UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-3618

BRIGHTHOUSE FUNDS TRUST II

(Exact name of registrant as specified in charter)

One Financial Center

Boston, Massachusetts 02111

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Peter H. Duffy Brighthouse Investment Advisers, LLC One Financial Center Boston, Massachusetts 02111	Brian McCabe, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2017 to September 30, 2017

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

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

Item 1. Schedule of Investments.

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

Brighthouse Funds Trust II

Schedule of Investments

September 30, 2017

Brighthouse Funds Trust II

Table of Contents

Schedule of Investments as of September 30, 2017 (Unaudited)
Baillie Gifford International Stock Portfolio	BHFTII-1
BlackRock Bond Income Portfolio	BHFTII-5
BlackRock Capital Appreciation Portfolio	BHFTII-46
BlackRock Ultra-Short Term Bond Portfolio	BHFTII-51
Brighthouse/Artisan Mid Cap Value Portfolio	BHFTII-54
Brighthouse/Dimensional International Small Company Portfolio	BHFTII-59
Brighthouse/Wellington Balanced Portfolio	BHFTII-96
Brighthouse/Wellington Core Equity Opportunities Portfolio	BHFTII-129
Brighthouse Asset Allocation 20 Portfolio	BHFTII-133
Brighthouse Asset Allocation 40 Portfolio	BHFTII-135
Brighthouse Asset Allocation 60 Portfolio	BHFTII-137
Brighthouse Asset Allocation 80 Portfolio	BHFTII-139
Frontier Mid Cap Growth Portfolio	BHFTII-141
Jennison Growth Portfolio	BHFTII-146
Loomis Sayles Small Cap Core Portfolio	BHFTII-151
Loomis Sayles Small Cap Growth Portfolio	BHFTII-158
MetLife Aggregate Bond Index Portfolio	BHFTII-162
MetLife Mid Cap Stock Index Portfolio	BHFTII-179
MetLife MSCI EAFE Index Portfolio	BHFTII-187
MetLife Russell 2000 Index Portfolio	BHFTII-200
MetLife Stock Index Portfolio	BHFTII-221
MFS Total Return Portfolio	BHFTII-231
MFS Value Portfolio	BHFTII-245
MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio)	BHFTII-251
Neuberger Berman Genesis Portfolio	BHFTII-256
T. Rowe Price Large Cap Growth Portfolio	BHFTII-261
T. Rowe Price Small Cap Growth Portfolio	BHFTII-268
Van Eck Global Natural Resources Portfolio	BHFTII-275
Western Asset Management Strategic Bond Opportunities Portfolio	BHFTII-279
Western Asset Management U.S. Government Portfolio	BHFTII-307
Notes to Schedule of Investments	BHFTII-315

Not all Portfolios are available under every product.

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

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Argentina—2.5%
MercadoLibre, Inc.		175,775	$	45,513,421
Australia—2.2%
Brambles, Ltd.		1,777,334		12,587,943
Cochlear, Ltd.		174,878		21,882,977
Seek, Ltd.		490,463		6,413,783
				40,884,703
Brazil—2.2%
Itau Unibanco Holding S.A. (ADR)		1,161,815		15,916,866
Kroton Educacional S.A.		3,844,000		24,334,875
				40,251,741
Canada—4.6%
Constellation Software, Inc.		42,631		23,258,367
Fairfax Financial Holdings, Ltd.		60,841		31,661,700
Restaurant Brands International, Inc.		293,232		18,734,887
Ritchie Bros. Auctioneers, Inc.		342,634		10,834,087
				84,489,041
China—4.0%
Alibaba Group Holding, Ltd. (ADR) (a)		149,144		25,758,660
Baidu, Inc. (ADR) (a)		117,410		29,081,283
Ctrip.com International, Ltd. (ADR) (a)		332,644		17,543,645
				72,383,588
Denmark—4.6%
DSV A/S		378,670		28,646,020
Novo Nordisk A/S - Class B		443,039		21,269,575
Novozymes A/S - B Shares		339,165		17,404,853
Pandora A/S		160,566		15,849,477
				83,169,925
Finland—1.9%
Kone Oyj - Class B		351,273		18,601,759
Sampo Oyj - A Shares		297,604		15,741,093
				34,342,852
France—3.8%
Bureau Veritas S.A.		614,461		15,859,044
Edenred		591,559		16,097,138
Essilor International S.A.		119,606		14,797,758
Legrand S.A.		313,985		22,670,285
				69,424,225
Germany—6.3%
Brenntag AG		234,869		13,088,361
Continental AG		63,370		16,084,281
Deutsche Boerse AG		282,741		30,647,131
MTU Aero Engines AG		93,316		14,883,665
SAP SE		361,074		39,555,782
				114,259,220
Hong Kong—3.7%
AIA Group, Ltd.		2,797,800		20,749,320
Hang Seng Bank, Ltd.		883,800		21,570,399
Hong Kong Exchanges and Clearing, Ltd.		921,800		24,995,168
				67,314,887
Ireland—4.9%
CRH plc		547,235		20,808,435
James Hardie Industries plc		836,898		11,683,794
Kingspan Group plc (b)		431,321		18,343,149
Ryanair Holdings plc (ADR) (a)		365,546		38,535,859
				89,371,237
Japan—11.8%
Denso Corp.		391,100		19,807,006
FANUC Corp.		80,900		16,403,203
Japan Exchange Group, Inc.		2,037,900		36,103,397
Nidec Corp.		184,800		22,743,024
Rakuten, Inc.		1,729,900		18,878,738
Shimano, Inc.		126,300		16,847,647
SMC Corp.		74,600		26,327,110
Square Enix Holdings Co., Ltd.		392,200		14,793,940
Sumitomo Mitsui Trust Holdings, Inc.		542,300		19,596,116
Toyota Tsusho Corp.		700,200		23,023,404
				214,523,585
Netherlands—1.5%
Heineken Holding NV		292,123		27,473,116
Panama—1.2%
Copa Holdings S.A. - Class A		170,908		21,283,173
Peru—1.1%
Credicorp, Ltd.		100,146		20,531,933
Russia—1.2%
Magnit PJSC (GDR)		546,972		22,375,970
Singapore—1.4%
United Overseas Bank, Ltd.		1,443,664		25,018,404
South Africa—3.5%
Naspers, Ltd. - N Shares		292,529		63,856,705
South Korea—4.7%
NAVER Corp.		23,841		15,541,658
Samsung Electronics Co., Ltd.		30,899		69,451,931
				84,993,589
Spain—2.6%
Bankinter S.A.		2,042,385		19,321,245
Industria de Diseno Textil S.A.		763,923		28,788,846
				48,110,091

BHFTII-1

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Sweden—4.2%
Atlas Copco AB - B Shares		1,110,571	$	43,192,579
Svenska Handelsbanken AB - A Shares		2,218,885		33,538,981
				76,731,560
Switzerland—6.7%
Cie Financiere Richemont S.A.		221,251		20,220,921
Credit Suisse Group AG (a)		1,055,517		16,710,179
Ferguson plc		282,388		18,529,286
LafargeHolcim, Ltd. (a)		208,807		12,206,651
Nestle S.A.		529,875		44,377,762
SGS S.A.		4,023		9,650,976
				121,695,775
Taiwan—5.3%
Hon Hai Precision Industry Co., Ltd.		6,407,584		22,273,166
Taiwan Semiconductor Manufacturing Co., Ltd.		10,214,000		73,460,395
				95,733,561
United Kingdom—12.7%
ASOS plc (a)		170,725		13,626,456
British American Tobacco plc		313,720		19,614,011
Burberry Group plc		528,524		12,485,133
Capita plc		1,461,876		11,068,975
Experian plc		1,072,663		21,549,503
Hargreaves Lansdown plc		784,697		15,564,593
Howden Joinery Group plc		1,824,123		10,544,842
Just Eat plc (a)		2,074,740		18,602,514
Prudential plc		1,054,282		25,244,305
Rio Tinto plc		642,875		29,925,412
Rolls-Royce Holdings plc (a)		757,240		9,001,991
St. James’s Place plc		1,017,391		15,640,548
Unilever NV		467,186		27,660,652
				230,528,935
United States—0.6%
Pricesmart, Inc.		131,053		11,696,480
Total Common Stocks (Cost $1,236,104,024)				1,805,957,717
Short-Term Investment—0.7%
Repurchase Agreement—0.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $12,654,933 on 10/02/17, collateralized by $12,895,000 U.S. Treasury Notes with rates ranging from 1.125% - 2.000%, maturity dates ranging from 09/30/21 - 12/31/21, with a value of $12,910,332.		12,654,807		12,654,807
Total Short-Term Investments (Cost $12,654,807)				12,654,807
Securities Lending Reinvestments (c)—0.0%
Security Description	Principal Amount*		Value
Repurchase Agreements—0.0%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $6,414 on 10/02/17, collateralized by $10,665 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $6,541.		6,413		6,413
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $15,788 on 10/02/17, collateralized by $16,071 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $16,103.		15,787		15,787
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $2,059 on 10/02/17, collateralized by $2,071 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $2,100.		2,059		2,059
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $11,181 on 10/02/17, collateralized by $11,388 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $11,404.		11,180		11,180
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,751 on 10/02/17, collateralized by $1,760 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $1,786.		1,751		1,751
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $7,557 on 10/02/17, collateralized by $7,248 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $7,713.		7,556		7,556
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $1,483 on 10/02/17, collateralized by $1,423 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,514.		1,483		1,483

BHFTII-2

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $15,001 on 10/02/17, collateralized by $37,287 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $15,302.		15,000	$	15,000
Pershing LLC Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $15,001 on 10/02/17, collateralized by $25,264 U.S. Government Agency Obligations with rates ranging from 1.100% - 11.060%, maturity dates ranging from 12/15/17 - 08/20/67, with a value of $15,300.		15,000		15,000
				76,229
Time Deposits—0.0%
ABN AMRO Bank NV 1.060%, 10/02/17		2,000		2,000
Credit Agricole S.A. 1.080%, 10/02/17		935		935
Credit Industriel et Commercial 1.100%, 10/02/17		2,000		2,000
DZ Bank AG 1.060%, 10/02/17		2,000		2,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		916		916
Landesbank Hessen-Thuringen 1.170%, 10/02/17		1,122		1,122
Standard Chartered plc 1.200%, 10/02/17		1,198		1,198
Svenska 1.050%, 10/02/17		2,000		2,000
				12,171
Total Securities Lending Reinvestments (Cost $88,400)				88,400
Total Investments—99.9% (Cost $1,248,847,231)				1,818,700,924
Other assets and liabilities (net)—0.1%				2,528,402
Net Assets—100.0%			$	1,821,229,326

*	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 September 30, 2017, the market value of securities loaned was $85,056 and the collateral received consisted of cash in the amount of $88,400. 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 September 30, 2017.
(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 September 30, 2017 (Unaudited)	% of Net Assets
Banks		8.5
Capital Markets		7.7
Internet Software & Services		7.4
Machinery		5.7
Insurance		5.1
Software		4.3
Semiconductors & Semiconductor Equipment		4.0
Technology Hardware, Storage & Peripherals		3.8
Trading Companies & Distributors		3.6
Professional Services		3.6

BHFTII-3

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Ou Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	45,513,421	$	—		$	—	$	45,513,421
Australia		—		40,884,703			—		40,884,703
Brazil		40,251,741		—			—		40,251,741
Canada		84,489,041		—			—		84,489,041
China		72,383,588		—			—		72,383,588
Denmark		—		83,169,925			—		83,169,925
Finland		—		34,342,852			—		34,342,852
France		—		69,424,225			—		69,424,225
Germany		—		114,259,220			—		114,259,220
Hong Kong		—		67,314,887			—		67,314,887
Ireland		38,535,859		50,835,378			—		89,371,237
Japan		—		214,523,585			—		214,523,585
Netherlands		—		27,473,116			—		27,473,116
Panama		21,283,173		—			—		21,283,173
Peru		20,531,933		—			—		20,531,933
Russia		—		22,375,970			—		22,375,970
Singapore		—		25,018,404			—		25,018,404
South Africa		—		63,856,705			—		63,856,705
South Korea		—		84,993,589			—		84,993,589
Spain		—		48,110,091			—		48,110,091
Sweden		—		76,731,560			—		76,731,560
Switzerland		—		121,695,775			—		121,695,775
Taiwan		—		95,733,561			—		95,733,561
United Kingdom		—		230,528,935			—		230,528,935
United States		11,696,480		—			—		11,696,480
Total Common Stocks		334,685,236		1,471,272,481			—		1,805,957,717
Total Short-Term Investment*		—		12,654,807			—		12,654,807
Total Securities Lending Reinvestments*		—		88,400			—		88,400
Total Investments	$	334,685,236	$	1,484,015,688		$	—	$	1,818,700,924
Collateral for Securities Loaned (Liability)	$	—	$	(88,400	)	$	—	$	(88,400	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

U.S. Treasury & Government Agencies—75.1% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—38.2%
Fannie Mae 15 Yr. Pool 2.500%, 01/01/30		1,509,274	$	1,524,871
2.500%, 07/01/30		395,698		399,365
2.500%, 08/01/30		3,357,155		3,391,916
2.500%, 09/01/30		1,824,030		1,842,921
2.500%, 11/01/30		3,620,572		3,655,451
2.500%, 06/01/31		959,396		967,162
2.500%, 07/01/31		2,891,634		2,915,039
2.500%, 10/01/31		6,627,155		6,680,740
2.500%, 11/01/31		4,876,298		4,916,119
2.500%, 03/01/32		4,340,612		4,374,967
3.000%, 11/01/28		3,753,314		3,870,333
3.000%, 12/01/28		1,118,746		1,153,783
3.000%, 01/01/29		344,831		354,594
3.000%, 04/01/29		1,556,454		1,604,783
3.000%, 05/01/29		2,219,268		2,285,242
3.000%, 08/01/29		2,685,291		2,767,948
3.000%, 09/01/29		907,909		936,463
3.000%, 03/01/30		1,322,198		1,363,812
3.000%, 04/01/30		1,153,415		1,188,507
3.000%, 05/01/30		1,640,219		1,690,863
3.000%, 07/01/30		1,388,554		1,430,727
3.000%, 08/01/30		6,209,103		6,396,227
3.000%, 09/01/30		2,535,064		2,612,097
3.000%, 08/01/31		6,564,194		6,756,310
3.500%, 11/01/25		1,530,068		1,599,103
3.500%, 08/01/26		1,234,809		1,290,575
3.500%, 08/01/28		758,093		794,431
3.500%, 10/01/28		3,767,306		3,948,182
3.500%, 11/01/28		4,318,914		4,526,326
3.500%, 02/01/29		6,343,145		6,630,241
3.500%, 04/01/29		1,983,103		2,078,265
3.500%, 05/01/29		4,419,901		4,623,236
3.500%, 06/01/29		2,726,238		2,857,030
3.500%, 07/01/29		10,244,842		10,737,826
3.500%, 09/01/29		243,133		254,858
3.500%, 12/01/29		12,343,548		12,941,395
3.500%, 08/01/30		1,184,005		1,240,207
4.000%, 01/01/25		7,278		7,525
4.000%, 02/01/25		3,145,727		3,294,783
4.000%, 09/01/25		555,272		583,823
4.000%, 10/01/25		1,653,269		1,737,689
4.000%, 01/01/26		519,467		546,252
4.000%, 04/01/26		382,201		402,130
4.000%, 07/01/26		1,440,635		1,515,271
4.000%, 08/01/26		755,420		794,624
4.500%, 12/01/20		501,190		513,965
4.500%, 02/01/25		502,264		528,866
4.500%, 04/01/25		101,784		107,207
4.500%, 07/01/25		370,481		389,761
4.500%, 06/01/26		2,371,138		2,497,917
Fannie Mae 20 Yr. Pool 3.000%, 10/01/36		134,292		136,927
3.000%, 11/01/36		1,324,263		1,349,842
3.000%, 12/01/36		2,040,696		2,080,808
5.000%, 05/01/23		2,597		2,831
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, 01/01/47		593,019		615,113
Fannie Mae 30 Yr. Pool 3.000%, 12/01/42		8,274,851		8,347,642
3.000%, 01/01/43		5,710,546		5,760,761
3.000%, 02/01/43		2,651,979		2,675,284
3.000%, 03/01/43		21,890,511		22,081,176
3.000%, 04/01/43		14,637,696		14,765,449
3.000%, 05/01/43		20,020,447		20,197,500
3.000%, 06/01/43		2,567,924		2,592,862
3.000%, 07/01/43		1,415,743		1,428,052
3.000%, 08/01/43		1,168,402		1,178,449
3.000%, 06/01/46		889,649		895,564
3.000%, 07/01/46		7,552,619		7,594,920
3.000%, 08/01/46		16,791,712		16,885,916
3.000%, 09/01/46		11,979,343		12,049,161
3.000%, 10/01/46		6,734,214		6,773,788
3.000%, 11/01/46		4,944,378		4,974,589
3.000%, 12/01/46		3,946,760		3,972,405
3.000%, 01/01/47		88,350,417		88,704,234
3.000%, 02/01/47		3,804,254		3,827,616
3.000%, 03/01/47		34,717,338		34,862,569
3.000%, 04/01/47		3,673,293		3,687,956
3.500%, 01/01/42		895,032		927,836
3.500%, 04/01/42		624,152		646,806
3.500%, 05/01/42		378,510		391,940
3.500%, 06/01/42		1,030,534		1,069,775
3.500%, 07/01/42		128,529		133,155
3.500%, 08/01/42		230,574		238,799
3.500%, 10/01/42		1,646,533		1,706,997
3.500%, 11/01/42		2,863,028		2,963,113
3.500%, 12/01/42		1,566,863		1,623,504
3.500%, 01/01/43		1,020,743		1,061,015
3.500%, 02/01/43		1,648,459		1,710,239
3.500%, 03/01/43		4,378,396		4,546,232
3.500%, 04/01/43		138,621		143,853
3.500%, 05/01/43		97,563		100,874
3.500%, 06/01/43		1,453,322		1,502,022
3.500%, 07/01/43		14,141,708		14,681,850
3.500%, 08/01/43		8,465,359		8,786,371
3.500%, 09/01/43		138,808		144,223
3.500%, 10/01/43		155,289		161,415
3.500%, 11/01/43		1,411,059		1,463,946
3.500%, 01/01/44		3,673,680		3,817,698
3.500%, 05/01/44		2,310,450		2,401,366
3.500%, 06/01/44		11,884,278		12,306,887
3.500%, 07/01/44		64,847		67,272
3.500%, 02/01/45		1,249,641		1,294,573
3.500%, 07/01/45		2,755,840		2,854,695
3.500%, 03/01/46		1,387,571		1,437,505
3.500%, 05/01/46		900,547		932,948
3.500%, 06/01/46		8,211,371		8,507,487
3.500%, 08/01/46		1,810,717		1,875,988
3.500%, 09/01/46		1,872,939		1,942,527
3.500%, 11/01/46		2,172,862		2,257,310
3.500%, 12/01/46		3,386,873		3,514,280

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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%, 01/01/47		7,395,657	$	7,687,369
3.500%, 02/01/47		671,647		697,940
3.500%, 05/01/47		1,786,406		1,852,963
4.000%, 08/01/33		1,418,833		1,494,264
4.000%, 06/01/39		1,000,523		1,059,383
4.000%, 12/01/39		95,699		101,230
4.000%, 07/01/40		1,249,064		1,321,029
4.000%, 08/01/40		2,264,175		2,395,139
4.000%, 10/01/40		6,039,441		6,437,067
4.000%, 11/01/40		403,716		427,068
4.000%, 12/01/40		2,096,113		2,217,006
4.000%, 04/01/41		202,812		214,419
4.000%, 09/01/41		5,338,643		5,644,931
4.000%, 10/01/41		353,879		374,199
4.000%, 12/01/41		1,370,144		1,469,305
4.000%, 02/01/42		3,245,083		3,431,599
4.000%, 05/01/42		1,321,693		1,408,239
4.000%, 06/01/42		747,439		790,018
4.000%, 07/01/42		5,029,508		5,384,985
4.000%, 08/01/42		389,205		411,552
4.000%, 09/01/42		965,454		1,020,828
4.000%, 12/01/42		2,692,485		2,870,729
4.000%, 01/01/43		1,180,379		1,248,148
4.000%, 10/01/43		883,936		934,515
4.000%, 11/01/43		4,234,474		4,532,141
4.000%, 01/01/44		2,990,268		3,200,457
4.000%, 02/01/44		2,928,578		3,137,234
4.000%, 05/01/44		4,272,585		4,575,283
4.000%, 07/01/44		288,445		305,623
4.000%, 12/01/44		2,520,066		2,693,307
4.000%, 01/01/45		432,158		462,239
4.000%, 02/01/45		1,318,771		1,407,431
4.000%, 03/01/45		1,168,279		1,242,858
4.000%, 04/01/45		1,039,486		1,111,895
4.000%, 05/01/45		353,728		374,875
4.000%, 10/01/45		7,976,143		8,513,413
4.000%, 11/01/45		2,817,927		3,007,715
4.000%, 12/01/45		5,546,575		5,920,331
4.000%, 01/01/46		5,735,653		6,065,439
4.000%, 02/01/46		1,952,084		2,081,591
4.000%, 06/01/46		4,388,623		4,651,015
4.000%, 07/01/46		4,461,905		4,752,232
4.000%, 03/01/47		2,888,089		3,075,651
4.000%, 08/01/47		63,496,890		66,896,810
4.500%, 08/01/39		1,462,486		1,574,333
4.500%, 11/01/39		389,937		424,373
4.500%, 01/01/40		48,141		52,517
4.500%, 04/01/40		108,126		117,623
4.500%, 05/01/40		284,229		308,321
4.500%, 06/01/40		270,763		293,828
4.500%, 07/01/40		523,980		566,656
4.500%, 08/01/40		3,709,679		4,014,920
4.500%, 11/01/40		1,075,304		1,163,986
4.500%, 07/01/41		305,692		330,736
4.500%, 08/01/41		120,101		128,921
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.500%, 09/01/41		1,101,239		1,190,309
4.500%, 10/01/41		229,246		249,701
4.500%, 01/01/42		217,077		234,972
4.500%, 06/01/42		163,703		175,732
4.500%, 08/01/42		1,145,188		1,233,698
4.500%, 09/01/42		3,397,701		3,671,687
4.500%, 09/01/43		1,139,312		1,225,347
4.500%, 10/01/43		1,597,261		1,717,545
4.500%, 12/01/43		2,209,597		2,375,503
4.500%, 01/01/44		1,947,688		2,100,116
4.500%, 11/01/45		144,258		156,774
4.500%, 09/01/46		751,164		826,406
4.500%, TBA (a)		6,692,000		7,183,444
5.000%, 11/01/32		5,900		6,466
5.000%, 09/01/35		263,451		290,274
5.000%, 06/01/39		11,308,823		12,453,128
5.000%, 04/01/41		37,232		40,664
5.000%, 07/01/41		539,146		589,786
5.000%, 08/01/41		529,053		578,001
5.000%, 01/01/42		52,994		57,799
5.000%, TBA (a)		3,611,000		3,938,824
5.500%, 11/01/32		1,331,569		1,486,198
5.500%, 12/01/32		221,346		247,277
5.500%, 01/01/33		866,441		966,603
5.500%, 12/01/33		287,035		320,757
5.500%, 05/01/34		2,278,790		2,554,429
5.500%, 08/01/37		2,388,883		2,678,066
5.500%, 02/01/38		355,001		398,965
5.500%, 03/01/38		254,383		285,567
5.500%, 04/01/38		265,851		293,782
5.500%, 06/01/38		413,750		464,518
5.500%, 12/01/38		310,831		343,488
5.500%, 01/01/39		406,018		451,681
5.500%, 08/01/39		378,478		421,743
5.500%, 12/01/39		572,717		636,720
5.500%, 04/01/40		101,124		112,452
5.500%, 04/01/41		336,561		373,011
5.500%, TBA (a)		3,696,000		4,089,584
6.000%, 02/01/34		261,746		299,361
6.000%, 08/01/34		197,783		226,372
6.000%, 04/01/35		3,100,201		3,542,846
6.000%, 06/01/36		411,013		464,832
6.000%, 02/01/38		579,017		655,750
6.000%, 03/01/38		213,961		243,308
6.000%, 05/01/38		690,898		788,897
6.000%, 10/01/38		821,488		932,146
6.000%, 12/01/38		232,531		263,817
6.000%, 04/01/40		2,679,341		3,043,666
6.000%, 09/01/40		265,657		300,836
6.000%, 06/01/41		587,956		666,791
6.500%, 05/01/40		3,873,997		4,403,990
Fannie Mae Connecticut Avenue Securities (CMO) 3.437%, 1M USD LIBOR + 2.200%, 01/25/30 (b)		795,826		785,480
4.087%, 1M USD LIBOR + 2.850%, 11/25/29 (b)		574,043		581,886

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Connecticut Avenue Securities (CMO) 4.237%, 1M USD LIBOR + 3.000%, 10/25/29 (b)		246,328	$	253,789
4.787%, 1M USD LIBOR + 3.550%, 07/25/29 (b)		1,289,928		1,360,394
4.837%, 1M USD LIBOR + 3.600%, 01/25/30 (b)		1,350,000		1,257,335
5.487%, 1M USD LIBOR + 4.250%, 04/25/29 (b)		1,620,000		1,784,520
6.987%, 1M USD LIBOR + 5.750%, 07/25/29 (b)		683,032		758,521
Fannie Mae Pool 4.000%, 01/01/41		524,610		557,241
Fannie Mae REMICS (CMO) 5.000%, 04/25/35		82,303		86,414
Fannie Mae-ACES (CMO) 0.232%, 08/25/24 (b) (c)		114,436,289		976,451
2.800%, 01/25/39 (b) (c)		4,973,497		589,031
2.961%, 02/25/27 (b)		1,205,000		1,215,150
3.061%, 05/25/27 (b)		1,475,000		1,497,026
Freddie Mac 15 Yr. Gold Pool 2.500%, 08/01/29		1,333,239		1,348,029
2.500%, 12/01/29		352,495		355,301
2.500%, 05/01/30		1,322,832		1,333,413
2.500%, 07/01/30		906,073		913,703
2.500%, 08/01/30		2,592,445		2,614,752
2.500%, 09/01/30		3,334,306		3,361,375
2.500%, TBA (a)		14,055,000		14,156,429
3.000%, 01/01/30		1,047,891		1,078,792
3.000%, 04/01/30		4,985,074		5,135,512
3.000%, 05/01/30		835,134		860,491
3.000%, 06/01/30		36,143		37,232
3.000%, 07/01/30		1,847,681		1,902,408
3.000%, 08/01/30		587,476		605,032
3.000%, TBA (a)		10,797,000		11,096,529
3.500%, TBA (a)		6,972,000		7,270,405
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/42		2,981,805		3,009,867
3.000%, 01/01/43		1,998,649		2,017,634
3.000%, 03/01/43		4,500,432		4,543,923
3.000%, 07/01/43		12,672,531		12,790,800
3.000%, 09/01/46		1,310,439		1,317,372
3.000%, 11/01/46		9,411,403		9,455,361
3.000%, 12/01/46		12,112,231		12,188,025
3.000%, 01/01/47 (d)		27,511,795		27,631,771
3.000%, 02/01/47		39,175,278		39,344,602
3.000%, 03/01/47 (d)		28,535,353		28,658,689
3.000%, 04/01/47 (d)		29,608,518		29,737,758
3.500%, 04/01/42		2,029,173		2,112,158
3.500%, 05/01/42		39,847		41,287
3.500%, 08/01/42		2,693,181		2,798,352
3.500%, 10/01/42		176,394		182,631
3.500%, 11/01/42		1,243,543		1,288,767
3.500%, 01/01/43		1,400,931		1,452,087
3.500%, 06/01/43		351,593		365,051
3.500%, 01/01/44		763,948		794,638
3.500%, 04/01/44		148,188		154,235
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.500%, 05/01/44		654,892	$	681,703
3.500%, 06/01/44		167,162		173,983
3.500%, 07/01/44		124,932		130,103
3.500%, 08/01/44		522,431		543,750
3.500%, 09/01/44		981,446		1,021,648
3.500%, 08/01/45		7,652,911		7,965,662
3.500%, 09/01/45		214,887		223,794
3.500%, 01/01/46		1,265,089		1,311,017
3.500%, 03/01/46		938,812		972,851
3.500%, 05/01/46		1,044,419		1,082,336
3.500%, 03/01/47		2,648,668		2,755,717
3.500%, TBA (a)		52,640,164		54,291,360
4.000%, 08/01/40		333,458		352,461
4.000%, 09/01/40		402,082		428,400
4.000%, 10/01/40		165,378		176,674
4.000%, 11/01/40		749,917		801,130
4.000%, 04/01/41		19,329		20,432
4.000%, 10/01/41		707,075		755,390
4.000%, 09/01/43		514,193		550,723
4.000%, 04/01/44		1,068,446		1,140,983
4.000%, 08/01/44		3,870,247		4,142,117
4.000%, 02/01/45		380,554		403,458
4.000%, 09/01/45		1,704,797		1,808,702
4.000%, 10/01/45		2,117,036		2,247,574
4.000%, 12/01/45 (d)		15,683,983		16,523,875
4.000%, 01/01/47		9,116,056		9,708,444
4.000%, 08/01/47		2,663,735		2,852,983
4.000%, TBA (a)		6,472,000		6,814,308
4.500%, 02/01/39		1,489,955		1,599,131
4.500%, 08/01/39		1,286,699		1,384,321
4.500%, 12/01/39		310,372		333,713
4.500%, 07/01/40		95,339		102,590
4.500%, 05/01/41		1,907,905		2,051,457
4.500%, 05/01/42		1,869,723		2,011,457
4.500%, 10/01/43		1,020,046		1,095,605
4.500%, 12/01/43		2,442,965		2,637,407
4.500%, TBA (a)		6,354,000		6,812,398
5.000%, 10/01/41		788,825		863,370
5.000%, 11/01/41		6,898,713		7,546,965
5.500%, 02/01/35		195,019		218,327
5.500%, 09/01/39		193,785		214,074
5.500%, 01/01/40		256,257		282,399
5.500%, 07/01/40		326,240		359,862
5.500%, 06/01/41		2,867,301		3,192,349
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.580%, 01/25/25 (b) (c)		4,833,038		137,806
0.745%, 03/25/27 (b) (c)		9,708,907		476,001
0.816%, 04/25/27 (b) (c)		16,673,624		909,923
0.847%, 06/25/27 (b) (c)		2,645,000		160,840
2.653%, 08/25/26		400,000		395,975
2.770%, 05/25/25		1,110,000		1,114,846
3.120%, 09/25/26 (b)		2,590,000		2,656,015
3.194%, 07/25/27		620,000		636,437
3.243%, 04/25/27		3,360,000		3,469,296
3.300%, 10/25/26		3,580,000		3,713,091
3.347%, 11/25/26 (b)		2,620,000		2,729,329

