Barbara A. Nugent		78,282,697		6,344,544
John Rosenthal		78,094,145		6,533,095
Linda B. Strumpf		78,259,394		6,367,847
Dawn M. Vroegop		78,152,806		6,474,435

BHFTII-28

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Managed By MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, E and G shares of the MetLife Russell 2000 Index Portfolio returned 5.02%, 4.90%, 4.96%, and 4.83%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 4.99%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2017, equity markets continued to make new all-time highs, rallying on the strength of the global economy, strong corporate earnings, and optimism about potential changes to financial regulation and tax reform. The equity markets also reacted positively to U.S. lawmakers reaching an agreement on a spending bill, the outcome of the French Presidential elections, and better than expected macroeconomic data, including U.S. manufacturing, U.S. nonfarm payrolls, and U.S. consumer sentiment. Equity markets remained resilient despite the United Kingdom (“U.K.”) Conservative Party’s failure to win a majority in the U.K. snap election on June 8^th and increased political risks in the U.S. after President Trump fired FBI Director Comey. Other factors that weighed on the equity markets included geopolitical tensions in Syria and North Korea, two rate hikes by the Federal Reserve (the “Fed”), and the Federal Open Market Committee (the “FOMC”) minutes showing members discussed the potential shrinking of the Fed balance sheet by as early as December.

During the first six months, the FOMC met four times and raised the target range for the Federal Funds Rate twice to 1.00% to 1.25%. The FOMC stated that the labor market had continued to strengthen and that economic activity had been rising moderately so far this year. The FOMC also stated that job gains had moderated but had been solid since the beginning of the year.

Seven of the nine sectors comprising the Russell 2000 Index experienced positive returns for the first six months of 2017. Health Care (12.1% beginning weight in the benchmark), up 22.6%, was the best performing sector and had the largest positive impact on the benchmark return. Technology (14.2% beginning weight), up 11.1%, and Utilities (4.5% beginning weight), up 7.7%, were the next best-performing sectors. Energy (3.5% beginning weight), down 26.7%, and Consumer Staples (2.6% begging weight), down 7.3% were the worst performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Universal Display, up 108.7%; Coherent, up 74.0%; and Chemours, up 63.2%. The stocks with the largest negative impact were Oasis Petroleum, down 46.8%; PDC Energy, down 40.6%; and U.S. Silica Holdings, down 37.2%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the Russell 2000 Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across sectors. The Portfolio is periodically rebalanced for compositional changes in the Russell 2000 Index. Factors that impact tracking error include sampling, transaction costs, cash drag, securities lending, NAV rounding, contributions and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Russell 2000 Index Portfolio
Class A		5.02		24.54		13.74		6.90		—
Class B		4.90		24.27		13.45		6.63		—
Class E		4.96		24.39		13.56		6.74		—
Class G		4.83		24.18		13.40		—		15.56
Russell 2000 Index		4.99		24.60		13.70		6.92		—

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
iShares Russell 2000 Index Fund		2.9
Kite Pharma, Inc.		0.2
Bluebird Bio, Inc.		0.2
Gramercy Property Trust		0.2
Catalent, Inc.		0.2
HealthSouth Corp.		0.2
Medidata Solutions, Inc.		0.2
IDACORP, Inc.		0.2
PAREXEL International Corp.		0.2
Fair Isaac Corp.		0.2

Top Sectors

	% of Net Assets
Financials		19.9
Information Technology		16.0
Health Care		14.2
Industrials		13.7
Consumer Discretionary		11.7
Real Estate		7.1
Materials		4.1
Utilities		3.5
Energy		3.4
Consumer Staples		2.6

BHFTII-2

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.30	%	$	1,000.00	$	1,050.20	$	1.53
	Hypothetical*		0.30	%	$	1,000.00	$	1,023.31	$	1.51
Class B(a)	Actual		0.55	%	$	1,000.00	$	1,049.00	$	2.79
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class E(a)	Actual		0.45	%	$	1,000.00	$	1,049.60	$	2.29
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.56	$	2.26
Class G(a)	Actual		0.60	%	$	1,000.00	$	1,048.30	$	3.05
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—94.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.4%
AAR Corp.		16,635	$	578,233
Aerojet Rocketdyne Holdings, Inc. (a)		32,670		679,536
Aerovironment, Inc. (a) (b)		8,967		342,539
Astronics Corp. (a)		10,382		316,340
Axon Enterprise, Inc. (a) (b)		26,071		655,425
Cubic Corp. (b)		12,431		575,555
Curtiss-Wright Corp.		20,138		1,848,266
DigitalGlobe, Inc. (a)		29,669		987,978
Ducommun, Inc. (a)		5,959		188,185
Engility Holdings, Inc. (a)		8,737		248,131
Esterline Technologies Corp. (a)		12,259		1,162,153
KEYW Holding Corp. (The) (a)		23,744		222,006
KLX, Inc. (a)		24,991		1,249,550
Kratos Defense & Security Solutions, Inc. (a)		32,972		391,378
Mercury Systems, Inc. (a)		22,228		935,577
Moog, Inc. - Class A (a)		15,634		1,121,270
National Presto Industries, Inc.		2,572		284,206
Triumph Group, Inc.		24,082		760,991
Vectrus, Inc. (a)		5,647		182,511
Wesco Aircraft Holdings, Inc. (a)		29,211		316,939
				13,046,769
Air Freight & Logistics—0.3%
Air Transport Services Group, Inc. (a)		24,693		537,814
Atlas Air Worldwide Holdings, Inc. (a)		11,728		611,615
Echo Global Logistics, Inc. (a)		14,649		291,515
Forward Air Corp.		14,772		787,052
HUB Group, Inc. - Class A (a)		15,117		579,737
				2,807,733
Airlines—0.3%
Allegiant Travel Co.		6,072		823,363
Hawaiian Holdings, Inc. (a)		24,998		1,173,656
SkyWest, Inc.		24,419		857,107
				2,854,126
Auto Components—1.1%
American Axle & Manufacturing Holdings, Inc. (a)		40,918		638,321
Cooper Tire & Rubber Co. (b)		24,706		891,887
Cooper-Standard Holdings, Inc. (a)		8,249		832,077
Dana, Inc.		69,361		1,548,831
Dorman Products, Inc. (a)		12,774		1,057,304
Fox Factory Holding Corp. (a)		16,609		591,280
Gentherm, Inc. (a)		17,276		670,309
Horizon Global Corp. (a)		9,617		138,100
LCI Industries		11,598		1,187,635
Modine Manufacturing Co. (a)		23,187		383,745
Motorcar Parts of America, Inc. (a) (b)		8,000		225,920
Standard Motor Products, Inc.		9,638		503,296
Stoneridge, Inc. (a)		13,705		211,194
Superior Industries International, Inc.		12,615		259,238
Tenneco, Inc.		24,415		1,411,919
Tower International, Inc.		10,455		234,715
				10,785,771
Automobiles—0.1%
Winnebago Industries, Inc.		14,967		523,845
Banks—9.7%
1st Source Corp.		7,645		366,501
Access National Corp.		7,093		188,106
Allegiance Bancshares, Inc. (a)		5,825		223,098
American National Bankshares, Inc.		4,311		159,291
Ameris Bancorp		16,855		812,411
Ames National Corp.		4,647		142,198
Arrow Financial Corp. (b)		5,994		189,710
Atlantic Capital Bancshares, Inc. (a)		10,440		198,360
Banc of California, Inc. (b)		23,881		513,441
BancFirst Corp.		3,589		346,697
Banco Latinoamericano de Comercio Exterior S.A. - Class E		14,005		383,457
Bancorp, Inc. (The) (a)		25,747		195,162
BancorpSouth, Inc.		41,566		1,267,763
Bank of Marin Bancorp		3,199		196,898
Bank of NT Butterfield & Son, Ltd. (The)		25,319		863,378
Banner Corp.		14,787		835,613
Bar Harbor Bankshares		7,342		226,280
Berkshire Hills Bancorp, Inc.		16,861		592,664
Blue Hills Bancorp, Inc.		13,063		233,828
Boston Private Financial Holdings, Inc.		40,232		617,561
Bridge Bancorp, Inc.		8,870		295,371
Brookline Bancorp, Inc.		33,001		481,815
Bryn Mawr Bank Corp. (b)		8,151		346,418
Camden National Corp. (b)		7,839		336,371
Canadian Imperial Bank of Commerce		1		48
Capital Bank Financial Corp. - Class A		13,845		527,494
Capital City Bank Group, Inc.		5,769		117,803
Carolina Financial Corp.		7,115		229,957
Cathay General Bancorp		34,405		1,305,670
CenterState Banks, Inc.		25,544		635,024
Central Pacific Financial Corp.		15,142		476,519
Central Valley Community Bancorp		5,248		116,296
Chemical Financial Corp.		33,111		1,602,904
Citizens & Northern Corp.		6,716		156,214
City Holding Co.		7,242		477,031
CNB Financial Corp. (b)		6,782		162,565
CoBiz Financial, Inc.		17,832		310,277
Codorus Valley Bancorp, Inc.		4,262		121,041
Columbia Banking System, Inc. (b)		28,451		1,133,772
Community Bank System, Inc. (b)		22,304		1,243,894
Community Trust Bancorp, Inc.		8,162		357,088
ConnectOne Bancorp, Inc. (b)		13,860		312,543
CU Bancorp (a)		8,163		295,092
Customers Bancorp, Inc. (a)		13,560		383,477
CVB Financial Corp. (b)		48,585		1,089,762
Eagle Bancorp, Inc. (a)		15,010		950,133
Enterprise Bancorp, Inc.		4,064		144,435
Enterprise Financial Services Corp.		10,782		439,906
Equity Bancshares, Inc. - Class A (a)		5,404		165,579
Farmers & Merchants Bancorp, Inc.		3,225		199,950
Farmers Capital Bank Corp. (b)		3,713		143,136
Farmers National Banc Corp.		13,414		194,503
FB Financial Corp. (a)		3,500		126,665

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
FCB Financial Holdings, Inc. - Class A (a)		16,597	$	792,507
Fidelity Southern Corp.		10,827		247,505
Financial Institutions, Inc.		6,461		192,538
First Bancorp		11,162		348,924
First BanCorp (a)		78,497		454,498
First Bancorp, Inc.		5,308		143,634
First Bancshares, Inc. (The)		4,454		122,930
First Busey Corp.		18,353		538,110
First Citizens BancShares, Inc. - Class A		3,585		1,336,129
First Commonwealth Financial Corp.		45,936		582,468
First Community Bancshares, Inc.		8,470		231,655
First Connecticut Bancorp, Inc.		7,629		195,684
First Financial Bancorp (b)		28,214		781,528
First Financial Bankshares, Inc.		30,167		1,333,381
First Financial Corp.		5,203		246,102
First Foundation, Inc. (a)		13,966		229,461
First Interstate BancSystem, Inc. - Class A		11,722		436,058
First Merchants Corp.		20,166		809,463
First Mid-Illinois Bancshares, Inc.		4,235		145,006
First Midwest Bancorp, Inc.		47,879		1,116,059
First of Long Island Corp. (The)		9,924		283,826
Flushing Financial Corp.		13,422		378,366
Franklin Financial Network, Inc. (a)		4,922		203,033
Fulton Financial Corp. (b)		82,075		1,559,425
German American Bancorp, Inc.		10,138		345,604
Glacier Bancorp, Inc. (b)		35,986		1,317,447
Great Southern Bancorp, Inc.		4,991		267,019
Great Western Bancorp, Inc.		28,884		1,178,756
Green Bancorp, Inc. (a)		11,285		218,929
Guaranty Bancorp		11,425		310,760
Hancock Holding Co.		39,741		1,947,309
Hanmi Financial Corp.		15,681		446,124
HarborOne Bancorp, Inc. (a) (b)		7,619		152,075
Heartland Financial USA, Inc.		10,964		516,404
Heritage Commerce Corp.		17,854		246,028
Heritage Financial Corp.		12,644		335,066
Hilltop Holdings, Inc.		34,409		901,860
Home BancShares, Inc.		60,410		1,504,209
HomeTrust Bancshares, Inc. (a)		6,444		157,234
Hope Bancorp, Inc.		59,993		1,118,869
Horizon Bancorp		9,708		255,806
Iberiabank Corp.		23,786		1,938,559
Independent Bank Corp.		11,863		258,020
Independent Bank Corp./Rockland Trust (b)		12,760		850,454
Independent Bank Group, Inc.		8,423		501,169
International Bancshares Corp.		25,537		895,072
Investors Bancorp, Inc.		121,099		1,617,883
Lakeland Bancorp, Inc.		19,901		375,134
Lakeland Financial Corp.		12,208		560,103
LegacyTexas Financial Group, Inc.		21,060		803,018
Live Oak Bancshares, Inc. (b)		10,388		251,390
Macatawa Bank Corp.		14,416		137,529
MainSource Financial Group, Inc.		11,883		398,199
MB Financial, Inc.		37,830		1,666,033
Mercantile Bank Corp.		8,647		272,208
Midland States Bancorp, Inc.		7,521		252,104
MidWestOne Financial Group, Inc.		5,585		189,276
Banks—(Continued)
MutualFirst Financial, Inc.		3,246		115,882
National Bank Holdings Corp. - Class A		12,889		426,755
National Bankshares, Inc. (b)		3,487		142,270
National Commerce Corp. (a)		4,628		183,037
NBT Bancorp, Inc.		20,117		743,323
Nicolet Bankshares, Inc. (a) (b)		4,410		241,271
OFG Bancorp		19,884		198,840
Old Line Bancshares, Inc.		4,370		123,147
Old National Bancorp		65,101		1,122,992
Old Second Bancorp, Inc.		14,296		165,119
Opus Bank		8,631		208,870
Pacific Continental Corp.		10,841		276,988
Pacific Premier Bancorp, Inc. (a)		18,545		684,310
Paragon Commercial Corp. (a)		2,223		116,641
Park National Corp.		6,727		697,724
Park Sterling Corp.		23,392		277,897
Peapack Gladstone Financial Corp.		6,672		208,767
People’s Utah Bancorp		7,011		187,895
Peoples Bancorp, Inc.		6,641		213,375
Peoples Financial Services Corp.		3,673		160,620
Preferred Bank		5,630		301,036
QCR Holdings, Inc.		5,811		275,441
Renasant Corp.		20,087		878,605
Republic Bancorp, Inc. - Class A		5,421		193,530
Republic First Bancorp, Inc. (a)		25,144		232,582
S&T Bancorp, Inc.		15,660		561,568
Sandy Spring Bancorp, Inc.		10,533		428,272
Seacoast Banking Corp. of Florida (a)		19,096		460,214
ServisFirst Bancshares, Inc. (b)		20,928		772,034
Sierra Bancorp		5,841		143,397
Simmons First National Corp. - Class A (b)		13,943		737,585
South State Corp.		13,538		1,160,207
Southern First Bancshares, Inc. (a)		3,419		126,674
Southside Bancshares, Inc. (b)		12,997		454,115
Southwest Bancorp, Inc.		9,007		230,129
State Bank Financial Corp. (b)		16,379		444,198
Sterling Bancorp		61,628		1,432,851
Stock Yards Bancorp, Inc.		10,633		413,624
Stonegate Bank		6,802		314,116
Summit Financial Group, Inc.		5,705		125,510
Sun Bancorp, Inc.		4,652		114,672
Texas Capital Bancshares, Inc. (a)		23,642		1,829,891
Tompkins Financial Corp. (b)		6,912		544,113
Towne Bank		27,456		845,645
TriCo Bancshares		9,787		344,013
TriState Capital Holdings, Inc. (a)		11,422		287,834
Triumph Bancorp, Inc. (a)		7,480		183,634
Trustmark Corp. (b)		31,188		1,003,006
UMB Financial Corp.		20,613		1,543,089
Umpqua Holdings Corp.		104,556		1,919,648
Union Bankshares Corp.		20,843		706,578
United Bankshares, Inc. (b)		46,665		1,829,268
United Community Banks, Inc.		34,521		959,684
Univest Corp. of Pennsylvania (b)		12,133		363,383
Valley National Bancorp		120,808		1,426,742
Veritex Holdings, Inc. (a)		7,183		189,128
Washington Trust Bancorp, Inc.		7,713		397,605

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
WashingtonFirst Bankshares, Inc.		4,653	$	160,668
WesBanco, Inc.		19,861		785,304
West Bancorp, Inc.		8,036		190,051
Westamerica Bancorp (b)		11,738		657,798
Wintrust Financial Corp.		25,865		1,977,121
				92,765,396
Beverages—0.2%
Boston Beer Co., Inc. (The)—Class A (a)		4,334		572,738
Coca-Cola Bottling Co. Consolidated		2,376		543,795
Craft Brew Alliance, Inc. (a)		6,574		110,772
MGP Ingredients, Inc. (b)		5,440		278,365
National Beverage Corp.		5,742		537,221
Primo Water Corp. (a)		10,997		139,662
				2,182,553
Biotechnology—5.0%
Acceleron Pharma, Inc. (a) (b)		15,302		465,028
Achaogen, Inc. (a)		14,077		305,893
Achillion Pharmaceuticals, Inc. (a)		56,103		257,513
Acorda Therapeutics, Inc. (a) (b)		20,455		402,963
Adamas Pharmaceuticals, Inc. (a) (b)		7,040		123,130
Aduro Biotech, Inc. (a) (b)		18,643		212,530
Advaxis, Inc. (a) (b)		18,811		122,083
Agenus, Inc. (a) (b)		38,088		148,924
Aimmune Therapeutics, Inc. (a) (b)		17,085		351,268
Akebia Therapeutics, Inc. (a)		15,312		220,033
Alder Biopharmaceuticals, Inc. (a)		23,239		266,087
AMAG Pharmaceuticals, Inc. (a)		16,034		295,026
Amicus Therapeutics, Inc. (a) (b)		70,916		714,124
Arena Pharmaceuticals, Inc. (a)		16,034		270,494
Array BioPharma, Inc. (a)		82,904		693,906
Atara Biotherapeutics, Inc. (a) (b)		11,963		167,482
Audentes Therapeutics, Inc. (a)		7,930		151,701
Avexis, Inc. (a) (b)		11,567		950,345
Axovant Sciences, Ltd. (a) (b)		13,161		305,204
Bellicum Pharmaceuticals, Inc. (a)		11,404		133,199
BioCryst Pharmaceuticals, Inc. (a)		42,881		238,418
Biohaven Pharmaceutical Holding Co., Ltd. (a)		6,839		170,975
BioSpecifics Technologies Corp. (a)		3,039		150,461
BioTime, Inc. (a) (b)		39,767		125,266
Bluebird Bio, Inc. (a)		21,319		2,239,561
Blueprint Medicines Corp. (a)		18,305		927,514
Calithera Biosciences, Inc. (a)		15,177		225,378
Cara Therapeutics, Inc. (a) (b)		11,468		176,493
Celldex Therapeutics, Inc. (a) (b)		47,742		117,923
Chimerix, Inc. (a)		24,480		133,416
Clovis Oncology, Inc. (a)		20,203		1,891,607
Coherus Biosciences, Inc. (a)		18,745		268,991
Concert Pharmaceuticals, Inc. (a)		8,973		125,173
Corbus Pharmaceuticals Holdings, Inc. (a)		23,089		145,461
Curis, Inc. (a)		63,039		119,144
Cytokinetics, Inc. (a)		18,716		226,464
CytomX Therapeutics, Inc. (a)		11,599		179,784
Dynavax Technologies Corp. (a)		24,492		236,348
Eagle Pharmaceuticals, Inc. (a)		4,073		321,319
Biotechnology—(Continued)
Editas Medicine, Inc. (a)		16,553		277,759
Emergent BioSolutions, Inc. (a) (b)		15,717		532,963
Enanta Pharmaceuticals, Inc. (a)		7,598		273,376
Epizyme, Inc. (a)		20,920		315,892
Esperion Therapeutics, Inc. (a)		7,538		348,859
Exact Sciences Corp. (a) (b)		50,476		1,785,336
FibroGen, Inc. (a)		28,052		906,080
Five Prime Therapeutics, Inc. (a) (b)		13,422		404,136
Flexion Therapeutics, Inc. (a)		12,372		250,162
Foundation Medicine, Inc. (a) (b)		7,156		284,451
Genomic Health, Inc. (a)		8,810		286,765
Geron Corp. (a) (b)		75,588		209,379
Global Blood Therapeutics, Inc. (a)		17,581		480,840
Halozyme Therapeutics, Inc. (a) (b)		51,119		655,346
Heron Therapeutics, Inc. (a)		22,046		305,337
Ignyta, Inc. (a)		24,664		255,272
ImmunoGen, Inc. (a) (b)		46,019		327,195
Immunomedics, Inc. (a) (b)		49,803		439,760
Inovio Pharmaceuticals, Inc. (a)		36,297		284,568
Insmed, Inc. (a) (b)		30,343		520,686
Insys Therapeutics, Inc. (a)		11,118		140,643
Intellia Therapeutics, Inc. (a)		7,597		121,552
Invitae Corp. (a)		15,995		152,912
Iovance Biotherapeutics, Inc. (a)		25,388		186,602
Ironwood Pharmaceuticals, Inc. (a) (b)		63,682		1,202,316
Karyopharm Therapeutics, Inc. (a)		15,254		138,049
Keryx Biopharmaceuticals, Inc. (a) (b)		40,309		291,434
Kite Pharma, Inc. (a)		22,783		2,361,914
La Jolla Pharmaceutical Co. (a)		8,585		255,575
Lexicon Pharmaceuticals, Inc. (a) (b)		23,843		392,217
Ligand Pharmaceuticals, Inc. (a)		9,331		1,132,783
Loxo Oncology, Inc. (a)		9,462		758,758
MacroGenics, Inc. (a)		14,803		259,201
MiMedx Group, Inc. (a) (b)		48,233		722,048
Minerva Neurosciences, Inc. (a)		13,222		117,015
Momenta Pharmaceuticals, Inc. (a)		32,218		544,484
Myriad Genetics, Inc. (a)		29,763		769,076
NantKwest, Inc. (a)		16,339		124,013
Natera, Inc. (a)		13,813		150,009
Novavax, Inc. (a)		138,764		159,579
Organovo Holdings, Inc. (a) (b)		45,372		119,328
Otonomy, Inc. (a)		12,561		236,775
PDL BioPharma, Inc. (a)		77,531		191,502
Portola Pharmaceuticals, Inc. (a)		23,603		1,325,781
Progenics Pharmaceuticals, Inc. (a)		32,263		219,066
Prothena Corp. plc (a)		18,324		991,695
PTC Therapeutics, Inc. (a) (b)		15,786		289,357
Puma Biotechnology, Inc. (a)		13,791		1,205,333
Ra Pharmaceuticals, Inc. (a)		6,123		114,745
Radius Health, Inc. (a)		17,562		794,329
REGENXBIO, Inc. (a)		11,312		223,412
Repligen Corp. (a)		15,913		659,435
Retrophin, Inc. (a)		16,403		318,054
Rigel Pharmaceuticals, Inc. (a)		66,270		180,917
Sage Therapeutics, Inc. (a)		16,174		1,288,097
Sangamo Therapeutics, Inc. (a)		31,616		278,221
Sarepta Therapeutics, Inc. (a)		24,301		819,187

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Seres Therapeutics, Inc. (a)		10,787	$	121,893
Spark Therapeutics, Inc. (a)		10,993		656,722
Spectrum Pharmaceuticals, Inc. (a) (b)		40,647		302,820
Synergy Pharmaceuticals, Inc. (a)		108,329		482,064
Syros Pharmaceuticals, Inc. (a)		6,687		107,594
TG Therapeutics, Inc. (a)		20,926		210,306
Ultragenyx Pharmaceutical, Inc. (a)		18,315		1,137,545
Vanda Pharmaceuticals, Inc. (a)		20,273		330,450
Versartis, Inc. (a)		16,518		288,239
Xencor, Inc. (a)		16,674		351,988
ZIOPHARM Oncology, Inc. (a)		61,375		381,752
				47,327,578
Building Products—1.2%
AAON, Inc.		19,095		703,651
Advanced Drainage Systems, Inc.		15,729		316,153
American Woodmark Corp. (a)		6,699		640,090
Apogee Enterprises, Inc.		13,684		777,799
Armstrong Flooring, Inc. (a)		11,681		209,908
Builders FirstSource, Inc. (a)		45,999		704,705
Caesarstone, Ltd. (a)		11,687		409,629
Continental Building Products, Inc. (a)		17,313		403,393
CSW Industrials, Inc. (a)		6,168		238,393
Gibraltar Industries, Inc. (a)		14,856		529,616
Griffon Corp.		14,438		316,914
Insteel Industries, Inc. (b)		9,004		296,862
JELD-WEN Holding, Inc. (a)		12,966		420,876
Masonite International Corp. (a)		14,468		1,092,334
NCI Building Systems, Inc. (a)		19,586		327,086
Patrick Industries, Inc. (a)		7,120		518,692
PGT Innovations, Inc. (a)		22,494		287,923
Ply Gem Holdings, Inc. (a)		11,295		202,745
Quanex Building Products Corp. (b)		17,697		374,292
Simpson Manufacturing Co., Inc. (b)		19,498		852,258
Trex Co., Inc. (a)		13,934		942,774
Universal Forest Products, Inc.		9,556		834,334
				11,400,427
Capital Markets—1.2%
Arlington Asset Investment Corp. - Class A (b)		10,056		137,466
Artisan Partners Asset Management, Inc. - Class A		21,101		647,801
B. Riley Financial, Inc.		7,166		132,929
Cohen & Steers, Inc. (b)		9,693		392,954
Cowen Group, Inc. - Class A (a) (b)		13,196		214,435
Diamond Hill Investment Group, Inc.		1,546		308,272
Donnelley Financial Solutions, Inc. (a)		12,862		295,311
Evercore Partners, Inc. - Class A		19,123		1,348,171
Financial Engines, Inc.		27,468		1,005,329
Greenhill & Co., Inc. (b)		13,790		277,179
Hamilton Lane, Inc. - Class A		9,116		200,461
Houlihan Lokey, Inc.		10,141		353,921
International FCStone, Inc. (a)		7,668		289,544
Investment Technology Group, Inc.		17,949		381,237
KCG Holdings, Inc. - Class A (a)		19,230		383,446
Capital Markets—(Continued)
Ladenburg Thalmann Financial Services, Inc. (a)		51,479		125,609
Moelis & Co. - Class A		11,404		443,045
OM Asset Management plc		26,565		394,756
Piper Jaffray Cos.		7,063		423,427
PJT Partners, Inc. - Class A		7,794		313,475
Safeguard Scientifics, Inc. (a)		10,084		120,000
Stifel Financial Corp. (a)		31,175		1,433,426
Virtu Financial, Inc. - Class A		12,905		227,773
Virtus Investment Partners, Inc.		3,239		359,367
Waddell & Reed Financial, Inc. - Class A (b)		38,993		736,188
Westwood Holdings Group, Inc.		3,235		183,392
WisdomTree Investments, Inc. (b)		53,688		546,007
				11,674,921
Chemicals—2.0%
A. Schulman, Inc.		12,704		406,528
AdvanSix, Inc. (a)		14,472		452,105
American Vanguard Corp.		14,887		256,801
Balchem Corp. (b)		14,840		1,153,216
Calgon Carbon Corp.		24,113		364,106
Chase Corp.		3,533		376,971
Ferro Corp. (a)		40,624		743,013
Flotek Industries, Inc. (a) (b)		28,523		254,996
FutureFuel Corp.		10,195		153,843
GCP Applied Technologies, Inc. (a)		34,475		1,051,488
Hawkins, Inc.		4,778		221,460
HB Fuller Co.		23,919		1,222,500
Ingevity Corp. (a)		20,081		1,152,649
Innophos Holdings, Inc.		9,207		403,635
Innospec, Inc.		11,303		740,912
KMG Chemicals, Inc.		4,417		214,975
Koppers Holdings, Inc. (a)		10,265		371,080
Kraton Corp. (a)		14,021		482,883
Kronos Worldwide, Inc.		11,199		204,046
LSB Industries, Inc. (a)		11,885		122,772
Minerals Technologies, Inc.		16,456		1,204,579
OMNOVA Solutions, Inc. (a)		22,821		222,505
PolyOne Corp.		39,392		1,526,046
Quaker Chemical Corp.		5,838		847,853
Rayonier Advanced Materials, Inc.		19,176		301,447
Sensient Technologies Corp.		20,810		1,675,829
Stepan Co.		9,222		803,605
Trecora Resources (a) (b)		10,819		121,714
Tredegar Corp.		13,367		203,847
Trinseo S.A.		20,819		1,430,265
Tronox, Ltd. - Class A		30,359		459,028
				19,146,697
Commercial Services & Supplies—2.3%
ABM Industries, Inc.		25,771		1,070,012
ACCO Brands Corp. (a)		52,031		606,161
Advanced Disposal Services, Inc. (a)		11,089		252,053
Brady Corp. - Class A		21,723		736,410
Brink’s Co. (The)		21,829		1,462,543
Casella Waste Systems, Inc. - Class A (a)		20,153		330,711
Ceco Environmental Corp.		14,983		137,544

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—(Continued)
Covanta Holding Corp.		55,221	$	728,917
Deluxe Corp.		23,047		1,595,313
Ennis, Inc.		14,123		269,749
Essendant, Inc.		18,301		271,404
Healthcare Services Group, Inc.		33,776		1,581,730
Heritage-Crystal Clean, Inc. (a)		7,474		118,837
Herman Miller, Inc.		28,305		860,472
HNI Corp.		20,835		830,691
Hudson Technologies, Inc. (a)		18,608		157,238
InnerWorkings, Inc. (a)		18,741		217,396
Interface, Inc.		31,333		615,693
Kimball International, Inc. - Class B		16,738		279,357
Knoll, Inc.		23,781		476,809
LSC Communications, Inc.		16,124		345,054
Matthews International Corp. - Class A		15,251		934,124
McGrath RentCorp		10,515		364,134
Mobile Mini, Inc.		20,245		604,313
MSA Safety, Inc.		15,591		1,265,521
Multi-Color Corp. (b)		6,168		503,309
Quad/Graphics, Inc.		13,076		299,702
RR Donnelley & Sons Co.		33,612		421,495
SP Plus Corp. (a)		8,683		265,266
Steelcase, Inc. - Class A		42,340		592,760
Team, Inc. (a) (b)		14,183		332,591
Tetra Tech, Inc. (c)		25,687		1,175,180
U.S. Ecology, Inc.		10,067		508,384
UniFirst Corp.		7,187		1,011,211
Viad Corp.		8,932		422,037
VSE Corp.		4,190		188,466
West Corp.		20,298		473,349
				22,305,936
Communications Equipment—1.8%
Acacia Communications, Inc. (a)		8,854		367,175
ADTRAN, Inc.		24,190		499,524
Applied Optoelectronics, Inc. (a) (b)		8,622		532,753
CalAmp Corp. (a)		19,380		393,995
Calix, Inc. (a)		19,494		133,534
Ciena Corp. (a)		66,636		1,667,233
Comtech Telecommunications Corp.		11,475		217,681
Digi International, Inc. (a)		12,500		126,875
EMCORE Corp.		13,561		144,425
Extreme Networks, Inc. (a)		50,414		464,817
Finisar Corp. (a)		50,382		1,308,924
Harmonic, Inc. (a) (b)		42,437		222,794
Infinera Corp. (a)		66,643		711,081
InterDigital, Inc.		16,024		1,238,655
Lumentum Holdings, Inc. (a)		28,404		1,620,448
NETGEAR, Inc. (a)		14,969		645,164
NetScout Systems, Inc. (a)		43,077		1,481,849
Oclaro, Inc. (a)		77,936		727,922
Plantronics, Inc.		15,665		819,436
Quantenna Communications, Inc. (a)		10,375		197,125
ShoreTel, Inc. (a)		28,961		167,974
Sonus Networks, Inc. (a)		24,015		178,672
Ubiquiti Networks, Inc. (a) (b)		12,458		647,442
Communications Equipment—(Continued)
ViaSat, Inc. (a) (b)		24,578		1,627,064
Viavi Solutions, Inc. (a)		114,315		1,203,737
				17,346,299
Construction & Engineering—1.1%
Aegion Corp. (a)		17,495		382,791
Argan, Inc.		6,140		368,400
Chicago Bridge & Iron Co. NV		47,677		940,667
Comfort Systems USA, Inc.		17,796		660,232
Dycom Industries, Inc. (a) (b)		14,412		1,290,162
EMCOR Group, Inc.		28,215		1,844,697
Granite Construction, Inc. (b)		19,068		919,840
Great Lakes Dredge & Dock Corp. (a)		30,133		129,572
HC2 Holdings, Inc. (a)		21,337		125,462
KBR, Inc.		67,555		1,028,187
MasTec, Inc. (a)		31,128		1,405,429
MYR Group, Inc. (a)		6,874		213,231
NV5 Global, Inc. (a)		3,969		168,683
Primoris Services Corp. (b)		17,845		445,054
Sterling Construction Co., Inc. (a)		13,246		173,125
Tutor Perini Corp. (a)		19,192		551,770
				10,647,302
Construction Materials—0.2%
Summit Materials, Inc. - Class A (a)		50,598		1,460,764
U.S. Concrete, Inc. (a) (b)		7,217		566,896
				2,027,660
Consumer Finance—0.6%
Encore Capital Group, Inc. (a)		11,469		460,480
Enova International, Inc. (a)		13,048		193,763
EZCORP, Inc. - Class A (a) (b)		25,543		196,681
FirstCash, Inc.		22,224		1,295,659
Green Dot Corp. - Class A (a)		21,516		829,012
LendingClub Corp. (a)		161,286		888,686
Nelnet, Inc. - Class A		9,125		428,966
PRA Group, Inc. (a) (b)		22,334		846,459
Regional Management Corp. (a)		5,496		129,870
World Acceptance Corp. (a)		3,560		266,680
				5,536,256
Containers & Packaging—0.1%
Greif, Inc. - Class A		12,112		675,607
Greif, Inc. - Class B		2,277		137,531
Myers Industries, Inc.		10,665		191,437
				1,004,575
Distributors—0.1%
Core-Mark Holding Co., Inc. (b)		21,704		717,534
Diversified Consumer Services—0.8%
Adtalem Global Education, Inc. (a)		29,702		1,127,191
American Public Education, Inc. (a)		8,921		210,982
Bridgepoint Education, Inc. (a)		9,450		139,482
Capella Education Co.		5,633		482,185

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—(Continued)
Career Education Corp. (a)		35,115	$	337,104
Carriage Services, Inc. (b)		7,506		202,362
Chegg, Inc. (a) (b)		36,609		449,924
Grand Canyon Education, Inc. (a)		21,870		1,714,827
Houghton Mifflin Harcourt Co. (a)		48,813		600,400
K12, Inc. (a)		17,337		310,679
Laureate Education, Inc. - Class A (a)		19,236		337,207
Regis Corp. (a)		18,180		186,708
Sotheby’s (a)		17,875		959,351
Strayer Education, Inc.		5,054		471,134
Weight Watchers International, Inc. (a)		13,493		450,936
				7,980,472
Diversified Financial Services—0.1%
FNFV Group (a)		30,326		479,151
Marlin Business Services Corp.		4,627		116,369
NewStar Financial, Inc.		11,793		123,827
On Deck Capital, Inc. (a) (b)		24,943		116,234
				835,581
Diversified Telecommunication Services—0.7%
ATN International, Inc.		4,754		325,364
Cincinnati Bell, Inc. (a)		19,517		381,557
Cogent Communications Holdings, Inc.		19,575		784,957
Consolidated Communications Holdings, Inc. (b)		24,229		520,197
FairPoint Communications, Inc. (a)		11,602		181,571
Frontier Communications Corp.		556,504		645,545
General Communication, Inc. - Class A (a)		12,857		471,080
Globalstar, Inc. (a) (b)		191,479		407,850
IDT Corp. - Class B		8,438		121,254
Iridium Communications, Inc. (a) (b)		38,356		423,834
Lumos Networks Corp. (a)		8,396		150,037
ORBCOMM, Inc. (a)		31,662		357,781
pdvWireless, Inc. (a)		3,369		78,498
Straight Path Communications, Inc. - Class B (a)		4,199		754,350
Vonage Holdings Corp. (a)		94,189		615,996
Windstream Holdings, Inc.		86,995		337,541
				6,557,412
Electric Utilities—1.1%
ALLETE, Inc.		23,439		1,680,108
El Paso Electric Co.		18,779		970,874
IDACORP, Inc.		23,882		2,038,329
MGE Energy, Inc.		16,879		1,086,164
Otter Tail Corp.		18,873		747,371
PNM Resources, Inc. (b)		38,721		1,481,078
Portland General Electric Co.		42,222		1,929,123
Spark Energy, Inc. - Class A		5,853		110,036
				10,043,083
Electrical Equipment—0.6%
Atkore International Group, Inc. (a)		15,795		356,177
AZZ, Inc.		12,522		698,728
Babcock & Wilcox Enterprises, Inc. (a)		22,628		266,105
Electrical Equipment—(Continued)
Encore Wire Corp.		9,729		415,428
Energous Corp. (a)		9,641		156,763
EnerSys		20,532		1,487,543
Generac Holdings, Inc. (a)		28,764		1,039,243
General Cable Corp.		24,951		407,949
Plug Power, Inc. (a) (b)		97,992		199,904
Powell Industries, Inc.		4,404		140,884
Sunrun, Inc. (a)		43,801		311,863
Thermon Group Holdings, Inc. (a)		15,847		303,787
Vicor Corp. (a)		8,793		157,395
				5,941,769
Electronic Equipment, Instruments & Components—2.7%
Anixter International, Inc. (a)		13,642		1,066,804
AVX Corp.		21,871		357,372
Badger Meter, Inc.		13,640		543,554
Bel Fuse, Inc. - Class B		4,719		116,559
Belden, Inc.		19,822		1,495,173
Benchmark Electronics, Inc. (a)		24,418		788,701
Control4 Corp. (a)		10,604		207,944
CTS Corp.		15,701		339,142
Daktronics, Inc. (b)		18,513		178,280
Electro Scientific Industries, Inc. (a)		16,104		132,697
ePlus, Inc. (a)		6,246		462,829
Fabrinet (a) (b)		17,507		746,849
FARO Technologies, Inc. (a) (b)		8,551		323,228
Fitbit, Inc. - Class A (a)		83,429		443,008
II-VI, Inc. (a)		29,121		998,850
Insight Enterprises, Inc. (a) (c)		17,579		702,984
Itron, Inc. (a)		16,214		1,098,498
KEMET Corp. (a)		22,082		282,650
Kimball Electronics, Inc. (a)		14,109		254,667
Knowles Corp. (a) (b)		43,119		729,573
Littelfuse, Inc.		10,433		1,721,445
Mesa Laboratories, Inc.		1,474		211,239
Methode Electronics, Inc.		17,959		739,911
MTS Systems Corp. (b)		7,482		387,568
Novanta, Inc. (a)		15,349		552,564
OSI Systems, Inc. (a)		8,490		638,024
Park Electrochemical Corp. (b)		10,569		194,681
PC Connection, Inc.		5,366		145,204
Plexus Corp. (a) (c)		15,422		810,735
Rogers Corp. (a)		8,965		973,778
Sanmina Corp. (a)		35,180		1,340,358
ScanSource, Inc. (a)		12,162		490,129
SYNNEX Corp.		13,358		1,602,426
Systemax, Inc.		5,954		111,935
Tech Data Corp. (a)		16,978		1,714,778
TTM Technologies, Inc. (a) (b)		43,439		754,101
VeriFone Systems, Inc. (a)		52,265		945,997
Vishay Intertechnology, Inc. (b)		66,423		1,102,622
				25,706,857
Energy Equipment & Services—1.4%
Archrock, Inc.		34,795		396,663
Atwood Oceanics, Inc. (a)		37,266		303,718

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Basic Energy Services, Inc. (a)		9,414	$	234,409
Bristow Group, Inc. (b)		17,044		130,387
C&J Energy Services, Inc. (a)		23,422		802,672
Diamond Offshore Drilling, Inc. (a)		32,772		354,921
Dril-Quip, Inc. (a)		18,125		884,500
Ensco plc - Class A		146,795		757,462
Exterran Corp. (a)		14,849		396,468
Fairmount Santrol Holdings, Inc. (a) (b)		80,171		312,667
Forum Energy Technologies, Inc. (a)		33,848		528,029
Frank’s International NV		26,819		222,329
Helix Energy Solutions Group, Inc. (a)		67,569		381,089
Keane Group, Inc. (a) (b)		17,150		274,400
Matrix Service Co. (a)		14,196		132,733
McDermott International, Inc. (a)		135,519		971,671
Natural Gas Services Group, Inc. (a)		6,643		165,078
NCS Multistage Holdings, Inc. (a)		7,794		196,253
Newpark Resources, Inc. (a) (b)		41,815		307,340
Noble Corp. plc		121,320		439,178
Oil States International, Inc. (a)		24,545		666,397
ProPetro Holding Corp. (a)		16,409		229,070
RigNet, Inc. (a)		7,269		116,667
Rowan Cos. plc - Class A (a)		56,769		581,315
SEACOR Holdings, Inc. (a)		7,977		273,611
SEACOR Marine Holdings, Inc. (a)		8,020		163,287
Superior Energy Services, Inc. (a)		73,574		767,377
TETRA Technologies, Inc. (a)		57,683		160,936
U.S. Silica Holdings, Inc.		38,361		1,361,432
Unit Corp. (a)		24,655		461,788
				12,973,847
Equity Real Estate Investment Trusts—6.7%
Acadia Realty Trust (b)		38,553		1,071,773
Agree Realty Corp.		11,290		517,872
Alexander’s, Inc.		1,029		433,682
Altisource Residential Corp.		26,537		343,389
American Assets Trust, Inc.		19,187		755,776
Armada Hoffler Properties, Inc.		19,662		254,623
Ashford Hospitality Prime, Inc.		14,521		149,421
Ashford Hospitality Trust, Inc.		39,201		238,342
Bluerock Residential Growth REIT, Inc.		9,427		121,514
Care Capital Properties, Inc.		39,515		1,055,051
CareTrust REIT, Inc.		34,103		632,270
CatchMark Timber Trust, Inc. - Class A		19,002		216,053
CBL & Associates Properties, Inc. (b)		82,772		697,768
Cedar Realty Trust, Inc. (b)		37,954		184,077
Chatham Lodging Trust		18,798		377,652
Chesapeake Lodging Trust		28,075		686,995
City Office REIT, Inc.		14,820		188,214
Colony Starwood Homes		47,192		1,619,158
Community Healthcare Trust, Inc.		6,730		172,221
CorEnergy Infrastructure Trust, Inc.		5,980		200,868
Cousins Properties, Inc.		195,107		1,714,991
DiamondRock Hospitality Co.		92,371		1,011,462
Easterly Government Properties, Inc.		16,288		341,234
EastGroup Properties, Inc.		15,137		1,268,481
Education Realty Trust, Inc. (b)		35,414		1,372,293
Equity Real Estate Investment Trusts—(Continued)
Farmland Partners, Inc.		13,291		118,822
FelCor Lodging Trust, Inc.		66,829		481,837
First Industrial Realty Trust, Inc.		54,715		1,565,943
First Potomac Realty Trust		27,829		309,180
Four Corners Property Trust, Inc.		29,818		748,730
Franklin Street Properties Corp.		48,177		533,801
Geo Group, Inc. (The) (b)		57,346		1,695,721
Getty Realty Corp. (b)		13,449		337,570
Gladstone Commercial Corp. (b)		10,038		218,728
Global Net Lease, Inc. (b)		31,987		711,391
Government Properties Income Trust (b)		33,503		613,440
Gramercy Property Trust		70,497		2,094,466
Healthcare Realty Trust, Inc. (b)		53,728		1,834,811
Hersha Hospitality Trust		21,188		392,190
Independence Realty Trust, Inc.		33,574		331,375
InfraREIT, Inc.		19,986		382,732
Investors Real Estate Trust		56,725		352,262
iStar, Inc. (a)		31,393		377,972
Jernigan Capital, Inc.		4,880		107,360
Kite Realty Group Trust		38,990		738,081
LaSalle Hotel Properties		53,145		1,583,721
Lexington Realty Trust		101,687		1,007,718
LTC Properties, Inc.		17,896		919,675
Mack-Cali Realty Corp.		43,539		1,181,648
MedEquities Realty Trust, Inc.		10,709		135,148
Monmouth Real Estate Investment Corp.		32,365		487,093
Monogram Residential Trust, Inc.		82,552		801,580
National Health Investors, Inc.		18,569		1,470,665
National Storage Affiliates Trust		20,224		467,377
New Senior Investment Group, Inc. (b)		40,485		406,874
NexPoint Residential Trust, Inc.		9,154		227,843
NorthStar Realty Europe Corp.		30,012		380,552
One Liberty Properties, Inc.		6,290		147,375
Parkway, Inc.		20,151		461,256
Pebblebrook Hotel Trust (b)		33,791		1,089,422
Pennsylvania Real Estate Investment Trust (b)		32,570		368,692
Physicians Realty Trust (b)		72,857		1,467,340
Potlatch Corp.		19,692		899,924
Preferred Apartment Communities, Inc. - Class A		15,013		236,455
PS Business Parks, Inc.		9,635		1,275,578
QTS Realty Trust, Inc. - Class A		22,822		1,194,275
Quality Care Properties, Inc. (a)		44,567		816,022
Ramco-Gershenson Properties Trust		37,976		489,890
Retail Opportunity Investments Corp. (b)		52,344		1,004,481
Rexford Industrial Realty, Inc.		31,246		857,390
RLJ Lodging Trust		58,062		1,153,692
Ryman Hospitality Properties, Inc.		20,440		1,308,364
Sabra Health Care REIT, Inc. (b)		29,659		714,782
Saul Centers, Inc.		5,405		313,382
Select Income REIT		31,114		747,669
Seritage Growth Properties - Class A (b)		11,383		477,517
STAG Industrial, Inc.		41,873		1,155,695
Summit Hotel Properties, Inc.		48,101		897,084
Sunstone Hotel Investors, Inc.		103,053		1,661,214
Terreno Realty Corp.		23,106		777,748
Tier REIT, Inc.		22,342		412,880

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
UMH Properties, Inc.		11,462	$	195,427
Universal Health Realty Income Trust (b)		6,109		485,910
Urban Edge Properties		43,765		1,038,543
Urstadt Biddle Properties, Inc. - Class A		13,207		261,499
Washington Prime Group, Inc. (b)		90,826		760,214
Washington Real Estate Investment Trust		34,947		1,114,809
Whitestone REIT (b)		18,215		223,134
Xenia Hotels & Resorts, Inc.		50,544		979,037
				63,628,186
Food & Staples Retailing—0.5%
Andersons, Inc. (The)		13,251		452,522
Chefs’ Warehouse, Inc. (The) (a)		8,577		111,501
Ingles Markets, Inc. - Class A		6,173		205,561
Performance Food Group Co. (a)		33,330		913,242
Pricesmart, Inc.		10,376		908,938
SpartanNash Co.		16,917		439,165
SUPERVALU, Inc. (a)		122,481		402,962
United Natural Foods, Inc. (a) (b)		23,843		875,038
Weis Markets, Inc.		4,490		218,753
				4,527,682
Food Products—1.2%
Amplify Snack Brands, Inc. (a) (b)		14,688		141,592
B&G Foods, Inc. (b)		31,647		1,126,633
Cal-Maine Foods, Inc. (a) (b)		14,936		591,466
Calavo Growers, Inc.		7,353		507,725
Darling Ingredients, Inc. (a)		78,508		1,235,716
Dean Foods Co.		44,397		754,749
Farmer Bros Co. (a)		3,967		120,002
Fresh Del Monte Produce, Inc. (b)		15,644		796,436
Freshpet, Inc. (a)		10,616		176,226
Hostess Brands, Inc. (a)		40,728		655,721
J&J Snack Foods Corp.		6,995		923,830
John B Sanfilippo & Son, Inc. (b)		4,150		261,906
Lancaster Colony Corp.		9,036		1,107,994
Landec Corp. (a)		14,010		208,048
Limoneira Co.		6,209		146,719
Omega Protein Corp.		11,349		203,147
Sanderson Farms, Inc.		9,453		1,093,239
Seneca Foods Corp. - Class A (a)		3,507		108,892
Snyder’s-Lance, Inc. (b)		40,150		1,389,993
Tootsie Roll Industries, Inc. (b)		8,613		300,163
				11,850,197
Gas Utilities—1.2%
Chesapeake Utilities Corp.		6,975		522,776
New Jersey Resources Corp.		41,016		1,628,335
Northwest Natural Gas Co. (b)		13,257		793,432
ONE Gas, Inc.		24,719		1,725,633
South Jersey Industries, Inc.		37,607		1,285,031
Southwest Gas Holdings, Inc.		21,731		1,587,667
Spire, Inc. (b)		21,579		1,505,135
WGL Holdings, Inc.		23,853		1,990,056
				11,038,065
Health Care Equipment & Supplies—3.6%
Abaxis, Inc.		11,146		590,961
Accuray, Inc. (a)		37,218		176,786
Analogic Corp.		6,383		463,725
AngioDynamics, Inc. (a)		17,852		289,381
Anika Therapeutics, Inc. (a) (b)		7,087		349,673
Antares Pharma, Inc. (a)		71,715		230,922
AtriCure, Inc. (a)		16,270		394,547
Atrion Corp.		618		397,559
AxoGen, Inc. (a) (b)		13,718		229,777
Cantel Medical Corp.		16,951		1,320,652
Cardiovascular Systems, Inc. (a)		14,951		481,871
Cerus Corp. (a) (b)		58,326		146,398
CONMED Corp.		13,371		681,119
CryoLife, Inc. (a)		17,220		343,539
Cutera, Inc. (a)		6,744		174,670
Endologix, Inc. (a) (b)		44,063		214,146
Exactech, Inc. (a)		5,785		172,393
GenMark Diagnostics, Inc. (a)		19,362		229,052
Glaukos Corp. (a)		13,608		564,324
Globus Medical, Inc. - Class A (a) (b)		34,489		1,143,310
Haemonetics Corp. (a)		23,946		945,628
Halyard Health, Inc. (a)		23,074		906,347
ICU Medical, Inc. (a)		7,246		1,249,935
Inogen, Inc. (a)		8,037		766,891
Insulet Corp. (a)		27,643		1,418,362
Integer Holdings Corp. (a)		15,275		660,644
Integra LifeSciences Holdings Corp. (a)		29,050		1,583,515
Invacare Corp. (b)		15,930		210,276
iRhythm Technologies, Inc. (a)		6,771		287,700
K2M Group Holdings, Inc. (a)		19,428		473,266
Lantheus Holdings, Inc. (a)		13,066		230,615
LeMaitre Vascular, Inc.		7,651		238,864
LivaNova plc (a)		22,711		1,390,140
Masimo Corp. (a)		20,916		1,907,121
Meridian Bioscience, Inc.		22,552		355,194
Merit Medical Systems, Inc. (a)		23,310		889,276
Natus Medical, Inc. (a)		16,472		614,406
Neogen Corp. (a)		17,828		1,232,093
Nevro Corp. (a)		13,030		969,823
Novocure, Ltd. (a)		25,960		449,108
NuVasive, Inc. (a)		23,689		1,822,158
NxStage Medical, Inc. (a)		30,508		764,836
OraSure Technologies, Inc. (a)		29,491		509,015
Orthofix International NV (a)		9,598		446,115
Oxford Immunotec Global plc (a)		12,520		210,586
Penumbra, Inc. (a) (b)		13,208		1,159,002
Pulse Biosciences, Inc. (a)		4,662		160,979
Quidel Corp. (a)		13,903		377,327
Rockwell Medical, Inc. (a)		18,836		149,369
RTI Surgical, Inc. (a)		32,498		190,113
Spectranetics Corp. (The) (a)		21,548		827,443
STAAR Surgical Co. (a)		19,419		209,725
SurModics, Inc. (a)		6,159		173,376
Tactile Systems Technology, Inc. (a)		4,810		137,470
Utah Medical Products, Inc.		2,002		144,945
Varex Imaging Corp. (a)		17,885		604,513

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Wright Medical Group NV (a) (b)		47,569	$	1,307,672
				34,568,653
Health Care Providers & Services—2.1%
Aceto Corp.		14,101		217,861
Addus HomeCare Corp. (a)		4,191		155,905
Almost Family, Inc. (a)		6,160		379,764
Amedisys, Inc. (a)		13,972		877,581
AMN Healthcare Services, Inc. (a) (b)		21,592		843,168
BioScrip, Inc. (a)		59,803		162,365
BioTelemetry, Inc. (a) (b)		13,262		443,614
Capital Senior Living Corp. (a)		14,260		216,895
Chemed Corp. (b)		7,666		1,567,927
Civitas Solutions, Inc. (a) (b)		6,456		112,980
Community Health Systems, Inc. (a)		43,409		432,354
Corvel Corp. (a)		5,325		252,671
Cross Country Healthcare, Inc. (a)		16,495		212,950
Diplomat Pharmacy, Inc. (a)		22,308		330,158
Ensign Group, Inc. (The) (b)		24,374		530,622
HealthEquity, Inc. (a)		23,357		1,163,879
HealthSouth Corp.		42,354		2,049,934
Kindred Healthcare, Inc. (b)		40,056		466,652
Landauer, Inc. (b)		5,165		270,130
LHC Group, Inc. (a)		6,847		464,843
Magellan Health, Inc. (a)		11,100		809,190
Molina Healthcare, Inc. (a)		21,194		1,466,201
National Healthcare Corp.		5,246		367,954
National Research Corp. - Class A		4,950		133,155
Owens & Minor, Inc.		28,475		916,610
PharMerica Corp. (a)		16,508		433,335
Providence Service Corp. (The) (a)		5,978		302,547
R1 RCM, Inc. (a)		61,837		231,889
RadNet, Inc. (a)		21,044		163,091
Select Medical Holdings Corp. (a) (b)		52,961		812,951
Surgery Partners, Inc. (a)		8,043		182,978
Teladoc, Inc. (a)		25,351		879,680
Tenet Healthcare Corp. (a) (b)		38,490		744,397
Tivity Health, Inc. (a) (b)		16,239		647,124
Triple-S Management Corp. - Class B (a)		12,074		204,171
U.S. Physical Therapy, Inc.		6,011		363,064
				19,810,590
Health Care Technology—0.8%
Allscripts Healthcare Solutions, Inc. (a)		85,323		1,088,721
Castlight Health, Inc. - Class B (a)		33,470		138,900
Computer Programs & Systems, Inc. (b)		5,856		192,077
Cotiviti Holdings, Inc. (a)		12,718		472,347
Evolent Health, Inc. - Class A (a) (b)		18,313		464,235
HealthStream, Inc. (a) (b)		12,016		316,261
HMS Holdings Corp. (a)		40,747		753,819
Inovalon Holdings, Inc. - Class A (a)		29,972		394,132
Medidata Solutions, Inc. (a) (b)		26,132		2,043,522
Omnicell, Inc. (a)		16,746		721,753
Quality Systems, Inc. (a)		24,814		427,049
Vocera Communications, Inc. (a)		13,407		354,213
				7,367,029
Hotels, Restaurants & Leisure—3.1%
Belmond, Ltd. - Class A (a)		42,411		564,066
Biglari Holdings, Inc. (a)		528		211,063
BJ’s Restaurants, Inc. (a)		9,083		338,342
Bloomin’ Brands, Inc.		47,353		1,005,304
Bob Evans Farms, Inc.		8,975		644,674
Bojangles’, Inc. (a) (b)		8,843		143,699
Boyd Gaming Corp.		40,615		1,007,658
Brinker International, Inc.		23,123		880,986
Buffalo Wild Wings, Inc. (a)		7,647		968,875
Caesars Acquisition Co. - Class A (a)		23,146		440,931
Caesars Entertainment Corp. (a) (b)		25,824		309,888
Carrols Restaurant Group, Inc. (a)		17,458		213,861
Cheesecake Factory, Inc. (The) (b)		21,038		1,058,211
Churchill Downs, Inc.		6,083		1,115,014
Chuy’s Holdings, Inc. (a)		8,272		193,565
ClubCorp Holdings, Inc.		32,025		419,528
Cracker Barrel Old Country Store, Inc.		9,084		1,519,299
Dave & Buster’s Entertainment, Inc. (a)		19,667		1,308,052
Del Frisco’s Restaurant Group, Inc. (a)		12,052		194,037
Del Taco Restaurants, Inc. (a)		16,196		222,695
Denny’s Corp. (a)		31,940		375,934
DineEquity, Inc. (b)		8,597		378,698
El Pollo Loco Holdings, Inc. (a) (b)		10,816		149,802
Eldorado Resorts, Inc. (a)		24,429		488,580
Fiesta Restaurant Group, Inc. (a) (b)		13,371		276,111
Golden Entertainment, Inc. (a)		5,522		114,361
Habit Restaurants, Inc. (The) - Class A (a)		7,224		114,139
ILG, Inc.		49,690		1,365,978
International Speedway Corp. - Class A		12,935		485,709
Intrawest Resorts Holdings, Inc. (a)		4,713		111,887
Jack in the Box, Inc.		14,548		1,432,978
La Quinta Holdings, Inc. (a)		36,753		542,842
Marcus Corp. (The)		9,550		288,410
Marriott Vacations Worldwide Corp.		9,902		1,165,960
Monarch Casino & Resort, Inc. (a)		5,265		159,266
Papa John’s International, Inc.		12,261		879,849
Penn National Gaming, Inc. (a)		39,722		850,051
Pinnacle Entertainment, Inc. (a)		26,101		515,756
Planet Fitness, Inc. - Class A		39,546		923,004
Potbelly Corp. (a)		12,520		143,980
Red Robin Gourmet Burgers, Inc. (a)		5,863		382,561
Red Rock Resorts, Inc. - Class A		32,000		753,600
Ruth’s Hospitality Group, Inc.		13,027		283,337
Scientific Games Corp. - Class A (a)		23,377		610,140
SeaWorld Entertainment, Inc.		32,101		522,283
Shake Shack, Inc. - Class A (a) (b)		10,507		366,484
Sonic Corp. (b)		20,556		544,528
Speedway Motorsports, Inc.		7,078		129,315
Texas Roadhouse, Inc.		31,030		1,580,978
Wingstop, Inc.		13,875		428,738
Zoe’s Kitchen, Inc. (a) (b)		9,191		109,465
				29,234,472
Household Durables—1.4%
AV Homes, Inc. (a)		6,397		128,260
Bassett Furniture Industries, Inc.		5,374		203,943

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Beazer Homes USA, Inc. (a)		13,700	$	187,964
Cavco Industries, Inc. (a)		4,052		525,342
Century Communities, Inc. (a)		7,561		187,513
CSS Industries, Inc.		4,201		109,898
Ethan Allen Interiors, Inc.		12,159		392,736
Flexsteel Industries, Inc.		3,005		162,601
GoPro, Inc. - Class A (a) (b)		49,877		405,500
Green Brick Partners, Inc. (a)		12,508		143,217
Helen of Troy, Ltd. (a)		12,385		1,165,428
Hooker Furniture Corp.		5,444		224,021
Hovnanian Enterprises, Inc. - Class A (a)		60,910		170,548
Installed Building Products, Inc. (a)		9,469		501,384
iRobot Corp. (a) (b)		12,468		1,049,057
KB Home		41,097		985,095
La-Z-Boy, Inc.		21,678		704,535
LGI Homes, Inc. (a)		8,210		329,878
M/I Homes, Inc. (a)		12,868		367,381
MDC Holdings, Inc. (b)		20,862		737,054
Meritage Homes Corp. (a)		18,033		760,993
NACCO Industries, Inc. - Class A		2,176		154,170
PICO Holdings, Inc. (a)		12,147		212,572
Taylor Morrison Home Corp. - Class A (a)		28,834		692,304
TopBuild Corp. (a)		17,085		906,701
TRI Pointe Group, Inc. (a)		73,866		974,292
Universal Electronics, Inc. (a)		6,028		402,972
William Lyon Homes - Class A (a)		12,315		297,284
ZAGG, Inc. (a)		14,118		122,121
				13,204,764
Household Products—0.2%
Central Garden and Pet Co. (a)		4,446		141,338
Central Garden and Pet Co. - Class A (a)		16,480		494,730
HRG Group, Inc. (a)		58,164		1,030,084
WD-40 Co. (b)		6,750		744,863
				2,411,015
Independent Power and Renewable Electricity Producers—0.4%
Atlantic Power Corp. (a)		57,898		138,955
Dynegy, Inc. (a)		59,317		490,552
NRG Yield, Inc. - Class A		16,087		274,444
NRG Yield, Inc. - Class C		29,107		512,283
Ormat Technologies, Inc.		18,869		1,107,233
Pattern Energy Group, Inc.		33,054		788,007
TerraForm Global, Inc. - Class A (a)		51,489		260,020
TerraForm Power, Inc. - Class A (a)		44,539		534,468
				4,105,962
Industrial Conglomerates—0.1%
Raven Industries, Inc.		17,386		578,954
Insurance—2.4%
Ambac Financial Group, Inc. (a)		22,444		389,403
American Equity Investment Life Holding Co.		41,683		1,095,429
AMERISAFE, Inc. (b)		9,298		529,521
Amtrust Financial Services, Inc.		40,519		613,458
Insurance—(Continued)
Argo Group International Holdings, Ltd.		14,148		857,369
Baldwin & Lyons, Inc. - Class B		4,133		101,259
Citizens, Inc. (a) (b)		22,172		163,629
CNO Financial Group, Inc.		84,325		1,760,706
eHealth, Inc. (a)		7,987		150,156
EMC Insurance Group, Inc.		3,800		105,564
Employers Holdings, Inc.		14,789		625,575
Enstar Group, Ltd. (a) (b)		5,573		1,107,076
FBL Financial Group, Inc. - Class A		4,790		294,585
Fidelity & Guaranty Life		4,816		149,537
Genworth Financial, Inc. - Class A (a)		246,697		930,048
Global Indemnity, Ltd. (a)		3,335		129,298
Greenlight Capital Re, Ltd. - Class A (a) (b)		13,998		292,558
HCI Group, Inc.		4,347		204,222
Health Insurance Innovations, Inc. - Class A (a)		5,782		135,877
Heritage Insurance Holdings, Inc. (b)		11,792		153,532
Horace Mann Educators Corp.		18,978		717,368
Infinity Property & Casualty Corp.		5,597		526,118
Investors Title Co. (b)		736		142,372
James River Group Holdings, Ltd.		8,707		345,929
Kemper Corp.		18,020		695,572
Kinsale Capital Group, Inc.		7,087		264,416
Maiden Holdings, Ltd. (b)		33,144		367,898
MBIA, Inc. (a)		65,336		616,119
National General Holdings Corp.		23,963		505,619
National Western Life Group, Inc. - Class A		1,054		336,879
Navigators Group, Inc. (The)		11,118		610,378
OneBeacon Insurance Group, Ltd. - Class A		11,496		209,572
Primerica, Inc.		22,155		1,678,241
RLI Corp. (b)		18,544		1,012,873
Safety Insurance Group, Inc.		6,815		465,465
Selective Insurance Group, Inc.		26,789		1,340,789
State Auto Financial Corp. (b)		7,940		204,296
State National Cos., Inc.		15,205		279,468
Stewart Information Services Corp.		11,286		512,159
Third Point Reinsurance, Ltd. (a)		36,545		507,976
Trupanion, Inc. (a) (b)		11,074		247,836
United Fire Group, Inc.		9,677		426,369
United Insurance Holdings Corp. (b)		8,654		136,127
Universal Insurance Holdings, Inc. (b)		15,753		396,976
WMIH Corp. (a)		88,867		111,084
				22,446,701
Internet & Direct Marketing Retail—0.5%
1-800-Flowers.com, Inc. - Class A (a)		13,330		129,967
Etsy, Inc. (a) (b)		51,942		779,130
FTD Cos., Inc. (a)		9,600		192,000
Groupon, Inc. (a)		161,153		618,827
HSN, Inc.		14,279		455,500
Lands’ End, Inc. (a) (b)		8,472		126,233
Liberty TripAdvisor Holdings, Inc. - Class A (a)		34,803		403,715
Nutrisystem, Inc.		14,262		742,337
Overstock.com, Inc. (a)		6,439		104,956
PetMed Express, Inc.		9,436		383,102
Shutterfly, Inc. (a)		15,092		716,870
				4,652,637