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 3.430%, 01/25/27 (b)		560,000	$	586,669
3.531%, 07/25/23 (b)		500,000		529,548
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO) 3.734%, 1M USD LIBOR + 2.650%, 03/25/30 (b)		2,600,000		2,603,117
3.887%, 1M USD LIBOR + 3.250%, 12/25/29 (b)		1,060,153		1,064,140
4.487%, 07/25/29 (b)		1,320,000		1,379,514
4.687%, 1M USD LIBOR + 3.450%, 10/25/29 (b)		1,516,843		1,603,843
5.037%, 1M USD LIBOR + 3.800%, 03/25/29 (b)		1,310,000		1,415,632
5.684%, 03/25/30 (b)		1,290,000		1,298,970
6.387%, 1M USD LIBOR + 5.150%, 10/25/29 (b)		880,000		930,650
FREMF Mortgage Trust (CMO) 3.761%, 08/25/48 (144A) (b)		270,000		271,001
4.013%, 02/25/24 (144A) (b)		1,810,000		1,837,032
4.117%, 03/25/27 (144A) (b)		855,556		860,969
Ginnie Mae I 30 Yr. Pool 3.500%, 01/15/42		508,086		530,245
3.500%, 02/15/42		226,868		236,724
3.500%, 04/15/42		414,164		433,603
3.500%, 05/15/42		406,493		426,814
3.500%, 08/15/42		605,123		635,360
3.500%, 11/15/42		413,230		432,034
3.500%, 12/15/42		1,301,780		1,366,767
3.500%, 01/15/43		586,231		612,871
3.500%, 02/15/43		852,191		891,089
3.500%, 03/15/43		466,884		488,067
3.500%, 04/15/43		2,564,155		2,684,710
3.500%, 05/15/43		3,017,894		3,159,090
3.500%, 06/15/43		743,599		779,301
3.500%, 07/15/43		2,649,145		2,781,231
4.000%, 07/20/39		454,626		482,909
4.000%, 01/15/41		1,593,763		1,688,589
4.000%, 03/15/41		1,120,668		1,187,347
4.000%, 12/15/41		26,093		27,529
4.500%, 02/15/42 (d)		12,400,661		13,417,902
5.000%, 12/15/38		356,744		392,750
5.000%, 07/15/39		991,824		1,091,874
5.000%, 10/15/39		433,854		482,100
5.000%, 09/15/40		33,243		36,938
5.000%, 12/15/40		1,189,532		1,309,343
5.500%, 04/15/33		31,995		36,057
6.500%, 04/15/33		48,738		53,788
8.500%, 05/15/22		570		575
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (a)		90,231,000		91,485,770
3.500%, 12/20/41		4,589,542		4,791,212
3.500%, 10/20/42		478,060		499,658
3.500%, 01/20/43		428,580		447,943
3.500%, 04/20/43		351,761		367,654
3.500%, 10/20/46		2,755,058		2,882,087
3.500%, 04/20/47		16,975,946		17,667,563
3.500%, TBA (a)		76,208,496		79,209,206
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 4.000%, 04/20/39		60,102		63,896
4.000%, 09/20/40		121,120		129,160
4.000%, 10/20/40		1,339,910		1,422,569
4.000%, 11/20/40		754,116		798,232
4.000%, 12/20/40		2,819,152		2,991,251
4.000%, 01/20/41		2,466,669		2,618,990
4.000%, 02/20/41		43,667		46,308
4.000%, 04/20/42		1,240,373		1,315,387
4.000%, 07/20/43		231,792		245,910
4.000%, 08/20/44		1,033,990		1,102,217
4.000%, 10/20/46		224,724		237,013
4.000%, 06/20/47		6,087,818		6,434,012
4.000%, TBA (a)		33,519,000		35,269,727
4.500%, 12/20/39		101,901		109,956
4.500%, 01/20/40		126,703		136,722
4.500%, 02/20/40		100,385		107,927
4.500%, 05/20/40		6,870		7,387
4.500%, 08/20/40		242,499		261,906
4.500%, 05/20/41		13,296,151		14,295,438
4.500%, 06/20/41		1,282,057		1,378,395
4.500%, 07/20/41		807,149		867,801
4.500%, 11/20/41		122,217		131,401
4.500%, 11/20/44		288,294		307,771
5.000%, 10/20/33		1,068,219		1,177,871
5.000%, 10/20/39		361,189		398,358
5.000%, 07/20/42		443,784		482,428
Government National Mortgage Association (CMO) 0.741%, 02/16/59 (b) (c)		9,009,951		673,635
0.762%, 11/16/53 (b) (c)		1,095,481		41,096
0.773%, 05/16/59 (b) (c)		2,193,055		158,491
0.794%, 02/16/53 (b) (c)		18,891,408		875,864
0.800%, 06/16/53 (b) (c)		1,692,876		51,493
0.802%, 07/16/59 (b) (c)		2,070,818		151,556
0.810%, 05/16/59 (b) (c)		3,123,537		225,664
0.825%, 08/16/41 (c)		4,541,439		78,562
0.910%, 06/16/58 (b) (c)		2,758,895		211,721
0.984%, 08/15/58 (b) (c)		7,495,833		597,065
1.000%, 02/16/39 (c)		6,238,074		86,404
1.007%, 08/16/58 (b) (c)		3,882,033		289,401
1.037%, 05/16/58 (b) (c)		2,643,507		212,618
1.064%, 12/16/57 (b) (c)		3,834,441		295,534
1.064%, 01/16/48 (b) (c)		3,094,202		174,458
1.126%, 04/16/58 (b) (c)		7,019,986		558,130
				1,481,370,672
U.S. Treasury—36.9%
U.S. Treasury Bonds
2.750%, 08/15/47 (e)		26,729,000		26,148,479
2.875%, 05/15/43		20,584,000		20,748,029
2.875%, 11/15/46 (e) (f)		25,524,000		25,614,730
3.000%, 02/15/47 (e) (g)		24,963,000		25,677,761
3.125%, 02/15/43 (e)		20,110,000		21,219,978
3.625%, 08/15/43 (e)		18,797,000		21,571,026

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Bonds
3.750%, 11/15/43		18,414,000	$	21,584,661
4.250%, 05/15/39		7,463,000		9,336,038
4.375%, 11/15/39		7,270,000		9,250,507
4.500%, 08/15/39		7,242,000		9,363,397
6.125%, 08/15/29		4,588,000		6,368,180
6.250%, 05/15/30		4,298,000		6,103,999
U.S. Treasury Notes 1.250%, 04/30/19 (e)		121,520,000		121,168,732
1.250%, 05/31/19 (e)		116,182,000		115,818,931
1.375%, 09/30/19		88,845,000		88,661,063
1.375%, 09/15/20 (e)		7,385,000		7,333,940
1.500%, 04/15/20 (e)		44,022,000		43,942,898
1.500%, 05/15/20 (e)		42,813,000		42,727,708
1.500%, 06/15/20		65,358,000		65,215,029
1.500%, 03/31/23		18,513,000		18,022,695
1.625%, 08/31/22 (e)		220,085,000		217,058,831
1.625%, 11/15/22		33,783,000		33,257,780
1.625%, 04/30/23		18,202,000		17,825,162
1.750%, 05/31/22 (e)		50,526,000		50,196,397
1.750%, 09/30/22		34,387,000		34,069,995
1.875%, 04/30/22 (e)		51,150,000		51,104,045
1.875%, 08/31/24 (e)		10,359,000		10,174,480
2.000%, 11/30/22		33,195,000		33,253,350
2.000%, 04/30/24 (f)		42,025,000		41,699,963
2.000%, 05/31/24		41,570,000		41,222,501
2.000%, 02/15/25		14,197,000		14,002,900
2.000%, 08/15/25		8,006,000		7,869,022
2.000%, 11/15/26 (f)		19,039,000		18,553,357
2.125%, 05/15/25		13,761,000		13,671,768
2.250%, 11/15/25		7,713,000		7,712,699
2.250%, 02/15/27		18,390,000		18,278,654
2.250%, 08/15/27 (e)		21,418,000		21,272,424
2.625%, 08/15/20		16,668,000		17,141,345
2.625%, 11/15/20 (e)		71,832,000		73,944,871
				1,428,187,325
Total U.S. Treasury & Government Agencies (Cost $2,908,379,324)				2,909,557,997
Corporate Bonds & Notes—29.0%
Advertising—0.1%
ACE03 MH1 B2 Zero Coupon, 08/15/30		758,807		587,959
Interpublic Group of Cos., Inc. (The) 4.000%, 03/15/22		1,468,000		1,543,056
				2,131,015
Aerospace/Defense—0.3%
BAE Systems Holdings, Inc. 2.850%, 12/15/20 (144A)		699,000		707,615
4.750%, 10/07/44 (144A)		132,000		143,790
Harris Corp. 2.700%, 04/27/20		706,000		713,411
Aerospace/Defense—(Continued)
Lockheed Martin Corp.
3.550%, 01/15/26		815,000		841,199
3.600%, 03/01/35		1,860,000		1,833,356
4.070%, 12/15/42		380,000		386,281
4.090%, 09/15/52 (144A)		594,000		593,995
4.500%, 05/15/36		323,000		353,103
Northrop Grumman Corp. 3.850%, 04/15/45		840,000		817,742
United Technologies Corp. 1.778%, 05/04/18		3,052,000		3,053,456
4.050%, 05/04/47		2,545,000		2,579,697
4.150%, 05/15/45		836,000		860,770
				12,884,415
Agriculture—0.1%
BAT Capital Corp. 4.390%, 08/15/37 (144A) (d)		2,070,000		2,124,255
Reynolds American, Inc. 2.300%, 06/12/18		1,321,000		1,326,805
3.250%, 06/12/20		561,000		576,501
				4,027,561
Airlines—0.4%
American Airlines Group, Inc. 4.625%, 03/01/20 (144A) (d)		2,214,000		2,277,652
American Airlines Pass-Through Trust 3.375%, 05/01/27		3,314,693		3,339,553
Delta Air Lines, Inc. 2.875%, 03/13/20		8,220,000		8,312,439
Turkish Airlines Pass-Through Trust 4.200%, 03/15/27 (144A)		1,144,960		1,110,612
United Airlines Pass-Through Trust 4.750%, 04/11/22		341,648		355,827
				15,396,083
Auto Manufacturers—0.9%
General Motors Financial Co., Inc. 3.100%, 01/15/19		814,000		825,483
3.150%, 06/30/22 (d)		13,450,000		13,557,248
3.200%, 07/06/21		5,255,000		5,347,371
3.700%, 11/24/20		1,345,000		1,392,454
4.000%, 01/15/25		1,821,000		1,857,175
5.750%, 09/30/27 (b) (d)		4,545,000		4,709,756
Hyundai Capital America 2.550%, 04/03/20 (144A)		8,645,000		8,629,882
				36,319,369
Auto Parts & Equipment—0.1%
Delphi Automotive plc 4.250%, 01/15/26		1,455,000		1,548,942
4.400%, 10/01/46		1,297,000		1,315,020
				2,863,962

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—10.2%
Banco Espirito Santo S.A. 4.000%, 01/21/19 (EUR) (h)		200,000	$	71,210
Banco Inbursa S.A. Institucion de Banca Multiple 4.375%, 04/11/27 (144A)		549,000		551,059
Bank of America Corp.
2.250%, 04/21/20		2,535,000		2,540,648
2.328%, 10/01/21 (b)		17,105,000		17,069,262
2.369%, 3M USD LIBOR + 0.660%, 07/21/21 (b)		9,445,000		9,445,700
3.248%, 10/21/27		1,588,000		1,556,182
3.300%, 01/11/23		3,130,000		3,206,533
3.500%, 04/19/26		2,440,000		2,480,686
3.593%, 3M USD LIBOR + 1.370%, 07/21/28 (b)		5,745,000		5,800,773
3.875%, 08/01/25		4,570,000		4,787,149
4.183%, 11/25/27		4,650,000		4,819,614
4.443%, 3M USD LIBOR + 1.990%, 01/20/48 (b)		4,125,000		4,466,823
4.875%, 04/01/44		494,000		563,845
Bank of New York Mellon Corp. (The) 4.625%, 3M USD LIBOR + 3.131%, 09/20/26 (b)		2,405,000		2,453,581
Barclays plc 4.836%, 05/09/28		3,600,000		3,729,351
4.950%, 01/10/47		2,231,000		2,438,176
BB&T Corp. 2.450%, 01/15/20		1,530,000		1,546,248
BNP Paribas S.A. 2.950%, 05/23/22 (144A)		6,010,000		6,062,863
3.800%, 01/10/24 (144A) (d)		808,000		839,956
BPCE S.A. 3.000%, 05/22/22 (144A)		3,500,000		3,519,334
Branch Banking & Trust Co. 2.300%, 10/15/18		2,160,000		2,171,965
Citigroup, Inc. 1.800%, 02/05/18		2,960,000		2,960,017
2.500%, 07/29/19		3,634,000		3,664,429
2.900%, 12/08/21		20,825,000		21,081,569
3.500%, 05/15/23		1,535,000		1,563,770
3.668%, 3M USD LIBOR + 1.390%, 07/24/28 (b)		5,925,000		5,983,028
3.875%, 03/26/25		1,530,000		1,565,472
3.887%, 3M USD LIBOR + 1.563%, 01/10/28 (b)		1,175,000		1,206,244
4.125%, 07/25/28		5,250,000		5,401,934
4.750%, 05/18/46		4,348,000		4,733,158
Citizens Bank N.A. 2.250%, 03/02/20		6,026,000		6,033,971
2.300%, 12/03/18		1,395,000		1,400,224
2.650%, 05/26/22 (d)		4,875,000		4,876,157
Credit Agricole S.A. 3.250%, 10/04/24 (144A)		4,820,000		4,822,739
Credit Suisse AG 3.000%, 10/29/21		1,015,000		1,042,101
Credit Suisse Group AG 4.282%, 01/09/28 (144A) (d)		812,000		845,793
Banks—(Continued)
Credit Suisse Group Funding Guernsey, Ltd. 2.750%, 03/26/20		3,269,000		3,303,030
4.875%, 05/15/45		753,000		841,529
Fifth Third Bank 2.250%, 06/14/21		3,062,000		3,062,068
Goldman Sachs Group, Inc. (The) 2.000%, 04/25/19		950,000		949,854
2.350%, 11/15/21		4,120,000		4,084,758
2.600%, 04/23/20		2,774,000		2,799,007
2.625%, 01/31/19		3,624,000		3,655,277
2.625%, 04/25/21 (d)		2,055,000		2,066,306
2.750%, 09/15/20		1,326,000		1,343,133
HSBC Holdings plc 2.650%, 01/05/22		9,125,000		9,158,539
4.041%, 3M USD LIBOR + 1.546%, 03/13/28 (b)		2,950,000		3,080,029
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (b)		3,575,000		3,739,093
ING Groep NV 3.950%, 03/29/27 (d)		2,705,000		2,818,693
Intesa Sanpaolo S.p.A. 3.125%, 07/14/22 (144A)		4,790,000		4,801,821
5.017%, 06/26/24 (144A)		9,650,000		9,810,220
Inversiones Atlantida S.A. 8.250%, 07/28/22 (144A)		289,000		296,586
JPMorgan Chase & Co. 2.200%, 10/22/19		2,326,000		2,339,872
2.550%, 10/29/20		3,260,000		3,296,917
2.750%, 06/23/20		667,000		679,585
2.972%, 01/15/23		13,360,000		13,567,481
3.540%, 3M USD LIBOR + 1.380%, 05/01/28 (b)		2,200,000		2,220,045
3.782%, 3M USD LIBOR + 1.337%, 02/01/28 (b)		3,212,000		3,305,386
3.882%, 3M USD LIBOR + 1.360%, 07/24/38 (b)		12,570,000		12,672,178
3.900%, 07/15/25		1,343,000		1,414,003
Lloyds Banking Group plc 3.750%, 01/11/27		1,715,000		1,744,908
Macquarie Bank, Ltd. 6.125%, 5Y USD Swap + 3.703%, 03/08/27 (144A) (b) (d)		1,880,000		1,945,236
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		4,056,000		4,111,813
Mizuho Financial Group, Inc. 2.953%, 02/28/22		12,430,000		12,529,951
Morgan Stanley 2.625%, 11/17/21		10,848,000		10,886,648
2.750%, 05/19/22		16,450,000		16,541,023
2.800%, 06/16/20		3,889,000		3,953,867
3.591%, 3M USD LIBOR + 1.340%, 07/22/28 (b)		6,490,000		6,514,181
3.700%, 10/23/24		2,435,000		2,522,596
3.750%, 02/25/23		1,545,000		1,613,286
3.971%, 3M USD LIBOR + 1.455%, 07/22/38 (b)		2,565,000		2,579,642
Northern Trust Corp. 3.375%, 3M USD LIBOR + 1.131%, 05/08/32 (b)		2,040,000		2,040,749

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Royal Bank of Scotland Group plc 2.785%, 3M USD LIBOR + 1.470%, 05/15/23 (b) (d)		4,275,000	$	4,307,618
3.498%, 3M USD LIBOR + 1.480%, 05/15/23 (b)		5,295,000		5,327,506
3.875%, 09/12/23		7,470,000		7,643,926
Santander Holdings USA, Inc. 3.700%, 03/28/22 (144A) (d)		1,155,000		1,176,762
Santander UK Group Holdings plc 2.875%, 08/05/21		5,200,000		5,223,473
State Street Corp. 2.320%, 3M USD LIBOR + 1.000%, 06/15/47 (b)		500,000		456,150
2.650%, 05/19/26 (d)		1,246,000		1,215,475
Sumitomo Mitsui Trust Bank, Ltd. 1.950%, 09/19/19 (144A)		5,465,000		5,449,052
2.050%, 03/06/19 (144A)		15,092,000		15,104,951
U.S. Bancorp 2.950%, 07/15/22		2,475,000		2,532,966
3.150%, 04/27/27		1,360,000		1,367,937
UBS Group Funding Switzerland AG 4.125%, 09/24/25 (144A)		650,000		683,741
4.253%, 03/23/28 (144A)		5,815,000		6,099,971
UniCredit S.p.A. 5.861%, 5Y USD ICE Swap + 3.703%, 06/19/32 (144A) (b) (d)		8,370,000		8,771,316
Wells Fargo & Co. 2.100%, 07/26/21		2,215,000		2,196,297
2.600%, 07/22/20		1,285,000		1,303,037
2.625%, 07/22/22		8,415,000		8,429,077
3.584%, 3M USD LIBOR + 1.310%, 05/22/28 (b)		7,900,000		7,995,949
				394,876,078
Beverages—0.2%
Anheuser-Busch InBev Finance, Inc. 2.650%, 02/01/21		3,844,000		3,906,429
3.300%, 02/01/23		2,335,000		2,420,868
4.700%, 02/01/36		890,000		981,254
Central American Bottling Corp. 5.750%, 01/31/27 (144A)		167,000		176,603
Coca-Cola Icecek A/S 4.215%, 09/19/24 (144A)		434,000		439,199
				7,924,353
Biotechnology—0.4%
Amgen, Inc. 2.125%, 05/01/20		2,559,000		2,562,523
4.400%, 05/01/45		2,028,000		2,147,015
Gilead Sciences, Inc. 2.350%, 02/01/20		589,000		595,533
2.500%, 09/01/23		1,447,000		1,432,411
4.000%, 09/01/36		5,535,000		5,701,460
4.150%, 03/01/47		862,000		883,055
4.500%, 02/01/45		547,000		587,744
4.600%, 09/01/35		564,000		622,692
				14,532,433
Building Materials—0.2%
CEMEX Finance LLC 9.375%, 10/12/22 (144A)		280,000		293,300
CRH America Finance, Inc. 3.400%, 05/09/27 (144A)		2,255,000		2,265,248
Johnson Controls International plc 5.125%, 09/14/45		1,750,000		1,995,732
LafargeHolcim Finance U.S. LLC 4.750%, 09/22/46 (144A)		2,545,000		2,645,249
				7,199,529
Chemicals—0.2%
Agrium, Inc. 4.125%, 03/15/35		755,000		767,046
Cydsa S.A.B. de C.V. 6.250%, 10/04/27 (144A)		640,000		628,371
Dow Chemical Co. (The) 4.375%, 11/15/42		500,000		508,485
4.625%, 10/01/44		755,000		800,416
E.I. du Pont de Nemours & Co. 2.200%, 05/01/20		1,100,000		1,107,079
Eastman Chemical Co. 4.800%, 09/01/42		716,000		760,577
Monsanto Co. 3.600%, 07/15/42		970,000		863,276
Sherwin-Williams Co. (The) 4.000%, 12/15/42		240,000		228,159
4.500%, 06/01/47		815,000		855,299
				6,518,708
Commercial Services—0.2%
Moody’s Corp. 2.750%, 12/15/21		2,544,000		2,563,972
Total System Services, Inc. 4.800%, 04/01/26		2,815,000		3,076,328
Wesleyan University 4.781%, 07/01/2116		1,088,000		1,129,897
				6,770,197
Computers—1.0%
Apple, Inc. 2.850%, 05/11/24		11,225,000		11,361,313
3.000%, 02/09/24		3,075,000		3,151,104
3.450%, 02/09/45		1,028,000		974,206
4.650%, 02/23/46		6,691,000		7,580,865
Dell International LLC / EMC Corp. 5.450%, 06/15/23 (144A)		3,230,000		3,534,910
8.350%, 07/15/46 (144A)		2,420,000		3,108,085
DXC Technology Co. 2.875%, 03/27/20		1,369,000		1,387,256
Hewlett Packard Enterprise Co. 2.100%, 10/04/19 (144A)		4,395,000		4,396,491
2.850%, 10/05/18		2,705,000		2,732,042
3.600%, 10/15/20		1,906,000		1,975,656

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Computers—(Continued)
HP, Inc. 3.750%, 12/01/20		357,000	$	371,191
				40,573,119
Diversified Financial Services—1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.500%, 05/26/22		4,500,000		4,607,865
4.625%, 10/30/20		4,930,000		5,246,471
Air Lease Corp. 2.625%, 07/01/22		4,300,000		4,269,158
American Express Credit Corp. 2.250%, 08/15/19		1,959,000		1,975,270
3.300%, 05/03/27		1,010,000		1,019,912
Blackstone Holdings Finance Co. LLC 4.000%, 10/02/47 (144A)		2,360,000		2,277,510
Credivalores-Crediservicios SAS 9.750%, 07/27/22 (144A) (d)		983,000		1,016,913
Discover Financial Services 4.100%, 02/09/27		1,108,000		1,125,833
GE Capital International Funding Co. 4.418%, 11/15/35		8,390,000		9,123,267
ORIX Corp. 2.900%, 07/18/22		1,555,000		1,560,902
SPARC EM SPC Panama Metro Line 2 SP Zero Coupon, 12/05/22 (144A)		200,000		182,300
Synchrony Financial 2.600%, 01/15/19		1,706,000		1,716,927
2.700%, 02/03/20		1,079,000		1,085,908
4.500%, 07/23/25		1,243,000		1,296,492
Visa, Inc. 4.150%, 12/14/35		411,000		448,610
				36,953,338
Electric—0.9%
AES Panama SRL 6.000%, 06/25/22 (144A)		213,000		224,449
Baltimore Gas & Electric Co. 3.500%, 08/15/46		805,000		770,984
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		2,636,821
Emera U.S. Finance L.P. 2.150%, 06/15/19		2,058,000		2,058,826
2.700%, 06/15/21		2,106,000		2,117,345
Enel Finance International NV 2.875%, 05/25/22 (144A)		4,485,000		4,514,055
3.625%, 05/25/27 (144A)		4,185,000		4,193,507
Exelon Corp. 2.450%, 04/15/21		549,000		549,049
2.850%, 06/15/20		965,000		984,184
4.950%, 06/15/35		501,000		554,845
Electric—(Continued)
Generacion Mediterranea S.A. / Generacion Frias S.A. / Central Termica Roca S.A. 9.625%, 07/27/23 (144A) (d)		722,000		806,979
Genneia S.A. 8.750%, 01/20/22 (144A)		642,000		701,597
Inkia Energy, Ltd. 8.375%, 04/04/21 (144A)		282,000		290,122
NextEra Energy Operating Partners L.P. 4.250%, 09/15/24 (144A)		975,000		995,719
4.500%, 09/15/27 (144A)		2,950,000		3,005,312
Orazul Energy Egenor S. en C. por A. 5.625%, 04/28/27 (144A)		549,000		537,471
Pampa Energia S.A. 7.375%, 07/21/23 (144A)		649,000		705,852
7.500%, 01/24/27 (144A)		560,000		608,625
Southern California Edison Co. 1.250%, 11/01/17		1,080,000		1,079,657
Stoneway Capital Corp. 10.000%, 03/01/27 (144A)		1,307,000		1,403,823
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		2,380,000		2,488,558
Virginia Electric & Power Co. 3.500%, 03/15/27		3,225,000		3,344,411
4.200%, 05/15/45 (d)		895,000		947,779
4.450%, 02/15/44		287,000		314,832
				36,661,002
Electronics—0.1%
Amphenol Corp. 3.200%, 04/01/24		1,254,000		1,271,454
Tyco Electronics Group S.A. 3.125%, 08/15/27		645,000		643,221
3.450%, 08/01/24		300,000		310,135
				2,224,810
Engineering & Construction—0.1%
Aeropuerto Internacional de Tocumen S.A. 5.625%, 05/18/36 (144A)		276,000		298,770
Aeropuertos Argentina S.A. 6.875%, 02/01/27 (144A)		279,000		297,414
Aeropuertos Dominicanos Siglo S.A. 6.750%, 03/30/29 (144A)		279,000		301,272
Cia Latinoamericana de Infraestructura & Servicios S.A. 9.500%, 07/20/23 (144A)		40,000		42,460
Mexico City Airport Trust 5.500%, 07/31/47 (144A) (d)		4,064,000		4,114,394
				5,054,310
Environmental Control—0.1%
Waste Management, Inc. 3.900%, 03/01/35		3,362,000		3,478,194