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—2.7%
2U, Inc. (a) (b)		20,541	$	963,784
Actua Corp. (a)		13,096		183,999
Alarm.com Holdings, Inc. (a)		9,727		366,027
Angie’s List, Inc. (a)		21,237		271,621
Appfolio, Inc. - Class A (a)		4,077		132,910
Apptio, Inc. - Class A (a)		8,921		154,779
Bankrate, Inc. (a)		20,088		258,131
Bazaarvoice, Inc. (a)		41,849		207,153
Benefitfocus, Inc. (a) (b)		6,419		233,331
Blucora, Inc. (a)		20,338		431,166
Box, Inc. - Class A (a)		37,001		674,898
Carbonite, Inc. (a)		11,965		260,837
Cars.com, Inc. (a)		33,795		899,961
ChannelAdvisor Corp. (a)		10,403		120,155
Cimpress NV (a)		12,234		1,156,480
Cloudera, Inc. (a)		9,934		159,143
CommerceHub, Inc. - Series A (a)		7,074		123,229
CommerceHub, Inc. - Series C (a)		14,164		247,020
Cornerstone OnDemand, Inc. (a)		24,008		858,286
Coupa Software, Inc. (a)		14,191		411,255
Endurance International Group Holdings, Inc. (a)		27,384		228,656
Envestnet, Inc. (a)		20,207		800,197
Five9, Inc. (a)		24,673		530,963
Gogo, Inc. (a) (b)		27,419		316,141
GrubHub, Inc. (a)		39,224		1,710,166
GTT Communications, Inc. (a)		14,711		465,603
Hortonworks, Inc. (a)		20,178		259,893
Instructure, Inc. (a)		10,316		304,322
Internap Corp. (a)		40,566		148,877
j2 Global, Inc. (b)		21,521		1,831,222
LivePerson, Inc. (a) (b)		29,330		322,630
Meet Group, Inc. (The) (a) (b)		24,500		123,725
MINDBODY, Inc. - Class A (a)		17,494		475,837
MuleSoft, Inc. - Class A (a)		9,193		229,273
New Relic, Inc. (a)		13,849		595,645
NIC, Inc.		29,109		551,616
Nutanix, Inc. - Class A (a)		16,780		338,117
Okta, Inc. (a)		7,427		169,336
Q2 Holdings, Inc. (a)		14,830		547,968
Quotient Technology, Inc. (a)		35,202		404,823
Shutterstock, Inc. (a)		9,230		406,858
SPS Commerce, Inc. (a)		7,550		481,388
Stamps.com, Inc. (a)		7,291		1,129,194
Trade Desk, Inc. (The)—Class A (a)		8,269		414,360
TrueCar, Inc. (a)		29,629		590,506
Tucows, Inc. - Class A (a)		4,376		234,116
Twilio, Inc. - Class A (a)		29,205		850,157
Web.com Group, Inc. (a)		20,520		519,156
WebMD Health Corp. (a) (b)		17,955		1,053,061
Xactly Corp. (a)		11,677		182,745
XO Group, Inc. (a)		11,305		199,194
Yelp, Inc. (a)		36,366		1,091,707
				25,621,617
IT Services—1.9%
Acxiom Corp. (a) (b)		37,591		976,614
IT Services—(Continued)
Blackhawk Network Holdings, Inc. (a)		24,608		1,072,909
CACI International, Inc. - Class A (a) (c)		11,262		1,408,313
CardConnect Corp. (a)		11,042		166,182
Cardtronics plc - Class A (a)		22,064		725,023
Cass Information Systems, Inc.		5,928		389,114
Convergys Corp. (b)		42,882		1,019,734
CSG Systems International, Inc.		15,258		619,170
EPAM Systems, Inc. (a)		22,354		1,879,748
Everi Holdings, Inc. (a)		31,593		229,997
EVERTEC, Inc.		30,384		525,643
ExlService Holdings, Inc. (a)		15,842		880,498
Forrester Research, Inc.		5,782		226,365
Hackett Group, Inc. (The)		11,151		172,841
ManTech International Corp. - Class A		12,440		514,767
MAXIMUS, Inc.		29,631		1,855,790
MoneyGram International, Inc. (a)		14,692		253,437
NeuStar, Inc. - Class A (a)		26,451		882,141
Perficient, Inc. (a)		17,369		323,758
Presidio, Inc. (a)		12,582		180,048
Science Applications International Corp.		19,917		1,382,638
ServiceSource International, Inc. (a)		29,419		114,146
Sykes Enterprises, Inc. (a)		18,634		624,798
Syntel, Inc. (b)		14,931		253,230
TeleTech Holdings, Inc.		7,377		300,982
Travelport Worldwide, Ltd.		56,729		780,591
Unisys Corp. (a) (b)		26,228		335,718
Virtusa Corp. (a)		11,780		346,332
				18,440,527
Leisure Products—0.3%
Acushnet Holdings Corp.		10,349		205,324
American Outdoor Brands Corp. (a)		25,637		568,116
Callaway Golf Co.		46,706		596,903
Johnson Outdoors, Inc. - Class A		2,524		121,682
Malibu Boats, Inc. - Class A (a) (b)		8,768		226,828
MCBC Holdings, Inc. (a)		9,205		179,958
Nautilus, Inc. (a)		16,328		312,681
Sturm Ruger & Co., Inc. (b)		8,538		530,637
Vista Outdoor, Inc. (a)		27,041		608,693
				3,350,822
Life Sciences Tools & Services—0.8%
Accelerate Diagnostics, Inc. (a) (b)		11,348		310,368
Albany Molecular Research, Inc. (a)		12,484		270,903
Cambrex Corp. (a)		15,180		907,005
Enzo Biochem, Inc. (a)		21,985		242,714
INC Research Holdings, Inc. - Class A (a)		25,522		1,493,037
Luminex Corp.		18,901		399,189
NanoString Technologies, Inc. (a)		7,907		130,782
NeoGenomics, Inc. (a)		26,497		237,413
Pacific Biosciences of California, Inc. (a) (b)		40,732		145,006
PAREXEL International Corp. (a)		23,449		2,037,953
PRA Health Sciences, Inc. (a)		18,138		1,360,531
				7,534,901

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—3.3%
Actuant Corp. - Class A (b)		28,401	$	698,665
Alamo Group, Inc.		4,629		420,359
Albany International Corp. - Class A		14,147		755,450
Altra Industrial Motion Corp.		13,607		541,559
American Railcar Industries, Inc. (b)		4,708		180,316
Astec Industries, Inc.		10,105		560,929
Barnes Group, Inc.		23,751		1,390,146
Briggs & Stratton Corp.		21,617		520,970
Chart Industries, Inc. (a)		15,307		531,612
CIRCOR International, Inc.		7,291		432,940
Columbus McKinnon Corp.		10,074		256,081
Douglas Dynamics, Inc.		9,877		324,953
Energy Recovery, Inc. (a) (b)		17,996		149,187
EnPro Industries, Inc. (b)		9,829		701,496
ESCO Technologies, Inc.		12,540		748,011
Federal Signal Corp.		29,548		512,953
Franklin Electric Co., Inc.		21,104		873,706
Global Brass & Copper Holdings, Inc.		11,099		339,074
Gorman-Rupp Co. (The)		7,300		185,931
Greenbrier Cos., Inc. (The) (b)		12,008		555,370
Harsco Corp. (a)		37,700		606,970
Hillenbrand, Inc.		29,683		1,071,556
Hyster-Yale Materials Handling, Inc.		4,976		349,564
John Bean Technologies Corp.		14,810		1,451,380
Kadant, Inc.		5,766		433,603
Kennametal, Inc.		37,400		1,399,508
Lindsay Corp.		4,595		410,104
Lydall, Inc. (a)		8,342		431,281
Manitowoc Co., Inc. (The) (a)		63,397		381,016
Meritor, Inc. (a)		37,321		619,902
Milacron Holdings Corp. (a)		21,551		379,082
Miller Industries, Inc.		5,680		141,148
Mueller Industries, Inc.		26,115		795,202
Mueller Water Products, Inc. - Class A		73,654		860,279
Navistar International Corp. (a)		23,914		627,264
NN, Inc.		12,696		348,505
Park-Ohio Holdings Corp.		4,748		180,899
Proto Labs, Inc. (a)		12,094		813,321
RBC Bearings, Inc. (a)		10,876		1,106,742
REV Group, Inc. (b)		7,261		200,984
Rexnord Corp. (a)		48,964		1,138,413
Spartan Motors, Inc.		17,934		158,716
SPX Corp. (a)		20,781		522,850
SPX FLOW, Inc. (a)		19,554		721,151
Standex International Corp.		6,262		567,963
Sun Hydraulics Corp.		10,558		450,510
Supreme Industries, Inc. - Class A		6,762		111,235
Tennant Co.		8,362		617,116
Titan International, Inc.		22,706		272,699
TriMas Corp. (a)		22,514		469,417
Wabash National Corp. (b)		27,273		599,460
Watts Water Technologies, Inc. - Class A		13,118		829,058
Woodward, Inc.		24,351		1,645,641
				31,392,247
Marine—0.1%
Costamare, Inc.		19,016		139,007
Matson, Inc.		20,127		604,615
Scorpio Bulkers, Inc. (a)		29,948		212,631
				956,253
Media—1.3%
AMC Entertainment Holdings, Inc. - Class A		25,675		584,106
Central European Media Enterprises, Ltd. - Class A (a)		41,674		166,696
Daily Journal Corp. (a) (b)		598		123,355
Emerald Expositions Events, Inc.		10,019		219,416
Entercom Communications Corp. - Class A		14,538		150,468
Entravision Communications Corp. - Class A		29,645		195,657
Eros International plc (a)		13,360		152,972
EW Scripps Co. (The)—Class A (a)		29,695		528,868
Gannett Co., Inc.		57,579		502,089
Gray Television, Inc. (a)		30,714		420,782
IMAX Corp. (a)		28,090		617,980
Liberty Braves Group - Class A (a)		4,959		118,470
Liberty Braves Group - Class C (a)		16,010		383,760
Loral Space & Communications, Inc. (a)		6,669		277,097
MDC Partners, Inc. - Class A (b)		25,380		251,262
Meredith Corp. (b)		18,346		1,090,670
MSG Networks, Inc. - Class A (a)		29,478		661,781
National CineMedia, Inc.		31,052		230,406
New Media Investment Group, Inc. (b)		22,310		300,739
New York Times Co. (The)—Class A		58,218		1,030,459
Nexstar Media Group, Inc. - Class A		21,250		1,270,750
Reading International, Inc. - Class A (a)		8,504		137,170
Scholastic Corp.		13,390		583,670
Sinclair Broadcast Group, Inc. - Class A (b)		34,775		1,144,097
Time, Inc.		50,189		720,212
tronc, Inc. (a)		6,955		89,650
World Wrestling Entertainment, Inc. - Class A		18,113		368,962
				12,321,544
Metals & Mining—1.2%
AK Steel Holding Corp. (a) (b)		148,008		972,412
Allegheny Technologies, Inc. (a) (b)		52,856		899,080
Carpenter Technology Corp.		20,845		780,228
Century Aluminum Co. (a)		24,781		386,088
Cliffs Natural Resources, Inc. (a)		140,930		975,236
Coeur Mining, Inc. (a)		85,970		737,623
Commercial Metals Co.		53,553		1,040,535
Compass Minerals International, Inc.		15,969		1,042,776
Ferroglobe Representation & Warranty Insurance Trust (a) (d)		31,634		0
Haynes International, Inc. (b)		6,653		241,570
Hecla Mining Co.		185,576		946,438
Kaiser Aluminum Corp.		8,616		762,688
Klondex Mines, Ltd. (a)		97,456		328,427
Materion Corp.		9,498		355,225
Schnitzer Steel Industries, Inc. - Class A		13,529		340,931
SunCoke Energy, Inc. (a)		32,541		354,697
TimkenSteel Corp. (a) (b)		18,629		286,328
Warrior Met Coal, Inc.		11,618		199,016

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
Worthington Industries, Inc.		21,960	$	1,102,831
				11,752,129
Mortgage Real Estate Investment Trusts—0.8%
AG Mortgage Investment Trust, Inc.		14,345		262,514
Anworth Mortgage Asset Corp.		49,995		300,470
Apollo Commercial Real Estate Finance, Inc.		43,321		803,605
Ares Commercial Real Estate Corp.		11,438		149,723
ARMOUR Residential REIT, Inc.		16,682		417,050
Capstead Mortgage Corp.		44,863		467,921
Cherry Hill Mortgage Investment Corp.		6,209		114,680
CYS Investments, Inc.		74,681		628,067
Dynex Capital, Inc.		26,422		187,596
Great Ajax Corp.		8,283		115,796
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		23,478		536,942
Invesco Mortgage Capital, Inc.		55,256		923,328
KKR Real Estate Finance Trust, Inc.		7,588		163,142
Ladder Capital Corp.		33,691		451,796
Mortgage Investment Corp.		23,775		446,970
New York Mortgage Trust, Inc. (b)		51,471		320,150
Orchid Island Capital, Inc. (b)		15,529		153,116
PennyMac Mortgage Investment Trust		32,716		598,376
Redwood Trust, Inc. (b)		33,524		571,249
Resource Capital Corp.		16,059		163,320
Sutherland Asset Management Corp.		8,791		130,546
Western Asset Mortgage Capital Corp.		20,929		215,569
				8,121,926
Multi-Utilities—0.5%
Avista Corp.		30,657		1,301,696
Black Hills Corp. (b)		24,293		1,639,049
NorthWestern Corp. (b)		23,557		1,437,448
Unitil Corp.		7,429		358,895
				4,737,088
Multiline Retail—0.3%
Big Lots, Inc. (b)		21,721		1,049,124
Dillard’s, Inc. - Class A		7,269		419,349
Fred’s, Inc. - Class A		16,936		156,319
J.C. Penney Co., Inc. (a)		146,549		681,453
Ollie’s Bargain Outlet Holdings, Inc. (a)		22,352		952,195
				3,258,440
Oil, Gas & Consumable Fuels—2.0%
Abraxas Petroleum Corp. (a)		72,356		117,217
Alon USA Energy, Inc.		18,417		245,314
Arch Coal, Inc. - Class A		11,093		757,652
Ardmore Shipping Corp.		14,743		120,155
Bill Barrett Corp. (a)		32,028		98,326
Bonanza Creek Energy, Inc. (a)		10,392		329,530
California Resources Corp. (a)		23,372		199,831
Callon Petroleum Co. (a) (b)		96,278		1,021,510
Carrizo Oil & Gas, Inc. (a) (b)		29,574		515,179
Clean Energy Fuels Corp. (a)		75,126		190,820
Oil, Gas & Consumable Fuels—(Continued)
Cloud Peak Energy, Inc. (a)		43,428		153,301
CVR Energy, Inc. (b)		8,864		192,881
Delek U.S. Holdings, Inc.		30,748		812,977
Denbury Resources, Inc. (a)		249,041		381,033
DHT Holdings, Inc.		44,160		183,264
Energy XXI Gulf Coast, Inc. (a)		16,656		309,302
Frontline, Ltd.		32,746		187,635
GasLog, Ltd.		20,748		316,407
Gener8 Maritime, Inc. (a)		20,545		116,901
Golar LNG, Ltd.		44,104		981,314
Green Plains, Inc. (b)		17,956		368,996
Halcon Resources Corp. (a)		35,866		162,832
International Seaways, Inc. (a)		14,283		309,513
Jagged Peak Energy, Inc. (a)		17,872		238,591
Matador Resources Co. (a) (b)		42,436		906,857
Nordic American Tankers, Ltd. (b)		48,340		306,476
Oasis Petroleum, Inc. (a)		110,800		891,940
Pacific Ethanol, Inc. (a)		24,055		150,344
Panhandle Oil and Gas, Inc. - Class A (b)		7,855		181,450
Par Pacific holdings, Inc. (a)		16,282		293,727
PDC Energy, Inc. (a)		31,270		1,348,050
Peabody Energy Corp. (a)		25,270		617,851
Penn Virginia Corp. (a)		8,198		301,276
Renewable Energy Group, Inc. (a) (b)		22,727		294,315
Resolute Energy Corp. (a)		11,063		329,345
REX American Resources Corp. (a)		2,989		288,618
Ring Energy, Inc. (a)		28,500		370,500
Sanchez Energy Corp. (a) (b)		33,313		239,187
SandRidge Energy, Inc. (a)		19,990		344,028
Scorpio Tankers, Inc.		83,337		330,848
SemGroup Corp. - Class A (b)		32,021		864,567
Ship Finance International, Ltd. (b)		28,428		386,621
SRC Energy, Inc. (a) (b)		91,847		618,130
Stone Energy Corp. (a)		10,507		193,119
Teekay Corp.		22,735		151,642
Tellurian, Inc. (a)		31,583		316,777
Ultra Petroleum Corp. (a)		96,029		1,041,915
WildHorse Resource Development Corp. (a) (b)		12,410		153,512
				19,231,576
Paper & Forest Products—0.6%
Boise Cascade Co. (a)		18,411		559,694
Clearwater Paper Corp. (a)		7,836		366,333
Deltic Timber Corp. (b)		5,314		396,743
KapStone Paper and Packaging Corp.		39,372		812,244
Louisiana-Pacific Corp. (a)		67,805		1,634,779
Neenah Paper, Inc.		7,745		621,536
PH Glatfelter Co.		21,278		415,772
Schweitzer-Mauduit International, Inc.		14,898		554,653
				5,361,754
Personal Products—0.2%
elf Beauty, Inc. (a)		10,070		274,005
Inter Parfums, Inc.		8,191		300,200
Medifast, Inc.		5,660		234,720
Natural Health Trends Corp.		3,882		108,114

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Products—(Continued)
Nutraceutical International Corp.		4,388	$	182,760
Revlon, Inc. - Class A (a)		6,172		146,276
USANA Health Sciences, Inc. (a)		5,606		359,345
				1,605,420
Pharmaceuticals—1.9%
Aclaris Therapeutics, Inc. (a)		9,913		268,841
Aerie Pharmaceuticals, Inc. (a)		14,203		746,368
Amphastar Pharmaceuticals, Inc. (a) (b)		18,205		325,141
ANI Pharmaceuticals, Inc. (a)		3,945		184,626
Aratana Therapeutics, Inc. (a)		20,999		151,823
Assembly Biosciences, Inc. (a)		7,194		148,556
Catalent, Inc. (a)		58,624		2,057,702
Collegium Pharmaceutical, Inc. (a)		11,786		147,443
Corcept Therapeutics, Inc. (a)		43,446		512,663
Depomed, Inc. (a)		31,379		337,010
Dermira, Inc. (a)		18,139		528,570
Heska Corp. (a)		3,277		334,483
Horizon Pharma plc (a)		78,756		934,834
Impax Laboratories, Inc. (a)		35,866		577,443
Innoviva, Inc. (a) (b)		40,393		517,030
Intersect ENT, Inc. (a)		11,434		319,580
Intra-Cellular Therapies, Inc. (a)		16,993		211,053
Lannett Co., Inc. (a) (b)		12,710		259,284
Medicines Co. (The) (a) (b)		32,038		1,217,764
MyoKardia, Inc. (a)		9,122		119,498
Nektar Therapeutics (a)		69,236		1,353,564
Ocular Therapeutix, Inc. (a)		11,830		109,664
Omeros Corp. (a)		18,771		373,637
Pacira Pharmaceuticals, Inc. (a)		18,507		882,784
Paratek Pharmaceuticals, Inc. (a)		10,327		248,881
Phibro Animal Health Corp. - Class A		9,993		370,241
Prestige Brands Holdings, Inc. (a)		25,686		1,356,478
Reata Pharmaceuticals, Inc. - Class A (a)		4,477		141,652
Revance Therapeutics, Inc. (a) (b)		10,975		289,740
Sciclone Pharmaceuticals, Inc. (a) (b)		27,839		306,229
Sucampo Pharmaceuticals, Inc. - Class A (a)		12,005		126,052
Supernus Pharmaceuticals, Inc. (a)		23,502		1,012,936
Teligent, Inc. (a)		21,989		201,199
Tetraphase Pharmaceuticals, Inc. (a)		19,335		137,859
TherapeuticsMD, Inc. (a)		70,014		368,974
Theravance Biopharma, Inc. (a) (b)		19,690		784,450
WAVE Life Sciences, Ltd. (a)		6,233		115,934
Zogenix, Inc. (a)		13,652		197,954
				18,277,940
Professional Services—1.2%
Advisory Board Co. (The) (a)		18,201		937,352
Barrett Business Services, Inc.		3,858		221,025
CBIZ, Inc. (a)		24,387		365,805
CRA International, Inc.		4,868		176,806
Exponent, Inc.		12,398		722,803
FTI Consulting, Inc. (a)		19,255		673,155
GP Strategies Corp. (a)		5,793		152,935
Heidrick & Struggles International, Inc.		9,634		209,540
Huron Consulting Group, Inc. (a)		10,356		447,379
Professional Services—(Continued)
ICF International, Inc. (a)		8,868		417,683
Insperity, Inc.		8,656		614,576
Kelly Services, Inc. - Class A		14,944		335,493
Kforce, Inc.		12,692		248,763
Korn/Ferry International		24,076		831,344
Mistras Group, Inc. (a) (b)		8,222		180,637
Navigant Consulting, Inc. (a)		21,686		428,515
On Assignment, Inc. (a)		24,181		1,309,401
Resources Connection, Inc.		12,083		165,537
RPX Corp. (a)		19,231		268,272
TriNet Group, Inc. (a)		19,326		632,733
TrueBlue, Inc. (a)		19,573		518,685
WageWorks, Inc. (a)		17,251		1,159,267
Willdan Group, Inc. (a)		3,965		121,131
				11,138,837
Real Estate Management & Development—0.5%
Alexander & Baldwin, Inc.		20,854		862,938
Altisource Portfolio Solutions S.A. (a)		6,754		147,372
Consolidated-Tomoka Land Co.		2,461		140,154
Forestar Group, Inc. (a)		17,933		307,551
FRP Holdings, Inc. (a)		3,389		156,402
HFF, Inc. - Class A		17,641		613,378
Kennedy-Wilson Holdings, Inc.		38,983		742,626
Marcus & Millichap, Inc. (a)		6,463		170,365
RE/MAX Holdings, Inc. - Class A		8,877		497,556
RMR Group, Inc. (The)—Class A		3,481		169,351
St. Joe Co. (The) (a)		25,487		477,881
Tejon Ranch Co. (a)		7,566		156,162
				4,441,736
Road & Rail—0.7%
ArcBest Corp.		12,815		263,989
Avis Budget Group, Inc. (a)		35,250		961,268
Covenant Transportation Group, Inc. - Class A (a)		5,776		101,253
Daseke, Inc. (a)		15,243		169,655
Heartland Express, Inc.		22,410		466,576
Hertz Global Holdings, Inc. (a)		26,814		308,361
Knight Transportation, Inc. (b)		34,224		1,267,999
Marten Transport, Ltd. (b)		11,626		318,552
Saia, Inc. (a)		11,835		607,136
Schneider National, Inc. - Class B		17,902		400,468
Swift Transportation Co. (a)		32,862		870,843
Werner Enterprises, Inc. (b)		22,043		646,962
YRC Worldwide, Inc. (a)		14,785		164,409
				6,547,471
Semiconductors & Semiconductor Equipment—3.0%
Advanced Energy Industries, Inc. (a)		18,734		1,211,902
Alpha & Omega Semiconductor, Ltd. (a)		10,203		170,084
Ambarella, Inc. (a)		15,830		768,546
Amkor Technology, Inc. (a)		46,149		450,876
Axcelis Technologies, Inc. (a)		13,934		291,917
AXT, Inc. (a)		19,096		121,260

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Brooks Automation, Inc.		32,611	$	707,333
Cabot Microelectronics Corp.		11,541		852,072
Ceva, Inc. (a)		10,183		462,817
Cirrus Logic, Inc. (a)		30,042		1,884,234
Cohu, Inc.		11,848		186,487
Cree, Inc. (a)		45,706		1,126,653
Diodes, Inc. (a)		18,315		440,109
DSP Group, Inc. (a)		11,248		130,477
Entegris, Inc. (a)		65,120		1,429,384
FormFactor, Inc. (a) (c)		31,704		393,124
Ichor Holdings, Ltd. (a)		5,950		119,952
Impinj, Inc. (a)		8,561		416,493
Inphi Corp. (a) (b)		19,424		666,243
Integrated Device Technology, Inc. (a)		64,575		1,665,389
IXYS Corp. (a)		13,771		226,533
Kopin Corp. (a) (b)		32,479		120,497
Lattice Semiconductor Corp. (a)		55,774		371,455
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,984		1,058,738
MaxLinear, Inc. - Class A (a) (b)		26,699		744,635
MKS Instruments, Inc.		25,779		1,734,927
Monolithic Power Systems, Inc.		18,602		1,793,233
Nanometrics, Inc. (a)		12,771		322,979
NeoPhotonics Corp. (a)		14,422		111,338
NVE Corp.		2,605		200,585
PDF Solutions, Inc. (a) (b)		13,631		224,230
Photronics, Inc. (a)		30,362		285,403
Power Integrations, Inc.		13,471		982,036
Rambus, Inc. (a)		49,965		571,100
Rudolph Technologies, Inc. (a)		13,085		298,992
Semtech Corp. (a)		29,669		1,060,667
Sigma Designs, Inc. (a)		18,886		110,483
Silicon Laboratories, Inc. (a)		19,814		1,354,287
SunPower Corp. (a)		31,453		293,771
Synaptics, Inc. (a)		17,366		897,996
Ultra Clean Holdings, Inc. (a)		16,793		314,869
Veeco Instruments, Inc. (a)		22,250		619,662
Xcerra Corp. (a)		26,473		258,641
Xperi Corp.		24,436		728,193
				28,180,602
Software—3.4%
8x8, Inc. (a)		41,065		597,496
A10 Networks, Inc. (a)		21,727		183,376
ACI Worldwide, Inc. (a)		53,497		1,196,728
American Software, Inc. - Class A		12,761		131,311
Aspen Technology, Inc. (a) (c)		34,964		1,932,111
Barracuda Networks, Inc. (a)		11,138		256,842
Blackbaud, Inc. (b)		22,367		1,917,970
Blackline, Inc. (a)		5,176		184,990
Bottomline Technologies de, Inc. (a)		19,170		492,477
BroadSoft, Inc. (a) (b)		14,701		632,878
Callidus Software, Inc. (a)		28,634		692,943
CommVault Systems, Inc. (a)		18,850		1,064,083
Digimarc Corp. (a)		3,943		158,311
Ebix, Inc.		12,122		653,376
Software—(Continued)
Ellie Mae, Inc. (a)		15,728		1,728,665
Everbridge, Inc. (a)		8,344		203,260
Fair Isaac Corp.		14,308		1,994,678
Gigamon, Inc. (a) (b)		15,887		625,153
Glu Mobile, Inc. (a)		52,822		132,055
HubSpot, Inc. (a)		15,759		1,036,154
Imperva, Inc. (a)		15,746		753,446
MicroStrategy, Inc. - Class A (a)		4,589		879,574
Mitek Systems, Inc. (a)		15,125		127,050
MobileIron, Inc. (a)		27,306		165,201
Model N, Inc. (a)		11,583		154,054
Monotype Imaging Holdings, Inc.		18,592		340,234
Paycom Software, Inc. (a) (b)		22,985		1,572,404
Paylocity Holding Corp. (a)		12,312		556,256
Pegasystems, Inc.		16,572		966,976
Progress Software Corp.		23,712		732,464
Proofpoint, Inc. (a) (b)		19,783		1,717,758
PROS Holdings, Inc. (a) (b)		10,832		296,688
QAD, Inc. - Class A		4,798		153,776
Qualys, Inc. (a)		14,838		605,390
Rapid7, Inc. (a)		10,207		171,784
RealPage, Inc. (a)		27,494		988,409
RingCentral, Inc. - Class A (a)		28,664		1,047,669
Rubicon Project, Inc. (The) (a)		18,549		95,342
Silver Spring Networks, Inc. (a)		17,691		199,554
Synchronoss Technologies, Inc. (a)		19,823		326,088
Telenav, Inc. (a)		16,939		137,206
TiVo Corp.		54,357		1,013,758
Varonis Systems, Inc. (a)		9,188		341,794
VASCO Data Security International, Inc. (a)		15,031		215,695
Verint Systems, Inc. (a)		28,969		1,179,038
VirnetX Holding Corp. (a)		26,143		118,951
Workiva, Inc. (a)		11,206		213,474
Zendesk, Inc. (a)		45,410		1,261,490
Zix Corp. (a)		28,558		162,495
				32,308,875
Specialty Retail—2.0%
Aaron’s, Inc.		29,664		1,153,930
Abercrombie & Fitch Co. - Class A		32,535		404,735
America’s Car-Mart, Inc. (a)		3,580		139,262
American Eagle Outfitters, Inc.		80,529		970,374
Asbury Automotive Group, Inc. (a) (b)		9,029		510,590
Ascena Retail Group, Inc. (a) (b)		79,891		171,766
Barnes & Noble Education, Inc. (a)		20,589		218,861
Barnes & Noble, Inc.		31,637		240,441
Big 5 Sporting Goods Corp. (b)		9,615		125,476
Buckle, Inc. (The) (b)		14,188		252,546
Caleres, Inc.		20,189		560,850
Camping World Holdings, Inc. - Class A		5,917		182,539
Carvana Co. (a)		10,047		205,662
Cato Corp. (The) - Class A		13,930		245,029
Chico’s FAS, Inc. (b)		60,613		570,974
Children’s Place, Inc. (The) (b)		7,950		811,695
Citi Trends, Inc.		8,551		181,452
Conn’s, Inc. (a) (b)		10,289		196,520

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
DSW, Inc. - Class A (b)		33,068	$	585,304
Express, Inc. (a)		37,753		254,833
Finish Line, Inc. (The) - Class A (b)		20,123		285,143
Five Below, Inc. (a) (b)		25,874		1,277,399
Francesca’s Holdings Corp. (a)		18,782		205,475
Genesco, Inc. (a)		8,683		294,354
GNC Holdings, Inc. - Class A (b)		33,443		281,925
Group 1 Automotive, Inc.		9,411		595,905
Guess?, Inc. (b)		30,485		389,598
Haverty Furniture Cos., Inc.		10,391		260,814
Hibbett Sports, Inc. (a)		10,209		211,837
Lithia Motors, Inc. - Class A (b)		10,519		991,205
Lumber Liquidators Holdings, Inc. (a)		13,856		347,231
MarineMax, Inc. (a)		12,696		248,207
Monro Muffler Brake, Inc. (b)		15,070		629,173
Office Depot, Inc. (b)		245,668		1,385,568
Party City Holdco, Inc. (a) (b)		13,656		213,716
Pier 1 Imports, Inc.		35,527		184,385
Rent-A-Center, Inc.		21,277		249,366
RH (a) (b)		16,278		1,050,257
Select Comfort Corp. (a) (b)		19,982		709,161
Shoe Carnival, Inc.		8,227		171,780
Sonic Automotive, Inc. - Class A		14,688		285,682
Tailored Brands, Inc.		22,434		250,363
Tile Shop Holdings, Inc.		14,624		301,986
Vitamin Shoppe, Inc. (a) (b)		12,621		147,035
Winmark Corp.		1,140		147,003
Zumiez, Inc. (a)		10,452		129,082
				19,226,489
Technology Hardware, Storage & Peripherals—0.5%
3D Systems Corp. (a) (b)		52,340		978,758
Cray, Inc. (a)		19,290		354,936
Diebold Nixdorf, Inc.		35,435		992,180
Electronics for Imaging, Inc. (a) (b)		22,186		1,051,173
Immersion Corp. (a) (b)		15,004		136,236
Intevac, Inc. (a)		10,049		111,544
Pure Storage, Inc. - Class A (a)		44,025		563,960
Stratasys, Ltd. (a)		23,667		551,678
Super Micro Computer, Inc. (a)		17,788		438,474
				5,178,939
Textiles, Apparel & Luxury Goods—0.7%
Columbia Sportswear Co.		13,362		775,798
Crocs, Inc. (a) (c)		36,244		279,441
Culp, Inc.		4,697		152,652
Deckers Outdoor Corp. (a)		14,873		1,015,231
Fossil Group, Inc. (a)		20,656		213,790
G-III Apparel Group, Ltd. (a) (b)		21,024		524,549
Iconix Brand Group, Inc. (a)		23,416		161,805
Movado Group, Inc. (b)		7,984		201,596
Oxford Industries, Inc.		7,657		478,486
Perry Ellis International, Inc. (a)		7,318		142,408
Steven Madden, Ltd. (a)		27,483		1,097,946
Unifi, Inc. (a)		7,892		243,074
Textiles, Apparel & Luxury Goods—(Continued)
Wolverine World Wide, Inc. (b)		45,644		1,278,488
				6,565,264
Thrifts & Mortgage Finance—2.1%
Astoria Financial Corp.		45,250		911,787
Bank Mutual Corp.		22,673		207,458
BankFinancial Corp.		7,874		117,480
Beneficial Bancorp, Inc. (b)		32,692		490,380
BofI Holding, Inc. (a) (b)		28,164		668,050
BSB Bancorp, Inc. (a)		4,295		125,629
Capitol Federal Financial, Inc.		59,838		850,298
Charter Financial Corp.		7,188		129,384
Clifton Bancorp, Inc.		10,898		180,144
Dime Community Bancshares, Inc.		15,501		303,819
Essent Group, Ltd. (a)		35,226		1,308,294
Federal Agricultural Mortgage Corp. - Class C		4,263		275,816
First Defiance Financial Corp.		5,038		265,402
Flagstar Bancorp, Inc. (a)		9,133		281,479
Hingham Institution for Savings		716		130,262
Home Bancorp, Inc.		3,086		131,217
HomeStreet, Inc. (a)		12,382		342,672
Kearny Financial Corp. (b)		43,899		651,900
LendingTree, Inc. (a)		2,772		477,338
Meridian Bancorp, Inc.		23,292		393,635
Meta Financial Group, Inc.		4,218		375,402
MGIC Investment Corp. (a)		172,680		1,934,016
Nationstar Mortgage Holdings, Inc. (a)		13,208		236,291
NMI Holdings, Inc. - Class A (a)		27,711		317,291
Northfield Bancorp, Inc.		19,366		332,127
Northwest Bancshares, Inc.		47,880		747,407
OceanFirst Financial Corp.		15,122		410,109
Ocwen Financial Corp. (a)		51,713		139,108
Oritani Financial Corp. (b)		16,857		287,412
PCSB Financial Corp. (a)		11,786		201,069
PennyMac Financial Services, Inc. - Class A (a)		7,300		121,910
PHH Corp. (a)		24,884		342,653
Provident Financial Services, Inc.		29,105		738,685
Radian Group, Inc.		99,468		1,626,302
Territorial Bancorp, Inc.		4,282		133,555
TrustCo Bank Corp. (b)		45,137		349,812
United Community Financial Corp.		24,319		202,091
United Financial Bancorp, Inc.		21,901		365,528
Walker & Dunlop, Inc. (a)		12,545		612,572
Washington Federal, Inc.		43,725		1,451,670
Waterstone Financial, Inc.		10,900		205,465
Western New England Bancorp, Inc.		13,397		135,979
WSFS Financial Corp.		14,223		645,013
				20,153,911
Tobacco—0.2%
Universal Corp.		11,709		757,572
Vector Group, Ltd.		44,917		957,631
				1,715,203

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Trading Companies & Distributors—1.2%
Aircastle, Ltd.		23,576	$	512,778
Applied Industrial Technologies, Inc.		17,961		1,060,597
Beacon Roofing Supply, Inc. (a)		28,149		1,379,301
BMC Stock Holdings, Inc. (a)		31,129		680,169
CAI International, Inc. (a)		8,107		191,325
DXP Enterprises, Inc. (a)		6,978		240,741
GATX Corp. (b)		17,764		1,141,692
GMS, Inc. (a)		11,477		322,504
H&E Equipment Services, Inc. (b)		15,412		314,559
Herc Holdings, Inc. (a)		11,582		455,404
Kaman Corp.		13,043		650,454
MRC Global, Inc. (a)		44,689		738,262
Nexeo Solutions, Inc. (a)		19,400		161,020
NOW, Inc. (a) (b)		51,271		824,438
Rush Enterprises, Inc. - Class A (a)		12,945		481,295
SiteOne Landscape Supply, Inc. (a)		15,960		830,878
Textainer Group Holdings, Ltd. (a)		11,532		167,214
Titan Machinery, Inc. (a)		9,306		167,322
Triton International, Ltd.		20,087		671,709
Veritiv Corp. (a)		5,727		257,715
				11,249,377
Water Utilities—0.3%
American States Water Co.		16,817		797,294
Artesian Resources Corp. - Class A		3,766		141,752
Cadiz, Inc. (a)		10,537		142,250
California Water Service Group		22,665		834,072
Connecticut Water Service, Inc. (b)		4,871		270,389
Middlesex Water Co.		7,497		296,881
SJW Group		7,394		363,637
York Water Co. (The)		6,695		233,321
				3,079,596
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc. (a)		17,390		260,155
Shenandoah Telecommunications Co. (b)		22,906		703,214
Spok Holdings, Inc.		11,723		207,497
				1,170,866
Total Common Stocks (Cost $636,160,827)				896,486,656
Mutual Fund—2.9%
Investment Company Security—2.9%
iShares Russell 2000 Index Fund (Cost $26,810,687)		195,900		27,606,228
Rights—0.0%
Biotechnology—0.0%
Dyax Corp., Expires 12/31/19 (a) (d) (e)		69,204		169,550
Biotechnology—(Continued)
Tobira Therapeutics, Inc., Expires 12/31/28 (a) (d) (e)		4,660		64,028
				233,578
Machinery—0.0%
Gerber Scientific, Inc. (a) (b) (d)		14,024		0
Total Rights (Cost $140,845)				233,578
Short-Term Investments—3.0%
Discount Notes—2.2%
Federal Home Loan Bank 0.608%, 07/07/17 (f)		225,000		224,975
0.772%, 07/14/17 (f)		2,475,000		2,474,243
0.774%, 07/12/17 (f)		1,000,000		999,750
0.821%, 07/21/17 (f)		7,675,000		7,671,163
0.920%, 08/02/17 (f)		8,475,000		8,467,796
0.941%, 08/11/17 (f)		400,000		399,558
0.946%, 07/26/17 (f)		300,000		299,808
0.982%, 08/25/17 (f)		125,000		124,812
				20,662,105
U.S. Treasury—0.8%
U.S. Treasury Bills 0.720%, 08/03/17 (f)		1,850,000		1,848,642
0.915%, 08/17/17 (f)		1,100,000		1,098,757
0.956%, 09/21/17 (f)		2,100,000		2,095,458
0.957%, 08/31/17 (f)		775,000		773,828
1.021%, 09/28/17 (f)		1,725,000		1,720,789
				7,537,474
Total Short-Term Investments (Cost $28,199,794)				28,199,579
Securities Lending Reinvestments (g)—8.3%
Certificates of Deposit—5.4%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17 (h)		7,000,000		7,001,233
Canadian Imperial Bank 1.630%, 10/27/17 (h)		1,500,000		1,501,688
Cooperative Rabobank UA New York 1.555%, 10/13/17 (h)		2,500,000		2,502,882
1.558%, 10/13/17 (h)		2,000,000		2,002,713
Credit Industriel et Commercial 1.125%, 07/03/17		1,000,000		1,000,022
Credit Suisse AG New York 1.432%, 10/16/17 (h)		1,500,000		1,500,321
DG Bank New York 1.140%, 07/03/17		1,000,000		999,990

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
DNB NOR Bank ASA 1.412%, 07/28/17 (h)		2,200,000	$	2,200,275
KBC Bank NV 1.200%, 07/18/17		1,000,000		1,000,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (h)		1,500,000		1,500,035
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (h)		1,500,000		1,499,898
1.610%, 08/02/17 (h)		1,000,000		1,000,305
Natixis New York 1.506%, 08/03/17 (h)		2,500,000		2,500,755
Norinchukin Bank New York 1.377%, 10/13/17 (h)		1,500,000		1,501,031
1.687%, 07/12/17 (h)		5,000,000		5,000,605
Royal Bank of Canada New York 1.555%, 10/13/17 (h)		3,000,000		3,003,033
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (h)		2,700,000		2,701,050
Sumitomo Mitsui Trust Bank, Ltd., New York 1.466%, 10/26/17 (h)		2,000,000		2,000,512
Toronto Dominion Bank New York 1.475%, 01/10/18 (h)		3,500,000		3,505,819
UBS, Stamford 1.722%, 07/31/17 (h)		1,601,635		1,600,914
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (h)		2,100,000		2,101,877
				51,622,868
Commercial Paper—1.1%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		1,495,564		1,499,457
Commonwealth Bank Australia 1.522%, 10/23/17 (h)		2,500,000		2,502,635
ING Funding LLC 1.234%, 12/07/17 (h)		500,000		500,173
LMA S.A. & LMA Americas 1.150%, 07/07/17		499,888		499,936
1.180%, 07/11/17		997,050		999,668
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (h)		3,400,000		3,403,390
				10,404,319
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $344,508 on 07/03/17, collateralized by $358,595 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $351,367.		344,477		344,477
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $50,594 on 10/02/17, collateralized by various Common Stock with a value of $55,000.		50,000		50,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $1,300,119 on 07/03/17, collateralized by $1,295,004 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $1,326,000.		1,300,000		1,300,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $1,600,160 on 07/03/17, collateralized by $1,626,773 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $1,632,005.		1,600,000		1,600,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $2,001,550 on 07/03/17, collateralized by $435 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $2,223,647.		2,000,000		2,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $502,423 on 09/29/17, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $300,031 on 07/03/17, collateralized by $270,505 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $306,200.		300,000		300,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,556,691 on 10/02/17, collateralized by various Common Stock with a value of $3,850,000.		3,500,000		3,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $500,049 on 07/03/17, collateralized by $750,882 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $510,000.		500,000	$	500,000
				11,594,477
Time Deposits—0.6%
ABN AMRO Bank NV 1.180%, 07/07/17		2,000,000		2,000,000
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		500,000		500,000
Shinkin Central Bank 1.330%, 07/26/17		3,000,000		3,000,000
Standard Chartered plc 1.200%, 07/03/17		600,000		600,000
				6,200,000
Total Securities Lending Reinvestments (Cost $79,791,142)				79,821,664
Total Investments—108.3% (Cost $771,103,295) (i)				1,032,347,705
Other assets and liabilities (net)—(8.3)%				(79,556,209	)
Net Assets—100.0%			$	952,791,496

*	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 June 30, 2017, the market value of securities loaned was $77,702,273 and the collateral received consisted of cash in the amount of $79,781,325. 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 June 30, 2017, the market value of securities pledged was $3,293,097.
(d)	Illiquid security. As of June 30, 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 June 30, 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 June 30, 2017.
(h)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(i)	As of June 30, 2017, the aggregate cost of investments was $771,103,295. The aggregate unrealized appreciation and depreciation of investments were $308,697,263 and $(47,452,853), respectively, resulting in net unrealized appreciation of $261,244,410.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
Russell 2000 Index Mini Futures		09/15/17		394		USD	27,732,206	$	129,504

(USD)— United States Dollar

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	13,046,769	$	—	$	—	$	13,046,769
Air Freight & Logistics		2,807,733		—		—		2,807,733
Airlines		2,854,126		—		—		2,854,126
Auto Components		10,785,771		—		—		10,785,771
Automobiles		523,845		—		—		523,845
Banks		92,765,396		—		—		92,765,396
Beverages		2,182,553		—		—		2,182,553
Biotechnology		47,327,578		—		—		47,327,578
Building Products		11,400,427		—		—		11,400,427
Capital Markets		11,674,921		—		—		11,674,921
Chemicals		19,146,697		—		—		19,146,697
Commercial Services & Supplies		22,305,936		—		—		22,305,936
Communications Equipment		17,346,299		—		—		17,346,299
Construction & Engineering		10,647,302		—		—		10,647,302
Construction Materials		2,027,660		—		—		2,027,660
Consumer Finance		5,536,256		—		—		5,536,256
Containers & Packaging		1,004,575		—		—		1,004,575
Distributors		717,534		—		—		717,534
Diversified Consumer Services		7,980,472		—		—		7,980,472
Diversified Financial Services		835,581		—		—		835,581
Diversified Telecommunication Services		6,557,412		—		—		6,557,412
Electric Utilities		10,043,083		—		—		10,043,083
Electrical Equipment		5,941,769		—		—		5,941,769
Electronic Equipment, Instruments & Components		25,706,857		—		—		25,706,857
Energy Equipment & Services		12,973,847		—		—		12,973,847
Equity Real Estate Investment Trusts		63,628,186		—		—		63,628,186
Food & Staples Retailing		4,527,682		—		—		4,527,682
Food Products		11,850,197		—		—		11,850,197
Gas Utilities		11,038,065		—		—		11,038,065
Health Care Equipment & Supplies		34,568,653		—		—		34,568,653
Health Care Providers & Services		19,810,590		—		—		19,810,590
Health Care Technology		7,367,029		—		—		7,367,029
Hotels, Restaurants & Leisure		29,234,472		—		—		29,234,472
Household Durables		13,204,764		—		—		13,204,764
Household Products		2,411,015		—		—		2,411,015
Independent Power and Renewable Electricity Producers		4,105,962		—		—		4,105,962

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Industrial Conglomerates	$	578,954	$	—		$	—	$	578,954
Insurance		22,446,701		—			—		22,446,701
Internet & Direct Marketing Retail		4,652,637		—			—		4,652,637
Internet Software & Services		25,621,617		—			—		25,621,617
IT Services		18,440,527		—			—		18,440,527
Leisure Products		3,350,822		—			—		3,350,822
Life Sciences Tools & Services		7,534,901		—			—		7,534,901
Machinery		31,392,247		—			—		31,392,247
Marine		956,253		—			—		956,253
Media		12,321,544		—			—		12,321,544
Metals & Mining		11,752,129		0			—		11,752,129
Mortgage Real Estate Investment Trusts		8,121,926		—			—		8,121,926
Multi-Utilities		4,737,088		—			—		4,737,088
Multiline Retail		3,258,440		—			—		3,258,440
Oil, Gas & Consumable Fuels		19,231,576		—			—		19,231,576
Paper & Forest Products		5,361,754		—			—		5,361,754
Personal Products		1,605,420		—			—		1,605,420
Pharmaceuticals		18,277,940		—			—		18,277,940
Professional Services		11,138,837		—			—		11,138,837
Real Estate Management & Development		4,441,736		—			—		4,441,736
Road & Rail		6,547,471		—			—		6,547,471
Semiconductors & Semiconductor Equipment		28,180,602		—			—		28,180,602
Software		32,308,875		—			—		32,308,875
Specialty Retail		19,226,489		—			—		19,226,489
Technology Hardware, Storage & Peripherals		5,178,939		—			—		5,178,939
Textiles, Apparel & Luxury Goods		6,565,264		—			—		6,565,264
Thrifts & Mortgage Finance		20,153,911		—			—		20,153,911
Tobacco		1,715,203		—			—		1,715,203
Trading Companies & Distributors		11,249,377		—			—		11,249,377
Water Utilities		3,079,596		—			—		3,079,596
Wireless Telecommunication Services		1,170,866		—			—		1,170,866
Total Common Stocks		896,486,656		0			—		896,486,656
Total Mutual Fund*		27,606,228		—			—		27,606,228
Total Rights*		—		—			233,578		233,578
Short-Term Investments
Discount Notes		—		20,662,105			—		20,662,105
U.S. Treasury		—		7,537,474			—		7,537,474
Total Short-Term Investments		—		28,199,579			—		28,199,579
Total Securities Lending Reinvestments*		—		79,821,664			—		79,821,664
Total Investments	$	924,092,884	$	108,021,243		$	233,578	$	1,032,347,705
Collateral for Securities Loaned (Liability)	$	—	$	(79,781,325	)	$	—	$	(79,781,325	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	129,504	$	—		$	—	$	129,504

* 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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,032,347,705
Cash		228,114
Receivable for:
Investments sold		656,169
Fund shares sold		1,014,343
Dividends		985,627
Total Assets		1,035,231,958
Liabilities
Collateral for securities loaned		79,781,325
Payables for:
Investments purchased		977,731
Fund shares redeemed		958,673
Variation margin on futures contracts		72,890
Accrued Expenses:
Management fees		193,320
Distribution and service fees		92,901
Deferred trustees’ fees		102,469
Other expenses		261,153
Total Liabilities		82,440,462
Net Assets	$	952,791,496
Net Assets Consist of:
Paid in surplus	$	637,504,010
Undistributed net investment income		5,572,678
Accumulated net realized gain		48,340,894
Unrealized appreciation on investments and futures contracts		261,373,914
Net Assets	$	952,791,496
Net Assets
Class A	$	518,520,893
Class B		254,100,582
Class E		27,846,132
Class G		152,323,889
Capital Shares Outstanding*
Class A		25,754,683
Class B		12,915,796
Class E		1,391,058
Class G		7,769,463
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.13
Class B		19.67
Class E		20.02
Class G		19.61

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $771,103,295.
(b)	Includes securities loaned at value of $77,702,273.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	6,478,359
Interest		88,731
Securities lending income		1,110,147
Total investment income		7,677,237
Expenses
Management fees		1,168,940
Administration fees		14,899
Custodian and accounting fees		49,145
Distribution and service fees—Class B		310,291
Distribution and service fees—Class E		20,656
Distribution and service fees—Class G		223,017
Audit and tax services		22,408
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		86,733
Insurance		2,829
Miscellaneous		33,835
Total expenses		1,977,748
Less management fee waiver		(10,982	)
Net expenses		1,966,766
Net Investment Income		5,710,471
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		51,312,169
Futures contracts		429,464
Net realized gain		51,741,633
Net change in unrealized appreciation (depreciation) on:
Investments		(12,297,582	)
Futures contracts		709,180
Net change in unrealized depreciation		(11,588,402	)
Net realized and unrealized gain		40,153,231
Net Increase in Net Assets From Operations	$	45,863,702

(a) Net of foreign withholding taxes of $292.

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,710,471		$	10,703,140
Net realized gain		51,741,633			41,503,507
Net change in unrealized appreciation (depreciation)		(11,588,402	)		113,947,255
Increase in net assets from operations		45,863,702			166,153,902
From Distributions to Shareholders
Net investment income
Class A		(6,289,158	)		(6,199,626	)
Class B		(2,591,328	)		(2,602,492	)
Class E		(304,417	)		(306,015	)
Class G		(1,512,778	)		(1,328,503	)
Net realized capital gains
Class A		(20,629,418	)		(26,106,237	)
Class B		(10,353,031	)		(13,423,379	)
Class E		(1,120,627	)		(1,459,665	)
Class G		(6,220,837	)		(7,420,341	)
Total distributions		(49,021,594	)		(58,846,258	)
Increase (decrease) in net assets from capital share transactions		22,765,123			(9,842,161	)
Total increase in net assets		19,607,231			97,465,483
Net Assets
Beginning of period		933,184,265			835,718,782
End of period	$	952,791,496		$	933,184,265
Undistributed net investment income
End of period	$	5,572,678		$	10,559,888

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		1,084,410		$	22,243,643			2,734,140		$	48,541,845
Reinvestments		1,342,573			26,918,576			1,900,345			32,305,863
Redemptions		(2,077,205	)		(42,800,429	)		(4,749,649	)		(85,498,973	)
Net increase (decrease)		349,778		$	6,361,790			(115,164	)	$	(4,651,265	)
Class B
Sales		534,089		$	10,708,497			979,533		$	17,010,942
Reinvestments		660,426			12,944,359			963,672			16,025,871
Redemptions		(757,937	)		(15,232,433	)		(2,005,944	)		(35,652,777	)
Net increase (decrease)		436,578		$	8,420,423			(62,739	)	$	(2,615,964	)
Class E
Sales		53,989		$	1,109,884			231,975		$	4,151,723
Reinvestments		71,467			1,425,044			104,416			1,765,680
Redemptions		(116,627	)		(2,373,542	)		(351,709	)		(6,252,408	)
Net increase (decrease)		8,829		$	161,386			(15,318	)	$	(335,005	)
Class G
Sales		741,065		$	14,766,430			1,199,600		$	21,425,493
Reinvestments		395,987			7,733,615			527,675			8,748,844
Redemptions		(732,874	)		(14,678,521	)		(1,827,855	)		(32,414,264	)
Net increase (decrease)		404,178		$	7,821,524			(100,580	)	$	(2,239,927	)
Increase (decrease) derived from capital shares transactions				$	22,765,123					$	(9,842,161	)

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	20.22		$	17.98		$	20.11		$	19.83		$	14.56		$	12.66
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.25	(b)		0.26			0.24			0.20			0.28
Net realized and unrealized gain (loss) on investments		0.87			3.33			(0.98	)		0.71			5.33			1.78
Total from investment operations		1.01			3.58			(0.72	)		0.95			5.53			2.06
Less Distributions
Distributions from net investment income		(0.26	)		(0.26	)		(0.25	)		(0.23	)		(0.26	)		(0.16	)
Distributions from net realized capital gains		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00			0.00
Total distributions		(1.10	)		(1.34	)		(1.41	)		(0.67	)		(0.26	)		(0.16	)
Net Asset Value, End of Period	$	20.13		$	20.22		$	17.98		$	20.11		$	19.83		$	14.56
Total Return (%) (c)		5.02	(d)		21.28			(4.27	)		5.04			38.55			16.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.30	(e)		0.31			0.31			0.32			0.31			0.33
Net ratio of expenses to average net assets (%) (f)		0.30	(e)		0.31			0.31			0.31			0.31			0.33
Ratio of net investment income to average net assets (%)		1.34	(e)		1.40	(b)		1.35			1.26			1.18			2.01
Portfolio turnover rate (%)		14	(d)		24			27			24			25			26
Net assets, end of period (in millions)	$	518.5		$	513.7		$	459.0		$	488.3		$	485.5		$	366.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	19.76		$	17.60		$	19.71		$	19.45		$	14.29		$	12.43
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.20	(b)		0.21			0.19			0.16			0.24
Net realized and unrealized gain (loss) on investments		0.85			3.25			(0.96	)		0.69			5.23			1.75
Total from investment operations		0.96			3.45			(0.75	)		0.88			5.39			1.99
Less Distributions
Distributions from net investment income		(0.21	)		(0.21	)		(0.20	)		(0.18	)		(0.23	)		(0.13	)
Distributions from net realized capital gains		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00			0.00
Total distributions		(1.05	)		(1.29	)		(1.36	)		(0.62	)		(0.23	)		(0.13	)
Net Asset Value, End of Period	$	19.67		$	19.76		$	17.60		$	19.71		$	19.45		$	14.29
Total Return (%) (c)		4.90	(d)		20.96			(4.49	)		4.78			38.18			16.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(e)		0.56			0.56			0.57			0.56			0.58
Net ratio of expenses to average net assets (%) (f)		0.55	(e)		0.56			0.56			0.56			0.56			0.58
Ratio of net investment income to average net assets (%)		1.09	(e)		1.15	(b)		1.10			1.01			0.93			1.77
Portfolio turnover rate (%)		14	(d)		24			27			24			25			26
Net assets, end of period (in millions)	$	254.1		$	246.6		$	220.8		$	240.2		$	238.1		$	185.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	20.10		$	17.88		$	20.00		$	19.72		$	14.48		$	12.60
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.22	(b)		0.23			0.21			0.17			0.25
Net realized and unrealized gain (loss) on investments		0.87			3.31			(0.98	)		0.71			5.31			1.77
Total from investment operations		0.99			3.53			(0.75	)		0.92			5.48			2.02
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.21	)		(0.20	)		(0.24	)		(0.14	)
Distributions from net realized capital gains		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00			0.00
Total distributions		(1.07	)		(1.31	)		(1.37	)		(0.64	)		(0.24	)		(0.14	)
Net Asset Value, End of Period	$	20.02		$	20.10		$	17.88		$	20.00		$	19.72		$	14.48
Total Return (%) (c)		4.96	(d)		21.09			(4.39	)		4.91			38.35			16.10
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.45	(e)		0.46			0.46			0.47			0.46			0.48
Net ratio of expenses to average net assets (%) (f)		0.45	(e)		0.46			0.46			0.46			0.46			0.48
Ratio of net investment income to average net assets (%)		1.19	(e)		1.25	(b)		1.19			1.10			1.03			1.85
Portfolio turnover rate (%)		14	(d)		24			27			24			25			26
Net assets, end of period (in millions)	$	27.8		$	27.8		$	25.0		$	28.7		$	30.6		$	25.7
	Class G
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	19.70		$	17.54		$	19.65		$	19.40		$	14.26		$	12.41
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.19	(b)		0.20			0.18			0.15			0.24
Net realized and unrealized gain (loss) on investments		0.86			3.24			(0.96	)		0.69			5.22			1.73
Total from investment operations		0.96			3.43			(0.76	)		0.87			5.37			1.97
Less Distributions
Distributions from net investment income		(0.21	)		(0.19	)		(0.19	)		(0.18	)		(0.23	)		(0.12	)
Distributions from net realized capital gains		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00			0.00
Total distributions		(1.05	)		(1.27	)		(1.35	)		(0.62	)		(0.23	)		(0.12	)
Net Asset Value, End of Period	$	19.61		$	19.70		$	17.54		$	19.65		$	19.40		$	14.26
Total Return (%) (c)		4.83	(d)		20.92			(4.54	)		4.73			38.12			15.94
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60	(e)		0.61			0.61			0.62			0.61			0.63
Net ratio of expenses to average net assets (%) (f)		0.60	(e)		0.61			0.61			0.61			0.61			0.63
Ratio of net investment income to average net assets (%)		1.04	(e)		1.10	(b)		1.04			0.96			0.89			1.81
Portfolio turnover rate (%)		14	(d)		24			27			24			25			26
Net assets, end of period (in millions)	$	152.3		$	145.1		$	131.0		$	144.7		$	141.2		$	88.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Russell 2000 Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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

BHFTII-30

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances, passive foreign investment companies (“PFICs”) and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTII-31

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $11,594,477. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(79,781,325	)	$	—	$	—	$	—	$	(79,781,325	)
Rights		—			—		—		—		—
Total Borrowings	$	(79,781,325	)	$	—	$	—	$	—	$	(79,781,325	)
Gross amount of recognized liabilities for securities lending transactions										$	(79,781,325	)

BHFTII-32

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts (a)	$	129,504

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	429,464
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	709,180

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	19,700

‡ Averages are based on activity levels during the period.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

BHFTII-33

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	129,614,518	$	0	$	148,436,464

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2017 were $1,168,940.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2017 were $165,067.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

BHFTII-34

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$10,436,636	$	10,291,201	$	48,409,622	$	51,124,952	$	58,846,258	$	61,416,153

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$10,863,900	$	38,380,735	$	269,293,077	$	—	$	318,537,712

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-35

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	40,669,67		1,606,853		2,785,934

To Approve a Subadvisory Agreement between the Manager and MetLife Investment Advisors, LLC

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
40,656,928		1,620,953		2,784,581

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		41,437,133		3,625,328
Robert Boulware		41,448,569		3,613,892
Susan C. Gause		41,540,593		3,521,868
Nancy Hawthorne		41,544,374		3,518,087
Barbara A. Nugent		41,502,015		3,560,446
John Rosenthal		41,432,799		3,629,661
Linda B. Strumpf		41,496,614		3,565,847
Dawn M. Vroegop		41,496,595		3,565,866

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Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, E and F shares of the MFS Total Return Portfolio returned 6.38%, 6.25%, 6.30%, and 6.28%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg Barclays U.S. Aggregate Bond Index², returned 9.34% and 2.27%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) returned 6.48%.

MARKET ENVIRONMENT / CONDITIONS

For the first time in many years, markets are experiencing synchronized global economic growth. The rebound in emerging markets (“EM”) economies has been more pronounced (despite the deceleration in Chinese growth at the end of the first half of 2017), helped by some larger economies (i.e., Brazil and Russia) emerging from recessions. At the same time, developed market (“DM”) economies continued to grow at or above potential. Market confidence increased in the U.S. after the presidential elections in November in anticipation of lower taxes, a lighter regulatory burden and increased infrastructure spending, boosting U.S. equities and corporate bond performance. While global inflation faded during the period as commodity prices, particularly oil, leveled off or declined, global growth remained relatively resilient. As a result, there have been more tightening signals and actions by DM central banks. The U.S. Federal Reserve increased interest rates by 25 basis points at the end of the period, bringing the total number of quarter-percent hikes in the federal funds rate to four since December 2015. The European Central Bank appears set on announcing Quantitative Easing tapering in the fall of 2017. The Bank of England may also begin reducing monetary accommodation. Markets have been comforted (along with central banks) by the decline in fears of a populist wave in Europe after establishment candidates won the Dutch and French elections. European growth has reflected the more constructive political economic backdrop.

The headwind of a stronger U.S. dollar faded during the period while U.S. consumer spending held up well amid a modest increase in real wages and relatively low gasoline prices. Demand for autos tapered off from near-record territory at the end of the period, while the housing market continued its recovery amid relatively low mortgage rates and tight inventories. Global trade, which was sluggish early in the period, showed signs of improvement, a positive indicator of global economic activity and prospects. Receding fears that President Trump would follow through on various campaign threats and promises that were judged to be detrimental to EM, helped EM economies resume their upward trajectory, powered by strong inflows throughout the first half of 2017.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio slightly underperformed its blended index during the first half of 2017. Within the equity portion of the Portfolio, a combination of an underweight allocation and weak stock selection in the Information Technology sector held back performance relative to the S&P 500 Index. Within this sector, underweight positions in computer and personal electronics maker Apple, internet search giant Alphabet and social network services provider Facebook detracted from relative returns. Additionally, not owning shares of computer graphics processors maker NVIDIA also hurt relative performance.

Stock selection in the Consumer Discretionary sector also weakened relative results. Here, an underweight position in internet retailer Amazon.com, overweight position in retail giant Target and not owning shares of restaurant chain McDonald’s hindered relative returns.

Elsewhere, overweight positions in financial services firm Goldman Sachs and telecommunications company Verizon Communications weighed on relative performance. Additionally, not owning shares of aerospace company Boeing also detracted from relative results.

Within the fixed income portion of the Portfolio, security selection within the Commercial Mortgage Backed Securities (“CMBS”) sector weakened relative returns. Additionally, the Portfolio’s lesser relative exposure to sovereign debt also held back relative returns.

Within the equity portion of the Portfolio, strong stock selection in the Industrials sector contributed to performance relative to the S&P 500 Index. Within this sector, not owning shares of diversified industrial conglomerate General Electric, and holding a position in residential and commercial building materials manufacturer Owens Corning, aided relative performance.

Strong security selection in the Consumer Staples sector also supported relative results led by an overweight position in tobacco company Philip Morris International and holdings of global food company Nestle (France).

Individual stocks that benefited relative returns included underweight positions in telecommunications company AT&T and integrated oil and gas company Exxon Mobil, and overweight positions in medical products makers Abbott Laboratories and Medtronic. Additionally, not owning shares of wireless communications software company QUALCOMM and holding a position in pharmaceutical company Bayer (Germany) also aided relative performance.

Within the fixed income portion of the Portfolio, a greater-than-benchmark exposure to the corporate financial sector, and a lesser-than-benchmark exposure to U.S. Treasuries boosted performance relative to the index. Additionally, strong security selection in the Industrials sector also aided relative results.

Over the trailing six months ending June 30, 2017, the equity portion of the Portfolio increased its exposure to Health Care, Industrial and Information Technology while it decreased its exposure to Telecommunications Services, Consumer Discretionary and Energy sectors. The Portfolio had overweight positions in Financials, Industrials

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Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

and Consumer Staples and underweight positions in Information Technology, Consumer Discretionary and Real Estate relative to the S&P 500 Index.

Over the trailing six months ending June 30, 2017, the fixed income portion of the Portfolio had overweight positions in collateralized debt obligations, CMBS and corporate bonds. The Portfolio had underweight positions in International, Government and Agency bonds.

Brooks Taylor

Steven Gorham

Richard Hawkins

Nevin Chitkara

William Douglas

Joshua Marston

Jonathan Sage

Robert Persons

Portfolio Managers

Massachusetts Financial Services Company

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

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MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX & THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
MFS Total Return Portfolio
Class A		6.38		9.90		9.67		5.54
Class B		6.25		9.63		9.40		5.28
Class E		6.30		9.73		9.51		5.39
Class F		6.28		9.68		9.45		5.33
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.48
S&P 500 Index		9.34		17.90		14.63		7.18

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Equity Sectors

	% of Net Assets
Financials		14.5
Health Care		8.8
Industrials		8.5
Consumer Staples		7.0
Information Technology		6.8

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		24.2
Corporate Bonds & Notes		10.9
Asset-Backed Securities		1.4
Mortgage-Backed Securities		1.3
Municipals		0.2

Top Equity Holdings

	% of Net Assets
JPMorgan Chase & Co.		2.0
Philip Morris International, Inc.		1.9
Johnson & Johnson		1.2
Comcast Corp.		1.1
Travelers Cos., Inc. (The)		1.1

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		10.3
Fannie Mae 30 Yr. Pool		5.5
Freddie Mac 30 Yr. Gold Pool		3.1
U.S. Treasury Bonds		2.7
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)		1.1

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MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A	Actual		0.61	%	$	1,000.00	$	1,063.80	$	3.12
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06
Class B	Actual		0.86	%	$	1,000.00	$	1,062.50	$	4.40
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.53	$	4.31
Class E	Actual		0.76	%	$	1,000.00	$	1,063.00	$	3.89
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class F	Actual		0.81	%	$	1,000.00	$	1,062.80	$	4.14
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—59.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
L3 Technologies, Inc.		8,050	$	1,344,994
Lockheed Martin Corp.		15,010		4,166,926
Northrop Grumman Corp.		20,379		5,231,493
United Technologies Corp.		54,946		6,709,456
				17,452,869
Air Freight & Logistics—0.4%
United Parcel Service, Inc. - Class B		34,240		3,786,602
Airlines—0.4%
Copa Holdings S.A. - Class A		15,404		1,802,268
Delta Air Lines, Inc.		24,849		1,335,385
				3,137,653
Auto Components—0.4%
Delphi Automotive plc		35,156		3,081,423
Automobiles—0.4%
General Motors Co.		27,619		964,732
Harley-Davidson, Inc. (a)		5,969		322,445
Hyundai Motor Co.		7,961		1,109,821
Kia Motors Corp.		29,896		999,220
				3,396,218
Banks—6.2%
Bank of America Corp.		309,170		7,500,464
BNP Paribas S.A.		10,813		786,450
Citigroup, Inc.		125,443		8,389,628
JPMorgan Chase & Co.		190,928		17,450,819
PNC Financial Services Group, Inc. (The)		38,798		4,844,706
Royal Bank of Canada		13,142		954,234
Sumitomo Mitsui Financial Group, Inc.		28,300		1,107,117
SunTrust Banks, Inc.		16,842		955,278
U.S. Bancorp		120,104		6,235,800
Wells Fargo & Co.		105,202		5,829,243
				54,053,739
Beverages—0.6%
Coca-Cola European Partners plc		22,000		894,740
Diageo plc		100,200		2,962,050
PepsiCo, Inc.		9,050		1,045,184
				4,901,974
Biotechnology—0.3%
Celgene Corp. (b)		11,708		1,520,518
Gilead Sciences, Inc.		10,555		747,083
				2,267,601
Building Products—1.3%
Johnson Controls International plc		159,428		6,912,798
Owens Corning		62,832		4,204,717
				11,117,515
Capital Markets—4.0%
Apollo Global Management LLC - Class A		38,063		1,006,766
Bank of New York Mellon Corp. (The)		112,937		5,762,046
BlackRock, Inc.		7,557		3,192,152
Blackstone Group L.P. (The)		33,094		1,103,685
Charles Schwab Corp. (The)		21,637		929,526
Franklin Resources, Inc.		38,271		1,714,158
Goldman Sachs Group, Inc. (The)		29,278		6,496,788
Moody’s Corp.		10,349		1,259,266
Morgan Stanley		88,887		3,960,805
Nasdaq, Inc.		27,124		1,939,095
S&P Global, Inc.		2,892		422,203
State Street Corp.		41,943		3,763,545
T. Rowe Price Group, Inc. (a)		20,885		1,549,876
UBS Group AG (b)		87,004		1,476,950
				34,576,861
Chemicals—1.8%
Axalta Coating Systems, Ltd. (b)		46,363		1,485,470
Celanese Corp. - Series A		15,483		1,469,956
E.I. du Pont de Nemours & Co.		18,835		1,520,173
Monsanto Co.		18,035		2,134,623
PPG Industries, Inc.		61,026		6,710,419
Sherwin-Williams Co. (The)		7,592		2,664,488
				15,985,129
Commercial Services & Supplies—0.1%
Transcontinental, Inc. - Class A (a)		48,656		964,265
Communications Equipment—0.6%
Cisco Systems, Inc.		152,166		4,762,796
Motorola Solutions, Inc.		9,828		852,481
				5,615,277
Consumer Finance—0.4%
American Express Co.		20,491		1,726,162
Discover Financial Services		31,547		1,961,908
				3,688,070
Containers & Packaging—0.1%
Crown Holdings, Inc. (b)		14,499		865,010
Distributors—0.1%
LKQ Corp. (b)		37,102		1,222,511
Diversified Telecommunication Services—0.5%
TDC A/S		122,327		712,665
Verizon Communications, Inc.		79,656		3,557,437
				4,270,102
Electric Utilities—1.6%
American Electric Power Co., Inc.		24,620		1,710,352
Duke Energy Corp.		35,662		2,980,987
Exelon Corp.		112,646		4,063,141
FirstEnergy Corp.		28,070		818,521
PPL Corp. (a)		84,353		3,261,087

See accompanying notes to financial statements.

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MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
SSE plc		36,173	$	684,101
Xcel Energy, Inc.		12,042		552,487
				14,070,676
Electrical Equipment—0.3%
Eaton Corp. plc		37,062		2,884,535
Energy Equipment & Services—0.4%
Schlumberger, Ltd.		54,665		3,599,144
Equity Real Estate Investment Trusts—0.8%
LaSalle Hotel Properties (a)		19,748		588,490
Medical Properties Trust, Inc.		240,312		3,092,815
Public Storage		3,336		695,656
STORE Capital Corp. (a)		60,300		1,353,735
Washington Prime Group, Inc. (a)		117,934		987,108
				6,717,804
Food & Staples Retailing—1.0%
CVS Health Corp.		84,417		6,792,192
Kroger Co. (The)		47,069		1,097,649
Wal-Mart Stores, Inc.		10,956		829,150
				8,718,991
Food Products—1.8%
Archer-Daniels-Midland Co.		14,980		619,872
Danone S.A.		23,471		1,764,301
General Mills, Inc.		53,153		2,944,676
J.M. Smucker Co. (The)		5,989		708,678
Marine Harvest ASA (b)		105,457		1,805,028
Mondelez International, Inc. - Class A		23,835		1,029,434
Nestle S.A.		53,053		4,621,447
Tyson Foods, Inc. - Class A		32,878		2,059,149
				15,552,585
Health Care Equipment & Supplies—2.4%
Abbott Laboratories		140,118		6,811,136
Danaher Corp.		63,249		5,337,583
Medtronic plc		81,080		7,195,850
Zimmer Biomet Holdings, Inc.		12,759		1,638,256
				20,982,825
Health Care Providers & Services—0.9%
Cigna Corp.		12,849		2,150,794
Express Scripts Holding Co. (b)		13,700		874,608
HCA Healthcare, Inc. (a) (b)		7,251		632,287
Humana, Inc.		3,861		929,034
McKesson Corp.		16,493		2,713,758
UnitedHealth Group, Inc.		1,494		277,018
				7,577,499
Hotels, Restaurants & Leisure—0.3%
Aramark (a)		31,864		1,305,786
Marriott International, Inc. - Class A		8,387		841,300
Hotels, Restaurants & Leisure—(Continued)
Starbucks Corp.		12,567		732,782
				2,879,868
Household Durables—0.3%
Newell Brands, Inc.		24,086		1,291,491
Whirlpool Corp.		6,711		1,285,962
				2,577,453
Household Products—0.6%
Kimberly-Clark Corp.		9,273		1,197,237
Procter & Gamble Co. (The)		29,470		2,568,310
Reckitt Benckiser Group plc		9,948		1,009,350
				4,774,897
Industrial Conglomerates—1.6%
3M Co.		32,964		6,862,775
Honeywell International, Inc.		52,267		6,966,669
				13,829,444
Insurance—3.5%
Aon plc		39,119		5,200,871
Chubb, Ltd.		52,433		7,622,709
Prudential Financial, Inc.		58,415		6,316,998
Travelers Cos., Inc. (The)		74,209		9,389,665
Zurich Insurance Group AG		7,900		2,300,421
				30,830,664
Internet Software & Services—0.7%
Alphabet, Inc. - Class A (b)		1,322		1,229,037
Facebook, Inc. - Class A (b)		34,371		5,189,334
				6,418,371
IT Services—2.6%
Accenture plc - Class A		59,966		7,416,595
Amdocs, Ltd.		7,225		465,723
Cognizant Technology Solutions Corp. - Class A		11,009		730,998
DXC Technology Co.		67,680		5,192,410
Fidelity National Information Services, Inc.		20,387		1,741,050
Fiserv, Inc. (b)		6,900		844,146
International Business Machines Corp.		27,252		4,192,175
Sabre Corp. (a)		48,337		1,052,296
Visa, Inc. - Class A		10,758		1,008,885
				22,644,278
Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		33,659		5,872,486
Machinery—1.1%
Allison Transmission Holdings, Inc. (a)		20,508		769,255
Cummins, Inc.		2,341		379,757
Deere & Co.		9,578		1,183,745
Illinois Tool Works, Inc.		27,046		3,874,340
Ingersoll-Rand plc		11,855		1,083,428
Stanley Black & Decker, Inc.		13,817		1,944,466
				9,234,991

See accompanying notes to financial statements.

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MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—2.6%
Charter Communications, Inc. - Class A (b)		8,868	$	2,987,186
Comcast Corp. - Class A		255,524		9,944,994
Interpublic Group of Cos., Inc. (The)		36,296		892,882
Omnicom Group, Inc. (a)		39,727		3,293,368
Time Warner, Inc.		42,872		4,304,777
Twenty-First Century Fox, Inc. - Class A		33,232		941,795
Walt Disney Co. (The)		3,876		411,825
				22,776,827
Metals & Mining—0.3%
Rio Tinto plc		54,875		2,313,732
Mortgage Real Estate Investment Trusts—0.3%
Annaly Capital Management, Inc. (a)		62,265		750,293
Starwood Property Trust, Inc. (a)		94,724		2,120,871
				2,871,164
Multi-Utilities—0.4%
Engie S.A.		64,965		986,287
Public Service Enterprise Group, Inc.		21,410		920,844
Sempra Energy		9,783		1,103,033
WEC Energy Group, Inc.		14,528		891,729
				3,901,893
Multiline Retail—0.0%
Target Corp.		7,981		417,326
Oil, Gas & Consumable Fuels—3.3%
Anadarko Petroleum Corp.		24,366		1,104,755
BP plc		425,581		2,458,606
Canadian Natural Resources, Ltd.		18,935		546,085
Chevron Corp.		29,645		3,092,863
Eni S.p.A.		91,015		1,373,504
Enterprise Products Partners L.P.		132,957		3,600,476
EOG Resources, Inc.		31,521		2,853,281
EQT Corp.		17,215		1,008,627
Exxon Mobil Corp.		47,191		3,809,729
Galp Energia SGPS S.A.		56,954		865,085
Hess Corp. (a)		21,161		928,333
Noble Energy, Inc.		32,484		919,297
Occidental Petroleum Corp.		40,375		2,417,251
Plains All American Pipeline L.P.		51,981		1,365,541
Williams Partners L.P.		58,322		2,339,295
				28,682,728
Personal Products—0.2%
Coty, Inc. - Class A (a)		84,114		1,577,979
Pharmaceuticals—4.1%
Allergan plc		3,412		829,423
Bayer AG		30,757		3,979,465
Eli Lilly & Co.		63,624		5,236,255
Johnson & Johnson		80,096		10,595,900
Merck & Co., Inc.		88,712		5,685,552
Novartis AG		5,060		422,555
Pharmaceuticals—(Continued)
Pfizer, Inc.		243,406		8,176,008
Roche Holding AG		1,454		371,259
				35,296,417
Professional Services—0.2%
Equifax, Inc.		13,378		1,838,405
Real Estate Management & Development—0.1%
Jones Lang LaSalle, Inc. (a)		9,655		1,206,875
Road & Rail—0.9%
Canadian National Railway Co.		12,955		1,050,003
Union Pacific Corp.		63,711		6,938,765
				7,988,768
Semiconductors & Semiconductor Equipment—1.2%
Broadcom, Ltd.		5,120		1,193,216
Intel Corp.		37,854		1,277,194
Maxim Integrated Products, Inc.		25,420		1,141,358
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (a)		88,728		3,101,931
Texas Instruments, Inc.		48,982		3,768,185
				10,481,884
Software—1.1%
CA, Inc. (a)		13,344		459,968
Check Point Software Technologies, Ltd. (b)		21,790		2,376,853
Intuit, Inc.		5,063		672,417
Microsoft Corp.		52,138		3,593,873
Oracle Corp.		41,302		2,070,882
				9,173,993
Specialty Retail—0.8%
Advance Auto Parts, Inc.		3,195		372,505
Best Buy Co., Inc. (a)		49,218		2,821,668
Gap, Inc. (The) (a)		83,479		1,835,703
Ross Stores, Inc.		30,090		1,737,096
				6,766,972
Technology Hardware, Storage & Peripherals—0.6%
Apple, Inc.		13,956		2,009,943
Hewlett Packard Enterprise Co.		138,419		2,296,371
Seagate Technology plc (a)		15,223		589,892
				4,896,206
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc. (a)		33,164		768,078
LVMH Moet Hennessy Louis Vuitton SE		4,126		1,035,056
NIKE, Inc. - Class B		19,850		1,171,150
				2,974,284
Tobacco—2.7%
Altria Group, Inc.		88,327		6,577,712
Japan Tobacco, Inc.		14,500		509,643

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Tobacco—(Continued)
Philip Morris International, Inc.		138,581	$	16,276,338
				23,363,693
Trading Companies & Distributors—0.2%
MSC Industrial Direct Co., Inc. - Class A		23,182		1,992,725
Total Common Stocks (Cost $386,784,278)				518,071,201
U.S. Treasury & Government Agencies—24.3%
Agency Sponsored Mortgage - Backed—11.1%
Fannie Mae 15 Yr. Pool
3.000%, 04/01/27		333,002		342,731
3.000%, 12/01/31		1,469,669		1,511,379
4.500%, 04/01/18		3,078		3,151
4.500%, 06/01/18		11,634		11,914
4.500%, 07/01/18		6,647		6,807
4.500%, 03/01/19		20,190		20,675
4.500%, 06/01/19		19,359		19,825
4.500%, 04/01/20		21,143		21,717
4.500%, 07/01/20		10,671		10,963
5.000%, 11/01/17		2,857		2,925
5.000%, 02/01/18		13,714		14,044
5.000%, 12/01/18		52,519		53,781
5.000%, 07/01/19		39,041		40,040
5.000%, 07/01/20		26,165		26,794
5.000%, 08/01/20		19,899		20,692
5.000%, 12/01/20		54,550		56,183
5.500%, 11/01/17		3,695		3,705
5.500%, 12/01/17		714		715
5.500%, 01/01/18		822		823
5.500%, 02/01/18		4,740		4,759
5.500%, 06/01/19		37,774		38,520
5.500%, 07/01/19		37,116		37,913
5.500%, 08/01/19		9,565		9,747
5.500%, 09/01/19		38,822		39,799
5.500%, 01/01/21		22,164		22,912
5.500%, 03/01/21		6,685		6,925
6.000%, 07/01/17		24		24
6.000%, 08/01/17		12		12
6.000%, 09/01/17		329		329
6.000%, 03/01/18		251		252
6.000%, 11/01/18		2,011		2,033
6.000%, 01/01/21		36,212		37,563
6.000%, 05/01/21		8,277		8,563
Fannie Mae 30 Yr. Pool
3.000%, 09/01/46		236,826		237,369
3.000%, 10/01/46		897,560		899,626
3.000%, 11/01/46		1,137,245		1,139,863
3.500%, 11/01/41		54,451		56,252
3.500%, 01/01/42		758,696		784,004
3.500%, 01/01/43		260,074		268,106
3.500%, 04/01/43		836,934		862,217
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.500%, 05/01/43		1,206,432		1,242,435
3.500%, 06/01/43		447,706		460,733
3.500%, 07/01/43		1,335,499		1,374,829
3.500%, 08/01/43		435,998		449,370
3.500%, 09/01/43		1,794,442		1,847,404
3.500%, 02/01/45		1,310,684		1,353,374
3.500%, 09/01/45		1,540,624		1,583,298
3.500%, 10/01/45		1,698,758		1,750,712
3.500%, 01/01/46		329,574		340,400
3.500%, 05/01/46		629,788		648,827
3.500%, 07/01/46		1,340,232		1,383,166
3.500%, 10/01/46		428,137		439,996
3.500%, 12/01/46		1,075,803		1,105,602
3.500%, 01/01/47		156,633		160,971
4.000%, 09/01/40		1,347,102		1,422,485
4.000%, 11/01/40		312,242		329,730
4.000%, 12/01/40		741,095		782,452
4.000%, 02/01/41		834,443		881,125
4.000%, 06/01/41		851,837		899,199
4.000%, 11/01/41		285,208		300,942
4.000%, 01/01/42		2,000,279		2,110,604
4.000%, 04/01/42		250,433		264,193
4.000%, 10/01/42		223,544		235,867
4.000%, 12/01/42		256,403		270,498
4.000%, 01/01/43		410,912		434,366
4.000%, 04/01/43		76,008		80,196
4.000%, 05/01/43		802,204		848,296
4.000%, 06/01/43		365,320		385,448
4.000%, 07/01/43		371,802		391,309
4.000%, 01/01/44		152,114		161,365
4.000%, 04/01/44		168,633		177,885
4.000%, 05/01/44		622,558		656,564
4.000%, 11/01/44		316,506		332,873
4.000%, 02/01/45		457,604		486,187
4.000%, TBA (c)		2,702,100		2,840,477
4.500%, 08/01/33		172,759		185,923
4.500%, 03/01/34		523,964		564,680
4.500%, 01/01/40		187,915		202,901
4.500%, 08/01/40		44,483		48,144
4.500%, 02/01/41		308,410		333,858
4.500%, 04/01/41		525,725		568,964
4.500%, 11/01/42		172,889		186,957
4.500%, 01/01/43		393,323		425,366
4.500%, 04/01/44		2,251,130		2,434,589
4.500%, 06/01/44		228,191		246,790
5.000%, 11/01/33		101,467		111,335
5.000%, 03/01/34		85,370		93,410
5.000%, 05/01/34		35,715		39,201
5.000%, 08/01/34		34,810		38,213
5.000%, 09/01/34		133,341		146,374
5.000%, 06/01/35		95,785		105,096
5.000%, 07/01/35		264,795		290,590
5.000%, 08/01/35		85,147		93,561
5.000%, 09/01/35		60,294		66,196

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 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%, 10/01/35		232,547	$	255,325
5.000%, 07/01/39		251,356		276,709
5.000%, 10/01/39		164,044		180,449
5.000%, 11/01/39		71,283		78,668
5.000%, 11/01/40		115,089		126,980
5.000%, 01/01/41		25,511		27,947
5.000%, 03/01/41		65,225		71,745
5.500%, 02/01/33		43,008		48,022
5.500%, 05/01/33		4,729		5,237
5.500%, 06/01/33		176,328		197,678
5.500%, 07/01/33		165,841		185,675
5.500%, 11/01/33		101,581		113,730
5.500%, 12/01/33		12,300		13,614
5.500%, 01/01/34		128,133		142,849
5.500%, 02/01/34		152,604		170,517
5.500%, 03/01/34		42,463		48,133
5.500%, 04/01/34		48,931		54,321
5.500%, 05/01/34		298,831		335,808
5.500%, 06/01/34		387,382		433,477
5.500%, 07/01/34		123,172		137,417
5.500%, 09/01/34		382,826		425,401
5.500%, 10/01/34		455,081		508,109
5.500%, 11/01/34		639,552		715,735
5.500%, 12/01/34		274,660		307,327
5.500%, 01/01/35		353,441		395,581
5.500%, 02/01/35		7,010		7,759
5.500%, 04/01/35		62,530		69,968
5.500%, 07/01/35		26,492		29,321
5.500%, 08/01/35		7,987		8,840
5.500%, 09/01/35		189,297		212,953
6.000%, 02/01/32		96,587		109,094
6.000%, 03/01/34		26,035		29,957
6.000%, 04/01/34		219,124		249,610
6.000%, 06/01/34		235,723		270,052
6.000%, 07/01/34		220,947		251,478
6.000%, 08/01/34		302,725		343,440
6.000%, 10/01/34		183,307		209,097
6.000%, 11/01/34		33,509		37,781
6.000%, 12/01/34		8,804		9,898
6.000%, 08/01/35		50,179		56,661
6.000%, 09/01/35		56,743		64,624
6.000%, 10/01/35		87,316		99,858
6.000%, 11/01/35		13,475		15,150
6.000%, 12/01/35		95,159		108,555
6.000%, 02/01/36		76,490		86,073
6.000%, 04/01/36		77,347		88,365
6.000%, 06/01/36		20,367		23,005
6.000%, 07/01/37		130,321		148,985
6.500%, 06/01/31		33,280		37,637
6.500%, 07/01/31		4,125		4,562
6.500%, 09/01/31		34,726		38,497
6.500%, 02/01/32		29,093		32,803
6.500%, 07/01/32		92,187		105,061
6.500%, 08/01/32		74,371		85,861
6.500%, 01/01/33		36,928		41,447
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.500%, 04/01/34		55,647		62,508
6.500%, 06/01/34		23,062		25,693
6.500%, 08/01/34		16,983		18,784
6.500%, 04/01/36		12,167		13,457
6.500%, 05/01/36		76,940		88,097
6.500%, 02/01/37		85,871		95,485
6.500%, 05/01/37		81,243		93,083
6.500%, 07/01/37		60,339		68,976
Fannie Mae Pool
2.410%, 05/01/23		92,729		93,486
2.550%, 05/01/23		148,985		151,279
2.700%, 07/01/25		121,000		121,033
3.800%, 02/01/18		130,951		131,335
3.829%, 07/01/18		124,105		126,094
4.600%, 09/01/19		127,280		134,153
5.000%, 03/01/26		84,788		96,976
5.370%, 05/01/18		598,286		606,398
Fannie Mae-ACES (CMO)
2.578%, 09/25/18		373,311		374,781
2.684%, 12/25/26 (d)		511,000		499,077
Freddie Mac 15 Yr. Gold Pool
4.500%, 05/01/18		3,864		3,950
4.500%, 08/01/18		6,850		7,003
4.500%, 11/01/18		14,522		14,845
4.500%, 01/01/19		29,594		30,253
4.500%, 08/01/19		2,519		2,590
4.500%, 02/01/20		17,372		17,759
4.500%, 08/01/24		222,193		236,120
5.000%, 12/01/17		118		121
5.000%, 05/01/18		3,776		3,872
5.000%, 09/01/18		15,170		15,557
5.500%, 01/01/19		5,757		5,851
5.500%, 04/01/19		4,445		4,502
5.500%, 06/01/19		2,831		2,847
5.500%, 07/01/19		1,556		1,565
5.500%, 08/01/19		2,038		2,075
5.500%, 02/01/20		2,498		2,559
6.000%, 10/01/17		45		45
6.000%, 08/01/19		21,940		22,464
6.000%, 09/01/19		6,586		6,648
6.000%, 11/01/19		5,795		5,840
6.000%, 05/01/21		10,763		11,141
6.000%, 10/01/21		32,078		33,401
Freddie Mac 30 Yr. Gold Pool
3.000%, 10/01/42		654,588		657,160
3.000%, 04/01/43		1,397,299		1,404,294
3.000%, 05/01/43		1,219,487		1,225,923
3.000%, 05/01/46		644,207		646,245
3.000%, 10/01/46		1,135,073		1,136,882
3.000%, 11/01/46		1,466,771		1,469,109
3.500%, 02/01/42		649,162		671,178
3.500%, 04/01/42		392,865		407,898
3.500%, 12/01/42		972,823		1,006,179
3.500%, 04/01/43		274,896		284,352
3.500%, 07/01/43		376,345		388,304

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
3.500%, 08/01/43		644,866	$	665,405
3.500%, 12/01/45		629,545		647,254
3.500%, 11/01/46		459,663		472,593
3.500%, 12/01/46		2,274,828		2,338,819
3.500%, 01/01/47		1,642,280		1,688,477
4.000%, 11/01/40		761,767		804,400
4.000%, 01/01/41		1,552,969		1,639,882
4.000%, 04/01/44		533,924		561,959
4.500%, 04/01/35		45,276		48,642
4.500%, 07/01/39		261,051		280,593
4.500%, 09/01/39		144,953		155,831
4.500%, 10/01/39		83,724		90,029
4.500%, 12/01/39		131,904		141,793
4.500%, 05/01/42		228,860		245,983
4.500%, TBA (c)		4,427,000		4,742,479
5.000%, 09/01/33		204,999		224,134
5.000%, 03/01/34		38,569		42,251
5.000%, 04/01/34		36,388		39,768
5.000%, 08/01/35		47,321		51,684
5.000%, 10/01/35		107,981		118,792
5.000%, 11/01/35		85,734		93,569
5.000%, 12/01/36		57,515		62,871
5.000%, 07/01/39		425,684		466,928
5.500%, 12/01/33		240,404		271,928
5.500%, 01/01/34		162,051		181,202
5.500%, 04/01/34		32,238		35,810
5.500%, 11/01/34		38,429		43,070
5.500%, 12/01/34		24,919		27,461
5.500%, 05/01/35		33,507		37,206
5.500%, 09/01/35		41,423		45,767
5.500%, 10/01/35		52,387		57,980
6.000%, 04/01/34		103,306		117,944
6.000%, 07/01/34		33,484		37,754
6.000%, 08/01/34		261,421		297,909
6.000%, 09/01/34		2,611		2,934
6.000%, 07/01/35		47,121		53,466
6.000%, 08/01/35		55,682		63,181
6.000%, 11/01/35		93,749		106,697
6.000%, 03/01/36		30,506		34,340
6.000%, 10/01/36		40,936		46,433
6.000%, 03/01/37		7,811		8,777
6.000%, 05/01/37		68,324		77,821
6.000%, 06/01/37		52,209		58,983
6.500%, 05/01/34		21,894		24,211
6.500%, 06/01/34		63,804		70,538
6.500%, 08/01/34		55,053		60,856
6.500%, 10/01/34		80,245		91,248
6.500%, 11/01/34		44,016		48,656
6.500%, 05/01/37		71,566		82,345
6.500%, 07/01/37		77,861		87,835
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.883%, 04/25/24 (d) (e)		1,983,811		99,092
1.869%, 11/25/19		363,000		363,829
2.412%, 08/25/18		446,721		449,850
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
2.456%, 08/25/19		330,000		334,218
2.510%, 11/25/22		415,000		418,907
2.670%, 12/25/24		507,000		509,561
2.673%, 03/25/26		676,000		671,233
2.682%, 10/25/22		620,000		631,403
2.716%, 06/25/22		346,271		354,322
2.791%, 01/25/22		474,000		486,787
3.111%, 02/25/23		695,000		722,120
3.154%, 02/25/18		108,169		108,932
3.171%, 10/25/24		424,000		440,479
3.224%, 03/25/27 (d)		312,000		321,153
3.250%, 04/25/23 (d)		803,000		839,118
3.300%, 10/25/26		310,000		321,091
3.320%, 02/25/23 (d)		186,000		195,290
3.458%, 08/25/23 (d)		835,000		882,219
5.085%, 03/25/19		1,226,000		1,281,838
Ginnie Mae I 30 Yr. Pool 3.500%, 12/15/41		363,293		377,940
3.500%, 02/15/42		146,941		153,138
4.500%, 09/15/33		90,079		97,366
4.500%, 11/15/39		291,863		313,841
4.500%, 03/15/40		324,104		354,956
4.500%, 04/15/40		363,699		390,657
4.500%, 06/15/40		161,283		175,299
5.000%, 03/15/34		33,532		36,847
5.000%, 06/15/34		76,524		84,133
5.000%, 12/15/34		34,617		38,058
5.000%, 06/15/35		10,326		11,253
5.500%, 11/15/32		147,363		164,751
5.500%, 08/15/33		262,719		295,778
5.500%, 12/15/33		145,920		164,304
5.500%, 09/15/34		116,234		130,862
5.500%, 10/15/35		21,518		23,942
6.000%, 12/15/28		36,663		41,619
6.000%, 12/15/31		31,609		35,992
6.000%, 03/15/32		3,523		3,972
6.000%, 10/15/32		154,974		176,580
6.000%, 01/15/33		32,635		36,829
6.000%, 02/15/33		1,741		1,991
6.000%, 04/15/33		164,415		187,197
6.000%, 08/15/33		1,071		1,208
6.000%, 07/15/34		108,723		123,970
6.000%, 09/15/34		41,212		46,459
6.000%, 01/15/38		148,600		170,050
Ginnie Mae II 30 Yr. Pool
3.500%, 06/20/43		796,832		828,845
3.500%, 07/20/43		1,006,628		1,047,069
4.000%, 01/20/41		976,988		1,037,501
4.000%, 02/20/41		243,828		258,616
4.000%, 04/20/41		184,445		195,653
4.000%, 02/20/42		252,168		266,683
4.500%, 07/20/33		18,109		19,407
4.500%, 09/20/33		10,847		11,624
4.500%, 12/20/34		8,063		8,631

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.500%, 03/20/35		46,714	$	50,053
4.500%, 01/20/41		253,940		272,894
5.000%, 07/20/33		37,888		42,159
6.000%, 01/20/35		42,213		48,413
6.000%, 02/20/35		21,532		25,128
6.000%, 04/20/35		36,533		41,499
Government National Mortgage Association (CMO) 0.658%, 02/16/59 (d) (e)		2,490,000		158,840
				96,982,988
Federal Agencies—0.1%
Financing Corp. 9.650%, 11/02/18		430,000		476,281
U.S. Treasury—13.1%
U.S. Treasury Bonds 2.500%, 02/15/45		68,000		63,460
2.875%, 05/15/43		19,237,600		19,423,974
4.500%, 02/15/36		179,000		231,050
4.500%, 08/15/39		2,514,000		3,256,809
5.000%, 05/15/37		232,000		318,320
5.250%, 02/15/29		16,000		20,662
5.375%, 02/15/31		276,000		370,940
6.250%, 08/15/23		80,000		99,559
U.S. Treasury Notes 1.000%, 06/30/19 (a)		16,589,000		16,465,876
1.375%, 02/29/20		798,000		795,194
1.750%, 11/30/21		18,242,000		18,194,261
2.000%, 11/15/26		1,875,000		1,828,271
2.500%, 08/15/23		13,502,000		13,856,954
3.125%, 05/15/19 (a)		6,086,000		6,282,371
3.125%, 05/15/21		3,504,000		3,686,590
3.500%, 05/15/20 (a)		25,140,000		26,521,720
3.750%, 11/15/18		2,067,000		2,134,178
				113,550,189
Total U.S. Treasury & Government Agencies (Cost $207,495,923)				211,009,458
Corporate Bonds & Notes—10.9%
Agriculture—0.3%
Imperial Brands Finance plc 2.950%, 07/21/20 (144A) (f)		828,000		841,989
Reynolds American, Inc. 5.850%, 08/15/45		1,296,000		1,587,341
				2,429,330
Auto Manufacturers—0.1%
General Motors Co. 6.750%, 04/01/46 (a)		374,000		443,571
Auto Manufacturers—(Continued)
General Motors Financial Co., Inc. 3.200%, 07/06/21		776,000		784,722
				1,228,293
Banks—2.8%
ABN AMRO Bank NV 4.800%, 04/18/26 (144A)		800,000		849,465
Banco de Credito del Peru 5.375%, 09/16/20		835,000		910,150
Bank of America Corp. 4.100%, 07/24/23 (a)		1,270,000		1,344,449
4.125%, 01/22/24		1,973,000		2,082,022
4.183%, 11/25/27 (a)		1,208,000		1,228,639
5.490%, 03/15/19		196,000		206,276
7.625%, 06/01/19 (a)		710,000		782,897
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A)		810,000		920,363
BPCE S.A. 12.500%, 09/30/19 (144A) (a) (d)		922,000		1,125,412
Citigroup, Inc. 2.500%, 09/26/18 (a)		580,000		583,931
Citizens Bank N.A. 2.250%, 03/02/20		292,000		291,727
Credit Suisse AG 6.500%, 08/08/23 (144A) (a)		396,000		445,025
Goldman Sachs Group, Inc. (The) 3.850%, 01/26/27		1,118,000		1,137,350
HSBC Holdings plc 6.000%, 05/22/27 (a) (d)		490,000		506,660
ING Bank NV 5.800%, 09/25/23 (144A)		1,076,000		1,215,010
JPMorgan Chase & Co. 3.782%, 02/01/28 (d)		1,115,000		1,140,218
6.300%, 04/23/19		1,210,000		1,302,285
KFW 4.875%, 06/17/19		1,290,000		1,371,298
Morgan Stanley 3.625%, 01/20/27 (a)		1,112,000		1,119,995
3.875%, 04/29/24		1,081,000		1,123,471
4.000%, 07/23/25		396,000		413,319
6.625%, 04/01/18		1,343,000		1,390,690
Royal Bank of Scotland Group plc 3.875%, 09/12/23		1,128,000		1,151,811
UBS Group Funding Switzerland AG 4.125%, 04/15/26 (144A) (f)		838,000		873,941
4.253%, 03/23/28 (144A) (a)		838,000		875,484
				24,391,888
Beverages—0.3%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		1,020,000		1,564,173
Diageo Capital plc 2.625%, 04/29/23		1,020,000		1,028,960
				2,593,133

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—0.3%
Celgene Corp. 2.875%, 08/15/20		504,000	$	515,379
Gilead Sciences, Inc. 3.500%, 02/01/25		1,880,000		1,929,337
3.700%, 04/01/24 (a)		312,000		324,351
				2,769,067
Chemicals—0.0%
Sherwin-Williams Co. (The) 4.500%, 06/01/47		402,000		421,227
Commercial Services—0.2%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		1,115,000		1,447,388
Computers—0.3%
Apple, Inc. 2.850%, 02/23/23		1,176,000		1,196,391
3.350%, 02/09/27		745,000		761,638
3.850%, 05/04/43		370,000		369,897
				2,327,926
Diversified Financial Services—0.4%
GE Capital International Funding Co. 3.373%, 11/15/25		358,000		370,157
Intercontinental Exchange, Inc. 2.750%, 12/01/20		301,000		306,858
4.000%, 10/15/23		832,000		892,113
Raymond James Financial, Inc. 4.950%, 07/15/46		778,000		844,297
Visa, Inc. 3.150%, 12/14/25		1,192,000		1,210,198
				3,623,623
Electric—1.0%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23 (a)		440,000		462,835
Duke Energy Corp. 2.650%, 09/01/26		131,000		124,415
Enel Finance International NV 4.750%, 05/25/47 (144A)		448,000		460,973
Exelon Corp. 3.400%, 04/15/26		1,137,000		1,133,166
Midamerican Funding LLC 6.927%, 03/01/29		699,000		922,298
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		795,000		957,026
PPL Capital Funding, Inc. 3.400%, 06/01/23 (a)		880,000		904,378
5.000%, 03/15/44		296,000		333,705
Progress Energy, Inc. 3.150%, 04/01/22		1,083,000		1,105,584
Southern Co. (The) 3.250%, 07/01/26 (a)		1,295,000		1,266,848
Electric—(Continued)
State Grid Overseas Investment, Ltd. 2.750%, 05/07/19 (144A) (f)		778,000		785,158
2.750%, 05/04/22 (144A)		630,000		627,033
				9,083,419
Food—0.2%
Danone S.A. 2.947%, 11/02/26 (144A)		1,133,000		1,095,100
WM Wrigley Jr. Co. 2.400%, 10/21/18 (144A)		248,000		249,674
				1,344,774
Healthcare-Products—0.5%
Abbott Laboratories 4.900%, 11/30/46		749,000		824,977
Becton Dickinson & Co. 2.675%, 12/15/19		520,000		526,367
Medtronic, Inc. 4.375%, 03/15/35		946,000		1,033,284
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		851,000		827,501
Zimmer Biomet Holdings, Inc. 3.550%, 04/01/25 (a)		1,222,000		1,234,327
				4,446,456
Healthcare-Services—0.2%
Laboratory Corp. of America Holdings 3.200%, 02/01/22		213,000		217,380
4.700%, 02/01/45		267,000		275,162
UnitedHealth Group, Inc. 3.750%, 07/15/25		1,303,000		1,372,387
				1,864,929
Household Products/Wares—0.1%
Reckitt Benckiser Treasury Services plc 3.625%, 09/21/23 (144A)		1,070,000		1,124,671
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		914,000		959,644
Insurance—0.5%
American International Group, Inc. 4.125%, 02/15/24 (a)		750,000		791,851
4.875%, 06/01/22		1,770,000		1,942,141
Berkshire Hathaway, Inc. 3.125%, 03/15/26		390,000		394,388
Liberty Mutual Group, Inc. 4.850%, 08/01/44 (144A)		484,000		519,288
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		920,000		1,000,194
				4,647,862

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Internet—0.1%
Baidu, Inc. 3.500%, 11/28/22		1,110,000	$	1,134,100
Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,768,202
Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		523,000		565,007
Comcast Corp. 4.600%, 08/15/45		748,000		815,686
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33 (a)		1,240,000		1,702,411
				3,083,104
Mining—0.1%
Glencore Funding LLC 4.125%, 05/30/23 (144A)		684,000		701,846
Miscellaneous Manufacturing—0.1%
General Electric Co. 1.775%, 01/09/20 (d)		633,000		640,416
Oil & Gas—0.8%
BP Capital Markets plc 4.500%, 10/01/20 (a)		306,000		328,562
4.742%, 03/11/21		847,000		920,432
Chevron Corp. 1.352%, 11/15/17 (d)		1,696,000		1,697,350
Marathon Petroleum Corp. 3.625%, 09/15/24		858,000		866,958
Petroleos Mexicanos 3.125%, 01/23/19 (a)		352,000		354,464
Shell International Finance B.V. 3.750%, 09/12/46		922,000		872,498
Statoil ASA 7.750%, 06/15/23		100,000		125,933
Valero Energy Corp. 4.900%, 03/15/45		1,620,000		1,687,702
				6,853,899
Pharmaceuticals—0.2%
Allergan Funding SCS 3.800%, 03/15/25 (a)		463,000		478,904
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26		1,498,000		1,464,825
				1,943,729
Pipelines—0.6%
APT Pipelines, Ltd. 4.200%, 03/23/25 (144A)		1,228,000		1,267,685
4.250%, 07/15/27 (144A)		93,000		95,207
Pipelines—(Continued)
Enterprise Products Operating LLC 6.500%, 01/31/19		908,000		968,527
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24		691,000		710,322
Phillips 66 Partners L.P. 4.900%, 10/01/46 (a)		655,000		644,787
Sabine Pass Liquefaction LLC 5.000%, 03/15/27		1,100,000		1,170,919
				4,857,447
Retail—0.3%
Coach, Inc. 4.125%, 07/15/27		572,000		565,773
CVS Health Corp. 3.875%, 07/20/25		1,094,000		1,137,482
Home Depot, Inc. (The) 5.950%, 04/01/41		278,000		367,560
Walgreens Boots Alliance, Inc. 4.500%, 11/18/34		426,000		447,034
				2,517,849
Software—0.2%
Fidelity National Information Services, Inc. 4.500%, 08/15/46		210,000		215,422
Microsoft Corp. 4.250%, 02/06/47		1,456,000		1,576,344
				1,791,766
Telecommunications—0.6%
AT&T, Inc. 3.000%, 06/30/22		838,000		838,433
3.400%, 05/15/25		838,000		823,830
5.450%, 03/01/47		896,000		964,566
Crown Castle Towers LLC 4.883%, 08/15/20 (144A)		370,000		394,834
6.113%, 01/15/20 (144A)		711,000		764,391
Verizon Communications, Inc. 5.050%, 03/15/34		1,024,000		1,084,073
				4,870,127
Total Corporate Bonds & Notes (Cost $90,936,291)				94,866,115
Asset-Backed Securities—1.4%
Asset-Backed - Automobile—0.3%
Chesapeake Funding II LLC 2.159%, 06/15/28 (144A) (d) (f)		1,170,326		1,175,492
Ford Credit Auto Owner Trust 2.260%, 11/15/25 (144A)		550,000		555,047
2.310%, 04/15/26 (144A)		425,000		429,113
				2,159,652

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—0.1%
Bayview Financial Revolving Asset Trust 2.822%, 12/28/40 (144A) (d) (f)		635,113	$	494,205
GMAC Home Equity Loan Trust 5.805%, 10/25/36 (d)		188,310		182,017
Home Equity Loan Trust 5.320%, 12/25/35 (d)		394,899		396,031
				1,072,253
Asset-Backed - Other—1.0%
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		1,007,628
Cent CLO, Ltd. 2.380%, 07/27/26 (144A) (d)		955,730		955,811
2.470%, 01/30/25 (144A) (d)		753,694		754,079
Dryden 34 Senior Loan Fund Zero Coupon, 10/15/26 (144A) (d)		1,430,000		1,432,890
Dryden XXVI Senior Loan Fund 2.258%, 07/15/25 (144A) (d)		1,068,000		1,069,578
Fortress Credit BSL, Ltd. 2.338%, 01/19/25 (144A) (d)		612,443		612,764
Mountain Hawk CLO, Ltd. 2.958%, 04/18/25 (144A) (d) (f)		1,463,576		1,463,566
Small Business Administration Participation Certificates 4.350%, 07/01/23		171,817		178,378
4.770%, 04/01/24		10,094		10,592
4.950%, 03/01/25		63,561		67,147
4.990%, 09/01/24		35,159		37,148
5.110%, 08/01/25		89,261		94,560
5.180%, 05/01/24		15,165		16,033
5.520%, 06/01/24		35,389		37,611
Voya CLO, Ltd. 2.306%, 04/25/25 (144A) (d)		970,000		971,078
				8,708,863
Total Asset-Backed Securities (Cost $11,986,159)				11,940,768
Mortgage-Backed Securities—1.3%
Collateralized Mortgage Obligations—0.0%
BlackRock Capital Finance L.P. 7.750%, 09/25/26 (144A) (f)		9,684		987
Commercial Mortgage-Backed Securities—1.3%
CD Commercial Mortgage Trust 3.514%, 05/10/50 (d)		1,519,456		1,564,374
Commercial Mortgage Trust 3.708%, 07/10/48		1,300,833		1,356,284
Credit Suisse Commercial Mortgage Trust 5.695%, 09/15/40 (d)		520,699		520,187
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		756,789
Commercial Mortgage-Backed Securities—(Continued)
General Electric Capital Assurance Co. 5.743%, 05/12/35 (144A) (d) (f)		15,857		16,282
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,387,991		1,415,893
GS Mortgage Securities Trust 3.433%, 05/10/50		687,654		703,243
JPMBB Commercial Mortgage Securities Trust 3.227%, 10/15/48		1,036,740		1,047,954
3.494%, 01/15/48		1,590,000		1,637,253
Morgan Stanley Capital I, Inc. 1.273%, 11/15/30 (144A) (d) (e)		555,062		1,608
3.530%, 06/15/50		470,148		483,942
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,410,327		1,452,387
				10,956,196
Total Mortgage-Backed Securities (Cost $10,994,411)				10,957,183
Convertible Preferred Stocks—0.8%
Food Products—0.3%
Tyson Foods, Inc. 4.750%, 07/15/17		34,050		2,307,909
Pharmaceuticals—0.5%
Allergan plc 5.500%, 03/01/18		5,300		4,600,824
Total Convertible Preferred Stocks (Cost $6,880,281)				6,908,733
Municipals—0.2%
New Jersey State Turnpike Authority, Build America Bonds 7.414%, 01/01/40 (Cost $1,092,733)		1,050,000		1,586,298
Foreign Government—0.1%
Sovereign—0.1%
Mexico Government International Bonds 4.750%, 03/08/44 (Cost $896,949)		909,000		909,909
Preferred Stock—0.0%
Automobiles—0.0%
Hyundai Motor Co. (Cost $379,644)		3,725		379,298

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Short-Term Investment—2.3%

Security Description	Principal Amount*		Value
Discount Note—2.3%
Federal Home Loan Bank 0.439%, 07/03/17 (g)		20,066,000	$	20,065,275
Total Short-Term Investments (Cost $20,065,275)				20,065,275
Securities Lending Reinvestments (h)—8.2%
Certificates of Deposit—2.8%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of Montreal 1.130%, 07/07/17		1,500,000		1,499,985
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		750,000		750,138
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		1,009,256		1,001,110
1.602%, 11/16/17 (d)		1,000,000		1,000,976
BNP Paribas New York 1.524%, 08/04/17 (d)		250,000		250,030
Canadian Imperial Bank 1.630%, 10/27/17 (d)		500,000		500,562
Chiba Bank, Ltd., New York 1.170%, 07/11/17		2,000,000		1,999,976
Credit Suisse AG New York 1.466%, 10/25/17 (d)		500,000		500,030
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		500,000		500,062
KBC Bank NV 1.220%, 07/26/17		1,200,000		1,200,000
1.250%, 08/08/17		1,500,000		1,500,045
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		500,000		499,995
Mitsubishi UFJ Trust and Banking Corp. 1.367%, 10/11/17 (d)		500,000		500,112
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		1,000,000		999,540
1.610%, 08/02/17 (d)		100,000		100,031
National Australia Bank London 1.480%, 11/09/17 (d)		2,500,000		2,502,025
Natixis New York 1.287%, 11/13/17 (d)		1,000,000		999,890
Norinchukin Bank New York 1.584%, 08/21/17 (d)		2,500,000		2,500,922
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (d)		2,500,000		2,499,772
Sumitomo Mitsui Trust Bank, Ltd., New York 1.466%, 10/26/17 (d)		750,000		750,192
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		1,200,000		1,200,892
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		400,000		400,358
				24,654,543
Commercial Paper—1.2%
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.391%, 03/01/18		1,250,000		1,250,974
ING Funding LLC 1.234%, 12/07/17 (d)		2,500,000		2,500,863
1.277%, 11/13/17 (d)		1,000,000		999,927
LMA S.A. & LMA Americas 1.170%, 07/20/17		997,205		999,363
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		500,000		500,676
Sheffield Receivables Co. 1.230%, 07/07/17		1,993,782		1,999,532
Westpac Banking Corp. 1.506%, 10/20/17 (d)		300,000		300,299
				10,550,982
Repurchase Agreements—3.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $96,119 on 07/03/17, collateralized by $100,049 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $98,033.		96,110		96,110
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $50,594 on 10/02/17, collateralized by various Common Stock with a value of $55,000.		50,000		50,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $14,001,283 on 07/03/17, collateralized by $13,946,195 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $14,280,001.		14,000,000		14,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $7,000,700 on 07/03/17, collateralized by $7,117,133 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $7,140,021.		7,000,000		7,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $3,502,713 on 07/03/17, collateralized by $761 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $3,891,382.		3,500,000		3,500,000

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,117,817 on 10/02/17, collateralized by various Common Stock with a value of $1,210,000.		1,100,000	$	1,100,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,511,471 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $2,000,223 on 07/03/17, collateralized by $3,988,124 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $2,040,238.		2,000,000		2,000,000
				29,246,110
Time Deposits—0.8%
Australia New Zealand Bank 1.150%, 07/03/17		1,300,000		1,300,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.330%, 07/26/17		1,500,000		1,500,000
Standard Chartered plc 1.200%, 07/03/17		2,200,000		2,200,000
				7,000,000
Total Securities Lending Reinvestments (Cost $71,442,668)				71,451,635
Total Investments—109.0% (Cost $808,954,612) (i)				948,145,873
Other assets and liabilities (net)—(9.0)%				(77,924,749	)
Net Assets—100.0%			$	870,221,124

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $69,610,317 and the collateral received consisted of cash in the amount of $71,435,852. 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 June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	Interest only security.
(f)	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 June 30, 2017, the market value of restricted securities was $5,651,620, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(i)	As of June 30, 2017, the aggregate cost of investments was $808,954,612. The aggregate unrealized appreciation and depreciation of investments were $149,759,919 and $(10,568,658), respectively, resulting in net unrealized appreciation of $139,191,261.
(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 June 30, 2017, the market value of 144A securities was $29,388,267, 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, 2.822%, 12/28/40		03/01/06	$	635,113	$	635,113	$	494,205
BlackRock Capital Finance L.P., 7.750%, 09/25/26		10/10/96		9,684		9,332		987
Chesapeake Funding II LLC, 2.159%, 06/15/28		06/14/16		1,170,326		1,170,326		1,175,492
General Electric Capital Assurance Co., 5.743%, 05/12/35		09/23/03		15,857		15,936		16,282
Imperial Brands Finance plc, 2.950%, 07/21/20		07/15/15		828,000		822,354		841,989
Mountain Hawk CLO, Ltd., 2.958%, 04/18/25		04/04/17		1,463,576		1,463,576		1,463,566
State Grid Overseas Investment, Ltd., 2.750%, 05/07/19		04/28/14		778,000		775,220		785,158
UBS Group Funding Switzerland AG, 4.125%, 04/15/26		03/23/17		838,000		836,338		873,941
							$	5,651,620

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	17,452,869	$	—	$	—	$	17,452,869
Air Freight & Logistics		3,786,602		—		—		3,786,602
Airlines		3,137,653		—		—		3,137,653
Auto Components		3,081,423		—		—		3,081,423
Automobiles		1,287,177		2,109,041		—		3,396,218
Banks		52,160,172		1,893,567		—		54,053,739
Beverages		1,939,924		2,962,050		—		4,901,974
Biotechnology		2,267,601		—		—		2,267,601
Building Products		11,117,515		—		—		11,117,515
Capital Markets		33,099,911		1,476,950		—		34,576,861
Chemicals		15,985,129		—		—		15,985,129
Commercial Services & Supplies		964,265		—		—		964,265
Communications Equipment		5,615,277		—		—		5,615,277
Consumer Finance		3,688,070		—		—		3,688,070
Containers & Packaging		865,010		—		—		865,010
Distributors		1,222,511		—		—		1,222,511
Diversified Telecommunication Services		3,557,437		712,665		—		4,270,102
Electric Utilities		13,386,575		684,101		—		14,070,676
Electrical Equipment		2,884,535		—		—		2,884,535
Energy Equipment & Services		3,599,144		—		—		3,599,144
Equity Real Estate Investment Trusts		6,717,804		—		—		6,717,804
Food & Staples Retailing		8,718,991		—		—		8,718,991
Food Products		7,361,809		8,190,776		—		15,552,585
Health Care Equipment & Supplies		20,982,825		—		—		20,982,825
Health Care Providers & Services		7,577,499		—		—		7,577,499
Hotels, Restaurants & Leisure		2,879,868		—		—		2,879,868
Household Durables		2,577,453		—		—		2,577,453
Household Products		3,765,547		1,009,350		—		4,774,897
Industrial Conglomerates		13,829,444		—		—		13,829,444
Insurance		28,530,243		2,300,421		—		30,830,664
Internet Software & Services		6,418,371		—		—		6,418,371
IT Services		22,644,278		—		—		22,644,278
Life Sciences Tools & Services		5,872,486		—		—		5,872,486
Machinery		9,234,991		—		—		9,234,991
Media		22,776,827		—		—		22,776,827
Metals & Mining		—		2,313,732		—		2,313,732

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Mortgage Real Estate Investment Trusts	$	2,871,164	$	—		$	—	$	2,871,164
Multi-Utilities		2,915,606		986,287			—		3,901,893
Multiline Retail		417,326		—			—		417,326
Oil, Gas & Consumable Fuels		23,985,533		4,697,195			—		28,682,728
Personal Products		1,577,979		—			—		1,577,979
Pharmaceuticals		30,523,138		4,773,279			—		35,296,417
Professional Services		1,838,405		—			—		1,838,405
Real Estate Management & Development		1,206,875		—			—		1,206,875
Road & Rail		7,988,768		—			—		7,988,768
Semiconductors & Semiconductor Equipment		10,481,884		—			—		10,481,884
Software		9,173,993		—			—		9,173,993
Specialty Retail		6,766,972		—			—		6,766,972
Technology Hardware, Storage & Peripherals		4,896,206		—			—		4,896,206
Textiles, Apparel & Luxury Goods		1,939,228		1,035,056			—		2,974,284
Tobacco		22,854,050		509,643			—		23,363,693
Trading Companies & Distributors		1,992,725		—			—		1,992,725
Total Common Stocks		482,417,088		35,654,113			—		518,071,201
Total U.S. Treasury & Government Agencies*		—		211,009,458			—		211,009,458
Total Corporate Bonds & Notes*		—		94,866,115			—		94,866,115
Total Asset-Backed Securities*		—		11,940,768			—		11,940,768
Mortgage-Backed Securities
Collateralized Mortgage Obligations		—		987			—		987
Commercial Mortgage-Backed Securities		—		10,956,196			—		10,956,196
Total Mortgage-Backed Securities		—		10,957,183			—		10,957,183
Total Convertible Preferred Stocks*		6,908,733		—			—		6,908,733
Total Municipals		—		1,586,298			—		1,586,298
Total Foreign Government*		—		909,909			—		909,909
Total Preferred Stock*		—		379,298			—		379,298
Total Short-Term Investment*		—		20,065,275			—		20,065,275
Total Securities Lending Reinvestments*		—		71,451,635			—		71,451,635
Total Investments	$	489,325,821	$	458,820,052			—	$	948,145,873
Collateral for Securities Loaned (Liability)	$	—	$	(71,435,852	)	$	—	$	(71,435,852	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	948,145,873
Cash		165,638
Cash denominated in foreign currencies (c)		26,706
Receivable for:
Investments sold		896,059
Fund shares sold		89,114
Dividends and interest		3,112,680
Total Assets		952,436,070
Liabilities
Collateral for securities loaned		71,435,852
Payables for:
Investments purchased		1,077,366
TBA securities purchased		7,615,930
Fund shares redeemed		1,211,838
Accrued Expenses:
Management fees		399,486
Distribution and service fees		121,703
Deferred trustees’ fees		102,110
Other expenses		250,661
Total Liabilities		82,214,946
Net Assets	$	870,221,124
Net Assets Consist of:
Paid in surplus	$	708,520,154
Undistributed net investment income		8,042,625
Accumulated net realized gain		14,468,298
Unrealized appreciation on investments and foreign currency transactions		139,190,047
Net Assets	$	870,221,124
Net Assets
Class A	$	182,250,353
Class B		230,020,485
Class E		26,825,149
Class F		431,125,137
Capital Shares Outstanding*
Class A		1,088,154
Class B		1,391,714
Class E		161,004
Class F		2,596,001
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	167.49
Class B		165.28
Class E		166.61
Class F		166.07

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $808,954,612.
(b)	Includes securities loaned at value of $69,610,317.
(c)	Identified cost of cash denominated in foreign currencies was $26,798.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	6,826,497
Interest		4,892,583
Securities lending income		136,461
Total investment income		11,855,541
Expenses
Management fees		2,406,578
Administration fees		13,765
Custodian and accounting fees		78,083
Distribution and service fees—Class B		284,516
Distribution and service fees—Class E		19,816
Distribution and service fees—Class F		429,483
Audit and tax services		30,444
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		48,644
Insurance		2,961
Miscellaneous		9,755
Total expenses		3,369,040
Less broker commission recapture		(3,725	)
Net expenses		3,365,315
Net Investment Income		8,490,226
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		20,574,634
Foreign currency transactions		(8,038	)
Net realized gain		20,566,596
Net change in unrealized appreciation on:
Investments		24,080,515
Foreign currency transactions		10,069
Net change in unrealized appreciation		24,090,584
Net realized and unrealized gain		44,657,180
Net Increase in Net Assets From Operations	$	53,147,406

(a) Net of foreign withholding taxes of $123,264.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,490,226		$	18,695,293
Net realized gain		20,566,596			48,280,496
Net change in unrealized appreciation		24,090,584			7,346,053
Increase in net assets from operations		53,147,406			74,321,842
From Distributions to Shareholders
Net investment income
Class A		(4,594,873	)		(4,805,228	)
Class B		(5,313,686	)		(6,072,122	)
Class E		(640,383	)		(733,783	)
Class F		(10,139,950	)		(12,040,322	)
Net realized capital gains
Class A		(9,429,936	)		(6,863,400	)
Class B		(12,060,016	)		(9,524,717	)
Class E		(1,395,787	)		(1,110,818	)
Class F		(22,618,213	)		(18,598,020	)
Total distributions		(66,192,844	)		(59,748,410	)
Increase (decrease) in net assets from capital share transactions		22,527,153			(20,253,047	)
Total increase (decrease) in net assets		9,481,715			(5,679,615	)
Net Assets
Beginning of period		860,739,409			866,419,024
End of period	$	870,221,124		$	860,739,409
Undistributed net investment income
End of period	$	8,042,625		$	20,241,291

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		32,072		$	5,607,214			129,730		$	21,615,075
Reinvestments		83,730			14,024,809			71,666			11,668,628
Redemptions		(71,830	)		(12,600,538	)		(144,671	)		(24,428,265	)
Net increase		43,972		$	7,031,485			56,725		$	8,855,438
Class B
Sales		28,670		$	4,963,093			100,356		$	16,734,253
Reinvestments		105,098			17,373,702			96,959			15,596,839
Redemptions		(93,740	)		(16,223,834	)		(190,185	)		(31,631,267	)
Net increase		40,028		$	6,112,961			7,130		$	699,825
Class E
Sales		3,229		$	563,455			6,091		$	1,025,578
Reinvestments		12,219			2,036,170			11,383			1,844,601
Redemptions		(9,514	)		(1,657,821	)		(24,686	)		(4,135,523	)
Net increase (decrease)		5,934		$	941,804			(7,212	)	$	(1,265,344	)
Class F
Sales		89,764		$	15,542,483			132,303		$	22,113,886
Reinvestments		197,220			32,758,163			189,641			30,638,342
Redemptions		(229,763	)		(39,859,743	)		(486,568	)		(81,295,194	)
Net increase (decrease)		57,221		$	8,440,903			(164,624	)	$	(28,542,966	)
Increase (decrease) derived from capital shares transactions				$	22,527,153					$	(20,253,047	)

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	170.50		$	168.01		$	172.72		$	162.91		$	140.60		$	129.68
Income (Loss) from Investment Operations
Net investment income (a)		1.86			3.94	(b)		3.66			3.85			3.33			3.34
Net realized and unrealized gain (loss) on investments		9.02			10.93			(3.83	)		9.94			22.92			11.49
Total from investment operations		10.88			14.87			(0.17	)		13.79			26.25			14.83
Less Distributions
Distributions from net investment income		(4.55	)		(5.10	)		(4.54	)		(3.98	)		(3.94	)		(3.91	)
Distributions from net realized capital gains		(9.34	)		(7.28	)		0.00			0.00			0.00			0.00
Total distributions		(13.89	)		(12.38	)		(4.54	)		(3.98	)		(3.94	)		(3.91	)
Net Asset Value, End of Period	$	167.49		$	170.50		$	168.01		$	172.72		$	162.91		$	140.60
Total Return (%) (c)		6.38	(d)		9.20			(0.16	)		8.64			18.99			11.58
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.61	(e)		0.61			0.60			0.60			0.59			0.60
Ratio of net investment income to average net assets (%)		2.14	(e)		2.34	(b)		2.13			2.32			2.19			2.46
Portfolio turnover rate (%)		16	(d)(f)		35	(f)		41	(f)		34	(f)		53	(f)		20
Net assets, end of period (in millions)	$	182.3		$	178.0		$	165.9		$	186.7		$	185.5		$	169.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	168.22		$	165.89		$	170.57		$	160.94		$	138.95		$	128.21
Income (Loss) from Investment Operations
Net investment income (a)		1.62			3.48	(b)		3.20			3.40			2.92			2.97
Net realized and unrealized gain (loss) on investments		8.90			10.77			(3.79	)		9.81			22.66			11.36
Total from investment operations		10.52			14.25			(0.59	)		13.21			25.58			14.33
Less Distributions
Distributions from net investment income		(4.12	)		(4.64	)		(4.09	)		(3.58	)		(3.59	)		(3.59	)
Distributions from net realized capital gains		(9.34	)		(7.28	)		0.00			0.00			0.00			0.00
Total distributions		(13.46	)		(11.92	)		(4.09	)		(3.58	)		(3.59	)		(3.59	)
Net Asset Value, End of Period	$	165.28		$	168.22		$	165.89		$	170.57		$	160.94		$	138.95
Total Return (%) (c)		6.25	(d)		8.92			(0.40	)		8.36			18.70			11.31
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.86	(e)		0.86			0.85			0.85			0.84			0.85
Ratio of net investment income to average net assets (%)		1.89	(e)		2.09	(b)		1.88			2.07			1.94			2.21
Portfolio turnover rate (%)		16	(d)(f)		35	(f)		41	(f)		34	(f)		53	(f)		20
Net assets, end of period (in millions)	$	230.0		$	227.4		$	223.0		$	247.5		$	252.6		$	229.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	169.55		$	167.11		$	171.80		$	162.06		$	139.88		$	129.04
Income (Loss) from Investment Operations
Net investment income (a)		1.72			3.67	(b)		3.39			3.59			3.09			3.12
Net realized and unrealized gain (loss) on investments		8.97			10.86			(3.82	)		9.88			22.81			11.44
Total from investment operations		10.69			14.53			(0.43	)		13.47			25.90			14.56
Less Distributions
Distributions from net investment income		(4.29	)		(4.81	)		(4.26	)		(3.73	)		(3.72	)		(3.72	)
Distributions from net realized capital gains		(9.34	)		(7.28	)		0.00			0.00			0.00			0.00
Total distributions		(13.63	)		(12.09	)		(4.26	)		(3.73	)		(3.72	)		(3.72	)
Net Asset Value, End of Period	$	166.61		$	169.55		$	167.11		$	171.80		$	162.06		$	139.88
Total Return (%) (c)		6.30	(d)		9.03			(0.31	)		8.48			18.82			11.42
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.76	(e)		0.76			0.75			0.75			0.74			0.75
Ratio of net investment income to average net assets (%)		1.99	(e)		2.19	(b)		1.98			2.17			2.04			2.31
Portfolio turnover rate (%)		16	(d)(f)		35	(f)		41	(f)		34	(f)		53	(f)		20
Net assets, end of period (in millions)	$	26.8		$	26.3		$	27.1		$	30.9		$	32.5		$	30.3
	Class F
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	168.99		$	166.59		$	171.25		$	161.54		$	139.43		$	128.64
Income (Loss) from Investment Operations
Net investment income (a)		1.67			3.57	(b)		3.29			3.50			3.00			3.04
Net realized and unrealized gain (loss) on investments		8.94			10.83			(3.79	)		9.84			22.74			11.40
Total from investment operations		10.61			14.40			(0.50	)		13.34			25.74			14.44
Less Distributions
Distributions from net investment income		(4.19	)		(4.72	)		(4.16	)		(3.63	)		(3.63	)		(3.65	)
Distributions from net realized capital gains		(9.34	)		(7.28	)		0.00			0.00			0.00			0.00
Total distributions		(13.53	)		(12.00	)		(4.16	)		(3.63	)		(3.63	)		(3.65	)
Net Asset Value, End of Period	$	166.07		$	168.99		$	166.59		$	171.25		$	161.54		$	139.43
Total Return (%) (c)		6.28	(d)		8.97			(0.35	)		8.42			18.75			11.36
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.81	(e)		0.81			0.80			0.80			0.79			0.80
Ratio of net investment income to average net assets (%)		1.94	(e)		2.14	(b)		1.93			2.12			1.99			2.26
Portfolio turnover rate (%)		16	(d)(f)		35	(f)		41	(f)		34	(f)		53	(f)		20
Net assets, end of period (in millions)	$	431.1		$	429.0		$	450.4		$	524.7		$	584.1		$	571.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.12 per share and 0.07% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 15%, 34%, 37%, 25% and 45% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014 and 2013, respectively.

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Total Return Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and F shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

BHFTII-23

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown gain/loss reclasses, foreign currency transactions, real estate investment trust (“REIT”) adjustments, convertible preferred stock, partnership transactions, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-24

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

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

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

BHFTII-25

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $29,246,110. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(21,118,931	)	$	—	$	—	$	—	$	(21,118,931	)
Corporate Bonds & Notes		(11,889,792	)		—		—		—		(11,889,792	)
U.S. Treasury & Government Agencies		(38,427,129	)		—		—		—		(38,427,129	)
Total	$	(71,435,852	)	$	—	$	—	$	—	$	(71,435,852	)
Total Borrowings	$	(71,435,852	)	$	—	$	—	$	—	$	(71,435,852	)
Gross amount of recognized liabilities for securities lending transactions										$	(71,435,852	)

BHFTII-26

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$43,154,465	$	93,189,277	$	44,219,696	$	126,047,089

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $57,134 in purchases which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$8,016,602	$	1,841,071

BHFTII-27

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$2,406,578		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and F Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and F Shares. Under the Distribution and Service Plan, the Class B, E, and F Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and F Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.20% per year for Class F Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

BHFTII-28

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$23,651,455	$	22,998,295	$	36,096,955	$	—	$	59,748,410	$	22,998,295

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$22,482,035	$	43,637,991	$	108,718,338	$	—	$	174,838,364

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-29

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
4,723,670		120,329		300,730

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		4,873,726		271,004
Robert Boulware		4,865,760		278,970
Susan C. Gause		4,878,426		266,305
Nancy Hawthorne		4,875,311		269,419
Barbara A. Nugent		4,879,360		265,370
John Rosenthal		4,876,771		267,960
Linda B. Strumpf		4,872,172		272,558
Dawn M. Vroegop		4,867,852		276,878

BHFTII-30

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, D and E shares of the MFS Value Portfolio returned 9.27%, 9.05%, 9.20%, and 9.17%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 4.66%.

MARKET ENVIRONMENT / CONDITIONS

For the first time in many years, markets are experiencing synchronized global economic growth. The rebound in emerging markets (“EM”) economies has been more pronounced (despite the deceleration in Chinese growth at the end of the first half of 2017), helped by some larger economies (i.e., Brazil and Russia) emerging from recessions. At the same time, developed market (“DM”) economies continued to grow at or above potential. Market confidence increased in the U.S. after the presidential elections in November in anticipation of lower taxes, a lighter regulatory burden and increased infrastructure spending, boosting U.S. equities and corporate bond performance. While global inflation faded during the period as commodity prices, particularly oil, leveled off or declined, global growth remained relatively resilient. As a result, there have been more tightening signals and actions by DM central banks. The U.S. Federal Reserve increased interest rates by 25 basis points at the end of the period, bringing the total number of quarter-percent hikes in the federal funds rate to four since December 2015. The European Central Bank appears set on announcing Quantitative Easing (“QE”) tapering in the fall of 2017. The Bank of England may also begin reducing monetary accommodation. Markets have been comforted (along with central banks) by the decline in fears of a populist wave in Europe after establishment candidates won the Dutch and French elections. European growth has reflected the more constructive political economic backdrop.

The headwind of a stronger U.S. dollar faded during the period while U.S. consumer spending held up well amid a modest increase in real wages and relatively low gasoline prices. Demand for autos tapered off from near-record territory at the end of the period, while the housing market continued its recovery amid relatively low mortgage rates and tight inventories. Global trade, which was sluggish early in the period, showed signs of improvement, a positive indicator of global economic activity and prospects. Receding fears that President Trump would follow through on various campaign threats and promises that were judged to be detrimental to EM, helped EM markets resume their upward trajectory, powered by strong inflows throughout the first half of 2017.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark during the first half of 2017. An underweight allocation to the Energy sector aided performance relative to the Russell 1000 Value Index. Here, an underweight position in integrated oil and gas company Exxon Mobil boosted relative results.

The combination of strong stock selection and an overweight allocation to the Industrials sector also helped relative results. Within this sector, not owning diversified industrial conglomerate General Electric and holdings of diversified technology company 3M boosted relative performance.

Individual stocks that benefited relative returns included overweight holdings of tobacco company Philip Morris International and medical device maker Medtronic. Avoiding poor-performing telecommunication services provider AT&T furthered supported relative performance. The Portfolio’s holdings of global food company Nestle, consulting firm AON, automotive components manufacturer Delphi Automotive and chemical company PPG Industries also benefited relative performance.

An underweight allocation to the strong-performing Information Technology sector held back relative results. Here, underweighting enterprise software products maker Oracle and not owning strong-performing computer and personal electronics maker Apple and online information portal Yahoo hurt relative performance.

Elsewhere, individual stocks that detracted from relative performance included the Portfolio’s overweight holdings of financial services firm Goldman Sachs and oil field services company Schlumberger and not holding railroad company CSX and financial services firm Bank of America. The Portfolio’s ownership in shares of both global food company General Mills and auto parts retailer Advance Auto Parts also dampened relative performance. Additionally, the Portfolio’s holdings of ground delivery service company United Parcel Service hurt relative performance.

Over the trailing six month period ending June 30, 2017, the three best-performing sectors at the end of last year—Financials, Telecom and Energy—have been among the worst performers through the first half of 2017. The S&P 500 Index has delivered a positive return in each of the first six months of this year—something that hasn’t occurred in more than two decades. Although the Value investment style has underperformed both Core and Growth thus far this year, the absolute level of returns—up nearly 5% in U.S. Dollar terms—remains robust.

At the end of the period, the Portfolio was overweight to Industrials, Financials, and Consumer Staples, while being most underweight Energy, Real Estate, and Utilities. Relative sector positioning reflects the investment team’s bottom up stock selection process rather than a reflection of any top-down macroeconomic view.