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—0.1%
Arcor SAIC 6.000%, 07/06/23 (144A)		341,000	$	364,870
Post Holdings, Inc. 6.000%, 12/15/22 (144A)		2,255,000		2,362,112
				2,726,982
Forest Products & Paper—0.2%
Georgia-Pacific LLC 7.375%, 12/01/25		1,415,000		1,798,085
International Paper Co. 4.350%, 08/15/48		4,720,000		4,747,126
				6,545,211
Gas—0.1%
Dominion Energy Gas Holdings LLC 4.600%, 12/15/44		1,137,000		1,190,430
NiSource Finance Corp. 3.490%, 05/15/27		2,215,000		2,242,017
				3,432,447
Healthcare-Products—0.5%
Becton Dickinson & Co. 2.133%, 06/06/19		6,380,000		6,397,564
2.675%, 12/15/19		2,345,000		2,373,155
2.894%, 06/06/22		3,240,000		3,250,542
4.685%, 12/15/44		367,000		387,948
Boston Scientific Corp. 2.650%, 10/01/18		1,872,000		1,888,751
Medtronic, Inc. 4.375%, 03/15/35		2,790,000		3,071,216
Stryker Corp. 4.625%, 03/15/46		805,000		877,134
				18,246,310
Healthcare-Services—0.8%
Aetna, Inc. 3.875%, 08/15/47		1,815,000		1,834,612
4.125%, 11/15/42		475,000		496,085
4.500%, 05/15/42		881,000		965,397
4.750%, 03/15/44		690,000		785,877
AHS Hospital Corp. 5.024%, 07/01/45		490,000		580,338
Anthem, Inc. 1.875%, 01/15/18		5,068,000		5,071,142
2.300%, 07/15/18		7,006,000		7,036,309
Baylor Scott & White Holdings 4.185%, 11/15/45		775,000		815,520
Catholic Health Initiatives 4.350%, 11/01/42		550,000		515,303
Cigna Corp. 3.250%, 04/15/25		1,947,000		1,971,791
HCA, Inc. 3.750%, 03/15/19		2,260,000		2,308,025
Healthcare-Services—(Continued)
Kaiser Foundation Hospitals 4.150%, 05/01/47		1,403,000		1,503,010
Laboratory Corp. of America Holdings 2.625%, 02/01/20		1,583,000		1,599,874
New York and Presbyterian Hospital (The) 3.563%, 08/01/36		547,000		534,484
Northwell Healthcare, Inc. 4.260%, 11/01/47		572,000		576,201
Ochsner Clinic Foundation 5.897%, 05/15/45		685,000		857,918
RWJ Barnabas Health, Inc. 3.949%, 07/01/46		355,000		353,460
Southern Baptist Hospital of Florida, Inc. 4.857%, 07/15/45		650,000		721,300
SSM Health Care Corp. 3.823%, 06/01/27		1,044,000		1,080,772
UnitedHealth Group, Inc. 2.700%, 07/15/20		944,000		962,776
4.200%, 01/15/47		790,000		841,803
4.625%, 07/15/35		377,000		432,072
				31,844,069
Housewares—0.0%
Newell Brands, Inc. 2.875%, 12/01/19		906,000		919,916
Insurance—0.4%
Allstate Corp. (The) 4.200%, 12/15/46		1,310,000		1,392,949
American International Group, Inc. 3.875%, 01/15/35		673,000		659,030
Aon plc 4.750%, 05/15/45		1,715,000		1,865,099
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26		359,000		374,795
4.350%, 01/30/47		601,000		641,902
Principal Financial Group, Inc. 4.300%, 11/15/46		2,550,000		2,653,993
Travelers Cos., Inc. (The) 4.000%, 05/30/47		1,795,000		1,859,538
4.600%, 08/01/43		945,000		1,054,541
Willis North America, Inc. 3.600%, 05/15/24		5,546,000		5,673,421
				16,175,268
Internet—0.1%
Amazon.com, Inc. 3.875%, 08/22/37 (144A)		5,530,000		5,627,751
Iron/Steel—0.0%
Nucor Corp. 5.200%, 08/01/43		585,000		680,774
Steel Dynamics, Inc. 5.125%, 10/01/21		1,086,000		1,117,222
				1,797,996

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Lodging—0.1%
Caesars Growth Properties Holdings LLC / Caesars Growth Properties Finance, Inc. 9.375%, 05/01/22 (d)		2,060,000	$	2,214,500
Media—1.3%
Cablevision S.A. 6.500%, 06/15/21 (144A)		277,000		295,625
CBS Corp. 2.300%, 08/15/19		2,077,000		2,088,345
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.750%, 02/15/28 (144A)		4,440,000		4,344,749
4.464%, 07/23/22		1,856,000		1,963,697
4.908%, 07/23/25		902,000		964,252
5.375%, 05/01/47 (144A)		4,540,000		4,716,455
6.384%, 10/23/35		1,407,000		1,645,662
6.484%, 10/23/45		993,000		1,165,462
Comcast Corp. 3.200%, 07/15/36		3,930,000		3,688,768
3.375%, 08/15/25		1,578,000		1,628,212
3.400%, 07/15/46		835,000		769,614
4.250%, 01/15/33 (d)		665,000		715,086
4.400%, 08/15/35		2,001,000		2,169,460
4.600%, 08/15/45		650,000		715,113
4.750%, 03/01/44		2,490,000		2,783,517
COX Communications, Inc. 3.150%, 08/15/24 (144A)		3,355,000		3,333,948
CSC Holdings LLC 7.625%, 07/15/18		2,060,000		2,138,280
Discovery Communications LLC 3.800%, 03/13/24		1,616,000		1,665,590
NBCUniversal Enterprise, Inc. 5.250%, 03/19/21 (144A)		1,290,000		1,377,075
NBCUniversal Media LLC 4.450%, 01/15/43		1,095,000		1,164,874
Time Warner Cable LLC 4.125%, 02/15/21		2,130,000		2,211,690
4.500%, 09/15/42		161,000		152,587
5.000%, 02/01/20		1,055,000		1,115,388
5.500%, 09/01/41		588,000		610,535
Time Warner, Inc. 2.100%, 06/01/19		3,352,000		3,357,527
3.600%, 07/15/25		820,000		822,929
4.850%, 07/15/45		1,580,000		1,605,724
Viacom, Inc. 2.750%, 12/15/19		705,000		711,562
				49,921,726
Mining—0.5%
Anglo American Capital PLC 3.625%, 09/11/24 (144A) (d)		2,660,000		2,653,359
Barrick Gold Corp. 5.250%, 04/01/42		2,095,000		2,397,036
BHP Billiton Finance USA, Ltd. 5.000%, 09/30/43		1,980,000		2,335,797
Mining—(Continued)
Glencore Funding LLC 4.000%, 03/27/27 (144A) (d)		4,270,000		4,295,852
Newmont Mining Corp. 3.500%, 03/15/22		2,740,000		2,833,331
4.875%, 03/15/42		1,765,000		1,892,068
Rio Tinto Finance USA plc 4.125%, 08/21/42		1,265,000		1,318,445
VM Holding S.A. 5.375%, 05/04/27 (144A)		547,000		574,350
				18,300,238
Miscellaneous Manufacturing—0.1%
Eaton Corp. 2.750%, 11/02/22		1,285,000		1,293,892
General Electric Co. 4.500%, 03/11/44		2,960,000		3,313,463
Ingersoll-Rand Luxembourg Finance S.A. 4.650%, 11/01/44		306,000		331,445
				4,938,800
Office/Business Equipment—0.2%
Pitney Bowes, Inc. 3.875%, 05/15/22		8,132,000		8,001,126
Oil & Gas—1.2%
BP Capital Markets plc 3.224%, 04/14/24		4,865,000		4,955,314
Concho Resources, Inc. 3.750%, 10/01/27		3,902,000		3,919,359
4.875%, 10/01/47		685,000		714,831
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		678,084
4.150%, 01/15/26 (d)		1,047,000		1,110,210
Exxon Mobil Corp. 1.819%, 03/15/19		3,300,000		3,318,487
4.114%, 03/01/46		1,386,000		1,497,573
Geopark, Ltd. 6.500%, 09/21/24 (144A)		641,000		642,602
Halcon Resources Corp. 12.000%, 02/15/22 (144A)		750,000		903,750
Nabors Industries, Inc. 5.500%, 01/15/23 (d)		1,051,000		1,029,980
Petrobras Global Finance B.V. 5.299%, 01/27/25 (144A)		297,000		296,554
5.375%, 01/27/21		2,978,000		3,141,790
5.999%, 01/27/28 (144A)		5,268,000		5,264,049
6.125%, 01/17/22		2,171,000		2,333,825
7.375%, 01/17/27 (d)		300,000		330,300
Petroleos Mexicanos 4.625%, 09/21/23		224,000		231,370
6.500%, 03/13/27 (144A)		3,091,000		3,425,539

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Pioneer Natural Resources Co. 4.450%, 01/15/26		660,000	$	703,698
Resolute Energy Corp. 8.500%, 05/01/20 (d)		2,260,000		2,299,550
Shell International Finance B.V. 3.625%, 08/21/42		1,100,000		1,052,580
4.125%, 05/11/35		2,166,000		2,287,323
Western Refining Logistics L.P. / WNRL Finance Corp. 7.500%, 02/15/23		2,260,000		2,418,200
Woodside Finance, Ltd. 3.650%, 03/05/25 (144A)		353,000		355,521
YPF S.A. 6.950%, 07/21/27 (144A) (d)		655,000		694,300
8.500%, 03/23/21 (144A)		139,000		155,986
8.875%, 12/19/18 (144A) (d)		1,082,000		1,155,576
				47,255,451
Oil & Gas Services—0.1%
Halliburton Co. 3.800%, 11/15/25 (d)		2,410,000		2,474,610
Schlumberger Holdings Corp. 3.000%, 12/21/20 (144A)		2,972,000		3,043,789
				5,518,399
Packaging & Containers—0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		2,260,000		2,299,663
Pharmaceuticals—1.2%
AbbVie, Inc. 2.500%, 05/14/20		3,448,000		3,489,315
2.900%, 11/06/22		946,000		959,348
4.400%, 11/06/42		200,000		209,433
4.500%, 05/14/35		11,370,000		12,235,311
Allergan Funding SCS 2.350%, 03/12/18		3,614,000		3,624,528
3.000%, 03/12/20		5,509,000		5,624,293
3.800%, 03/15/25		8,195,000		8,510,584
4.550%, 03/15/35		2,970,000		3,168,728
4.750%, 03/15/45		1,312,000		1,419,455
Pfizer, Inc. 4.000%, 12/15/36		5,300,000		5,684,469
				44,925,464
Pipelines—0.4%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19		2,260,000		2,378,650
Enbridge, Inc. 2.900%, 07/15/22		2,120,000		2,132,410
3.700%, 07/15/27		1,690,000		1,713,419
Pipelines—(Continued)
Enterprise Products Operating LLC 4.900%, 05/15/46		1,779,000		1,943,516
5.100%, 02/15/45		501,000		558,244
GNL Quintero S.A. 4.634%, 07/31/29 (144A)		384,000		401,760
4.634%, 07/31/29		200,000		209,250
MPLX L.P. 5.200%, 03/01/47		754,000		789,428
Spectra Energy Partners L.P. 4.500%, 03/15/45		2,310,000		2,326,952
TransCanada PipeLines, Ltd. 1.875%, 01/12/18		1,111,000		1,111,947
2.500%, 08/01/22		1,407,000		1,406,849
				14,972,425
Real Estate Investment Trusts—0.2%
American Tower Corp. 3.300%, 02/15/21 (d)		1,342,000		1,375,111
3.450%, 09/15/21		500,000		517,423
Crown Castle International Corp. 2.250%, 09/01/21 (d)		2,481,000		2,446,769
3.200%, 09/01/24		4,090,000		4,070,586
3.400%, 02/15/21		668,000		687,746
PLA Administradora Industrial S de RL de C.V. 5.250%, 11/10/22 (144A)		321,000		337,853
Trust F/1401 6.950%, 01/30/44		280,000		309,050
				9,744,538
Retail—0.2%
McDonald’s Corp. 4.700%, 12/09/35		2,800,000		3,086,745
4.875%, 12/09/45		170,000		191,367
Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		114,000		119,055
4.800%, 11/18/44		3,270,000		3,474,205
				6,871,372
Semiconductors—1.4%
Analog Devices, Inc. 3.500%, 12/05/26		3,930,000		3,968,816
3.900%, 12/15/25		347,000		363,747
5.300%, 12/15/45		353,000		408,905
Applied Materials, Inc. 3.300%, 04/01/27		1,717,000		1,748,801
4.350%, 04/01/47		1,427,000		1,527,046
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.375%, 01/15/20 (144A)		12,247,000		12,314,653
3.000%, 01/15/22 (144A)		16,144,000		16,413,315
3.625%, 01/15/24 (144A)		8,348,000		8,576,543
Lam Research Corp. 2.750%, 03/15/20		1,335,000		1,356,472
2.800%, 06/15/21		1,643,000		1,662,101

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—(Continued)
QUALCOMM, Inc. 2.600%, 01/30/23		3,105,000	$	3,112,333
4.800%, 05/20/45		571,000		626,748
Xilinx, Inc. 2.950%, 06/01/24		1,320,000		1,322,030
				53,401,510
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc. 5.000%, 12/15/21 (144A)		365,000		376,059
Software—1.0%
Autodesk, Inc. 3.500%, 06/15/27		4,405,000		4,394,106
Fidelity National Information Services, Inc. 4.500%, 08/15/46		1,150,000		1,190,433
Microsoft Corp.
3.450%, 08/08/36		5,600,000		5,640,480
3.500%, 02/12/35		2,044,000		2,080,557
3.700%, 08/08/46		1,806,000		1,821,244
4.250%, 02/06/47		6,125,000		6,771,684
Oracle Corp. 3.250%, 05/15/30		1,379,000		1,379,344
3.900%, 05/15/35		1,877,000		1,968,464
4.000%, 07/15/46		2,144,000		2,218,414
VMware, Inc. 2.300%, 08/21/20 (d)		12,010,000		12,045,163
				39,509,889
Telecommunications—1.6%
AT&T, Inc. 3.900%, 08/14/27		4,055,000		4,062,894
4.250%, 03/01/27		3,005,000		3,092,983
5.150%, 02/14/50		7,580,000		7,616,912
5.250%, 03/01/37		1,953,000		2,055,293
Digicel Group, Ltd. 7.125%, 04/01/22 (144A)		238,000		215,590
8.250%, 09/30/20 (144A)		239,000		233,474
Juniper Networks, Inc. 3.300%, 06/15/20 (d)		1,478,000		1,515,215
Rogers Communications, Inc. 5.000%, 03/15/44		394,000		444,312
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		6,762,000		6,863,430
Verizon Communications, Inc. 1.865%, 3M USD LIBOR + 0.550%, 05/22/20 (b)		27,890,000		27,928,459
4.125%, 03/16/27		4,095,000		4,272,778
4.400%, 11/01/34		930,000		930,594
4.500%, 08/10/33 (d)		3,260,000		3,340,163
				62,572,097

Security Description	Principal Amount*		Value
Transportation—0.5%
Burlington Northern Santa Fe LLC 4.125%, 06/15/47		1,180,000	$	1,246,536
4.150%, 04/01/45		490,000		519,882
4.700%, 09/01/45		665,000		749,647
CSX Corp. 4.250%, 11/01/66		1,290,000		1,232,903
Empresa de Transporte de Pasajeros Metro S.A. 5.000%, 01/25/47 (144A)		200,000		219,698
FedEx Corp. 3.900%, 02/01/35		1,975,000		2,001,926
4.100%, 02/01/45		1,295,000		1,279,161
4.400%, 01/15/47		1,569,000		1,631,018
4.550%, 04/01/46		1,393,000		1,483,649
4.750%, 11/15/45		1,170,000		1,274,200
4.900%, 01/15/34		190,000		213,362
Norfolk Southern Corp. 4.050%, 08/15/52 (144A)		1,175,000		1,150,849
Rumo Luxembourg S.a.r.l. 7.375%, 02/09/24 (144A)		1,004,000		1,086,830
Union Pacific Corp. 3.375%, 02/01/35		668,000		662,847
3.600%, 09/15/37		1,800,000		1,821,478
3.875%, 02/01/55		1,301,000		1,284,109
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26		1,652,807		1,693,086
				19,551,181
Trucking & Leasing—0.2%
Aviation Capital Group Corp. 2.875%, 09/17/18 (144A)		3,355,000		3,383,583
GATX Corp. 2.600%, 03/30/20 (d)		1,747,000		1,762,953
3.850%, 03/30/27		650,000		660,583
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.400%, 11/15/26 (144A)		2,690,000		2,657,220
				8,464,339
Total Corporate Bonds & Notes (Cost $1,105,949,797)				1,122,543,203
Asset-Backed Securities—12.9%
Asset-Backed - Credit Card—0.0%
World Financial Network Credit Card Master Trust 4.550%, 08/15/22		1,600,000		1,633,349
Asset-Backed - Home Equity—0.9%
ACE Securities Corp. Home Equity Loan Trust 1.367%, 1M USD LIBOR + 0.130%, 05/25/37 (b)		1,273,125		428,845
Bayview Financial Revolving Asset Trust 2.234%, 1M LIBOR + 1.000%, 12/28/40 (144A) (b)		659,038		592,773
2.234%, 1M LIBOR + 0.500%, 05/28/39 (144A) (b)		8,314,413		7,539,067

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—(Continued)
Bear Stearns Asset-Backed Securities Trust 1.587%, 1M USD LIBOR + 0.350%, 04/25/37 (b)		2,658,540	$	2,075,183
2.437%, 1M USD LIBOR + 1.200%, 01/25/36 (b)		244,885		236,089
2.962%, 1M USD LIBOR + 1.725%, 08/25/34 (b)		147,271		145,993
Citigroup Mortgage Loan Trust 1.437%, 1M USD LIBOR + 0.200%, 05/25/37 (b)		2,873,110		2,143,294
1.507%, 1M USD LIBOR + 0.270%, 05/25/37 (b)		1,305,092		980,753
Citigroup Mortgage Loan Trust, Inc. 1.487%, 1M USD LIBOR + 0.250%, 08/25/36 (b)		1,810,000		1,461,393
Countrywide Asset-Backed Certificates 1.557%, 1M USD LIBOR + 0.320%, 10/25/36 (b)		1,765,884		1,662,824
Countrywide Home Equity Loan Trust 5.842%, 06/25/35		510,105		537,963
6.155%, 06/25/35		474,499		476,674
Home Equity Mortgage Loan Asset-Backed Trust 3.262%, 1M USD LIBOR + 2.025%, 07/25/34 (b)		304,347		306,871
Home Equity Mortgage Trust 5.867%, 07/25/36		821,775		336,616
Home Loan Mortgage Loan Trust 1.954%, 1M LIBOR + 0.720%, 04/15/36 (b)		1,071,787		983,196
JPMorgan Mortgage Acquisition Trust 6.000%, 07/25/36		341,806		190,313
6.410%, 07/25/36		463,495		257,920
MASTR Asset-Backed Securities Trust 1.387%, 1M USD LIBOR + 0.150%, 06/25/36 (b)		1,026,816		605,809
1.497%, 1M USD LIBOR + 0.260%, 06/25/36 (144A) (b)		665,000		536,352
1.517%, 1M USD LIBOR + 0.280%, 05/25/37 (b)		621,846		454,399
Morgan Stanley ABS Capital I, Inc. Trust 1.367%, 1M USD LIBOR + 0.130%, 11/25/36 (b)		5,197,334		3,308,605
Nationstar Home Equity Loan Trust 1.417%, 1M USD LIBOR + 0.180%, 06/25/37 (b)		180,000		173,052
Option One Mortgage Loan Trust 1.447%, 1M USD LIBOR + 0.210%, 03/25/37 (b)		930,000		644,990
5.820%, 03/25/37		5,139,710		5,052,386
Securitized Asset Backed Receivables LLC Trust 1.427%, 1M USD LIBOR + 0.190%, 11/25/36 (144A) (b)		1,367,676		845,228
Security National Mortgage Loan Trust 1.584%, 1M USD LIBOR + 0.350%, 04/25/37 (144A) (b)		455,325		435,025
Yale Mortgage Loan Trust 1.637%, 1M USD LIBOR + 0.400%, 06/25/37 (144A) (b)		957,119		430,965
				32,842,578
Asset-Backed - Manufactured Housing—0.5%
Bank of America Manufactured Housing Contract Trust 7.930%, 12/10/25 (b)		4,000,000		3,023,808
BCMSC Trust 7.575%, 06/15/30 (b)		1,270,292		545,363
7.830%, 06/15/30 (b)		1,178,847		523,134
8.290%, 06/15/30 (b)		2,018,917		948,544
Conseco Finance Corp. 6.280%, 09/01/30		628,583		658,668
6.830%, 04/01/30 (b)		142,294		125,618
6.980%, 09/01/30 (b)		1,118,139		930,440
7.500%, 03/01/30 (b)		510,457		420,259
7.860%, 03/01/30 (b)		698,127		593,058
Conseco Finance Securitizations Corp. 7.960%, 05/01/31		1,010,066		681,339
7.970%, 05/01/32		2,321,559		1,225,634
8.060%, 09/01/29 (b)		667,888		377,642
8.200%, 05/01/31		1,845,665		1,277,309
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (b)		720,000		772,753
Credit-Based Asset Servicing & Securitization LLC 6.250%, 10/25/36 (144A)		344,000		354,373
Greenpoint Manufactured Housing 8.290%, 12/15/29 (b)		440,000		473,450
9.230%, 12/15/29 (b)		591,861		506,339
Lehman ABS Manufactured Housing Contract Trust 6.630%, 04/15/40 (b)		2,430,000		2,591,734
Oakwood Mortgage Investors, Inc. 6.930%, 09/15/31 (b)		300,876		271,581
7.620%, 06/15/32 (b)		839,020		694,942
Origen Manufactured Housing Contract Trust 2.434%, 1M USD LIBOR + 1.200%, 10/15/37 (144A) (b)		1,190,994		1,158,150
7.820%, 03/15/32 (b)		350,997		346,055
				18,500,193
Asset-Backed - Other—10.9%
Ajax Mortgage Loan Trust 3.470%, 04/25/57 (144A)		3,798,154		3,823,513
4.000%, 10/25/57 (144A)		885,885		883,353
4.000%, 09/25/65 (144A)		1,264,746		1,262,821
Allegro CLO, Ltd. 2.606%, 10/16/30 (144A) (b)		400,000		400,000
2.617%, 3M USD LIBOR + 1.310%, 01/21/27 (144A) (b)		940,000		943,186
ALM, Ltd. 2.354%, 3M USD LIBOR + 1.050%, 04/16/27 (144A) (b)		2,780,000		2,790,350
2.444%, 3M USD LIBOR + 1.140%, 10/17/26 (144A) (b)		5,115,000		5,114,964
2.464%, 3M USD LIBOR + 1.150%, 07/28/26 (144A) (b)		2,690,000		2,701,282
2.904%, 3M USD LIBOR + 1.600%, 07/15/26 (144A) (b)		459,000		460,776

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
ALM, Ltd. 3.354%, 3M USD LIBOR + 2.050%, 04/16/27 (144A) (b)		1,385,000	$	1,383,603
3.354%, 3M USD LIBOR + 2.050%, 07/15/27 (144A) (b)		720,000		722,425
3.414%, 3M USD LIBOR + 2.100%, 07/28/26 (144A) (b)		514,000		515,271
3.454%, 3M USD LIBOR + 2.150%, 10/18/27 (144A) (b)		900,000		902,112
AMMC CLO, Ltd. 2.887%, 3M USD LIBOR + 1.570%, 05/26/28 (144A) (b)		2,180,000		2,189,418
3.209%, 3M USD LIBOR + 1.900%, 05/10/25 (144A) (b)		738,000		738,170
3.615%, 3M USD LIBOR + 2.300%, 11/15/27 (144A) (b)		620,000		620,391
Anchorage Capital CLO, Ltd. Zero Coupon, 10/13/30 (144A) (b)		1,425,000		1,425,000
2.494%, 3M USD LIBOR + 1.190%, 07/13/25 (144A) (b)		835,000		835,492
2.574%, 3M USD LIBOR + 1.270%, 07/15/30 (144A) (b)		710,000		710,873
3.054%, 3M USD LIBOR + 1.750%, 07/13/25 (144A) (b)		550,000		550,161
3.364%, 3M USD LIBOR + 2.050%, 04/28/26 (144A) (b)		710,000		711,422
3.504%, 3M USD LIBOR + 2.200%, 10/15/26 (144A) (b)		660,000		662,043
3.964%, 3M USD LIBOR + 2.650%, 04/28/26 (144A) (b)		250,000		250,625
4.004%, 3M USD LIBOR + 2.700%, 07/13/25 (144A) (b)		590,000		591,055
Apidos CLO 2.286%, 3M USD LIBOR + 0.980%, 01/19/25 (144A) (b)		600,000		599,700
2.404%, 3M USD LIBOR + 1.100%, 04/15/25 (144A) (b)		2,884,574		2,891,511
2.634%, 3M USD LIBOR + 1.330%, 01/16/27 (144A) (b)		750,000		751,079
Arbor Realty Collateralized Loan Obligation, Ltd. 2.984%, 1M USD LIBOR + 1.750%, 09/15/25 (144A) (b)		940,000		944,230
Arbor Realty Commercial Real Estate Notes, Ltd. 2.217%, 08/15/27 (144A) (b)		570,000		569,999
2.934%, 1M USD LIBOR + 1.700%, 09/15/26 (144A) (b)		1,590,000		1,606,375
Ares CLO, Ltd. 2.804%, 3M USD LIBOR + 1.500%, 10/17/24 (144A) (b)		860,000		859,134
3.404%, 3M USD LIBOR + 2.100%, 10/17/24 (144A) (b)		730,000		732,170
Atlas Senior Loan Fund, Ltd. 2.295%, 3M USD LIBOR + 0.980%, 02/17/26 (144A) (b)		2,920,000		2,924,392
Asset-Backed - Other—(Continued)
Atrium X 2.754%, 3M USD LIBOR + 1.450%, 07/16/25 (144A) (b)		1,550,000		1,549,991
3.254%, 3M USD LIBOR + 1.950%, 07/16/25 (144A) (b)		630,000		633,217
Atrium XI 2.453%, 3M USD LIBOR + 1.140%, 10/23/25 (144A) (b)		380,000		381,170
Atrium XII 4.363%, 3M USD LIBOR + 3.050%, 10/22/26 (144A) (b)		369,000		369,751
Avery Point CLO, Ltd. 2.284%, 07/17/26 (144A) (b)		1,220,000		1,225,362
2.804%, 3M USD LIBOR + 1.500%, 01/15/28 (144A) (b)		2,820,000		2,833,564
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		566,068		563,694
3.336%, 11/15/48 (144A)		582,574		588,038
Battalion CLO, Ltd. 2.453%, 3M USD LIBOR + 1.140%, 10/22/25 (144A) (b)		5,205,000		5,209,950
Benefit Street Partners CLO, Ltd. 2.480%, 10/18/29 (144A) (b) (i) (j)		3,800,000		3,800,000
3.554%, 3M USD LIBOR + 2.250%, 10/15/25 (144A) (b)		3,000,000		3,003,570
3.557%, 3M USD LIBOR + 2.250%, 01/20/28 (144A) (b)		2,010,000		2,013,477
Betony CLO, Ltd. 4.154%, 3M USD LIBOR + 2.850%, 04/15/27 (144A) (b)		520,000		520,104
BlueMountain CLO, Ltd. 2.314%, 3M USD LIBOR + 1.010%, 04/15/25 (144A) (b)		3,130,000		3,131,452
Bowman Park CLO, Ltd. 2.494%, 3M USD LIBOR + 1.180%, 11/23/25 (144A) (b)		1,100,000		1,104,536
Bsprt Issuer, Ltd. 2.665%, 1M USD LIBOR + 1.350%, 06/15/27 (144A) (b)		1,350,000		1,355,322
BASS Trust 1.347%, 1M USD LIBOR + 0.110%, 11/25/36 (b)		526,707		331,446
1.397%, 1M USD LIBOR + 0.160%, 10/25/36 (b)		303,141		215,982
1.407%, 1M USD LIBOR + 0.170%, 04/25/37 (b)		458,620		354,455
1.467%, 1M USD LIBOR + 0.230%, 11/25/36 (b)		88,925		56,989
3.753%, 01/25/37		2,600,392		1,272,625
Canyon Capital CLO, Ltd. 1.570%, 3M USD LIBOR + 0.250%, 12/15/20 (144A) (b)		438,307		436,263
Carlyle Global Market Strategies CLO, Ltd. 2.757%, 3M USD LIBOR + 1.450%, 01/20/29 (144A) (b)		7,485,000		7,551,018
3.954%, 3M USD LIBOR + 2.650%, 07/15/25 (144A) (b)		270,000		271,463
4.054%, 3M USD LIBOR + 2.750%, 04/17/25 (144A) (b)		760,000		765,419