BHFTII-1

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

Steven R. Gorham

Nevin P. Chitkara

Portfolio Managers

Massachusetts Financial Services Company

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

BHFTII-2

Brighthouse Funds Trust II

MFS Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MFS Value Portfolio
Class A		9.27		16.66		15.12		7.17		—
Class B		9.05		16.36		14.82		—		8.13
Class D		9.20		16.53		—		—		12.56
Class E		9.17		16.44		14.96		—		8.25
Russell 1000 Value Index		4.66		15.53		13.94		5.57		—

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

² Inception dates of the Class A, Class B, Class D and Class E shares are 7/20/98, 4/28/08, 4/26/13 and 4/28/08, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.6
Philip Morris International, Inc.		3.7
Johnson & Johnson		3.6
Wells Fargo & Co.		3.3
Accenture plc- Class A		2.6
Medtronic plc		2.5
Travelers Cos., Inc. (The)		2.4
Chubb, Ltd.		2.3
U.S. Bancorp		2.2
3M Co.		2.2

Top Sectors

	% of Net Assets
Financials		30.0
Industrials		15.9
Health Care		15.5
Consumer Staples		12.0
Information Technology		7.1
Consumer Discretionary		6.5
Energy		4.7
Materials		4.0
Utilities		1.6
Telecommunication Services		0.9

BHFTII-3

Brighthouse Funds Trust II

MFS Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MFS Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.58	%	$	1,000.00	$	1,092.70	$	3.01
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91
Class B(a)	Actual		0.83	%	$	1,000.00	$	1,090.50	$	4.30
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class D(a)	Actual		0.68	%	$	1,000.00	$	1,092.00	$	3.53
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class E(a)	Actual		0.73	%	$	1,000.00	$	1,091.70	$	3.79
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.6%
Lockheed Martin Corp. (a)		129,331	$	35,903,579
Northrop Grumman Corp.		164,756		42,294,513
United Technologies Corp.		323,101		39,453,863
				117,651,955
Air Freight & Logistics—1.5%
United Parcel Service, Inc. - Class B		434,537		48,055,447
Auto Components—1.0%
Delphi Automotive plc		393,590		34,498,164
Automobiles—0.2%
Harley-Davidson, Inc. (a)		110,824		5,986,712
Banks—13.7%
Citigroup, Inc.		1,052,634		70,400,162
JPMorgan Chase & Co.		1,659,015		151,633,971
PNC Financial Services Group, Inc. (The)		399,274		49,857,344
U.S. Bancorp		1,400,755		72,727,200
Wells Fargo & Co.		1,949,543		108,024,178
				452,642,855
Beverages—1.6%
Diageo plc		1,153,170		34,089,290
PepsiCo, Inc.		167,742		19,372,523
				53,461,813
Building Products—2.2%
Johnson Controls International plc (a)		1,667,970		72,323,179
Capital Markets—7.9%
Bank of New York Mellon Corp. (The)		758,225		38,684,639
BlackRock, Inc.		76,108		32,148,780
Franklin Resources, Inc. (a)		305,317		13,675,148
Goldman Sachs Group, Inc. (The)		313,564		69,579,852
Moody’s Corp. (a)		195,692		23,811,803
Nasdaq, Inc. (a)		473,325		33,838,004
S&P Global, Inc.		53,707		7,840,685
State Street Corp.		339,197		30,436,147
T. Rowe Price Group, Inc. (a)		159,724		11,853,118
				261,868,176
Chemicals—3.5%
E.I. du Pont de Nemours & Co.		159,721		12,891,082
Monsanto Co.		109,542		12,965,391
PPG Industries, Inc. (a)		577,341		63,484,416
Sherwin-Williams Co. (The)		74,731		26,227,592
				115,568,481
Consumer Finance—1.0%
American Express Co.		380,852		32,082,972
Containers & Packaging—0.5%
Crown Holdings, Inc. (b)		270,206		16,120,490
Diversified Telecommunication Services—0.8%
Verizon Communications, Inc.		626,790		27,992,441
Electric Utilities—1.6%
Duke Energy Corp.		501,874		41,951,648
Xcel Energy, Inc. (a)		225,723		10,356,171
				52,307,819
Electrical Equipment—0.9%
Eaton Corp. plc		390,297		30,376,816
Energy Equipment & Services—1.5%
Schlumberger, Ltd.		733,537		48,296,076
Equity Real Estate Investment Trusts—0.4%
Public Storage		61,651		12,856,083
Food & Staples Retailing—1.6%
CVS Health Corp.		647,677		52,112,091
Food Products—3.8%
Archer-Daniels-Midland Co.		278,016		11,504,302
Danone S.A.		203,167		15,271,937
General Mills, Inc. (a)		486,702		26,963,291
J.M. Smucker Co. (The)		112,827		13,350,819
Nestle S.A.		666,506		58,059,337
				125,149,686
Health Care Equipment & Supplies—5.2%
Abbott Laboratories		1,087,363		52,856,715
Danaher Corp. (a)		420,092		35,451,564
Medtronic plc		950,196		84,329,895
				172,638,174
Health Care Providers & Services—1.9%
Cigna Corp.		114,406		19,150,420
Express Scripts Holding Co. (a) (b)		256,737		16,390,090
McKesson Corp.		144,279		23,739,667
UnitedHealth Group, Inc.		27,859		5,165,616
				64,445,793
Household Durables—0.2%
Newell Brands, Inc. (a)		112,056		6,008,443
Household Products—0.5%
Procter & Gamble Co. (The)		185,969		16,207,198
Industrial Conglomerates—4.0%
3M Co. (a)		348,633		72,581,904
Honeywell International, Inc.		444,871		59,296,856
				131,878,760
Insurance—7.5%
Aon plc (a)		445,912		59,284,000
Chubb, Ltd.		523,046		76,040,427
Prudential Financial, Inc.		294,870		31,887,242

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Travelers Cos., Inc. (The)		629,950	$	79,707,574
				246,919,243
IT Services—5.6%
Accenture plc - Class A		698,132		86,344,966
Amdocs, Ltd.		127,993		8,250,429
Cognizant Technology Solutions Corp. - Class A		203,343		13,501,975
DXC Technology Co.		101,718		7,803,805
Fidelity National Information Services, Inc.		378,358		32,311,773
Fiserv, Inc. (b)		129,267		15,814,525
International Business Machines Corp.		131,549		20,236,182
				184,263,655
Life Sciences Tools & Services—1.2%
Thermo Fisher Scientific, Inc.		235,906		41,158,520
Machinery—2.0%
Illinois Tool Works, Inc.		200,180		28,675,785
Ingersoll-Rand plc		219,360		20,047,310
Stanley Black & Decker, Inc.		133,161		18,739,748
				67,462,843
Media—4.2%
Comcast Corp. - Class A		1,123,934		43,743,511
Interpublic Group of Cos., Inc. (The) (a)		675,486		16,616,956
Omnicom Group, Inc. (a)		524,903		43,514,459
Time Warner, Inc.		281,671		28,282,585
Walt Disney Co. (The)		72,704		7,724,800
				139,882,311
Multiline Retail—0.2%
Target Corp.		147,394		7,707,232
Oil, Gas & Consumable Fuels—3.2%
Chevron Corp.		255,797		26,687,301
EOG Resources, Inc.		314,130		28,435,047
Exxon Mobil Corp.		370,968		29,948,247
Occidental Petroleum Corp. (a)		372,040		22,274,035
				107,344,630
Personal Products—0.4%
Coty, Inc. - Class A (a)		703,397		13,195,728
Pharmaceuticals—7.1%
Johnson & Johnson		902,598		119,404,689
Merck & Co., Inc.		488,629		31,316,233
Novartis AG		94,325		7,876,983
Pfizer, Inc.		2,084,224		70,009,084
Roche Holding AG		27,065		6,910,671
				235,517,660
Professional Services—0.5%
Equifax, Inc. (a)		109,200		15,006,264
Road & Rail—1.3%
Canadian National Railway Co.		242,792		19,678,292
Union Pacific Corp.		220,595		24,025,001
				43,703,293
Semiconductors & Semiconductor Equipment—1.3%
Texas Instruments, Inc.		553,787		42,602,834
Software—0.2%
Oracle Corp.		141,881		7,113,913
Specialty Retail—0.2%
Advance Auto Parts, Inc. (a)		59,647		6,954,244
Textiles, Apparel & Luxury Goods—0.4%
Hanesbrands, Inc. (a)		616,249		14,272,327
Tobacco—4.2%
Altria Group, Inc.		221,169		16,470,456
Philip Morris International, Inc.		1,031,947		121,202,175
				137,672,631
Total Common Stocks (Cost $2,318,748,042)				3,261,306,952
Short-Term Investment—0.7%
Discount Note—0.7%
Federal Home Loan Bank 0.439%, 07/03/17 (c)		25,151,000		25,150,092
Total Short-Term Investments (Cost $25,150,092)				25,150,092
Securities Lending Reinvestments (d)—5.1%
Certificates of Deposit—2.8%
Bank of Montreal 1.130%, 07/07/17		2,000,000		1,999,980
Bank of Montreal Chicago 1.276%, 09/06/17 (e)		6,000,000		6,001,104
Bank of Nova Scotia Houston 1.492%, 11/03/17 (e)		5,000,000		5,004,936
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		3,290,175		3,263,618
1.602%, 11/16/17 (e)		9,000,000		9,008,784
BNP Paribas New York 1.524%, 08/04/17 (e)		3,500,000		3,500,417
Canadian Imperial Bank 1.630%, 10/27/17 (e)		1,000,000		1,001,125
Credit Suisse AG New York 1.466%, 10/25/17 (e)		2,500,000		2,500,148
1.959%, 08/16/17 (e)		2,804,405		2,802,341

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
DG Bank New York 1.140%, 07/03/17		3,000,000	$	2,999,970
DNB NOR Bank ASA 1.412%, 07/28/17 (e)		1,200,000		1,200,150
KBC Bank NV Zero Coupon, 09/08/17		996,562		997,810
1.220%, 07/27/17		7,500,000		7,500,000
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (e)		300,000		300,182
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (e)		5,000,000		4,997,700
National Australia Bank London 1.480%, 11/09/17 (e)		6,000,000		6,004,860
Royal Bank of Canada New York 1.532%, 03/20/18 (e)		10,900,000		10,907,848
Sumitomo Mitsui Banking Corp. 1.480%, 08/09/17		2,422,160		2,400,552
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (e)		3,000,000		3,001,167
Sumitomo Mitsui Trust Bank, Ltd., New York 1.342%, 11/16/17 (e)		1,000,000		999,937
1.466%, 10/26/17 (e)		2,000,000		2,000,512
1.552%, 08/16/17 (e)		5,000,000		5,001,505
Toronto Dominion Bank New York 1.467%, 03/13/18 (e)		8,500,000		8,506,315
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (e)		1,750,000		1,751,565
				93,652,526
Commercial Paper—1.3%
Barton Capital S.A. 1.210%, 07/10/17		2,990,522		2,999,022
Commonwealth Bank Australia 1.391%, 03/01/18		7,000,000		7,005,454
Erste Abwicklungsanstalt 1.379%, 07/18/17 (e)		11,600,000		11,600,673
ING Funding LLC 1.234%, 12/07/17 (e)		3,500,000		3,501,209
1.277%, 11/13/17 (e)		4,000,000		3,999,708
Manhattan Asset Funding Co. 1.434%, 09/07/17 (e)		3,500,000		3,500,210
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (e)		4,300,000		4,301,721
Sheffield Receivables Co. 1.230%, 07/07/17		2,990,673		2,999,298
Westpac Banking Corp. 1.506%, 10/20/17 (e)		3,250,000		3,253,240
				43,160,535
Repurchase Agreements—0.5%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $373,858 on 07/03/17, collateralized by $389,145 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $381,301.		373,824		373,824
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $3,238,000 on 10/02/17, 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 06/30/17 at 1.200% to be repurchased at $100,010 on 07/03/17, collateralized by $101,673 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $102,000.		100,000		100,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $4,003,100 on 07/03/17, collateralized by $869 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $4,447,294		4,000,000		4,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $2,009,690 on 09/29/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,032,395 on 10/02/17, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $4,030,590 on 10/02/17, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
				15,673,824
Time Deposits—0.5%
Australia New Zealand Bank 1.150%, 07/03/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 07/03/17		3,000,000		3,000,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		1,000,000		1,000,000
Nordea Bank New York 1.050%, 07/03/17		2,000,000		2,000,000
Shinkin Central Bank 1.330%, 07/25/17		2,500,000		2,500,000
1.330%, 07/26/17		4,650,000		4,650,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Standard Chartered plc 1.200%, 07/03/17		2,000,000	$	2,000,000
				15,250,000
Total Securities Lending Reinvestments (Cost $167,682,653)				167,736,885
Total Investments—104.4% (Cost $2,511,580,787) (f)				3,454,193,929
Other assets and liabilities (net)—(4.4)%				(145,486,320	)
Net Assets—100.0%			$	3,308,707,609

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $164,305,449 and the collateral received consisted of cash in the amount of $167,718,321. 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 June 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(f)	As of June 30, 2017, the aggregate cost of investments was $2,511,580,787. The aggregate unrealized appreciation and depreciation of investments were $979,850,607 and $(37,237,465), respectively, resulting in net unrealized appreciation of $942,613,142.

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 Financial Statements.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	117,651,955	$	—		$	—	$	117,651,955
Air Freight & Logistics		48,055,447		—			—		48,055,447
Auto Components		34,498,164		—			—		34,498,164
Automobiles		5,986,712		—			—		5,986,712
Banks		452,642,855		—			—		452,642,855
Beverages		19,372,523		34,089,290			—		53,461,813
Building Products		72,323,179		—			—		72,323,179
Capital Markets		261,868,176		—			—		261,868,176
Chemicals		115,568,481		—			—		115,568,481
Consumer Finance		32,082,972		—			—		32,082,972
Containers & Packaging		16,120,490		—			—		16,120,490
Diversified Telecommunication Services		27,992,441		—			—		27,992,441
Electric Utilities		52,307,819		—			—		52,307,819
Electrical Equipment		30,376,816		—			—		30,376,816
Energy Equipment & Services		48,296,076		—			—		48,296,076
Equity Real Estate Investment Trusts		12,856,083		—			—		12,856,083
Food & Staples Retailing		52,112,091		—			—		52,112,091
Food Products		51,818,412		73,331,274			—		125,149,686
Health Care Equipment & Supplies		172,638,174		—			—		172,638,174
Health Care Providers & Services		64,445,793		—			—		64,445,793
Household Durables		6,008,443		—			—		6,008,443
Household Products		16,207,198		—			—		16,207,198
Industrial Conglomerates		131,878,760		—			—		131,878,760
Insurance		246,919,243		—			—		246,919,243
IT Services		184,263,655		—			—		184,263,655
Life Sciences Tools & Services		41,158,520		—			—		41,158,520
Machinery		67,462,843		—			—		67,462,843
Media		139,882,311		—			—		139,882,311
Multiline Retail		7,707,232		—			—		7,707,232
Oil, Gas & Consumable Fuels		107,344,630		—			—		107,344,630
Personal Products		13,195,728		—			—		13,195,728
Pharmaceuticals		220,730,006		14,787,654			—		235,517,660
Professional Services		15,006,264		—			—		15,006,264
Road & Rail		43,703,293		—			—		43,703,293
Semiconductors & Semiconductor Equipment		42,602,834		—			—		42,602,834
Software		7,113,913		—			—		7,113,913
Specialty Retail		6,954,244		—			—		6,954,244
Textiles, Apparel & Luxury Goods		14,272,327		—			—		14,272,327
Tobacco		137,672,631		—			—		137,672,631
Total Common Stocks		3,139,098,734		122,208,218			—		3,261,306,952
Total Short-Term Investment*		—		25,150,092			—		25,150,092
Total Securities Lending Reinvestments*		—		167,736,885			—		167,736,885
Total Investments	$	3,139,098,734	$	315,095,195		$	—	$	3,454,193,929
Collateral for Securities Loaned (Liability)	$	—	$	(167,718,321	)	$	—	$	(167,718,321	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Value Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	3,454,193,929
Cash		154,274
Receivable for:
Investments sold		19,107,889
Fund shares sold		182,392
Dividends		6,167,919
Total Assets		3,479,806,403
Liabilities
Collateral for securities loaned		167,718,321
Payables for:
Fund shares redeemed		1,198,910
Accrued Expenses:
Management fees		1,509,106
Distribution and service fees		179,556
Deferred trustees’ fees		159,431
Other expenses		333,470
Total Liabilities		171,098,794
Net Assets	$	3,308,707,609
Net Assets Consist of:
Paid in surplus	$	2,238,600,199
Undistributed net investment income		27,665,323
Accumulated net realized gain		99,858,363
Unrealized appreciation on investments and foreign currency transactions		942,583,724
Net Assets	$	3,308,707,609
Net Assets
Class A	$	2,395,278,153
Class B		830,241,964
Class D		14,760,444
Class E		68,427,048
Capital Shares Outstanding*
Class A		155,560,424
Class B		54,545,156
Class D		961,631
Class E		4,470,199
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.40
Class B		15.22
Class D		15.35
Class E		15.31

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,511,580,787.
(b)	Includes securities loaned at value of $164,305,449.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	36,432,359
Interest		86,090
Securities lending income		498,088
Total investment income		37,016,537
Expenses
Management fees		11,023,411
Administration fees		50,013
Custodian and accounting fees		88,910
Distribution and service fees—Class B		1,016,111
Distribution and service fees—Class D		7,226
Distribution and service fees—Class E		50,313
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		85,960
Insurance		10,470
Miscellaneous		24,859
Total expenses		12,422,925
Less management fee waiver		(2,178,827	)
Less broker commission recapture		(36,446	)
Net expenses		10,207,652
Net Investment Income		26,808,885
Net Realized and Unrealized Gain
Net realized gain on:
Investments		101,234,204
Foreign currency transactions		4,588
Net realized gain		101,238,792
Net change in unrealized appreciation on:
Investments		152,727,122
Foreign currency transactions		101,000
Net change in unrealized appreciation		152,828,122
Net realized and unrealized gain		254,066,914
Net Increase in Net Assets From Operations	$	280,875,799

(a) Net of foreign withholding taxes of $372,969.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	26,808,885		$	66,342,223
Net realized gain		101,238,792			198,352,863
Net change in unrealized appreciation		152,828,122			141,293,905
Increase in net assets from operations		280,875,799			405,988,991
From Distributions to Shareholders
Net investment income
Class A		(48,171,616	)		(49,437,763	)
Class B		(15,050,267	)		(15,441,649	)
Class D		(284,067	)		(312,156	)
Class E		(1,292,093	)		(1,387,482	)
Net realized capital gains
Class A		(142,220,961	)		(197,201,744	)
Class B		(50,100,219	)		(69,294,401	)
Class D		(880,607	)		(1,306,868	)
Class E		(4,108,194	)		(5,965,342	)
Total distributions		(262,108,024	)		(340,347,405	)
Increase in net assets from capital share transactions		182,269,955			3,928,365
Total increase in net assets		201,037,730			69,569,951
Net Assets
Beginning of period		3,107,669,879			3,038,099,928
End of period	$	3,308,707,609		$	3,107,669,879
Undistributed net investment income
End of period	$	27,665,323		$	65,654,481

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		6,665,685		$	107,554,775			2,740,550		$	40,952,732
Reinvestments		12,379,231			190,392,577			17,504,578			246,639,507
Redemptions		(8,600,317	)		(136,834,415	)		(22,073,025	)		(331,716,371	)
Net increase (decrease)		10,444,599		$	161,112,937			(1,827,897	)	$	(44,124,132	)
Class B
Sales		1,225,518		$	19,198,214			5,538,629		$	82,344,094
Reinvestments		4,283,398			65,150,486			6,074,268			84,736,050
Redemptions		(4,096,140	)		(64,492,064	)		(7,981,193	)		(117,959,367	)
Net increase		1,412,776		$	19,856,636			3,631,704		$	49,120,777
Class D
Sales		8,737		$	139,662			45,140		$	685,564
Reinvestments		75,973			1,164,674			115,233			1,619,024
Redemptions		(65,602	)		(1,042,957	)		(192,125	)		(2,857,392	)
Net increase (decrease)		19,108		$	261,379			(31,752	)	$	(552,804	)
Class E
Sales		92,569		$	1,476,736			200,827		$	2,991,361
Reinvestments		353,191			5,400,287			524,452			7,352,824
Redemptions		(369,466	)		(5,838,020	)		(731,067	)		(10,859,661	)
Net increase (decrease)		76,294		$	1,039,003			(5,788	)	$	(515,476	)
Increase derived from capital shares transactions				$	182,269,955					$	3,928,365

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.31		$	15.09		$	18.38		$	17.75		$	13.80		$	12.23
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.34	(b)		0.31			0.43			0.30			0.29
Net realized and unrealized gain (loss) on investments		1.28			1.68			(0.23	)		1.36			4.46			1.72
Total from investment operations		1.42			2.02			0.08			1.79			4.76			2.01
Less Distributions
Distributions from net investment income		(0.34	)		(0.36	)		(0.50	)		(0.31	)		(0.30	)		(0.26	)
Distributions from net realized capital gains		(0.99	)		(1.44	)		(2.87	)		(0.85	)		(0.51	)		(0.18	)
Total distributions		(1.33	)		(1.80	)		(3.37	)		(1.16	)		(0.81	)		(0.44	)
Net Asset Value, End of Period	$	15.40		$	15.31		$	15.09		$	18.38		$	17.75		$	13.80
Total Return (%) (c)		9.27	(d)		14.39			(0.15	)		10.81			35.73			16.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(e)		0.72			0.72			0.72			0.72			0.73
Net ratio of expenses to average net assets (%) (f)		0.58	(e)		0.58			0.58			0.58			0.58			0.60
Ratio of net investment income to average net assets (%)		1.77	(e)		2.25	(b)		1.87			2.49			1.92			2.21
Portfolio turnover rate (%)		7	(d)		14			12			12			17			16
Net assets, end of period (in millions)	$	2,395.3		$	2,222.2		$	2,218.1		$	2,493.9		$	3,074.8		$	2,363.0
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.14		$	14.94		$	18.22		$	17.61		$	13.70		$	12.15
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.30	(b)		0.27			0.37			0.27			0.26
Net realized and unrealized gain (loss) on investments		1.25			1.66			(0.23	)		1.36			4.41			1.70
Total from investment operations		1.37			1.96			0.04			1.73			4.68			1.96
Less Distributions
Distributions from net investment income		(0.30	)		(0.32	)		(0.45	)		(0.27	)		(0.26	)		(0.23	)
Distributions from net realized capital gains		(0.99	)		(1.44	)		(2.87	)		(0.85	)		(0.51	)		(0.18	)
Total distributions		(1.29	)		(1.76	)		(3.32	)		(1.12	)		(0.77	)		(0.41	)
Net Asset Value, End of Period	$	15.22		$	15.14		$	14.94		$	18.22		$	17.61		$	13.70
Total Return (%) (c)		9.05	(d)		14.10			(0.36	)		10.56			35.38			16.32
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(e)		0.97			0.97			0.97			0.97			0.98
Net ratio of expenses to average net assets (%) (f)		0.83	(e)		0.83			0.83			0.83			0.83			0.85
Ratio of net investment income to average net assets (%)		1.52	(e)		2.01	(b)		1.62			2.16			1.68			1.96
Portfolio turnover rate (%)		7	(d)		14			12			12			17			16
Net assets, end of period (in millions)	$	830.2		$	804.2		$	739.3		$	798.0		$	795.9		$	250.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013(g)
Net Asset Value, Beginning of Period	$	15.26		$	15.05		$	18.33		$	17.71		$	14.88
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.32	(b)		0.29			0.41			0.20
Net realized and unrealized gain (loss) on investments		1.27			1.67			(0.22	)		1.35			2.63
Total from investment operations		1.40			1.99			0.07			1.76			2.83
Less Distributions
Distributions from net investment income		(0.32	)		(0.34	)		(0.48	)		(0.29	)		0.00
Distributions from net realized capital gains		(0.99	)		(1.44	)		(2.87	)		(0.85	)		0.00
Total distributions		(1.31	)		(1.78	)		(3.35	)		(1.14	)		0.00
Net Asset Value, End of Period	$	15.35		$	15.26		$	15.05		$	18.33		$	17.71
Total Return (%) (c)		9.20	(d)		14.23			(0.20	)		10.69			19.02	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82	(e)		0.82			0.82			0.82			0.82	(e)
Net ratio of expenses to average net assets (%) (f)		0.68	(e)		0.68			0.68			0.68			0.68	(e)
Ratio of net investment income to average net assets (%)		1.67	(e)		2.15	(b)		1.77			2.34			1.80	(e)
Portfolio turnover rate (%)		7	(d)		14			12			12			17
Net assets, end of period (in millions)	$	14.8		$	14.4		$	14.7		$	16.8		$	18.6
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	15.22		$	15.01		$	18.29		$	17.67		$	13.73		$	12.18
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.31	(b)		0.29			0.40			0.28			0.27
Net realized and unrealized gain (loss) on investments		1.26			1.67			(0.23	)		1.35			4.45			1.70
Total from investment operations		1.39			1.98			0.06			1.75			4.73			1.97
Less Distributions
Distributions from net investment income		(0.31	)		(0.33	)		(0.47	)		(0.28	)		(0.28	)		(0.24	)
Distributions from net realized capital gains		(0.99	)		(1.44	)		(2.87	)		(0.85	)		(0.51	)		(0.18	)
Total distributions		(1.30	)		(1.77	)		(3.34	)		(1.13	)		(0.79	)		(0.42	)
Net Asset Value, End of Period	$	15.31		$	15.22		$	15.01		$	18.29		$	17.67		$	13.73
Total Return (%) (c)		9.17	(d)		14.20			(0.27	)		10.63			35.63			16.39
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(e)		0.87			0.87			0.87			0.87			0.88
Net ratio of expenses to average net assets (%) (f)		0.73	(e)		0.73			0.73			0.73			0.73			0.75
Ratio of net investment income to average net assets (%)		1.62	(e)		2.10	(b)		1.72			2.28			1.81			2.05
Portfolio turnover rate (%)		7	(d)		14			12			12			17			16
Net assets, end of period (in millions)	$	68.4		$	66.9		$	66.0		$	78.0		$	83.5		$	57.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Commencement of operations was April 26, 2013.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, D and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-14

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, distribution re-designations, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-15

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $15,673,824. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-16

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	216,587,759	$	0	$	274,721,112

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $1,018,400 in purchases and $2,498,577 in sales of investments, which are included above, and resulted in realized gains of $1,284,135.

During the six months ended June 30, 2017, the Portfolio engaged in security transactions with other affiliated Portfolios. These amounted to $19,017,408 in purchases of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$11,023,411		0.750	%	Of the first $250 million
		0.700	%	Of the next $2.25 billion
		0.675	%	Of the next $2.5 billion
		0.650	%	On amounts in excess of $5 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-17

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.100%	On the first $200 million
0.125%	On the next $50 million
0.075%	On the next $1.25 billion
0.200%	On the next $1 billion
0.175%	On the next $2.5 billion
0.150%	On amounts in excess of $5 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$71,154,565	$	93,281,069	$	269,192,840	$	494,775,678	$	340,347,405	$	588,056,747

BHFTII-18

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$65,806,659	$	196,886,312	$	788,798,842	$	—	$	1,051,491,813

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
189,457,882		4,252,599		13,037,995

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		193,196,426		13,552,050
Robert Boulware		192,944,725		13,803,751
Susan C. Gause		194,727,932		12,020,544
Nancy Hawthorne		193,266,662		13,481,814
Barbara A. Nugent		194,729,058		12,019,418
John Rosenthal		194,474,998		12,273,478
Linda B. Strumpf		193,388,063		13,360,413
Dawn M. Vroegop		193,091,448		13,657,028

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Neuberger Berman Genesis Portfolio returned 5.07%, 4.95%, and 5.02%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 0.54%.

MARKET ENVIRONMENT / CONDITIONS

Despite periods of volatility, the U.S. stock market generated strong results during the reporting period. Investor sentiment was buoyed by solid corporate profits and improving global fundamentals. These factors eclipsed concerns whether the Trump administration’s growth initiatives would be scaled back or delayed. In addition, the market overcame a number of potential headwinds, including two interest rate hikes by the U.S. Federal Reserve that occurred in March and June and several geopolitical events. The overall U.S. stock market, as measured by the S&P 500 Index, gained 9.34% for the six months ended June 30, 2017. This marked the S&P 500’s best first half advance since 2013. Small-cap stocks lagged the overall stock market, as the Russell 2000 Index gained 4.99% during the reporting period. There was a significant dispersion between small-cap growth and value stocks, as the Russell 2000 Growth and Value Indexes returned 9.97% and 0.54%, respectively.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 2000 Value Index during the reporting period. Both sector allocation and stock selection contributed to the Portfolio’s relative performance. An overweight allocation to Health Care and an underweight allocation to Energy were the largest contributors to relative performance. Within the Health Care sector, the Portfolio’s overweight to health care equipment & supplies names was the most beneficial for results. An underweight to Energy was rewarded as the sector meaningfully lagged the Index. On the downside, a lack of exposure to Utilities detracted from results, as the sector outperformed on the back of falling long-term interest rates. Further, an overweight to Consumer Staples was a headwind for results over the period. We believe investors are becoming increasingly concerned with the long-term outlook for certain consumer staple companies, particularly packaged food companies, as consumer tastes have shifted away from processed foods and towards perishable items like fruits and vegetables.

The Portfolio’s stock selection in the Consumer Staples, Information Technology (“IT”) and Energy sectors were the most additive to relative performance. In the Consumer Staples sector, the Portfolio’s exposure to household product companies generated the strongest relative returns. In the IT sector, the Portfolio’s software and electronic equipment instruments & components holdings aided performance. Within the Energy sector, the Portfolio’s energy equipment & services holdings were the top performers. Conversely, stock selection in Consumer Discretionary and Financials sectors were the only two sectors that detracted from performance over the reporting period. In our view, the Consumer Discretionary sector has undergone tremendous change during the past few years, most notably the pressures that have stemmed from the explosion of e-commerce trends (the “Amazon effect”). As a result, we have positioned the Portfolio to have limited exposure to companies that either directly or indirectly competed with Amazon or other e-commerce models. In the Financials sector, the Portfolio’s holdings in the banks and insurance industries performed poorly.

At the individual stock level, IDEXX Laboratories, MarketAxess Holdings, and Toro produced strong returns over the period. IDEXX Laboratories is the leading provider of diagnostic instruments and consumables to veterinarians. The company benefited from strong secular demand in companion health diagnostics, leveraged its industry-leading product innovation and sales force to increase market share, and was a strong capital allocator. The stock outperformed during the period due to strong earnings results. MarketAxess Holdings operates the dominant electronic trading platform for institutional corporate bond trading. It is a beneficiary of e-trading adoption, which has grown steadily but we believe is still relatively underpenetrated. The company has the broadest network of dealer and buy-side clients, strong organic growth, high incremental operating margins, low capital intensity and a debt-free balance sheet. The stock performed well during the period due to continued strong operating results which meaningfully drove up earnings estimates. Toro is a leading global provider of outdoor equipment for turf, snow, golf, irrigation and construction applications. In our view, Toro is a high quality, cash generative company with strong brands, superior innovation, strong customer intimacy and history of returning cash to shareholders. The stock outperformed during the period as the company delivered stronger than expected earnings results and raised its fiscal year 2017 outlook.

A number of individual holdings were negative for performance due to company-specific issues. These included Tractor Supply Company, Bank of the Ozarks and Manhattan Associates. Tractor Supply Company operates retail stores focused on supplying the lifestyle needs of recreational farmers and ranchers. In our view, the retailer operates with limited e-commerce risk. The stock performed poorly, as the company delivered disappointing results due to weather-related weakness in specific geographic markets. Bank of the Ozarks underwrites complex real estate loans utilizing a highly disciplined process for screening, structuring and servicing these loans. The strategy has contributed to a long, consistent track record of above-average growth and profitability and low credit losses. The stock underperformed in the period due to renewed market concerns about the economy and its implications for faster-growing commercial real estate. We continued to believe the company is relatively well positioned in terms of growth, operating returns and credit risk due to its differentiated focus and highly rigorous approach to risk management. Manhattan Associates provides software solutions that enable the efficient movement of goods through the supply chain. During the first half of 2017, Manhattan Associates reported respectable results. However, it provided guidance that implied a slowdown in its

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*—(Continued)

business. Additionally, concerns regarding the health of its retail customers weighed heavily on its shares during the period.

In terms of Portfolio changes, we made a number of adjustments on the margin throughout the reporting period; however the changes resulted in no significant changes to the Portfolio’s sector positioning. As of June 30, 2017, we continued to maintain a diversified portfolio that emphasizes companies that consistently generate solid free cash flow, are profitable, and maintain conservative balance sheets.

Judith M. Vale,

Robert W. D’Alelio

Brett S. Reiner

Gregory G. Spiegel

Portfolio Managers

Neuberger Berman Investment Advisers LLC

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

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		5.07		17.74		13.05		4.56
Class B		4.95		17.40		12.77		4.30
Class E		5.02		17.53		12.89		4.41
Russell 2000 Value Index		0.54		24.86		13.39		5.92

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
West Pharmaceutical Services, Inc.		2.3
Pool Corp.		2.1
Fair Isaac Corp.		1.8
Sensient Technologies Corp.		1.8
Tyler Technologies, Inc.		1.7
Bank of Hawaii Corp.		1.7
Toro Co. (The)		1.7
Church & Dwight Co., Inc.		1.6
Littelfuse, Inc.		1.6
IDEXX Laboratories, Inc.		1.5

Top Sectors

	% of Net Assets
Industrials		21.0
Information Technology		19.1
Financials		17.7
Health Care		12.8
Consumer Discretionary		11.9
Materials		7.5
Consumer Staples		6.4
Energy		2.0
Real Estate		0.3

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Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Neuberger Berman Genesis Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.84	%	$	1,000.00	$	1,050.70	$	4.27
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class B(a)	Actual		1.09	%	$	1,000.00	$	1,049.50	$	5.54
	Hypothetical*		1.09	%	$	1,000.00	$	1,019.39	$	5.46
Class E(a)	Actual		0.99	%	$	1,000.00	$	1,050.20	$	5.03
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—98.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
Astronics Corp. (a)		128,427	$	3,913,171
Air Freight & Logistics—0.6%
Forward Air Corp.		134,571		7,169,943
Airlines—0.6%
Allegiant Travel Co.		48,400		6,563,040
Auto Components—1.6%
Fox Factory Holding Corp. (a)		27,670		985,052
Gentex Corp.		233,225		4,424,278
LCI Industries		130,295		13,342,208
				18,751,538
Automobiles—0.5%
Thor Industries, Inc.		53,990		5,643,035
Banks—13.2%
Bank of Hawaii Corp.		237,570		19,711,183
Bank of the Ozarks, Inc.		327,861		15,366,845
BankUnited, Inc.		238,970		8,055,679
BOK Financial Corp.		153,932		12,950,299
Columbia Banking System, Inc.		144,900		5,774,265
Community Bank System, Inc.		181,907		10,144,953
Cullen/Frost Bankers, Inc.		184,363		17,313,529
CVB Financial Corp.		660,920		14,824,435
First Financial Bankshares, Inc.		315,150		13,929,630
First Hawaiian, Inc.		93,890		2,874,912
FNB Corp.		732,858		10,377,269
Glacier Bancorp, Inc.		104,160		3,813,298
Lakeland Financial Corp.		27,575		1,265,141
LegacyTexas Financial Group, Inc.		256,130		9,766,237
PacWest Bancorp		178,008		8,312,974
				154,480,649
Beverages—0.6%
MGP Ingredients, Inc.		147,310		7,537,853
Building Products—2.0%
A.O. Smith Corp.		189,765		10,689,463
AAON, Inc.		269,077		9,915,487
Patrick Industries, Inc. (a)		39,765		2,896,880
				23,501,830
Capital Markets—3.0%
Artisan Partners Asset Management, Inc. - Class A		177,460		5,448,022
FactSet Research Systems, Inc.		53,330		8,862,379
Houlihan Lokey, Inc.		84,090		2,934,741
MarketAxess Holdings, Inc.		76,160		15,315,776
OM Asset Management plc		194,100		2,884,326
				35,445,244
Chemicals—3.7%
Balchem Corp.		141,133		10,967,445
Chase Corp.		14,480		1,545,016
Chemicals—(Continued)
NewMarket Corp.		6,647		3,060,811
Quaker Chemical Corp.		47,695		6,926,745
Sensient Technologies Corp.		257,010		20,697,015
				43,197,032
Commercial Services & Supplies—3.8%
Healthcare Services Group, Inc.		255,889		11,983,282
MSA Safety, Inc.		13,120		1,064,950
Ritchie Bros. Auctioneers, Inc.		214,365		6,160,850
Rollins, Inc.		416,640		16,961,415
UniFirst Corp.		54,740		7,701,918
				43,872,415
Communications Equipment—1.3%
NetScout Systems, Inc. (a)		447,170		15,382,648
Construction & Engineering—0.9%
Valmont Industries, Inc.		71,235		10,656,756
Construction Materials—1.4%
Eagle Materials, Inc.		174,535		16,130,525
Containers & Packaging—1.3%
AptarGroup, Inc.		178,104		15,470,113
Distributors—2.1%
Pool Corp.		211,785		24,899,562
Diversified Consumer Services—0.5%
Bright Horizons Family Solutions, Inc. (a)		68,795		5,311,662
Electrical Equipment—0.7%
AZZ, Inc.		143,115		7,985,817
Electronic Equipment, Instruments & Components—4.5%
Cognex Corp.		142,095		12,063,866
Littelfuse, Inc.		111,255		18,357,075
Rogers Corp. (a)		120,520		13,090,882
Zebra Technologies Corp. - Class A (a)		95,082		9,557,643
				53,069,466
Energy Equipment & Services—0.7%
Pason Systems, Inc.		529,875		7,948,125
Food Products—3.0%
Blue Buffalo Pet Products, Inc. (a)		329,470		7,515,211
Cal-Maine Foods, Inc. (a)		130,570		5,170,572
Calavo Growers, Inc.		116,855		8,068,838
J&J Snack Foods Corp.		59,054		7,799,262
Lancaster Colony Corp.		57,480		7,048,197
				35,602,080
Health Care Equipment & Supplies—6.4%
Abaxis, Inc.		57,609		3,054,429
Atrion Corp.		6,805		4,377,657

See accompanying notes to financial statements.

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Cantel Medical Corp.		99,102	$	7,721,037
DENTSPLY SIRONA, Inc.		109,910		7,126,564
Haemonetics Corp. (a)		115,231		4,550,472
IDEXX Laboratories, Inc. (a)		110,720		17,872,422
Neogen Corp. (a)		41,900		2,895,709
West Pharmaceutical Services, Inc.		284,396		26,881,110
				74,479,400
Health Care Providers & Services—3.2%
Chemed Corp.		79,830		16,327,630
Henry Schein, Inc. (a)		66,075		12,093,046
Surgery Partners, Inc. (a)		121,130		2,755,708
Tivity Health, Inc. (a)		18,720		745,992
U.S. Physical Therapy, Inc.		83,525		5,044,910
				36,967,286
Hotels, Restaurants & Leisure—2.8%
Cheesecake Factory, Inc. (The)		159,150		8,005,245
Cracker Barrel Old Country Store, Inc.		53,855		9,007,249
Papa John’s International, Inc.		87,125		6,252,090
Texas Roadhouse, Inc.		187,280		9,541,916
				32,806,500
Household Products—2.7%
Church & Dwight Co., Inc.		362,935		18,829,068
Energizer Holdings, Inc.		148,625		7,136,973
WD-40 Co.		46,475		5,128,516
				31,094,557
Industrial Conglomerates—0.4%
Raven Industries, Inc.		146,209		4,868,760
Insurance—1.4%
AMERISAFE, Inc.		92,630		5,275,279
RLI Corp.		209,470		11,441,251
				16,716,530
IT Services—1.3%
Jack Henry & Associates, Inc.		144,505		15,009,734
Life Sciences Tools & Services—2.5%
Bio-Techne Corp.		143,390		16,848,325
ICON plc (a)		116,937		11,435,269
PAREXEL International Corp. (a)		4,975		432,377
				28,715,971
Machinery—8.8%
Donaldson Co., Inc.		112,925		5,142,605
Franklin Electric Co., Inc.		123,660		5,119,524
Graco, Inc.		66,445		7,261,110
Lindsay Corp.		18,440		1,645,770
Middleby Corp. (The) (a)		107,140		13,018,581
Nordson Corp.		98,627		11,965,428
RBC Bearings, Inc. (a)		152,605		15,529,085
Machinery—(Continued)
Tennant Co.		86,923		6,414,917
Toro Co. (The)		282,800		19,595,212
Wabtec Corp.		180,255		16,493,332
				102,185,564
Marine—0.5%
Kirby Corp. (a)		81,170		5,426,215
Media—2.2%
Cable One, Inc.		5,280		3,753,552
Gray Television, Inc. (a)		466,685		6,393,584
Nexstar Media Group, Inc. - Class A		260,915		15,602,717
				25,749,853
Metals & Mining—0.2%
Compass Minerals International, Inc.		37,165		2,426,875
Oil, Gas & Consumable Fuels—1.4%
Centennial Resource Development, Inc. - Class A (a)		212,730		3,365,389
Matador Resources Co. (a)		394,955		8,440,188
RSP Permian, Inc. (a)		133,250		4,299,977
				16,105,554
Paper & Forest Products—0.9%
Stella-Jones, Inc.		298,745		10,196,217
Pharmaceuticals—0.8%
Heska Corp. (a)		34,925		3,564,795
Prestige Brands Holdings, Inc. (a)		104,275		5,506,762
				9,071,557
Professional Services—0.9%
Exponent, Inc.		173,301		10,103,448
Real Estate Management & Development—0.3%
FirstService Corp.		59,375		3,798,813
Road & Rail—0.2%
Genesee & Wyoming, Inc. - Class A (a)		27,690		1,893,719
Semiconductors & Semiconductor Equipment—2.3%
Cabot Microelectronics Corp.		39,510		2,917,023
MKS Instruments, Inc.		108,230		7,283,879
Power Integrations, Inc.		227,480		16,583,292
				26,784,194
Software—9.6%
Aspen Technology, Inc. (a)		280,935		15,524,468
Blackbaud, Inc.		58,440		5,011,230
Computer Modelling Group, Ltd.		367,180		2,823,284
Constellation Software, Inc.		27,105		14,179,752
Fair Isaac Corp.		154,255		21,504,690
Manhattan Associates, Inc. (a)		364,526		17,519,120
Monotype Imaging Holdings, Inc.		285,158		5,218,391

See accompanying notes to financial statements.

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Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
Nice, Ltd. (ADR)		37,880	$	2,981,914
Qualys, Inc. (a)		179,675		7,330,740
Tyler Technologies, Inc. (a)		115,775		20,338,194
				112,431,783
Specialty Retail—2.2%
Asbury Automotive Group, Inc. (a)		88,370		4,997,323
Lithia Motors, Inc. - Class A		111,305		10,488,270
Monro Muffler Brake, Inc.		95,060		3,968,755
Tractor Supply Co.		107,275		5,815,378
				25,269,726
Trading Companies & Distributors—1.4%
Applied Industrial Technologies, Inc.		65,861		3,889,092
Richelieu Hardware, Ltd.		1,635		37,905
Watsco, Inc.		82,030		12,649,026
				16,576,023
Total Common Stocks (Cost $765,206,611)				1,151,210,783
Short-Term Investment—1.0%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $11,966,493 on 07/03/17, collateralized by $12,230,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $12,208,328.		11,966,373		11,966,373
Total Short-Term Investments (Cost $11,966,373)				11,966,373
Total Investments—99.7% (Cost $777,172,984) (b)				1,163,177,156
Other assets and liabilities (net)—0.3%				3,556,731
Net Assets—100.0%			$	1,166,733,887

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	As of June 30, 2017, the aggregate cost of investments was $777,172,984. The aggregate unrealized appreciation and depreciation of investments were $402,898,999 and $(16,894,827), respectively, resulting in net unrealized appreciation of $386,004,172.
(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	1,151,210,783	$	—	$	—	$	1,151,210,783
Total Short-Term Investment*		—		11,966,373		—		11,966,373
Total Investments	$	1,151,210,783	$	11,966,373	$	—	$	1,163,177,156

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a)	$	1,163,177,156
Receivable for:
Investments sold		6,737,625
Fund shares sold		699,494
Dividends and interest		394,976
Total Assets		1,171,009,251
Liabilities
Payables for:
Investments purchased		2,148,512
Fund shares redeemed		928,102
Accrued Expenses:
Management fees		774,129
Distribution and service fees		79,231
Deferred trustees’ fees		131,290
Other expenses		214,100
Total Liabilities		4,275,364
Net Assets	$	1,166,733,887
Net Assets Consist of:
Paid in surplus	$	708,402,705
Undistributed net investment income		1,126,421
Accumulated net realized gain		71,200,589
Unrealized appreciation on investments		386,004,172
Net Assets	$	1,166,733,887
Net Assets
Class A	$	746,502,629
Class B		329,047,630
Class E		91,183,628
Capital Shares Outstanding*
Class A		36,299,780
Class B		16,271,822
Class E		4,485,228
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.56
Class B		20.22
Class E		20.33

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $777,172,984.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	6,536,240
Interest		5,475
Total investment income		6,541,715
Expenses
Management fees		4,775,374
Administration fees		18,680
Custodian and accounting fees		45,432
Distribution and service fees—Class B		410,341
Distribution and service fees—Class E		68,620
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		78,221
Insurance		3,888
Miscellaneous		9,075
Total expenses		5,475,283
Less management fee waiver		(61,987	)
Less broker commission recapture		(18,241	)
Net expenses		5,395,055
Net Investment Income		1,146,660
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		71,815,955
Foreign currency transactions		1,537
Net realized gain		71,817,492
Net change in unrealized appreciation (depreciation) on:
Investments		(13,912,865	)
Foreign currency transactions		291
Net change in unrealized depreciation		(13,912,574	)
Net realized and unrealized gain		57,904,918
Net Increase in Net Assets From Operations	$	59,051,578

(a) Net of foreign withholding taxes of $61,230.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,146,660		$	4,140,520
Net realized gain		71,817,492			137,409,116
Net change in unrealized appreciation (depreciation)		(13,912,574	)		56,843,343
Increase in net assets from operations		59,051,578			198,392,979
From Distributions to Shareholders
Net investment income
Class A		(3,068,174	)		(3,463,083	)
Class B		(583,870	)		(665,055	)
Class E		(247,513	)		(278,065	)
Net realized capital gains
Class A		(60,863,233	)		0
Class B		(27,322,102	)		0
Class E		(7,528,510	)		0
Total distributions		(99,613,402	)		(4,406,203	)
Increase (decrease) in net assets from capital share transactions		16,290,345			(228,549,486	)
Total decrease in net assets		(24,271,479	)		(34,562,710	)
Net Assets
Beginning of period		1,191,005,366			1,225,568,076
End of period	$	1,166,733,887		$	1,191,005,366
Undistributed net investment income
End of period	$	1,126,421		$	3,879,318

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		337,936		$	7,328,336			702,433		$	12,718,668
Reinvestments		3,088,473			63,931,407			183,329			3,463,083
Redemptions		(2,887,040	)		(63,714,805	)		(10,142,957	)		(192,212,696	)
Net increase (decrease)		539,369		$	7,544,938			(9,257,195	)	$	(176,030,945	)
Class B
Sales		287,321		$	6,145,642			555,919		$	10,253,670
Reinvestments		1,370,627			27,905,972			35,736			665,055
Redemptions		(1,228,331	)		(26,338,904	)		(2,824,814	)		(52,729,946	)
Net increase (decrease)		429,617		$	7,712,710			(2,233,159	)	$	(41,811,221	)
Class E
Sales		27,160		$	579,941			76,839		$	1,449,272
Reinvestments		379,874			7,776,023			14,870			278,065
Redemptions		(339,290	)		(7,323,267	)		(664,776	)		(12,434,657	)
Net increase (decrease)		67,744		$	1,032,697			(573,067	)	$	(10,707,320	)
Increase (decrease) derived from capital shares transactions				$	16,290,345					$	(228,549,486	)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	21.38		$	18.10		$	18.07		$	18.14		$	13.21		$	12.05
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.08	(b)		0.08			0.08			0.07			0.11
Net realized and unrealized gain (loss) on investments		1.07			3.29			0.03			(0.08	)		4.98			1.10
Total from investment operations		1.10			3.37			0.11			0.00			5.05			1.21
Less Distributions
Distributions from net investment income		(0.09	)		(0.09	)		(0.08	)		(0.07	)		(0.12	)		(0.05	)
Distributions from net realized capital gains		(1.83	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(1.92	)		(0.09	)		(0.08	)		(0.07	)		(0.12	)		(0.05	)
Net Asset Value, End of Period	$	20.56		$	21.38		$	18.10		$	18.07		$	18.14		$	13.21
Total Return (%) (c)		5.07	(d)		18.68			0.58			0.01			38.52			10.03
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.84			0.83			0.83			0.86
Net ratio of expenses to average net assets (%) (f)		0.84	(e)		0.84			0.83			0.83			0.82			0.85
Ratio of net investment income to average net assets (%)		0.28	(e)		0.43	(b)		0.42			0.43			0.42			0.89
Portfolio turnover rate (%)		9	(d)		19			16			9			17			15
Net assets, end of period (in millions)	$	746.5		$	764.5		$	814.6		$	985.8		$	1,154.0		$	922.1
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	21.03		$	17.80		$	17.76		$	17.85		$	13.00		$	11.86
Income (Loss) from Investment Operations
Net investment income (a)		0.00	(g)		0.04	(b)		0.03			0.03			0.03			0.08
Net realized and unrealized gain (loss) on investments		1.06			3.23			0.04			(0.08	)		4.91			1.08
Total from investment operations		1.06			3.27			0.07			(0.05	)		4.94			1.16
Less Distributions
Distributions from net investment income		(0.04	)		(0.04	)		(0.03	)		(0.04	)		(0.09	)		(0.02	)
Distributions from net realized capital gains		(1.83	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(1.87	)		(0.04	)		(0.03	)		(0.04	)		(0.09	)		(0.02	)
Net Asset Value, End of Period	$	20.22		$	21.03		$	17.80		$	17.76		$	17.85		$	13.00
Total Return (%) (c)		4.95	(d)		18.39			0.38			(0.30	)		38.19			9.75
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(e)		1.10			1.09			1.08			1.08			1.11
Net ratio of expenses to average net assets (%) (f)		1.09	(e)		1.09			1.08			1.08			1.07			1.10
Ratio of net investment income to average net assets (%)		0.03	(e)		0.19	(b)		0.17			0.18			0.22			0.63
Portfolio turnover rate (%)		9	(d)		19			16			9			17			15
Net assets, end of period (in millions)	$	329.0		$	333.1		$	321.7		$	366.8		$	418.9		$	117.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	21.14		$	17.89		$	17.86		$	17.94		$	13.06		$	11.91
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.05	(b)		0.05			0.05			0.04			0.09
Net realized and unrealized gain (loss) on investments		1.07			3.26			0.03			(0.09	)		4.94			1.09
Total from investment operations		1.08			3.31			0.08			(0.04	)		4.98			1.18
Less Distributions
Distributions from net investment income		(0.06	)		(0.06	)		(0.05	)		(0.04	)		(0.10	)		(0.03	)
Distributions from net realized capital gains		(1.83	)		0.00			0.00			0.00			0.00			0.00
Total distributions		(1.89	)		(0.06	)		(0.05	)		(0.04	)		(0.10	)		(0.03	)
Net Asset Value, End of Period	$	20.33		$	21.14		$	17.89		$	17.86		$	17.94		$	13.06
Total Return (%) (c)		5.02	(d)		18.54			0.43			(0.19	)		38.37			9.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(e)		1.00			0.99			0.98			0.98			1.01
Net ratio of expenses to average net assets (%) (f)		0.99	(e)		0.99			0.98			0.98			0.97			1.00
Ratio of net investment income to average net assets (%)		0.13	(e)		0.29	(b)		0.27			0.28			0.28			0.72
Portfolio turnover rate (%)		9	(d)		19			16			9			17			15
Net assets, end of period (in millions)	$	91.2		$	93.4		$	89.3		$	103.6		$	122.0		$	90.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Neuberger Berman Genesis Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-12

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, adjustments to prior period accumulated balances and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had investments in repurchase agreements with a gross value of $11,966,373, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	99,544,550	$	0	$	184,163,449

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$4,775,374		0.850	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Neuberger Berman Management LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	First $	500 million

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of

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Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2016		2015		2016		2015		2016		2015
$	4,406,203	$	4,567,514	$	—	$	—	$	4,406,203	$	4,567,514

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$4,001,931	$	95,526,724	$	399,486,963	$	—	$	499,015,618

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2016, the Portfolio utilized capital loss carryforwards of $42,434,976.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
52,220,260		1,512,309		3,401,800

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		53,275,142		3,859,228
Robert Boulware		53,273,909		3,860,461
Susan C. Gause		53,660,022		3,474,348
Nancy Hawthorne		53,283,561		3,850,809
Barbara A. Nugent		53,702,867		3,431,503
John Rosenthal		53,681,695		3,452,675
Linda B. Strumpf		53,333,291		3,801,078
Dawn M. Vroegop		53,236,939		3,897,431

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Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 19.60%, 19.41%, and 19.50%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 13.99%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the first half of 2017, led by large cap and growth stocks, amid continued hopes for tax cuts and increased infrastructure spending—although neither has come to fruition yet. Strong first-quarter corporate earnings were supportive of equity markets, which were largely unfazed by lackluster first-quarter economic growth, two interest rate increases from the U.S. Federal Reserve, President Trump’s domestic political controversies, and increased geopolitical tensions. Stocks in developed non-U.S. markets strongly outperformed U.S. shares in dollar terms, as returns to U.S. investors were boosted by stronger non-U.S. currencies. Emerging market equities outperformed developed markets, helped by stronger currencies and an improving growth backdrop. Within the large-cap growth space, Information Technology (“IT”) led returns, followed by Health Care, while Energy and Telecommunication Services both ended sharply down.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index for the six-month period ended June 30, 2017. Overall, stock selection accounted for most of the relative outperformance, and sector allocation also helped.

IT was the leading contributor, due to stock selection and a beneficial overweight during the period when the sector led the benchmark. IT holdings Alibaba Group Holding (China), PayPal Holdings, and Tencent Holdings (China) all boosted returns during the period. Alibaba Group Holding reported a revenue outlook that significantly exceeded expectations, driven by the strength of its core Chinese e-commerce business as well as its increasingly successful cloud-computing ventures. PayPal benefited from higher-than-expected payment volume and active account levels, and the company’s shift toward a mobile-first strategy appears promising. Shares of Tencent, which operates the dominant social media platform in China, rose in response to higher-than-expected revenue growth in the company’s gaming and cloud-computing businesses. IT initially lagged in the early portion of the period, as investors cashed out their holdings in order to invest in more rapidly rising stocks. Over time, however, market participants came to realize that the anticipated policy changes that were driving the market rally would take time to implement and they began looking more toward company-specific fundamentals. We remain favorable in this sector because we believe many IT names are poised for strong performance regardless of political circumstances.

In Consumer Discretionary, the Portfolio’s stock holdings also outpaced their benchmark peers, most notably Amazon.com and Tesla. Amazon.com reported better-than-expected topline and bottom-line results, owing in part to the expansion of its fulfillment and logistics networks, as well as the success of its cloud-computing business. Shares of Tesla continued to trade high as the firm remains on track to begin production of the Model 3, its first mass-market car, in July. The Portfolio’s overweight allocation to Consumer Discretionary reflects strong secular trends in retail spending and evolving dynamics in consumer services. We are especially focused on companies with innovative business models in e-commerce and travel and leisure services.

An underweight in Consumer Staples added relative value, as did the Portfolio’s stock positioning within the sector. Philip Morris International was a key holding here, as its new smokeless cigarette, which promises to reduce the risk of smoking, generated strong sales in select markets. The Portfolio has consistently held a low level of exposure to this sector, which is facing low growth and valuations that we view as unrealistically high. While Consumer Staples names were attractive to investors seeking yield during the recent period of extremely low interest rates, the U.S. Federal Reserve’s decision to raise rates has reduced interest in the sector.

Stock selection in Industrials and Business Services also added relative value. Here, we focus on high-quality companies that can benefit from long-term secular, rather than cyclical, growth trends.

At period end, the Portfolio’s greatest overweight was in the Health Care sector. The Portfolio was also overweight in Financials, IT, Consumer Discretionary, Utilities, and Real Estate. The Portfolio’s most significant underweight allocation was to Consumer Staples. It was also underweight in Materials, Industrials and Business Services, Energy, and Telecommunication Services. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

Joseph B. Fath

Portfolio Manager

T. Rowe Price Associates, Inc.

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

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Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		19.60		29.20		16.53		9.00
Class B		19.41		28.90		16.25		8.73
Class E		19.50		29.04		16.35		8.84
Russell 1000 Growth Index		13.99		20.42		15.30		8.91

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Amazon.com, Inc.		6.0
Apple, Inc.		5.2
Facebook, Inc. - Class A		3.6
Priceline Group, Inc. (The)		3.4
Microsoft Corp.		3.1
Alphabet, Inc. - Class A		3.1
PayPal Holdings, Inc.		2.8
Visa, Inc. - Class A		2.6
Alphabet, Inc. - Class C		2.6
Alibaba Group Holding, Ltd. (ADR)		2.5

Top Sectors

	% of Net Assets
Information Technology		37.9
Consumer Discretionary		19.6
Health Care		16.5
Industrials		8.6
Financials		6.0
Consumer Staples		2.9
Real Estate		2.8
Utilities		0.9
Telecommunication Services		0.7

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Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.57	%	$	1,000.00	$	1,196.00	$	3.10
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86
Class B(a)	Actual		0.82	%	$	1,000.00	$	1,194.10	$	4.46
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11
Class E(a)	Actual		0.72	%	$	1,000.00	$	1,195.00	$	3.92
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—94.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.5%
Boeing Co. (The)		188,700	$	37,315,425
Airlines—1.2%
American Airlines Group, Inc. (a)		579,400		29,155,408
Auto Components—0.5%
Delphi Automotive plc		130,900		11,473,385
Automobiles—1.8%
Ferrari NV		221,963		19,093,257
Tesla, Inc. (a) (b)		68,651		24,824,888
				43,918,145
Banks—1.6%
First Republic Bank (a)		155,543		15,569,854
JPMorgan Chase & Co.		247,200		22,594,080
				38,163,934
Biotechnology—4.3%
Alexion Pharmaceuticals, Inc. (b)		269,211		32,754,902
Biogen, Inc. (b)		101,966		27,669,494
Celgene Corp. (b)		99,034		12,861,546
Vertex Pharmaceuticals, Inc. (b)		230,028		29,643,708
				102,929,650
Building Products—0.5%
Fortune Brands Home & Security, Inc.		171,558		11,192,444
Capital Markets—4.2%
Charles Schwab Corp. (The)		352,200		15,130,512
Intercontinental Exchange, Inc.		402,540		26,535,437
Morgan Stanley		683,500		30,456,760
State Street Corp.		154,800		13,890,204
TD Ameritrade Holding Corp.		383,423		16,483,354
				102,496,267
Electric Utilities—0.9%
NextEra Energy, Inc. (a)		156,100		21,874,293
Electrical Equipment—1.1%
Acuity Brands, Inc. (a)		133,124		27,061,447
Equity Real Estate Investment Trusts—2.8%
American Tower Corp.		272,400		36,043,968
Crown Castle International Corp.		188,178		18,851,672
Equinix, Inc.		27,864		11,958,114
				66,853,754
Food & Staples Retailing—0.7%
Walgreens Boots Alliance, Inc.		212,406		16,633,514
Food Products—0.4%
Mondelez International, Inc. - Class A		218,557		9,439,477
Health Care Equipment & Supplies—4.8%
Becton Dickinson & Co.		146,162		28,517,668
Danaher Corp.		220,200		18,582,678
Intuitive Surgical, Inc. (a) (b)		40,300		37,695,411
Stryker Corp.		228,600		31,725,108
				116,520,865
Health Care Providers & Services—6.0%
Aetna, Inc.		117,950		17,908,349
Anthem, Inc.		56,500		10,629,345
Centene Corp. (b)		101,497		8,107,580
Cigna Corp.		127,054		21,267,569
HCA Healthcare, Inc. (b)		265,000		23,108,000
Humana, Inc.		94,392		22,712,603
UnitedHealth Group, Inc.		225,900		41,886,378
				145,619,824
Hotels, Restaurants & Leisure—2.8%
Marriott International, Inc. - Class A		122,701		12,308,137
MGM Resorts International		141,520		4,428,161
Restaurant Brands International, Inc.		45,138		2,822,931
Starbucks Corp.		507,400		29,586,494
Yum! Brands, Inc.		255,700		18,860,432
				68,006,155
Industrial Conglomerates—2.1%
Honeywell International, Inc.		187,300		24,965,217
Roper Technologies, Inc.		111,251		25,757,944
				50,723,161
Internet & Direct Marketing Retail—9.8%
Amazon.com, Inc. (b)		149,117		144,345,256
Ctrip.com International, Ltd. (ADR) (a) (b)		159,900		8,612,214
Priceline Group, Inc. (The) (a) (b)		44,440		83,125,909
				236,083,379
Internet Software & Services—13.4%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		421,028		59,322,845
Alphabet, Inc. - Class A (b)		80,670		74,997,286
Alphabet, Inc. - Class C (b)		69,402		63,067,680
Dropbox, Inc. - Class A (b) (c) (d)		214,763		1,750,318
Facebook, Inc. - Class A (b)		582,610		87,962,458
MercadoLibre, Inc. (a)		30,500		7,651,840
Tencent Holdings, Ltd.		734,685		26,217,373
VeriSign, Inc. (a) (b)		41,065		3,817,402
				324,787,202
IT Services—8.6%
Fidelity National Information Services, Inc.		201,142		17,177,527
Fiserv, Inc. (b)		153,991		18,839,259
MasterCard, Inc. - Class A		330,600		40,151,370
PayPal Holdings, Inc. (b)		1,247,800		66,969,426
Visa, Inc. - Class A (a)		678,820		63,659,739
				206,797,321

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—1.5%
Fortive Corp.		137,950	$	8,739,133
Illinois Tool Works, Inc.		128,000		18,336,000
Wabtec Corp. (a)		101,137		9,254,035
				36,329,168
Media—0.1%
Altice USA, Inc. - Class A (a) (b)		82,323		2,659,033
Multiline Retail—0.6%
Dollar General Corp.		186,000		13,408,740
Pharmaceuticals—1.4%
Merck & Co., Inc.		303,700		19,464,133
Zoetis, Inc.		225,800		14,085,404
				33,549,537
Professional Services—0.7%
Equifax, Inc.		124,352		17,088,452
Real Estate Management & Development—0.0%
WeWork Cos., Inc. - Class A (b) (c) (d)		7,199		372,980
Semiconductors & Semiconductor Equipment—1.5%
ASML Holding NV		38,900		5,069,059
NVIDIA Corp.		57,000		8,239,920
Xilinx, Inc. (a)		347,900		22,376,928
				35,685,907
Software—8.2%
Electronic Arts, Inc. (b)		197,400		20,869,128
Intuit, Inc.		188,300		25,008,123
Microsoft Corp.		1,091,100		75,209,523
Salesforce.com, Inc. (b)		389,360		33,718,576
ServiceNow, Inc. (a) (b)		177,407		18,805,142
Snap, Inc. - Class A (a) (b)		579,953		10,305,766
Snap, Inc. - Class A (b) (c) (d)		108,803		1,901,218
Snap, Inc. - Class B (b) (c) (d)		108,803		1,901,218
Workday, Inc. - Class A (a) (b)		112,400		10,902,800
				198,621,494
Specialty Retail—4.0%
AutoZone, Inc. (a) (b)		40,178		22,919,942
Home Depot, Inc. (The)		126,800		19,451,120
L Brands, Inc. (a)		260,600		14,043,734
Lowe’s Cos., Inc.		132,500		10,272,725
O’Reilly Automotive, Inc. (a) (b)		96,000		20,999,040
Ross Stores, Inc.		68,900		3,977,597
Tractor Supply Co.		111,291		6,033,085
				97,697,243
Technology Hardware, Storage & Peripherals—5.2%
Apple, Inc.		868,497		125,080,938
Tobacco—1.9%
Philip Morris International, Inc.		384,000		45,100,800
Wireless Telecommunication Services—0.7%
T-Mobile U.S., Inc. (a) (b)		296,300		17,961,706
Total Common Stocks (Cost $1,677,222,538)				2,290,601,048
Convertible Preferred Stocks—1.1%
Internet Software & Services—0.7%
Airbnb, Inc. - Series D (b) (c) (d)		97,047		10,451,962
Airbnb, Inc. - Series E (b) (c) (d)		9,760		1,051,152
Xiaoju Kuaizhi, Inc. - Series A-17 (b) (c) (d)		91,053		4,637,520
				16,140,634
Real Estate Management & Development—0.1%
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		4,197,240
				7,063,190
Total Convertible Preferred Stocks (Cost $17,143,016)				26,558,211
Short-Term Investment—3.8%
Mutual Fund—3.8%
T. Rowe Price Government Reserve Fund (e)		92,158,343		92,158,343
Total Short-Term Investments (Cost $92,158,343)				92,158,343
Securities Lending Reinvestments (f)—12.6%
Certificates of Deposit—4.9%
ABN AMRO Bank NV
Zero Coupon, 09/05/17		4,979,088		4,989,500
Bank of Montreal
1.130%, 07/07/17		6,500,000		6,499,935
Bank of Montreal Chicago
1.276%, 09/06/17 (g)		4,500,000		4,500,828
Bank of Nova Scotia Houston
1.492%, 11/03/17 (g)		3,000,000		3,002,962
Bank of Tokyo-Mitsubishi, Ltd.
1.602%, 11/16/17 (g)		4,000,000		4,003,904
BNP Paribas New York
1.524%, 08/04/17 (g)		1,000,000		1,000,119
Canadian Imperial Bank
1.630%, 10/27/17 (g)		1,000,000		1,001,125
Credit Industriel et Commercial
1.125%, 07/03/17		1,000,000		1,000,022

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Credit Suisse AG New York
1.314%, 11/07/17 (g)		4,500,000	$	4,500,364
DG Bank New York
1.140%, 07/03/17		2,500,000		2,499,975
DNB NOR Bank ASA
1.412%, 07/28/17 (g)		2,300,000		2,300,288
KBC Bank NV
Zero Coupon, 09/08/17		996,562		997,810
1.220%, 07/27/17		11,000,000		11,000,000
Landesbank Baden-Wuerttemberg
1.150%, 07/03/17		2,500,000		2,499,975
Mitsubishi UFJ Trust and Banking Corp.
1.401%, 09/01/17 (g)		8,000,000		8,004,845
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (g)		4,000,000		3,998,160
1.451%, 09/01/17 (g)		3,100,000		3,100,676
1.610%, 08/02/17 (g)		6,000,000		6,001,830
Norinchukin Bank New York
1.687%, 07/12/17 (g)		5,000,000		5,000,605
Royal Bank of Canada New York
1.532%, 03/20/18 (g)		5,000,000		5,003,600
Sumitomo Mitsui Banking Corp., New York
1.551%, 08/01/17 (g)		10,000,000		10,003,890
Sumitomo Mitsui Trust Bank, Ltd., New York
1.297%, 11/13/17 (g)		2,000,000		1,999,854
1.342%, 11/16/17 (g)		1,000,000		999,937
1.466%, 10/26/17 (g)		7,000,000		7,001,792
1.552%, 08/16/17 (g)		2,000,000		2,000,602
Toronto Dominion Bank New York
1.467%, 03/13/18 (g)		8,000,000		8,005,944
1.475%, 01/10/18 (g)		2,000,000		2,003,325
UBS, Stamford
1.722%, 07/31/17 (g)		3,003,066		3,001,713
Wells Fargo Bank San Francisco N.A.
1.547%, 10/26/17 (g)		3,000,000		3,002,682
				118,926,262
Commercial Paper—2.3%
Commonwealth Bank Australia
1.391%, 03/01/18		8,000,000		8,006,234
Erste Abwicklungsanstalt
1.379%, 07/18/17 (g)		12,200,000		12,200,707
ING Funding LLC
1.277%, 11/13/17 (g)		4,000,000		3,999,708
LMA S.A. & LMA Americas
1.150%, 07/07/17		9,997,764		9,998,722
1.170%, 07/20/17		1,994,410		1,998,726
Manhattan Asset Funding Co.
1.434%, 09/07/17 (g)		2,250,000		2,250,135
National Australia Bank, Ltd.
1.563%, 12/06/17 (g)		3,750,000		3,755,067
Ridgefield Funding Co. LLC
1.434%, 09/07/17 (g)		4,000,000		4,001,601
Sheffield Receivables Co.
1.190%, 07/28/17		4,984,464		4,995,300
Commercial Paper—(Continued)
Westpac Banking Corp.
1.506%, 10/20/17 (g)		3,700,000		3,703,689
				54,909,889
Repurchase Agreements—3.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $582,019 on 07/03/17, collateralized by $605,818 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $593,607.		581,967		581,967
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,517,813 on 10/02/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $13,001,192 on 07/03/17, collateralized by $12,950,038 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $13,260,001.		13,000,000		13,000,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $19,601,960 on 07/03/17, collateralized by $19,927,973 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $19,992,060.		19,600,000		19,600,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $14,010,850 on 07/03/17, collateralized by $3,043 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $15,565,529.		14,000,000		14,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $3,014,535 on 09/29/17, collateralized by various Common Stock with a value of $3,300,001.		3,000,000		3,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $10,009,264 on 07/07/17, collateralized by $9,016,826 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $10,206,659.		10,000,000		10,000,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,556,691 on 10/02/17, collateralized by various Common Stock with a value of $3,850,000.		3,500,000	$	3,500,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $6,045,885 on 10/02/17, collateralized by various Common Stock with a value of $6,600,001.		6,000,000		6,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $12,001,340 on 07/03/17, collateralized by $23,928,742 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $12,241,425.		12,000,000		12,000,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $6,200,610 on 07/03/17, collateralized by $9,310,932 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $6,324,000.		6,200,000		6,200,000
				89,381,967
Time Deposits—1.7%
ABN AMRO Bank NV
1.180%, 07/07/17		5,000,000		5,000,000
Australia New Zealand Bank
1.060%, 07/03/17		10,000,000		10,000,000
1.150%, 07/03/17		1,000,000		1,000,000
Credit Industriel et Commercial
1.100%, 07/03/17		10,000,000		10,000,000
Landesbank Baden-Wuerttemberg
1.200%, 07/03/17		1,500,000		1,500,000
Shinkin Central Bank
1.330%, 07/26/17		6,250,000		6,250,000
Time Deposits—(Continued)
Standard Chartered plc
1.200%, 07/03/17		6,800,000		6,800,000
				40,550,000
Total Securities Lending Reinvestments (Cost $303,712,706)				303,768,118
Total Investments—112.3% (Cost $2,090,236,603) (h)				2,713,085,720
Other assets and liabilities (net)—(12.3)%				(297,663,799	)
Net Assets—100.0%			$	2,415,421,921

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $297,807,118 and the collateral received consisted of cash in the amount of $303,687,320. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	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 June 30, 2017, the market value of restricted securities was $32,483,945, which is 1.3% of net assets. See details shown in the Restricted Securities table that follows.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2017, these securities represent 1.3% of net assets.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of June 30, 2017, the aggregate cost of investments was $2,090,236,603. The aggregate unrealized appreciation and depreciation of investments were $637,971,325 and $(15,122,208), respectively, resulting in net unrealized appreciation of $622,849,117.
(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.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		97,047	$	3,951,078	$	10,451,962
Airbnb, Inc. - Series E		07/14/15		9,760		908,601		1,051,152
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		1,901,218
Snap, Inc. - Class B		01/19/17		108,803		1,671,214		1,901,218
UBER Technologies, Inc. - Series G		12/03/15		98,227		4,790,747		4,197,240
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		4,637,520
							$	32,483,945

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	37,315,425	$	—	$	—	$	37,315,425
Airlines		29,155,408		—		—		29,155,408
Auto Components		11,473,385		—		—		11,473,385
Automobiles		43,918,145		—		—		43,918,145
Banks		38,163,934		—		—		38,163,934
Biotechnology		102,929,650		—		—		102,929,650
Building Products		11,192,444		—		—		11,192,444
Capital Markets		102,496,267		—		—		102,496,267
Electric Utilities		21,874,293		—		—		21,874,293
Electrical Equipment		27,061,447		—		—		27,061,447
Equity Real Estate Investment Trusts		66,853,754		—		—		66,853,754
Food & Staples Retailing		16,633,514		—		—		16,633,514
Food Products		9,439,477		—		—		9,439,477
Health Care Equipment & Supplies		116,520,865		—		—		116,520,865
Health Care Providers & Services		145,619,824		—		—		145,619,824
Hotels, Restaurants & Leisure		68,006,155		—		—		68,006,155
Industrial Conglomerates		50,723,161		—		—		50,723,161
Internet & Direct Marketing Retail		236,083,379		—		—		236,083,379
Internet Software & Services		296,819,511		26,217,373		1,750,318		324,787,202

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
IT Services	$	206,797,321	$	—		$	—	$	206,797,321
Machinery		36,329,168		—			—		36,329,168
Media		2,659,033		—			—		2,659,033
Multiline Retail		13,408,740		—			—		13,408,740
Pharmaceuticals		33,549,537		—			—		33,549,537
Professional Services		17,088,452		—			—		17,088,452
Real Estate Management & Development		—		—			372,980		372,980
Semiconductors & Semiconductor Equipment		35,685,907		—			—		35,685,907
Software		194,819,058		3,802,436			—		198,621,494
Specialty Retail		97,697,243		—			—		97,697,243
Technology Hardware, Storage & Peripherals		125,080,938		—			—		125,080,938
Tobacco		45,100,800		—			—		45,100,800
Wireless Telecommunication Services		17,961,706		—			—		17,961,706
Total Common Stocks		2,258,457,941		30,019,809			2,123,298		2,290,601,048
Convertible Preferred Stocks
Internet Software & Services		—		—			16,140,634		16,140,634
Real Estate Management & Development		—		—			3,354,387		3,354,387
Software		—		—			7,063,190		7,063,190
Total Convertible Preferred Stocks		—		—			26,558,211		26,558,211
Total Short-Term Investment*		92,158,343		—			—		92,158,343
Total Securities Lending Reinvestments*		—		303,768,118			—		303,768,118
Total Investments	$	2,350,616,284	$	333,787,927		$	28,681,509	$	2,713,085,720
Collateral for Securities Loaned (Liability)	$	—	$	(303,687,320	)	$	—	$	(303,687,320	)

* 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			Transfers out of Level 3			Balance as of June 30, 2017		Change in Unrealized Appreciation/ Depreciation from Investments Still Held at June  30, 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		1,435,594			—			16,140,634		1,435,594
Real Estate Management & Development		2,097,705		1,256,682			—			3,354,387		1,256,682
Software		10,999,125		(593,507	)		(3,342,428	)		7,063,190		(593,507	)
Total	$	30,096,843	$	1,927,094		$	(3,342,428	)	$	28,681,509	$	1,927,094

Transfers out of Level 3 were due to the initial public offering of the securities, which resulted in the trading of the securities on a recognized exchange and the availability of quoted prices in an active market.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

	Fair Value at June 30, 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		11,503,114	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		9.7x	9.7x		9.7x	Increase
				Discount for Lack of Marketability		20.00%	20.00%		20.00%	Decrease
		4,637,520	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
		4,197,240	Market Transaction Method	Precedent Transaction		$48.77	$48.77		$48.77	Increase
			Discounted Projected Multiple	Forward Enterprise Value/EBITDA		28.2x	28.2x		28.2x	Increase
				Discount for Risk		30.00%	30.00%		30.00%	Decrease
			Market Aligned Multiple	Enterprise Value/Gross Profit		13.6x	13.6x		13.6x	Increase
				Discount for Lack of Marketability		10.00%	10.00%		10.00%	Decrease

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,620,927,377
Affiliated investments at value (c)		92,158,343
Receivable for:
Investments sold		9,955,088
Fund shares sold		438,980
Dividends		1,136,296
Dividends on affiliated investments		46,891
Total Assets		2,724,662,975
Liabilities
Collateral for securities loaned		303,687,320
Payables for:
Investments purchased		1,238,793
Fund shares redeemed		2,696,472
Accrued Expenses:
Management fees		1,056,853
Distribution and service fees		173,988
Deferred trustees’ fees		131,290
Other expenses		256,338
Total Liabilities		309,241,054
Net Assets	$	2,415,421,921
Net Assets Consist of:
Paid in surplus	$	1,523,070,006
Undistributed net investment income		3,199,473
Accumulated net realized gain		266,307,489
Unrealized appreciation on investments and foreign currency transactions		622,844,953
Net Assets	$	2,415,421,921
Net Assets
Class A	$	1,560,694,012
Class B		814,241,951
Class E		40,485,958
Capital Shares Outstanding*
Class A		68,934,324
Class B		36,596,154
Class E		1,803,284
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	22.64
Class B		22.25
Class E		22.45

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,998,078,260.
(b)	Includes securities loaned at value of $297,807,118.
(c)	Identified cost of affiliated investments was $92,158,343.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	10,635,942
Dividends from affiliated investments		104,352
Securities lending income		871,082
Total investment income		11,611,376
Expenses
Management fees		7,063,243
Administration fees		37,272
Custodian and accounting fees		65,063
Distribution and service fees—Class B		964,039
Distribution and service fees—Class E		28,924
Audit and tax services		22,939
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		69,094
Insurance		7,714
Miscellaneous		13,389
Total expenses		8,316,672
Less management fee waiver		(576,202	)
Less broker commission recapture		(6,028	)
Net expenses		7,734,442
Net Investment Income		3,876,934
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		271,372,580
Foreign currency transactions		(337	)
Net realized gain		271,372,243
Net change in unrealized appreciation on:
Investments		143,341,269
Foreign currency transactions		2,650
Net change in unrealized appreciation		143,343,919
Net realized and unrealized gain		414,716,162
Net Increase in Net Assets From Operations	$	418,593,096

(a) Net of foreign withholding taxes of $43,036.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,876,934		$	5,696,655
Net realized gain		271,372,243			140,270,298
Net change in unrealized appreciation (depreciation)		143,343,919			(107,839,673	)
Increase in net assets from operations		418,593,096			38,127,280
From Distributions to Shareholders
Net investment income
Class A		(4,707,453	)		(883,202	)
Class B		(690,425	)		0
Class E		(68,054	)		0
Net realized capital gains
Class A		(92,776,055	)		(183,909,807	)
Class B		(48,985,683	)		(89,221,445	)
Class E		(2,414,230	)		(4,487,412	)
Total distributions		(149,641,900	)		(278,501,866	)
Increase (decrease) in net assets from capital share transactions		(74,427,857	)		129,445,154
Total increase (decrease) in net assets		194,523,339			(110,929,432	)
Net Assets
Beginning of period		2,220,898,582			2,331,828,014
End of period	$	2,415,421,921		$	2,220,898,582
Undistributed net investment income
End of period	$	3,199,473		$	4,788,471

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		674,452		$	15,173,216			1,949,795		$	40,317,524
Reinvestments		4,315,339			97,483,508			9,829,415			184,793,009
Redemptions		(9,021,430	)		(203,141,053	)		(6,686,028	)		(135,065,085	)
Net increase (decrease)		(4,031,639	)	$	(90,484,329	)		5,093,182		$	90,045,448
Class B
Sales		1,745,449		$	38,686,230			4,906,830		$	98,323,462
Reinvestments		2,236,655			49,676,108			4,822,781			89,221,445
Redemptions		(3,324,870	)		(73,229,082	)		(7,341,814	)		(147,929,049	)
Net increase		657,234		$	15,133,256			2,387,797		$	39,615,858
Class E
Sales		77,615		$	1,720,091			127,839		$	2,565,477
Reinvestments		110,767			2,482,284			240,483			4,487,412
Redemptions		(145,926	)		(3,279,159	)		(359,311	)		(7,269,041	)
Net increase (decrease)		42,456		$	923,216			9,011		$	(216,152	)
Increase (decrease) derived from capital shares transactions				$	(74,427,857	)				$	129,445,154

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	20.18		$	22.70		$	24.76		$	24.51		$	17.67		$	14.87
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.07	(b)		0.04			0.04			0.03			0.07
Net realized and unrealized gain on investments		3.90			0.13			2.55			1.94			6.87			2.75
Total from investment operations		3.95			0.20			2.59			1.98			6.90			2.82
Less Distributions
Distributions from net investment income		(0.07	)		(0.01	)		(0.04	)		(0.02	)		(0.06	)		(0.02	)
Distributions from net realized capital gains		(1.42	)		(2.71	)		(4.61	)		(1.71	)		0.00			0.00
Total distributions		(1.49	)		(2.72	)		(4.65	)		(1.73	)		(0.06	)		(0.02	)
Net Asset Value, End of Period	$	22.64		$	20.18		$	22.70		$	24.76		$	24.51		$	17.67
Total Return (%) (c)		19.60	(d)		1.76			10.78			9.09			39.16			18.97
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(e)		0.62			0.62			0.63			0.63			0.64
Net ratio of expenses to average net assets (%) (f)(g)		0.57	(e)		0.58			0.58			0.58			0.58			0.60
Ratio of net investment income to average net assets (%)		0.41	(e)		0.34	(b)		0.16			0.15			0.14			0.43
Portfolio turnover rate (%)		23	(d)		42			35			34			41			38
Net assets, end of period (in millions)	$	1,560.7		$	1,472.7		$	1,540.8		$	1,710.2		$	2,007.8		$	1,328.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	19.84		$	22.40		$	24.51		$	24.32		$	17.54		$	14.78
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.02	(b)		(0.02	)		(0.02	)		(0.03	)		0.02
Net realized and unrealized gain on investments		3.83			0.13			2.52			1.92			6.83			2.74
Total from investment operations		3.85			0.15			2.50			1.90			6.80			2.76
Less Distributions
Distributions from net investment income		(0.02	)		0.00			0.00			0.00			(0.02	)		0.00
Distributions from net realized capital gains		(1.42	)		(2.71	)		(4.61	)		(1.71	)		0.00			0.00
Total distributions		(1.44	)		(2.71	)		(4.61	)		(1.71	)		(0.02	)		0.00
Net Asset Value, End of Period	$	22.25		$	19.84		$	22.40		$	24.51		$	24.32		$	17.54
Total Return (%) (c)		19.41	(d)		1.53			10.51			8.83			38.77			18.67
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(e)		0.87			0.87			0.88			0.88			0.89
Net ratio of expenses to average net assets (%) (f)(g)		0.82	(e)		0.83			0.83			0.83			0.83			0.85
Ratio of net investment income (loss) to average net assets (%)		0.17	(e)		0.09	(b)		(0.09	)		(0.09	)		(0.12	)		0.12
Portfolio turnover rate (%)		23	(d)		42			35			34			41			38
Net assets, end of period (in millions)	$	814.2		$	712.9		$	751.5		$	642.4		$	615.0		$	215.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	20.01		$	22.55		$	24.62		$	24.40		$	17.60		$	14.81
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.04	(b)		0.00	(h)		0.00	(h)		(0.01	)		0.04
Net realized and unrealized gain on investments		3.87			0.13			2.54			1.93			6.84			2.75
Total from investment operations		3.90			0.17			2.54			1.93			6.83			2.79
Less Distributions
Distributions from net investment income		(0.04	)		0.00			0.00			0.00			(0.03	)		0.00
Distributions from net realized capital gains		(1.42	)		(2.71	)		(4.61	)		(1.71	)		0.00			0.00
Total distributions		(1.46	)		(2.71	)		(4.61	)		(1.71	)		(0.03	)		0.00
Net Asset Value, End of Period	$	22.45		$	20.01		$	22.55		$	24.62		$	24.40		$	17.60
Total Return (%) (c)		19.50	(d)		1.61			10.63			8.93			38.87			18.84
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77	(e)		0.77			0.77			0.78			0.78			0.79
Net ratio of expenses to average net assets (%) (f)(g)		0.72	(e)		0.73			0.73			0.73			0.73			0.75
Ratio of net investment income (loss) to average net assets (%)		0.27	(e)		0.19	(b)		0.01			0.00	(i)		(0.03	)		0.22
Portfolio turnover rate (%)		23	(d)		42			35			34			41			38
Net assets, end of period (in millions)	$	40.5		$	35.2		$	39.5		$	38.1		$	40.1		$	16.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	The effect of the voluntary portion of the waiver on average net assets was 0.03% for the six months ended June 30, 2017 and 0.03% for each of the years ended December 31, 2016 through 2012 (see Note 5 of the Notes to Financial Statements).
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Net investment income (loss) was less than $0.01.
(i)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”), adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $89,381,967. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	541,730,267	$	0	$	843,980,577

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $2,031,466 in purchases and $914,738 in sales of investments, which are included above, and resulted in realized gains of $37,315.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$7,063,243		0.650	%	Of the first $50 million
		0.600	%	On amounts in excess of $50 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Adviserss to provide subadvisory services for the Portfolio.

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period June 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows provided the Portfolio’s assets exceed $1 billion:

% per annum	Average Daily Net Assets
0.080%	On the first $50 million
0.050%	On the next $50 million
0.060%	On the next $900 million
0.035%	On the next $500 million
0.050%	On amounts in excess of $1.5 billion

Prior to June 1, 2017 Brighthouse Investment Advisers had agreed to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows

provided the Portfolio’s assets exceed $1 billion:

% per annum	Average Daily Net Assets
0.030%	On the first $50 million
0.010%	On amounts between $100 million and $1.5 billion
0.025%	On amounts in excess of $1.5 billion

Amounts waived for the six months ended June 30, 2017 amounted to $255,583 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived by Brighthouse Investment Advisers for the six months ended June 30, 2017 amounted to $320,619 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee.

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017		Realized Gain on shares sold		Income earned from affiliates during the period		Ending Value as of June 30, 2017
T. Rowe Price Government Reserve Fund		16,421,964		325,935,596		(250,199,217	)		92,158,343	$	—	$	104,352	$	92,158,343

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$883,202	$	33,229,220	$	277,618,664	$	378,119,169	$	278,501,866	$	411,348,389

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$4,911,084	$	144,646,878	$	473,965,370	$	—	$	623,523,332

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

BHFTII-21

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-22

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
101,660,619		3,239,341		6,473,015

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		103,668,431		7,704,545
Robert Boulware		103,574,542		7,798,434
Susan C. Gause		103,988,339		7,384,637
Nancy Hawthorne		103,844,446		7,528,530
Barbara A. Nugent		103,946,900		7,426,076
John Rosenthal		103,676,241		7,696,736
Linda B. Strumpf		103,770,966		7,602,010
Dawn M. Vroegop		103,769,199		7,603,777

BHFTII-23

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B, E and G shares of the T. Rowe Price Small Cap Growth Portfolio returned 11.04%, 10.91%, 11.00%, and 10.89%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 8.81%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks rose in the first half of 2017, led by large cap and growth stocks, amid continued hopes for tax cuts and increased infrastructure spending—although neither has come to fruition yet. Strong first-quarter corporate earnings were supportive of equities markets, which were largely unfazed by lackluster first-quarter economic growth, two interest rate increases from the U.S. Federal Reserve, President Trump’s domestic political controversies, and increased geopolitical tensions. Within the MSCI U.S. Small Cap Growth Index, Health Care was by far the strongest performer, while Telecommunication Services and Utilities also contributed. Energy ended in negative territory for the period.

PORTFOLIO REVIEW/PERIOD END POSITIONING

The Portfolio outperformed the MSCI U.S. Small Cap Growth Index for the six months ended June 30, 2017. Broadly speaking, stock selection accounted for the majority of outperformance.

Stock selection in Information Technology (“IT”) added relative value, most notably the Portfolio’s positions in Coherent and Pegasystems. Shares of Coherent, a leading manufacturer of specialty laser diodes and equipment, gained as robust flat panel display revenues and a higher mix of excimer laser annealing products drove margin expansion. Shares of Pegasystems, a company that provides software that allows businesses to build, deploy, and maintain enterprise applications, also had gains over the period, after the closing of several large deals and a significant shift in mix toward perpetual licensing which resulted in increased recurring revenue.

Consumer Discretionary was another area of relative strength, due to stock selection. Dominos Pizza shares gained in response to stronger-than-expected domestic same-store sales growth and record net store growth. Another holding that gained during the period was Vail Resorts, which operates some of the most visited ski resorts in North America. Shares traded up with reporting of stronger-than-expected total lift revenue, driven by growth in visitation, an effective ticket price, a dividend increase, and the acquisition of Stowe Mountain Resort in Vermont.

Stock selection and a relative underweight allocation in Energy boosted relative returns, as Energy was the worst-performing sector in the Index during the six month period. In Real Estate, stock selection drove relative performance, including Equity LifeStyle Properties, which owns and operates a portfolio of resort communities and lifestyle-oriented properties. Increases in manufactured housing rental rate and occupancy drove better-than-expected net operating income, lifting shares.

On the negative side, stock choices in Health Care detracted from relative results. U.S. Physical Therapy and Depomed were two holdings that hurt performance in this industry. Consumer Staples was another sector that detracted from relative performance, due to stock selections such as Casey’s General Stores and Boston Beer.

While our stock selection is primarily based on a quantitative model, we take into consideration the fundamental research conducted by T. Rowe Price’s equity analysts. In constructing the Portfolio, our sector weights are usually in line with those of the MSCI U.S. Small Cap Growth Index, but we will occasionally overweight or underweight certain sectors based on our analysis. At the end of the period, the Portfolio’s sector allocations were generally in line with the benchmark across many sectors. The Portfolio finished the period slightly overweight the benchmark in Health Care, IT, and Consumer Discretionary and underweight the benchmark in Materials, Telecommunication Services, and Energy.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

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

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI U.S. SMALL CAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Small Cap Growth Portfolio
Class A		11.04		22.10		16.18		10.57		—
Class B		10.91		21.88		15.89		10.30		—
Class E		11.00		22.00		16.01		10.41		—
Class G		10.89		21.83		—		—		9.84
MSCI U.S. Small Cap Growth Index		8.81		21.74		14.23		8.45		—

¹ The MSCI U.S. Small Cap Growth Index represents the growth companies of the MSCI U.S. Small Cap 1750 Index. (The MSCI U.S. Small Cap 1750 Index represents the universe of small capitalization companies in the U.S. equity market).

² Inception dates of the Class A, Class B, Class E and Class G shares are 3/3/97, 7/30/02, 5/1/01 and 11/12/14, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Toro Co. (The)		1.0
Vail Resorts, Inc.		0.9
MarketAxess Holdings, Inc.		0.9
Berry Global Group, Inc.		0.9
Coherent, Inc.		0.9
Teledyne Technologies, Inc.		0.8
Burlington Stores, Inc.		0.8
John Bean Technologies Corp.		0.8
Take-Two Interactive Software, Inc.		0.8
Cognex Corp.		0.8

Top Sectors

	% of Net Assets
Information Technology		23.5
Health Care		21.6
Industrials		17.1
Consumer Discretionary		15.5
Financials		6.1
Materials		4.7
Real Estate		4.5
Consumer Staples		3.3
Energy		2.9
Utilities		0.3

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.48	%	$	1,000.00	$	1,110.40	$	2.51
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,109.10	$	3.82
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E(a)	Actual		0.63	%	$	1,000.00	$	1,110.00	$	3.30
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class G(a)	Actual		0.78	%	$	1,000.00	$	1,108.90	$	4.08
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—99.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.8%
Aerojet Rocketdyne Holdings, Inc. (a)		142,706	$	2,968,285
BWX Technologies, Inc.		131,835		6,426,956
Curtiss-Wright Corp.		67,459		6,191,387
Esterline Technologies Corp. (a)		26,308		2,493,999
HEICO Corp. - Class A		161,021		9,991,353
Hexcel Corp.		105,870		5,588,877
Moog, Inc. - Class A (a)		104,563		7,499,258
Teledyne Technologies, Inc. (a)		92,046		11,749,672
				52,909,787
Air Freight & Logistics—0.7%
XPO Logistics, Inc. (a)		160,521		10,374,472
Airlines—0.4%
Allegiant Travel Co.		5,854		793,802
Hawaiian Holdings, Inc. (a)		22,400		1,051,680
Spirit Airlines, Inc. (a) (b)		73,415		3,791,885
				5,637,367
Auto Components—1.1%
Cooper-Standard Holdings, Inc. (a)		40,697		4,105,107
Gentherm, Inc. (a)		19,794		768,007
LCI Industries		48,590		4,975,616
Tenneco, Inc.		90,570		5,237,663
				15,086,393
Banks—1.8%
Ameris Bancorp		59,293		2,857,923
CenterState Banks, Inc.		219,028		5,445,036
First Bancorp		47,949		1,498,886
Hilltop Holdings, Inc.		112,016		2,935,939
Signature Bank (a)		40,469		5,808,515
SVB Financial Group (a)		39,191		6,889,386
				25,435,685
Beverages—0.3%
Boston Beer Co., Inc. (The) - Class A (a) (b)		24,566		3,246,397
Coca-Cola Bottling Co. Consolidated		5,500		1,258,785
				4,505,182
Biotechnology—6.2%
ACADIA Pharmaceuticals, Inc. (a)		82,588		2,303,379
Acceleron Pharma, Inc. (a) (b)		32,667		992,750
Acorda Therapeutics, Inc. (a) (b)		18,023		355,053
Agios Pharmaceuticals, Inc. (a) (b)		29,105		1,497,452
Alkermes plc (a)		26,085		1,512,148
Alnylam Pharmaceuticals, Inc. (a) (b)		24,484		1,952,844
AMAG Pharmaceuticals, Inc. (a)		35,584		654,746
Bellicum Pharmaceuticals, Inc. (a) (b)		27,392		319,939
BioMarin Pharmaceutical, Inc. (a)		12,521		1,137,157
Bioverativ, Inc. (a)		143,764		8,650,280
Bluebird Bio, Inc. (a)		46,167		4,849,843
Blueprint Medicines Corp. (a)		38,469		1,949,224
Clovis Oncology, Inc. (a)		31,200		2,921,256
Exelixis, Inc. (a)		214,167		5,274,933
Biotechnology—(Continued)
Incyte Corp. (a)		31,403		3,953,952
Insmed, Inc. (a) (b)		127,284		2,184,194
Insys Therapeutics, Inc. (a) (b)		17,080		216,062
Ionis Pharmaceuticals, Inc. (a) (b)		44,386		2,257,916
Ironwood Pharmaceuticals, Inc. (a) (b)		153,980		2,907,142
Kite Pharma, Inc. (a)		46,928		4,865,026
Ligand Pharmaceuticals, Inc. (a) (b)		46,568		5,653,355
Neurocrine Biosciences, Inc. (a) (b)		118,734		5,461,764
Prothena Corp. plc (a) (b)		39,987		2,164,096
Radius Health, Inc. (a)		40,123		1,814,763
Repligen Corp. (a)		71,231		2,951,813
Sage Therapeutics, Inc. (a) (b)		34,438		2,742,642
Seattle Genetics, Inc. (a)		46,912		2,427,227
Spark Therapeutics, Inc. (a)		35,718		2,133,793
TESARO, Inc. (a) (b)		46,695		6,530,763
Ultragenyx Pharmaceutical, Inc. (a) (b)		38,497		2,391,049
United Therapeutics Corp. (a)		16,980		2,202,815
				87,229,376
Building Products—1.4%
AAON, Inc. (b)		88,708		3,268,890
Lennox International, Inc.		52,182		9,582,703
Patrick Industries, Inc. (a)		84,957		6,189,117
				19,040,710
Capital Markets—3.0%
CBOE Holdings, Inc.		112,316		10,265,682
E*Trade Financial Corp. (a)		112,965		4,296,059
FactSet Research Systems, Inc.		27,382		4,550,341
Financial Engines, Inc.		64,880		2,374,608
MarketAxess Holdings, Inc.		64,995		13,070,494
MSCI, Inc.		71,416		7,355,134
				41,912,318
Chemicals—3.1%
AdvanSix, Inc. (a)		75,608		2,361,994
Chase Corp.		34,305		3,660,344
GCP Applied Technologies, Inc. (a)		196,648		5,997,764
Ingevity Corp. (a)		59,168		3,396,243
Innospec, Inc.		56,578		3,708,688
Minerals Technologies, Inc.		67,531		4,943,269
NewMarket Corp. (b)		13,591		6,258,384
PolyOne Corp.		154,629		5,990,327
Scotts Miracle-Gro Co. (The)		26,900		2,406,474
Stepan Co.		34,000		2,962,760
WR Grace & Co.		19,617		1,412,620
				43,098,867
Commercial Services & Supplies—1.6%
Casella Waste Systems, Inc. - Class A (a)		101,100		1,659,051
Clean Harbors, Inc. (a) (b)		28,965		1,617,116
Healthcare Services Group, Inc. (b)		116,012		5,432,842
Rollins, Inc. (b)		191,500		7,795,965
U.S. Ecology, Inc. (b)		89,314		4,510,357
West Corp.		55,508		1,294,446
				22,309,777

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—1.1%
ARRIS International plc (a)		199,007	$	5,576,176
EchoStar Corp. - Class A (a)		44,762		2,717,053
NetScout Systems, Inc. (a)		63,169		2,173,014
Plantronics, Inc.		86,562		4,528,058
				14,994,301
Construction & Engineering—0.2%
Valmont Industries, Inc.		15,791		2,362,334
Consumer Finance—0.4%
PRA Group, Inc. (a) (b)		83,687		3,171,737
SLM Corp. (a)		231,400		2,661,100
				5,832,837
Containers & Packaging—1.3%
Berry Global Group, Inc. (a)		217,697		12,410,906
Graphic Packaging Holding Co.		404,919		5,579,784
				17,990,690
Distributors—0.7%
Pool Corp.		86,885		10,215,069
Diversified Consumer Services—1.7%
Capella Education Co.		56,758		4,858,485
Service Corp. International		292,332		9,778,505
ServiceMaster Global Holdings, Inc. (a)		155,704		6,102,040
Sotheby’s (a)		53,309		2,861,094
				23,600,124
Electrical Equipment—0.4%
AZZ, Inc.		77,129		4,303,798
Generac Holdings, Inc. (a)		51,702		1,867,993
				6,171,791
Electronic Equipment, Instruments & Components—2.2%
Anixter International, Inc. (a)		36,565		2,859,383
Cognex Corp.		127,995		10,866,775
Coherent, Inc. (a)		54,643		12,294,129
Novanta, Inc. (a)		47,400		1,706,400
OSI Systems, Inc. (a)		48,054		3,611,258
				31,337,945
Energy Equipment & Services—0.4%
Core Laboratories NV		4,921		498,350
Dril-Quip, Inc. (a) (b)		44,532		2,173,162
Oceaneering International, Inc.		75,373		1,721,519
Oil States International, Inc. (a)		70,947		1,926,211
				6,319,242
Equity Real Estate Investment Trusts—4.3%
CoreSite Realty Corp. (b)		93,370		9,666,596
CubeSmart		158,871		3,819,259
CyrusOne, Inc.		154,455		8,610,866
DCT Industrial Trust, Inc.		57,300		3,062,112
Equity Real Estate Investment Trusts—(Continued)
Empire State Realty Trust, Inc. - Class A (b)		281,338		5,843,390
Equity Lifestyle Properties, Inc.		111,044		9,587,539
First Industrial Realty Trust, Inc.		230,750		6,604,065
Forest City Realty Trust, Inc. - Class A		145,775		3,523,382
Pebblebrook Hotel Trust (b)		74,203		2,392,305
PS Business Parks, Inc.		37,311		4,939,603
Terreno Realty Corp.		72,417		2,437,556
				60,486,673
Food & Staples Retailing—0.7%
Casey’s General Stores, Inc. (b)		94,972		10,172,451
Food Products—1.8%
Cal-Maine Foods, Inc. (a) (b)		49,455		1,958,418
J&J Snack Foods Corp.		63,332		8,364,257
John B Sanfilippo & Son, Inc. (b)		42,495		2,681,860
Post Holdings, Inc. (a)		90,525		7,029,266
TreeHouse Foods, Inc. (a)		58,244		4,757,952
				24,791,753
Health Care Equipment & Supplies—5.9%
Abaxis, Inc. (b)		28,031		1,486,204
Align Technology, Inc. (a)		69,888		10,491,586
Cantel Medical Corp. (b)		76,996		5,998,758
Cooper Cos., Inc. (The)		22,502		5,387,429
DexCom, Inc. (a) (b)		62,691		4,585,847
Glaukos Corp. (a)		38,891		1,612,810
Halyard Health, Inc. (a) (b)		61,188		2,403,465
ICU Medical, Inc. (a) (b)		47,874		8,258,265
IDEXX Laboratories, Inc. (a)		38,791		6,261,643
Inogen, Inc. (a)		71,234		6,797,148
Masimo Corp. (a)		91,785		8,368,956
Natus Medical, Inc. (a)		91,572		3,415,636
NuVasive, Inc. (a)		79,085		6,083,218
Penumbra, Inc. (a)		31,569		2,770,180
West Pharmaceutical Services, Inc.		92,374		8,731,190
				82,652,335
Health Care Providers & Services—2.9%
BioTelemetry, Inc. (a)		39,300		1,314,585
Centene Corp. (a)		96,402		7,700,592
Chemed Corp. (b)		34,000		6,954,020
Corvel Corp. (a)		51,649		2,450,745
HealthSouth Corp.		77,009		3,727,236
MEDNAX, Inc. (a)		22,702		1,370,520
Molina Healthcare, Inc. (a)		42,500		2,940,150
U.S. Physical Therapy, Inc.		72,658		4,388,543
WellCare Health Plans, Inc. (a)		54,099		9,714,016
				40,560,407
Health Care Technology—0.8%
Omnicell, Inc. (a) (b)		117,422		5,060,888
Veeva Systems, Inc. - Class A (a) (b)		107,062		6,563,971
				11,624,859

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—5.1%
Brinker International, Inc. (b)		107,290	$	4,087,749
Buffalo Wild Wings, Inc. (a) (b)		22,175		2,809,572
Cheesecake Factory, Inc. (The) (b)		54,949		2,763,935
Choice Hotels International, Inc.		44,068		2,831,369
Churchill Downs, Inc.		39,819		7,298,823
Denny’s Corp. (a)		408,919		4,812,977
Domino’s Pizza, Inc.		46,962		9,933,872
Hilton Grand Vacations, Inc. (a)		119,583		4,312,163
Jack in the Box, Inc.		64,277		6,331,284
Marriott Vacations Worldwide Corp. (b)		38,812		4,570,113
Pinnacle Entertainment, Inc. (a)		210,157		4,152,702
Six Flags Entertainment Corp. (b)		87,859		5,237,275
Vail Resorts, Inc.		64,781		13,139,530
				72,281,364
Household Durables—0.5%
Helen of Troy, Ltd. (a)		82,476		7,760,992
Household Products—0.4%
Spectrum Brands Holdings, Inc. (b)		40,795		5,101,007
Independent Power and Renewable Electricity Producers—0.3%
Ormat Technologies, Inc.		78,290		4,594,057
Insurance—0.3%
Heritage Insurance Holdings, Inc.		47,817		622,577
Primerica, Inc. (b)		54,309		4,113,907
				4,736,484
Internet & Direct Marketing Retail—1.2%
HSN, Inc.		37,273		1,189,009
Liberty Expedia Holdings, Inc. - Class A (a)		96,575		5,216,981
Liberty TripAdvisor Holdings, Inc. - Class A (a)		115,164		1,335,902
Liberty Ventures - Series A (a)		118,414		6,191,868
Shutterfly, Inc. (a)		53,361		2,534,648
				16,468,408
Internet Software & Services—2.5%
CommerceHub, Inc. - Series A (a)		18,520		322,619
CommerceHub, Inc. - Series C (a)		37,048		646,117
CoStar Group, Inc. (a)		17,307		4,562,125
Envestnet, Inc. (a)		70,135		2,777,346
j2 Global, Inc. (b)		57,891		4,925,945
LogMeIn, Inc.		44,682		4,669,269
MercadoLibre, Inc.		16,391		4,112,174
Stamps.com, Inc. (a) (b)		43,376		6,717,858
WebMD Health Corp. (a) (b)		103,363		6,062,240
				34,795,693
IT Services—5.5%
Blackhawk Network Holdings, Inc. (a) (b)		73,652		3,211,227
Booz Allen Hamilton Holding Corp.		187,145		6,089,698
Broadridge Financial Solutions, Inc.		100,663		7,606,096
Cardtronics plc - Class A (a)		127,572		4,192,016
CoreLogic, Inc. (a)		160,230		6,950,777
IT Services—(Continued)
CSRA, Inc.		171,429		5,442,871
DST Systems, Inc.		117,912		7,275,171
Euronet Worldwide, Inc. (a)		86,298		7,539,856
Gartner, Inc. (a)		50,261		6,207,736
Jack Henry & Associates, Inc.		41,462		4,306,658
MAXIMUS, Inc.		157,734		9,878,881
Travelport Worldwide, Ltd.		180,589		2,484,905
WEX, Inc. (a)		64,674		6,743,558
				77,929,450
Leisure Products—0.5%
Brunswick Corp.		111,846		7,016,100
Life Sciences Tools & Services—3.2%
Bio-Rad Laboratories, Inc. - Class A (a)		24,589		5,564,737
Bruker Corp.		103,800		2,993,592
Cambrex Corp. (a)		104,663		6,253,614
Charles River Laboratories International, Inc. (a)		70,297		7,110,542
INC Research Holdings, Inc. - Class A (a)		102,486		5,995,431
PAREXEL International Corp. (a)		71,289		6,195,727
PRA Health Sciences, Inc. (a)		68,637		5,148,461
VWR Corp. (a)		155,617		5,136,917
				44,399,021
Machinery—5.4%
Chart Industries, Inc. (a) (b)		35,962		1,248,960
Douglas Dynamics, Inc.		23,000		756,700
Graco, Inc. (b)		63,559		6,945,728
IDEX Corp.		30,073		3,398,550
John Bean Technologies Corp.		118,661		11,628,778
Lincoln Electric Holdings, Inc.		27,472		2,529,896
Lydall, Inc. (a)		113,208		5,852,854
Middleby Corp. (The) (a)		57,598		6,998,733
Nordson Corp.		63,494		7,703,092
Standex International Corp.		27,502		2,494,431
Toro Co. (The)		199,985		13,856,961
Wabtec Corp. (b)		42,454		3,884,541
Welbilt, Inc. (a) (b)		148,367		2,796,718
Woodward, Inc.		87,357		5,903,586
				75,999,528
Marine—0.3%
Kirby Corp. (a)		21,997		1,470,500
Matson, Inc. (b)		82,760		2,486,110
				3,956,610
Media—1.7%
Cable One, Inc.		12,800		9,099,520
Gray Television, Inc. (a)		158,954		2,177,670
Lions Gate Entertainment Corp. - Class B (a) (b)		165,233		4,342,323
Live Nation Entertainment, Inc. (a)		219,236		7,640,375
				23,259,888
Metals & Mining—0.2%
Worthington Industries, Inc.		65,616		3,295,236

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Multiline Retail—0.3%
Big Lots, Inc. (b)		89,258	$	4,311,161
Oil, Gas & Consumable Fuels—2.5%
Carrizo Oil & Gas, Inc. (a) (b)		55,028		958,588
Diamondback Energy, Inc. (a) (b)		63,280		5,619,897
Matador Resources Co. (a)		227,934		4,870,949
Parsley Energy, Inc. - Class A (a)		168,028		4,662,777
PDC Energy, Inc. (a)		47,978		2,068,332
Rice Energy, Inc. (a)		106,322		2,831,355
RSP Permian, Inc. (a)		160,246		5,171,138
World Fuel Services Corp.		119,618		4,599,312
WPX Energy, Inc. (a)		385,058		3,719,660
				34,502,008
Paper & Forest Products—0.1%
KapStone Paper and Packaging Corp.		99,835		2,059,596
Personal Products—0.2%
Nu Skin Enterprises, Inc. - Class A (b)		40,202		2,526,294
Pharmaceuticals—2.6%
Aerie Pharmaceuticals, Inc. (a)		35,812		1,881,921
Catalent, Inc. (a)		39,001		1,368,935
Depomed, Inc. (a) (b)		165,174		1,773,969
Dermira, Inc. (a)		40,515		1,180,607
Innoviva, Inc. (a) (b)		57,530		736,384
Jazz Pharmaceuticals plc (a) (b)		13,291		2,066,751
Medicines Co. (The) (a) (b)		47,044		1,788,142
Nektar Therapeutics (a)		174,744		3,416,245
Pacira Pharmaceuticals, Inc. (a)		36,707		1,750,924
Phibro Animal Health Corp. - Class A		73,241		2,713,579
Prestige Brands Holdings, Inc. (a)		157,878		8,337,537
Supernus Pharmaceuticals, Inc. (a)		118,134		5,091,575
TherapeuticsMD, Inc. (a)		288,310		1,519,394
Theravance Biopharma, Inc. (a) (b)		66,914		2,665,854
WAVE Life Sciences, Ltd. (a)		21,287		395,938
				36,687,755
Professional Services—1.2%
Dun & Bradstreet Corp. (The)		40,763		4,408,518
Exponent, Inc. (b)		93,782		5,467,491
Huron Consulting Group, Inc. (a)		40,814		1,763,165
TransUnion (a)		136,181		5,897,999
				17,537,173
Real Estate Management & Development—0.2%
Kennedy-Wilson Holdings, Inc. (b)		152,553		2,906,135
Road & Rail—0.8%
Landstar System, Inc.		52,265		4,473,884
Old Dominion Freight Line, Inc.		70,646		6,728,325
				11,202,209
Semiconductors & Semiconductor Equipment—3.6%
Advanced Energy Industries, Inc. (a)		67,944		4,395,297
Semiconductors & Semiconductor Equipment—(Continued)
Cabot Microelectronics Corp.		31,583		2,331,773
Cavium, Inc. (a)		82,216		5,108,080
Cirrus Logic, Inc. (a)		132,874		8,333,857
Integrated Device Technology, Inc. (a)		235,772		6,080,560
MaxLinear, Inc. - Class A (a) (b)		244,489		6,818,798
Microsemi Corp. (a)		183,894		8,606,239
Nanometrics, Inc. (a)		34,600		875,034
Synaptics, Inc. (a)		73,988		3,825,920
Versum Materials, Inc.		146,109		4,748,543
				51,124,101
Software—8.1%
ACI Worldwide, Inc. (a)		167,369		3,744,045
Aspen Technology, Inc. (a) (b)		116,968		6,463,652
Blackbaud, Inc. (b)		114,524		9,820,433
CommVault Systems, Inc. (a)		73,971		4,175,663
Computer Modelling Group, Ltd.		83,725		657,249
Descartes Systems Group, Inc. (The) (a)		155,258		3,780,532
Ellie Mae, Inc. (a)		47,481		5,218,637
Fair Isaac Corp.		72,568		10,116,705
Fortinet, Inc. (a)		93,233		3,490,644
Manhattan Associates, Inc. (a)		141,423		6,796,789
Monotype Imaging Holdings, Inc.		26,300		481,290
Pegasystems, Inc.		138,595		8,087,018
Proofpoint, Inc. (a) (b)		71,801		6,234,481
PTC, Inc. (a) (b)		146,768		8,089,852
SS&C Technologies Holdings, Inc.		213,480		8,199,767
Take-Two Interactive Software, Inc. (a)		149,616		10,978,822
Tyler Technologies, Inc. (a) (b)		57,251		10,057,283
Ultimate Software Group, Inc. (The) (a) (b)		33,624		7,063,057
				113,455,919
Specialty Retail—1.8%
Aaron’s, Inc.		24,261		943,753
Burlington Stores, Inc. (a)		126,466		11,633,608
Children’s Place, Inc. (The) (b)		19,992		2,041,183
Monro Muffler Brake, Inc.		23,899		997,783
Murphy USA, Inc. (a) (b)		111,920		8,294,391
Sally Beauty Holdings, Inc. (a) (b)		66,345		1,343,486
				25,254,204
Technology Hardware, Storage & Peripherals—0.5%
Cray, Inc. (a) (b)		53,534		985,026
NCR Corp. (a)		154,250		6,299,570
				7,284,596
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.		69,872		6,215,115
Steven Madden, Ltd. (a)		150,395		6,008,280
				12,223,395
Thrifts & Mortgage Finance—0.5%
MGIC Investment Corp. (a)		328,083		3,674,529
Radian Group, Inc.		214,582		3,508,416
				7,182,945

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—0.9%
Beacon Roofing Supply, Inc. (a)		64,350	$	3,153,150
Univar, Inc. (a)		167,908		4,902,914
Watsco, Inc.		31,171		4,806,568
				12,862,632
Total Common Stocks (Cost $1,028,487,228)				1,399,366,706
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—0.3%
Mutual Fund—0.3%
T. Rowe Price Government Reserve Fund (e)		4,022,217		4,022,217
Total Short-Term Investments (Cost $4,022,217)				4,022,217
Securities Lending Reinvestments (f)—8.2%
Certificates of Deposit—4.7%
ABN AMRO Bank NV Zero Coupon, 09/05/17		995,818		997,900
Bank of America N.A. 1.507%, 07/11/17 (g)		8,000,000		8,001,409
Canadian Imperial Bank 1.630%, 10/27/17 (g)		2,000,000		2,002,250
Cooperative Rabobank UA New York 1.555%, 10/13/17 (g)		2,000,000		2,002,306
1.558%, 10/13/17 (g)		2,000,000		2,002,713
Credit Industriel et Commercial 1.125%, 07/03/17		1,000,000		1,000,022
Credit Suisse AG New York 1.432%, 10/16/17 (g)		2,000,000		2,000,428
DG Bank New York 1.140%, 07/03/17		2,000,000		1,999,980
DNB NOR Bank ASA 1.412%, 07/28/17 (g)		3,000,000		3,000,375
KBC Bank NV 1.200%, 07/18/17		1,000,000		1,000,000
1.250%, 08/08/17		1,000,000		1,000,030
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (g)		1,500,000		1,500,035
Mizuho Bank, Ltd., New York 1.469%, 10/18/17 (g)		2,000,000		1,999,864
1.610%, 08/02/17 (g)		2,500,000		2,500,763
National Australia Bank London 1.480%, 11/09/17 (g)		3,000,000		3,002,430
Certificates of Deposit—(Continued)
Natixis New York 1.506%, 08/03/17 (g)		4,500,000		4,501,359
Norinchukin Bank New York 1.377%, 10/13/17 (g)		1,000,000		1,000,688
1.687%, 07/12/17 (g)		7,500,000		7,500,907
Royal Bank of Canada New York 1.555%, 10/13/17 (g)		3,000,000		3,003,033
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (g)		600,000		600,233
Sumitomo Mitsui Trust Bank, Ltd., New York 1.170%, 07/03/17		1,500,000		1,499,996
1.466%, 10/26/17 (g)		2,500,000		2,500,640
Toronto Dominion Bank New York 1.475%, 01/10/18 (g)		5,000,000		5,008,312
UBS, Stamford 1.722%, 07/31/17 (g)		2,102,146		2,101,199
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (g)		2,800,000		2,802,503
				66,529,355
Commercial Paper—1.0%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		2,991,128		2,998,914
Commonwealth Bank Australia 1.522%, 10/23/17 (g)		3,000,000		3,003,163
ING Funding LLC 1.234%, 12/07/17 (g)		500,000		500,173
LMA S.A. & LMA Americas 1.150%, 07/07/17		499,888		499,936
1.180%, 07/11/17		997,050		999,668
Sheffield Receivables Co. 1.190%, 07/28/17		996,893		999,060
Westpac Banking Corp. 1.506%, 10/20/17 (g)		4,300,000		4,304,287
				13,305,201
Repurchase Agreements—2.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $240,292 on 07/03/17, collateralized by $250,117 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $245,076.		240,270		240,270
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,011,875 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $3,700,339 on 07/03/17, collateralized by $3,685,780 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $3,774,000.		3,700,000	$	3,700,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $4,500,450 on 07/03/17, collateralized by $4,575,300 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $4,590,014.		4,500,000		4,500,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,507,268 on 09/29/17, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $2,519,119 on 10/02/17, collateralized by various Common Stock with a value of $2,750,000.		2,500,000		2,500,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,674,509 on 10/02/17, collateralized by various Common Stock with a value of $5,060,000.		4,600,000		4,600,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $1,500,168 on 07/03/17, collateralized by $2,991,093 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $1,530,178.		1,500,000		1,500,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,500,246 on 07/03/17, collateralized by $3,754,408 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,550,000.		2,500,000		2,500,000
Repurchase Agreements—(Continued)
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000	$	5,000,000
				28,040,270
Time Deposits—0.5%
ABN AMRO Bank NV 1.180%, 07/07/17		1,000,000		1,000,000
Australia New Zealand Bank 1.150%, 07/03/17		200,000		200,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		600,000		600,000
Shinkin Central Bank 1.330%, 07/26/17		3,000,000		3,000,000
Standard Chartered plc 1.200%, 07/03/17		1,700,000		1,700,000
				6,500,000
Total Securities Lending Reinvestments (Cost $114,336,645)				114,374,826
Total Investments—108.0% (Cost $1,146,992,721) (h)				1,518,087,394
Other assets and liabilities (net)—(8.0)%				(111,889,499	)
Net Assets—100.0%			$	1,406,197,895

*	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 June 30, 2017, the market value of securities loaned was $112,051,127 and the collateral received consisted of cash in the amount of $114,323,193. 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 June 30, 2017, these securities represent less than 0.05% of net assets.
(d)	Illiquid security. As of June 30, 2017, these securities represent 0.0% of net assets.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(h)	As of June 30, 2017, the aggregate cost of investments was $1,146,992,721. The aggregate unrealized appreciation and depreciation of investments were $411,911,567 and $(40,816,894), respectively, resulting in net unrealized appreciation of $371,094,673.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,399,366,706	$	—		$	—	$	1,399,366,706
Total Rights*		—		—			323,645		323,645
Total Short-Term Investment*		4,022,217		—			—		4,022,217
Total Securities Lending Reinvestments*		—		114,374,826			—		114,374,826
Total Investments	$	1,403,388,923	$	114,374,826		$	323,645	$	1,518,087,394
Collateral for Securities Loaned (Liability)	$	—	$	(114,323,193	)	$	—	$	(114,323,193	)

* 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 June 30, 2017 is not presented.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,514,065,177
Affiliated investments at value (c)		4,022,217
Cash denominated in foreign currencies (d)		5,488
Receivable for:
Investments sold		5,048,691
Fund shares sold		351,727
Dividends		808,593
Dividends on affiliated investments		3,440
Total Assets		1,524,305,333
Liabilities
Collateral for securities loaned		114,323,193
Payables for:
Investments purchased		2,134,911
Fund shares redeemed		753,596
Accrued Expenses:
Management fees		516,930
Distribution and service fees		87,399
Deferred trustees’ fees		102,469
Other expenses		188,940
Total Liabilities		118,107,438
Net Assets	$	1,406,197,895
Net Assets Consist of:
Paid in surplus	$	986,990,436
Undistributed net investment income		1,080,980
Accumulated net realized gain		47,031,696
Unrealized appreciation on investments and foreign currency transactions		371,094,783
Net Assets	$	1,406,197,895
Net Assets
Class A	$	974,951,034
Class B		410,810,063
Class E		17,086,692
Class G		3,350,106
Capital Shares Outstanding*
Class A		43,689,837
Class B		19,657,628
Class E		800,049
Class G		165,716
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	22.32
Class B		20.90
Class E		21.36
Class G		20.22

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,142,970,504.
(b)	Includes securities loaned at value of $112,051,127.
(c)	Identified cost of affiliated investments was $4,022,217.
(d)	Identified cost of cash denominated in foreign currencies was $5,378.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	4,158,515
Dividends from affiliated investments		13,192
Securities lending income		823,659
Total investment income		4,995,366
Expenses
Management fees		3,131,971
Administration fees		21,249
Custodian and accounting fees		39,470
Distribution and service fees—Class B		496,636
Distribution and service fees—Class E		12,430
Distribution and service fees—Class G		4,548
Audit and tax services		20,657
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		59,178
Insurance		4,288
Miscellaneous		9,759
Total expenses		3,845,181
Less management fee waiver		(148,651	)
Less broker commission recapture		(2,036	)
Net expenses		3,694,494
Net Investment Income		1,300,872
Net Realized and Unrealized Gain
Net realized gain on:
Investments		49,573,114
Foreign currency transactions		226
Net realized gain		49,573,340
Net change in unrealized appreciation on:
Investments		88,038,454
Foreign currency transactions		283
Net change in unrealized appreciation		88,038,737
Net realized and unrealized gain		137,612,077
Net Increase in Net Assets From Operations	$	138,912,949

(a) Net of foreign withholding taxes of $4,865.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	1,300,872		$	3,498,560
Net realized gain		49,573,340			82,250,998
Net change in unrealized appreciation		88,038,737			53,514,628
Increase in net assets from operations		138,912,949			139,264,186
From Distributions to Shareholders
Net investment income
Class A		(3,089,972	)		(2,262,161	)
Class B		(294,924	)		(122,343	)
Class E		(30,190	)		(22,202	)
Class G		(613	)		0
Net realized capital gains
Class A		(57,061,492	)		(107,740,208	)
Class B		(25,529,362	)		(49,111,904	)
Class E		(1,045,321	)		(2,012,509	)
Class G		(212,153	)		(310,878	)
Total distributions		(87,264,027	)		(161,582,205	)
Increase in net assets from capital share transactions		70,348,335			51,363,420
Total increase in net assets		121,997,257			29,045,401
Net Assets
Beginning of period		1,284,200,638			1,255,155,237
End of period	$	1,406,197,895		$	1,284,200,638
Undistributed net investment income
End of period	$	1,080,980		$	3,195,807

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,779,115		$	64,639,060			1,981,592		$	42,181,500
Reinvestments		2,702,222			60,151,464			5,702,560			110,002,369
Redemptions		(2,921,427	)		(66,155,403	)		(5,785,041	)		(121,880,009	)
Net increase		2,559,910		$	58,635,121			1,899,111		$	30,303,860
Class B
Sales		758,396		$	16,126,210			1,507,636		$	29,367,915
Reinvestments		1,238,575			25,824,286			2,714,127			49,234,247
Redemptions		(1,470,539	)		(31,225,466	)		(3,007,893	)		(58,496,856	)
Net increase		526,432		$	10,725,030			1,213,870		$	20,105,306
Class E
Sales		55,050		$	1,186,945			68,010		$	1,354,404
Reinvestments		50,494			1,075,511			109,925			2,034,711
Redemptions		(76,867	)		(1,675,164	)		(202,798	)		(4,018,315	)
Net increase (decrease)		28,677		$	587,292			(24,863	)	$	(629,200	)
Class G
Sales		19,483		$	403,920			75,500		$	1,413,250
Reinvestments		10,549			212,766			17,683			310,878
Redemptions		(10,618	)		(215,794	)		(7,445	)		(140,674	)
Net increase		19,414		$	400,892			85,738		$	1,583,454
Increase derived from capital shares transactions				$	70,348,335					$	51,363,420

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	21.41		$	22.01		$	23.40		$	23.77		$	17.53		$	16.68
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.07	(b)		0.07			0.06			0.04			0.10
Net realized and unrealized gain on investments		2.35			2.20			0.71			1.35			7.37			2.52
Total from investment operations		2.38			2.27			0.78			1.41			7.41			2.62
Less Distributions
Distributions from net investment income		(0.08	)		(0.06	)		(0.03	)		(0.00	)(c)		(0.07	)		0.00
Distributions from net realized capital gains		(1.39	)		(2.81	)		(2.14	)		(1.78	)		(1.10	)		(1.77	)
Total distributions		(1.47	)		(2.87	)		(2.17	)		(1.78	)		(1.17	)		(1.77	)
Net Asset Value, End of Period	$	22.32		$	21.41		$	22.01		$	23.40		$	23.77		$	17.53
Total Return (%) (d)		11.04	(e)		11.74			2.71			6.91			44.55			16.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(f)		0.50			0.50			0.51			0.52			0.55
Net ratio of expenses to average net assets (%) (g)		0.48	(f)		0.48			0.48			0.48			0.49			0.52
Ratio of net investment income to average net assets (%)		0.27	(f)		0.36	(b)		0.28			0.25			0.21			0.56
Portfolio turnover rate (%)		13	(e)		22			27			25			29			26
Net assets, end of period (in millions)	$	975.0		$	880.8		$	863.6		$	938.5		$	714.2		$	387.0
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	20.11		$	20.84		$	22.28		$	22.77		$	16.84		$	16.12
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(h)		0.02	(b)		0.01			(0.00	)(h)		(0.01	)		0.04
Net realized and unrealized gain on investments		2.20			2.07			0.69			1.29			7.07			2.45
Total from investment operations		2.20			2.09			0.70			1.29			7.06			2.49
Less Distributions
Distributions from net investment income		(0.02	)		(0.01	)		0.00			0.00			(0.03	)		0.00
Distributions from net realized capital gains		(1.39	)		(2.81	)		(2.14	)		(1.78	)		(1.10	)		(1.77	)
Total distributions		(1.41	)		(2.82	)		(2.14	)		(1.78	)		(1.13	)		(1.77	)
Net Asset Value, End of Period	$	20.90		$	20.11		$	20.84		$	22.28		$	22.77		$	16.84
Total Return (%) (d)		10.91	(e)		11.48			2.46			6.65			44.17			15.91
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.75			0.75			0.76			0.77			0.80
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.73			0.73			0.74			0.77
Ratio of net investment income (loss) to average net assets (%)		0.02	(f)		0.11	(b)		0.03			(0.01	)		(0.05	)		0.25
Portfolio turnover rate (%)		13	(e)		22			27			25			29			26
Net assets, end of period (in millions)	$	410.8		$	384.7		$	373.4		$	369.6		$	373.6		$	276.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	20.54		$	21.23		$	22.63		$	23.09		$	17.06		$	16.29
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.04	(b)		0.03			0.02			0.01			0.06
Net realized and unrealized gain on investments		2.24			2.11			0.71			1.30			7.16			2.48
Total from investment operations		2.25			2.15			0.74			1.32			7.17			2.54
Less Distributions
Distributions from net investment income		(0.04	)		(0.03	)		0.00			0.00			(0.04	)		0.00
Distributions from net realized capital gains		(1.39	)		(2.81	)		(2.14	)		(1.78	)		(1.10	)		(1.77	)
Total distributions		(1.43	)		(2.84	)		(2.14	)		(1.78	)		(1.14	)		(1.77	)
Net Asset Value, End of Period	$	21.36		$	20.54		$	21.23		$	22.63		$	23.09		$	17.06
Total Return (%) (d)		11.00	(e)		11.55			2.61			6.69			44.32			16.06
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(f)		0.65			0.65			0.66			0.67			0.70
Net ratio of expenses to average net assets (%) (g)		0.63	(f)		0.63			0.63			0.63			0.64			0.67
Ratio of net investment income to average net assets (%)		0.12	(f)		0.21	(b)		0.12			0.09			0.05			0.34
Portfolio turnover rate (%)		13	(e)		22			27			25			29			26
Net assets, end of period (in millions)	$	17.1		$	15.8		$	16.9		$	17.1		$	18.8		$	14.2
	Class G
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014(i)
Net Asset Value, Beginning of Period	$	19.49		$	20.34		$	21.78		$	21.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	) (h)		0.02	(b)		(0.01	)		0.01
Net realized and unrealized gain on investments		2.12			1.94			0.71			0.28
Total from investment operations		2.12			1.96			0.70			0.29
Less Distributions
Distributions from net investment income		0.00	(c)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.39	)		(2.81	)		(2.14	)		0.00
Total distributions		(1.39	)		(2.81	)		(2.14	)		0.00
Net Asset Value, End of Period	$	20.22		$	19.49		$	20.34		$	21.78
Total Return (%) (d)		10.89	(e)		11.14			2.51			1.35	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80	(f)		0.80			0.80			0.83	(f)
Net ratio of expenses to average net assets (%) (g)		0.78	(f)		0.78			0.78			0.81	(f)
Ratio of net investment income (loss) to average net assets (%)		(0.02	)(f)		0.08	(b)		(0.06	)		0.40	(f)
Portfolio turnover rate (%)		13	(e)		22			27			25
Net assets, end of period (in millions)	$	3.4		$	2.9		$	1.2		$	0.0	(j)

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Distributions from net investment income were less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Net investment income (loss) was less than $0.01.
(i)	Commencement of operations was November 12, 2014.
(j)	Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, adjustments to prior period accumulated balances, real estate investment trust (“REIT”) adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $28,040,270. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	174,888,249	$	0	$	193,212,688

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $65,574 in sales of investments, which are included above, and resulted in realized losses of $186,923.

During the six months ended June 30, 2017, the Portfolio engaged in security transactions with other affiliated Portfolios. These amounted to $10,387,524 in purchases of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2017	% per annum			Average Daily Net Assets
$3,131,971		0.550	%	Of the first $100 million
		0.500	%	Of the next $300 million
		0.450	%	On amounts in excess of $400 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Effective February 17, 2005, T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI”), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts waived for the six months ended June 30, 2017 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2017 is as follows:

Security Description	Number of shares held at December 31, 2016		Shares purchased		Shares sold			Number of shares held at June 30, 2017		Realized Gain on shares sold		Income earned from affiliates during the period		Ending Value as of June 30, 2017
T. Rowe Price Government Reserve Fund		1,145,182		76,299,974		(73,422,939	)		4,022,217	$	—	$	13,192	$	4,022,217

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$11,380,536	$	6,987,808	$	150,201,669	$	109,646,735	$	161,582,205	$	116,634,543

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$3,288,141	$	82,589,259	$	281,773,471	$	—	$	367,650,871

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
56,786,913		1,935,108		3,256,421

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		57,709,310		4,269,132
Robert Boulware		57,780,588		4,197,854
Susan C. Gause		57,802,458		4,175,983
Nancy Hawthorne		57,724,372		4,254,069
Barbara A. Nugent		57,784,910		4,193,531
John Rosenthal		57,718,267		4,260,175
Linda B. Strumpf		57,761,661		4,216,780
Dawn M. Vroegop		57,756,107		4,222,334

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Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Managed By Van Eck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A and B shares of the Van Eck Global Natural Resources Portfolio returned -16.01% and -16.13%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) North American Natural Resources Index¹, returned -11.04%.

MARKET ENVIRONMENT / CONDITIONS

In addition to low crude oil prices, we believe that continuing dysfunction in Washington, D.C. had a significant impact on the market in the first six months of the year. Although 2016 drew to a close with the deflation/inflation “conversation” having shifted from being strongly deflationary to including a degree of valid concern about the prospect of forthcoming inflation, the general feeling of optimism at the start of 2017, especially with regard to both inflation expectations and infrastructure spending, faded rapidly.

Energy

We continue to believe that the Organization of Petroleum Exporting Countries November meeting, where the group agreed to cut oil production to 32.5 million barrels per day, can be described as “historic”. The outcome has, though, been somewhat disappointing up to this point. However, we still think that the production quota system, combined with continued resilient demand growth, will bring the market back into balance.

Metals and Mining

We believe that corporate restructuring in the global mining sector has been successful. Balance sheets have been repaired and operating costs have been reduced. Signs continue to become apparent that a number of companies are now starting to focus on creating sustainable shareholder value through growth and/or dividends.

Base metals remained little changed over the course of the six month period, whether following either the path of a roller coaster or executing a big “U”. Copper was, however, positively impacted by both continuing lower ore quality and some fairly extensive labor disruptions. While zinc, too, was up a little over the period under review, lead remained fairly flat.

The performance of gold was mixed over the first half of 2017. While the price of the metal rebounded at the beginning of the year, during the second quarter it remained range-bound. In the second quarter it was impacted by both the hawkish talk of central banks and a soft U.S. dollar.

Agriculture

While healthy South American crops of both soy and corn limited any upward movement in prices, this was positive for proteins. The nitrogen fertilizers market benefited from the fact that, contrary to expectations, corn acreages increased at the expense of soy.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Several key aspects that contributed to the underperformance of the Portfolio relative to the S&P North American Natural Resources Index were overweight positions and underperformance in the oil & gas exploration & production and oil & gas drilling sub-industries.

The three weakest-contributing sub-industries to the Portfolio’s performance relative to the benchmark were oil & gas exploration & production, oil & gas drilling, and diversified metals & mining.

The Portfolio’s three weakest-contributing companies were Nabors Industries, an oil & gas drilling company, and PDC Energy and Cimarex, both oil & gas exploration & production companies. All suffered from the decline in crude oil prices.

The three strongest positive-contributing sub-industries to the Portfolio’s performance relative to the benchmark were an underweight to integrated oil & gas, oil & gas storage & transportation, and electrical components & equipment (solar). The Portfolio had no exposure to the integrated oil & gas sub-industry during the reporting period.

The Portfolio’s three strongest positive-contributing individual positions were: forest products company Louisiana-Pacific which benefited, in particular, from strong prices for oriented strand board (OSB); copper producing company Glencore, which benefited from commodity price support, good earnings, and continued, and expanded, strategic structural optimization; and gold mining company Kinross Gold which benefited from its continued focus on cost reduction and operational performance that met expectations.

The Portfolio’s largest purchases during the reporting period were in the gold and oil & gas equipment & services sub-industries, establishing new positions in IAMGOLD, ProPetro Holding, and Forum Energy Technologies, respectively. The Portfolio’s largest sales were in the oil & gas exploration & production sub-industry, exiting positions in Hess, SM Energy, and Gulfport Energy.

On both an absolute and relative basis, the Portfolio decreased sizably its weighting to the oil & gas exploration & production sub-industry. It also reduced its weighting to the oil & gas drilling sub-industry on both an absolute and relative basis. On both an absolute and relative basis, the Portfolio increased its weightings to the gold and diversified metals & mining sub-industries.

As of June 30, 2017, the Portfolio’s most substantially overweight position relative to the benchmark was in the diversified metals & mining sub-industry. It also had sizeable overweight positions in the gold and oil & gas drilling sub-industries.