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Carrington Mortgage Loan Trust 1.297%, 1M USD LIBOR + 0.060%, 01/25/37 (b)		162,308	$	140,901
1.357%, 1M USD LIBOR + 0.120%, 10/25/36 (b)		556,152		370,707
1.387%, 1M USD LIBOR + 0.150%, 06/25/37 (b)		459,511		456,349
1.397%, 1M USD LIBOR + 0.160%, 10/25/36 (b)		704,905		566,969
1.457%, 1M USD LIBOR + 0.220%, 10/25/36 (b)		730,000		512,974
1.477%, 1M USD LIBOR + 0.240%, 08/25/36 (b)		4,800,000		3,126,425
1.707%, 1M USD LIBOR + 0.470%, 12/25/35 (b)		834,000		827,627
Catamaran CLO, Ltd. 3.224%, 3M USD LIBOR + 1.950%, 12/20/23 (144A) (b)		1,170,000		1,169,992
Cavalry CLO, Ltd. 2.804%, 3M USD LIBOR + 1.500%, 10/15/26 (144A) (b)		490,000		490,586
CBAM, Ltd. 3.141%, 3M USD LIBOR + 1.750%, 10/17/29 (144A) (b)		1,020,000		1,023,114
Cedar Funding CLO, Ltd. 2.618%, 10/17/30 (144A) (b)		5,150,000		5,179,170
2.914%, 3M USD LIBOR + 1.610%, 07/17/28 (144A) (b)		770,000		776,543
Chase Funding Trust 6.333%, 04/25/32		428,521		438,533
CIFC Funding, Ltd. 1.000%, 10/18/30 (144A)		2,130,000		2,130,000
1.000%, 10/21/30 (144A)		5,000,000		5,000,000
2.354%, 3M USD LIBOR + 1.050%, 04/18/25 (144A) (b)		730,000		731,147
2.517%, 3M USD LIBOR + 1.200%, 05/24/26 (144A) (b)		4,284,000		4,307,575
2.703%, 3M USD LIBOR + 1.390%, 01/22/27 (144A) (b)		610,000		611,516
2.704%, 3M USD LIBOR + 1.400%, 01/17/27 (144A) (b)		11,285,000		11,350,656
2.813%, 3M USD LIBOR + 1.500%, 07/22/26 (144A) (b)		290,000		290,823
2.817%, 3M USD LIBOR + 1.500%, 11/27/24 (144A) (b)		1,270,000		1,270,249
3.061%, 3M USD LIBOR + 1.750%, 07/16/30 (144A) (b)		250,000		249,998
3.213%, 3M USD LIBOR + 1.900%, 07/22/26 (144A) (b)		470,000		472,096
4.004%, 3M USD LIBOR + 2.700%, 01/17/27 (144A) (b)		290,000		293,352
4.011%, 3M USD LIBOR + 2.700%, 01/29/25 (144A) (b)		570,000		571,137
Citicorp Residential Mortgage Trust 5.254%, 06/25/37		1,030,000		995,395
Asset-Backed - Other—(Continued)
Colony American Homes 2.434%, 1M LIBOR + 1.200%, 07/17/32 (144A) (b)		1,630,559		1,637,753
Countrywide Asset-Backed Certificates 1.397%, 1M USD LIBOR + 0.160%, 01/25/46 (b)		2,436,090		2,329,411
1.457%, 1M USD LIBOR + 0.220%, 12/25/25 (b)		99,286		108,416
Countrywide Asset-Backed Certificates Trust 1.397%, 1M USD LIBOR + 0.160%, 09/25/46 (b)		147,316		143,604
Countrywide Revolving Home Equity Loan Resecuritization Trust 1.534%, 1M LIBOR + 0.300%, 12/15/33 (144A) (b)		743,845		677,655
Countrywide Revolving Home Equity Loan Trust 1.414%, 1M USD LIBOR + 0.180%, 05/15/35 (b)		581,055		535,283
Credit Suisse Mortgage Trust 4.500%, 03/25/21		8,124,375		8,235,457
Credit-Based Asset Servicing & Securitization LLC 3.434%, 12/25/36		239,782		190,091
CWHEQ Revolving Home Equity Loan Trust 1.384%, 1M USD LIBOR + 0.150%, 11/15/36 (b)		1,019,742		804,300
DCP Rights LLC 5.463%, 10/25/44 (144A)		6,814,343		7,001,738
Dryden Senior Loan Fund Zero Coupon, 10/15/27 (144A) (b)		1,270,000		1,270,000
2.504%, 3M USD LIBOR + 1.200%, 01/15/25 (144A) (b)		521,386		521,386
2.515%, 3M USD LIBOR + 1.200%, 08/15/30 (144A) (b)		1,035,000		1,040,274
2.804%, 3M USD LIBOR + 1.500%, 01/15/28 (144A) (b)		250,000		250,995
3.804%, 3M USD LIBOR + 2.500%, 01/15/25 (144A) (b)		330,000		330,000
Finn Square CLO, Ltd. 2.538%, 3M USD LIBOR + 1.210%, 12/24/23 (144A) (b)		163,619		164,156
3.028%, 3M USD LIBOR + 1.700%, 12/24/23 (144A) (b)		370,000		371,087
First Franklin Mortgage Loan Trust 1.377%, 1M USD LIBOR + 0.140%, 12/25/36 (b)		5,908,804		3,717,712
1.387%, 1M USD LIBOR + 0.150%, 12/25/36 (b)		3,442,243		2,863,911
1.397%, 1M USD LIBOR + 0.160%, 04/25/36 (b)		535,766		506,238
1.447%, 1M USD LIBOR + 0.210%, 12/25/36 (b)		10,869,614		6,928,439
Flatiron CLO, Ltd. 2.165%, 04/15/27 (144A) (b)		970,000		972,349
GE-WMC Asset-Backed Pass-Through Certificates 1.487%, 1M USD LIBOR + 0.250%, 12/25/35 (b)		262,712		256,530

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
GE-WMC Mortgage Securities Trust 1.387%, 1M USD LIBOR + 0.150%, 08/25/36 (b)		7,681,425	$	4,926,639
Greystone Commercial Real Estate Notes, Ltd. 2.784%, 1M USD LIBOR + 1.550%, 03/15/27 (144A) (b)		400,000		403,098
Greywolf CLO, Ltd. 3.654%, 3M USD LIBOR + 2.350%, 01/17/27 (144A) (b)		320,000		321,846
GT Loan Financing, Ltd. 2.584%, 3M USD LIBOR + 1.270%, 10/28/24 (144A) (b)		5,670,000		5,672,041
Highbridge Loan Management, Ltd. 2.762%, 3M USD LIBOR + 1.450%, 05/05/27 (144A) (b)		250,000		250,039
3.411%, 3M USD LIBOR + 2.100%, 01/29/26 (144A) (b)		670,000		672,130
Invitation Homes Trust 2.335%, 1M LIBOR + 1.100%, 09/17/31 (144A) (b)		2,717,871		2,725,695
2.534%, 1M LIBOR + 1.300%, 08/17/32 (144A) (b)		2,018,277		2,032,507
3.434%, 1M LIBOR + 2.200%, 09/17/31 (144A) (b)		670,000		669,999
4.234%, 1M LIBOR + 3.000%, 12/17/31 (144A) (b)		92,258		92,258
Knollwood CDO, Ltd. 4.355%, 3M USD LIBOR + 3.200%, 01/10/39 (144A) (b) (i) (j) (k)		844,490		0
LCM L.P. 3.607%, 3M USD LIBOR + 2.300%, 04/20/27 (144A) (b)		990,000		992,184
4.457%, 3M USD LIBOR + 3.150%, 04/20/27 (144A) (b)		250,000		250,906
Lehman ABS Mortgage Loan Trust 1.327%, 1M USD LIBOR + 0.090%, 06/25/37 (144A) (b)		236,670		166,155
Lendmark Funding Trust 2.830%, 12/22/25 (144A)		5,270,000		5,272,290
Lime Street CLO, Ltd. 1.875%, 3M USD LIBOR + 0.550%, 06/20/21 (144A) (b)		500,000		495,194
Litigation Fee Residual Funding LLC 3.500%, 10/30/27		3,293,244		3,277,436
Long Beach Mortgage Loan Trust 1.347%, 1M USD LIBOR + 0.110%, 10/25/36 (b)		622,578		306,070
1.387%, 1M USD LIBOR + 0.150%, 06/25/36 (b)		714,680		400,463
1.397%, 1M USD LIBOR + 0.160%, 11/25/36 (b)		3,033,053		1,528,019
1.417%, 1M USD LIBOR + 0.180%, 05/25/46 (b)		2,288,646		1,075,194
1.427%, 1M USD LIBOR + 0.190%, 03/25/46 (b)		2,868,719		1,481,702
Asset-Backed - Other—(Continued)
Long Beach Mortgage Loan Trust 1.457%, 1M USD LIBOR + 0.220%, 02/25/36 (b)		2,567,742		2,333,676
1.457%, 1M USD LIBOR + 0.220%, 11/25/36 (b)		892,485		453,766
1.497%, 1M USD LIBOR + 0.260%, 05/25/36 (b)		2,917,276		1,501,688
1.527%, 1M USD LIBOR + 0.290%, 03/25/46 (b)		2,954,738		1,557,197
Madison Park Funding, Ltd. 2.427%, 3M USD LIBOR + 1.120%, 07/20/26 (144A) (b)		11,135,000		11,188,114
Merrill Lynch First Franklin Mortgage Loan Trust 1.477%, 1M USD LIBOR + 0.240%, 05/25/37 (b)		12,033,090		7,762,615
Morgan Stanley IXIS Real Estate Capital Trust 1.347%, 1M USD LIBOR + 0.110%, 11/25/36 (b)		515,952		267,169
Mountain Hawk CLO, Ltd. 2.467%, 3M USD LIBOR + 1.160%, 07/22/24 (144A) (b)		527,000		528,237
3.487%, 3M USD LIBOR + 2.180%, 01/20/24 (144A) (b)		1,250,000		1,251,290
MP CLO, Ltd. 2.487%, 3M USD LIBOR + 1.180%, 04/20/25 (144A) (b)		594,957		595,625
Neuberger Berman CLO, Ltd. 3.474%, 3M USD LIBOR + 2.170%, 04/15/26 (144A) (b)		775,000		776,669
Nomura Asset Acceptance Corp. Alternative Loan Trust 1.637%, 1M USD LIBOR + 0.400%, 10/25/36 (144A) (b)		451,454		406,017
OCP CLO, Ltd. 2.561%, 3M USD LIBOR + 1.260%, 07/15/30 (144A) (b)		3,270,000		3,289,954
2.834%, 3M USD LIBOR + 1.530%, 04/17/27 (144A) (b)		1,220,000		1,220,112
2.874%, 3M USD LIBOR + 1.570%, 10/18/28 (144A) (b)		540,000		543,937
3.034%, 3M USD LIBOR + 1.720%, 04/26/26 (144A) (b)		220,000		219,765
Octagon Investment Partners, Ltd. Zero Coupon, 05/21/27 (144A) (b)		7,760,000		7,764,670
2.314%, 3M USD LIBOR + 1.000%, 10/25/25 (144A) (b)		500,000		502,036
2.424%, 3M USD LIBOR + 1.120%, 07/17/25 (144A) (b)		5,600,000		5,608,988
2.994%, 3M USD LIBOR + 1.680%, 10/25/25 (144A) (b)		2,920,000		2,920,914
OFSI Fund, Ltd. 3.204%, 3M USD LIBOR + 1.900%, 03/20/25 (144A) (b)		3,922,000		3,929,899
OHA Credit Partners, Ltd. 2.427%, 3M USD LIBOR + 1.120%, 04/20/25 (144A) (b)		547,505		548,649

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
OHA Loan Funding, Ltd. 2.584%, 3M USD LIBOR + 1.270%, 08/23/24 (144A) (b)		5,670,000	$	5,671,877
OneMain Financial Issuance Trust 2.430%, 06/18/24 (144A)		1,064		1,064
3.020%, 09/18/24 (144A)		2,000,000		2,004,904
3.240%, 06/18/24 (144A)		910,000		910,581
4.100%, 03/20/28 (144A)		692,000		704,019
4.320%, 07/18/25 (144A)		3,100,000		3,100,799
5.310%, 09/18/24 (144A)		500,000		504,055
OZLM Funding, Ltd. 2.563%, 10/22/30 (144A) (b)		10,705,000		10,754,029
2.751%, 3M USD LIBOR + 1.440%, 10/30/27 (144A) (b)		12,103,000		12,163,467
3.654%, 3M USD LIBOR + 2.350%, 01/17/26 (144A) (b)		1,450,000		1,457,489
4.313%, 3M USD LIBOR + 3.000%, 01/22/29 (144A) (b)		3,950,000		4,003,748
OZLM, Ltd. 2.797%, 3M USD LIBOR + 1.490%, 01/20/29 (144A) (b)		1,950,000		1,968,636
3.407%, 3M USD LIBOR + 2.100%, 01/20/29 (144A) (b)		810,000		812,620
4.004%, 3M USD LIBOR + 2.700%, 04/17/26 (144A) (b)		960,000		964,727
4.857%, 3M USD LIBOR + 3.550%, 01/20/27 (144A) (b)		1,720,000		1,736,588
Palmer Square CLO, Ltd. 2.524%, 3M USD LIBOR + 1.220%, 10/17/27 (144A) (b)		780,000		785,884
2.815%, 3M USD LIBOR + 1.500%, 05/15/25 (144A) (b)		1,940,000		1,939,975
3.554%, 3M USD LIBOR + 2.250%, 10/17/27 (144A) (b)		360,000		362,510
Palmer Square Loan Funding, Ltd. 2.060%, 10/15/25 (144A) (b)		4,130,000		4,129,975
Pretium Mortgage Credit Partners LLC 3.250%, 06/29/32 (144A)		3,735,974		3,731,496
3.250%, 03/28/57 (144A)		4,751,547		4,752,965
3.500%, 10/27/31 (144A)		1,419,639		1,426,070
Progress Residential Trust 2.734%, 1M LIBOR + 1.500%, 09/17/33 (144A) (b)		1,745,707		1,772,234
2.740%, 06/12/32 (144A)		1,113,740		1,118,295
2.768%, 08/17/34 (144A)		929,163		929,651
3.565%, 08/17/34 (144A)		120,000		120,588
4.261%, 08/17/34 (144A)		180,000		179,923
4.784%, 1M LIBOR + 3.550%, 01/17/34 (144A) (b)		650,000		670,555
5.084%, 1M LIBOR + 3.850%, 09/17/33 (144A) (b)		1,190,000		1,230,124
6.643%, 11/12/32 (144A)		250,000		261,654
PRPM LLC 4.250%, 01/25/22 (144A)		258,680		259,428
Race Point CLO, Ltd. Zero Coupon, 10/15/30 (144A) (b)		290,000		291,328
Asset-Backed - Other—(Continued)
RAMP Trust 1.507%, 1M USD LIBOR + 0.270%, 11/25/36 (b)		2,356,605		1,964,669
RCO Mortgage LLC 4.737%, 1M USD LIBOR + 3.500%, 11/25/45 (144A) (b)		146,301		146,531
Rockford Tower CLO, Ltd. 2.745%, 3M USD LIBOR + 1.370%, 04/15/29 (144A) (b)		3,550,000		3,551,033
2.992%, 3M USD LIBOR + 1.750%, 10/15/29 (144A) (b)		890,000		890,873
3.175%, 3M USD LIBOR + 1.800%, 04/15/29 (144A) (b)		1,500,000		1,502,253
SG Mortgage Securities Trust 1.447%, 1M USD LIBOR + 0.210%, 10/25/36 (b)		570,000		395,353
Shackleton CLO, Ltd. 2.452%, 3M USD LIBOR + 1.140%, 05/07/26 (144A) (b)		5,290,000		5,297,633
Silver Creek CLO, Ltd. 2.797%, 3M USD LIBOR + 1.240%, 07/20/30 (144A) (b)		1,330,000		1,335,698
Sound Point CLO, Ltd. 2.514%, 3M USD LIBOR + 1.200%, 04/26/25 (144A) (b)		423,380		423,316
2.843%, 3M USD LIBOR + 1.530%, 01/23/29 (144A) (b)		3,080,000		3,093,266
2.967%, 3M USD LIBOR + 1.660%, 10/20/28 (144A) (b)		1,240,000		1,246,029
3.354%, 3M USD LIBOR + 2.050%, 04/15/27 (144A) (b)		2,500,000		2,502,602
3.557%, 3M USD LIBOR + 2.250%, 01/21/26 (144A) (b)		630,000		633,536
Soundview Home Loan Trust 2.032%, 1M USD LIBOR + 0.795%, 01/25/35 (b)		58,468		55,194
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		4,399,870		4,429,860
Springleaf Funding Trust 3.620%, 11/15/24 (144A)		2,062,000		2,076,692
Stanwich Mortgage Loan Co. LLC 3.598%, 05/17/22 (144A)		6,256,652		6,272,293
3.721%, 08/16/46 (144A)		1,231,492		1,231,811
Symphony CLO, Ltd. 2.334%, 3M USD LIBOR + 1.030%, 10/15/25 (144A) (b)		8,810,000		8,814,722
TIAA CLO, Ltd. 2.490%, 3M USD LIBOR + 1.280%, 04/20/29 (144A) (b)		900,000		905,023
TICP CLO, Ltd. 2.487%, 3M USD LIBOR + 1.180%, 01/20/27 (144A) (b)		1,290,000		1,292,183
Tricon American Homes Trust 2.571%, 1M LIBOR + 1.250%, 05/17/32 (144A) (b)		662,490		666,821

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
U.S. Residential Opportunity Fund Trust 3.475%, 07/27/36 (144A)		7,400,435	$	7,410,969
3.475%, 08/27/36 (144A)		9,074,788		9,042,865
3.598%, 10/27/36 (144A)		5,753,969		5,748,307
Velocity Commercial Capital Loan Trust 2.487%, 1M USD LIBOR + 1.250%, 05/25/47 (144A) (b)		1,540,277		1,552,153
3.037%, 1M LIBOR + 1.800%, 10/25/46 (b)		583,554		589,560
3.550%, 05/25/47 (144A) (b)		150,000		152,259
3.661%, 10/25/46 (b)		150,000		152,472
4.450%, 05/25/47 (144A) (b)		150,000		149,932
4.458%, 10/25/46 (b)		100,000		100,366
5.350%, 05/25/47 (144A) (b)		150,000		152,309
5.498%, 10/25/46 (b)		140,000		141,529
7.226%, 10/25/46 (b)		160,000		167,976
Venture CLO, Ltd. 2.674%, 3M USD LIBOR + 1.370%, 01/15/27 (144A) (b)		890,000		890,099
2.904%, 3M USD LIBOR + 1.600%, 07/15/26 (144A) (b)		740,000		740,875
Vericrest Opportunity Loan Trust LLC 3.125%, 06/25/47 (144A)		1,766,009		1,770,531
Vibrant CLO, Ltd. 2.787%, 3M USD LIBOR + 1.480%, 04/20/26 (144A) (b)		570,000		574,765
2.857%, 3M USD LIBOR + 1.550%, 01/20/29 (144A) (b)		1,020,000		1,026,361
3.357%, 3M USD LIBOR + 2.050%, 04/20/26 (144A) (b)		290,000		290,410
Voya CLO, Ltd. 2.354%, 3M USD LIBOR + 1.050%, 01/18/26 (144A) (b)		3,140,000		3,141,426
2.464%, 3M USD LIBOR + 1.150%, 04/25/25 (144A) (b)		1,630,311		1,636,418
2.804%, 3M USD LIBOR + 1.500%, 01/18/26 (144A) (b)		1,285,000		1,285,185
3.304%, 3M USD LIBOR + 2.000%, 10/14/26 (144A) (b)		500,000		501,591
Washington Mutural Asset-Backed Certificates Trust 1.392%, 1M USD LIBOR + 0.155%, 10/25/36 (b)		1,010,903		829,090
1.417%, 1M USD LIBOR + 0.180%, 09/25/36 (b)		2,395,267		1,212,377
1.457%, 1M USD LIBOR + 0.220%, 02/25/37 (b)		2,333,750		1,038,649
Wellfleet CLO, Ltd. 2.431%, 3M USD LIBOR + 1.320%, 04/20/29 (144A) (b)		850,000		851,300
West CLO, Ltd. 2.472%, 3M USD LIBOR + 1.160%, 11/07/25 (144A) (b)		3,970,000		3,976,205
WestVue Mortgage Loan Trust 4.500%, 09/25/20 (144A)		515,723		517,137
Wind River CLO, Ltd. 2.754%, 3M USD LIBOR + 1.450%, 07/15/26 (144A) (b)		2,080,000		2,080,975
Asset-Backed - Other—(Continued)
Wind River CLO, Ltd. 3.154%, 3M USD LIBOR + 1.850%, 01/18/26 (144A) (b)		560,000		560,077
York CLO, Ltd. 3.057%, 3M USD LIBOR + 1.750%, 10/20/29 (144A) (b)		850,000		853,193
3.663%, 3M USD LIBOR + 2.350%, 01/22/27 (144A) (b)		250,000		250,806
				423,836,041
Asset-Backed - Student Loan—0.6%
Navient Private Education Loan Trust 2.984%, 1M USD LIBOR + 1.750%, 10/17/44 (144A) (b)		4,595,000		4,669,764
3.500%, 12/16/58 (144A) (b)		970,000		881,957
Scholar Funding Trust 1.884%, 1M USD LIBOR + 0.650%, 01/30/45 (144A) (b)		6,278,977		6,215,102
SLM Private Credit Student Loan Trust 1.650%, 3M USD LIBOR + 0.330%, 03/15/24 (b)		4,204,996		4,189,512
SLM Private Education Loan Trust 2.500%, 03/15/47 (144A)		720,000		716,810
2.634%, 1M USD LIBOR + 1.400%, 10/15/31 (144A) (b)		2,780,232		2,813,419
3.000%, 05/16/44 (144A)		970,000		975,739
SMB Private Education Loan Trust 3.500%, 12/17/40 (144A)		2,090,000		2,068,319
				22,530,622
Total Asset-Backed Securities (Cost $489,868,220)				499,342,783
Mortgage-Backed Securities—5.8%
Collateralized Mortgage Obligations—2.2%
Ajax Mortgage Loan Trust 4.250%, 08/25/64 (144A)		1,665,137		1,683,104
American Home Mortgage Assets Trust 1.809%, 12M MTA + 0.920%, 11/25/46 (b)		328,791		191,176
1.829%, 12M MTA + 0.940%, 10/25/46 (b)		597,264		522,636
Angel Oak Mortgage Trust LLC 3.500%, 07/25/46 (144A)		833,803		837,177
4.500%, 11/25/45 (144A)		172,996		172,764
APS Resecuritization Trust 3.837%, 1M LIBOR + 2.600%, 04/27/47 (144A) (b)		983,591		986,447
4.087%, 1M LIBOR + 2.850%, 09/27/46 (144A) (b)		3,493,243		3,539,291
Banc of America Alternative Loan Trust 5.500%, 10/25/35		1,452,324		1,442,162
Bear Stearns Asset-Backed Securities Trust 6.250%, 12/25/35		2,886,571		2,854,035
6.250%, 02/25/36		3,329,677		2,955,259
CIM Trust 3.000%, 06/25/57 (144A)		6,798,939		6,763,624

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
COLT Funding LLC 4.237%, 1M USD LIBOR + 3.000%, 12/26/45 (144A) (b)		301,547	$	302,771
Countrywide Alternative Loan Trust 1.377%, 1M USD LIBOR + 0.140%, 04/25/47 (b)		947,578		833,524
1.377%, 1M USD LIBOR + 0.140%, 05/25/47 (b)		3,323,428		3,181,834
1.426%, 1M USD LIBOR + 0.190%, 03/20/47 (b)		2,134,731		1,819,539
1.427%, 1M USD LIBOR + 0.190%, 10/25/46 (b)		1,376,525		1,308,454
1.436%, 1M USD LIBOR + 0.200%, 07/20/46 (b)		3,571,872		2,376,011
1.447%, 1M USD LIBOR + 0.210%, 07/25/46 (b)		1,727,183		1,657,593
1.537%, 1M USD LIBOR + 0.300%, 01/25/36 (b)		738,968		599,697
2.619%, 12M MTA + 1.730%, 11/25/46 (b)		3,862,295		3,491,968
5.500%, 04/25/37		1,046,506		877,602
6.000%, 05/25/37		3,813,859		2,854,736
Countrywide Home Loan Mortgage Pass-Through Trust 1.849%, 12M MTA + 0.960%, 04/25/46 (b)		4,297,434		2,460,234
Credit Suisse Mortgage Capital Certificates 1.414%, 1M USD LIBOR + 0.180%, 03/27/36 (144A) (b)		2,687,374		1,703,920
1.484%, 02/27/36 (144A) (b)		895,000		823,969
CSFB Mortgage-Backed Pass-Through Certificates 2.587%, 1M USD LIBOR + 1.350%, 11/25/35 (b)		529,453		227,173
Deephaven Residential Mortgage Trust 4.000%, 07/25/46 (144A)		1,112,990		1,113,883
Deutsche ALT-A Securities Mortgage Loan Trust 1.387%, 1M USD LIBOR + 0.150%, 12/25/36 (b)		3,789,847		3,461,862
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 1.737%, 1M LIBOR + 0.500%, 01/27/37 (144A) (b)		284,535		563,379
GreenPoint Mortgage Funding Trust 2.889%, 12M MTA + 2.000%, 03/25/36 (b)		231,619		213,117
GSMPS Mortgage Loan Trust 1.587%, 1M USD LIBOR + 0.350%, 01/25/35 (144A) (b)		772,248		693,406
1.587%, 1M USD LIBOR + 0.350%, 03/25/35 (144A) (b)		933,060		852,074
1.587%, 1M USD LIBOR + 0.350%, 01/25/36 (144A) (b)		711,364		613,233
GSR Mortgage Loan Trust 6.000%, 07/25/37		998,012		922,502
Collateralized Mortgage Obligations—(Continued)
JPMorgan Alternative Loan Trust 1.447%, 1M USD LIBOR + 0.210%, 03/25/37 (b)		1,510,580		1,214,393
3.489%, 05/25/37 (b)		390,664		384,193
JPMorgan Mortgage Trust 3.000%, 05/25/47 (144A) (b)		3,384,093		3,420,049
3.000%, 08/25/47 (144A) (b)		1,525,033		1,539,350
6.500%, 08/25/36		351,008		300,749
LSTAR Securities Investment, Ltd. 3.237%, 1M USD LIBOR + 2.000%, 11/01/21 (144A) (b)		2,457,239		2,457,019
3.237%, 1M USD LIBOR + 2.000%, 02/01/22 (144A) (b)		3,651,348		3,653,674
3.237%, 1M USD LIBOR + 2.000%, 04/01/22 (144A) (b)		3,966,098		3,966,645
MASTR Resecuritization Trust 1.667%, 08/25/37 (144A) (b)		614,454		430,678
Merrill Lynch Mortgage Investors Trust 3.566%, 05/25/36 (b)		2,064,582		1,933,427
Morgan Stanley Resecuritization Trust 1.580%, 12M MTA + 0.750%, 06/26/47 (144A) (b)		513,989		480,313
Mortgage Loan Resecuritization Trust 1.566%, 1M USD LIBOR + 0.340%, 04/16/36 (144A) (b)		4,321,059		3,672,986
Nomura Asset Acceptance Corp. Alternative Loan Trust 6.634%, 05/25/36		281,806		127,801
Nomura Resecuritization Trust 2.879%, 11/26/35 (144A) (b)		710,000		646,998
Residential Accredit Loans, Inc. Trust 1.397%, 1M USD LIBOR + 0.160%, 02/25/37 (b)		367,321		334,374
1.427%, 1M USD LIBOR + 0.190%, 07/25/37 (b)		988,857		928,055
1.467%, 1M USD LIBOR + 0.230%, 06/25/46 (b)		612,407		300,333
Structured Adjustable Rate Mortgage Loan Trust 3.286%, 04/25/47 (b)		1,425,465		1,093,737
Structured Asset Mortgage Investments Trust 1.427%, 1M USD LIBOR + 0.190%, 06/25/36 (b)		1,706,543		1,589,322
1.447%, 1M USD LIBOR + 0.210%, 05/25/46 (b)		341,692		282,437
1.467%, 1M USD LIBOR + 0.230%, 02/25/36 (b)		2,447,860		2,309,066
Structured Asset Securities Corp. Mortgage Loan Trust 6.000%, 10/25/36 (144A)		665,224		580,771
Wells Fargo Mortgage-Backed Securities Trust 3.281%, 07/25/36 (b)		78,388		78,480
3.354%, 10/25/35 (b)		402,414		337,693
				86,962,699