As of June 30, 2017, the Portfolio had no allocation to the integrated oil & gas sub-industry, making that a substantially underweight position relative to the benchmark. As of the same date, the Portfolio’s next most underweight position was in the oil & gas storage &

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Van Eck Global Natural Resources Portfolio

Managed By Van Eck Associates Corporation

Portfolio Manager Commentary*—(Continued)

transportation sub-industry. The Portfolio also held a sizeable underweight position in the oil & gas refining & marketing sub-industry

Shawn Reynolds

Charles Cameron

Portfolio Managers

Van Eck Associates Corporation

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

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Van Eck Global Natural Resources Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		Since Inception2
Van Eck Global Natural Resources Portfolio
Class A		-16.01		-6.35		-3.84		2.47
Class B		-16.13		-6.70		-4.09		1.60
S&P North American Natural Resources Sector Index		-11.04		-2.62		0.13		4.26

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

² Inception dates of the Class A and Class B shares are 10/31/08 and 4/28/09, respectively. Index since inception return is based on the Class A inception date.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Holdings

	% of Net Assets
Glencore plc		5.7
Parsley Energy, Inc.- Class A		4.0
EOG Resources, Inc.		3.8
Concho Resources, Inc.		3.7
Pioneer Natural Resources Co.		3.7
Diamondback Energy, Inc.		3.7
Patterson-UTI Energy, Inc.		3.5
Teck Resources, Ltd. - Class B		3.5
First Quantum Minerals, Ltd.		3.5
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		3.3

Top Sectors

	% of Net Assets
Energy		53.3
Materials		36.4
Industrials		1.9
Consumer Staples		1.0
Financials		0.3

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Van Eck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Van Eck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.80	%	$	1,000.00	$	839.90	$	3.65
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class B(a)	Actual		1.05	%	$	1,000.00	$	838.70	$	4.79
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.59	$	5.26

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Common Stocks—92.9% of Net Assets

Security Description	Shares		Value
Chemicals—4.7%
Agrium, Inc.		269,600	$	24,396,104
CF Industries Holdings, Inc. (a)		689,500		19,278,420
				43,674,524
Electrical Equipment—0.5%
Sunrun, Inc. (a) (b)		639,000		4,549,680
Energy Equipment & Services—18.9%
Forum Energy Technologies, Inc. (a) (b)		269,600		4,205,760
Halliburton Co.		623,300		26,621,143
Nabors Industries, Ltd. (a)		2,908,500		23,675,190
Patterson-UTI Energy, Inc. (a)		1,631,700		32,944,023
ProPetro Holding Corp. (a) (b)		773,700		10,800,852
Schlumberger, Ltd.		407,900		26,856,136
Superior Energy Services, Inc. (a) (b)		1,244,300		12,978,049
Tenaris S.A. (ADR) (a)		336,900		10,491,066
Vallourec S.A. (a) (b)		1,800,400		11,028,074
Weatherford International plc (a) (b)		4,154,000		16,075,980
				175,676,273
Food Products—1.0%
Tyson Foods, Inc. - Class A		151,600		9,494,708
Metals & Mining—29.4%
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		678,733		30,624,433
Barrick Gold Corp.		773,700		12,309,567
First Quantum Minerals, Ltd.		3,818,200		32,299,240
Freeport-McMoRan, Inc. (b)		924,200		11,099,642
Glencore plc		14,018,637		52,617,580
Goldcorp, Inc.		448,900		5,795,299
IAMGOLD Corp. (b)		1,270,700		6,556,812
Kinross Gold Corp. (b)		2,699,100		10,985,337
New Gold, Inc. (b)		1,580,000		5,024,400
Newmont Mining Corp.		909,700		29,465,183
Petra Diamonds, Ltd. (b)		5,359,427		7,624,575
Randgold Resources, Ltd. (ADR)		166,900		14,763,974
Steel Dynamics, Inc.		622,100		22,277,401
Teck Resources, Ltd. - Class B		1,866,400		32,344,712
				273,788,155
Mortgage Real Estate Investment Trusts—0.3%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		134,800		3,082,876
Oil, Gas & Consumable Fuels—34.4%
Callon Petroleum Co. (a) (b)		740,100		7,852,461
Cimarex Energy Co.		286,400		26,924,464
Concho Resources, Inc. (b)		286,350		34,800,116
CONSOL Energy, Inc. (b)		1,328,500		19,847,790
Diamondback Energy, Inc. (a) (b)		386,300		34,307,303
EOG Resources, Inc.		386,300		34,967,876
Golar LNG, Ltd. (a)		336,900		7,496,025
Green Plains, Inc. (a)		487,400		10,016,070
Oil, Gas & Consumable Fuels—(Continued)
Laredo Petroleum, Inc. (a) (b)		872,400		9,177,648
Newfield Exploration Co. (b)		841,100		23,937,706
Parsley Energy, Inc. - Class A (b)		1,345,400		37,334,850
PDC Energy, Inc. (a) (b)		454,900		19,610,739
Pioneer Natural Resources Co.		217,800		34,756,524
RSP Permian, Inc. (b)		367,000		11,843,090
Scorpio Tankers, Inc.		1,746,100		6,932,017
				319,804,679
Paper & Forest Products—2.3%
Louisiana-Pacific Corp. (b)		874,800		21,091,428
Road & Rail—1.4%
Union Pacific Corp.		116,200		12,655,342
Total Common Stocks (Cost $869,455,448)				863,817,665
Short-Term Investment—7.9%
Mutual Fund—7.9%
AIM STIT-STIC Prime Portfolio		73,012,920		73,012,920
Total Short-Term Investments (Cost $73,012,920)				73,012,920
Securities Lending Reinvestments (c)—10.7%
Certificates of Deposit—4.3%
ABN AMRO Bank NV Zero Coupon, 09/05/17		1,493,726		1,496,850
Bank of Montreal Chicago 1.276%, 09/06/17 (d)		1,900,000		1,900,350
Bank of Nova Scotia Houston 1.492%, 11/03/17 (d)		2,000,000		2,001,975
Bank of Tokyo-Mitsubishi, Ltd. 1.510%, 08/18/17		1,211,107		1,201,332
1.602%, 11/16/17 (d)		2,000,000		2,001,952
Credit Suisse AG New York 1.314%, 11/07/17 (d)		1,500,000		1,500,121
1.366%, 10/06/17 (d)		1,000,000		1,000,248
DG Bank New York 1.140%, 07/03/17		1,500,000		1,499,985
DNB NOR Bank ASA 1.412%, 07/28/17 (d)		600,000		600,075
KBC Bank NV 1.220%, 07/27/17		3,500,000		3,500,000
Landesbank Baden-Wuerttemberg 1.150%, 07/03/17		2,000,000		1,999,980
Mitsubishi UFJ Trust and Banking Corp. 1.401%, 09/01/17 (d)		1,000,000		1,000,606
Mizuho Bank, Ltd., New York 1.400%, 11/27/17 (d)		2,000,000		1,999,080
1.451%, 09/01/17 (d)		400,000		400,087
1.610%, 08/02/17 (d)		500,000		500,153

See accompanying notes to financial statements.

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Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Natixis New York 1.287%, 11/13/17 (d)		1,000,000	$	999,890
Norinchukin Bank New York 1.297%, 11/13/17 (d)		1,500,000		1,500,117
1.687%, 07/12/17 (d)		1,000,000		1,000,121
Royal Bank of Canada New York 1.532%, 03/20/18 (d)		3,800,000		3,802,736
Sumitomo Mitsui Banking Corp., New York 1.551%, 08/01/17 (d)		1,000,000		1,000,389
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (d)		1,500,000		1,499,890
1.377%, 10/11/17 (d)		500,000		500,352
1.466%, 10/26/17 (d)		500,000		500,128
1.552%, 08/16/17 (d)		1,000,000		1,000,301
Toronto Dominion Bank New York 1.467%, 03/13/18 (d)		3,000,000		3,002,229
UBS, Stamford 1.722%, 07/31/17 (d)		1,101,124		1,100,628
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (d)		1,250,000		1,251,117
				39,760,692
Commercial Paper—2.3%
Barton Capital S.A. 1.210%, 07/10/17		1,993,681		1,999,348
Commonwealth Bank Australia 1.391%, 03/01/18		2,000,000		2,001,558
Erste Abwicklungsanstalt 1.379%, 07/18/17 (d)		4,000,000		4,000,232
ING Funding LLC 1.234%, 12/07/17 (d)		1,500,000		1,500,518
1.277%, 11/13/17 (d)		1,500,000		1,499,891
LMA S.A. & LMA Americas 1.150%, 07/07/17		4,498,994		4,499,425
Manhattan Asset Funding Co. 1.434%, 09/07/17 (d)		500,000		500,030
National Australia Bank, Ltd. 1.563%, 12/06/17 (d)		1,500,000		1,502,027
Sheffield Receivables Co. 1.230%, 07/07/17		2,990,673		2,999,298
Westpac Banking Corp. 1.506%, 10/20/17 (d)		1,250,000		1,251,246
				21,753,573
Repurchase Agreements—3.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $903,136 on 07/03/17, collateralized by $940,065 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $921,117.		903,055		903,055
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,011,875 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $5,300,486 on 07/03/17, collateralized by $5,279,631 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $5,406,001.		5,300,000		5,300,000
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $6,300,630 on 07/03/17, collateralized by $6,405,420 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $6,426,019.		6,300,000		6,300,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $5,504,263 on 07/03/17, collateralized by $1,195 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $6,115,029.		5,500,000		5,500,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $1,004,845 on 09/29/17, 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 1.710% to be repurchased at $812,958 on 10/02/17, collateralized by various Common Stock with a value of $880,000.		800,000		800,000
Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $1,007,648 on 10/02/17, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $5,000,558 on 07/03/17, collateralized by $9,970,309 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $5,100,594.		5,000,000		5,000,000

See accompanying notes to financial statements.

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Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $5,001,031 on 07/07/17, collateralized by $5,105,522 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $5,100,141.		5,000,000	$	5,000,000
				31,803,055
Time Deposits—0.7%
Australia New Zealand Bank 1.150%, 07/03/17		300,000		300,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		900,000		900,000
Shinkin Central Bank 1.330%, 07/26/17		3,000,000		3,000,000
Standard Chartered plc 1.200%, 07/03/17		2,400,000		2,400,000
				6,600,000
Total Securities Lending Reinvestments (Cost $99,898,692)				99,917,320
Total Investments—111.5% (Cost $1,042,367,060) (e)				1,036,747,905
Other assets and liabilities (net)—(11.5)%				(106,900,496	)
Net Assets—100.0%			$	929,847,409

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2017, the market value of securities loaned was $96,872,793 and the collateral received consisted of cash in the amount of $99,892,360. 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 June 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(e)	As of June 30, 2017, the aggregate cost of investments was $1,042,367,060. The aggregate unrealized appreciation and depreciation of investments were $88,051,213 and $(93,670,368), respectively, resulting in net unrealized depreciation of $(5,619,155).
(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.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Chemicals	$	43,674,524	$	—		$	—	$	43,674,524
Electrical Equipment		4,549,680		—			—		4,549,680
Energy Equipment & Services		164,648,199		11,028,074			—		175,676,273
Food Products		9,494,708		—			—		9,494,708
Metals & Mining		213,546,000		60,242,155			—		273,788,155
Mortgage Real Estate Investment Trusts		3,082,876		—			—		3,082,876
Oil, Gas & Consumable Fuels		319,804,679		—			—		319,804,679
Paper & Forest Products		21,091,428		—			—		21,091,428
Road & Rail		12,655,342		—			—		12,655,342
Total Common Stocks		792,547,436		71,270,229			—		863,817,665
Total Short-Term Investment*		73,012,920		—			—		73,012,920
Total Securities Lending Reinvestments*		—		99,917,320			—		99,917,320
Total Investments	$	865,560,356	$	171,187,549		$	—	$	1,036,747,905
Collateral for Securities Loaned (Liability)	$	—	$	(99,892,360	)	$	—	$	(99,892,360	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	1,036,747,905
Cash		120,500
Receivable for:
Investments sold		1,785,568
Fund shares sold		428,929
Dividends		700,013
Total Assets		1,039,782,915
Liabilities
Collateral for securities loaned		99,892,360
Payables for:
Investments purchased		9,118,062
Fund shares redeemed		75,704
Accrued Expenses:
Management fees		590,117
Distribution and service fees		24,384
Deferred trustees’ fees		101,004
Other expenses		133,875
Total Liabilities		109,935,506
Net Assets	$	929,847,409
Net Assets Consist of:
Paid in surplus	$	1,219,150,697
Undistributed net investment income		231,267
Accumulated net realized loss		(283,915,342	)
Unrealized depreciation on investments and foreign currency transactions		(5,619,213	)
Net Assets	$	929,847,409
Net Assets
Class A	$	809,700,492
Class B		120,146,917
Capital Shares Outstanding*
Class A		88,892,516
Class B		13,268,986
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.11
Class B		9.05

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,042,367,060.
(b)	Includes securities loaned at value of $96,872,793.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends (a)	$	4,182,632
Securities lending income		333,534
Total investment income		4,516,166
Expenses
Management fees		3,881,471
Administration fees		15,839
Custodian and accounting fees		33,953
Distribution and service fees—Class B		156,583
Audit and tax services		25,244
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		20,994
Insurance		3,582
Miscellaneous		9,259
Total expenses		4,191,920
Less management fee waiver		(59,470	)
Less broker commission recapture		(8,426	)
Net expenses		4,124,024
Net Investment Income		392,142
Net Realized and Unrealized Loss
Net realized loss on:
Investments		(12,825,623	)
Foreign currency transactions		(4,540	)
Net realized loss		(12,830,163	)
Net change in unrealized appreciation (depreciation) on:
Investments		(155,808,455	)
Foreign currency transactions		178
Net change in unrealized depreciation		(155,808,277	)
Net realized and unrealized loss		(168,638,440	)
Net Decrease in Net Assets From Operations	$	(168,246,298	)

(a) Net of foreign withholding taxes of $119,579.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	392,142		$	1,132,980
Net realized loss		(12,830,163	)		(135,912,049	)
Net change in unrealized appreciation (depreciation)		(155,808,277	)		541,328,505
Increase (decrease) in net assets from operations		(168,246,298	)		406,549,436
From Distributions to Shareholders
Net investment income
Class A		(973,863	)		(7,529,545	)
Class B		0			(774,707	)
Total distributions		(973,863	)		(8,304,252	)
Increase (decrease) in net assets from capital share transactions		50,697,055			(216,213,976	)
Total increase (decrease) in net assets		(118,523,106	)		182,031,208
Net Assets
Beginning of period		1,048,370,515			866,339,307
End of period	$	929,847,409		$	1,048,370,515
Undistributed net investment income
End of period	$	231,267		$	812,988

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		7,015,709		$	69,953,757			22,439,892		$	159,259,405
Reinvestments		108,448			973,863			786,786			7,529,545
Redemptions		(2,628,606	)		(29,436,763	)		(37,901,036	)		(351,491,583	)
Net increase (decrease)		4,495,551		$	41,490,857			(14,674,358	)	$	(184,702,633	)
Class B
Sales		1,831,323		$	17,923,386			2,278,552		$	17,711,278
Reinvestments		0			0			81,377			774,707
Redemptions		(813,129	)		(8,717,188	)		(5,245,745	)		(49,997,328	)
Net increase (decrease)		1,018,194		$	9,206,198			(2,885,816	)	$	(31,511,343	)
Increase (decrease) derived from capital shares transactions				$	50,697,055					$	(216,213,976	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.86		$	7.59		$	11.32		$	14.21		$	12.91		$	13.52
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.01			0.08			0.08			0.08			0.13
Net realized and unrealized gain (loss) on investments		(1.75	)		3.34			(3.76	)		(2.66	)		1.34			0.25
Total from investment operations		(1.74	)		3.35			(3.68	)		(2.58	)		1.42			0.38
Less Distributions
Distributions from net investment income		(0.01	)		(0.08	)		(0.05	)		(0.08	)		(0.12	)		0.00
Distributions from net realized capital gains		0.00			0.00			0.00			(0.23	)		0.00			(0.99	)
Total distributions		(0.01	)		(0.08	)		(0.05	)		(0.31	)		(0.12	)		(0.99	)
Net Asset Value, End of Period	$	9.11		$	10.86		$	7.59		$	11.32		$	14.21		$	12.91
Total Return (%) (b)		(16.01	)(c)		44.26			(32.64	)		(18.63	)		11.06			2.80
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81	(d)		0.81			0.81			0.81			0.81			0.82
Net ratio of expenses to average net assets (%) (e)		0.80	(d)		0.80			0.80			0.80			0.80			0.82
Ratio of net investment income to average net assets (%)		0.11	(d)		0.14			0.82			0.56			0.64			0.98
Portfolio turnover rate (%)		13	(c)		49			25			39			36			23
Net assets, end of period (in millions)	$	809.7		$	916.2		$	752.1		$	841.0		$	1,018.8		$	828.1
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	10.79		$	7.55		$	11.25		$	14.12		$	12.83		$	13.47
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.01	)		0.06			0.04			0.05			0.09
Net realized and unrealized gain (loss) on investments		(1.73	)		3.31			(3.74	)		(2.64	)		1.33			0.26
Total from investment operations		(1.74	)		3.30			(3.68	)		(2.60	)		1.38			0.35
Less Distributions
Distributions from net investment income		0.00			(0.06	)		(0.02	)		(0.04	)		(0.09	)		0.00
Distributions from net realized capital gains		0.00			0.00			0.00			(0.23	)		0.00			(0.99	)
Total distributions		0.00			(0.06	)		(0.02	)		(0.27	)		(0.09	)		(0.99	)
Net Asset Value, End of Period	$	9.05		$	10.79		$	7.55		$	11.25		$	14.12		$	12.83
Total Return (%) (b)		(16.13	)(c)		43.74			(32.76	)		(18.82	)		10.76			2.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.06	(d)		1.06			1.06			1.06			1.06			1.07
Net ratio of expenses to average net assets (%) (e)		1.05	(d)		1.05			1.05			1.05			1.05			1.07
Ratio of net investment income (loss) to average net assets (%)		(0.14	)(d)		(0.12	)		0.56			0.31			0.38			0.72
Portfolio turnover rate (%)		13	(c)		49			25			39			36			23
Net assets, end of period (in millions)	$	120.1		$	132.2		$	114.2		$	135.3		$	158.8		$	165.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, Metlife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Van Eck Global Natural Resources Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies and Topic 820- Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets 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 its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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.

BHFTII-12

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”) and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

BHFTII-13

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $31,803,055. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2017, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

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Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

Natural Resource and Foreign Investment Risk: The Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the Portfolio may concentrate its investments, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature. In addition, the investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	140,395,711	$	0	$	126,392,933

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$3,881,471		0.800	%	Of the first $250 million
		0.775	%	Of the next $750 million
		0.750	%	On amounts in excess of $1 billion

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Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Van Eck Associates Corporation (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	On amounts over $	500 million and under $1 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$8,304,252	$	4,821,085	$	—	$	—	$	8,304,252	$	4,821,085

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Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$902,255	$	—	$	119,006,181	$	(239,900,595	)	$	(119,992,159	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment accumulated short-term capital losses of $17,058,465, post-enactment accumulated long-term capital losses of $222,842,130, and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

9. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

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Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For	Total Shares Against/Withheld		Total Shares Abstain
90,220,509		2,975,960		5,623,661

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		92,251,875		6,568,255
Robert Boulware		92,038,378		6,781,752
Susan C. Gause		92,424,267		6,395,863
Nancy Hawthorne		92,209,539		6,610,591
Barbara A. Nugent		92,430,815		6,389,315
John Rosenthal		92,350,643		6,469,487
Linda B. Strumpf		92,204,948		6,615,183
Dawn M. Vroegop		91,878,684		6,941,447

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed By Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned 5.35%, 5.20%, and 5.26%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

MARKET ENVIRONMENT / CONDITIONS

Looking at the U.S. economy, the Commerce Department reported that first quarter 2017 gross domestic product (GDP) growth was 1.4%. In contrast, the economy expanded 2.1% during the fourth quarter of 2016. The deceleration in growth reflected downturns in private inventory investment and personal consumption expenditures, along with more modest state and local government spending.

Turning to the global economy, in its April 2017 World Economic Outlook Update, the International Monetary Fund (the “IMF”) said, “Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade….Stronger activity and expectations of more robust global demand, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs in early 2016….If confidence and market sentiment remain strong, short-term growth could indeed surprise on the upside. But these positive developments should not distract from binding structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term.” From a regional perspective, the IMF estimates 2017 growth in the Eurozone will be 1.7%, the same as in 2016. Japan’s economy is expected to expand 1.2% in 2017, compared to 1.0% in 2016. Elsewhere, the IMF projects that overall growth in emerging market countries will accelerate to 4.5% in 2017, versus 4.1% in 2016.

As widely expected, the Federal Reserve Board (the “Fed”) raised rates for a second time this year at its meeting in June. This was the Fed’s fourth rate hike since December 2015. The Fed also said that it planned to begin reducing its balance sheet, saying “The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee currently expects to begin implementing a balance sheet normalization program this year, provided that the economy evolves broadly as anticipated.”

While the Fed continued to slowly normalize monetary policy, the other major central banks maintained their accommodative monetary policies during the second quarter. In particular, the European Central Bank, Bank of England, Bank of Japan and People’s Bank of China kept rates on hold at low levels during the quarter. However, there were indications from certain central banks that they may begin to scale back their stimulus programs if growth further improved and inflation picked up.

After experiencing a sharp, steepening move higher post-U.S. presidential election through the first quarter of the year, the U.S. Treasury yield curve flattened during the second quarter on waning U.S. growth and inflation expectations. During the second quarter as a whole, the overall U.S. bond market generated a modest gain and spread sector (non-U.S. Treasuries) total returns generally outperformed equal duration Treasuries.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management Strategic Bond Opportunities Portfolio outperformed its benchmark for the six month reporting period ending June 30, 2017. The main contributor to performance was the Portfolio’s allocation to Investment Grade Credit, Non-Agency securities and Commercial Mortgage Backed Securities (“CMBS”)—all of which continued to benefit from strong investor flows. Emerging markets (“EM”) debt also contributed positively to performance as waning concerns over protectionist policies by the Trump administration sparked a sharp rally across the EM complex. Tactical duration positioning across the U.S. and the Eurozone also contributed to performance primarily due to receding expectations of massive fiscal stimulus in the U.S. and waning political risk following the Dutch and French elections. With respect to currency strategies, a long position in the euro (on expectations of a pick-up in regional growth) and select EM currencies, such as the Brazilian real and Indian rupee, and a short position in the Japanese yen, all contributed positively to performance.

Interest rate options, futures, and swaps were used for managing duration and curve positioning and contributed to performance during the first half of the year. Foreign exchange forwards and options were used to manage currency exposures, which detracted from performance when viewed in isolation. In aggregate, the Portfolio’s total derivative exposure detracted slightly from performance during the period.

We remain optimistic that global growth of around 3% is sustainable while recognizing that high debt loads and other headwinds, including low productivity and aging populations, continue to flash a cautionary sign in many economies. Global inflation appears to have stopped declining as the extraordinary monetary policy effort seen in developed nations finally seems to be bearing fruit. Our view, however, remains that this will be a very slow process, taking many years and continuing to require meaningful monetary and even fiscal support. This view suggests that we believe spread sectors will continue to be preferable to holding developed market government bonds. It also suggests, however, that we believe any meaningful or swift increase in inflation or interest rates is not imminent.

Over the last six months, we increased exposure to High Yield Credit and Structured Products, while reducing exposure to Investment Grade Credit and EM. We slightly reduced the Portfolio’s duration positioning over the first half of the year (from 5.27 to 5.03 years) as

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Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed By Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

rates trended lower. We also decreased the Portfolio’s overweight to longer key rate durations as the curve modestly flattened over the period.

At period end, the Portfolio continued to maintain exposure to the global Investment Grade Credit (26%) and High-Yield Credit (25%) sectors, where we believe the fundamental outlook and management of companies remained positive, particularly in the financial sector. The Portfolio also remained positioned to benefit from risk premiums in EM bonds (11%), diversified across sovereign debt in local currencies, sovereign debt in U.S. dollars and select EM corporate issuers. The Portfolio remained overweight CMBS (7%) and Non-Agency Mortgage-Backed Securities (8%) as we continued to see these sectors representing good risk-adjusted value and having less sensitivity to changes in commodity prices—a key driver of market volatility over the past several years.

S. Kenneth Leech

Michael Buchanan

Carl L. Eichstaedt

Mark S. Lindbloom

Chia-Liang Lian

Portfolio Managers

Western Asset Management Company

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

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Western Asset Management Strategic Bond Opportunities Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		5.35		8.35		4.85		6.42
Class B		5.20		8.04		4.60		6.15
Class E		5.26		8.18		4.71		6.27
Bloomberg Barclays U.S. Aggregate Bond Index		2.27		-0.31		2.21		4.48

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		55.0
Mortgage-Backed Securities		14.1
Floating Rate Loans		8.0
Foreign Government		7.4
U.S. Treasury & Government Agencies		7.3
Asset-Backed Securities		5.8
Convertible Bonds		0.8
Convertible Preferred Stocks		0.7
Municipals		0.3
Preferred Stocks		0.1

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Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.54	%	$	1,000.00	$	1,053.50	$	2.75
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.17	$	2.71
Class B(a)	Actual		0.79	%	$	1,000.00	$	1,052.00	$	4.02
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class E(a)	Actual		0.69	%	$	1,000.00	$	1,052.60	$	3.51
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—55.0% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.0%
WPP Finance 2010 5.125%, 09/07/42		120,000	$	127,812
Aerospace/Defense—0.5%
Arconic, Inc. 5.125%, 10/01/24 (a)		2,125,000		2,204,687
Harris Corp. 4.854%, 04/27/35		570,000		624,127
5.054%, 04/27/45		1,089,000		1,222,232
Northrop Grumman Corp. 3.200%, 02/01/27 (a)		14,500,000		14,599,600
Raytheon Co. 3.125%, 10/15/20		30,000		31,082
United Technologies Corp. 4.500%, 06/01/42		290,000		316,667
				18,998,395
Agriculture—0.3%
Alliance One International, Inc. 9.875%, 07/15/21		5,585,000		4,858,950
Altria Group, Inc. 5.375%, 01/31/44		939,000		1,131,907
Reynolds American, Inc. 4.850%, 09/15/23		2,960,000		3,263,415
				9,254,272
Airlines—0.1%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		687,283		713,056
American Airlines Pass-Through Trust 5.600%, 07/15/20 (144A)		1,154,689		1,205,207
Delta Air Lines Pass-Through Trust 4.950%, 05/23/19		264,939		275,205
Hawaiian Airlines Pass-Through Certificates 3.900%, 01/15/26		396,257		405,173
Northwest Airlines Pass-Through Trust 7.575%, 03/01/19		7,891		8,206
				2,606,847
Apparel—0.7%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A) (a)		23,028,000		23,373,420
William Carter Co. (The) 5.250%, 08/15/21		2,375,000		2,443,281
				25,816,701
Auto Manufacturers—0.4%
Ford Motor Co. 4.750%, 01/15/43		1,510,000		1,457,558
Ford Motor Credit Co. LLC 3.664%, 09/08/24 (a)		720,000		718,246
General Motors Co. 6.600%, 04/01/36		5,134,000		5,948,360
6.750%, 04/01/46 (a)		3,000,000		3,558,054
Auto Manufacturers—(Continued)
General Motors Financial Co., Inc. 5.250%, 03/01/26 (a)		1,660,000		1,792,986
				13,475,204
Auto Parts & Equipment—1.3%
Adient Global Holdings, Ltd. 4.875%, 08/15/26 (144A)		3,500,000		3,508,750
Allison Transmission, Inc. 5.000%, 10/01/24 (144A)		6,120,000		6,273,000
American Axle & Manufacturing, Inc. 6.625%, 10/15/22 (a)		2,510,000		2,572,750
Goodyear Tire & Rubber Co. (The) 4.875%, 03/15/27 (a)		3,830,000		3,887,450
5.000%, 05/31/26 (a)		4,290,000		4,440,150
5.125%, 11/15/23 (a)		170,000		178,075
IHO Verwaltungs GmbH 4.125%, 09/15/21 (144A) (b)		1,840,000		1,874,500
4.750%, 09/15/26 (144A) (a) (b)		3,440,000		3,478,700
ZF North America Capital, Inc. 4.500%, 04/29/22 (144A) (a)		2,045,000		2,147,250
4.750%, 04/29/25 (144A) (a)		17,638,000		18,608,090
				46,968,715
Banks—10.5%
ABN AMRO Bank NV 4.750%, 07/28/25 (144A)		3,831,000		4,038,797
Banco Mercantil del Norte S.A. 6.875%, 07/06/22 (144A) (c)		800,000		824,352
7.625%, 01/10/28 (144A) (c)		800,000		827,840
Bank of America Corp. 3.875%, 08/01/25		1,040,000		1,075,891
4.000%, 01/22/25		17,810,000		18,120,161
4.125%, 01/22/24		880,000		928,626
4.200%, 08/26/24		2,380,000		2,470,688
4.250%, 10/22/26		7,628,000		7,855,139
6.300%, 03/10/26 (a) (c)		375,000		420,469
6.500%, 10/23/24 (a) (c)		2,385,000		2,651,953
Barclays Bank plc 4.375%, 01/12/26		1,575,000		1,636,608
7.625%, 11/21/22		16,450,000		18,814,687
10.179%, 06/12/21 (144A)		1,180,000		1,477,913
BNP Paribas S.A. 4.375%, 05/12/26 (144A) (a)		11,070,000		11,464,867
7.625%, 03/30/21 (144A) (a) (c)		2,850,000		3,135,000
BPCE S.A. 4.875%, 04/01/26 (144A)		12,000,000		12,671,100
5.150%, 07/21/24 (144A)		420,000		448,715
Citigroup, Inc. 4.050%, 07/30/22 (a)		2,000,000		2,090,776
4.400%, 06/10/25		1,470,000		1,531,594
4.450%, 09/29/27		16,094,000		16,738,050
5.350%, 05/15/23 (a) (c)		560,000		572,600
5.900%, 02/15/23 (a) (c)		1,475,000		1,578,619
5.950%, 01/30/23 (a) (c)		3,606,000		3,835,882
5.950%, 05/15/25 (c)		2,790,000		2,989,569

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc. 6.300%, 05/15/24 (a) (c)		850,000	$	905,250
Cooperatieve Rabobank UA 3.750%, 07/21/26		4,210,000		4,209,305
4.375%, 08/04/25		1,470,000		1,541,536
4.625%, 12/01/23		7,500,000		8,082,262
11.000%, 06/30/19 (144A) (c)		415,000		482,023
Credit Agricole S.A. 7.875%, 01/23/24 (144A) (c)		1,750,000		1,924,475
8.125%, 12/23/25 (144A) (a) (c)		7,050,000		8,189,985
8.375%, 10/13/19 (144A) (c)		640,000		713,600
Credit Suisse Group AG 7.500%, 12/11/23 (144A) (a) (c)		4,365,000		4,894,431
Credit Suisse Group Funding Guernsey, Ltd. 4.875%, 05/15/45		1,560,000		1,717,039
Goldman Sachs Group, Inc. (The) 3.500%, 11/16/26		3,480,000		3,461,542
3.750%, 02/25/26		1,660,000		1,690,298
4.000%, 03/03/24		3,180,000		3,328,891
4.250%, 10/21/25		13,890,000		14,357,537
5.150%, 05/22/45		3,184,000		3,536,653
5.250%, 07/27/21		1,330,000		1,457,747
6.750%, 10/01/37		2,000,000		2,596,082
7.500%, 02/15/19		20,000		21,694
HSBC Holdings plc 3.900%, 05/25/26		14,240,000		14,698,556
4.041%, 03/13/28 (a) (c)		5,210,000		5,396,403
4.250%, 08/18/25		2,253,000		2,314,518
6.000%, 05/22/27 (a) (c)		6,070,000		6,276,380
ICICI Bank, Ltd. 5.750%, 11/16/20		9,290,000		10,142,831
Intesa Sanpaolo S.p.A. 5.017%, 06/26/24 (144A)		2,440,000		2,474,543
5.710%, 01/15/26 (144A)		17,190,000		18,149,786
6.500%, 02/24/21 (144A)		1,175,000		1,316,431
Itau CorpBanca 3.875%, 09/22/19		6,290,000		6,481,488
JPMorgan Chase & Co. 3.625%, 05/13/24		690,000		711,639
3.625%, 12/01/27		6,430,000		6,364,170
3.875%, 09/10/24		5,082,000		5,243,318
4.350%, 08/15/21		10,000		10,704
4.500%, 01/24/22		160,000		173,256
6.750%, 02/01/24 (c)		1,105,000		1,255,556
Lloyds Banking Group plc 4.582%, 12/10/25		3,011,000		3,121,736
4.650%, 03/24/26		7,220,000		7,523,377
7.500%, 06/27/24 (a) (c)		3,580,000		3,949,187
Macquarie Bank, Ltd. 4.875%, 06/10/25 (144A)		2,100,000		2,211,674
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A)		3,200,000		3,476,285
6.250%, 01/14/21 (144A)		400,000		444,907
Morgan Stanley 4.000%, 07/23/25		1,165,000		1,215,951
4.100%, 05/22/23		2,500,000		2,609,900
Banks—(Continued)
Morgan Stanley 4.875%, 11/01/22		450,000		488,586
6.625%, 04/01/18		714,000		739,354
Nordea Bank AB 4.250%, 09/21/22 (144A)		3,400,000		3,605,598
Oversea-Chinese Banking Corp., Ltd. 4.250%, 06/19/24		10,230,000		10,692,304
Royal Bank of Scotland Group plc 4.800%, 04/05/26		400,000		424,985
5.125%, 05/28/24		4,530,000		4,758,629
6.000%, 12/19/23		875,000		963,784
6.100%, 06/10/23		780,000		859,444
6.125%, 12/15/22		390,000		426,986
8.625%, 08/15/21 (c)		2,890,000		3,150,100
Santander Holdings USA, Inc. 4.500%, 07/17/25		890,000		915,971
Santander UK Group Holdings plc 4.750%, 09/15/25 (144A) (a)		12,691,000		13,146,023
7.375%, 06/24/22 (GBP) (c)		2,620,000		3,583,039
Santander UK plc 7.950%, 10/26/29		272,000		341,165
Standard Chartered plc 3.950%, 01/11/23 (144A) (a)		2,425,000		2,445,663
5.700%, 03/26/44 (144A) (a)		600,000		681,629
UBS AG 7.625%, 08/17/22		2,850,000		3,345,900
UBS Group Funding Switzerland AG 4.253%, 03/23/28 (144A) (a)		2,950,000		3,081,954
Wachovia Capital Trust III 5.570%, 07/31/17 (c)		1,021,000		1,026,616
Wells Fargo & Co. 4.300%, 07/22/27		17,670,000		18,507,894
4.750%, 12/07/46		7,170,000		7,655,223
Wells Fargo Capital X 5.950%, 12/15/36		380,000		428,830
				368,142,519
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		7,642,000		7,873,323
Anheuser-Busch InBev Worldwide, Inc. 7.750%, 01/15/19		1,254,000		1,363,364
Carolina Beverage Group LLC / Carolina Beverage Group Finance, Inc. 10.625%, 08/01/18 (144A)		97,000		97,242
Constellation Brands, Inc. 4.750%, 12/01/25 (a)		140,000		153,348
6.000%, 05/01/22		1,882,000		2,147,991
Cott Holdings, Inc. 5.500%, 04/01/25 (144A)		5,530,000		5,640,600
Dr Pepper Snapple Group, Inc. 3.400%, 11/15/25		64,000		64,772
4.500%, 11/15/45		32,000		33,812
				17,374,452

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—0.5%
AMAG Pharmaceuticals, Inc. 7.875%, 09/01/23 (144A)		8,890,000	$	8,545,513
Celgene Corp. 3.875%, 08/15/25		1,120,000		1,169,673
5.000%, 08/15/45		920,000		1,035,917
Gilead Sciences, Inc. 2.550%, 09/01/20		1,675,000		1,699,140
3.500%, 02/01/25		1,795,000		1,842,106
4.600%, 09/01/35		1,800,000		1,929,991
				16,222,340
Building Materials—0.2%
Ply Gem Industries, Inc. 6.500%, 02/01/22		1,540,000		1,606,097
U.S. Concrete, Inc. 6.375%, 06/01/24 (144A)		4,530,000		4,779,150
				6,385,247
Chemicals—0.1%
Eastman Chemical Co. 4.800%, 09/01/42		740,000		794,355
Westlake Chemical Corp. 4.625%, 02/15/21		1,060,000		1,097,100
				1,891,455
Commercial Services—1.2%
AA Bond Co., Ltd. 5.500%, 07/31/22 (GBP) (a)		2,690,000		3,636,656
ADT Corp. (The) 4.125%, 06/15/23 (a)		4,070,000		4,034,388
Ahern Rentals, Inc. 7.375%, 05/15/23 (144A) (a)		4,870,000		3,993,400
Board of Trustees of The Leland Stanford Junior University (The) 4.750%, 05/01/19		950,000		1,003,630
Ecolab, Inc. 4.350%, 12/08/21		70,000		76,123
Hertz Corp. (The) 5.875%, 10/15/20 (a)		7,720,000		7,469,100
Metropolitan Museum of Art (The) 3.400%, 07/01/45		2,025,000		1,932,502
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/25 (144A) (a)		5,030,000		5,243,775
ServiceMaster Co. LLC (The) 5.125%, 11/15/24 (144A) (a)		3,880,000		4,015,800
UBM plc 5.750%, 11/03/20 (144A)		50,000		52,636
United Rentals North America, Inc. 5.500%, 05/15/27 (a)		1,190,000		1,225,700
5.875%, 09/15/26 (a)		8,000,000		8,520,000
6.125%, 06/15/23		1,850,000		1,926,313
				43,130,023
Computers—0.4%
Compiler Finance Sub, Inc. 7.000%, 05/01/21 (144A) (d)		70,000		35,088
Dell International LLC / EMC Corp. 3.480%, 06/01/19 (144A)		1,000,000		1,023,376
4.420%, 06/15/21 (144A)		12,010,000		12,661,158
				13,719,622
Diversified Financial Services—2.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, 10/30/20		1,060,000		1,126,537
5.000%, 10/01/21		15,056,000		16,294,040
Ally Financial, Inc. 8.000%, 11/01/31		525,000		643,125
ASP AMC Merger Sub, Inc. 8.000%, 05/15/25 (144A) (a)		5,500,000		5,211,250
Carlyle Holdings II Finance LLC 5.625%, 03/30/43 (144A) (a)		3,370,000		3,822,571
CIT Group, Inc. 5.000%, 08/15/22 (a)		1,482,000		1,596,855
GE Capital International Funding Co. 2.342%, 11/15/20		538,000		542,301
International Lease Finance Corp. 6.250%, 05/15/19		2,470,000		2,649,282
8.250%, 12/15/20		2,613,000		3,076,572
8.625%, 01/15/22		2,500,000		3,078,430
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A)		130,000		143,959
Navient Corp. 5.000%, 10/26/20		5,811,000		6,028,913
5.875%, 10/25/24 (a)		3,150,000		3,206,070
Quicken Loans, Inc. 5.750%, 05/01/25 (144A) (a)		15,600,000		16,107,000
TMX Finance LLC / TitleMax Finance Corp. 8.500%, 09/15/18 (144A)		3,840,000		3,648,000
Visa, Inc. 3.150%, 12/14/25		1,850,000		1,878,244
				69,053,149
Electric—1.4%
Enel S.p.A. 7.750%, 09/10/75 (GBP) (c)		2,450,000		3,621,787
Exelon Corp. 3.497%, 06/01/22		5,800,000		5,925,518
FirstEnergy Corp. 3.900%, 07/15/27		6,480,000		6,500,723
4.250%, 03/15/23		1,560,000		1,640,903
7.375%, 11/15/31		3,550,000		4,670,568
Great Plains Energy, Inc. 3.900%, 04/01/27		3,030,000		3,065,224
4.850%, 04/01/47		1,700,000		1,749,283
Mirant Mid Atlantic Pass-Through Trust 10.060%, 12/30/28		5,056,588		4,753,193
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A) (d)		2,678,645		2,879,543

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Pacific Gas & Electric Co. 4.000%, 12/01/46		1,390,000	$	1,430,535
6.050%, 03/01/34		1,180,000		1,522,658
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		696,305		722,659
Perusahaan Listrik Negara PT 5.500%, 11/22/21 (a)		9,750,000		10,627,500
Southern California Edison Co. 3.900%, 03/15/43		1,217,000		1,238,809
				50,348,903
Energy-Alternate Sources—0.0%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A) (d)		1,424,865		1,614,591
Engineering & Construction—0.3%
CRCC Yuxiang, Ltd. 3.500%, 05/16/23		10,520,000		10,609,409
Entertainment—0.6%
Great Canadian Gaming Corp. 6.625%, 07/25/22 (144A) (CAD)		12,160,000		9,705,120
Lions Gate Entertainment Corp. 5.875%, 11/01/24 (144A) (a)		3,880,000		4,083,700
Scientific Games International, Inc. 7.000%, 01/01/22 (144A)		740,000		788,100
10.000%, 12/01/22		2,620,000		2,872,175
Vue International Bidco plc 7.875%, 07/15/20 (GBP)		2,510,000		3,345,974
				20,795,069
Environmental Control—0.0%
Waste Management, Inc. 3.500%, 05/15/24		890,000		927,064
4.600%, 03/01/21		180,000		194,248
7.375%, 05/15/29		190,000		250,433
				1,371,745
Food—0.4%
Kraft Heinz Foods Co. 3.000%, 06/01/26		70,000		66,994
3.500%, 06/06/22		500,000		516,600
3.950%, 07/15/25		280,000		287,916
4.875%, 02/15/25 (144A)		1,157,000		1,240,061
5.000%, 07/15/35		250,000		270,344
5.000%, 06/04/42		130,000		137,239
5.200%, 07/15/45		390,000		421,913
Lamb Weston Holdings, Inc. 4.625%, 11/01/24 (144A) (a)		3,710,000		3,821,300
4.875%, 11/01/26 (144A) (a)		4,870,000		5,046,537
Post Holdings, Inc. 5.750%, 03/01/27 (144A)		3,600,000		3,699,000
				15,507,904
Food Service—0.2%
Aramark Services, Inc. 5.000%, 04/01/25 (144A) (a)		5,640,000		5,957,250
Forest Products & Paper—0.3%
Suzano Austria GmbH 5.750%, 07/14/26 (a)		10,090,000		10,443,150
Healthcare-Products—1.0%
Abbott Laboratories 4.900%, 11/30/46		2,650,000		2,918,811
Becton Dickinson & Co. 3.700%, 06/06/27 (a)		12,100,000		12,138,248
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, 06/15/21 (144A)		4,570,000		4,250,100
Immucor, Inc. 11.125%, 08/15/19 (a)		4,810,000		4,852,087
Medtronic, Inc. 3.150%, 03/15/22		2,393,000		2,476,365
3.500%, 03/15/25		1,730,000		1,799,653
Universal Hospital Services, Inc. 7.625%, 08/15/20 (a)		8,015,000		8,145,244
				36,580,508
Healthcare-Services—1.8%
Centene Corp. 4.750%, 05/15/22 (a)		4,826,000		5,037,137
4.750%, 01/15/25 (a)		7,030,000		7,223,325
6.125%, 02/15/24		3,073,000		3,322,466
CHS/Community Health Systems, Inc. 6.250%, 03/31/23		7,080,000		7,309,038
DaVita, Inc. 5.000%, 05/01/25 (a)		2,030,000		2,035,075
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A) (a)		700,000		735,000
5.875%, 01/31/22 (144A) (a)		3,225,000		3,571,687
HCA, Inc. 4.750%, 05/01/23 (a)		590,000		623,925
5.250%, 04/15/25		375,000		403,125
5.250%, 06/15/26 (a)		2,550,000		2,750,175
5.375%, 02/01/25 (a)		4,615,000		4,867,902
5.500%, 06/15/47		8,530,000		8,828,550
5.875%, 05/01/23		50,000		54,438
6.500%, 02/15/20		1,550,000		1,691,438
7.500%, 02/15/22		6,583,000		7,578,679
7.690%, 06/15/25 (a)		1,817,000		2,107,720
Humana, Inc. 4.800%, 03/15/47		800,000		881,574
Tenet Healthcare Corp. 6.750%, 06/15/23 (a)		790,000		790,000
8.125%, 04/01/22 (a)		2,865,000		3,040,481
				62,851,735
Holding Companies-Diversified—0.1%
Co-operative Group Holdings, Ltd. 7.500%, 07/08/26 (GBP)		2,410,000		3,801,212

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—0.7%
Lennar Corp. 4.500%, 04/30/24 (a)		4,180,000	$	4,320,448
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.250%, 04/15/21 (144A) (a)		3,545,000		3,633,625
5.625%, 03/01/24 (144A) (a)		6,000,000		6,270,000
5.875%, 04/15/23 (144A)		780,000		832,650
William Lyon Homes, Inc. 5.750%, 04/15/19		4,247,000		4,300,087
7.000%, 08/15/22		5,240,000		5,423,400
				24,780,210
Household Products/Wares—0.1%
ACCO Brands Corp. 5.250%, 12/15/24 (144A)		4,060,000		4,217,325
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		1,750,000		1,837,393
5.500%, 04/01/46		1,420,000		1,709,731
				3,547,124
Insurance—0.7%
American Equity Investment Life Holding Co. 6.625%, 07/15/21		1,630,000		1,686,113
American International Group, Inc. 3.750%, 07/10/25		1,380,000		1,405,640
6.250%, 03/15/87 (c)		453,000		489,331
AXA S.A. 8.600%, 12/15/30		1,320,000		1,861,200
Delphi Financial Group, Inc. 7.875%, 01/31/20		2,190,000		2,458,779
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A)		2,600,000		3,665,857
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A)		6,285,000		6,719,275
Prudential Financial, Inc. 5.625%, 06/15/43 (c)		550,000		604,312
5.875%, 09/15/42 (a) (c)		1,200,000		1,337,040
8.875%, 06/15/38 (a) (c)		915,000		972,471
Teachers Insurance & Annuity Association of America 4.900%, 09/15/44 (144A)		1,771,000		1,982,248
6.850%, 12/16/39 (144A)		216,000		295,770
				23,478,036
Internet—0.4%
Alibaba Group Holding, Ltd. 3.125%, 11/28/21		4,475,000		4,564,160
Cogent Communications Group, Inc. 5.375%, 03/01/22 (144A)		6,195,000		6,504,750
eBay, Inc. 3.800%, 03/09/22		1,095,000		1,144,275
Priceline Group, Inc. (The) 3.650%, 03/15/25		1,625,000		1,667,518
				13,880,703
Iron/Steel—0.4%
Vale Overseas, Ltd. 6.250%, 08/10/26		3,990,000		4,304,213
6.875%, 11/10/39 (a)		7,980,000		8,558,550
				12,862,763
Leisure Time—0.7%
Gibson Brands, Inc. 8.875%, 08/01/18 (144A) (a)		2,070,000		1,839,713
NCL Corp., Ltd. 4.625%, 11/15/20 (144A) (a)		3,090,000		3,172,095
4.750%, 12/15/21 (144A) (a)		6,380,000		6,622,376
Silversea Cruise Finance, Ltd. 7.250%, 02/01/25 (144A)		3,825,000		4,078,406
Viking Cruises, Ltd. 8.500%, 10/15/22 (144A)		9,800,000		10,290,000
				26,002,590
Lodging—0.5%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 04/01/25 (144A)		1,250,000		1,289,063
4.875%, 04/01/27 (144A) (a)		5,820,000		6,089,175
MGM Resorts International 6.000%, 03/15/23 (a)		5,592,000		6,165,180
6.625%, 12/15/21 (a)		4,180,000		4,692,050
				18,235,468
Machinery-Construction & Mining—0.3%
BlueLine Rental Finance Corp. / BlueLine Rental LLC 9.250%, 03/15/24 (144A)		4,380,000		4,555,200
Terex Corp. 5.625%, 02/01/25 (144A) (a)		4,740,000		4,876,275
				9,431,475
Media—3.3%
Altice Financing S.A. 6.625%, 02/15/23 (144A) (a)		5,340,000		5,665,420
7.500%, 05/15/26 (144A) (a)		5,000,000		5,550,000
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A) (a)		4,670,000		4,775,075
5.375%, 05/01/25 (144A) (a)		880,000		937,200
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, 07/23/22		2,180,000		2,322,716
4.908%, 07/23/25		9,064,000		9,792,011
CSC Holdings LLC 6.625%, 10/15/25 (144A)		2,680,000		2,948,268
10.125%, 01/15/23 (144A)		1,125,000		1,305,000
10.875%, 10/15/25 (144A) (a)		6,447,000		7,760,576
DISH DBS Corp. 5.000%, 03/15/23 (a)		3,247,000		3,328,175

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
DISH DBS Corp. 5.875%, 07/15/22 (a)		2,880,000	$	3,096,000
5.875%, 11/15/24 (a)		2,450,000		2,614,076
6.750%, 06/01/21		75,000		83,250
7.750%, 07/01/26 (a)		3,630,000		4,301,550
EW Scripps Co. (The) 5.125%, 05/15/25 (144A)		5,810,000		5,984,300
SFR Group S.A. 6.000%, 05/15/22 (144A) (a)		7,185,000		7,517,306
6.250%, 05/15/24 (144A) (a)		420,000		443,625
7.375%, 05/01/26 (144A)		7,840,000		8,506,400
Sinclair Television Group, Inc. 6.125%, 10/01/22 (a)		2,450,000		2,544,938
Time Warner Cable LLC 5.875%, 11/15/40		1,942,000		2,164,600
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.500%, 01/15/23 (144A) (a)		5,377,500		5,579,156
Univision Communications, Inc. 5.125%, 02/15/25 (144A) (a)		9,890,000		9,803,462
UPCB Finance IV, Ltd. 5.375%, 01/15/25 (144A)		2,296,000		2,402,190
Viacom, Inc. 3.875%, 04/01/24		240,000		244,473
4.375%, 03/15/43		5,970,000		5,306,727
Virgin Media Finance plc 6.000%, 10/15/24 (144A)		3,985,000		4,224,100
6.375%, 10/15/24 (GBP)		2,510,000		3,512,864
Virgin Media Secured Finance plc 5.500%, 08/15/26 (144A) (a)		2,000,000		2,095,000
				114,808,458
Metal Fabricate/Hardware—0.1%
Park-Ohio Industries, Inc. 6.625%, 04/15/27 (144A)		2,505,000		2,630,250
Valmont Industries, Inc. 6.625%, 04/20/20		314,000		346,873
				2,977,123
Mining—3.0%
Alcoa Nederland Holding B.V. 6.750%, 09/30/24 (144A) (a)		1,940,000		2,104,900
7.000%, 09/30/26 (144A) (a)		1,770,000		1,942,575
Anglo American Capital plc 2.625%, 09/27/17 (144A) (a)		3,000,000		3,003,000
3.750%, 04/10/22 (144A)		560,000		562,800
Barrick Gold Corp. 4.100%, 05/01/23 (a)		7,521,000		8,136,819
5.250%, 04/01/42		4,000,000		4,551,200
Barrick North America Finance LLC 4.400%, 05/30/21		97,000		104,648
5.750%, 05/01/43		11,289,000		13,682,370
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		126,000		128,562
6.250%, 10/19/75 (144A) (a) (c)		2,392,000		2,607,280
Mining—(Continued)
BHP Billiton Finance USA, Ltd. 6.750%, 10/19/75 (144A) (a) (c)		8,191,000		9,358,955
First Quantum Minerals, Ltd. 7.250%, 04/01/23 (144A) (a)		3,920,000		3,831,800
7.500%, 04/01/25 (144A) (a)		7,380,000		7,213,950
Freeport-McMoRan, Inc. 2.300%, 11/14/17		1,500,000		1,496,250
3.550%, 03/01/22		5,670,000		5,313,811
3.875%, 03/15/23 (a)		4,704,000		4,374,720
6.625%, 05/01/21		680,000		693,600
6.750%, 02/01/22 (a)		1,453,000		1,503,855
Glencore Finance Canada, Ltd. 4.250%, 10/25/22 (144A) (a)		788,000		816,343
5.550%, 10/25/42 (144A)		1,000,000		1,065,000
Glencore Funding LLC 4.000%, 04/16/25 (144A)		6,580,000		6,582,566
HudBay Minerals, Inc. 7.250%, 01/15/23 (144A)		2,280,000		2,351,250
7.625%, 01/15/25 (144A) (a)		5,375,000		5,630,312
Midwest Vanadium Pty, Ltd. 11.500%, 02/15/18 (144A) (d) (e)		952,902		23,823
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		7,715,125
Teck Resources, Ltd. 5.200%, 03/01/42 (a)		740,000		688,200
Yamana Gold, Inc. 4.950%, 07/15/24 (a)		9,130,000		9,224,550
				104,708,264
Miscellaneous Manufacturing—0.7%
CBC Ammo LLC / CBC FinCo, Inc. 7.250%, 11/15/21 (144A)		3,250,000		3,274,375
CTP Transportation Products LLC / CTP Finance, Inc. 8.250%, 12/15/19 (144A)		6,240,000		5,811,000
General Electric Co. 4.500%, 03/11/44		260,000		288,848
5.000%, 01/21/21 (c)		9,740,000		10,338,036
5.300%, 02/11/21		187,000		206,802
5.875%, 01/14/38		250,000		323,531
6.875%, 01/10/39		2,088,000		3,026,600
				23,269,192
Oil & Gas—5.9%
Anadarko Finance Co. 7.500%, 05/01/31		80,000		99,970
Anadarko Petroleum Corp. 4.500%, 07/15/44		800,000		733,120
5.550%, 03/15/26 (a)		3,000,000		3,352,515
6.450%, 09/15/36		220,000		258,960
Apache Corp. 3.250%, 04/15/22		574,000		582,368
4.250%, 01/15/44		260,000		243,534

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Apache Corp. 4.750%, 04/15/43		7,000,000	$	7,020,426
BP Capital Markets plc 3.119%, 05/04/26		6,580,000		6,521,629
Calumet Specialty Products Partners L.P. / Calumet Finance Corp. 11.500%, 01/15/21 (144A) (a)		4,760,000		5,497,800
Cenovus Energy, Inc. 4.250%, 04/15/27 (144A) (a)		1,600,000		1,524,203
Chesapeake Energy Corp. 6.125%, 02/15/21		3,635,000		3,562,300
6.625%, 08/15/20 (a)		5,960,000		5,974,900
8.000%, 01/15/25 (144A) (a)		3,730,000		3,692,700
Concho Resources, Inc. 5.500%, 04/01/23 (a)		4,875,000		5,009,062
ConocoPhillips Holding Co. 6.950%, 04/15/29		375,000		480,962
Covey Park Energy LLC / Covey Park Finance Corp. 7.500%, 05/15/25 (144A) (a)		5,540,000		5,540,000
CrownRock L.P. / CrownRock Finance, Inc. 7.125%, 04/15/21 (144A) (a)		3,850,000		3,955,875
Devon Energy Corp. 3.250%, 05/15/22 (a)		2,035,000		2,022,471
5.000%, 06/15/45 (a)		2,110,000		2,131,608
5.600%, 07/15/41		110,000		114,244
5.850%, 12/15/25		970,000		1,102,290
Devon Financing Co. LLC 7.875%, 09/30/31		140,000		181,674
Diamondback Energy, Inc. 4.750%, 11/01/24 (144A) (a)		3,968,000		3,948,160
5.375%, 05/31/25 (144A) (a)		2,330,000		2,364,950
Ecopetrol S.A. 5.375%, 06/26/26		11,570,000		12,032,800
Ensco plc 4.500%, 10/01/24		2,827,000		2,176,790
5.200%, 03/15/25 (a)		1,044,000		848,250
8.000%, 01/31/24 (a)		2,816,000		2,647,040
EOG Resources, Inc. 3.150%, 04/01/25		1,248,000		1,227,332
4.150%, 01/15/26 (a)		1,665,000		1,749,382
EP Energy LLC / Everest Acquisition Finance, Inc. 8.000%, 02/15/25 (144A) (a)		4,190,000		3,121,550
Exxon Mobil Corp. 4.114%, 03/01/46 (a)		1,630,000		1,719,489
Gazprom OAO Via Gaz Capital S.A. 4.950%, 03/23/27 (144A)		10,470,000		10,522,350
KazMunayGas National Co. JSC 4.750%, 04/19/27 (144A)		13,300,000		13,035,330
Kerr-McGee Corp. 6.950%, 07/01/24		290,000		340,105
7.875%, 09/15/31		285,000		366,422
MEG Energy Corp. 6.375%, 01/30/23 (144A) (a)		5,000,000		3,862,500
7.000%, 03/31/24 (144A) (a)		1,566,000		1,217,565
Oil & Gas—(Continued)
Noble Energy, Inc. 6.000%, 03/01/41		10,200,000		11,413,688
Occidental Petroleum Corp. 3.125%, 02/15/22		110,000		112,957
3.500%, 06/15/25		1,850,000		1,889,405
4.625%, 06/15/45		230,000		243,814
Parsley Energy LLC / Parsley Finance Corp. 5.250%, 08/15/25 (144A) (a)		640,000		638,400
6.250%, 06/01/24 (144A)		5,360,000		5,628,000
PDC Energy, Inc. 7.750%, 10/15/22 (a)		5,100,000		5,291,250
Petrobras Global Finance B.V. 6.850%, 06/05/2115 (a)		17,700,000		15,674,235
QEP Resources, Inc. 5.250%, 05/01/23 (a)		2,650,000		2,504,250
6.875%, 03/01/21 (a)		1,050,000		1,089,375
Range Resources Corp. 4.875%, 05/15/25 (a)		1,945,000		1,847,750
5.000%, 03/15/23 (144A) (a)		3,249,000		3,175,897
5.875%, 07/01/22 (144A) (a)		930,000		943,950
Rice Energy, Inc. 6.250%, 05/01/22 (a)		4,978,000		5,202,010
RSP Permian, Inc. 6.625%, 10/01/22 (a)		9,981,000		10,355,287
Sanchez Energy Corp. 6.125%, 01/15/23 (a)		840,000		672,000
7.750%, 06/15/21 (a)		2,160,000		1,954,800
Shell International Finance B.V. 2.875%, 05/10/26 (a)		2,840,000		2,802,401
3.250%, 05/11/25		1,773,000		1,811,150
4.000%, 05/10/46		360,000		355,469
4.550%, 08/12/43		1,205,000		1,289,397
Valero Energy Corp. 9.375%, 03/15/19		1,230,000		1,376,454
WPX Energy, Inc. 5.250%, 09/15/24 (a)		3,160,000		3,002,000
8.250%, 08/01/23 (a)		5,720,000		6,206,200
				206,262,765
Oil & Gas Services—0.6%
Exterran Energy Solutions L.P. / EES Finance Corp. 8.125%, 05/01/25 (144A)		5,380,000		5,487,600
FTS International, Inc. 6.250%, 05/01/22		3,390,000		2,745,900
Halliburton Co. 3.800%, 11/15/25 (a)		1,210,000		1,240,037
4.850%, 11/15/35		2,000,000		2,138,226
5.000%, 11/15/45		3,200,000		3,404,733
KCA Deutag UK Finance plc 7.250%, 05/15/21 (144A)		1,430,000		1,265,550
9.875%, 04/01/22 (144A) (a)		6,750,000		6,547,500
				22,829,546

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.8%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 6.000%, 02/15/25 (144A) (a)		5,200,000	$	5,460,000
7.250%, 05/15/24 (144A) (a)		6,000,000		6,562,500
Graphic Packaging International, Inc. 4.750%, 04/15/21 (a)		1,400,000		1,471,750
4.875%, 11/15/22 (a)		1,337,000		1,417,220
Pactiv LLC 7.950%, 12/15/25		3,960,000		4,435,200
8.375%, 04/15/27		7,435,000		8,531,662
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, 07/15/23 (144A) (a)		2,010,000		2,087,888
WestRock RKT Co. 4.000%, 03/01/23		140,000		146,614
				30,112,834
Pharmaceuticals—1.4%
Allergan Funding SCS 3.450%, 03/15/22		450,000		463,868
4.550%, 03/15/35		3,400,000		3,628,915
4.750%, 03/15/45 (a)		2,645,000		2,855,193
BioScrip, Inc. 8.875%, 02/15/21 (a) (g)		4,952,000		4,481,560
10.250%, 06/30/22 (g)		17,830,000		17,651,700
Cardinal Health, Inc. 3.410%, 06/15/27		4,970,000		4,981,476
Mead Johnson Nutrition Co. 4.125%, 11/15/25		1,653,000		1,782,327
Valeant Pharmaceuticals International, Inc. 5.375%, 03/15/20 (144A)		190,000		183,588
5.625%, 12/01/21 (144A)		2,740,000		2,472,850
5.875%, 05/15/23 (144A)		675,000		578,812
6.375%, 10/15/20 (144A)		4,080,000		3,952,500
7.250%, 07/15/22 (144A)		4,280,000		4,023,200
7.500%, 07/15/21 (144A) (a)		2,230,000		2,160,312
				49,216,301
Pipelines—3.3%
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125%, 11/15/22 (144A) (a)		3,185,000		3,208,888
DCP Midstream Operating L.P. 4.950%, 04/01/22		4,000,000		4,060,000
6.750%, 09/15/37 (144A) (a)		3,480,000		3,741,000
El Paso Natural Gas Co. LLC 7. 500%, 11/15/26		4,250,000		5,185,421
8.375%, 06/15/32		190,000		241,727
Energy Transfer Equity L.P. 5.500%, 06/01/27 (a)		1,376,000		1,424,160
5.875%, 01/15/24 (a)		1,638,000		1,736,280
Enterprise Products Operating LLC 3.700%, 02/15/26		1,072,000		1,091,835
3.750%, 02/15/25		2,100,000		2,162,584
3.900%, 02/15/24		225,000		234,029
4.877%, 08/01/66 (c)		1,059,000		1,062,971
Pipelines—(Continued)
Genesis Energy L.P. / Genesis Energy Finance Corp. 6.000%, 05/15/23 (a)		6,046,000		5,925,080
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (a)		2,500,000		2,696,220
Kinder Morgan, Inc. 5.550%, 06/01/45		4,130,000		4,376,664
7.800%, 08/01/31		67,000		84,465
MPLX L.P. 4.875%, 12/01/24		6,130,000		6,535,598
Northwest Pipeline LLC 4.000%, 04/01/27 (144A)		16,880,000		16,929,053
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		780,000		859,235
Rockies Express Pipeline LLC 5.625%, 04/15/20 (144A) (a)		1,298,000		1,379,125
6.875%, 04/15/40 (144A)		2,675,000		2,915,750
7.500%, 07/15/38 (144A) (a)		6,685,000		7,537,337
Sabine Pass Liquefaction LLC 5.750%, 05/15/24		2,648,000		2,948,580
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		33,816
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.375%, 02/01/27 (144A) (a)		2,770,000		2,866,950
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		1,790,251
6.250%, 10/15/22		3,000,000		3,187,500
Williams Cos., Inc. (The) 8.750%, 03/15/32		25,214,000		32,336,955
				117,184,474
Real Estate Investment Trusts—0.6%
CoreCivic, Inc. 4.125%, 04/01/20		1,260,000		1,294,650
5.000%, 10/15/22		5,400,000		5,616,000
CTR Partnership L.P. / CareTrust Capital Corp. 5.250%, 06/01/25		6,560,000		6,756,800
Iron Mountain, Inc. 4.375%, 06/01/21 (144A) (a)		4,580,000		4,751,750
6.000%, 10/01/20 (144A)		1,657,000		1,714,995
6.000%, 08/15/23 (a)		560,000		595,000
				20,729,195
Retail—1.4%
1011778 BC ULC / New Red Finance, Inc. 6.000%, 04/01/22 (144A) (a)		10,120,000		10,486,850
AutoZone, Inc. 2.500%, 04/15/21		800,000		797,911
CST Brands, Inc. 5.000%, 05/01/23		2,692,000		2,827,138

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
CVS Health Corp. 3.875%, 07/20/25		496,000	$	515,714
5.125%, 07/20/45		1,440,000		1,650,809
Dollar Tree, Inc. 5.750%, 03/01/23		11,372,000		12,000,872
Guitar Center, Inc. 6.500%, 04/15/19 (144A) (a)		2,370,000		2,058,938
Jo-Ann Stores Holdings, Inc. 9.750%, 10/15/19 (144A) (a) (b)		5,825,000		5,737,625
McDonald’s Corp. 2.750%, 12/09/20		441,000		448,996
3.700%, 01/30/26		1,047,000		1,084,295
PetSmart, Inc. 5.875%, 06/01/25 (144A)		5,040,000		4,857,300
7.125%, 03/15/23 (144A) (a)		1,125,000		1,001,250
8.875%, 06/01/25 (144A) (a)		7,170,000		6,622,212
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.875%, 03/01/27		1,290,000		1,283,550
				51,373,460
Savings & Loans—0.1%
Nationwide Building Society 6.875%, 06/20/19 (GBP) (c)		2,640,000		3,531,925
Semiconductors—0.2%
Analog Devices, Inc. 2.500%, 12/05/21		2,800,000		2,802,534
3.125%, 12/05/23 (a)		4,440,000		4,487,366
QUALCOMM, Inc. 4.300%, 05/20/47		220,000		224,735
				7,514,635
Software—0.6%
First Data Corp. 7.000%, 12/01/23 (144A)		2,180,000		2,327,150
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.000%, 07/15/25 (144A)		3,930,000		4,047,900
Microsoft Corp. 3.300%, 02/06/27		15,750,000		16,223,618
				22,598,668
Telecommunications—2.9%
British Telecommunications plc 9.125%, 12/15/30		4,915,000		7,473,164
CommScope Technologies LLC 5.000%, 03/15/27 (144A) (a)		2,510,000		2,503,725
CommScope, Inc. 5.500%, 06/15/24 (144A)		2,200,000		2,290,068
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		14,317,000		13,898,256
Frontier Communications Corp. 11.000%, 09/15/25 (a)		5,757,000		5,339,617
Telecommunications—(Continued)
HC2 Holdings, Inc. 11.000%, 12/01/19 (144A)		1,090,000		1,114,525
Intelsat Jackson Holdings S.A. 7.250%, 04/01/19 (a)		3,690,000		3,690,923
7.250%, 10/15/20		4,430,000		4,186,350
Sprint Capital Corp. 8.750%, 03/15/32		3,360,000		4,233,600
Sprint Communications, Inc. 11.500%, 11/15/21 (a)		3,483,000		4,458,240
Sprint Corp. 7.625%, 02/15/25 (a)		1,790,000		2,060,738
7.875%, 09/15/23		8,920,000		10,258,000
T-Mobile USA, Inc. 6.500%, 01/15/24		803,000		863,225
6.836%, 04/28/23 (a)		228,000		243,390
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A) (a)		12,240,000		13,127,400
Telefonica Europe B.V. 6.750%, 11/26/20 (GBP) (c)		2,400,000		3,458,004
Verizon Communications, Inc. 2.625%, 08/15/26		820,000		754,233
4.125%, 03/16/27		2,230,000		2,303,097
5.250%, 03/16/37		660,000		709,494
West Corp. 5.375%, 07/15/22 (144A)		11,454,000		11,568,540
Windstream Services LLC 6.375%, 08/01/23 (a)		265,000		218,791
7.750%, 10/15/20 (a)		5,925,000		5,969,437
				100,722,817
Textiles—0.1%
Cintas Corp. No. 2 2.900%, 04/01/22		1,560,000		1,584,384
3.700%, 04/01/27		2,870,000		2,959,665
				4,544,049
Transportation—0.7%
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc. 8.125%, 11/15/21 (144A) (a)		4,670,000		3,957,825
Neovia Logistics Services LLC / SPL Logistics Finance Corp. 8.875%, 08/01/20 (144A)		4,140,000		3,229,200
XPO CNW, Inc. 6.700%, 05/01/34 (a)		10,828,000		10,611,440
XPO Logistics, Inc. 6.125%, 09/01/23 (144A)		1,610,000		1,676,412
6.500%, 06/15/22 (144A) (a)		3,690,000		3,874,500
				23,349,377
Trucking & Leasing—0.5%
Park Aerospace Holdings, Ltd. 5.250%, 08/15/22 (144A)		5,770,000		6,031,496

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Trucking & Leasing—(Continued)
Park Aerospace Holdings, Ltd. 5.500%, 02/15/24 (144A) (a)		9,760,000	$	10,194,320
				16,225,816
Water—0.1%
Anglian Water Osprey Financing plc 5.000%, 04/30/23 (GBP)		2,650,000		3,706,212
Total Corporate Bonds & Notes (Cost $1,859,694,696)				1,935,149,034
Mortgage-Backed Securities—14.1%
Collateralized Mortgage Obligations—7.0%
American Home Mortgage Assets Trust 1.406%, 12/25/46 (c)		3,178,712		2,499,691
American Home Mortgage Investment Trust 1.796%, 11/25/45 (c)		580,509		562,429
Banc of America Funding Corp. 1.154%, 02/27/37 (144A) (c)		15,521,778		10,217,038
Banc of America Funding Trust 1.372%, 09/29/36 (144A) (c)		40,955,822		25,050,342
1.382%, 05/20/36 (c)		192,584		187,501
1.386%, 03/27/36 (144A) (c)		6,144,912		4,241,923
21.172%, 01/01/30 (144A) (c)		12,815,888		6,070,130
Banc of America Mortgage Trust 3.209%, 09/25/35 (c)		101,930		97,786
3.274%, 12/25/34 (c)		5,091		4,935
BCAP LLC Trust Zero Coupon, 10/28/36 (144A) (c)		2,907,004		2,825,760
3.656%, 05/26/47 (144A) (c)		7,839,143		5,868,077
Bear Stearns ALT-A Trust 3.422%, 08/25/34 (c)		7,418,092		7,572,490
Bear Stearns Asset-Backed Securities Trust 28.314%, 07/25/36 (c)		551,044		916,134
Citigroup Mortgage Loan Trust, Inc. 3.589%, 12/25/35 (c)		1,667,824		1,328,709
Countrywide Alternative Loan Trust 1.442%, 07/20/35 (c)		1,691,366		1,598,912
1.856%, 07/25/35 (c)		1,300,000		1,221,815
5.750%, 01/25/37		2,955,728		2,362,227
6.000%, 01/25/37		3,026,238		2,722,512
14.265%, 06/25/35 (c)		2,065,633		2,490,473
19.152%, 02/25/36 (c)		1,901,297		2,106,714
23.736%, 07/25/36 (c)		3,208,521		4,556,820
31.703%, 08/25/37 (c)		1,680,096		2,701,764
Countrywide Alternative Loan Trust Resecuritization 6.000%, 08/25/37 (c)		3,891,496		3,017,669
Countrywide Home Loan Reperforming Loan REMIC Trust 1.576%, 03/25/35 (144A) (c)		625,081		551,064
5.195%, 03/25/35 (144A) (c) (d) (h)		7,605,237		910,710
Credit Suisse Mortgage Trust 1.224%, 06/27/46 (144A) (c)		2,841,935		2,739,345
Collateralized Mortgage Obligations—(Continued)
Credit Suisse Mortgage Trust 23.836%, 02/25/36 (c)		1,780,874		2,430,970
DSLA Mortgage Loan Trust 1.419%, 03/19/45 (c)		151,055		136,531
Fannie Mae Connecticut Avenue Securities 4.216%, 10/25/29 (c)		19,060,000		19,573,598
6.466%, 10/25/23 (c)		2,780,000		3,266,961
Freddie Mac Structured Agency Credit Risk Debt Notes 5.716%, 02/25/24 (c)		2,210,000		2,580,407
5.866%, 10/25/28 (c)		12,940,000		14,602,112
5.966%, 10/25/24 (c)		5,925,000		6,575,252
6.366%, 10/25/29 (c)		10,500,000		11,453,857
GreenPoint MTA Trust 1.656%, 06/25/45 (c)		1,615,570		1,460,337
GSMPS Mortgage Loan Trust 1.616%, 04/25/36 (144A) (c)		871,883		720,948
HarborView Mortgage Loan Trust 2.009%, 11/19/34 (c)		1,826,084		1,671,473
2.216%, 10/25/37 (c)		1,753,925		1,707,891
Impac Secured Assets CMN Owner Trust 1.536%, 03/25/36 (c)		934,205		748,507
IndyMac INDX Mortgage Loan Trust 1.936%, 01/25/35 (c)		1,184,211		918,711
3.306%, 03/25/35 (c)		480,728		472,019
3.522%, 05/25/37 (c)		4,074,315		3,425,379
JPMorgan Mortgage Trust 2.500%, 03/25/43 (144A) (c)		14,199		14,131
6.500%, 01/25/36		116,920		102,608
JPMorgan Resecuritization Trust 1.234%, 07/27/46 (144A) (c)		3,939,292		3,872,122
Lehman Mortgage Trust 5.414%, 02/25/37 (c) (g) (h)		9,316,120		3,036,588
Lehman XS Trust 1.376%, 03/25/47 (c)		2,770,559		2,621,035
1.416%, 08/25/46 (c)		2,775,995		2,288,565
MASTR Adjustable Rate Mortgages Trust 3.321%, 11/25/35 (144A) (c)		61,863		49,988
MASTR Seasoned Securitization Trust 3.567%, 10/25/32 (c)		151,889		148,515
Merrill Lynch Mortgage Investors Trust 3.355%, 08/25/33 (c)		867,151		807,393
3.767%, 05/25/34 (c)		91,881		91,856
Morgan Stanley Mortgage Loan Trust 1.536%, 01/25/35 (c)		927,258		860,161
New Residential Mortgage Loan Trust 4.250%, 09/25/56 (144A) (c)		8,135,324		8,252,184
Nomura Resecuritization Trust 0.243%, 07/26/37 (144A) (c)		2,351,221		2,294,396
1.284%, 02/26/46 (144A) (c)		4,868,000		4,515,103
NovaStar Mortgage Funding Trust 1.214%, 09/25/46 (c)		958,616		808,351
Prime Mortgage Trust 5.500%, 05/25/35 (144A)		866,797		866,231
6.000%, 05/25/35 (144A)		2,680,043		2,489,907

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
RBSGC Mortgage Loan Trust 1.666%, 01/25/37 (c)		816,351	$	521,701
Residential Accredit Loans, Inc. Trust 1.426%, 04/25/46 (c)		1,712,447		888,525
1.476%, 04/25/46 (c)		888,527		469,912
2.090%, 11/25/37 (c)		4,800,434		3,945,908
Residential Asset Securitization Trust 5.334%, 12/25/36 (c) (g) (h)		14,429,593		4,151,356
5.750%, 02/25/36		2,383,702		2,382,777
Sequoia Mortgage Trust 2.079%, 06/20/33 (c)		143,102		141,955
3.720%, 07/25/45 (144A) (c)		10,479		9,837
Structured Adjustable Rate Mortgage Loan Trust 2.551%, 09/25/37 (c)		5,124,387		4,499,352
3.283%, 01/25/35 (c)		616,152		584,170
3.489%, 09/25/35 (c)		843,750		682,752
3.829%, 03/25/34 (c)		118,209		116,546
Structured Asset Mortgage Investments Trust 1.426%, 05/25/46 (c)		254,635		198,106
1.496%, 02/25/36 (c)		4,506,847		4,111,351
Structured Asset Securities Corp. Trust 1.566%, 03/25/35 (c)		1,789,013		1,445,666
WaMu Mortgage Pass-Through Certificates Trust 1.486%, 12/25/45 (c)		742,685		719,573
1.696%, 12/25/45 (c)		16,426,052		12,412,219
1.895%, 03/25/47 (c)		2,660,611		2,208,504
2.701%, 08/25/33 (c)		1,890,815		1,813,945
2.847%, 10/25/34 (c)		843,152		842,097
2.862%, 09/25/36 (c)		893,327		804,606
5.464%, 04/25/37 (c) (g) (h)		13,074,308		3,518,070
Wells Fargo Mortgage-Backed Securities Trust 3.194%, 04/25/36 (c)		94,943		95,347
3.260%, 06/25/35 (c)		56,955		58,174
3.264%, 10/25/35 (c)		62,797		62,849
				245,972,355
Commercial Mortgage-Backed Securities—7.1%
BAMLL Re-REMIC Trust 5.979%, 07/10/17 (144A) (c)		11,727,532		8,795,649
Banc of America Commercial Mortgage Trust 5.761%, 04/10/49 (c)		2,242,999		2,141,504
Bayview Commercial Asset Trust Zero Coupon, 07/25/37 (144A) (d) (h)		3,565,712		0
Bear Stearns Commercial Mortgage Securities Trust 6.444%, 06/11/50 (c)		7,668,500		7,695,360
BLCP Hotel Trust 6.887%, 08/15/29 (144A) (c)		5,978,471		6,038,608
CGBAM Commercial Mortgage Trust 8.572%, 11/15/21 (144A) (c)		17,780,000		17,239,559
Citigroup Commercial Mortgage Trust 3.110%, 04/10/48 (144A)		1,400,000		1,031,529
Commercial Mortgage-Backed Securities—(Continued)
Citigroup Commercial Mortgage Trust 3.208%, 07/10/47 (144A) (c)		4,398,000		2,847,752
4.103%, 09/15/27 (144A) (c)		7,250,000		6,897,403
6.385%, 12/10/49 (c)		9,063,000		5,075,280
Commercial Mortgage Trust 3.000%, 12/10/47 (144A)		2,230,000		1,440,220
4.471%, 03/10/46 (144A) (c)		2,710,000		1,648,845
4.589%, 07/10/50 (c)		1,726,000		1,329,404
4.698%, 08/10/48 (144A) (c)		5,800,000		3,336,904
Credit Suisse Commercial Mortgage Trust 5.373%, 12/15/39		857,851		795,780
6.417%, 06/15/38 (c)		3,959,717		2,098,650
Credit Suisse Mortgage Capital Certificates 8.446%, 07/15/32 (144A) (c)		26,600,000		26,466,069
Credit Suisse Mortgage Capital LLC 4.373%, 09/15/37 (144A)		3,920,000		3,407,622
DBUBS Mortgage Trust 3.750%, 08/10/44 (144A)		5,180,000		3,020,769
GE Business Loan Trust 1.579%, 05/15/34 (144A) (c)		624,613		568,569
GE Commercial Mortgage Corp. Trust 5.677%, 12/10/49 (c)		240,000		127,087
GMAC Commercial Mortgage Securities, Inc. 5.349%, 11/10/45 (c)		1,088,185		921,063
GS Mortgage Securities Trust 4.124%, 10/10/49 (c)		3,800,000		3,823,108
4.681%, 05/10/49 (c)		5,755,000		6,074,599
4.801%, 06/10/47 (c)		5,993,000		6,175,583
5.622%, 11/10/39		1,936,643		1,772,649
Hyatt Hotel Portfolio Trust 7.384%, 11/15/19 (144A) (c)		5,000,000		5,042,492
JPMorgan Chase Commercial Mortgage Securities Trust 3.599%, 12/15/49 (c)		6,090,000		5,735,200
3.958%, 04/15/46 (c)		3,750,000		3,681,084
4.289%, 08/15/27 (144A) (c)		460,000		459,436
5.386%, 05/15/47 (c)		2,280,000		1,150,820
5.411%, 05/15/47		2,120,000		1,483,050
5.502%, 06/12/47 (c)		6,170,000		5,312,861
5.503%, 01/15/49 (c)		8,780,000		2,546,200
5.623%, 05/12/45		594,805		507,918
6.264%, 02/15/51 (c)		1,350,000		1,310,349
7.383%, 10/15/19 (144A) (c)		9,900,000		9,934,916
LB-UBS Commercial Mortgage Trust 6.500%, 09/15/45 (c)		1,100,000		932,546
Lone Star Portfolio Trust 8.059%, 09/15/28 (144A) (c)		5,545,947		5,671,565
8.376%, 09/15/20 (144A) (c)		4,794,471		4,762,848
ML-CFC Commercial Mortgage Trust 5.450%, 08/12/48 (144A) (c)		101,717		85,036
5.450%, 08/12/48 (c)		889,008		743,219
6.193%, 09/12/49 (c)		3,473,000		2,708,940
6.222%, 09/12/49 (c)		5,780,000		4,508,342

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Morgan Stanley Bank of America Merrill Lynch Trust 4.440%, 12/15/49 (c)		4,870,000	$	4,920,874
4.679%, 10/15/48 (144A) (c)		9,534,000		6,202,319
Morgan Stanley Capital Trust 4.151%, 12/15/49 (c)		12,593,000		12,036,779
5.399%, 12/15/43		2,790,861		2,204,772
Multifamily Trust 8.489%, 04/25/46 (144A) (c)		13,772,875		14,685,452
Rosslyn Portfolio Trust 4.159%, 06/15/33 (144A) (c)		5,750,000		5,749,885
UBS-Barclays Commercial Mortgage Trust 5.000%, 05/10/63 (144A) (c)		4,530,000		2,493,369
Waterfall Commercial Mortgage Trust 4.104%, 09/14/22 (144A) (c) (d)		2,575,012		2,578,010
Wells Fargo Commercial Mortgage Trust 4.458%, 08/15/50		6,613,000		6,595,497
4.644%, 12/15/49 (c)		6,251,000		6,335,108
WF-RBS Commercial Mortgage Trust 3.016%, 11/15/47 (144A)		4,441,004		1,846,981
3.250%, 06/15/46 (144A)		8,240,000		5,931,243
				248,926,676
Total Mortgage-Backed Securities (Cost $493,524,754)				494,899,031
Floating Rate Loans (i)—8.0%
Air Freight & Logistics—0.1%
XPO Logistics, Inc. Term Loan B, 3.405%, 11/01/21		3,316,484		3,328,921
Airlines—0.1%
Air Canada Term Loan B, 3.460%, 10/06/23		3,081,208		3,097,899
Building Materials—0.1%
Quikrete Holdings, Inc. 1st Lien Term Loan, 3.976%, 11/15/23		3,080,520		3,078,382
Coal—0.1%
Murray Energy Corp. Term Loan B2, 04/16/20 (j)		3,450,832		3,379,659
Commercial Services—0.7%
Acosta Holdco, Inc. Term Loan, 4.476%, 09/26/21		7,870,356		7,126,891
Jaguar Holding Co. II Term Loan, 4.013%, 08/18/22		8,230,193		8,241,122
Prime Security Services Borrower LLC 1st Lien Term Loan, 3.974%, 05/02/22		8,269,275		8,290,684
				23,658,697
Distributors—0.2%
American Builders & Contractors Supply Co., Inc. Term Loan B, 3.726%, 10/31/23		8,094,713		8,122,259
Diversified Financial Services—0.0%
Nord Anglia Education Finance LLC Term Loan, 4.702%, 03/31/21		905,333		908,162
Electric—0.3%
Energy Future Intermediate Holding Co LLC Term Loan, 06/23/18 (j)		8,950,000		8,983,562
Engineering & Construction—0.0%
Panda Temple Power LLC Term Loan B, 03/04/22 (g) (j)		2,190,000		1,573,154
Entertainment—0.3%
Lions Gate Entertainment Corp. 1st Lien Term Loan, 4.226%, 12/08/23		5,131,813		5,163,245
Scientific Games International, Inc. Term Loan B3, 5.108%, 10/01/21		6,892,392		6,968,698
				12,131,943
Food—0.2%
Albertson’s LLC Term Loan B6, 4.251%, 06/22/23		6,904,695		6,836,187
Healthcare-Services—0.3%
DaVita HealthCare Partners, Inc. Term Loan B, 3.976%, 06/24/21		3,383,836		3,407,706
MPH Acquisition Holdings LLC Term Loan B, 4.296%, 06/07/23		8,158,336		8,167,514
				11,575,220
Hotels, Restaurants & Leisure—0.1%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 3.500%, 02/16/24		3,123,520		3,122,871
Insurance—0.4%
RPI Finance Trust Term Loan B6, 3.296%, 03/27/23		6,591,863		6,623,800
UFC Holdings LLC 1st Lien Term Loan, 4.470%, 08/18/23		8,426,325		8,460,182
				15,083,982
Internet—0.2%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 4.340%, 10/19/23		7,959,600		8,042,929
Lodging—0.5%
Boyd Gaming Corp. Term Loan B3, 3.688%, 09/15/23		4,557,111		4,569,725

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Lodging—(Continued)
Hilton Worldwide Finance LLC Term Loan B2, 3.216%, 10/25/23		2,276,063	$	2,285,388
MGM Growth Properties Operating Partnership L.P. Term Loan B, 3.476%, 04/25/23		6,859,626		6,878,490
Station Casinos LLC Term Loan B, 3.710%, 06/08/23		3,433,457		3,437,749
				17,171,352
Machinery—0.1%
Zebra Technologies Corp. Term Loan B, 3.723%, 10/27/21		3,462,418		3,481,912
Media—0.5%
CBS Radio, Inc. Term Loan B, 4.716%, 10/17/23		3,071,252		3,095,708
Charter Communications Operating LLC Term Loan I Add, 3.480%, 01/15/24		4,524,185		4,546,494
Numericable U.S. LLC Term Loan B10, 4.422%, 01/14/25		6,647,595		6,641,659
Univision Communications, Inc. Term Loan C5, 3.976%, 03/15/24		3,481,856		3,424,190
				17,708,051
Oil & Gas—0.0%
Hercules Offshore LLC Term Loan, 05/06/20 (g) (j)		1,299,787		987,838
Packaging & Containers—0.7%
Berry Plastics Group, Inc. Term Loan I, 3.680%, 10/01/22		7,565,071		7,582,569
BWAY Holding Co. Term Loan B, 4.326%, 04/03/24		6,500,000		6,502,321
Flex Acquisition Co., Inc. 1st Lien Term Loan, 4.398%, 12/29/23		3,096,000		3,112,254
Reynolds Group Holdings, Inc. Term Loan, 4.226%, 02/05/23		8,054,122		8,080,547
				25,277,691
Pharmaceuticals—0.3%
Catalent Pharma Solutions, Inc. Term Loan B, 3.976%, 05/20/21		1,958,078		1,975,211
Change Healthcare Holdings, Inc. Term Loan B, 3.976%, 03/01/24		7,082,250		7,092,208
				9,067,419
Professional Services—0.1%
Trans Union LLC Term Loan B2, 3.726%, 04/09/23		3,964,315		3,996,172
Real Estate—0.2%
Communications Sales & Leasing, Inc. Term Loan B, 4.226%, 10/24/22		8,227,929		8,236,469
Retail—1.2%
Academy, Ltd. Term Loan B, 5.200%, 07/01/22		9,832,614		7,751,374
Bass Pro Group LLC Term Loan B, 6.296%, 12/16/23		7,545,000		7,348,966
CWGS Group LLC Term Loan, 4.840%, 11/08/23		1,323,350		1,332,117
Leslie’s Poolmart, Inc. Term Loan, 4.871%, 08/16/23		3,126,375		3,139,078
Michaels Stores, Inc. Term Loan B1, 3.940%, 01/30/23		4,512,563		4,508,131
Party City Holdings, Inc. Term Loan, 4.190%, 08/19/22		4,309,931		4,318,012
Petco Animal Supplies, Inc. Term Loan B, 4.172%, 01/26/23		5,024,315		4,540,725
PetSmart, Inc. Term Loan B2, 4.220%, 03/11/22		9,401,225		8,754,158
				41,692,561
Software—0.3%
First Data Corp. Term Loan, 3.716%, 04/26/24		5,476,330		5,481,121
MA FinanceCo. LLC Term Loan B3, 3.964%, 06/21/24		470,771		471,300
Seattle Spinco, Inc. Term Loan B3, 4.030%, 06/21/24		3,179,229		3,182,806
				9,135,227
Telecommunications—0.8%
CenturyLink, Inc. Term Loan B, 1.375%, 01/31/25		8,830,000		8,744,852
Level 3 Financing, Inc. Term Loan B, 3.466%, 02/22/24		6,960,000		6,984,652
UPC Financing Partnership Term Loan AP, 3.909%, 04/15/25		4,570,000		4,580,854
Virgin Media Bristol LLC Term Loan I, 3.909%, 01/31/25		2,865,395		2,870,470
Windstream Services LLC Term Loan B6, 5.210%, 03/29/21		3,331,520		3,325,273
				26,506,101
Transportation—0.1%
Commercial Barge Line Co. 1st Lien Term Loan, 9.976%, 11/12/20		1,948,052		1,697,240
Trucking & Leasing—0.1%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. Term Loan B2, 3.962%, 03/20/22		2,500,000		2,525,015
Total Floating Rate Loans (Cost $283,946,008)				280,406,875

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Foreign Government—7.4%

Security Description	Principal Amount*		Value
Regional Government—0.6%
Japan Finance Organization for Municipalities 4.000%, 01/13/21		1,900,000	$	2,001,886
Provincia de Buenos Aires 6.500%, 02/15/23 (144A) (k)		18,940,000		19,337,740
				21,339,626
Sovereign—6.8%
Argentina POM Politica Monetaria 26.250%, 06/21/20 (ARS) (c)		139,850,000		8,733,263
Argentine Bonos del Tesoro 18.200%, 10/03/21 (ARS)		310,900,000		20,585,793
22.750%, 03/05/18 (ARS)		104,350,000		6,734,427
Argentine Republic Government International Bonds 5.625%, 01/26/22		2,570,000		2,631,680
6.875%, 04/22/21		2,150,000		2,300,500
7.500%, 04/22/26 (a)		17,550,000		18,910,125
7.625%, 04/22/46		1,170,000		1,197,495
Bahamas Government International Bond 5.750%, 01/16/24 (144A)		1,500,000		1,563,750
Bermuda Government International Bond 4.138%, 01/03/23 (144A)		2,000,000		2,085,000
Brazil Notas do Tesouro Nacional 10.000%, 01/01/21 (BRL)		25,000,000		7,191,734
Brazilian Government International Bond 6.000%, 04/07/26 (a)		31,240,000		33,707,960
Ecuador Government International Bond 10.750%, 03/28/22 (144A)		8,450,000		9,020,375
Egypt Government International Bond 6.125%, 01/31/22		8,380,000		8,560,170
Ghana Government International Bond 8.125%, 01/18/26 (k)		4,200,000		4,283,244
Guatemala Government Bond 4.375%, 06/05/27 (144A)		5,970,000		5,925,225
Honduras Government International Bond 6.250%, 01/19/27		4,140,000		4,274,550
Indonesia Government International Bonds 4.750%, 01/08/26 (a)		7,000,000		7,513,478
5.125%, 01/15/45		3,000,000		3,211,683
5.250%, 01/17/42		15,090,000		16,310,359
Kuwait International Government Bond 3.500%, 03/20/27 (144A)		9,350,000		9,551,960
Mexico Government International Bonds 4.125%, 01/21/26 (a)		8,170,000		8,492,715
4.750%, 03/08/44		10,710,000		10,720,710
Portugal Government International Bond 5.125%, 10/15/24 (144A) (a)		11,990,000		12,229,800
Russian Federal Bond - OFZ 7.050%, 01/19/28 (RUB)		1,079,240,000		17,430,710
Senegal Government International Bond 6.250%, 05/23/33 (144A) (k)		8,720,000		8,848,480
Sovereign—(Continued)
Uruguay Government International Bond 9.875%, 06/20/22 (144A) (UYU)		166,730,000		6,036,740
				238,051,926
Total Foreign Government (Cost $254,481,887)				259,391,552
U.S. Treasury & Government Agencies—7.3%
Agency Sponsored Mortgage - Backed—6.4%
Fannie Mae 15 Yr. Pool 2.500%, TBA (l)		15,000,000		15,057,751
3.000%, TBA (l)		15,000,000		15,378,515
4.000%, 07/01/18		18,737		19,397
4.000%, 08/01/18		25,553		26,453
4.000%, 03/01/19		30,470		31,543
5.000%, 12/01/21		13,660		14,175
Fannie Mae 20 Yr. Pool 8.500%, 08/01/19		6,435		6,606
Fannie Mae 30 Yr. Pool 3.000%, TBA (l)		18,800,000		18,745,577
3.500%, TBA (l)		20,500,000		21,019,525
4.000%, 04/01/47		3,070,600		3,245,133
4.000%, TBA (l)		15,600,000		16,371,773
4.500%, 05/01/39		1,975,835		2,152,498
4.500%, 08/01/40		5,321,681		5,756,206
4.500%, 05/01/41		3,632,130		3,928,759
4.500%, 11/01/43		2,734,546		2,933,809
5.000%, 01/01/39		353,184		385,566
5.000%, 06/01/40		199,112		217,834
5.000%, 07/01/40		142,744		156,080
6.000%, 07/01/38		21,381		24,073
6.500%, 08/01/31		307		340
6.500%, 12/01/36		1,309		1,510
6.500%, 06/01/37		16,334		18,067
6.500%, 10/01/37		19,598		21,927
7.000%, 05/01/26		1,302		1,381
7.000%, 07/01/30		268		275
7.000%, 01/01/31		275		294
7.000%, 07/01/31		1,255		1,330
7.000%, 09/01/31		3,011		3,316
7.000%, 10/01/31		2,769		3,107
7.000%, 11/01/31		22,909		24,542
7.000%, 01/01/32		5,763		5,902
7.000%, 02/01/32		4,398		4,543
7.500%, 12/01/29		474		482
7.500%, 01/01/30		506		601
7.500%, 02/01/30		332		335
7.500%, 06/01/30		400		401
7.500%, 08/01/30		85		87
7.500%, 09/01/30		571		629
7.500%, 10/01/30		87		97
7.500%, 11/01/30		10,147		10,712
7.500%, 02/01/31		3,450		3,531
8.000%, 08/01/27		1,070		1,189

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 8.000%, 07/01/30		613	$	738
8.000%, 09/01/30		401		423
Fannie Mae REMICS (CMO) 1.566%, 05/25/34 (c)		130,497		130,181
4.500%, 06/25/29		280,250		298,023
9.750%, 11/25/18		54,520		56,433
9.750%, 08/25/19		16,881		17,429
Freddie Mac 30 Yr. Gold Pool 3.000%, 11/01/42		2,370,326		2,378,532
3.000%, TBA (l)		20,000,000		19,925,000
3.500%, TBA (l)		16,000,000		16,407,072
4.000%, 07/01/47		7,900,000		8,314,810
4.000%, TBA (l)		11,100,000		11,651,660
6.000%, 12/01/36		19,198		21,741
6.000%, 02/01/37		22,218		25,041
7.000%, 03/01/39		138,465		155,390
Freddie Mac Multifamily Structured Pass-Through Certificates 1.375%, 08/25/42 (c) (h)		70,400,000		3,802,790
Freddie Mac REMICS (CMO) 1,156.500%, 06/15/21 (h)		4		37
Ginnie Mae I 30 Yr. Pool 5.000%, 04/15/35		11,194		12,472
5.500%, 01/15/34		56,377		63,490
5.500%, 04/15/34		17,550		19,763
5.500%, 07/15/34		98,930		111,448
5.500%, 10/15/34		71,326		79,408
5.750%, 10/15/38		98,874		111,440
6.000%, 02/15/33		1,773		2,016
6.000%, 03/15/33		5,403		6,122
6.000%, 06/15/33		4,815		5,493
6.000%, 07/15/33		7,791		8,965
6.000%, 09/15/33		6,581		7,419
6.000%, 10/15/33		3,096		3,522
6.000%, 08/15/34		22,011		24,814
6.500%, 03/15/29		2,707		2,988
6.500%, 02/15/32		1,040		1,224
6.500%, 03/15/32		1,104		1,301
6.500%, 11/15/32		4,277		4,805
7.000%, 03/15/31		194		204
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (l)		18,500,000		18,659,340
3.500%, 03/20/45		315,345		327,102
3.500%, 03/20/46		526,123		547,725
3.500%, TBA (l)		25,000,000		25,855,467
4.000%, 03/20/47		9,910,955		10,439,426
5.000%, 08/20/34		67,185		73,843
5.500%, 03/20/34		8,505		9,727
6.000%, 05/20/32		11,645		13,075
6.000%, 11/20/33		13,956		15,820
Ginnie Mae II ARM Pool 2.440%, 01/20/60 (c)		678,162		697,482
2.812%, 05/20/60 (c)		645,029		667,793
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 0.601%, 03/16/47 (c) (h)		7,405,057		151,290
0.777%, 04/16/52 (c) (h)		15,094,898		405,659
3.000%, 04/20/41		715,410		729,649
				227,821,463
Federal Agencies—0.1%
Tennessee Valley Authority 5.980%, 04/01/36		1,760,000		2,435,495
U.S. Treasury—0.8%
U.S. Treasury Bonds 3.000%, 02/15/47		7,160,000		7,385,984
U.S. Treasury Floating Rate Notes 1.171%, 10/31/17 (c)		10,000,000		10,006,140
1.275%, 01/31/18 (c)		10,000,000		10,017,140
U.S. Treasury Notes 1.750%, 05/31/22		240,000		238,594
1.875%, 04/30/22 (a)		420,000		419,918
2.125%, 05/15/25		10,000		9,937
				28,077,713
Total U.S. Treasury & Government Agencies (Cost $260,090,720)				258,334,671
Asset-Backed Securities—5.8%
Asset-Backed - Home Equity—0.8%
Asset-Backed Securities Corp. Home Equity Loan Trust 4.009%, 04/15/33 (c)		2,891		2,884
Bear Stearns Asset-Backed Securities Trust 1.446%, 11/25/36 (c)		12,758,000		9,497,919
1.956%, 01/25/34 (c)		17,884		17,355
EMC Mortgage Loan Trust 1.474%, 05/25/43 (144A) (c)		599,039		588,645
Structured Asset Securities Corp. Mortgage Loan Trust 1.436%, 02/25/36 (144A) (c)		2,639,062		177,592
WaMu Asset-Backed Certificates Trust 1.386%, 07/25/47 (c)		28,405,339		19,723,006
				30,007,401
Asset-Backed - Manufactured Housing—0.4%
Conseco Financial Corp. 7.030%, 07/15/28 (c)		7,032,524		6,882,472
Greenpoint Manufactured Housing 4.659%, 03/18/29 (c)		400,000		371,485
4.890%, 06/19/29 (c)		325,000		311,671
Manufactured Housing Contract Trust Pass-Through Certificates 4.391%, 03/13/32 (c)		400,000		379,235
4.494%, 02/20/32 (c)		250,000		236,456

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Manufactured Housing—(Continued)
Origen Manufactured Housing Contract Trust 2.775%, 04/15/37 (c)		1,401,297	$	1,288,757
2.818%, 10/15/37 (c)		1,559,969		1,367,426
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (c)		4,615,408		4,417,456
				15,254,958
Asset-Backed - Other—4.1%
AIMCO CLO 5.013%, 07/20/29 (144A) (c)		7,250,000		7,306,579
Ammc CLO, Ltd. 6.962%, 04/17/29 (144A) (c)		8,100,000		7,607,585
Amortizing Residential Collateral Trust 3.016%, 08/25/32 (c)		28,312		26,254
Applebee’s Funding LLC / IHOP Funding LLC 4.277%, 09/05/44 (144A)		5,210,000		5,128,483
Ares CLO, Ltd. 7.758%, 10/15/27 (144A) (c)		5,500,000		5,533,599
Barings CLO, Ltd. Zero Coupon, 07/18/29 (144A) (c)		4,600,000		4,197,500
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		1,903,582		1,466,834
Carlyle Global Market Strategies CLO, Ltd. Zero Coupon, 07/20/31 (144A) (c)		9,500,000		9,536,423
Catskill Park CLO, Ltd. 7.085%, 04/20/29 (144A) (c)		10,200,000		9,895,632
Countrywide Asset-Backed Certificates Trust 3.091%, 06/25/34 (c)		141,719		134,253
Countrywide Revolving Home Equity Loan Resecuritization Trust 1.289%, 12/15/33 (144A) (c)		195,966		169,770
Countrywide Revolving Home Equity Loan Trust 1.299%, 07/15/36 (c)		389,432		340,260
Encore Credit Receivables Trust 2.251%, 10/25/35 (c)		2,327,806		1,569,070
First Horizon Asset-Backed Trust 1.376%, 10/25/34 (c)		22,676		22,229
GSAMP Trust 1.416%, 01/25/36 (c)		99,085		14,642
HSI Asset Securitization Corp. Trust 1.636%, 11/25/35 (c)		4,000,000		3,684,560
Long Beach Mortgage Loan Trust 1.734%, 01/21/31 (c)		21,094		20,436
Madison Park Funding, Ltd. 6.506%, 10/21/26 (144A) (c)		3,500,000		3,496,696
MidOcean Credit CLO IV 5.058%, 04/15/27 (144A) (c)		1,750,000		1,750,115
Midocean Credit CLO VII Zero Coupon, 07/15/29 (144A) (c)		4,750,000		4,732,054
Northwoods Capital, Ltd. Zero Coupon, 06/20/29 (144A) (c)		5,250,000		4,939,079
Oaktree CLO, Ltd. 6.630%, 10/20/27 (144A) (c)		6,150,000		6,043,562
Ocean Trails CLO 8.908%, 07/15/28 (144A) (c)		5,120,000		5,205,873
Asset-Backed - Other—(Continued)
Park Place Securities, Inc. 1.846%, 09/25/35 (c)		9,550,000		7,602,765
Regatta IV Funding, Ltd. 4.656%, 07/25/26 (144A) (c)		3,250,000		3,232,255
SACO I Trust 1.476%, 06/25/36 (c)		311,568		643,368
1.556%, 03/25/36 (c)		77,437		146,726
SBA Small Business Investment Cos. 2.845%, 03/10/27		12,860,000		13,040,003
SoFi Consumer Loan Program LLC 3.280%, 01/26/26 (144A)		5,219,013		5,286,963
Thayer Park CLO, Ltd. 7.188%, 04/20/29 (144A) (c)		8,400,000		8,273,236
Treman Park CLO, Ltd. 5.016%, 04/20/27 (144A) (c)		1,700,000		1,700,284
Venture CLO, Ltd. 5.206%, 04/20/27 (144A) (c)		9,105,000		9,132,688
Voya CLO, Ltd. 6.758%, 04/18/27 (144A) (c)		4,000,000		4,000,000
7.325%, 06/07/30 (144A) (c)		8,000,000		7,821,520
				143,701,296
Asset-Backed - Student Loan—0.5%
DRB Prime Student Loan Trust 3.170%, 07/25/31 (144A)		3,450,551		3,469,262
National Collegiate Student Loan Trust 2.066%, 03/25/38 (c)		8,084,455		5,011,595
Nelnet Student Loan Trust Zero Coupon, 03/22/32 (c)		6,200,000		5,815,854
SoFi Professional Loan Program LLC Zero Coupon, 08/25/36 (144A) (d)		500		2,046,875
				16,343,586
Total Asset-Backed Securities (Cost $202,373,095)				205,307,241
Convertible Bonds—0.8%
Internet—0.1%
WebMD Health Corp. 2.625%, 06/15/23 (a)		4,960,000		4,854,600
Oil & Gas—0.2%
Chesapeake Energy Corp. 5.500%, 09/15/26		850,000		794,750
Oasis Petroleum, Inc. 2.625%, 09/15/23		960,000		941,400
Whiting Petroleum Corp. 1.250%, 04/01/20 (a)		7,350,000		6,210,750
				7,946,900
Semiconductors—0.4%
Microchip Technology, Inc. 1.625%, 02/15/27 (144A)		5,140,000		5,403,425
2.250%, 02/15/37 (144A)		2,480,000		2,588,500

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Convertible Bonds—(Continued)

Security Description	Principal Amount*/ Shares		Value
Semiconductors—(Continued)
ON Semiconductor Corp. 1.625%, 10/15/23 (a)		5,150,000	$	5,150,000
				13,141,925
Telecommunications—0.1%
Finisar Corp. 0.500%, 12/15/36 (a)		2,790,000		2,723,738
Total Convertible Bonds (Cost $28,765,209)				28,667,163
Convertible Preferred Stocks—0.7%
Banks—0.2%
Wells Fargo & Co., Series L 7.500%, 12/31/49		4,965		6,509,661
Oil, Gas & Consumable Fuels—0.3%
Sanchez Energy Corp. 4.875%, 12/31/49		51,400		1,374,950
6.500%, 12/31/49		316,355		8,541,585
				9,916,535
Pharmaceuticals—0.2%
Allergan plc 5.500%, 03/01/18		9,490		8,238,079
Total Convertible Preferred Stocks (Cost $28,186,575)				24,664,275
Municipals—0.3%
Brazos Harbor Industrial Development Corp., Environmental Facilities, Dow Chemical Project., Revenue Bonds 5.900%, 05/01/38 (c)		1,505,000		1,550,541
Brazos River Harbor, TX Navigation District , Dow Chemical Co. Project, Revenue Bonds 5.950%, 05/15/33		3,360,000		3,538,651
Massachusetts State Development Finance Agency, Board Institute, Revenue Bonds 5.375%, 04/01/41		400,000		449,428
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.000%, 12/15/30		750,000		828,743
5.000%, 12/15/31		1,550,000		1,706,999
Virginia Housing Development Authority 6.000%, 06/25/34		746,091		801,973
Total Municipals (Cost $8,272,748)				8,876,335
Preferred Stocks—0.1%
Security Description	Shares		Value
Air Freight & Logistics—0.0%
CEVA Group plc - Series A2 (g)		864		194,337
Banks—0.1%
Citigroup Capital, 7.542% (c)		51,160		1,329,137
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		888,251
Total Preferred Stocks (Cost $4,251,439)				2,516,188
Common Stocks—0.1%
Air Freight & Logistics—0.0%
CEVA Group plc (g) (m)		399		95,760
Diversified Consumer Services—0.0%
Ascent CNR Corp. - Class A (g) (m)		1,399,556		27,991
Household Durables—0.0%
Desarrolladora Homex S.A.B. de C.V. (m)		220,114		16,495
Marine—0.0%
Tricer Holdco SCA (f) (g) (m)		23,504		60,640
Media—0.0%
Cengage Learning, Inc.		10,995		96,206
ION Media Networks, Inc. (m)		785		510,250
				606,456
Metals & Mining—0.0%
Mirabela Nickel, Ltd. (f) (g) (m)		7,827,755		6
Oil & Gas—0.1%
Berry Petroleum Corp. (g) (m)		74,879		692,631
Oil, Gas & Consumable Fuels—0.0%
Frontera Energy Corp. (m)		3,963		102,808
Sanchez Energy Corp. (m)		46,373		332,958
				435,766
Total Common Stocks (Cost $5,459,474)				1,935,745

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Purchased Option—0.0%

Security Description	Notional Amount*/ Shares/ Principal Amount*		Value
Foreign Currency Purchased Option—0.0%
USD Call/CNH Put, Strike Price CNH 7.00, Expires 08/24/17 (Counterparty - Barclays Bank plc) (Cost $272,796)		70,490,000	$	45,959
Warrant—0.0%
Sovereign—0.0%
Venezuela Government Oil-Linked Payment Obligation, Expires 04/15/20 (m) (Cost $0)		1,700		6,800
Escrow Shares—0.0%
Energy Equipment & Services—0.0%
Hercules Offshore, Inc. (f) (g)		10,611		2,992
Forest Products & Paper—0.0%
Sino-Forest Corp.		1,246,000		0
Sino-Forest Corp.		500,000		0
				0
Oil & Gas—0.0%
Berry Petroleum Co. LLC (f) (g)		850,000		0
Berry Petroleum Co. LLC (f) (g)		1,040,000		0
				0
Total Escrow Shares (Cost $476,680)				2,992
Short-Term Investments—3.9%
Discount Note—1.1%
Freddie Mac 0.881%, 09/15/17 (n)		40,000,000		39,915,320
Repurchase Agreements—2.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $18,938,323 on 07/03/17, collateralized by $19,310,000 U.S. Government Agency Obligations with rates ranging from 0.000% - 1.125%, maturity dates ranging from 09/22/17 - 10/26/17, with a value of $19,317,127.		18,938,134		18,938,134
Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $80,007,200 on 07/03/17, collateralized by $68,888,400 U.S. Treasury Bond at 3.750% due 11/15/43 with a value of $80,978,865.		80,000,000	$	80,000,000
				98,938,134
Total Short-Term Investments (Cost $138,863,907)				138,853,454
Securities Lending Reinvestments (o)—13.1%
Certificates of Deposit—7.9%
ABN AMRO Bank NV Zero Coupon, 09/05/17		17,426,807		17,463,250
Banco Del Estado De Chile New York 1.429%, 10/19/17 (c)		11,000,000		11,002,618
Bank of America N.A. 1.507%, 07/11/17 (c)		18,000,000		18,003,171
Bank of Montreal 1.130%, 07/07/17		12,500,000		12,499,875
BNP Paribas New York 1.372%, 02/15/18 (c)		9,000,000		9,001,440
Canadian Imperial Bank 1.630%, 10/27/17 (c)		3,500,000		3,503,938
Cooperative Rabobank UA New York 1.555%, 10/13/17 (c)		4,000,000		4,004,612
1.558%, 10/13/17 (c)		4,000,000		4,005,426
Credit Suisse AG New York 1.314%, 11/07/17 (c)		1,500,000		1,500,122
1.366%, 10/06/17 (c)		5,000,000		5,001,240
1.432%, 10/16/17 (c)		12,500,000		12,502,675
1.912%, 11/03/17 (c)		501,107		501,018
DNB NOR Bank ASA 1.412%, 07/28/17 (c)		7,300,000		7,300,912
KBC Bank NV Zero Coupon, 08/22/17		4,983,698		4,991,950
Zero Coupon, 09/08/17		4,982,809		4,989,050
1.250%, 08/08/17		8,000,000		8,000,240
Mitsubishi UFJ Trust and Banking Corp. 1.266%, 12/05/17 (c)		2,000,000		2,000,046
1.367%, 10/11/17 (c)		16,500,000		16,503,696
Mizuho Bank, Ltd., New York 1.397%, 10/11/17 (c)		7,500,000		7,499,752
1.400%, 11/27/17 (c)		2,500,000		2,498,850
1.469%, 10/18/17 (c)		6,500,000		6,499,558
1.610%, 08/02/17 (c)		3,000,000		3,000,915
Natixis New York 1.287%, 11/13/17 (c)		5,000,000		4,999,450
1.506%, 08/03/17 (c)		10,000,000		10,003,020

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (o)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Norinchukin Bank New York 1.584%, 08/21/17 (c)		8,000,000	$	8,002,952
1.687%, 07/12/17 (c)		15,000,000		15,001,815
Royal Bank of Canada New York 1.358%, 06/12/18 (c)		8,000,000		7,997,296
1.555%, 10/13/17 (c)		2,000,000		2,002,022
Sumitomo Mitsui Banking Corp., New York 1.330%, 02/08/18 (c)		7,500,000		7,499,317
1.357%, 10/12/17 (c)		3,000,000		3,000,843
1.551%, 08/01/17 (c)		7,700,000		7,702,995
Sumitomo Mitsui Trust Bank, Ltd., New York 1.297%, 11/13/17 (c)		5,000,000		4,999,635
1.342%, 11/16/17 (c)		5,000,000		4,999,685
1.377%, 10/11/17 (c)		2,500,000		2,501,761
1.466%, 10/26/17 (c)		10,000,000		10,002,560
Toronto Dominion Bank New York 1.467%, 03/13/18 (c)		10,300,000		10,307,653
1.475%, 01/10/18 (c)		5,000,000		5,008,313
UBS, Stamford 1.722%, 07/31/17 (c)		4,204,292		4,202,399
Wells Fargo Bank San Francisco N.A. 1.547%, 10/26/17 (c)		7,000,000		7,006,258
				277,512,328
Commercial Paper—1.6%
Atlantic Asset Securitization LLC 1.170%, 07/12/17		5,982,255		5,997,828
Barton Capital S.A. 1.290%, 09/12/17		8,472,588		8,479,192
Commonwealth Bank Australia 1.522%, 10/23/17 (c)		7,000,000		7,007,380
ING Funding LLC 1.234%, 12/07/17 (c)		4,000,000		4,001,381
1.277%, 11/13/17 (c)		4,000,000		3,999,708
LMA S.A. & LMA Americas 1.150%, 07/07/17		9,997,764		9,998,722
1.180%, 07/11/17		2,991,150		2,999,004
Ridgefield Funding Co. LLC 1.434%, 09/07/17 (c)		3,000,000		3,001,201
Westpac Banking Corp. 1.506%, 10/20/17 (c)		11,600,000		11,611,565
				57,095,981
Repurchase Agreements—3.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $832,427 on 07/03/17, collateralized by $866,464 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $848,999.		832,352		832,352
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $11,001,008 on 07/03/17, collateralized by $10,957,725 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $11,220,001.		11,000,000		11,000,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $2,023,750 on 10/02/17, 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 06/30/17 at 1.200% to be repurchased at $20,002,000 on 07/03/17, collateralized by $20,334,667 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $20,400,061.		20,000,000		20,000,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $17,013,175 on 07/03/17, collateralized by $3,695 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $18,901,000.		17,000,000		17,000,000
Deutsche Bank Securities, Inc. Repurchase Agreement dated 06/19/17 at 1.710% to be repurchased at $9,546,028 on 09/29/17, collateralized by various Common Stock with a value of $10,450,002.		9,500,000		9,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/08/17 at 1.150% to be repurchased at $15,013,896 on 07/07/17, collateralized by $13,525,239 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $15,309,989.		15,000,000		15,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $9,653,876 on 10/02/17, collateralized by various Common Stock with a value of $10,450,000.		9,500,000		9,500,000

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (o)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 04/24/17 at 1.710% to be repurchased at $7,557,356 on 10/02/17, collateralized by various Common Stock with a value of $8,250,001.		7,500,000	$	7,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $15,001,675 on 07/03/17, collateralized by $29,910,927 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $15,301,781.		15,000,000		15,000,000
Royal Bank of Scotland Securities, Inc. Repurchase Agreement dated 06/30/17 at 1.060% to be repurchased at $10,002,061 on 07/07/17, collateralized by $10,211,044 U.S. Treasury Obligations with rates ranging from 1.118% - 2.000%, maturity dates ranging from 07/31/17 - 02/15/25, with a value of $10,200,282.		10,000,000		10,000,000
				117,332,352
Time Deposit—0.3%
Shinkin Central Bank 1.330%, 07/26/17		9,000,000		9,000,000
Total Securities Lending Reinvestments (Cost $460,848,518)				460,940,661
Total Investments—116.6% (Cost $4,029,508,506) (p)				4,099,997,976
Other assets and liabilities (net)—(16.6)%				(584,610,134	)
Net Assets—100.0%			$	3,515,387,842

*	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 June 30, 2017, the market value of securities loaned was $437,783,087 and the collateral received consisted of cash in the amount of $460,774,822. 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 June 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date.
(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 June 30, 2017, the market value of restricted securities was $10,088,640, 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 June 30, 2017, these securities represent less than 0.05% of net assets.
(g)	Illiquid security. As of June 30, 2017, these securities represent 1.1% of net assets.
(h)	Interest only security.
(i)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will 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.
(j)	This loan will settle after June 30, 2017, at which time the interest rate will be determined.
(k)	Principal amount of security is adjusted for inflation.
(l)	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.
(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 June 30, 2017.
(p)	As of June 30, 2017, the aggregate cost of investments was $4,029,508,506. The aggregate unrealized appreciation and depreciation of investments were $132,118,234 and $(61,628,764), respectively, resulting in net unrealized appreciation of $70,489,470.
(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 June 30, 2017, the market value of 144A securities was $1,207,757,919, which is 34.4% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(ARS)—	Argentine Peso
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(GBP)—	British Pound
(REMIC)—	Real Estate Mortgage Investment Conduit
(RUB)—	Russian Ruble
(UYU)—	Uruguayan Peso

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Alta Wind Holdings LLC, 7.000%, 06/30/35		07/14/10	$	1,424,865	$	1,424,866	$	1,614,591
Bayview Commercial Asset Trust, Zero Coupon, 07/25/37		11/23/10		3,565,712		339,857		0
Compiler Finance Sub, Inc., 7.000%, 05/01/21		04/10/15		70,000		57,821		35,088
Countrywide Home Loan Reperforming Loan REMIC Trust, 5.195%, 03/25/35		01/08/15		7,605,237		1,107,513		910,710
Midwest Vanadium Pty, Ltd., 11.500%, 02/15/18		05/05/11 - 05/24/11		952,902		982,680		23,823
Mirabela Nickel, Ltd., 1.000%, 09/10/44		09/10/14 - 10/21/16		36,414		32,882		0
NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/25		01/25/13		2,678,645		2,832,614		2,879,543
SoFi Professional Loan Program LLC, Zero Coupon, 08/25/36		08/05/15		500		2,964,375		2,046,875
Waterfall Commercial Mortgage Trust, 4.104%, 09/14/22		09/08/15 - 11/18/16		2,575,012		2,562,814		2,578,010
							$	10,088,640

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	$	(177,243	)
ARS	295,610,000	JPMorgan Chase Bank N.A.		11/15/17		17,013,525		(375,707	)
BRL	2,339,900	Barclays Bank plc		07/20/17		702,820		1,199
BRL	58,410,000	Barclays Bank plc		07/20/17		17,544,229		29,926
BRL	75,000,000	Barclays Bank plc		07/20/17		22,527,258		38,425
CAD	17,300,000	Barclays Bank plc		07/20/17		12,721,879		622,539
CAD	28,040,000	Barclays Bank plc		07/20/17		21,206,887		421,869
CNH	180,500,000	Citibank N.A.		07/20/17		26,472,098		118,598
CNH	92,659,105	Bank of America N.A.		08/28/17		13,368,793		243,068
EUR	7,840,000	Bank of America N.A.		07/20/17		8,726,853		234,478
EUR	8,960,000	Bank of America N.A.		07/20/17		9,963,242		278,279
EUR	14,460,000	Bank of America N.A.		07/20/17		15,797,333		730,836
EUR	903,001	Barclays Bank plc		07/20/17		1,007,998		24,156
EUR	1,148,001	Barclays Bank plc		07/20/17		1,251,666		60,530
EUR	1,184,001	Barclays Bank plc		07/20/17		1,331,883		21,462
EUR	2,303,001	Barclays Bank plc		07/20/17		2,581,420		50,972
EUR	2,743,001	Barclays Bank plc		07/20/17		3,015,600		119,724
EUR	17,020,000	Barclays Bank plc		07/20/17		18,765,401		688,917
EUR	21,620,000	Barclays Bank plc		07/20/17		24,220,929		491,313
GBP	42,690,000	Barclays Bank plc		07/20/17		54,844,825		783,473
IDR	232,989,755,439	JPMorgan Chase Bank N.A.		07/20/17		17,432,829		20,191
INR	1,167,430,000	Barclays Bank plc		07/20/17		17,924,612		101,608
JPY	1,000,970,000	Bank of America N.A.		07/20/17		8,866,262		38,870
JPY	1,036,040,000	Bank of America N.A.		07/20/17		9,152,580		64,554
MXN	598,473,342	Goldman Sachs Capital Markets, Inc.		07/20/17		31,269,507		1,627,938
TWD	1,338,152,000	Barclays Bank plc		07/20/17		43,928,567		81,462
ZAR	234,627,000	Morgan Stanley & Co. International plc		07/20/17		16,922,372		966,155
Contracts to Deliver
ARS	145,000,000	JPMorgan Chase Bank N.A.		11/15/17		8,224,617		63,582
AUD	12,108,931	Barclays Bank plc		07/20/17		9,062,203		(242,904	)
BRL	59,007,677	Barclays Bank plc		07/20/17		18,552,373		798,392
CAD	83,760,528	Barclays Bank plc		07/20/17		62,880,919		(1,728,069	)
CAD	17,300,000	Barclays Bank plc		07/20/17		13,087,599		(256,819	)
CAD	12,715,512	Barclays Bank plc		07/20/17		9,296,324		(511,832	)
CAD	49,882	Barclays Bank plc		07/20/17		36,597		(1,880	)
CLP	29,341,580,000	Barclays Bank plc		10/19/17		44,059,734		201
CNH	180,500,000	Barclays Bank plc		07/20/17		26,063,853		(526,844	)
CNH	92,659,105	Barclays Bank plc		08/28/17		13,365,515		(246,346	)
CNH	180,500,000	Citibank N.A.		10/19/17		26,298,536		(127,276	)

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	1,314,001	BNP Paribas S.A.		07/20/17	$	1,484,059	$	(17,880	)
EUR	2,060,514	Barclays Bank plc		07/20/17		2,196,042		(159,181	)
EUR	1,436,001	Barclays Bank plc		07/20/17		1,616,951		(24,436	)
GBP	27,174,682	Bank of America N.A.		07/20/17		35,175,995		(234,670	)
GBP	21,370,000	Bank of America N.A.		07/20/17		27,672,227		(174,499	)
GBP	20,442,151	Barclays Bank plc		07/20/17		25,603,344		(1,034,324	)
JPY	11,045,696,534	Barclays Bank plc		07/20/17		101,169,596		2,901,520
MXN	368,438,860	Bank of America N.A.		07/20/17		19,401,730		(850,963	)
MXN	330,000	Bank of America N.A.		07/20/17		17,531		(609	)
MXN	230,034,483	Goldman Sachs Capital Markets, Inc.		07/20/17		12,217,031		(427,720	)
NZD	7,900,000	Bank of America N.A.		07/20/17		5,488,802		(298,804	)
SEK	30,000,000	Barclays Bank plc		07/20/17		3,426,936		(136,981	)
SEK	435,647	Barclays Bank plc		07/20/17		49,481		(2,272	)
TWD	2,718,785,000	Barclays Bank plc		07/20/17		89,316,196		(101,004	)
ZAR	234,627,000	Morgan Stanley & Co. International plc		07/20/17		17,580,794		(307,734	)
Net Unrealized Appreciation							$	3,658,240

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/17/18		1,296			USD	317,168,612		$	999,388
Australian 10 Year Treasury Bond Futures		09/15/17		962			AUD	126,062,868			(1,318,140	)
Euro-BTP Futures		09/07/17		665			EUR	88,977,527			1,017,168
U.S. Treasury Note 10 Year Futures		09/20/17		5,404			USD	680,526,991			(2,156,115	)
U.S. Treasury Note 2 Year Futures		09/29/17		32			USD	6,923,274			(7,774	)
U.S. Treasury Note Ultra 10 Year Futures		09/20/17		97			USD	13,058,940			17,872
U.S. Treasury Ultra Long Bond Futures		09/20/17		178			USD	29,149,821			375,929
Futures Contracts—Short
3 Month Euribor		12/17/18		(1,110	)		EUR	(277,476,056	)		(312,600	)
90 Day Eurodollar Futures		12/16/19		(1,296	)		USD	(316,152,188	)		(1,222,012	)
Euro-Bund Futures		09/07/17		(898	)		EUR	(147,891,108	)		2,891,750
U.S. Treasury Long Bond Futures		09/20/17		(387	)		USD	(59,514,710	)		37,647
U.S. Treasury Note 5 Year Futures		09/29/17		(201	)		USD	(23,809,627	)		124,604
Net Unrealized Appreciation										$	447,717

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	$6,966,491	$—	$6,966,491

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	3M LIBOR		1.185	%	06/13/21		USD	56,430,000	$	(1,433,497	)
Pay	3M LIBOR		1.355	%	12/13/18		USD	851,950,000		(2,022,819	)
Pay	3M NZD-BBR-FRA		2.103	%	08/02/21		NZD	56,400,000		(991,850	)

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	3M NZD-BBR-FRA		2.105	%	08/04/21		NZD	55,490,000	$	(974,523	)
Pay	3M NZD-BBR-FRA		2.105	%	08/04/21		NZD	55,490,000		(974,523	)
Receive	3M CDOR		1.085	%	12/09/18		CAD	1,116,900,000		3,030,823
Receive	3M LIBOR		1.081	%	08/02/21		USD	38,970,000		1,206,238
Receive	3M LIBOR		1.142	%	08/04/21		USD	38,950,000		1,115,004
Receive	3M LIBOR		1.144	%	08/04/21		USD	38,950,000		1,111,926
Receive	3M LIBOR		1.580	%	06/13/26		USD	56,280,000		3,052,515
Receive	3M LIBOR		2.000	%	05/16/23		USD	476,000,000		2,087,168
Receive	3M STIBOR		(0.220	)%	03/14/19		SEK	3,817,370,000		(821,961	)
Net Unrealized Appreciation									$	4,384,501

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

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation
CDX.NA.HY.28		(5.000%)		06/20/22	3.390%		USD	109,310,000	$	712,837

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017(b)	Notional Amount(c)			Unrealized Appreciation
CDX.NA.IG.28		1.000%		06/20/22	0.000%		USD	80,160,000	$	229,740

(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.
	Securities in the amount of $8,055,733 have been received at the custodian bank as collateral for OTC swap contracts.
(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLP)—	Chilean Peso
(CNH)—	Chinese Renminbi
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(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
(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

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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	127,812	$	—	$	127,812
Aerospace/Defense		—		18,998,395		—		18,998,395
Agriculture		—		9,254,272		—		9,254,272
Airlines		—		2,606,847		—		2,606,847
Apparel		—		25,816,701		—		25,816,701
Auto Manufacturers		—		13,475,204		—		13,475,204
Auto Parts & Equipment		—		46,968,715		—		46,968,715
Banks		—		368,142,519		—		368,142,519
Beverages		—		17,374,452		—		17,374,452
Biotechnology		—		16,222,340		—		16,222,340
Building Materials		—		6,385,247		—		6,385,247
Chemicals		—		1,891,455		—		1,891,455
Commercial Services		—		43,130,023		—		43,130,023
Computers		—		13,719,622		—		13,719,622
Diversified Financial Services		—		69,053,149		—		69,053,149
Electric		—		50,348,903		—		50,348,903
Energy-Alternate Sources		—		1,614,591		—		1,614,591
Engineering & Construction		—		10,609,409		—		10,609,409

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Entertainment	$	—	$	20,795,069	$	—	$	20,795,069
Environmental Control		—		1,371,745		—		1,371,745
Food		—		15,507,904		—		15,507,904
Food Service		—		5,957,250		—		5,957,250
Forest Products & Paper		—		10,443,150		—		10,443,150
Healthcare-Products		—		36,580,508		—		36,580,508
Healthcare-Services		—		62,851,735		—		62,851,735
Holding Companies-Diversified		—		3,801,212		—		3,801,212
Home Builders		—		24,780,210		—		24,780,210
Household Products/Wares		—		4,217,325		—		4,217,325
Housewares		—		3,547,124		—		3,547,124
Insurance		—		23,478,036		—		23,478,036
Internet		—		13,880,703		—		13,880,703
Iron/Steel		—		12,862,763		—		12,862,763
Leisure Time		—		26,002,590		—		26,002,590
Lodging		—		18,235,468		—		18,235,468
Machinery-Construction & Mining		—		9,431,475		—		9,431,475
Media		—		114,808,458		—		114,808,458
Metal Fabricate/Hardware		—		2,977,123		—		2,977,123
Mining		—		104,708,264		0		104,708,264
Miscellaneous Manufacturing		—		23,269,192		—		23,269,192
Oil & Gas		—		206,262,765		—		206,262,765
Oil & Gas Services		—		22,829,546		—		22,829,546
Packaging & Containers		—		30,112,834		—		30,112,834
Pharmaceuticals		—		49,216,301		—		49,216,301
Pipelines		—		117,184,474		—		117,184,474
Real Estate Investment Trusts		—		20,729,195		—		20,729,195
Retail		—		51,373,460		—		51,373,460
Savings & Loans		—		3,531,925		—		3,531,925
Semiconductors		—		7,514,635		—		7,514,635
Software		—		22,598,668		—		22,598,668
Telecommunications		—		100,722,817		—		100,722,817
Textiles		—		4,544,049		—		4,544,049
Transportation		—		23,349,377		—		23,349,377
Trucking & Leasing		—		16,225,816		—		16,225,816
Water		—		3,706,212		—		3,706,212
Total Corporate Bonds & Notes		—		1,935,149,034		0		1,935,149,034
Total Mortgage-Backed Securities*		—		494,899,031		—		494,899,031
Total Floating Rate Loans*		—		280,406,875		—		280,406,875
Total Foreign Government*		—		259,391,552		—		259,391,552
Total U.S. Treasury & Government Agencies*		—		258,334,671		—		258,334,671
Total Asset-Backed Securities*		—		205,307,241		—		205,307,241
Total Convertible Bonds*		—		28,667,163		—		28,667,163
Total Convertible Preferred Stocks*		24,664,275		—		—		24,664,275
Total Municipals		—		8,876,335		—		8,876,335
Preferred Stocks
Air Freight & Logistics		—		194,337		—		194,337
Banks		1,329,137		—		—		1,329,137
Marine		—		—		104,463		104,463
Oil & Gas		—		888,251		—		888,251
Total Preferred Stocks		1,329,137		1,082,588		104,463		2,516,188
Common Stocks
Air Freight & Logistics		—		95,760		—		95,760
Diversified Consumer Services		—		27,991		—		27,991
Household Durables		16,495		—		—		16,495
Marine		—		—		60,640		60,640

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Media	$	—		$	606,456		$	—	$	606,456
Metals & Mining		—			—			6		6
Oil & Gas		—			692,631			—		692,631
Oil, Gas & Consumable Fuels		435,766			—			—		435,766
Total Common Stocks		452,261			1,422,838			60,646		1,935,745
Total Purchased Option*		—			45,959			—		45,959
Total Warrant*		—			6,800			—		6,800
Total Escrow Shares*		—			—			2,992		2,992
Short-Term Investments
Discount Note		—			39,915,320			—		39,915,320
Repurchase Agreements		—			98,938,134			—		98,938,134
Total Short-Term Investments		—			138,853,454			—		138,853,454
Securities Lending Reinvestments
Certificates of Deposit		—			277,512,328			—		277,512,328
Commercial Paper		—			57,095,981			—		57,095,981
Repurchase Agreements		—			117,332,352			—		117,332,352
Time Deposit		—			9,000,000			—		9,000,000
Total Securities Lending Reinvestments		—			460,940,661			—		460,940,661
Total Investments	$	26,445,673		$	4,073,384,202		$	168,101	$	4,099,997,976
Collateral for Securities Loaned (Liability)	$	—		$	(460,774,822	)	$	—	$	(460,774,822	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	11,624,237		$	—	$	11,624,237
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(7,965,997	)		—		(7,965,997	)
Total Forward Contracts	$	—		$	3,658,240		$	—	$	3,658,240
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	5,464,358		$	—		$	—	$	5,464,358
Futures Contracts (Unrealized Depreciation)		(5,016,641	)		—			—		(5,016,641	)
Total Futures Contracts	$	447,717		$	—		$	—	$	447,717
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	12,546,251		$	—	$	12,546,251
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(7,219,173	)		—		(7,219,173	)
Total Centrally Cleared Swap Contracts	$	—		$	5,327,078		$	—	$	5,327,078
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	6,966,491		$	—	$	6,966,491

* 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 June 30, 2017 is not presented.

Transfers from Level 3 to Level 2 in the amount of $3,626,857 were due to the initiation of a vendor or broker providing prices based on market indications which have been determined to be significant observable inputs.

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	4,099,997,976
Cash denominated in foreign currencies (c)		18,097,384
Cash collateral (d)		27,728,241
OTC swap contracts at market value		6,966,491
Unrealized appreciation on forward foreign currency exchange contracts		11,624,237
Receivable for:
Investments sold		37,834,407
TBA securities sold		191,257,426
Fund shares sold		746,856
Dividends and interest		36,674,074
Interest on OTC swap contracts		283,131
Variation margin on centrally cleared swap contracts		1,102,800
Other assets		51,415
Total Assets		4,432,364,438
Liabilities
Due to custodian		25,780,115
Unrealized depreciation on forward foreign currency exchange contracts		7,965,997
Collateral for securities loaned		460,774,822
Payables for:
Investments purchased		45,629,852
TBA securities purchased		371,255,352
Fund shares redeemed		2,161,004
Variation margin on futures contracts		711,119
Interest on OTC swap contracts		134,275
Accrued Expenses:
Management fees		1,464,593
Distribution and service fees		224,971
Deferred trustees’ fees		271,574
Other expenses		602,922
Total Liabilities		916,976,596
Net Assets	$	3,515,387,842
Net Assets Consist of:
Paid in surplus	$	3,482,598,773
Undistributed net investment income		66,128,925
Accumulated net realized loss		(120,737,297	)
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		87,397,441
Net Assets	$	3,515,387,842
Net Assets
Class A	$	2,309,408,243
Class B		924,784,181
Class E		281,195,418
Capital Shares Outstanding*
Class A		170,247,702
Class B		68,675,597
Class E		20,826,147
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.56
Class B		13.47
Class E		13.50

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $4,029,508,506.
(b)	Includes securities loaned at value of $437,783,087.
(c)	Identified cost of cash denominated in foreign currencies was $17,770,407.
(d)	Includes collateral of $14,055,761 for futures contracts, and $13,672,480 for centrally cleared swap contracts.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Dividends	$	1,233,102
Interest		92,191,385
Securities lending income		1,728,762
Other income		5,814
Total investment income		95,159,063
Expenses
Management fees		9,742,771
Administration fees		54,872
Custodian and accounting fees		174,777
Distribution and service fees—Class B		1,140,639
Distribution and service fees—Class E		212,339
Interest expense		1,914
Audit and tax services		47,428
Legal		18,329
Trustees’ fees and expenses		26,205
Shareholder reporting		129,269
Insurance		13,472
Miscellaneous		18,466
Total expenses		11,580,481
Less management fee waiver		(997,215	)
Net expenses		10,583,266
Net Investment Income		84,575,797
Net Realized and Unrealized Gain
Net realized gain on:
Investments		17,563,506
Futures contracts		6,919,707
Written options		2,728,455
Swap contracts		4,278,482
Foreign currency transactions		11,470,837
Net realized gain		42,960,987
Net change in unrealized appreciation (depreciation) on:
Investments		72,325,020
Futures contracts		(3,648,656	)
Written options		(436,414	)
Swap contracts		(1,641,629	)
Foreign currency transactions		(14,402,792	)
Net change in unrealized appreciation		52,195,529
Net realized and unrealized gain		95,156,516
Net Increase in Net Assets From Operations	$	179,732,313

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	84,575,797		$	129,284,848
Net realized gain (loss)		42,960,987			(12,704,790	)
Net change in unrealized appreciation		52,195,529			91,350,032
Increase in net assets from operations		179,732,313			207,930,090
From Distributions to Shareholders
Net investment income
Class A		(89,784,446	)		(35,720,494	)
Class B		(34,541,744	)		(14,043,055	)
Class E		(10,698,139	)		(4,707,996	)
Total distributions		(135,024,329	)		(54,471,545	)
Increase in net assets from capital share transactions		30,333,243			1,976,278,443
Total increase in net assets		75,041,227			2,129,736,988
Net Assets
Beginning of period		3,440,346,615			1,310,609,627
End of period	$	3,515,387,842		$	3,440,346,615
Undistributed net investment income
End of period	$	66,128,925		$	116,577,457

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		3,388,892		$	46,718,776			2,045,719		$	26,862,922
Shares issued through acquisition (a)		0			0			103,655,018			1,346,478,441
Reinvestments		6,616,393			89,784,446			2,771,179			35,720,494
Redemptions		(6,908,812	)		(94,861,620	)		(26,690,502	)		(348,288,878	)
Net increase		3,096,473		$	41,641,602			81,781,414		$	1,060,772,979
Class B
Sales		1,859,897		$	25,301,744			3,388,344		$	44,497,609
Shares issued through acquisition (a)		0			0			59,736,085			771,192,945
Reinvestments		2,564,346			34,541,744			1,096,257			14,043,055
Redemptions		(4,329,792	)		(58,968,675	)		(10,876,641	)		(141,918,411	)
Net increase		94,451		$	874,813			53,344,045		$	687,815,198
Class E
Sales		327,933		$	4,471,095			2,108,691		$	27,371,470
Shares issued through acquisition (a)		0			0			18,973,217			245,512,995
Reinvestments		791,868			10,698,139			366,666			4,707,996
Redemptions		(2,004,124	)		(27,352,406	)		(3,805,759	)		(49,902,195	)
Net increase (decrease)		(884,323	)	$	(12,183,172	)		17,642,815		$	227,690,266
Increase derived from capital shares transactions				$	30,333,243					$	1,976,278,443

(a) See Note 9 of the Notes to Financial Statements.