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—3.6%
AOA Mortgage Trust 3.110%, 12/13/29 (144A) (b)		460,000	$	458,594
Aventura Mall Trust 3.867%, 12/05/32 (144A) (b)		1,030,000		1,049,683
BAMLL Commercial Mortgage Securities Trust 2.277%, 1M LIBOR + 1.050%, 09/15/26 (144A) (b)		499,000		500,051
3.227%, 1M LIBOR + 2.000%, 01/15/28 (144A) (b)		140,000		140,333
3.716%, 04/14/33 (144A) (b)		850,000		822,138
3.727%, 08/14/34 (144A) (b)		2,470,000		2,269,891
3.827%, 1M LIBOR + 2.600%, 09/15/26 (144A) (b)		260,000		260,113
4.727%, 1M LIBOR + 3.500%, 09/15/26 (144A) (b)		947,000		945,715
Banc of America Commercial Mortgage Trust 0.782%, 02/15/50 (b) (c)		8,000,000		409,440
1.439%, 02/15/50 (144A) (b) (c)		2,000,000		183,420
5.482%, 01/15/49 (b)		215,764		215,461
5.772%, 02/10/51 (b)		2,525,985		2,527,687
Bayview Commercial Asset Trust 1.484%, 1M LIBOR + 0.250%, 10/25/36 (144A) (b)		298,370		281,975
1.534%, 1M LIBOR + 0.300%, 10/25/36 (144A) (b)		303,604		287,655
1.537%, 1M LIBOR + 0.300%, 01/25/36 (144A) (b)		163,802		152,737
1.597%, 1M LIBOR + 0.360%, 04/25/36 (144A) (b)		200,150		190,128
1.687%, 1M LIBOR + 0.450%, 01/25/36 (144A) (b)		121,942		113,526
1.687%, 1M LIBOR + 0.450%, 09/25/37 (144A) (b)		776,469		722,615
2.237%, 1M LIBOR + 1.000%, 10/25/37 (144A) (b)		194,258		187,535
2.737%, 1M LIBOR + 1.500%, 12/25/37 (144A) (b)		720,000		530,107
3.987%, 1M LIBOR + 2.750%, 07/25/38 (144A) (b)		231,328		248,297
BB-UBS Trust 0.730%, 11/05/36 (144A) (b) (c)		85,480,000		3,317,641
4.160%, 11/05/36 (144A) (b)		330,000		323,465
BHMS Mortgage Trust 2.731%, 1M LIBOR + 1.500%, 07/05/33 (144A) (b)		8,333,700		8,333,693
BWAY Mortgage Trust 3.446%, 03/10/33 (144A)		1,495,000		1,490,658
3.454%, 03/10/33 (144A)		2,120,000		2,176,164
3.633%, 03/10/33 (144A)		600,000		595,547
4.058%, 03/10/33 (144A) (b)		1,210,000		1,179,609
BXHTL Mortgage Trust 4.923%, 1M LIBOR + 3.688%, 05/15/29 (144A) (b)		180,000		181,914
BXP Trust 3.379%, 06/13/39 (144A)		1,090,000		1,109,511
3.539%, 06/13/39 (144A) (b)		3,230,000		3,105,143
3.670%, 08/13/37 (144A) (b)		1,640,000		1,551,402
Commercial Mortgage-Backed Securities—(Continued)
CCRESG Commercial Mortgage Trust 5.671%, 04/10/29 (144A) (b)		230,000		233,157
CD Mortgage Trust 1.197%, 02/10/50 (b) (c)		3,449,682		259,955
3.631%, 02/10/50		350,000		364,548
5.648%, 10/15/48		473,654		485,793
6.581%, 11/15/44 (b)		1,885,466		1,884,415
CFCRE Commercial Mortgage Trust 0.892%, 05/10/58 (b) (c)		2,370,000		128,265
1.919%, 05/10/58 (b) (c)		2,552,312		280,860
CGDBB Commercial Mortgage Trust 2.017%, 1M LIBOR + 0.790%, 07/15/28 (144A) (b)		1,880,000		1,879,999
2.827%, 1M LIBOR + 1.600%, 07/15/28 (144A) (b)		1,110,000		1,109,998
3.377%, 1M LIBOR + 2.150%, 07/15/28 (144A) (b)		1,680,000		1,681,050
CGGS Commercial Mortgage Trust 2.757%, 02/10/33 (144A)		902,515		904,033
CGMS Commercial Mortgage Trust 2017-B1 3.458%, 08/15/50		310,000		317,204
Chicago Skyscraper Trust 3.734%, 1M LIBOR + 2.250%, 02/15/30 (144A) (b)		620,000		626,215
4.534%, 1M LIBOR + 3.300%, 02/15/30 (144A) (b)		1,340,000		1,353,430
5.334%, 1M LIBOR + 4.100%, 02/15/30 (144A) (b)		170,000		171,704
Citigroup Commercial Mortgage Trust 0.935%, 09/15/50 (b) (c)		2,460,000		175,843
1.384%, 10/10/47 (144A) (b) (c)		1,140,000		76,960
2.788%, 04/10/49 (144A)		930,000		716,574
3.520%, 09/10/31 (144A)		130,000		129,977
3.635%, 05/10/35 (144A) (b)		30,000		29,228
4.509%, 09/10/31 (144A)		250,000		255,221
4.997%, 04/15/49 (b)		40,000		41,977
CLNS Trust 4.735%, 1M LIBOR + 3.500%, 06/11/32 (144A) (b)		665,000		665,624
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.168%, 02/10/35 (144A) (b) (c)		60,958,000		401,104
1.479%, 03/10/46 (b) (c)		34,546,950		1,060,118
2.837%, 1M LIBOR + 1.600%, 02/13/32 (144A) (b)		1,280,000		1,284,926
3.285%, 10/10/36 (144A) (b)		270,000		255,712
3.487%, 1M LIBOR + 2.250%, 02/13/32 (144A) (b)		550,000		552,130
3.550%, 07/15/47		550,000		569,431
3.796%, 08/10/47		540,000		567,734
3.977%, 05/10/47		3,754,000		3,999,552
4.006%, 04/10/47		400,000		425,746
4.051%, 04/10/47		1,896,000		2,025,106
4.236%, 02/10/47 (b)		320,000		345,251
4.454%, 07/10/48 (b)		1,600,000		1,543,397

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates Mortgage Trust 4.487%, 1M LIBOR + 3.250%, 02/13/32 (144A) (b)		150,000	$	150,900
4.564%, 12/10/47 (b)		420,000		420,283
4.697%, 08/10/48 (b)		1,256,000		1,283,540
4.893%, 07/15/47 (b)		1,280,000		1,295,157
5.833%, 06/10/44 (144A) (b)		190,000		195,987
Commercial Mortgage Trust 1.186%, 09/10/50 (b) (c)		2,680,000		245,032
3.214%, 08/13/32 (144A) (b)		690,000		679,245
3.807%, 05/10/48 (144A) (b)		1,140,000		1,121,810
3.831%, 08/13/32 (144A) (b)		630,000		617,223
Core Industrial Trust 3.077%, 02/10/34 (144A)		1,990,000		2,030,607
3.977%, 02/10/34 (144A) (b)		2,360,000		2,275,874
Cosmopolitan Hotel Trust 2.634%, 1M LIBOR + 1.400%, 11/15/33 (144A) (b)		1,749,000		1,759,699
Countrywide Commercial Mortgage Trust 6.462%, 11/12/43 (144A) (b)		59,127		59,042
Credit Suisse First Boston Mortgage Securities Corp. 4.952%, 07/15/37 (b)		70,000		71,679
5.234%, 10/15/39 (144A) (b)		250,000		257,040
Credit Suisse Mortgage Capital Certificates Trust 2.834%, 1M LIBOR + 1.600%, 11/15/33 (144A) (b)		290,000		291,102
DBJPM Mortgage Trust 1.000%, 06/10/50 (b) (c)		2,060,000		147,061
3.636%, 09/10/49 (144A) (b)		1,148,000		926,819
Eleven Madison Trust Mortgage Trust 3.673%, 09/10/35 (144A) (b)		440,000		456,251
GAHR Commercial Mortgage Trust 2.527%, 1M LIBOR + 1.300%, 12/15/34 (144A) (b)		149,089		148,913
3.495%, 12/15/34 (144A) (b)		2,767,000		2,738,675
GS Mortgage Securities Corp. 3.550%, 12/10/27 (144A) (b)		10,062,358		10,038,843
GS Mortgage Securities Corp. Trust 2.534%, 1M LIBOR + 1.300%, 07/15/32 (144A) (b)		80,000		80,049
2.734%, 1M LIBOR + 1.500%, 07/15/32 (144A) (b)		170,000		170,156
3.034%, 1M LIBOR + 1.800%, 07/15/32 (144A) (b)		70,000		70,108
3.734%, 1M LIBOR + 2.500%, 07/15/32 (144A) (b)		40,000		40,012
GS Mortgage Securities Trust 3.000%, 08/10/50 (144A)		240,000		202,264
3.345%, 07/10/48		300,000		248,447
3.931%, 09/10/47		800,000		848,857
4.529%, 04/10/47 (b)		50,000		50,548
4.559%, 07/10/48 (b)		500,000		504,967
4.801%, 06/10/47 (144A) (b)		100,000		83,934
Commercial Mortgage-Backed Securities—(Continued)
HMH Trust 3.062%, 07/05/31 (144A)		1,210,000		1,216,234
IMT Trust 3.478%, 06/15/34 (144A)		540,000		553,267
3.613%, 06/15/34 (144A) (b)		570,000		555,144
JPMBB Commercial Mortgage Securities Trust 1.072%, 05/15/48 (b) (c)		1,242,854		45,805
1.080%, 09/15/47 (b) (c)		2,853,493		137,707
3.775%, 08/15/47		550,000		579,106
3.801%, 09/15/47		220,000		231,507
4.272%, 12/15/48 (144A) (b)		300,000		289,214
4.711%, 09/15/47 (144A) (b)		420,000		357,589
JPMCC Commercial Mortgage Securities Trust 4.050%, 09/15/50		110,000		112,291
4.804%, 03/15/50 (144A) (b)		650,000		636,339
JPMDB Commercial Mortgage Securities Trust 0.750%, 12/15/49 (144A) (b) (c)		2,067,000		113,062
JPMorgan Chase Commercial Mortgage Securities Trust 0.688%, 04/15/46 (b) (c)		4,900,000		133,190
0.750%, 08/15/49 (144A) (b) (c)		5,300,000		281,042
0.956%, 12/15/49 (b) (c)		994,944		46,020
2.736%, 1M LIBOR + 1.500%, 02/12/51 (b)		916,246		896,012
2.854%, 10/06/38 (144A) (b)		1,670,000		1,640,456
2.927%, 1M LIBOR + 1.700%, 07/15/36 (144A) (b)		1,998,274		2,002,642
JPMorgan Chase Commercial Mortgage Securities Trust 3.429%, 06/10/27 (144A)		1,140,000		1,155,289
4.400%, 01/15/49 (b)		970,000		896,555
4.900%, 01/15/49 (b)		1,785,000		1,866,663
5.084%, 10/15/29 (144A) (b)		470,000		470,000
6.206%, 1M LIBOR + 3.850%, 08/12/40 (144A) (b)		410,000		496,453
Lehman Brothers Small Balance Commercial Mortgage Trust 1.487%, 1M LIBOR + 0.250%, 03/25/37 (144A) (b)		836,458		779,462
Lone Star Portfolio Trust 3.034%, 1M LIBOR + 1.800%, 09/15/28 (144A) (b)		228,798		229,513
6.834%, 1M LIBOR + 5.600%, 09/15/28 (144A) (b)		409,547		415,656
LSTAR Commercial Mortgage Trust 1.392%, 03/10/50 (144A) (b) (c)		998,572		51,948
Merrill Lynch Mortgage Trust 6.527%, 09/12/42 (144A) (b)		490,000		526,925
Morgan Stanley Bank of America Merrill Lynch Trust 1.337%, 12/15/47 (144A) (b) (c)		1,810,000		111,294
1.437%, 01/15/49 (b) (c)		1,726,873		134,482
1.604%, 11/15/49 (b) (c)		1,110,389		103,296
3.060%, 10/15/48 (144A)		820,000		662,364
3.068%, 10/15/48		1,300,000		1,053,045
3.892%, 06/15/47		2,600,000		2,745,977

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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 4.272%, 07/15/50 (144A) (b)		700,000	$	561,854
4.558%, 05/15/50 (b)		300,000		308,871
4.679%, 10/15/48 (b)		750,000		776,523
Morgan Stanley Capital Trust 2.362%, 06/15/50 (144A) (b) (c)		1,190,000		207,941
2.546%, 06/15/50 (144A)		1,510,000		1,172,193
3.560%, 07/13/29 (144A) (b)		540,000		531,073
3.984%, 1M LIBOR + 2.750%, 08/15/26 (144A) (b)		300,000		299,460
4.164%, 05/15/48 (144A) (b)		110,000		94,193
4.164%, 05/15/48 (b)		150,000		148,174
4.281%, 06/15/50 (b)		339,000		339,771
4.634%, 1M LIBOR + 3.400%, 02/15/34 (144A) (b)		280,000		281,136
Olympic Tower Mortgage Trust 0.511%, 05/10/39 (144A) (b) (c)		13,300,000		446,109
4.077%, 05/10/39 (144A) (b)		3,155,000		3,070,389
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		125,182
Park Avenue Mortgage Trust 3.355%, 09/15/34 (144A) (b)		1,840,000		1,806,508
Park Avenue Trust 0.271%, 06/05/37 (144A) (b) (c)		5,000,000		81,381
3.779%, 06/05/37 (144A) (b)		3,050,000		2,910,486
RAIT Trust 2.181%, 1M LIBOR + 0.950%, 06/15/37 (144A) (b)		1,259,914		1,260,437
Resource Capital Corp., Ltd. 2.034%, 1M LIBOR + 0.800%, 07/15/34 (144A) (b)		1,110,000		1,112,424
3.234%, 1M LIBOR + 2.000%, 07/15/34 (144A) (b)		350,000		349,999
STRIPs, Ltd. 0.500%, 12/25/44 (144A)		921,629		908,586
UBS Commercial Mortgage Trust 1.777%, 06/15/50 (b) (c)		2,142,132		246,528
UBS-Barclays Commercial Mortgage Trust 4.427%, 1M LIBOR + 3.200%, 02/15/28 (144A) (b)		950,000		953,904
Velocity Commercial Capital Loan Trust 3.667%, 1M LIBOR + 2.430%, 06/25/45 (144A) (b)		683,194		687,553
VNDO Trust 4.033%, 01/10/35 (144A) (b)		810,000		781,305
Wachovia Bank Commercial Mortgage Trust 5.632%, 10/15/48 (b)		161,622		161,518
Waldorf Astoria Boca Raton Trust 2.584%, 1M LIBOR + 1.350%, 06/15/29 (144A) (b)		1,590,000		1,592,830
Wells Fargo Commercial Mortgage Trust 1.089%, 12/15/48 (b) (c)		1,323,326		74,966
1.118%, 02/15/48 (b) (c)		8,444,721		441,746
1.237%, 12/15/59 (b) (c)		5,066,258		331,934
Commercial Mortgage-Backed Securities—(Continued)
Wells Fargo Commercial Mortgage Trust 1.410%, 08/15/49 (144A) (b) (c)		1,430,000		124,138
1.484%, 08/15/49 (b) (c)		2,800,000		277,900
3.453%, 07/15/50		449,000		460,842
3.754%, 12/15/48 (b)		110,000		98,244
4.502%, 09/15/50 (144A) (b)		150,000		142,048
WF-RBS Commercial Mortgage Trust 1.302%, 05/15/47 (b) (c)		11,751,233		582,069
3.678%, 08/15/47		595,000		622,358
3.914%, 09/15/57 (b)		1,540,000		1,493,534
				139,565,869
Total Mortgage-Backed Securities (Cost $225,203,034)				226,528,568
Foreign Government—5.6%
Banks—0.0%
Banque Centrale de Tunisie International Bonds 4.500%, 06/22/20 (EUR)		467,000		579,527
Sovereign—5.6%
Argentine Republic Government International Bonds 5.000%, 01/15/27 (EUR)		652,000		761,028
5.625%, 01/26/22		5,037,000		5,288,850
6.250%, 04/22/19 (d)		11,907,000		12,532,118
6.875%, 01/26/27		523,000		565,102
7.820%, 12/31/33 (EUR) (k)		1,221,996		1,603,626
Brazilian Government International Bonds 4.250%, 01/07/25		650,000		656,500
6.000%, 04/07/26		978,000		1,085,580
Colombia Government International Bonds 3.875%, 04/25/27		751,000		763,016
4.000%, 02/26/24		9,755,000		10,164,710
4.375%, 07/12/21 (d)		2,449,000		2,613,083
11.750%, 02/25/20		31,000		37,913
Egypt Government International Bonds 5.750%, 04/29/20		1,558,000		1,613,153
8.500%, 01/31/47		804,000		895,783
8.500%, 01/31/47 (144A)		770,000		857,902
Hungary Government International Bonds 5.375%, 03/25/24		3,500,000		4,003,125
Indonesia Government International Bonds 4.125%, 01/15/25		980,000		1,028,483
4.750%, 01/08/26 (d)		3,912,000		4,265,355
5.875%, 03/13/20		1,812,000		1,970,599
Indonesia Treasury Bonds 7.000%, 05/15/27 (IDR)		9,413,000,000		725,770
7.500%, 08/15/32 (IDR)		47,017,000,000		3,656,567
7.500%, 05/15/38 (IDR)		34,777,000,000		2,672,373
8.250%, 05/15/36 (IDR)		81,085,000,000		6,616,112
8.375%, 03/15/24 (IDR)		3,371,000,000		276,851
8.375%, 09/15/26 (IDR)		29,172,000,000		2,438,761
8.375%, 03/15/34 (IDR)		26,518,000,000		2,167,668

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Lebanon Government International Bonds 6.100%, 10/04/22		2,125,000	$	2,121,515
6.250%, 11/04/24		1,145,000		1,122,205
6.650%, 04/22/24		730,000		730,628
6.850%, 03/23/27		2,575,000		2,561,255
Mexican Bonos 4.750%, 06/14/18 (MXN)		75,800,000		4,097,071
5.000%, 12/11/19 (MXN)		777,500,000		41,166,512
8.500%, 11/18/38 (MXN)		29,300,000		1,832,529
10.000%, 11/20/36 (MXN)		27,800,000		1,971,159
Mexican Udibonos 3.500%, 12/14/17 (MXN) (k)		21,144,951		1,167,710
Mexico Government International Bonds 4.150%, 03/28/27 (d)		20,921,000		21,989,017
Panama Government International Bonds 3.750%, 03/16/25		3,490,000		3,650,540
Peruvian Government International Bonds 7.350%, 07/21/25 (d)		2,900,000		3,807,700
Philippine Government International Bonds 5.500%, 03/30/26		5,610,000		6,695,451
Republic of South Africa Government Bonds 5.500%, 03/09/20		5,087,000		5,410,167
6.250%, 03/31/36 (ZAR)		20,135,000		1,072,429
6.500%, 02/28/41 (ZAR)		10,085,000		527,984
8.750%, 02/28/48 (ZAR)		39,150,000		2,615,138
Republic of South Africa Government International Bonds 5.875%, 05/30/22		849,000		932,148
Russian Federal Bonds - OFZ 7.050%, 01/19/28 (RUB)		171,976,000		2,900,329
7.400%, 12/07/22 (RUB)		80,929,000		1,401,213
7.500%, 08/18/21 (RUB)		78,779,000		1,370,831
7.750%, 09/16/26 (RUB)		302,752,000		5,349,232
8.150%, 02/03/27 (RUB)		233,081,000		4,241,783
Saudi Government International Bonds 3.625%, 03/04/28 (144A)		6,624,000		6,608,765
Turkey Government Bonds 8.800%, 09/27/23 (TRY)		7,570,000		1,946,174
9.200%, 09/22/21 (TRY)		14,475,000		3,834,121
11.000%, 03/02/22 (TRY)		19,925,000		5,625,830
Turkey Government International Bonds 5.125%, 03/25/22		261,000		273,287
6.000%, 03/25/27		1,945,000		2,087,841
7.000%, 06/05/20		2,878,000		3,142,488
7.375%, 02/05/25		2,221,000		2,579,803
Uruguay Government International Bonds 4.375%, 10/27/27 (k)		3,280,000		3,534,200
				217,627,083
Total Foreign Government (Cost $217,091,895)				218,206,610
Municipals—4.6%
Security Description	Principal Amount*		Value
Adams & Weld Counties School District No. 27J 5.000%, 12/01/42		560,000		656,914
American Municipal Power, Inc., Build America Bonds 6.449%, 02/15/44		355,000		477,053
Arizona Health Facilities Authority 1.680%, 01/01/37 (b)		780,000		682,539
Aurora, CO Water Revenue 5.000%, 08/01/46		670,000		776,604
Bay Area Toll Bridge Authority, Build America Bonds 6.918%, 04/01/40		1,575,000		2,244,013
7.043%, 04/01/50		1,580,000		2,435,570
Brooklyn Arena Local Development Corp. 5.000%, 07/15/42		990,000		1,115,987
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		1,790,000		1,709,002
California Health Facilities Financing Authority 5.000%, 08/15/33		495,000		585,511
California Pollution Control Financing Authority 5.000%, 11/21/45 (144A)		450,000		483,935
California State Public Works Board, Build America Bonds 8.361%, 10/01/34		760,000		1,153,019
Central Texas Regional Mobility Authority 5.000%, 01/01/45		350,000		391,622
5.000%, 01/01/46		350,000		392,623
Chesapeake Bay Bridge & Tunnel District 5.000%, 07/01/41		360,000		407,894
5.000%, 07/01/51		275,000		307,368
Chino Valley Unified School District 5.250%, 08/01/47		940,000		1,123,244
City & County of Honolulu, HI 5.000%, 09/01/41		330,000		388,384
Clark County Department of Aviation 5.000%, 07/01/21		640,000		721,254
Clark County School District 5.000%, 06/15/23		295,000		346,439
5.000%, 06/15/24		350,000		417,218
5.000%, 06/15/26		25,000		30,121
5.000%, 06/15/27		355,000		426,245
5.000%, 06/15/28		360,000		429,282
Colorado Health Facilities Authority 5.250%, 02/01/31		325,000		346,915
Commonwealth Financing Authority 4.144%, 06/01/38		730,000		762,062
Commonwealth of Puerto Rico 8.000%, 07/01/35		14,975,000		7,262,875
Connecticut State Health & Educational Facility Authority 5.000%, 07/01/45		1,640,000		1,804,776
Dallas Area Rapid Transit 5.000%, 12/01/41		680,000		787,909
5.000%, 12/01/46		920,000		1,060,199

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
District of Columbia Water & Sewer Authority 5.000%, 10/01/52		1,010,000	$	1,157,844
District of Columbia, Income Tax Revenue, Build America Bonds 5.591%, 12/01/34		1,055,000		1,310,236
Dutchess County Local Development Corp. 5.000%, 07/01/46		1,025,000		1,147,282
East Bay Municipal Utility District Water System Revenue 5.000%, 06/01/45		290,000		342,589
Geisinger Authority 5.000%, 02/15/45		730,000		834,324
Golden State Tobacco Securitization Corp. 5.125%, 06/01/47		1,820,000		1,791,226
5.750%, 06/01/47		340,000		340,721
Grant County Public Utility District No. 2 4.584%, 01/01/40		315,000		325,455
Great Lakes Water Authority Water Supply System Revenue 5.250%, 07/01/33		150,000		181,167
Houston TX, Combined Utility System Revenue 5.000%, 11/15/35		450,000		531,139
Hutto, TX 5.000%, 08/01/57		280,000		320,334
Kentucky Economic Development Finance Authority 5.250%, 06/01/50		330,000		356,743
Los Angeles, CA Community College District, Build America Bonds 6.600%, 08/01/42		2,280,000		3,296,652
Los Angeles, CA Department of Airports 5.000%, 05/15/47		450,000		515,776
Los Angeles, CA Department of Water & Power Revenue, Build America Bonds 6.603%, 07/01/50		565,000		856,845
Los Angeles, CA Unified School District, Build America Bonds 6.758%, 07/01/34		640,000		890,336
Massachusetts Bay Transportation Authority 5.000%, 07/01/39		320,000		375,661
5.000%, 07/01/40		340,000		398,511
5.000%, 07/01/41		660,000		772,365
5.000%, 07/01/42		670,000		782,835
5.000%, 07/01/43		300,000		349,971
5.000%, 07/01/44		300,000		349,422
5.000%, 07/01/45		300,000		349,146
Massachusetts Development Finance Agency 5.000%, 07/01/47		500,000		562,870
Massachusetts Educational Financing Authority 5.000%, 01/01/22		500,000		560,085
Massachusetts State Clean Water Trust Revenue 5.000%, 02/01/27		325,000		400,566
5.000%, 02/01/28		500,000		611,950
Mesquite, TX Independent School District 5.000%, 08/15/42		570,000		661,046
Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board 5.000%, 07/01/46		690,000		766,804
Metropolitan Transportation Authority 5.000%, 11/15/42		670,000		779,377
5.250%, 11/15/57		820,000		961,138
Metropolitan Transportation Authority, Build America Bonds 6.668%, 11/15/39		170,000		236,915
6.687%, 11/15/40		590,000		820,472
6.814%, 11/15/40		1,005,000		1,412,326
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Zero Coupon, 10/01/39		350,000		147,105
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Build America Bonds 7.462%, 10/01/46		560,000		811,765
Miami-Dade County, FL 5.000%, 07/01/35		395,000		456,995
Miami-Dade County, FL Aviation Revenue 2.504%, 10/01/24		1,000,000		973,620
3.354%, 10/01/29		195,000		192,641
3.454%, 10/01/30		355,000		354,262
3.504%, 10/01/31		330,000		330,363
5.000%, 10/01/38		1,025,000		1,155,780
5.000%, 10/01/40		560,000		645,126
Miami-Dade County, FL Educational Facilities Authority 5.073%, 04/01/50		655,000		720,068
Michigan Finance Authority 5.000%, 11/15/41		330,000		366,706
Mississippi State Hospital Equipment & Facilities Authority, Baptist Memorial Health Care 5.000%, 09/01/46		630,000		687,670
Missouri State Health & Educational Facilities Authority Revenue 3.652%, 08/15/57		1,030,000		1,014,880
5.000%, 11/15/29		340,000		399,466
Municipal Electric Authority of Georgia 5.000%, 01/01/20		650,000		701,811
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		1,000,000		1,263,740
New Jersey State Turnpike Authority, Build America Bonds 7.414%, 01/01/40		1,451,000		2,187,861
New Jersey Transportation Trust Fund Authority 5.000%, 06/15/29		380,000		423,620
New York City Transitional Finance Authority Building Aid Revenue 5.000%, 07/15/40		370,000		425,163
New York City Transitional Finance Authority Future Tax Secured Revenue 2.280%, 05/01/26		520,000		493,511
3.050%, 05/01/27		1,670,000		1,668,263

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
New York City Transitional Finance Authority Future Tax Secured Revenue 5.000%, 08/01/31		190,000	$	227,246
5.000%, 02/01/35		410,000		477,896
5.000%, 05/01/36		390,000		454,693
New York City Water & Sewer System 5.000%, 06/15/47		2,845,000		3,299,375
5.375%, 06/15/43		2,360,000		2,657,266
5.500%, 06/15/43		2,825,000		3,198,493
5.882%, 06/15/44		1,150,000		1,575,120
New York City Water & Sewer System, Build America Bonds 5.750%, 06/15/41		675,000		894,827
New York Convention Center Development Corp. 5.000%, 11/15/40		370,000		424,383
5.000%, 11/15/46		920,000		1,053,934
New York State Dormitory Authority 5.000%, 02/15/27		370,000		456,047
5.000%, 02/15/28		370,000		452,366
5.000%, 03/15/29		1,010,000		1,234,008
5.000%, 02/15/31		330,000		395,819
New York State Dormitory Authority Revenue 5.000%, 03/15/32		580,000		689,933
New York State Dormitory Authority, Build America Bonds 5.389%, 03/15/40		1,075,000		1,341,331
New York State Urban Development Corp. 2.860%, 03/15/24		2,030,000		2,031,786
3.120%, 03/15/25		980,000		990,515
New York Transportation Development Corp. 5.000%, 07/01/46		340,000		372,524
5.250%, 01/01/50		1,550,000		1,719,477
North Carolina Department of Transportation 5.000%, 06/30/54		1,000,000		1,072,150
Northwest Independent School District 5.000%, 02/15/42		820,000		942,483
Orange County Local Transportation Authority, Build America Bonds 6.908%, 02/15/41		1,420,000		2,005,225
Oregon School Boards Association 4.759%, 06/30/28		1,740,000		1,926,232
5.490%, 06/30/23		1,115,000		1,285,361
Oxnard School District 5.000%, 08/01/45		460,000		525,992
Palm Beach County, FL School Board 5.000%, 08/01/26		1,640,000		2,007,196
Pennsylvania Economic Development Financing Authority 5.000%, 12/31/38		510,000		570,828
Pennsylvania Turnpike Commission 5.000%, 06/01/42		280,000		314,653
5.250%, 06/01/47		280,000		321,594
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,435,000		1,606,081
4.810%, 10/15/65		720,000		838,476
4.960%, 08/01/46		1,910,000		2,339,081
Port Authority of New York & New Jersey 5.000%, 11/15/47		290,000		332,908
Princeton Independent School District 5.250%, 02/15/47		580,000		688,460
Public Power Generation Agency Revenue 5.000%, 01/01/35		360,000		412,618
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds 6.583%, 05/15/49		1,455,000		2,018,027
Richardson Independent School District 5.000%, 02/15/42		570,000		658,339
Riverside, CA, Electric Revenue, Buld America Bonds 7.605%, 10/01/40		525,000		792,361
Royal Oak Hospital Finance Authority 5.000%, 09/01/39		450,000		496,327
Salt Lake City Corp. Airport Revenue 5.000%, 07/01/47		1,510,000		1,737,826
Salt River Project Agricultural Improvement & Power District 5.000%, 12/01/36		460,000		539,364
San Antonio, TX Electric & Gas Systems Revenue, Build Amereica Bonds 5.808%, 02/01/41		470,000		613,599
San Diego Public Facilities Financing Authority Sewer Revenue 5.000%, 05/15/39		475,000		554,895
San Francisco City & County Airport Comm-San Francisco International Airport 5.000%, 05/01/41		660,000		753,271
5.000%, 05/01/46		280,000		317,764
South Carolina Public Service Authority 2.388%, 12/01/23		1,085,000		1,014,811
5.000%, 12/01/46		280,000		306,572
5.000%, 12/01/49		700,000		761,005
5.000%, 12/01/50		700,000		763,602
State Board of Administration Finance Corp. 2.995%, 07/01/20		1,315,000		1,340,314
State of California General Obligation Unlimited 5.000%, 09/01/27		325,000		400,335
State of California General Obligation Unlimited, Build America Bonds 7.350%, 11/01/39		550,000		812,289
7.500%, 04/01/34		1,125,000		1,634,546
7.550%, 04/01/39		1,375,000		2,108,700
7.600%, 11/01/40		3,780,000		5,914,755
State of California, General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		345,000		507,143
State of Georgia 5.000%, 07/01/26		355,000		442,944
5.000%, 02/01/28		670,000		835,724
5.000%, 02/01/29		670,000		829,956
5.000%, 02/01/30		670,000		825,494
5.000%, 02/01/31		700,000		855,855
5.000%, 02/01/32		700,000		851,270

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Municipals—(Continued)

Security Description	Principal Amount*		Value
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		4,320,000	$	4,368,816
State of Kansas Department of Transportation 5.000%, 09/01/35		340,000		399,330
State of Maryland 5.000%, 03/15/28		330,000		411,319
State of Ohio 5.000%, 05/01/27		680,000		822,242
5.000%, 05/01/30		460,000		550,151
5.000%, 03/15/32		930,000		1,093,726
5.000%, 05/01/32		620,000		738,166
5.000%, 05/01/34		420,000		496,520
5.000%, 05/01/35		420,000		494,924
5.000%, 05/01/36		1,015,000		1,192,229
5.000%, 05/01/37		760,000		890,408
State of Washington General Obligation Unlimited 5.000%, 07/01/28		330,000		392,284
5.000%, 08/01/28		415,000		507,014
5.000%, 08/01/29		415,000		504,047
5.000%, 08/01/30		415,000		501,100
5.000%, 08/01/40		1,190,000		1,397,464
5.000%, 08/01/41		1,280,000		1,499,584
5.000%, 08/01/42		1,380,000		1,614,172
State of Wisconsin 3.154%, 05/01/27		1,740,000		1,761,820
Sumter Landing Community Development District 4.172%, 10/01/47		385,000		401,955
Tampa-Hillsborough County Expressway Authority 5.000%, 07/01/47		280,000		321,135
Texas Private Activity Bond Surface Transportation Corp. 5.000%, 12/31/55		170,000		185,949
Texas Water Development Board 5.000%, 10/15/40		570,000		663,657
5.000%, 10/15/45		490,000		567,067
Tobacco Settlement Financing Corp. 5.000%, 06/01/41		720,000		697,622
TSASC, Inc. 5.000%, 06/01/41		560,000		621,057
United Independent School District 5.000%, 08/15/47		510,000		594,170
University of California CA, Revenue 3.063%, 07/01/25		665,000		681,352
4.858%, 05/15/12		980,000		1,056,254
University of Houston 5.000%, 02/15/33		390,000		458,039
5.000%, 02/15/34		350,000		409,343
5.000%, 02/15/35		800,000		932,384
5.000%, 02/15/36		1,040,000		1,207,887
University of Massachusetts Building Authority 5.000%, 11/01/31		500,000		592,110
University of New Mexico 5.000%, 06/01/47		600,000		687,510
University of Texas 2.756%, 05/15/26		1,810,000		1,802,778
2.836%, 05/15/27		805,000		801,756
University of Virginia 4.179%, 09/01/17		845,000		848,338
5.000%, 04/01/44		720,000		848,628
5.000%, 04/01/46		650,000		764,939
Weld County School District No. 2 5.250%, 12/01/41		560,000		662,715
West Virginia Hospital Finance Authority 5.000%, 06/01/19		365,000		387,239
5.000%, 06/01/20		390,000		426,543
5.000%, 06/01/21		390,000		437,553
5.000%, 06/01/22		425,000		485,941
5.000%, 06/01/23		355,000		412,137
5.000%, 06/01/24		375,000		440,734
Wisconsin Health & Educational Facilities Authority 5.000%, 12/15/44		310,000		337,296
Total Municipals (Cost $177,408,717)				178,689,991
Floating Rate Loans (m)—0.6%
Diversified Financial Services—0.5%
LSTAR Securities Financing Vehicle Term Loan, 3.237%,1M LIBOR + 2.000%, 06/16/25		7,050,426		6,971,462
Term Loan, 3.737%, 1M LIBOR + 2.500%, 05/10/25		12,411,624		12,302,401
				19,273,863
Lodging—0.1%
Shutter Casa Del Mar Term Loan, 3.605%, 1M LIBOR + 2.370%, 06/09/24 (i)		5,000,000		5,000,000
Total Floating Rate Loans (Cost $24,292,157)				24,273,863
Preferred Stock—0.2%
Banks—0.2%
Citigroup Capital, 7.681%, 10/30/40 (b) (Cost $7,956,785)		292,339		8,121,178
				8,121,178
Escrow Shares—0.0%
Savings & Loans—0.0%
Washington Mutual Bank (h) (i) (l)		2,440,000		0
Washington Mutual Bank (h) (i) (l)		5,027,000		1
Washington Mutual Bank (h) (i) (l)		1,310,000		0
Total Escrow Shares (Cost $0)				1

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Short-Term Investment—0.3%

Security Description	Principal Amount*		Value
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $9,646,540 on 10/02/17, collateralized by $10,017,000 U.S. Treasury Note at 1.125% due 02/28/21 with a value of $9,839,792.		9,646,444	$	9,646,444
Total Short-Term Investments (Cost $9,646,444)				9,646,444
Securities Lending Reinvestments (n)—3.9%
Certificates of Deposit—2.0%
Banco Del Estado De Chile New York 1.382%, 1M LIBOR + 0.150%, 01/05/18 (b)		5,000,000		4,999,610
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (b)		1,000,000		1,000,118
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (b)		2,000,000		2,000,418
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,500,000		1,500,000
1.360%, 11/20/17		1,000,000		1,000,000
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (b)		2,500,000		2,500,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (b)		2,000,000		2,000,198
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (b)		3,500,000		3,500,126
1.494%, 1M LIBOR + 0.260%, 10/16/17 (b)		1,500,000		1,500,072
KBC Bank NV 1.380%, 10/26/17		3,000,000		3,000,330
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		1,997,408		1,998,980
Landesbank Hessen-Thuringen 1.300%, 10/06/17		5,000,000		5,000,115
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (b)		2,000,000		2,000,000
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (b)		1,000,000		999,988
1.436%, 1M LIBOR + 0.200%, 02/12/18 (b)		1,000,000		1,000,747
1.494%, 1M LIBOR + 0.260%, 10/18/17 (b)		2,000,000		2,000,068
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (b)		4,200,000		4,201,470
Certificates of Deposit—(Continued)
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (b)		4,500,000		4,499,842
Norinchukin Bank New York 1.486%, 1M LIBOR + 0.250%, 10/13/17 (b)		2,000,000		2,000,074
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (b)		1,500,000		1,499,933
Royal Bank of Canada New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (b)		4,500,000		4,500,369
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (b)		3,000,000		2,999,910
1.432%, 1M LIBOR + 0.200%, 02/05/18 (b)		2,000,000		2,000,208
Sumitomo Mitsui Trust Bank, Ltd., New York 1.401%, 1M LIBOR + 0.170%, 12/04/17 (b)		2,000,000		2,000,000
1.488%, 1M LIBOR + 0.250%, 10/26/17 (b)		2,000,000		2,000,200
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (b)		4,000,000		4,000,544
Swedbank AB 1.140%, 10/02/17		5,000,000		4,999,995
Toronto Dominion Bank New York 1.624%, 3M LIBOR + 0.320%, 01/10/18 (b)		1,500,000		1,500,483
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (b)		3,500,000		3,500,843
				75,704,641
Commercial Paper—0.9%
Barton Capital S.A. 1.320%, 12/11/17		996,700		997,384
1.330%, 10/05/17		3,987,143		3,999,720
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (b)		4,000,000		4,000,684
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (b)		2,500,000		2,500,135
Kells Funding LLC 1.400%, 03/01/18		1,489,325		1,490,965
LMA S.A. & LMA Americas 1.420%, 12/11/17		3,479,154		3,491,197
Macquarie Bank, Ltd., London 1.340%, 10/27/17		1,993,151		1,998,139
Ridgefield Funding Co. LLC 1.350%, 11/17/17		2,490,156		2,495,735
Sheffield Receivables Co. 1.330%, 10/05/17		2,990,025		2,999,805

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Securities Lending Reinvestments (n)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (b)		5,000,000	$	5,001,160
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (b)		5,200,000		5,200,963
				34,175,887
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $7,975,558 on 10/02/17, collateralized by $13,262,934 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $8,134,358.		7,974,861		7,974,861
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,200,193 on 10/02/17, collateralized by $2,239,617 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $2,244,000.		2,200,000		2,200,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $300,030 on 10/02/17, collateralized by $301,773 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $306,001.		300,000		300,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,500,156 on 10/02/17, collateralized by $1,527,869 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $1,530,001.		1,500,000		1,500,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $200,021 on 10/02/17, collateralized by $200,991 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $204,001.		200,000		200,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $1,256,650 on 01/02/18, collateralized by $6,730 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $1,389,419.		1,250,000		1,250,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,000,085 on 10/02/17, collateralized by $959,293 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,020,778.		1,000,000		1,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
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 08/01/17 at 1.710% to be repurchased at $3,021,945 on 01/02/18, collateralized by Common Stock with a value of $3,300,001.		3,000,000		3,000,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $5,000,492 on 10/02/17, collateralized by $12,429,060 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $5,100,502.		5,000,000		5,000,000
				27,924,861
Time Deposits—0.3%
ABN AMRO Bank NV 1.060%, 10/02/17		1,000,000		1,000,000
Australia New Zealand Bank 1.070%, 10/02/17		5,000,000		5,000,000
Credit Agricole S.A. 1.080%, 10/02/17		100,000		100,000
DZ Bank AG 1.060%, 10/02/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		100,000		100,000
National Bank of Canada 1.060%, 10/02/17		5,000,000		5,000,000
Standard Chartered plc 1.200%, 10/02/17		100,000		100,000
Svenska 1.050%, 10/02/17		1,000,000		1,000,000
				13,400,000

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Securities Lending Reinvestments (n)—(Continued)

Security Description	Value
Total Securities Lending Reinvestments (Cost $151,195,746)	$	151,205,389
Total Purchased Options—0.1% (Cost $4,917,539)		4,489,762
Total Investments—138.1% (Cost $5,321,909,658)		5,352,605,789
Other assets and liabilities (net)—(38.1)%		(1,476,137,832	)
Net Assets—100.0%	$	3,876,467,957

*	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 September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)	Interest only security.
(d)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $150,078,928 and the collateral received consisted of cash in the amount of $151,147,923. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of September 30, 2017, the value of securities pledged amounted to $870,670,614.
(f)	All or a portion of the security was pledged as collateral against open swap contracts. As of September 30, 2017, the market value of securities pledged was $421,688.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2017, the market value of securities pledged was $2,078,867.
(h)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(i)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2017, these securities represent 0.2% of net assets.
(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 September 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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(m)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(n)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(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 September 30, 2017, the market value of 144A securities was $774,300,184, which is 20.0% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(AUD)—	Australian Dollar
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(EUR)—	Euro
(ICE)—	Intercontinental Exchange, Inc.
(IDR)—	Indonesian Rupiah
(LIBOR)—	London Interbank Offered Rate
MTA—	Monthly Treasury Average Index
(MXN)—	Mexican Peso
(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	$	844,490	$	844,490	$	0

Reverse Repurchase Agreements

Counterparty

Interest Rate

Settlement Date

Maturity Date

Principal Amount

Net Closing Amount

Deutsche Bank AG

0.050

%

09/29/17

10/02/17

USD

7,338,843

$

7,338,843

Bank of America N.A.

1.050

%

09/29/17

10/02/17

USD

10,203,615

10,203,615

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Reverse Repurchase Agreements—(Continued)

Counterparty	Interest Rate			Settlement Date		Maturity Date		Principal Amount			Net Closing Amount
Barclays Capital, Inc.		0.800	%		09/29/17		10/02/17		USD	21,364,455	$	21,364,455
BNP Paribas S.A.		1.200	%		09/29/17		10/02/17		USD	50,589,157		50,589,157
Deutsche Bank AG		1.250	%		09/29/17		10/02/17		USD	51,346,329		51,346,329
JPMorgan Chase Bank N.A.		1.250	%		09/29/17		10/02/17		USD	51,533,625		51,533,625
BNP Paribas S.A.		0.150	%		09/29/17		10/02/17		USD	92,070,247		92,070,247
Bank of America N.A.		1.180	%		09/29/17		10/02/17		USD	121,823,800		121,823,800
Credit Suisse International		1.250	%		09/29/17		10/02/17		USD	159,300,776		159,300,776
Bank of America N.A.		1.270	%		09/29/17		10/02/17		USD	183,811,042		183,811,042
Bank of America N.A.		0.650	%		09/29/17		10/02/17		USD	217,609,044		217,609,044
Total											$	966,990,933

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments. In addition to the collateral disclosed in the Schedule of Investments, a U.S. Treasury Note with a value of $92,060,744, sold on 9/29/17 with a settlement date of 10/2/17, was part of the collateral as of 9/30/17.

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.500	%		TBA		(10,848,200	)	$	(11,000,753	)	$	(10,921,934	)
Fannie Mae 15 Yr. Pool		3.000	%		TBA		(361,000	)		(378,433	)		(370,928	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(37,847,000	)		(39,492,593	)		(39,414,100	)
Fannie Mae 15 Yr. Pool		4.000	%		TBA		(3,709,000	)		(3,834,179	)		(3,831,861	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(184,011,942	)		(186,355,919	)		(184,615,722	)
Fannie Mae 30 Yr. Pool		3.500	%		TBA		(8,228,158	)		(8,478,754	)		(8,482,395	)
Fannie Mae 30 Yr. Pool		4.000	%		TBA		(77,614,000	)		(81,985,666	)		(81,719,051	)
Fannie Mae 30 Yr. Pool		6.000	%		TBA		(2,002,000	)		(2,251,624	)		(2,252,563	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(108,380,221	)		(109,608,872	)		(108,773,945	)
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(3,100,000	)		(3,310,219	)		(3,308,766	)
Ginnie Mae II 30 Yr. Pool		4.500	%		TBA		(4,881,000	)		(5,188,350	)		(5,202,841	)
Totals									$	(451,885,362	)	$	(448,894,106	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	23,600	Barclays Bank plc		10/13/17		USD	18,811	$	(301	)
AUD	1,214,000	Deutsche Bank AG		10/13/17		USD	971,266		(19,100	)
AUD	1,526,000	Bank of America N.A.		11/08/17		USD	1,193,315		3,176
AUD	725,000	Citibank N.A.		12/20/17		USD	580,971		(12,795	)
BRL	4,468,037	BNP Paribas S.A.		10/03/17		USD	1,410,365		379
BRL	66,623	Deutsche Bank AG		10/03/17		USD	21,030		6
BRL	4,575,178	Goldman Sachs International		10/03/17		USD	1,442,000		2,572
CAD	1,352,861	BNP Paribas S.A.		10/16/17		USD	1,086,225		(1,872	)
CAD	1,913,939	BNP Paribas S.A.		10/18/17		USD	1,551,750		(17,658	)
CLP	854,787,021	Citibank N.A.		10/05/17		USD	1,367,000		(31,532	)
CLP	869,070,250	Credit Suisse International		11/03/17		USD	1,367,000		(10,042	)
CLP	873,977,780	Deutsche Bank AG		11/03/17		USD	1,367,000		(2,380	)
COP	7,293,458,280	Credit Suisse International		10/06/17		USD	2,468,000		14,646
COP	3,466,260,000	Deutsche Bank AG		10/06/17		USD	1,179,000		892
COP	162,107,000	UBS AG		10/06/17		USD	55,000		180
EUR	1,210,000	HSBC Bank plc		10/11/17		USD	1,430,248		472
EUR	1,210,000	Morgan Stanley & Co. International plc		10/11/17		USD	1,454,980		(24,260	)
EUR	550,000	Goldman Sachs International		12/20/17		USD	659,670		(6,796	)

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
GBP	275,000	Citibank N.A.		12/20/17		USD	370,222	$	(838	)
GBP	275,000	Citibank N.A.		12/20/17		USD	369,424		(40	)
IDR	18,030,240,000	JPMorgan Chase Bank N.A.		10/12/17		USD	1,368,000		(30,420	)
IDR	47,912,044,000	Goldman Sachs International		10/26/17		USD	3,556,945		(6,721	)
IDR	59,769,000,000	BNP Paribas S.A.		10/27/17		USD	4,500,000		(71,560	)
IDR	13,155,305,000	BNP Paribas S.A.		11/22/17		USD	977,000		(4,491	)
IDR	13,140,650,000	JPMorgan Chase Bank N.A.		11/29/17		USD	977,000		(6,174	)
MXN	21,835,861	Bank of America N.A.		10/11/17		USD	1,201,000		(3,530	)
MXN	21,377,950	Goldman Sachs International		10/11/17		USD	1,201,000		(28,642	)
MXN	15,113,668	Goldman Sachs International		10/18/17		USD	850,000		(22,109	)
MXN	15,141,900	JPMorgan Chase Bank N.A.		10/18/17		USD	850,000		(20,563	)
MXN	15,143,600	JPMorgan Chase Bank N.A.		10/18/17		USD	850,000		(20,470	)
MXN	15,144,637	UBS AG		10/18/17		USD	850,000		(20,413	)
MXN	42,839,345	Goldman Sachs International		10/25/17		USD	2,411,000		(67,013	)
NZD	455,000	BNP Paribas S.A.		12/20/17		USD	329,764		(1,615	)
NZD	925,000	Citibank N.A.		12/20/17		USD	671,501		(4,384	)
NZD	450,000	HSBC Bank plc		12/20/17		USD	325,484		(940	)
RUB	20,554,500	Credit Suisse International		10/13/17		USD	355,000		1,438
RUB	106,536,000	Bank of America N.A.		10/18/17		USD	1,840,000		5,941
RUB	85,779,320	Citibank N.A.		10/20/17		USD	1,480,000		5,804
RUB	59,843,504	JPMorgan Chase Bank N.A.		10/27/17		USD	1,036,000		(624	)
RUB	49,385,000	Deutsche Bank AG		11/15/17		USD	850,000		1,680
RUB	49,385,000	JPMorgan Chase Bank N.A.		11/15/17		USD	850,000		1,680
SEK	1,358,470	BNP Paribas S.A.		12/20/17		USD	170,000		(2,446	)
TRY	1,479,481	BNP Paribas S.A.		10/11/17		USD	413,057		1,071
TRY	4,211,869	BNP Paribas S.A.		10/11/17		USD	1,185,000		(6,038	)
TRY	1,212,096	Barclays Bank plc		10/11/17		USD	338,571		712
TRY	4,531,708	HSBC Bank plc		10/11/17		USD	1,264,000		4,490
TRY	339,530	Royal Bank of Scotland plc		10/11/17		USD	94,800		239
TRY	1,212,231	UBS AG		10/11/17		USD	338,571		749
TRY	593,713	Citibank N.A.		10/16/17		USD	171,432		(5,485	)
TRY	856,975	Citibank N.A.		10/16/17		USD	247,448		(7,918	)
TRY	2,948,858	Citibank N.A.		10/16/17		USD	850,000		(25,774	)
TRY	2,950,010	Deutsche Bank AG		10/16/17		USD	850,000		(25,452	)
TRY	482,027	Goldman Sachs International		10/16/17		USD	139,149		(4,419	)
TRY	695,767	Goldman Sachs International		10/16/17		USD	200,851		(6,379	)
TRY	963,069	HSBC Bank plc		10/16/17		USD	278,299		(9,114	)
TRY	1,390,112	HSBC Bank plc		10/16/17		USD	401,701		(13,156	)
TRY	906,414	Royal Bank of Scotland plc		10/16/17		USD	261,120		(7,771	)
TRY	2,868,000	BNP Paribas S.A.		10/23/17		USD	820,483		(20,489	)
TRY	3,225,164	BNP Paribas S.A.		10/23/17		USD	925,787		(26,165	)
TRY	452,000	BNP Paribas S.A.		11/20/17		USD	128,329		(3,263	)
TRY	251,321	BNP Paribas S.A.		12/20/17		USD	70,000		(1,047	)
TRY	2,868,000	BNP Paribas S.A.		06/25/18		USD	768,612		(20,488	)
TRY	21,082,569	BNP Paribas S.A.		06/25/18		USD	5,469,315		30,118
TRY	50,124,431	BNP Paribas S.A.		06/25/18		USD	12,949,540		125,526
TRY	452,000	BNP Paribas S.A.		08/20/18		USD	119,476		(3,246	)
TRY	41,046,000	BNP Paribas S.A.		08/20/18		USD	10,558,049		(3,293	)
TWD	41,546,160	Bank of America N.A.		10/11/17		USD	1,368,000		2,595
ZAR	9,343,872	Bank of America N.A.		10/23/17		USD	724,000		(36,083	)
ZAR	4,746,600	BNP Paribas S.A.		12/20/17		USD	360,000		(13,736	)
ZAR	7,198,675	Deutsche Bank AG		12/20/17		USD	550,000		(24,858	)
Contracts to Deliver
AUD	1,237,600	Barclays Bank plc		10/13/17		USD	976,862	$	6,186
AUD	1,452,000	Goldman Sachs International		11/06/17		USD	1,137,012		(1,487	)

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	725,000	Goldman Sachs International		12/20/17		USD	579,370	$	11,194
BRL	4,468,037	BNP Paribas S.A.		10/03/17		USD	1,442,000		31,256
BRL	66,623	Deutsche Bank AG		10/03/17		USD	21,000		(36	)
BRL	4,575,178	Goldman Sachs International		10/03/17		USD	1,444,185		(388	)
CAD	1,928,367	Bank of America N.A.		10/18/17		USD	1,551,750		6,093
CLP	873,513,000	Deutsche Bank AG		10/05/17		USD	1,367,000		2,276
COP	3,683,490,000	BNP Paribas S.A.		10/06/17		USD	1,234,000		(19,836	)
COP	3,683,490,000	BNP Paribas S.A.		10/06/17		USD	1,234,000		(19,836	)
COP	3,664,980,000	BNP Paribas S.A.		10/06/17		USD	1,234,000		(13,535	)
COP	3,478,639,500	Deutsche Bank AG		11/03/17		USD	1,179,000		(754	)
EUR	1,210,000	BNP Paribas S.A.		10/11/17		USD	1,449,784		19,065
EUR	1,842,967	Goldman Sachs International		10/11/17		USD	2,193,438		14,290
EUR	110,884	Citibank N.A.		10/27/17		USD	132,278		1,057
EUR	178,570	HSBC Bank plc		10/27/17		USD	213,165		1,844
EUR	189,146	JPMorgan Chase Bank N.A.		10/27/17		USD	227,053		3,215
EUR	178,753	JPMorgan Chase Bank N.A.		10/27/17		USD	214,406		2,867
EUR	115,589	Citibank N.A.		02/21/18		USD	124,694		(13,039	)
EUR	190,815	Deutsche Bank AG		02/21/18		USD	205,145		(22,226	)
EUR	188,294	Morgan Stanley & Co. International plc		02/21/18		USD	202,425		(21,941	)
GBP	550,000	BNP Paribas S.A.		12/20/17		USD	738,438		(329	)
GBP	550,000	Deutsche Bank AG		12/20/17		USD	739,656		889
IDR	43,631,930,157	BNP Paribas S.A.		10/26/17		USD	3,246,665		13,592
IDR	30,282,679,773	BNP Paribas S.A.		10/26/17		USD	2,251,333		7,424
IDR	23,355,704,242	BNP Paribas S.A.		10/26/17		USD	1,741,923		11,294
IDR	19,531,984,937	BNP Paribas S.A.		10/26/17		USD	1,452,408		5,112
IDR	10,665,964,944	BNP Paribas S.A.		10/26/17		USD	791,185		850
IDR	3,616,741,170	BNP Paribas S.A.		10/26/17		USD	269,043		1,047
IDR	8,908,330,000	Bank of America N.A.		10/26/17		USD	659,290		(806	)
IDR	7,091,980,653	Citibank N.A.		10/26/17		USD	526,776		1,269
IDR	97,848,733,702	Deutsche Bank AG		10/26/17		USD	7,279,329		28,857
IDR	7,782,683,256	Goldman Sachs International		10/26/17		USD	580,364		3,677
IDR	5,721,416,020	Goldman Sachs International		10/26/17		USD	425,131		1,181
IDR	3,968,123,196	Goldman Sachs International		10/26/17		USD	294,852		819
IDR	1,868,465,664	Goldman Sachs International		10/26/17		USD	138,837		386
IDR	1,604,631,294	Goldman Sachs International		10/26/17		USD	119,383		482
IDR	23,472,225,684	JPMorgan Chase Bank N.A.		10/26/17		USD	1,749,961		10,698
IDR	3,489,502,464	JPMorgan Chase Bank N.A.		10/26/17		USD	259,154		586
IDR	1,564,416	JPMorgan Chase Bank N.A.		10/26/17		USD	117		1
IDR	8,908,327,500	UBS AG		10/26/17		USD	660,414		318
MXN	21,893,029	Goldman Sachs International		10/11/17		USD	1,201,000		395
MXN	97,069,778	Goldman Sachs International		10/23/17		USD	5,412,461		99,500
MXN	71,102,484	Royal Bank of Scotland plc		10/23/17		USD	3,892,891		1,209
MXN	375,820,276	HSBC Bank plc		12/20/17		USD	20,810,000		426,126
NZD	920,000	Deutsche Bank AG		12/20/17		USD	663,090		(421	)
NZD	920,000	HSBC Bank plc		12/20/17		USD	673,249		9,738
NZD	455,000	HSBC Bank plc		12/20/17		USD	331,524		3,375
NZD	455,000	HSBC Bank plc		12/20/17		USD	332,701		4,552
RUB	20,586,450	Deutsche Bank AG		10/13/17		USD	355,000		(1,992	)
RUB	60,668,160	Deutsche Bank AG		10/27/17		USD	1,036,000		(13,644	)
RUB	324,005,000	Citibank N.A.		11/15/17		USD	5,629,925		42,224
RUB	203,395,000	Citibank N.A.		11/15/17		USD	3,518,032		10,338
RUB	189,357,220	Citibank N.A.		11/15/17		USD	3,275,227		9,624
RUB	162,185,000	Citibank N.A.		11/15/17		USD	2,814,710		17,712
SEK	1,348,806	Morgan Stanley & Co. International plc		12/20/17		USD	170,000		3,638
TRY	42,606,360	Royal Bank of Scotland plc		10/20/17		USD	12,225,817		330,903
TRY	50,124,431	BNP Paribas S.A.		10/23/17		USD	13,772,340		(209,282	)
TRY	21,082,569	BNP Paribas S.A.		10/23/17		USD	5,815,079		(65,656	)

BHFTII-36

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
TRY	41,046,000	BNP Paribas S.A.		11/20/17		USD	11,350,746	$	(6,462	)
TWD	40,821,120	JPMorgan Chase Bank N.A.		10/11/17		USD	1,368,000		21,324
ZAR	13,393,977	Goldman Sachs International		10/13/17		USD	1,026,000		38,311
ZAR	7,217,058	Bank of America N.A.		11/17/17		USD	535,536		6,313
ZAR	35,898,052	Deutsche Bank AG		11/17/17		USD	2,675,485		43,103
ZAR	15,159,954	Deutsche Bank AG		11/17/17		USD	1,140,332		28,662
ZAR	7,187,400	BNP Paribas S.A.		12/20/17		USD	550,000		25,680
Cross Currency Contracts to Buy
JPY	84,941,836	Goldman Sachs International		12/20/17		CHF	730,000		(105	)
MXN	25,886,650	Goldman Sachs International		10/11/17		EUR	1,210,000		(11,106	)
MXN	7,144,460	HSBC Bank plc		12/20/17		NZD	545,000		(5,554	)
MXN	7,114,631	JPMorgan Chase Bank N.A.		12/20/17		NZD	545,000		(7,172	)
NZD	1,090,000	Goldman Sachs International		12/20/17		MXN	14,074,625		22,731
TRY	7,565,355	Deutsche Bank AG		10/18/17		EUR	1,825,000		(45,364	)
Net Unrealized Appreciation									$352,775