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.40		$	12.53		$	13.43		$	13.45		$	13.98		$	13.01
Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.62	(b)		0.59			0.64			0.63			0.50
Net realized and unrealized gain (loss) on investments		0.37			0.45			(0.80	)		0.09			(0.47	)		0.96
Total from investment operations		0.71			1.07			(0.21	)		0.73			0.16			1.46
Less Distributions
Distributions from net investment income		(0.55	)		(0.20	)		(0.69	)		(0.75	)		(0.69	)		(0.49	)
Total distributions		(0.55	)		(0.20	)		(0.69	)		(0.75	)		(0.69	)		(0.49	)
Net Asset Value, End of Period	$	13.56		$	13.40		$	12.53		$	13.43		$	13.45		$	13.98
Total Return (%) (c)		5.35	(d)		8.55			(1.72	)		5.47			1.09			11.50
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59	(e)		0.60			0.63			0.65			0.66			0.65
Net ratio of expenses to average net assets (%) (f)		0.54	(e)		0.54			0.59			0.61			0.62			0.61
Ratio of net investment income to average net assets (%)		4.98	(e)		4.74	(b)		4.51			4.77			4.65			3.70
Portfolio turnover rate (%)		84	(d)(g)		86			99	(g)		98	(g)		132	(g)		228	(g)
Net assets, end of period (in millions)	$	2,309.4		$	2,239.2		$	1,070.0		$	982.6		$	682.7		$	708.5
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.29		$	12.46		$	13.35		$	13.37		$	13.90		$	12.93
Income (Loss) from Investment Operations
Net investment income (a)		0.32			0.58	(b)		0.56			0.61			0.59			0.46
Net realized and unrealized gain (loss) on investments		0.38			0.45			(0.80	)		0.08			(0.46	)		0.97
Total from investment operations		0.70			1.03			(0.24	)		0.69			0.13			1.43
Less Distributions
Distributions from net investment income		(0.52	)		(0.20	)		(0.65	)		(0.71	)		(0.66	)		(0.46	)
Total distributions		(0.52	)		(0.20	)		(0.65	)		(0.71	)		(0.66	)		(0.46	)
Net Asset Value, End of Period	$	13.47		$	13.29		$	12.46		$	13.35		$	13.37		$	13.90
Total Return (%) (c)		5.20	(d)		8.30			(2.00	)		5.29			0.83			11.29
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(e)		0.85			0.88			0.90			0.91			0.90
Net ratio of expenses to average net assets (%) (f)		0.79	(e)		0.79			0.84			0.86			0.87			0.86
Ratio of net investment income to average net assets (%)		4.73	(e)		4.43	(b)		4.25			4.53			4.39			3.45
Portfolio turnover rate (%)		84	(d)(g)		86			99	(g)		98	(g)		132	(g)		228	(g)
Net assets, end of period (in millions)	$	924.8		$	911.7		$	189.9		$	220.7		$	238.4		$	268.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	13.33		$	12.48		$	13.38		$	13.39		$	13.93		$	12.96
Income (Loss) from Investment Operations
Net investment income (a)		0.33			0.59	(b)		0.57			0.62			0.61			0.48
Net realized and unrealized gain (loss) on investments		0.37			0.46			(0.81	)		0.09			(0.48	)		0.96
Total from investment operations		0.70			1.05			(0.24	)		0.71			0.13			1.44
Less Distributions
Distributions from net investment income		(0.53	)		(0.20	)		(0.66	)		(0.72	)		(0.67	)		(0.47	)
Total distributions		(0.53	)		(0.20	)		(0.66	)		(0.72	)		(0.67	)		(0.47	)
Net Asset Value, End of Period	$	13.50		$	13.33		$	12.48		$	13.38		$	13.39		$	13.93
Total Return (%) (c)		5.26	(d)		8.47			(1.90	)		5.40			0.94			11.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(e)		0.75			0.78			0.80			0.81			0.80
Net ratio of expenses to average net assets (%) (f)		0.69	(e)		0.69			0.74			0.76			0.77			0.76
Ratio of net investment income to average net assets (%)		4.82	(e)		4.52	(b)		4.35			4.63			4.49			3.55
Portfolio turnover rate (%)		84	(d)(g)		86			99	(g)		98	(g)		132	(g)		228	(g)
Net assets, end of period (in millions)	$	281.2		$	289.4		$	50.8		$	59.5		$	66.2		$	74.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 50%, 71%, 57%, 62% and 84% for the six months ended June 30, 2017 and the years ended December 31, 2015, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

BHFTII-35

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through 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 options on swaps (“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 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

BHFTII-36

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown reclasses, merger adjustments, swap transactions, defaulted bonds and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2017, the Portfolio had a payment of $25,780,115 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2017. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2017. The Portfolio’s average overdraft advances during the six months ended June 30, 2017 were not significant.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

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

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

BHFTII-37

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In

BHFTII-38

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $98,938,134. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $117,332,352. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Convertible Bonds	$	(16,978,400	)	$	—	$	—	$	—	$	(16,978,400	)
Corporate Bonds & Notes		(409,858,537	)		—		—		—		(409,858,537	)
Foreign Government		(33,501,462	)		—		—		—		(33,501,462	)
U.S. Treasury & Government Agencies		(436,423	)		—		—		—		(436,423	)
Total	$	(460,774,822	)	$	—	$	—	$	—	$	(460,774,822	)
Total Borrowings	$	(460,774,822	)	$	—	$	—	$	—	$	(460,774,822	)
Gross amount of recognized liabilities for securities lending transactions										$	(460,774,822	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign

BHFTII-39

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

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Notes to Financial Statements—June 30, 2017—(Continued)

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

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

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts

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Notes to Financial Statements—June 30, 2017—(Continued)

due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2017, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

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Notes to Financial Statements—June 30, 2017—(Continued)

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

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	OTC swap contracts at market value (a)	$	6,966,491
	Unrealized appreciation on centrally cleared swap contracts (b) (c)		11,603,674	Unrealized depreciation on centrally cleared swap contracts (b) (c)	$	7,219,173
	Unrealized appreciation on futures contracts (b) (d)		5,464,358	Unrealized depreciation on futures contracts (b) (d)		5,016,641
Credit	Unrealized appreciation on centrally cleared swap contracts (b) (c)		942,577
Foreign Exchange	Investments at market value (e)		45,959
	Unrealized appreciation on forward foreign currency exchange contracts		11,624,237	Unrealized depreciation on forward foreign currency exchange contracts		7,965,997
Total		$	36,647,296		$	20,201,811

(a)	Excludes OTC swap interest receivable of $283,131 and OTC swap interest payable of $134,275.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(d)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(e)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

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Notes to Financial Statements—June 30, 2017—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2017.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	8,556,576	$	(1,559,545	)	$	(6,982,484	)	$	14,547
Barclays Bank plc		7,237,688		(4,972,892	)		(895,857	)		1,368,939
Citibank N.A.		118,598		(118,598	)		—			—
Goldman Sachs Capital Markets, Inc.		1,627,938		(427,720	)		—			1,200,218
JPMorgan Chase Bank N.A.		83,773		(83,773	)		—			—
Morgan Stanley & Co. International plc		966,155		(307,734	)		—			658,421
	$	18,590,728	$	(7,470,262	)	$	(7,878,341	)	$	3,242,125

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2017.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	1,559,545	$	(1,559,545	)	$	—	$	—
Barclays Bank plc		4,972,892		(4,972,892	)		—		—
BNP Paribas S.A.		17,880		—			—		17,880
Citibank N.A.		304,519		(118,598	)		—		185,921
Goldman Sachs Capital Markets, Inc.		427,720		(427,720	)		—		—
JPMorgan Chase Bank N.A.		375,707		(83,773	)		—		291,934
Morgan Stanley & Co. International plc		307,734		(307,734	)		—		—
	$	7,965,997	$	(7,470,262	)	$	—	$	495,735

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	(112,917	)	$	(627,177	)	$	(463,195	)	$	(1,203,289	)
Forward foreign currency transactions		—			—			10,880,919			10,880,919
Futures contracts		6,919,707			—			—			6,919,707
Swap contracts		7,568,535			(3,290,053	)		—			4,278,482
Written options		1,901,883			163,611			662,961			2,728,455
	$	16,277,208		$	(3,753,619	)	$	11,080,685		$	23,604,274
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	—		$	—		$	(226,837	)	$	(226,837	)
Forward foreign currency transactions		—			—			(15,352,257	)		(15,352,257	)
Futures contracts		(3,648,656	)		—			—			(3,648,656	)
Swap contracts		(4,024,515	)		2,382,886			—			(1,641,629	)
Written options		(301,129	)		—			(135,285	)		(436,414	)
	$	(7,974,300	)	$	2,382,886		$	(15,714,379	)	$	(21,305,793	)

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Notes to Financial Statements—June 30, 2017—(Continued)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	120,241,444
Forward foreign currency transactions		780,748,499
Futures contracts long		1,348,759,978
Futures contracts short		(1,351,863,745	)
Swap contracts		4,118,981,919
Written options		(107,378,138	)

‡	Averages are based on activity levels during the period.
(a)	Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the six months ended June 30, 2017:

Call Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2016		—			1,696		$	327,629
Options written		31,300,000			7,500			2,593,399
Options bought back		—			(3,894	)		(1,766,205	)
Options expired		(31,300,000	)		(5,302	)		(1,154,823	)
Options outstanding June 30, 2017		—			—		$	—
Put Options	Notional Amount*			Number of Contracts			Premium Received
Options outstanding December 31, 2016		15,000,000			—		$	162,150
Options written		100,281,400			3,894			2,450,449
Options bought back		(32,110,000	)		(3,894	)		(2,286,838	)
Options expired		(83,171,400	)		—			(325,761	)
Options outstanding June 30, 2017		—			—		$	—

* Amount shown is in the currency in which the transaction was denominated.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

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For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,550,315,587	$	1,295,308,174	$	1,467,692,470	$	1,387,328,891

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$1,217,165,809	$	1,039,423,455

BHFTII-46

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average Daily Net Assets
$9,742,771		0.650	%	Of the first $500 million
		0.550	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.055%	On the first $500 million
0.025%	On the next $500 million
0.050%	On the next $1 billion
0.075%	On amounts in excess of $2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2016 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTII-47

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$54,471,545	$	70,587,732	$	—	$	—	$	54,471,545	$	70,587,732

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards			Other Accumulated Capital Losses			Total
$134,884,662	$	—	$	(7,788,051	)	$	(16,715,740	)	$	(137,613,302	)	$	(11,656,329	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment accumulated short-term capital losses of $37,458,557 and post-enactment long-term accumulated capital losses of $100,154,745. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/17	Expiring 12/31/18		Total
$14,261,627	$	2,454,113	$	16,715,740

On April 29, 2016, the Portfolio acquired $56,698,739 and $37,535,371 in capital loss carryforwards from Met Investors Series Trust Lord Abbett Bond Debenture Portfolio and Met Investors Series Trust Pioneer Strategic Income Portfolio, respectively. These capital loss carryforwards may be subject to loss limitations.

9. Acquisition

At the close of business on April 29, 2016, the Portfolio, with aggregate Class A, Class B and Class E net assets of $1,071,049,128, $185,485,101 and $50,610,322, respectively, acquired all the assets and liabilities of both Lord Abbett Bond Debenture Portfolio of the Met Investors Series Trust (“Lord Abbett Bond Debenture”) and Pioneer Strategic Income Portfolio of the Met Investors Series Trust (“Pioneer Strategic Income”).

The acquisitions were accomplished by a tax-free exchange of shares of the Portfolio in the following amounts:

Portfolio	Share Class		Shares Prior to Acquisition		Net Assets Prior to Acquisition		Shares Issued By Portfolio
Lord Abbett Bond Debenture		Class A		47,174,589	$	529,283,625		40,745,486
Lord Abbett Bond Debenture		Class B		60,173,990		667,991,393		51,742,162
Lord Abbett Bond Debenture		Class E		1,491,864		16,610,085		1,283,657
Pioneer Strategic Income		Class A		81,835,600		817,194,816		62,909,532
Pioneer Strategic Income		Class B		10,555,527		103,201,552		7,993,923
Pioneer Strategic Income		Class E		23,060,053		228,902,910		17,689,560

Each shareholder of Lord Abbett Bond Debenture and Pioneer Strategic Income received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 29, 2016. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the MetLife, Inc. families of funds with similar investment

BHFTII-48

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of MetLife. Some of the investments held by the Lord Abbett Bond Debenture and Pioneer Strategic Income Portfolios may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by Lord Abbett Bond Debenture and Pioneer Strategic Income Portfolios. All other costs associated with the merger were not borne by the shareholders of the Portfolios.

Lord Abbett Bond Debenture’s net assets on April 29, 2016 were $529,283,625, $667,991,393 and $16,610,085 for Class A, B and E shares, respectively, including investments valued at $1,206,164,787 with a cost basis of $1,199,106,024. Pioneer Strategic Income’s net assets on April 29, 2016 were $817,194,816, $103,201,552 and $228,902,910 for Class A, B and E shares, respectively, including investments valued at $1,087,157,353 with a cost basis of $1,082,699,355. For financial reporting purposes, assets received, liabilities assumed, and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from Lord Abbett Bond Debenture and Pioneer Strategic Income Portfolios were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Portfolio immediately after the acquisition were $3,670,328,932, which included $7,058,763 and $4,457,998 of acquired unrealized appreciation on investments and foreign currency transactions from Lord Abbett Bond Debenture and Pioneer Strategic Income, respectively.

Assuming the acquisition had been completed on January 1, 2016, the Portfolio’s pro-forma results of operations for the year ended December 31, 2016 are as follows:

Net Investment income	$	164,398,365	(a)
Net realized and unrealized loss on investments		(225,778,495	)(b)
Net decrease in net assets from operations	$	(61,380,130	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Lord Abbett Bond Debenture and Pioneer Strategic Income that have been included in the Portfolio’s Statement of Operations since April 29, 2016.

(a)	$129,284,848 net investment income as reported at December 31, 2016 plus $18,673,577 from Lord Abbett Bond Debenture pre-merger net investment income, plus $15,900,758 from Pioneer Strategic Income pre-merger net investment income, plus $371,150 in lower net advisory fees, plus $168,032 of pro-forma eliminated other expenses.
(b)	$31,420,078 unrealized appreciation as reported at December 31, 2016 minus $169,506,997 pro-forma December 31, 2015 unrealized depreciation, plus $12,704,790 net realized loss as reported at December 31, 2016 plus $40,633,835 and $34,352,951 in net realized losses from Lord Abbett Bond Debenture and Pioneer Strategic Income pre-merger, respectively.

10. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

11. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-49

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	235,127,941		5,638,669		17,411,41

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		242,949,906		15,228,123
Robert Boulware		242,955,078		15,222,951
Susan C. Gause		243,766,666		14,411,363
Nancy Hawthorne		243,452,833		14,725,195
Barbara A. Nugent		243,992,520		14,185,509
John Rosenthal		243,200,837		14,977,191
Linda B. Strumpf		243,277,895		14,900,134
Dawn M. Vroegop		243,046,821		15,131,207

BHFTII-50

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2017, the Class A, B and E shares of the Western Asset Management U.S. Government Portfolio returned 1.32%, 1.15%, and 1.16%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays Intermediate Government Bond Index¹, returned 1.20%.

MARKET OVERVIEW

The U.S. Treasury yield curve flattened during the first half of 2017 as short-term yields moved higher, whereas intermediate and longer-term yields declined. During the first half as a whole, the overall U.S. bond market generated a strong gain and spread sectors generally outperformed equal duration Treasuries.

Looking at the U.S. economy, the Commerce Department reported that first quarter 2017 gross domestic product (GDP) growth was 1.4%. In contrast, the economy expanded 2.1% during the fourth quarter of 2016. The deceleration in growth reflected downturns in private inventory investment and personal consumption expenditures, along with more modest state and local government spending.

The labor market was generally solid during the first half. The unemployment rate fell from 4.8% in January to 4.3% in May. The latter reading was the lowest unemployment rate since May 2001. The unemployment rate then ticked up to 4.4% in June, partially due to an increase in the workforce participation rate during the month.

The manufacturing sector continued to expand and the pace accelerated as the year progressed. According to the Institute for Supply Management’s Purchasing Managers Index (“PMI”), the manufacturing sector expanded for an eighth consecutive month in April, with a reading of 54.8 (A reading below 50 indicates a contraction, while a reading above 50 indicates an expansion). After a reading of 54.9 in May, the PMI rose to 57.8 in June, the strongest pace since August 2014. In June, 15 of the 18 industries measured by the PMI expanded.

Data in the housing market were mixed during the reporting period. According to the National Association of Realtors (“NAR”), existing-home sales declined 2.3% on a seasonally adjusted basis in April 2017 versus the previous month’s sales. Existing-home sales then rose 1.1% in May. The NAR also reported that the median existing-home price for all housing types was $252,800 in May 2017, an increase of 5.8% versus May 2016. Finally, the inventory of homes available for sale in May was a 4.2 month supply at the current sales pace, 4.7% lower than a year ago.

The Federal Reserve (the “Fed”) raised the federal funds target rate in March and then in June thereby hiking rates for the third time in six months. While the unemployment rate has dropped to a 16-year low at 4.3%, inflation has stayed stubbornly low. Data released the morning of the June Fed announcement showed that core Consumer Price Index (CPI) slowed for the fourth straight month to a year-over-year (“YoY”) rate of 1.7% in May. The core Personal Consumption Expenditures Index, which is the Fed’s favored index, also declined to a YoY rate of just 1.5% through April, which is down from 1.8% in February. These numbers are still well below the Fed’s 2.0% inflation target and are moving in the wrong direction. While the Fed acknowledged the recent weak inflation data, they still have confidence that, over time, improving demand will eventually push prices up. In the face of this weak inflation data, Fed officials maintained their outlook for one more hike in 2017 and three more rate increases in 2018. Not only did the Fed deliver a rate hike and keep its forward guidance unchanged but it also announced details for how it intends to shrink its $4.5 trillion balance sheet this year. The Fed will gradually roll off a fixed amount of assets on a monthly basis with the initial cap set at $6 billion per month of Treasuries and $4 billion per month of Agency Mortgage-Backed Securities (“MBS”). These caps will increase every three months until they reach $30 billion and $20 billion, respectively.

Short-term Treasury yields rose, while intermediate and longer-term Treasury yields declined during the first half. Over the reporting period the yield on the two-year Treasury rose from 1.20% to 1.38% while the yield on the 30-year Treasury declined from 3.06% to 2.84%. This represented a significant yield curve flattening as the 2s-30s spread tightened from 1.86% to 1.46%. Long-term yields were actually much lower until the last week of June when European Central Bank (the “ECB”) president Mario Draghi rattled global markets by suggesting that the era of monetary easing may eventually have to end. Draghi said reflationary forces were reviving in Europe which caused speculation that he might start to wind down the ECB’s quantitative easing program and at some point, start to raise interest rates. Bank of England (the “BoE”) Governor Mark Carney was also on record stating that “some removal of monetary stimulus is likely to become necessary” as the economy improves. These comments sent global bond yields sharply higher over the last four days of the month as German 10-year Bund yields rose 22 basis points (“bps”) and 10-year U.S. Treasuries (“USTs”) rose 17 bps. It still may be a while before the ECB and the BoE tighten, but investors were officially put on notice that the era of coordinated global monetary easing may be coming to end.

All told, the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index gained 2.27% during the first half of 2017. Spread sectors continued their strong performance from last year as spreads on investment grade and high yield credit, structured products and emerging markets (“EM”) all tightened, generating positive excess returns.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management U.S. Government Portfolio outperformed its benchmark for the six month reporting period as macro strategies and spread sector allocations both contributed to performance.

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

A tactically long U.S. duration position was a slight contributor to performance as rates declined across most of the curve. A yield-curve flattener position was a significant contributor as the spread between two- and 30-year USTs flattened from 186 bps to 146 bps. The Portfolio was generally overweight the long end of the curve relative to the investment benchmark. A significant allocation to Agency debentures also contributed as they outperformed Treasuries. An allocation to Treasury Inflation Protected Securities (“TIPS”) however, was a detractor as breakeven inflation rates declined for the fifth straight month.

An allocation to Agency MBS was the other main detractor as MBS spreads widened and underperformed Treasuries of similar interest rate risk during the first half of 2017. Positions in structured products, and specifically Non-Agency MBS, were significant contributors as spreads tightened on legacy bonds and government-sponsored enterprise risk-transfer deals. A modest allocation to U.S. dollar sovereign emerging markets bonds also contributed to performance as their yields declined over the first half of 2017.

We have recently downgraded our projection for U.S. growth to 1.5%-2.0% for the remainder of 2017, avoiding a recession but still below the historical norm. The Fed still remains accommodative as financial conditions have eased and we believe the Fed is on track for one more rate hike in 2017. Even though central bankers are preparing the market for the inevitable shift in monetary policy, we continue to believe that any rate normalization will be extremely gradual and still accommodative central bank policy will support the global recovery and risk assets generally.

Over the last six months, we decreased exposure to USTs and maintained significant exposure to Agency debentures and MBS. The Portfolio maintained moderate exposure to structured products including Non-Agency MBS, Commercial Mortgage-Backed Securities and Asset-Backed Securities. We generally decreased the Portfolio’s duration positioning over the first half after yields declined as growth and inflation expectations moderated.

At period end, the Portfolio was positioned to reflect our expectation for modest U.S. economic growth and low inflation. The Portfolio’s exposure to interest rate risk was conservatively positioned relative to an average of 1-year to 10-year U.S. government securities, as shorter-dated interest rates are expected to trend modestly higher over the remainder of the year. However, the Portfolio did have significant exposure to long-dated interest rates, as the yield spread to shorter bonds remains greater than average.

While we expect inflation to remain low for some time due to weak overall demand growth, the Portfolio does have a moderate position in long-dated TIPS. Even in a low inflation environment, market expectations of inflation may rise to meet Fed-targeted inflation rates should domestic growth maintain its low but steady trend. Long-dated TIPS also may act as hedge against higher bond yields in a scenario of an unwarranted increase in inflation expectations.

At period end, we were still finding attractive opportunities for additional yield in certain spread sectors, particularly structured products and U.S. dollar bonds from select EM issuers. EM valuations are still very attractive in our opinion, especially compared to developed markets. While only a small part of the Portfolio, these EM bonds provide incremental yield to the Portfolio and should do well in an environment of rising global growth.

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Management Company

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

BHFTII-2

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. INTERMEDIATE GOVERNMENT BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2017

	6 Month		1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		1.32		-0.46		1.36		2.74
Class B		1.15		-0.80		1.10		2.48
Class E		1.16		-0.71		1.19		2.58
Bloomberg Barclays U.S. Intermediate Government Bond Index		1.20		-1.25		1.07		3.39

¹ The Bloomberg Barclays U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2017

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		88.0
Corporate Bonds & Notes		8.4
Foreign Government		8.3
Mortgage-Backed Securities		4.0
Asset-Backed Securities		4.0

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2017 through June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period** January 1, 2017 to June 30, 2017
Class A(a)	Actual		0.48	%	$	1,000.00	$	1,013.20	$	2.40
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,011.50	$	3.64
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E(a)	Actual		0.63	%	$	1,000.00	$	1,011.60	$	3.14
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTII-4

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

U.S. Treasury & Government Agencies—88.0% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—31.1%
Fannie Mae 15 Yr. Pool 2.500%, TBA (a)		24,400,000	$	24,493,942
3.000%, TBA (a)		6,200,000		6,356,453
3.500%, TBA (a)		15,000,000		15,595,606
4.500%, 03/01/20		43,449		44,493
5.000%, 03/01/18		16,030		16,415
Fannie Mae 20 Yr. Pool 4.500%, 11/01/31		825,747		887,799
4.500%, 12/01/31		1,168,335		1,256,280
Fannie Mae 30 Yr. Pool 3.000%, 09/01/42		9,547,666		9,606,921
3.000%, 11/01/46		6,960,791		6,956,312
3.000%, TBA (a)		37,400,000		37,291,733
3.500%, TBA (a)		54,900,000		56,291,312
4.000%, 02/01/40		832,418		889,623
4.000%, 06/01/42		7,269,691		7,767,509
4.000%, 07/01/42		3,706,542		3,910,687
4.000%, 05/01/43		17,566,919		18,719,160
4.000%, 10/01/43		9,692,766		10,316,210
4.000%, 04/01/47		9,409,904		9,944,761
4.000%, TBA (a)		48,500,000		50,899,422
4.500%, 04/01/41		9,885,635		10,695,985
4.500%, 10/01/41		6,572,809		7,106,254
4.500%, 07/01/44		271,802		295,819
4.500%, 10/01/44		1,689,314		1,837,739
4.500%, 01/01/45		148,313		162,541
4.500%, TBA (a)		5,100,000		5,463,873
5.000%, 07/01/33		268,259		294,272
5.000%, 09/01/33		319,175		350,190
5.000%, 10/01/35		894,523		981,373
5.000%, 03/01/36		1,424,994		1,564,911
5.000%, 01/01/39		11,219		12,379
5.000%, 12/01/39		22,085		24,353
5.000%, 05/01/40		56,933		62,657
5.000%, 07/01/40		42,222		46,651
5.000%, 11/01/40		1,122,447		1,239,872
5.000%, 01/01/41		62,426		69,026
5.000%, 02/01/41		67,367		73,786
5.000%, 04/01/41		120,759		133,443
5.000%, 05/01/41		2,418,471		2,674,518
5.000%, 06/01/41		236,476		261,578
5.000%, 07/01/41		2,279,599		2,491,324
5.000%, TBA (a)		2,800,000		3,055,938
6.000%, 04/01/33		80,585		91,721
6.000%, 02/01/34		16,718		19,099
6.000%, 11/01/35		171,410		196,128
6.000%, 08/01/37		367,891		420,843
6.500%, 03/01/26		1,092		1,208
6.500%, 04/01/29		63,298		70,010
7.000%, 11/01/28		1,903		2,074
7.000%, 02/01/29		652		653
7.000%, 01/01/30		2,154		2,207
7.000%, 10/01/37		18,025		19,920
7.000%, 11/01/37		20,774		22,501
7.000%, 12/01/37		20,705		22,961
7.000%, 02/01/38		17,811		19,404
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 7.000%, 08/01/38		9,166		10,260
7.000%, 09/01/38		3,017		3,104
7.000%, 11/01/38		103,977		117,266
7.000%, 02/01/39		1,271,523		1,464,404
7.500%, 04/01/32		13,260		13,550
8.000%, 05/01/28		1,617		1,766
8.000%, 07/01/32		865		936
Fannie Mae Interest Strip (CMO) 3.500%, 11/25/41 (b)		2,740,944		471,064
4.000%, 04/25/42 (b)		3,753,631		682,129
4.500%, 11/25/39 (b)		2,073,803		472,940
Fannie Mae Pool 3.500%, 08/01/42		11,760,847		12,138,761
3.500%, 09/01/42		802,791		828,590
3.500%, 10/01/42		5,640,920		5,822,332
4.000%, 10/01/42		3,425,800		3,630,583
4.000%, 11/01/42		2,339,233		2,479,527
4.000%, 07/01/43		73,376		77,800
4.000%, 08/01/43		1,684,240		1,786,030
6.500%, 12/01/27		4,403		4,438
6.500%, 05/01/32		19,487		21,725
Fannie Mae REMIC Trust Whole Loan (CMO) 3.849%, 01/25/43 (c)		340,565		359,595
Fannie Mae REMICS (CMO) Zero Coupon, 03/25/42 (d)		563,933		514,880
4.934%, 03/25/42 (b) (c)		9,173,307		1,288,744
4.934%, 12/25/42 (b) (c)		1,045,780		228,590
5.314%, 01/25/41 (b) (c)		1,455,779		263,713
5.334%, 10/25/41 (b) (c)		5,703,472		1,005,855
5.434%, 02/25/41 (b) (c)		833,137		111,216
5.434%, 03/25/42 (b) (c)		2,218,136		366,493
5.500%, 07/25/41		8,478,511		9,507,086
5.500%, 04/25/42		2,316,235		2,584,119
6.000%, 05/25/42		1,477,759		1,666,928
6.500%, 06/25/39		262,524		287,873
6.500%, 07/25/42		2,689,608		3,047,507
9.750%, 11/25/18		205,966		213,192
9.750%, 08/25/19		61,896		63,906
Fannie Mae-ACES (CMO) 2.037%, 09/25/26		2,502,495		2,430,265
2.499%, 09/25/26		3,850,000		3,725,768
Freddie Mac 15 Yr. Gold Pool 2.500%, TBA (a)		15,000,000		15,069,723
Freddie Mac 30 Yr. Gold Pool 3.000%, TBA (a)		10,000,000		9,962,500
3.500%, TBA (a)		36,700,000		37,633,721
4.000%, 07/01/43		5,120,718		5,461,314
4.000%, 08/01/43		5,017,492		5,351,228
4.000%, 07/01/47		24,400,000		25,681,185
4.500%, 06/01/38		1,751,943		1,883,712
5.000%, 08/01/33		25,248		27,771
5.000%, 06/01/41		5,506,570		6,075,965
6.000%, 10/01/36		953,916		1,083,463
6.500%, 09/01/39		324,369		367,399
8.000%, 09/01/30		3,727		4,347

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 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		26	$	26
Freddie Mac Gold Pool 3.500%, 10/01/42		1,207,342		1,244,513
3.500%, 02/01/44		549,031		566,017
4.000%, 04/01/43		1,837,638		1,948,575
4.000%, 08/01/43		1,117,100		1,185,126
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 3.291%, 03/25/27		4,670,000		4,796,572
Freddie Mac REMICS (CMO) 4.500%, 04/15/32		304,579		327,603
6.000%, 05/15/36		654,168		735,896
8.500%, 06/15/21		8,179		8,733
Ginnie Mae I 30 Yr. Pool 5.500%, 06/15/36		522,289		587,992
6.000%, 03/15/33		956,191		1,127,469
6.500%, 06/15/31		3,110		3,398
6.500%, 08/15/34		198,693		219,325
7.500%, 09/15/29		2,218		2,465
7.500%, 02/15/30		1,583		1,640
8.500%, 05/15/18		1,525		1,529
8.500%, 06/15/25		27,391		31,586
Ginnie Mae II 30 Yr. Pool 3.000%, 08/20/46		27,677,778		27,986,029
3.000%, TBA (a)		36,700,000		37,016,097
3.500%, TBA (a)		24,000,000		24,821,249
4.000%, 09/20/45		1,833,263		1,930,843
4.000%, 11/20/45		11,026,462		11,668,666
4.500%, 01/20/40		814,945		878,982
4.500%, 05/20/40		1,091,033		1,172,311
4.500%, 09/20/40		22,550		24,239
4.500%, 01/20/41		175,115		188,186
4.500%, 07/20/41		1,200,132		1,289,556
5.000%, 07/20/40		831,854		914,182
6.000%, 11/20/34		1,676		1,902
6.000%, 06/20/35		2,746		3,117
6.000%, 07/20/36		155,262		176,364
6.000%, 09/20/36		7,620		8,516
6.000%, 07/20/38		405,274		457,690
6.000%, 09/20/38		1,081,831		1,208,890
6.000%, 06/20/39		4,917		5,630
6.000%, 05/20/40		97,609		108,964
6.000%, 06/20/40		258,817		289,349
6.000%, 08/20/40		149,386		169,903
6.000%, 09/20/40		353,713		402,628
6.000%, 10/20/40		217,295		243,962
6.000%, 11/20/40		299,076		339,713
6.000%, 01/20/41		253,539		288,129
6.000%, 03/20/41		1,205,391		1,354,646
6.000%, 07/20/41		249,636		283,479
6.000%, 12/20/41		166,812		189,699
6.500%, 10/20/37		340,091		397,866
Government National Mortgage Association (CMO) 0.311%, 02/16/53 (b) (c)		14,745,011		381,607
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 0.393%, 02/16/48 (b) (c)		5,637,972		229,403
0.483%, 05/16/54 (b) (c)		18,414,800		504,588
0.528%, 10/16/54 (b) (c)		32,535,476		1,116,289
0.599%, 09/16/46 (b) (c)		36,491,376		746,256
0.602%, 03/16/49 (b) (c)		11,690,103		315,369
0.747%, 05/16/54 (b) (c)		17,206,588		777,786
0.777%, 09/16/51 (b) (c)		66,548,824		3,574,118
0.893%, 09/16/55 (b) (c)		20,007,953		1,123,024
0.956%, 12/16/56 (b) (c)		44,731,807		3,466,697
1.073%, 09/16/44 (b) (c)		17,608,272		951,945
1.157%, 02/16/46 (b) (c)		24,164,496		1,407,935
1.373%, 12/20/60 (c)		18,152,742		18,050,099
1.393%, 12/20/60 (c)		5,805,647		5,788,667
1.473%, 03/20/61 (c)		4,946,736		4,939,822
1.493%, 12/20/60 (c)		43,483,815		43,447,430
4.928%, 08/16/42 (b) (c)		1,321,824		240,467
5.288%, 03/20/39 (b) (c)		307,717		22,154
5.438%, 01/20/40 (b) (c)		926,878		119,978
				681,139,998
Federal Agencies—38.8%
Federal Farm Credit Bank 0.800%, 03/08/18		20,000,000		19,939,140
1.100%, 06/01/18		20,000,000		19,965,860
1.250%, 01/17/19		25,000,000		24,938,450
1.950%, 11/15/17		19,980,000		20,044,276
Federal Home Loan Bank 0.625%, 10/26/17		18,000,000		17,972,874
0.750%, 11/17/17		25,000,000		24,961,475
0.875%, 03/19/18		20,000,000		19,949,080
1.875%, 11/29/21 (e)		49,000,000		49,102,802
2.125%, 06/09/23		17,700,000		17,689,256
2.250%, 09/08/17		28,000,000		28,056,896
2.750%, 06/08/18		15,000,000		15,201,000
5.250%, 12/11/20		12,000,000		13,397,712
Federal Home Loan Mortgage Corp. Zero Coupon, 11/29/19		10,000,000		9,557,290
0.750%, 04/09/18		9,000,000		8,966,232
0.875%, 10/12/18		20,000,000		19,878,080
1.125%, 04/15/19		30,000,000		29,865,210
1.500%, 01/17/20		10,000,000		9,991,600
5.000%, 12/14/18		12,741,000		13,390,179
Federal National Mortgage Association Zero Coupon, 10/09/19		50,000,000		47,963,850
1.250%, 05/06/21		20,000,000		19,647,020
2.125%, 04/24/26		10,000,000		9,746,910
2.625%, 09/06/24		22,000,000		22,571,296
Financing Corp. Fico Zero Coupon, 10/06/17		20,433,000		20,369,372
Zero Coupon, 05/11/18		40,000,000		39,504,800
Zero Coupon, 08/03/18		7,638,000		7,515,273
Zero Coupon, 12/27/18		16,254,000		15,889,000
Zero Coupon, 06/06/19		26,414,000		25,593,423
Zero Coupon, 09/26/19		14,535,000		13,991,653

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

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

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
National Archives Facility Trust 8.500%, 09/01/19 (f)		1,485,774	$	1,601,626
New Valley Generation II 5.572%, 05/01/20 (f)		4,629,439		4,941,926
Overseas Private Investment Corp. Zero Coupon, 11/17/17		4,700,000		5,059,451
Zero Coupon, 07/30/19		20,000,000		21,109,400
Zero Coupon, 11/13/19		5,000,000		5,281,625
2.310%, 11/15/30 (f)		8,193,417		7,894,422
3.330%, 05/15/33 (f)		6,572,783		6,653,286
3.490%, 12/20/29 (f)		11,801,521		12,298,896
Residual Funding Corp. Principal Strip Zero Coupon, 10/15/19		10,642,000		10,254,631
Zero Coupon, 07/15/20		10,000,000		9,479,160
Zero Coupon, 10/15/20		38,159,000		35,953,982
Zero Coupon, 01/15/21		20,000,000		18,697,900
Zero Coupon, 01/15/30		25,000,000		17,204,950
Zero Coupon, 04/15/30		8,000,000		5,459,088
Tennessee Valley Authority 1.750%, 10/15/18		20,000,000		20,102,020
3.875%, 02/15/21		35,000,000		37,590,280
4.500%, 04/01/18		20,000,000		20,467,280
5.500%, 07/18/17		23,306,000		23,346,529
				849,056,461
U.S. Treasury—18.1%
U.S. Treasury Inflation Indexed Bonds 0.625%, 02/15/43 (f)		10,421,810		9,587,065
1.375%, 02/15/44 (f)		28,325,430		30,812,034
U.S. Treasury Notes 0.750%, 02/28/18		5,000,000		4,984,765
1.000%, 11/30/18		20,000,000		19,903,120
1.250%, 10/31/18		8,000,000		7,990,624
1.250%, 12/15/18		22,000,000		21,967,352
1.375%, 10/31/20		43,000,000		42,647,271
1.375%, 01/31/21		41,910,000		41,471,244
1.500%, 02/28/19		21,680,000		21,724,878
1.500%, 02/28/23		49,960,000		48,636,859
2.000%, 02/15/25		138,000,000		136,107,882
2.250%, 11/15/25		10,000,000		10,002,340
				395,835,434
Total U.S. Treasury & Government Agencies (Cost $1,925,099,725)				1,926,031,893
Corporate Bonds & Notes—8.4%
Banks—0.2%
Stadshypotek AB 1.875%, 10/02/19 (144A)		5,000,000		4,992,835
Chemicals—0.1%
Equate Petrochemical B.V. 4.250%, 11/03/26 (144A)		1,540,000		1,559,250
Diversified Financial Services—4.6%
COP I LLC 3.650%, 12/05/21		6,178,082		6,386,147
Postal Square L.P. 6.500%, 06/15/22		6,063,660		6,713,072
Private Export Funding Corp. 1.875%, 07/15/18		10,000,000		10,045,820
2.250%, 12/15/17		40,000,000		40,156,760
2.250%, 03/15/20		10,000,000		10,134,790
2.300%, 09/15/20 (e)		28,000,000		28,322,056
				101,758,645
Oil & Gas—0.4%
Ecopetrol S.A. 5.375%, 06/26/26		4,260,000		4,430,400
Petroleos Mexicanos 6.375%, 01/23/45		3,610,000		3,519,750
				7,950,150
Sovereign—3.1%
National Credit Union Administration Guaranteed Notes Trust 3.000%, 06/12/19		19,650,000		20,235,570
3.450%, 06/12/21		45,000,000		47,364,120
				67,599,690
Total Corporate Bonds & Notes (Cost $183,423,564)				183,860,570
Foreign Government—8.3%
Sovereign—8.3%
Colombia Government International Bonds 5.000%, 06/15/45		37,000,000		37,222,000
5.625%, 02/26/44		4,840,000		5,290,120
Indonesia Government International Bonds 3.750%, 04/25/22 (144A)		410,000		421,150
3.750%, 04/25/22		1,900,000		1,951,669
4.875%, 05/05/21		2,957,000		3,175,842
5.875%, 03/13/20		310,000		338,856
5.875%, 01/15/24 (144A)		1,060,000		1,208,222
Israel Government AID Bonds Zero Coupon, 11/15/18		20,869,000		20,447,091
5.500%, 12/04/23		24,290,000		28,875,393
5.500%, 04/26/24		20,950,000		25,009,838
Peruvian Government International Bonds 5.625%, 11/18/50 (e)		4,000,000		4,846,000
Poland Government International Bonds 4.000%, 01/22/24		7,870,000		8,416,996
Ukraine Government AID Bonds 1.471%, 09/29/21		20,000,000		19,554,860
1.844%, 05/16/19		25,000,000		25,192,300
Total Foreign Government (Cost $179,882,044)				181,950,337

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Mortgage-Backed Securities—4.0%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—3.8%
Banc of America Funding Corp. 1.174%, 02/27/37 (144A) (c)		9,926,877	$	9,388,771
Banc of America Funding Trust 2.075%, 06/20/35 (c)		247,230		161,998
Banc of America Mortgage Trust 3.447%, 07/25/35 (c)		71,187		66,207
BCAP LLC Trust 1.174%, 11/27/36 (144A) (c)		14,803,203		13,956,886
Citigroup Mortgage Loan Trust 2.930%, 10/25/35 (c)		143,312		144,326
Countrywide Alternative Loan Trust 1.412%, 07/20/46 (c)		2,490,373		1,515,689
1.796%, 05/25/34 (c)		1,322,517		1,319,177
Countrywide Home Loan Reperforming Loan REMIC Trust 1.636%, 07/25/36 (144A) (c)		642,387		587,548
Fannie Mae Connecticut Avenue Securities 2.666%, 01/25/29 (c)		1,098,428		1,112,133
Freddie Mac Structured Agency Credit Risk Debt Notes 2.416%, 07/25/29 (c)		6,535,882		6,621,982
2.866%, 04/25/24 (c)		5,174,284		5,256,767
3.416%, 02/25/24 (c)		4,946,366		5,084,971
3.416%, 09/25/24 (c)		8,000,000		8,218,279
GMAC Mortgage Corp. Loan Trust 3.573%, 11/19/35 (c)		474,475		451,251
HarborView Mortgage Loan Trust 1.409%, 09/19/46 (c)		301,275		260,021
JPMorgan Mortgage Trust 3.016%, 06/25/34 (c)		169,818		167,817
MASTR Adjustable Rate Mortgages Trust 1.416%, 05/25/47 (c)		5,238,512		4,179,433
2.680%, 02/25/34 (c)		173,363		165,113
3.862%, 12/25/34 (c)		16,475		16,661
MASTR Reperforming Loan Trust 1.566%, 05/25/35 (144A) (c)		294,447		250,721
3.594%, 05/25/35 (144A) (c)		3,874,131		3,117,929
7.000%, 08/25/34 (144A)		365,821		371,019
Morgan Stanley Mortgage Loan Trust 1.286%, 06/25/36 (c)		614,278		253,291
3.174%, 07/25/35 (c)		211,332		194,518
New Residential Mortgage Loan Trust 3.250%, 09/25/56 (144A) (c)		4,668,492		4,745,191
4.000%, 05/25/57 (144A) (c)		7,550,000		7,885,975
NovaStar Mortgage Funding Trust 1.214%, 09/25/46 (c)		1,884,177		1,588,827
Provident Funding Mortgage Loan Trust 3.450%, 05/25/35 (c)		377,932		378,289
3.572%, 10/25/35 (c)		76,072		74,764
SACO I Trust 9.000%, 06/25/21 (144A) (c)		914,907		932,870
Structured Asset Mortgage Investments Trust 1.396%, 07/25/46 (c)		236,284		206,779
Structured Asset Securities Corp. 1.566%, 04/25/35 (144A) (c)		2,349,951		2,105,992
3.465%, 06/25/35 (144A) (c)		143,527		129,401
Collateralized Mortgage Obligations—(Continued)
WaMu Mortgage Pass-Through Certificates Trust 1.476%, 11/25/45 (c)		24,693		23,697
1.486%, 12/25/45 (c)		1,681,739		1,651,679
1.506%, 12/25/45 (c)		129,455		124,166
1.536%, 08/25/45 (c)		149,695		148,269
				82,858,407
Commercial Mortgage-Backed Securities—0.2%
FDIC Structured Sale Guaranteed Notes 2.980%, 12/06/20 (144A)		5,826,607		5,845,950
Total Mortgage-Backed Securities (Cost $89,134,888)				88,704,357
Asset-Backed Securities—4.0%
Asset-Backed - Credit Card—1.2%
American Express Credit Account Master Trust 1.439%, 09/16/24 (c)		4,160,000		4,186,611
Capital One Multi-Asset Execution Trust 1.820%, 09/15/22		17,500,000		17,505,798
2.000%, 01/17/23		5,030,000		5,050,800
				26,743,209
Asset-Backed - Home Equity—0.1%
EMC Mortgage Loan Trust 1.666%, 12/25/42 (144A) (c)		33,983		32,957
Home Equity Mortgage Loan Asset-Backed Trust 1.476%, 06/25/36 (c)		3,883,437		682,094
Morgan Stanley Mortgage Loan Trust 1.306%, 12/25/36 (c)		216,144		125,979
1.516%, 03/25/36 (c)		1,712,461		854,127
Structured Asset Securities Corp. Mortgage Loan Trust 1.436%, 02/25/36 (144A) (c)		4,732,111		318,441
				2,013,598
Asset-Backed - Other—1.2%
Ascentium Equipment Receivables Trust 2.290%, 06/10/21 (144A)		4,000,000		4,002,761
Countrywide Revolving Home Equity Loan Trust 1.299%, 07/15/36 (c)		772,149		674,653
GSR Mortgage Loan Trust 1.564%, 11/25/30 (c)		874		55
SACO I Trust 1.476%, 06/25/36 (c)		552,076		1,140,002
1.516%, 04/25/36 (c)		217,280		409,655
Small Business Administration Participation 2.880%, 05/01/37		10,940,000		10,984,746
Towd Point Mortgage Trust 2.250%, 04/25/56 (144A) (c)		9,503,592		9,474,693
				26,686,565

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Student Loan—1.5%
National Credit Union Administration Guaranteed Notes Trust 1.446%, 12/07/20 (c)		3,994,274	$	3,996,663
Nelnet Student Loan Trust 2.839%, 11/25/24 (c)		5,264,518		5,379,909
SLC Student Loan Trust 1.366%, 06/15/29 (c)		6,000,000		5,955,184
SLM Student Loan Trust 1.326%, 07/25/40 (c)		18,000,000		16,698,181
				32,029,937
Total Asset-Backed Securities (Cost $91,716,702)				87,473,309
Short-Term Investments—0.5%
Repurchase Agreements—0.5%
Deutsche Bank AG Repurchase Agreement dated 06/30/17 at 1.140% to be repurchased at $10,000,950 on 07/03/17, collateralized by $8,357,000 U.S. Treasury Inflation Indexed Note at 2.625% due 07/15/17 with a value of $10,495,430.		10,000,000		10,000,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/30/17 at 0.120% to be repurchased at $1,078,820 on 07/03/17, collateralized by $1,100,000 Federal Farm Credit Banks at 1.125% due 09/22/17 with a value of $1,103,291.		1,078,809		1,078,809
Total Short-Term Investments (Cost $11,078,809)				11,078,809
Securities Lending Reinvestments (g)—0.8%
Repurchase Agreements—0.6%
Barclays Capital, Inc Repurchase Agreement dated 06/30/17 at 1.080% to be repurchased at $480,758 on 07/03/17, collateralized by $500,416 U.S. Treasury Obligations with rates ranging from 0.000% - 1.875%, maturity dates ranging from 08/15/18 - 02/15/35, with a value of $490,330.		480,715		480,715
Citigroup Global Markets, Ltd. Repurchase Agreement dated 06/30/17 at 1.100% to be repurchased at $3,500,321 on 07/03/17, collateralized by $3,486,549 U.S. Treasury and Foreign Obligations with rates ranging from 1.375% - 4.500%, maturity dates ranging from 04/10/18 - 02/15/36, with a value of $3,570,000.		3,500,000		3,500,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 06/30/17 at 1.200% to be repurchased at $2,400,240 on 07/03/17, collateralized by $2,440,160 Foreign Obligations with rates ranging from 1.000% - 2.750%, maturity dates ranging from 06/11/19 - 07/27/26, with a value of $2,448,007.		2,400,000		2,400,000
Repurchase Agreement dated 06/15/17 at 1.550% to be repurchased at $1,000,775 on 07/03/17, collateralized by $217 U.S. Treasury Obligations at 1.625% due 08/31/19, and various Common Stock with a value of $1,111,824.		1,000,000		1,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/30/17 at 1.250% to be repurchased at $1,500,156 on 07/03/17, collateralized by $1,352,524 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 07/20/17 - 05/15/46, with a value of $1,530,999.		1,500,000		1,500,000
Natixis New York Repurchase Agreement dated 06/30/17 at 1.340% to be repurchased at $2,200,246 on 07/03/17, collateralized by $4,386,936 U.S. Government Agency and Treasury Obligations with rates ranging from 0.125% - 8.125%, maturity dates ranging from 04/15/18 - 08/16/58, with a value of $2,244,261.		2,200,000		2,200,000
Pershing LLC Repurchase Agreement dated 06/30/17 at 1.180% to be repurchased at $2,350,231 on 07/03/17, collateralized by $3,529,144 U.S. Government Agency and Treasury Obligations with rates ranging from 0.000% - 11.027%, maturity dates ranging from 07/14/17 - 04/20/67, with a value of $2,397,000.		2,350,000		2,350,000
				13,430,715
Time Deposits—0.2%
Australia New Zealand Bank 1.150%, 07/03/17		600,000		600,000
Credit Industriel et Commercial 1.100%, 07/03/17		500,000		500,000
Landesbank Baden-Wuerttemberg 1.200%, 07/03/17		600,000		600,000
Nordea Bank New York 1.050%, 07/03/17		500,000		500,000
Standard Chartered plc 1.200%, 07/03/17		750,000		750,000

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2017 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Svenska 1.050%, 07/03/17		800,000	$	800,000
				3,750,000
Total Securities Lending Reinvestments (Cost $17,180,715)				17,180,715
Total Investments—114.0% (Cost $2,497,516,447) (h)				2,496,279,990
Other assets and liabilities (net)—(14.0)%				(307,455,625	)
Net Assets—100.0%			$	2,188,824,365

*	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 June 30, 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 June 30, 2017, the market value of securities loaned was $16,772,764 and the collateral received consisted of cash in the amount of $17,180,715. 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 June 30, 2017.
(h)	As of June 30, 2017, the aggregate cost of investments was $2,497,516,447. The aggregate unrealized appreciation and depreciation of investments were $35,460,278 and $(36,696,735), respectively, resulting in net unrealized depreciation of $(1,236,457).
(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 June 30, 2017, the market value of 144A securities was $71,328,562, which is 3.3% 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		12/17/18		(400	)		USD	(98,248,700	)	$	48,700
U.S. Treasury Long Bond Futures		09/20/17		(550	)		USD	(84,285,522	)		(242,602	)
U.S. Treasury Note 10 Year Futures		09/20/17		(50	)		USD	(6,338,119	)		61,556
Net Unrealized Depreciation										$	(132,346	)

(USD)— United States Dollar

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2017:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,926,031,893		$	—	$	1,926,031,893
Total Corporate Bonds & Notes*		—			183,860,570			—		183,860,570
Total Foreign Government*		—			181,950,337			—		181,950,337
Total Mortgage-Backed Securities*		—			88,704,357			—		88,704,357
Total Asset-Backed Securities*		—			87,473,309			—		87,473,309
Total Short-Term Investments*		—			11,078,809			—		11,078,809
Total Securities Lending Reinvestments*		—			17,180,715			—		17,180,715
Total Investments	$	—		$	2,496,279,990		$	—	$	2,496,279,990
Collateral for Securities Loaned (Liability)	$	—		$	(17,180,715	)	$	—	$	(17,180,715	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	110,256		$	—		$	—	$	110,256
Futures Contracts (Unrealized Depreciation)		(242,602	)		—			—		(242,602	)
Total Futures Contracts	$	(132,346	)	$	—		$	—	$	(132,346	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities

June 30, 2017 (Unaudited)

Assets
Investments at value (a) (b)	$	2,496,279,990
Cash		266,004
Cash collateral for futures contracts		2,169,891
Receivable for:
Investments sold		25,815,313
TBA securities sold		360,723,055
Fund shares sold		526,985
Principal paydowns		18,670
Interest		7,661,847
Variation margin on futures contracts		353,438
Other assets		57,859
Total Assets		2,893,873,052
Liabilities
Collateral for securities loaned		17,180,715
Payables for:
TBA securities purchased		686,192,981
Fund shares redeemed		378,159
Accrued Expenses:
Management fees		829,326
Distribution and service fees		91,020
Deferred trustees’ fees		102,336
Other expenses		274,150
Total Liabilities		705,048,687
Net Assets	$	2,188,824,365
Net Assets Consist of:
Paid in surplus	$	2,273,757,636
Undistributed net investment income		17,966,667
Accumulated net realized loss		(101,588,994	)
Unrealized depreciation on investments and futures contracts		(1,310,944	)
Net Assets	$	2,188,824,365
Net Assets
Class A	$	1,738,509,326
Class B		426,005,144
Class E		24,309,895
Capital Shares Outstanding*
Class A		150,189,565
Class B		36,948,468
Class E		2,105,984
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.58
Class B		11.53
Class E		11.54

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,497,516,447.
(b)	Includes securities loaned at value of $16,772,764.

Statement of Operations

Six Months Ended June 30, 2017 (Unaudited)

Investment Income
Interest	$	24,030,792
Securities lending income		52,689
Total investment income		24,083,481
Expenses
Management fees		5,145,473
Administration fees		34,531
Custodian and accounting fees		73,323
Distribution and service fees—Class B		532,900
Distribution and service fees—Class E		18,520
Audit and tax services		33,318
Legal		18,678
Trustees’ fees and expenses		26,317
Shareholder reporting		57,364
Insurance		7,678
Miscellaneous		11,935
Total expenses		5,960,037
Less management fee waiver		(143,284	)
Net expenses		5,816,753
Net Investment Income		18,266,728
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		432,854
Futures contracts		(2,937,660	)
Net realized loss		(2,504,806	)
Net change in unrealized appreciation (depreciation) on:
Investments		11,223,894
Futures contracts		(222,533	)
Net change in unrealized appreciation		11,001,361
Net realized and unrealized gain		8,496,555
Net Increase in Net Assets From Operations	$	26,763,283

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	18,266,728		$	38,772,682
Net realized loss		(2,504,806	)		(1,178,543	)
Net change in unrealized appreciation (depreciation)		11,001,361			(7,584,640	)
Increase in net assets from operations		26,763,283			30,009,499
From Distributions to Shareholders
Net investment income
Class A		(46,214,806	)		(46,380,937	)
Class B		(10,310,280	)		(10,833,492	)
Class E		(608,683	)		(656,202	)
Total distributions		(57,133,769	)		(57,870,631	)
Increase (decrease) in net assets from capital share transactions		26,575,050			(101,863,797	)
Total decrease in net assets		(3,795,436	)		(129,724,929	)
Net Assets
Beginning of period		2,192,619,801			2,322,344,730
End of period	$	2,188,824,365		$	2,192,619,801
Undistributed net investment income
End of period	$	17,966,667		$	56,833,708

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2017 (Unaudited)						Year Ended December 31, 2016
	Shares			Value			Shares			Value
Class A
Sales		2,078,638		$	24,517,146			4,804,242		$	57,645,459
Reinvestments		3,980,603			46,214,806			3,897,558			46,380,937
Redemptions		(3,639,827	)		(43,009,651	)		(14,800,929	)		(177,409,481	)
Net increase (decrease)		2,419,414		$	27,722,301			(6,099,129	)	$	(73,383,085	)
Class B
Sales		1,379,447		$	16,182,017			3,655,002		$	43,654,247
Reinvestments		891,893			10,310,280			914,219			10,833,492
Redemptions		(2,308,012	)		(27,072,823	)		(6,744,711	)		(80,333,027	)
Net decrease		(36,672	)	$	(580,526	)		(2,175,490	)	$	(25,845,288	)
Class E
Sales		76,293		$	892,682			128,976		$	1,536,976
Reinvestments		52,609			608,683			55,329			656,202
Redemptions		(175,919	)		(2,068,090	)		(404,339	)		(4,828,602	)
Net decrease		(47,017	)	$	(566,725	)		(220,034	)	$	(2,635,424	)
Increase (decrease) derived from capital shares transactions				$	26,575,050					$	(101,863,797	)

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.74		$	11.90		$	12.11		$	12.01		$	12.36		$	12.21
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.21			0.17			0.16			0.13			0.13
Net realized and unrealized gain (loss) on investments		0.06			(0.05	)		(0.10	)		0.17			(0.22	)		0.28
Total from investment operations		0.16			0.16			0.07			0.33			(0.09	)		0.41
Less Distributions
Distributions from net investment income		(0.32	)		(0.32	)		(0.28	)		(0.23	)		(0.26	)		(0.26	)
Total distributions		(0.32	)		(0.32	)		(0.28	)		(0.23	)		(0.26	)		(0.26	)
Net Asset Value, End of Period	$	11.58		$	11.74		$	11.90		$	12.11		$	12.01		$	12.36
Total Return (%) (b)		1.32	(c)		1.28			0.57			2.81			(0.74	)		3.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(d)		0.50			0.49			0.49			0.49			0.50
Net ratio of expenses to average net assets (%) (e)		0.48	(d)		0.48			0.48			0.48			0.48			0.48
Ratio of net investment income to average net assets (%)		1.73	(d)		1.77			1.44			1.35			1.05			1.03
Portfolio turnover rate (%)		107	(c)(f)		199	(f)		215	(f)		194	(f)		317	(f)		340	(f)
Net assets, end of period (in millions)	$	1,738.5		$	1,735.3		$	1,830.7		$	2,263.8		$	2,094.9		$	2,017.9
	Class B
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.68		$	11.84		$	12.04		$	11.95		$	12.29		$	12.15
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.18			0.14			0.13			0.10			0.10
Net realized and unrealized gain (loss) on investments		0.05			(0.05	)		(0.09	)		0.16			(0.21	)		0.27
Total from investment operations		0.14			0.13			0.05			0.29			(0.11	)		0.37
Less Distributions
Distributions from net investment income		(0.29	)		(0.29	)		(0.25	)		(0.20	)		(0.23	)		(0.23	)
Total distributions		(0.29	)		(0.29	)		(0.25	)		(0.20	)		(0.23	)		(0.23	)
Net Asset Value, End of Period	$	11.53		$	11.68		$	11.84		$	12.04		$	11.95		$	12.29
Total Return (%) (b)		1.15	(c)		1.02			0.31			2.55			(0.91	)		3.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(d)		0.75			0.74			0.74			0.74			0.75
Net ratio of expenses to average net assets (%) (e)		0.73	(d)		0.73			0.73			0.73			0.73			0.73
Ratio of net investment income to average net assets (%)		1.48	(d)		1.52			1.20			1.10			0.80			0.78
Portfolio turnover rate (%)		107	(c)(f)		199	(f)		215	(f)		194	(f)		317	(f)		340	(f)
Net assets, end of period (in millions)	$	426.0		$	432.1		$	463.5		$	493.2		$	524.9		$	565.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net Asset Value, Beginning of Period	$	11.70		$	11.85		$	12.06		$	11.97		$	12.31		$	12.16
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.19			0.16			0.14			0.11			0.11
Net realized and unrealized gain (loss) on investments		0.05			(0.04	)		(0.11	)		0.16			(0.21	)		0.28
Total from investment operations		0.14			0.15			0.05			0.30			(0.10	)		0.39
Less Distributions
Distributions from net investment income		(0.30	)		(0.30	)		(0.26	)		(0.21	)		(0.24	)		(0.24	)
Total distributions		(0.30	)		(0.30	)		(0.26	)		(0.21	)		(0.24	)		(0.24	)
Net Asset Value, End of Period	$	11.54		$	11.70		$	11.85		$	12.06		$	11.97		$	12.31
Total Return (%) (b)		1.16	(c)		1.20			0.40			2.56			(0.75	)		3.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(d)		0.65			0.64			0.64			0.64			0.65
Net ratio of expenses to average net assets (%) (e)		0.63	(d)		0.63			0.63			0.63			0.63			0.63
Ratio of net investment income to average net assets (%)		1.58	(d)		1.62			1.30			1.20			0.90			0.88
Portfolio turnover rate (%)		107	(c)(f)		199	(f)		215	(f)		194	(f)		317	(f)		340	(f)
Net assets, end of period (in millions)	$	24.3		$	25.2		$	28.1		$	33.0		$	37.9		$	43.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 22%, 86%, 87%, 68%, 137% and 164% for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”) (formerly, MetLife Advisers, LLC), currently offers thirty series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management U.S. Government Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and life insurance companies affiliated with the Adviser.

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2017 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies and Topic 820—Fair Value Measurement. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - 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 the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). 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 the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value (“NAV”) per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market 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 Brighthouse Investment Advisers. 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 the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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 the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, TIPS adjustments and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2017, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

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

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2017, the Portfolio had direct investments in repurchase agreements with a gross value of $11,078,809. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $13,430,715. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2017.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2017 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2017 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2017.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2017
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(518,050	)	$	—	$	—	$	—	$	(518,050	)
Foreign Government		(2,292,061	)		—		—		—		(2,292,061	)
U.S. Treasury & Government Agencies		(14,370,604	)		—		—		—		(14,370,604	)
Total	$	(17,180,715	)	$	—	$	—	$	—	$	(17,180,715	)
Total Borrowings	$	(17,180,715	)	$	—	$	—	$	—	$	(17,180,715	)
Gross amount of recognized liabilities for securities lending transactions										$	(17,180,715	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2017 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	110,256	Unrealized depreciation on futures contracts (a) (b)	$	242,602

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2017:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(2,937,660	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(222,533	)

For the six months ended June 30, 2017, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	3,900,000
Futures contracts short		(129,400,000	)

‡ Averages are based on activity levels during the period.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2017 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$2,465,849,537	$	105,324,430	$	2,452,079,499	$	92,744,471

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2017 were as follows:

Purchases	Sales
$2,100,893,822	$	2,068,283,112

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2017	% per annum			Average daily net assets
$5,145,473		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period May 1, 2017 to April 30, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average daily net assets
0.050%	On amounts over $200 million and under $500 million
0.010%	On amounts over $1 billion and under $2 billion
0.020%	On amounts in excess of $2 billion

An identical agreement was in place for the period May 1, 2016 to April 30, 2017. Amounts waived for the six months ended June 30, 2017 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. On August 4, 2017, the distribution agreement between the Distributor and the Trust, dated March 6, 2017, terminated and was replaced with a substantially identical agreement as a result of a change of control of the Distributor, as described below under “Subsequent Events.” Prior to March 6, 2017, MetLife Investors Distribution Company, a wholly-owned subsidiary of MetLife Investors Group, LLC, an affiliate of the Adviser at the time, was the Trust’s Distributor. The terms of all agreements are substantially identical. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2017 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2017—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2016 and 2015 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2016	2015		2016		2015		2016		2015
$57,870,631	$	55,821,477	$	—	$	—	$	57,870,631	$	55,821,477

As of December 31, 2016, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$56,925,902	$	—	$	(25,455,610	)	$	(85,940,884	)	$	(54,470,592	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2016, the Portfolio had post-enactment short-term accumulated capital losses in the amount of $525,218 and post-enactment long-term accumulated capital losses in the amount of $85,415,666, and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the impact that the adoption of the amendments to Regulation S-X will have on the Fund’s financial statements and related disclosures. Any required changes will be implemented for interim and annual periods after August 1, 2017.

10. Subsequent Events

On August 4, 2017, the separation of Brighthouse Financial, Inc., the parent company of Brighthouse Investment Advisers and the Distributor, from MetLife, Inc. was completed. On that date, the investment advisory agreements and distribution agreement under which Brighthouse Investment Advisers and the Distributor had served as investment adviser and distributor, respectively, of the Trust terminated and were replaced with substantially identical agreements with the same parties. Also on that date, the investment subadvisory agreement under which the Subadviser served as subadviser of the Portfolio terminated and was replaced with a substantially identical agreement with the same parties.

BHFTII-23

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

The Special Meeting of Shareholders was held on February 24, 2017 at 10:00 a.m. eastern time at One Financial Center, Boston, Massachusetts. The voting results for the proposals considered at the Special Meeting of Shareholders are as follows:

To Approve an Advisory Agreement between the Trust and the Manager

Total Shares Voted For		Total Shares Against/Withheld		Total Shares Abstain
	169,853,671		4,153,070		12,293,500

Election of Trustees. The shareholders of the Portfolio elected Stephen M. Alderman, Robert Boulware, Susan C. Gause, Nancy Hawthorne, Barbara A. Nugent, John Rosenthal, Linda B. Strumpf and Dawn M. Vroegop to serve on the Board of Trustees.

	Total Shares Voted For		Total Shares Against/Withheld
Stephen M. Alderman		174,225,331		12,074,910
Robert Boulware		174,714,516		11,585,726
Susan C. Gause		175,114,054		11,186,187
Nancy Hawthorne		175,149,397		11,150,844
Barbara A. Nugent		175,367,146		10,933,095
John Rosenthal		174,541,726		11,758,515
Linda B. Strumpf		175,012,343		11,287,898
Dawn M. Vroegop		175,088,340		11,211,902

BHFTII-24

Item 2. Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-

3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a) Not applicable.

(b) Not applicable.

Item 13. Exhibits

(a)(1) Not applicable.

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST II
By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	August 31, 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 and Chief Executive Officer
Date:	August 31, 2017

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer and Treasurer
Date:	August 31, 2017