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		12/29/17		113			USD	24,374,453		$	(49,785	)
U.S. Treasury Ultra Long Bond Futures		12/19/17		261			USD	43,097,625			(685,591	)
Futures Contracts—Short
90 Day Eurodollar Futures		03/18/19		(291	)		USD	(71,360,475	)		(206,308	)
Euro-Bobl Futures		12/07/17		(10	)		EUR	(1,550,417	)		6,019
Euro-Bund Futures		12/07/17		(110	)		EUR	(20,932,756	)		139,840
U.S. Treasury Long Bond Futures		12/19/17		(255	)		USD	(38,967,187	)		496,559
U.S. Treasury Note 10 Year Futures		12/19/17		(488	)		USD	(61,152,500	)		275,425
U.S. Treasury Note 5 Year Futures		12/29/17		(1,163	)		USD	(136,652,500	)		986,582
Net Unrealized Appreciation										$	962,741

Purchased Options

Currency Options	Strike Price			Counterparty	Expiration Date		Notional Amount		Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
AUD Put/USD Call		USD	0.780	Goldman Sachs & Co.		10/26/17		2,180,000	$	10,227	$	11,366	$	1,139
AUD Put/USD Call		USD	0.790	Deutsche Bank AG		11/06/17		2,180,000		17,808		25,475		7,667
EUR Put/TRY Call		TRY	4.320	Deutsche Bank AG		02/15/18		1,806,000		57,846		39,839		(18,007	)
USD Call/ MXN Put		MXN	18.250	Goldman Sachs & Co.		10/19/17		1,810,000		14,754		16,989		2,235
USD Call/CAD Put		CAD	1.230	JPMorgan Chase Bank N.A.		10/12/17		1,551,750		7,123		22,150		15,027
USD Call/CAD Put		CAD	1.275	BNP Paribas S.A.		10/16/17		2,069,000		11,452		656		(10,796	)
USD Call/KRW Put		KRW	1190.000	Deutsche Bank AG		03/05/18		80,335,000		1,420,323		1,229,929		(190,394	)
USD Call/MXN Put		MXN	18.000	Deutsche Bank AG		11/17/17		2,160,000		38,923		55,845		16,922
USD Call/RUB Put		RUB	63.000	Credit Suisse International		10/12/17		1,680,000		544		10		(534	)
USD Call/ZAR Put		ZAR	13.500	Morgan Stanley & Co. International plc		10/19/17		905,000		15,811		14,543		(1,268	)
USD Put/ MXN Call		MXN	18.000	Deutsche Bank AG		10/11/17		2,160,000		10,368		4,028		(6,340	)
USD Put/BRL Call		BRL	3.100	JPMorgan Chase Bank N.A.		11/16/17		1,840,000		8,721		5,275		(3,446	)
USD Put/BRL Call		BRL	3.170	JPMorgan Chase Bank N.A.		11/30/17		1,424,000		16,855		20,837		3,982
USD Put/INR Call		INR	65.500	Deutsche Bank AG		11/24/17		2,131,000		15,007		14,666		(341	)
USD Put/RUB Call		RUB	60.300	Deutsche Bank AG		10/12/17		1,680,000		34,020		76,314		42,294
USD Put/RUB Call		RUB	58.500	Credit Suisse International		12/13/17		1,680,000		39,734		37,926		(1,808	)

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Purchased Options—(Continued)

Currency Options	Strike Price			Counterparty	Expiration Date		Notional Amount		Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Put/ZAR Call		ZAR	13.000	JPMorgan Chase Bank N.A.		10/19/17		1,810,000	$	5,216	$	1,321	$	(3,895	)
USD Put/ZAR Call		ZAR	13.500	Citibank N.A.		11/30/17		1,424,000		27,640		23,999		(3,641	)
Totals									$	1,752,372	$	1,601,168	$	(151,204	)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts		Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Put - U.S. Treasury Note 10 Year Futures	$	124.500		10/27/17		5,359	$	1,185,143	$	1,172,281	$	(12,862	)
Put - U.S. Treasury Note 10 Year Futures		125.000		10/27/17		2,876		1,579,715		1,123,438		(456,277	)
Put - U.S. Treasury Note 10 Year Futures		124.000		11/24/17		2,108		400,309		592,875		192,566
Totals							$	3,165,167	$	2,888,594	$	(276,573	)

Written Options

Foreign Currency Written Options	Strike Price			Counterparty	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
AUD Call/USD Put		USD	0.810	Deutsche Bank AG		11/06/17		(2,180,000	)	$	(12,249	)	$	(2,373	)	$	9,876
EUR Call/TRY Put		TRY	4.500	Deutsche Bank AG		02/15/18		(1,264,000	)		(32,044	)		(33,041	)		(997	)
EUR Put/TRY Call		TRY	4.100	Deutsche Bank AG		02/15/18		(1,264,000	)		(11,294	)		(6,634	)		4,660
USD Call/INR Put		INR	66.500	Deutsche Bank AG		11/24/17		(1,065,000	)		(6,497	)		(6,058	)		439
USD Call/KRW Put		KRW	1,303.000	Deutsche Bank AG		03/05/18		(80,335,000	)		(629,827	)		(504,263	)		125,564
USD Call/MXN Put		MXN	18.600	Deutsche Bank AG		11/17/17		(3,240,000	)		(27,216	)		(31,078	)		(3,862	)
USD Call/RUB Put		RUB	63.000	Deutsche Bank AG		10/12/17		(1,680,000	)		(29,820	)		(10	)		29,810
USD Call/RUB Put		RUB	62.000	Credit Suisse International		12/13/17		(1,680,000	)		(14,309	)		(10,134	)		4,175
USD Call/ZAR Put		ZAR	13.500	Goldman Sachs & Co.		10/19/17		(1,810,000	)		(32,251	)		(29,087	)		3,164
USD Put/BRL Call		BRL	3.110	JPMorgan Chase Bank N.A.		11/30/17		(2,848,000	)		(15,114	)		(20,295	)		(5,181	)
USD Put/RUB Call		RUB	60.300	Credit Suisse International		10/12/17		(1,680,000	)		(74,105	)		(76,314	)		(2,209	)
USD Put/RUB Call		RUB	57.500	Deutsche Bank AG		10/26/17		(1,480,000	)		(13,320	)		(11,957	)		1,363
USD Put/ZAR Call		ZAR	13.000	Goldman Sachs & Co.		10/19/17		(1,810,000	)		(24,474	)		(1,321	)		23,153
USD Put/ZAR Call		ZAR	13.100	Citibank N.A.		11/30/17		(2,848,000	)		(22,329	)		(18,783	)		3,546
Totals										$	(944,849	)	$	(751,348	)	$	193,501

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts	Premiums Received			Market Value			Unrealized Depreciation
Put - U.S. Treasury Note 10 Year Futures	$	123.500		10/27/17	(5,359)	$	(315,321	)	$	(334,937	)	$	(19,616	)

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay	1-Day CDI	9.840%	Annually	01/02/23	Citibank N.A.		BRL	13,828,396	$	78,533		$	—	$	78,533
Pay	1-Day CDI	9.850%	Annually	01/02/23	Citibank N.A.		BRL	7,276,665		41,901			—		41,901
Pay	1-Day CDI	9.135%	Annually	01/04/21	Bank of America N.A.		BRL	13,830,445		49,090			—		49,090
Pay	1-Day CDI	9.250%	Annually	01/02/19	Citibank N.A.		BRL	31,034,582		186,074			—		186,074
Pay	1-Day CDI	9.275%	Annually	01/02/19	JPMorgan Chase Bank N.A.		BRL	29,461,321		179,246			—		179,246
Pay	1-Day CDI	9.610%	Annually	01/02/23	Bank of America N.A.		BRL	7,272,989		25,234			—		25,234
Pay	28-Day TIIE	6.270%	Monthly	12/05/25	Bank of America N.A.		MXN	2,209,451		(5,637	)		—		(5,637	)
Pay	28-Day TIIE	6.325%	Monthly	07/17/25	Citigroup Global Markets Inc.		MXN	19,973,500		(43,934	)		—		(43,934	)
Pay	28-Day TIIE	6.330%	Monthly	08/06/25	Citigroup Global Markets Inc.		MXN	59,593,000		(131,346	)		—		(131,346	)

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

OTC Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay	28-Day TIIE	6.980%	Monthly	11/28/18	JPMorgan Chase Bank N.A.		MXN	92,466,976	$	(15,186	)	$	—	$	(15,186	)
Pay	28-Day TIIE	6.980%	Monthly	11/28/18	Citigroup Global Markets Inc.		MXN	163,000,000		(26,769	)		—		(26,769	)
Pay	28-Day TIIE	7.060%	Monthly	11/21/18	JPMorgan Chase Bank N.A.		MXN	114,610,942		(13,363	)		—		(13,363	)
Pay	28-Day TIIE	7.070%	Monthly	11/21/18	Citigroup Global Markets Inc.		MXN	95,509,119		(10,551	)		—		(10,551	)
Pay	3M KWCDC	1.920%	Quarterly	11/10/17	Deutsche Bank AG		KRW	6,513,071,110		3,507			—		3,507
Receive	1-Day CDI	8.780%	Annually	01/02/20	Citibank N.A.		BRL	31,130,174		(129,178	)		—		(129,178	)
Receive	1-Day CDI	7.750%	Annually	01/02/19	Bank of America N.A.		BRL	31,153,750		(47,126	)		—		(47,126	)
Receive	1-Day CDI	8.000%	Annually	01/02/19	Citibank N.A.		BRL	31,040,217		(72,063	)		—		(72,063	)
Receive	1-Day CDI	8.980%	Annually	01/02/18	Citibank N.A.		BRL	11,380,601		(3,742	)		—		(3,742	)
Receive	1-Day CDI	9.500%	Annually	10/02/17	Bank of America N.A.		BRL	45,807,529		(8,111	)		—		(8,111	)
Receive	1-Day CDI	9.980%	Annually	01/02/18	JPMorgan Chase Bank N.A.		BRL	36,143,970		(53,789	)		—		(53,789	)
Receive	1-Day CDI	9.985%	Annually	01/02/18	Citibank N.A.		BRL	36,142,712		(54,175	)		—		(54,175	)
Receive	28-Day TIIE	4.300%	Monthly	12/07/17	Bank of America N.A.		MXN	12,027,855		3,858			—		3,858
Receive	28-Day TIIE	4.550%	Monthly	03/21/18	Barclays Bank plc		MXN	26,793,819		19,434			—		19,434
Receive	28-Day TIIE	4.700%	Monthly	12/06/18	Bank of America N.A.		MXN	8,147,763		13,089			—		13,089
Receive	28-Day TIIE	4.760%	Monthly	12/06/18	Citigroup Global Markets Inc.		MXN	8,147,763		12,779			—		12,779
Receive	28-Day TIIE	4.770%	Monthly	12/05/18	Citigroup Global Markets Inc.		MXN	8,147,763		12,703			—		12,703
Receive	28-Day TIIE	4.850%	Monthly	11/01/18	Bank of America N.A.		MXN	22,482,829		31,694			—		31,694
Receive	28-Day TIIE	6.307%	Monthly	08/11/25	Deutsche Bank AG		MXN	74,533,884		170,542			—		170,542
Receive	28-Day TIIE	6.310%	Monthly	08/11/25	Bank of America N.A.		MXN	20,079,000		45,749			—		45,749
Receive	28-Day TIIE	6.310%	Monthly	08/11/25	Bank of America N.A.		MXN	20,079,000		45,749			—		45,749
Receive	3M KWCDC	1.690%	Quarterly	11/10/17	Deutsche Bank AG		KRW	6,513,071,110		(1,985	)		—		(1,985	)
Totals									$	302,227		$	—	$	302,227

OTC Total Return Swaps

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Payment Frequency

Maturity Date

Counterparty

Underlying Reference Instrument

Notional Amount

Market Value

Upfront Premium Paid/(Received)

Unrealized Appreciation(1)

Pay

3M LIBOR

1.000%

Annually

12/20/17

Morgan Stanley & Co. International plc

iBoxx USD Liquid High Yield Index

USD

38,837,000

$

144,001

$

—

$

144,001

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	12M UKRPI	3.460%	Maturity	10/15/26		GBP	8,872,130	$	93,122	$	—	$	93,122
Pay	28-Day TIIE	6.320%	Monthly	07/17/25		MXN	40,086,000		(87,984)		—		(87,984)
Pay	28-Day TIIE	7.080%	Monthly	08/08/19		MXN	380,530,000		12,669		356		12,313
Pay	28-Day TIIE	7.160%	Monthly	04/29/20		MXN	257,080,000		85,985		225		85,760
Pay	28-Day TIIE	7.160%	Monthly	06/01/22		MXN	108,494,000		87,222		103		87,119
Pay	28-Day TIIE	7.320%	Monthly	02/20/20		MXN	267,852,955		126,547		—		126,547
Pay	28-Day TIIE	7.445%	Monthly	03/07/22		MXN	91,257,182		126,099		—		126,099
Pay	28-Day TIIE	7.470%	Monthly	03/07/22		MXN	45,626,378		65,490		—		65,490
Pay	28-Day TIIE	7.480%	Monthly	03/07/22		MXN	45,627,440		66,469		—		66,469
Pay	3M LIBOR	2.045%	Quarterly	07/26/21		USD	101,165,000		(155,813)		1,700		(157,513)
Pay	3M LIBOR	2.080%	Quarterly	07/31/21		USD	298,325,000		(253,588)		5,012		(258,600)
Pay	3M LIBOR	2.090%	Quarterly	07/29/21		USD	103,630,000		(74,053)		1,741		(75,794)
Pay	3M LIBOR	2.131%	Quarterly	08/25/25		USD	1,285,000		(6,893)		—		(6,893)
Receive	28-Day TIIE	7.361%	Monthly	01/28/19		MXN	300,263,934		(36,119)		—		(36,119)
Receive	3M JIBAR	7.665%	Quarterly	09/14/27		ZAR	19,005,000		17,712		57		17,655
Receive	3M JIBAR	7.710%	Quarterly	09/19/27		ZAR	15,295,000		10,677		48		10,629
Receive	3M JIBAR	7.720%	Quarterly	09/19/27		ZAR	30,585,000		19,774		97		19,677
Receive	3M JIBAR	7.740%	Quarterly	09/21/27		ZAR	12,302,433		6,699		21		6,678

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive	3M LIBOR	2.272%	Semi-Annually	09/11/25		USD	955,000	$	(4,625)	$	—	$	(4,625)
Receive	3M LIBOR	2.499%	Semi-Annually	07/26/29		USD	22,389,000		29,862		465		29,397
Receive	3M LIBOR	2.568%	Semi-Annually	07/29/29		USD	22,380,000		(105,496)		465		(105,961)
Receive	3M LIBOR	2.579%	Semi-Annually	07/31/29		USD	66,295,000		(370,682)		1,376		(372,058)
Totals								$	(346,926)	$	11,666	$	(358,592)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at September 30, 2017(b)			Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation
CDX.NA.IG.29.V1		1.000	%	Quarterly		12/20/22		0.556	%		USD	52,568,000	$	1,148,033	$	1,101,475	$	46,558

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency	Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Depreciation
Argentine Republic Government International Bond		(5.000%)	Quarterly		12/20/22	Goldman Sachs & Co.		2.906%		USD	3,810,000	$	(375,374)	$	(336,619)	$	(38,755)
Argentine Republic Government International Bond		(5.000%)	Quarterly		12/20/22	Goldman Sachs & Co.		2.906%		USD	4,102,100		(404,153)		(368,447)		(35,706)
Loews Corp. 6.000%, due 02/01/35		(1.000%)	Quarterly		12/20/22	Barclays Bank plc		0.217%		USD	2,145,000		(84,108)		(73,998)		(10,110)
Mexico Government International Bond 5.950%, due 03/19/19		(1.000%)	Quarterly		06/20/20	JPMorgan Chase Bank N.A.		0.575%		USD	3,824,276		(43,481)		33,406		(76,887)
Mexico Government International Bond 5.950%, due 03/19/19		(1.000%)	Quarterly		09/20/20	Bank of America N.A.		0.613%		USD	3,824,276		(43,095)		50,241		(93,336)
Philippine Government International Bond		(1.000%)	Quarterly		12/20/22	JPMorgan Chase Bank N.A.		0.658%		USD	6,851,071		(115,888)		(110,397)		(5,491)
Republic of South Africa Government Bond		(1.000%)	Quarterly		12/20/22	Bank of America N.A.		1.852%		USD	4,145,000		170,208		171,455		(1,247)
Republic of South Africa Government Bond		(1.000%)	Quarterly		12/20/22	Morgan Stanley Capital Services, LLC		1.852%		USD	3,945,000		161,995		163,182		(1,187)
Russian Federal Bonds - OFZ		(1.000%)	Quarterly		12/20/22	Bank of America N.A.		1.414%		USD	60,000		1,211		1,567		(356)
Russian Federal Bonds - OFZ		(1.000%)	Quarterly		12/20/22	Morgan Stanley Capital Services, LLC		1.414%		USD	115,000		2,322		2,969		(647)
Totals												$	(730,363)	$	(466,641)	$	(263,722)

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency	Maturity Date		Counterparty	Implied Credit Spread at September 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%	Quarterly		06/20/20	Bank of America N.A.		0.575%		USD	3,824,276	$	43,481	$	(38,756)	$	82,237
Mexico Government International Bond 5.950%, due 03/19/19		1.000%	Quarterly		09/20/20	JPMorgan Chase Bank N.A.		0.613%		USD	3,824,276		43,095		(43,741)		86,836
Totals												$	86,576	$	(82,497)	$	169,073

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency	Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.9.AAA		(0.500	%)	Monthly		09/17/58	Morgan Stanley Capital Services, LLC		0.000	%		USD	3,160,000	$	4,641		$	42,600		$	(37,959	)
CMBX.NA.AAA.V6		(0.500	%)	Monthly		05/11/63	Deutsche Bank AG		0.000	%		USD	1,670,000		(11,492	)		242			(11,734	)
CMBX.NA.AAA.V6		(0.500	%)	Monthly		05/11/63	Deutsche Bank AG		0.000	%		USD	2,340,000		(16,103	)		(883	)		(15,220	)
CMBX.NA.AAA.V6		(0.500	%)	Monthly		05/11/63	Deutsche Bank AG		0.000	%		USD	2,680,000		(18,443	)		744			(19,187	)
CMBX.NA.AAA.V9		(0.500	%)	Monthly		09/17/58	Credit Suisse International		0.000	%		USD	1,610,000		2,365			19,805			(17,440	)
CMBX.NA.AAA.V9		(0.500	%)	Monthly		09/17/58	Deutsche Bank AG		0.000	%		USD	1,280,000		1,880			15,972			(14,092	)
CMBX.NA.AAA.V9		(0.500	%)	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000	%		USD	1,990,000		2,923			29,483			(26,560	)
CMBX.NA.AAA.V9		(0.500	%)	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000	%		USD	1,090,000		1,601			13,409			(11,808	)
CMBX.NA.AAA.V9		(0.500	%)	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000	%		USD	900,000		1,322			11,071			(9,749	)
CMBX.NA.BBB-.V6		(3.000	%)	Monthly		05/11/63	Deutsche Bank AG		0.000	%		USD	680,000		103,108			62,676			40,432
CMBX.NA.BBB-.V6		(3.000	%)	Monthly		05/11/63	JPMorgan Chase Bank N.A.		0.000	%		USD	340,000		51,554			22,465			29,089
CMBX.NA.BBB-.V6		(3.000	%)	Monthly		05/11/63	JPMorgan Chase Bank N.A.		0.000	%		USD	340,000		51,554			22,465			29,089
CMBX.NA.BBB-.V6		(3.000	%)	Monthly		05/11/63	JPMorgan Chase Bank N.A.		0.000	%		USD	340,000		51,554			34,298			17,256
CMBX.NA.BBB-.V6		(3.000	%)	Monthly		05/11/63	Morgan Stanley Capital Services, LLC		0.000	%		USD	340,000		51,554			20,627			30,927
Totals														$	278,018		$	294,974		$	(16,956	)

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency	Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.9.A		2.000%	Monthly		09/17/58	Deutsche Bank AG		0.000%		USD	1,250,000	$	(55,148)	$	(44,950)	$	(10,198)
CMBX.NA.9.A		2.000%	Monthly		09/17/58	JPMorgan Chase Bank N.A.		0.000%		USD	250,000		(11,030)		(8,068)		(2,962)
CMBX.NA.9.A		2.000%	Monthly		09/17/58	JPMorgan Chase Bank N.A.		0.000%		USD	480,000		(21,177)		(13,545)		(7,632)
CMBX.NA.9.A		2.000%	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	640,000		(28,236)		(22,009)		(6,227)

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency	Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.9.BBB		3.000%	Monthly		09/17/58	Morgan Stanley Capital Services, LLC		0.000%		USD	320,000	$	(40,738)	$	(32,777)	$	(7,961)
CMBX.NA.A.V10		2.000%	Monthly		11/17/59	Deutsche Bank AG		0.000%		USD	660,000		(23,271)		(30,601)		7,330
CMBX.NA.A.V10		2.000%	Monthly		11/17/59	Deutsche Bank AG		0.000%		USD	1,310,000		(46,190)		(59,736)		13,546
CMBX.NA.A.V8		2.000%	Monthly		10/17/57	Goldman Sachs & Co.		0.000%		USD	670,000		(37,729)		(38,377)		648
CMBX.NA.A.V8		2.000%	Quarterly		10/17/57	Morgan Stanley Capital Services, LLC		0.000%		USD	190,000		(10,699)		(22,074)		11,375
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Morgan Stanley Capital Services, LLC		0.000%		USD	710,000		(31,324)		(36,483)		5,159
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Credit Suisse International		0.000%		USD	200,000		(8,824)		(10,432)		1,608
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Credit Suisse International		0.000%		USD	650,000		(28,677)		(21,121)		(7,556)
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Deutsche Bank AG		0.000%		USD	600,000		(26,471)		(31,038)		4,567
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	JPMorgan Chase Bank N.A.		0.000%		USD	1,830,000		(80,737)		(98,204)		17,467
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	660,000		(29,118)		(36,240)		7,122
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	980,000		(43,236)		(22,454)		(20,782)
CMBX.NA.A.V9		2.000%	Monthly		09/17/58	Morgan Stanley Capital Services, LLC		0.000%		USD	340,000		(15,000)		(16,765)		1,765
CMBX.NA.AAA.V7		0.500%	Quarterly		01/17/47	Credit Suisse International		0.000%		USD	5,000,000		30,992		(156,398)		187,390
CMBX.NA.AM.V4		0.500%	Quarterly		02/17/51	Deutsche Bank AG		0.000%		USD	2,370,000		(14,072)		(359,977)		345,905
CMBX.NA.BBB-.V10		3.000%	Monthly		11/17/59	JPMorgan Chase Bank N.A.		0.000%		USD	40,000		(4,778)		(3,575)		(1,203)
CMBX.NA.BBB-.V6		3.000%	Monthly		05/11/63	Credit Suisse International		0.000%		USD	340,000		(51,554)		(28,925)		(22,629)
CMBX.NA.BBB-.V9		3.000%	Monthly		09/17/58	Credit Suisse International		0.000%		USD	1,030,000		(131,126)		(109,437)		(21,689)
CMBX.NA.BBB-.V9		3.000%	Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	500,000		(63,653)		(53,964)		(9,689)
CMBX.NA.BBB-.V9		3.000%	Monthly		09/17/58	Morgan Stanley Capital Services, LLC		0.000%		USD	1,480,000		(188,414)		(190,776)		2,362
Totals												$	(960,210)	$	(1,447,926)	$	487,716

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(1)	There is no upfront payment premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(CLP)—	Chilean Peso

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

(COP)—	Colombian Peso
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(TRY)—	Turkish Lira
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand
(CDI)—	Brazil Interbank Deposit Rate
(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
(JIBAR)—	Johannesburg Interbank Agreed Rate
(KWCDC)—	Korean Certificate of Deposit Rate
(LIBOR)—	London Interbank Offered Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(UKRPI)—	United Kingdom Retail Price Index

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	2,909,557,997		$	—	$	2,909,557,997
Total Corporate Bonds & Notes*		—			1,122,543,203			—		1,122,543,203
Asset-Backed Securities
Asset-Backed - Credit Card		—			1,633,349			—		1,633,349
Asset-Backed - Home Equity		—			32,842,578			—		32,842,578
Asset-Backed - Manufactured Housing		—			18,500,193			—		18,500,193
Asset-Backed - Other		—			420,036,041			3,800,000		423,836,041
Asset-Backed - Student Loan		—			22,530,622			—		22,530,622
Total Asset-Backed Securities		—			495,542,783			3,800,000		499,342,783
Total Mortgage-Backed Securities*		—			226,528,568			—		226,528,568
Total Foreign Government*		—			218,206,610			—		218,206,610
Total Municipals		—			178,689,991			—		178,689,991
Total Floating Rate Loans*		—			24,273,863			—		24,273,863
Total Preferred Stock*		8,121,178			—			—		8,121,178
Total Escrow Shares*		—			—			1		1
Total Short-Term Investment*		—			9,646,444			—		9,646,444
Purchased Options
Currency Options at Value	$	—		$	1,601,168		$	—	$	1,601,168
Options on Exchange-Traded Futures Contracts at Value		2,888,594			—			—		2,888,594
Total Purchased Options	$	2,888,594		$	1,601,168		$	—	$	4,489,762
Total Securities Lending Reinvestments*		—			151,205,389			—		151,205,389
Total Investments	$	11,009,772		$	5,337,796,016		$	3,800,001	$	5,352,605,789
Collateral for Securities Loaned (Liability)	$	—		$	(151,147,923	)	$	—	$	(151,147,923	)
TBA Forward Sales Commitments	$	—		$	(448,894,106	)	$	—	$	(448,894,106	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	1,537,649		$	—	$	1,537,649
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(1,184,874	)		—		(1,184,874	)
Total Forward Contracts	$	—		$	352,775		$	—	$	352,775
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,904,425		$	—		$	—	$	1,904,425
Futures Contracts (Unrealized Depreciation)		(941,684	)		—			—		(941,684	)
Total Futures Contracts	$	962,741		$	—		$	—	$	962,741

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Written Options
Foreign Currency Written Options at Value	$	—		$	(751,348	)	$	—	$	(751,348	)
Options on Exchange-Traded Futures Contracts at Value		(334,937	)		—			—		(334,937	)
Total Written Options	$	(334,937	)	$	(751,348	)	$	—	$	(1,086,285	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	793,513		$	—	$	793,513
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(1,105,547	)		—		(1,105,547	)
Total Centrally Cleared Swap Contracts	$	—		$	(312,034	)	$	—	$	(312,034	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,840,543		$	—	$	1,840,543
OTC Swap Contracts at Value (Liabilities)		—			(2,720,294	)		—		(2,720,294	)
Total OTC Swap Contracts	$	—		$	(879,751	)	$	—	$	(879,751	)
Total Reverse Repurchase Agreements (Liability)	$	—		$	(966,990,933	)	$	—	$	(966,990,933	)

* 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 September 30, 2017 is not presented.

BHFTII-45

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

Common Stocks—98.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.1%
TransDigm Group, Inc.		76,647	$	19,594,806
Banks—5.0%
Bank of America Corp.		1,985,638		50,316,067
First Republic Bank		296,532		30,975,733
Wells Fargo & Co.		211,670		11,673,600
				92,965,400
Beverages—3.5%
Constellation Brands, Inc. - Class A		258,116		51,481,236
Dr Pepper Snapple Group, Inc.		144,024		12,741,803
				64,223,039
Biotechnology—6.7%
Alexion Pharmaceuticals, Inc. (a)		410,406		57,575,858
Biogen, Inc. (a)		70,427		22,052,102
Celgene Corp. (a)		161,121		23,494,664
Vertex Pharmaceuticals, Inc. (a)		136,769		20,794,359
				123,916,983
Capital Markets—0.7%
S&P Global, Inc.		84,484		13,205,694
Chemicals—2.3%
Monsanto Co.		144,995		17,373,301
Sherwin-Williams Co. (The)		68,398		24,489,220
				41,862,521
Construction Materials—0.5%
Vulcan Materials Co.		76,673		9,170,091
Diversified Financial Services—1.4%
Berkshire Hathaway, Inc. - Class B (a)		144,346		26,461,509
Diversified Telecommunication Services—0.5%
Zayo Group Holdings, Inc. (a)		256,174		8,817,509
Electrical Equipment—1.5%
Acuity Brands, Inc. (b)		164,892		28,242,702
Energy Equipment & Services—1.2%
Halliburton Co.		484,668		22,309,268
Equity Real Estate Investment Trusts—1.5%
Equinix, Inc.		40,971		18,285,357
SBA Communications Corp. (a)		63,710		9,177,426
				27,462,783
Health Care Equipment & Supplies—3.3%
Becton Dickinson & Co. (b)		152,480		29,878,456
Boston Scientific Corp. (a)		1,039,181		30,312,910
				60,191,366
Health Care Providers & Services—4.6%
UnitedHealth Group, Inc. (b)		436,485		85,485,587
Hotels, Restaurants & Leisure—1.4%
Domino’s Pizza, Inc. (b)		134,510		26,706,961
Industrial Conglomerates—1.0%
Roper Technologies, Inc. (b)		76,689		18,666,103
Internet & Direct Marketing Retail—12.9%
Amazon.com, Inc. (a)		137,564		132,247,151
Netflix, Inc. (a) (b)		257,305		46,662,262
Priceline Group, Inc. (The) (a) (b)		32,516		59,530,943
				238,440,356
Internet Software & Services—15.5%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		85,953		14,844,943
Alphabet, Inc. - Class A (a)		127,318		123,972,083
Facebook, Inc. - Class A (a)		406,886		69,524,611
MercadoLibre, Inc. (b)		56,452		14,617,116
Tencent Holdings, Ltd.		1,444,100		62,431,541
				285,390,294
IT Services—5.8%
Global Payments, Inc. (b)		186,945		17,765,383
PayPal Holdings, Inc. (a)		287,379		18,400,878
Visa, Inc. - Class A		668,505		70,353,466
				106,519,727
Life Sciences Tools & Services—1.3%
Illumina, Inc. (a)		118,680		23,641,056
Oil, Gas & Consumable Fuels—0.6%
Pioneer Natural Resources Co.		77,226		11,393,924
Pharmaceuticals—0.9%
Zoetis, Inc.		255,800		16,309,808
Professional Services—1.6%
Equifax, Inc.		286,188		30,333,066
Semiconductors & Semiconductor Equipment—5.2%
ASML Holding NV		170,846		29,248,835
Broadcom, Ltd.		125,829		30,518,566
NVIDIA Corp. (b)		135,524		24,227,625
Teradyne, Inc.		343,582		12,812,173
				96,807,199
Software—12.1%
Activision Blizzard, Inc. (b)		304,812		19,663,422
Adobe Systems, Inc. (a)		239,431		35,718,317
Autodesk, Inc. (a)		353,361		39,668,306
Electronic Arts, Inc. (a)		78,537		9,272,078
Microsoft Corp.		1,405,950		104,729,215
Zendesk, Inc. (a)		482,987		14,059,752
				223,111,090

BHFTII-46

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—3.7%
Home Depot, Inc. (The)		236,758	$	38,724,138
Ulta Salon Cosmetics & Fragrance, Inc. (a)		135,082		30,536,637
				69,260,775
Technology Hardware, Storage & Peripherals—1.6%
Apple, Inc.		191,302		29,483,464
Textiles, Apparel & Luxury Goods—1.3%
NIKE, Inc. - Class B (b)		462,344		23,972,536
Total Common Stocks (Cost $1,373,306,102)				1,823,945,617
Preferred Stock—0.5%
Software—0.5%
Palantir Technologies, Inc. - Series I (a) (c) (d) (e) (Cost $15,555,194)		2,537,552		8,627,677
Short-Term Investment—1.9%
Repurchase Agreement—1.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $35,315,825 on 10/02/17, collateralized by $35,715,000 U.S. Treasury Note at 1.750% due 12/31/20 with a value of $36,024,006.		35,315,472		35,315,472
Total Short-Term Investments (Cost $35,315,472)				35,315,472
Securities Lending Reinvestments (f)—8.1%
Certificates of Deposit—4.3%
ABN AMRO Bank NV Zero Coupon, 11/21/17		1,993,074		1,996,680
Zero Coupon, 02/22/18		1,490,624		1,491,945
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (g)		3,500,000		3,499,678
Bank of China, Ltd. 1.540%, 10/23/17		4,000,000		4,000,000
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (g)		1,500,000		1,500,290
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (g)		3,000,000		3,001,392
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (g)		1,000,000		1,000,209
Certificates of Deposit—(Continued)
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,000,000		1,000,000
Credit Suisse AG New York 1.461%, 1M LIBOR + 0.230%, 11/07/17 (g)		3,000,000		3,000,000
DNB Bank ASA New York 1.120%, 10/05/17		1,000,000		999,997
KBC Bank NV 1.380%, 10/27/17		7,000,000		7,000,770
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (g)		3,000,000		2,999,964
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (g)		2,000,000		2,000,700
Natixis New York 1.396%, 1M LIBOR + 0.160%, 11/13/17 (g)		2,500,000		2,500,115
Norinchukin Bank New York 1.397%, 1M LIBOR + 0.160%, 01/19/18 (g)		3,000,000		3,000,096
1.406%, 1M LIBOR + 0.170%, 11/13/17 (g)		3,000,000		3,000,138
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (g)		2,500,000		2,499,888
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (g)		8,000,000		8,007,080
Sumitomo Mitsui Banking Corp., New York 1.462%, 3M LIBOR + 0.150%, 02/08/18 (g)		1,000,000		999,954
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (g)		5,000,000		5,000,370
1.406%, 1M LIBOR + 0.170%, 11/13/17 (g)		3,000,000		3,000,243
1.488%, 1M LIBOR + 0.250%, 10/26/17 (g)		2,500,000		2,500,250
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (g)		3,000,000		3,000,408
Swedbank AB 1.140%, 10/02/17		2,000,000		1,999,998
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (g)		4,500,000		4,504,014
1.624%, 3M LIBOR + 0.320%, 01/10/18 (g)		1,500,000		1,500,483
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (g)		3,500,000		3,499,975
1.694%, 3M LIBOR + 0.380%, 10/26/17 (g)		1,250,000		1,250,301
				79,754,938

BHFTII-47

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—2.0%
Barton Capital S.A. 1.320%, 12/11/17		2,491,750	$	2,493,460
1.330%, 10/13/17		2,989,914		2,998,956
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (g)		4,500,000		4,503,915
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (g)		2,000,000		2,000,108
1.386%, 1M LIBOR + 0.150%, 11/13/17 (g)		2,500,000		2,500,115
Kells Funding LLC 1.400%, 03/01/18		992,883		993,977
Macquarie Bank, Ltd., London 1.340%, 10/27/17		4,982,878		4,995,347
Ridgefield Funding Co. LLC 1.431%, 1M LIBOR + 0.200%, 03/07/18 (g)		5,000,000		5,000,000
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (g)		3,000,000		3,000,183
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (g)		6,000,000		6,001,392
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (g)		2,000,000		2,000,370
				36,487,823
Repurchase Agreements—1.4%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,705,174 on 10/02/17, collateralized by $2,835,614 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $1,739,125.		1,705,024		1,705,024
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $3,100,271 on 10/02/17, collateralized by $3,155,824 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $3,162,000.		3,100,000		3,100,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $101,625 on 01/02/18, collateralized by various Common Stock with a value of $110,000.		100,000		100,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $400,040 on 10/02/17, collateralized by $402,364 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $408,002.		400,000		400,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $2,200,229 on 10/02/17, collateralized by $2,240,875 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $2,244,001.		2,200,000		2,200,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $300,031 on 10/02/17, collateralized by $301,487 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $306,001.		300,000		300,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $3,518,620 on 01/02/18, collateralized by $18,845 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $3,890,374.		3,500,000		3,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,500,128 on 10/02/17, collateralized by $1,438,939 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,531,167.		1,500,000		1,500,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $7,051,205 on 01/02/18, collateralized by various Common Stock with a value of $7,700,002.		7,000,000		7,000,000

BHFTII-48

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of September 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 $1,224,681 on 01/02/18, collateralized by various Common Stock with a value of $1,320,000.		1,200,000	$	1,200,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $4,000,393 on 10/02/17, collateralized by $9,943,248 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $4,080,402.		4,000,000		4,000,000
				25,205,024
Time Deposits—0.4%
Credit Agricole S.A. 1.080%, 10/02/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 10/02/17		5,000,000		5,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		200,000		200,000
Standard Chartered plc 1.200%, 10/02/17		200,000		200,000
Svenska 1.050%, 10/02/17		2,000,000		2,000,000
				7,600,000
Total Securities Lending Reinvestments (Cost $149,024,291)				149,047,785
Total Investments—109.2% (Cost $1,573,201,059)				2,016,936,551
Other assets and liabilities (net)—(9.2)%				(169,922,180	)
Net Assets—100.0%			$	1,847,014,371

*	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 September 30, 2017, the market value of securities loaned was $142,992,953 and the collateral received consisted of cash in the amount of $148,996,148. 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 September 30, 2017, these securities represent 0.5% 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 September 30, 2017, the market value of restricted securities was $8,627,677, which is 0.5% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(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.
(LIBOR)—	London Interbank Offered Rate

Restricted Securities	Acquisition Date		Shares		Cost		Value
Palantir Technologies, Inc. - Series I		02/07/14		2,537,552	$	15,555,194	$	8,627,677

BHFTII-49

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	19,594,806	$	—		$	—	$	19,594,806
Banks		92,965,400		—			—		92,965,400
Beverages		64,223,039		—			—		64,223,039
Biotechnology		123,916,983		—			—		123,916,983
Capital Markets		13,205,694		—			—		13,205,694
Chemicals		41,862,521		—			—		41,862,521
Construction Materials		9,170,091		—			—		9,170,091
Diversified Financial Services		26,461,509		—			—		26,461,509
Diversified Telecommunication Services		8,817,509		—			—		8,817,509
Electrical Equipment		28,242,702		—			—		28,242,702
Energy Equipment & Services		22,309,268		—			—		22,309,268
Equity Real Estate Investment Trusts		27,462,783		—			—		27,462,783
Health Care Equipment & Supplies		60,191,366		—			—		60,191,366
Health Care Providers & Services		85,485,587		—			—		85,485,587
Hotels, Restaurants & Leisure		26,706,961		—			—		26,706,961
Industrial Conglomerates		18,666,103		—			—		18,666,103
Internet & Direct Marketing Retail		238,440,356		—			—		238,440,356
Internet Software & Services		222,958,753		62,431,541			—		285,390,294
IT Services		106,519,727		—			—		106,519,727
Life Sciences Tools & Services		23,641,056		—			—		23,641,056
Oil, Gas & Consumable Fuels		11,393,924		—			—		11,393,924
Pharmaceuticals		16,309,808		—			—		16,309,808
Professional Services		30,333,066		—			—		30,333,066
Semiconductors & Semiconductor Equipment		96,807,199		—			—		96,807,199
Software		223,111,090		—			—		223,111,090
Specialty Retail		69,260,775		—			—		69,260,775
Technology Hardware, Storage & Peripherals		29,483,464		—			—		29,483,464
Textiles, Apparel & Luxury Goods		23,972,536		—			—		23,972,536
Total Common Stocks		1,761,514,076		62,431,541			—		1,823,945,617
Total Preferred Stock*		—		—			8,627,677		8,627,677
Total Short-Term Investment*		—		35,315,472			—		35,315,472
Total Securities Lending Reinvestments*		—		149,047,785			—		149,047,785
Total Investments	$	1,761,514,076	$	246,794,798		$	8,627,677	$	2,016,936,551
Collateral for Securities Loaned (Liability)	$	—	$	(148,996,148	)	$	—	$	(148,996,148	)

* 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 September 30, 2017 is not presented.

BHFTII-50

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

Short-Term Investments—99.9% of Net Assets

Security Description	Principal Amount*		Value
Certificate of Deposit—32.1%
Bank of America Corp. 1.178%, 10/03/17		10,250,000	$	10,250,000
Bank of Tokyo-Mitsubishi, Ltd. 1.520%, 11/06/17		10,000,000		10,002,866
BNP Paribas S.A. (NY) 1.500%, 10/05/17		9,000,000		9,000,508
Canadian Imperial Bank of Commerce (NY) 1.444%, 1M USD LIBOR + 0.210%, 07/16/18 (a)		7,500,000		7,500,503
1.785%, 1M USD LIBOR + 0.550%, 12/01/17 (a)		10,000,000		10,009,410
1.863%, 3M USD LIBOR + 0.550%, 10/23/17 (a)		15,000,000		15,006,735
Credit Industriel et Commercial (NY) 1.555%, 04/13/18		9,000,000		9,001,224
1.600%, 05/18/18		4,000,000		4,000,740
Dexia Credit Local S.A. 1.581%, 1M USD LIBOR + 0.350%, 01/05/18 (a)		14,000,000		14,010,836
Mitsubishi UFJ Trust & Banking Corp. (NY) 1.436%, 1M USD LIBOR + 0.200%, 02/13/18 (a)		10,000,000		10,002,240
Mizuho Bank, Ltd. (NY) 1.436%, 1M USD LIBOR + 0.200%, 02/12/18 (a)		7,000,000		7,000,896
1.436%, 1M USD LIBOR + 0.200%, 02/13/18 (a)		12,000,000		12,001,548
1.455%, 05/08/18 (a)		4,000,000		4,000,000
1.954%, 3M USD LIBOR + 0.650%, 10/16/17 (a)		5,000,000		5,001,830
Norinchukin Bank (NY) 1.418%, 1M USD LIBOR + 0.180%, 02/26/18 (a)		12,000,000		12,001,140
1.486%, 1M USD LIBOR + 0.250%, 10/13/17 (a)		10,000,000		10,001,230
1.500%, 10/27/17		5,000,000		5,001,101
Royal Bank of Canada (NY) 1.434%, 1M USD LIBOR + 0.200%, 07/16/18 (a)		12,000,000		12,000,804
1.581%, 1M USD LIBOR + 0.350%, 03/07/18 (a)		8,000,000		8,008,416
State Street Bank & Trust Co. 1.300%, 10/23/17		10,000,000		10,000,176
Sumitomo Mitsui Banking Corp. 1.432%, 1M USD LIBOR + 0.200%, 02/06/18 (a)		5,000,000		5,000,860
1.435%, 1M USD LIBOR + 0.200%, 03/02/18 (a)		10,000,000		10,001,360
1.531%, 1M USD LIBOR + 0.300%, 10/04/17 (a)		10,800,000		10,800,486
Sumitomo Mitsui Trust Bank, Ltd. (NY) 1.432%, 1M USD LIBOR + 0.200%, 02/06/18 (a)		5,000,000		5,000,860
1.437%, 1M USD LIBOR + 0.200%, 01/19/18 (a)		10,000,000		10,001,930
1.460%, 12/22/17 (a)		5,000,000		5,001,770
Certificate of Deposit—(Continued)
Swedbank AB 1.130%, 10/04/17		25,000,000		24,999,920
Toronto-Dominion Bank 1.400%, 12/08/17		10,000,000		10,002,745
1.576%, 1M USD LIBOR + 0.340%, 03/13/18 (a)		10,000,000		10,011,530
UBS AG (Stamford) 1.614%, 3M USD LIBOR + 0.300%, 02/23/18 (a)		5,000,000		5,005,205
Westpac Banking Corp. (NY) 1.755%, 1M USD LIBOR + 0.520%, 01/09/18 (a)		4,000,000		4,005,080
				283,633,949
Commercial Paper—61.8%
ABN AMRO Bank NV 1.422%, 12/01/17 (b)		7,000,000		6,983,200
1.645%, 06/08/18 (b)		7,000,000		6,920,459
Albion Capital LLC 1.031%, 10/06/17 (b)		7,000,000		6,998,394
American Honda Finance Corp. 1.274%, 10/24/17 (b)		10,000,000		9,992,104
Antalis S.A. 0.974%, 10/05/17 (b)		7,990,000		7,988,390
1.373%, 12/11/17 (b)		10,860,000		10,831,019
ASB Finance, Ltd. 1.465%, 1M USD LIBOR + 0.230%, 09/21/18 (a)		4,000,000		4,000,000
Bank Nederlandse Gemeenten N.V. 1.189%, 10/16/17 (b)		18,000,000		17,989,588
Bank of Nova Scotia (The) 1.668%, 07/06/18 (b)		5,000,000		4,938,478
Bedford Row Funding Corp. 1.456%, 1M USD LIBOR + 0.220%, 06/22/18 (a)		5,000,000		5,001,305
BNP Paribas Fortis S.A. (NY) 0.542%, 10/02/17 (b)		20,000,000		19,998,097
BNZ International Funding, Ltd. 1.717%, 1M USD LIBOR + 0.480%, 02/01/18 (a)		8,000,000		8,010,472
Caisse Damortissement de la Dette Sociale 0.679%, 10/02/17 (b)		7,620,000		7,619,266
0.919%, 10/03/17 (b)		2,380,000		2,379,694
CDP Financial, Inc. 1.462%, 01/10/18 (b)		16,000,000		15,942,686
1.467%, 02/12/18 (b)		10,000,000		9,950,738
Collateralized Commercial Paper Co. LLC 1.387%, 1M USD LIBOR + 0.150%, 02/21/18 (a)		8,000,000		8,001,440
1.454%, 01/26/18 (b)		12,000,000		11,944,546
Commonwealth Bank of Australia 1.644%, 1M USD LIBOR + 0.410%, 02/15/18 (a)		6,500,000		6,508,125
1.660%, 3M USD LIBOR + 0.340%, 12/08/17 (a)		11,000,000		11,008,635

BHFTII-51

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
CRC Funding LLC 1.298%, 11/28/17 (b)		9,450,000	$	9,429,997
Crown Point Capital LLC 1.369%, 10/10/17 (b)		7,000,000		6,997,401
DBS Bank, Ltd. 1.302%, 11/15/17 (b)		7,000,000		6,988,476
DNB Bank ASA 1.337%, 1M USD LIBOR + 0.100%, 01/19/18 (a)		6,000,000		6,000,408
1.547%, 1M USD LIBOR + 0.310%, 03/23/18 (a)		7,000,000		7,007,546
Erste Abwicklungsanstalt 1.430%, 03/09/18 (b)		6,000,000		5,963,480
1.457%, 1M USD LIBOR + 0.220%, 10/27/17 (a)		15,000,000		15,003,090
European Investment Bank 0.598%, 10/02/17 (b)		20,000,000		19,997,982
HSBC Bank plc 1.468%, 3M USD LIBOR + 0.140%, 06/25/18 (a)		6,000,000		6,004,464
1.609%, 3M USD LIBOR + 0.300%, 02/09/18 (a)		5,000,000		5,005,805
ING U.S. Funding LLC 1.425%, 02/02/18 (b)		15,000,000		14,929,177
JPMorgan Securities, Inc. 1.489%, 02/23/18 (b)		5,000,000		4,971,090
KBC Bank NV 1.257%, 10/16/17 (b)		7,000,000		6,995,506
1.360%, 11/13/17 (b)		5,000,000		4,991,420
Kells Funding LLC 1.123%, 10/10/17 (b)		16,894,000		16,888,805
1.269%, 10/24/17 (b)		15,000,000		14,987,323
Landesbank Baden-Wurttemberg 1.402%, 12/07/17 (b)		8,000,000		7,979,472
LMA S.A. & LMA Americas 0.532%, 10/02/17 (b)		6,500,000		6,499,410
Macquarie Bank, Ltd. 1.015%, 10/04/17 (b)		4,000,000		3,999,291
1.320%, 11/03/17 (b)		9,000,000		8,988,476
1.487%, 1M USD LIBOR + 0.250%, 10/24/17 (144A) (a)		7,000,000		7,001,449
Manhattan Asset Funding Co. LLC 1.465%, 01/26/18 (b)		5,000,000		4,976,894
Mitsubishi UFJ Trust & Banking Corp. (NY) 1.241%, 10/17/17 (b)		3,900,000		3,897,625
Mont Blanc Capital Corp. 1.328%, 11/10/17 (b)		13,878,000		13,857,405
Nederlandse Waterschapsbank NV 1.418%, 02/27/18 (b)		12,000,000		11,933,208
Nieuw Amsterdam Receivables Corp. 1.312%, 12/07/17 (b)		4,000,000		3,989,895
Old Line Funding LLC 0.872%, 10/03/17 (b)		20,000,000		19,997,320
Oversea-Chinese Banking Corp., Ltd. 1.375%, 1M USD LIBOR + 0.140%, 11/10/17 (a)		12,000,000		12,002,232
1.501%, 3M USD LIBOR + 0.170%, 03/28/18 (144A) (a)		6,000,000		6,003,948
Commercial Paper—(Continued)
Starbird Funding Corp. 0.760%, 10/02/17 (b)		1,550,000		1,549,844
1.308%, 11/01/17 (b)		20,000,000		19,976,845
Suncorp Group, Ltd. 1.315%, 10/30/17 (b)		12,000,000		11,986,350
1.476%, 02/05/18 (b)		7,815,000		7,774,339
Toyota Credit Canada, Inc. 1.402%, 12/07/17 (b)		6,000,000		5,986,027
Toyota Motor Credit Corp. 1.437%, 1M USD LIBOR + 0.200%, 03/14/18 (a)		5,000,000		5,002,430
United Overseas Bank, Ltd. 1.417%, 02/20/18 (b)		12,000,000		11,933,472
Victory Receivables Corp. 0.542%, 10/02/17 (b)		32,065,000		32,061,847
Westpac Securities NZ, Ltd. 1.718%, 1M USD LIBOR + 0.480%, 01/26/18 (a)		3,500,000		3,504,442
				546,070,827
Repurchase Agreement—5.7%
JPMorgan Securities, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $50,004,375 on 10/02/17, collateralized by $50,570,000 U.S. Treasury Note at 1.500% due 03/31/19, with a value of $50,629,167.		50,000,000		50,000,000
U.S. Treasury—0.3%
U.S. Treasury Floating Rate Notes 1.221%, 3M USTBMM + 0.168%, 10/31/17 (a)		2,371,000		2,371,318
Total Short-Term Investments (Cost $881,928,991)				882,076,094
Total Investments—99.9% (Cost $881,928,991)				882,076,094
Other assets and liabilities (net)—0.1%				923,782
Net Assets—100.0%			$	882,999,876

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	The rate shown represents current yield to maturity.

BHFTII-52

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

(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 September 30, 2017, the market value of 144A securities was $13,005,397, which is 1.5% of net assets.
(LIBOR)—	London Interbank Offered Rate.
(USTBMM)—	U.S. Treasury Bill Money Market Yield.

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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Short-Term Investments
Certificate of Deposit	$	—	$	283,633,949	$	—	$	283,633,949
Commercial Paper		—		546,070,827		—		546,070,827
Repurchase Agreement		—		50,000,000		—		50,000,000
U.S. Treasury		—		2,371,318		—		2,371,318
Total Investments	$	—	$	882,076,094	$	—	$	882,076,094

BHFTII-53

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Common Stocks—92.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
Rockwell Collins, Inc.		101,844	$	13,312,029
Auto Components—2.1%
Gentex Corp.		1,190,290		23,567,742
Banks—4.6%
Fifth Third Bancorp		1,013,871		28,368,111
M&T Bank Corp.		150,478		24,232,977
				52,601,088
Capital Markets—1.4%
Intercontinental Exchange, Inc.		238,358		16,375,195
Chemicals—6.3%
Agrium, Inc.		164,890		17,677,857
Axalta Coating Systems, Ltd. (a)		565,005		16,339,945
Celanese Corp. - Series A		364,461		38,002,348
				72,020,150
Construction & Engineering—3.6%
Fluor Corp. (b)		506,126		21,307,904
Jacobs Engineering Group, Inc.		328,269		19,128,235
				40,436,139
Diversified Consumer Services—1.2%
H&R Block, Inc. (b)		520,564		13,784,535
Electrical Equipment—0.1%
Hubbell, Inc. (b)		14,198		1,647,252
Electronic Equipment, Instruments & Components—4.1%
Arrow Electronics, Inc. (a)		321,664		25,865,002
Avnet, Inc.		529,084		20,793,001
				46,658,003
Equity Real Estate Investment Trusts—1.9%
Equity Commonwealth (a) (b)		659,419		20,046,338
STORE Capital Corp.		70,675		1,757,687
				21,804,025
Food & Staples Retailing—1.8%
Kroger Co. (The)		1,010,913		20,278,915
Health Care Providers & Services—1.9%
AmerisourceBergen Corp. (b)		254,696		21,076,094
Insurance—15.3%
Alleghany Corp. (a)		55,893		30,965,281
Allstate Corp. (The)		223,568		20,548,135
Aon plc		168,905		24,677,020
Arch Capital Group, Ltd. (a)		278,377		27,420,134
Fairfax Financial Holdings, Ltd.		24,014		12,463,266
Loews Corp.		338,476		16,199,461
Progressive Corp. (The)		261,275		12,650,936
Torchmark Corp.		353,028		28,274,013
				173,198,246
Internet & Direct Marketing Retail—4.5%
Liberty Expedia Holdings, Inc. - Class A (a)		211,098		11,211,415
Liberty Interactive Corp. - Class A (a) (b)		1,191,993		28,095,275
Liberty Ventures - Series A (a)		210,257		12,100,290
				51,406,980
Internet Software & Services—4.1%
Cars.com, Inc. (a) (b)		750,411		19,968,437
IAC/InterActiveCorp (a)		228,715		26,892,309
				46,860,746
Marine—1.8%
Kirby Corp. (a) (b)		301,767		19,901,534
Media—4.7%
News Corp. - Class A		1,470,515		19,499,029
Omnicom Group, Inc. (b)		286,257		21,203,056
TEGNA, Inc.		971,471		12,949,708
				53,651,793
Metals & Mining—3.6%
Goldcorp, Inc.		1,646,936		21,344,290
Kinross Gold Corp. (a)		4,518,137		19,156,901
				40,501,191
Mortgage Real Estate Investment Trusts—1.1%
AGNC Investment Corp.		562,351		12,191,770
Multi-Utilities—1.3%
SCANA Corp.		299,337		14,514,851
Oil, Gas & Consumable Fuels—13.3%
Andeavor		237,197		24,466,870
Apache Corp. (b)		458,537		21,000,995
Cimarex Energy Co.		198,244		22,534,395
Devon Energy Corp.		932,842		34,244,630
Hess Corp. (b)		645,107		30,249,067
World Fuel Services Corp.		532,570		18,059,449
				150,555,406
Road & Rail—2.3%
Ryder System, Inc.		311,734		26,357,110
Semiconductors & Semiconductor Equipment—2.2%
Analog Devices, Inc.		293,120		25,258,150
Software—1.1%
Synopsys, Inc. (a)		155,401		12,514,443
Specialty Retail—2.9%
AutoNation, Inc. (a) (b)		704,258		33,424,085
Trading Companies & Distributors—4.1%
Air Lease Corp. (b)		1,085,687		46,271,980
Total Common Stocks (Cost $774,147,415)				1,050,169,452

BHFTII-54

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Short-Term Investment—7.5%

Security Description	Principal Amount*		Value
Repurchase Agreement—7.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $84,687,876 on 10/02/17, collateralized by $87,945,000 U.S. Treasury Note at 1.125% due 02/28/21 with a value of $86,385,471.		84,687,029	$	84,687,029
Total Short-Term Investments (Cost $84,687,029)				84,687,029
Securities Lending Reinvestments (c)—15.9%
Certificates of Deposit—8.6%
ABN AMRO Bank NV Zero Coupon, 11/21/17		2,989,611		2,995,020
Zero Coupon, 02/22/18		1,490,624		1,491,945
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (d)		3,000,000		2,999,724
Bank of China, Ltd. 1.540%, 10/23/17		4,000,000		4,000,000
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (d)		3,000,000		3,000,579
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (d)		3,000,000		3,001,392
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (d)		3,000,000		3,000,162
1.647%, 1M LIBOR + 0.410%, 10/27/17 (d)		1,000,000		1,000,209
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,000,000		1,000,000
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (d)		2,000,000		2,000,072
1.461%, 1M LIBOR + 0.230%, 11/07/17 (d)		1,000,000		1,000,000
DNB Bank ASA New York 1.120%, 10/05/17		2,000,000		1,999,994
KBC Bank NV 1.380%, 10/27/17		4,500,000		4,500,495
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		4,993,519		4,997,450
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (d)		7,000,000		6,999,916
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (d)		3,500,000		3,501,225
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (d)		6,500,000		6,499,773
1.396%, 1M LIBOR + 0.160%, 11/13/17 (d)		1,000,000		1,000,046
Certificates of Deposit—(Continued)
Norinchukin Bank New York 1.397%, 1M LIBOR + 0.160%, 01/19/18 (d)		5,000,000		5,000,160
1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		1,000,000		1,000,046
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (d)		2,500,000		2,499,888
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (d)		8,100,000		8,107,168
Standard Chartered plc 1.460%, 02/02/18		2,000,000		2,000,506
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (d)		1,500,000		1,499,955
1.432%, 1M LIBOR + 0.200%, 02/05/18 (d)		3,000,000		3,000,312
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (d)		2,500,000		2,500,185
1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		1,000,000		1,000,081
Swedbank AB 1.140%, 10/02/17		2,000,000		1,999,998
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (d)		4,000,000		4,003,568
1.624%, 3M LIBOR + 0.320%, 01/10/18 (d)		3,500,000		3,501,127
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (d)		5,000,000		4,999,965
1.694%, 3M LIBOR + 0.380%, 10/26/17 (d)		1,250,000		1,250,301
				97,351,262
Commercial Paper—3.6%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		1,993,747		1,999,866
Barton Capital S.A. 1.320%, 12/11/17		996,700		997,384
1.330%, 10/05/17		3,488,750		3,499,755
1.330%, 10/13/17		2,989,914		2,998,956
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (d)		4,500,000		4,503,915
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (d)		3,000,000		3,000,162
1.386%, 1M LIBOR + 0.150%, 11/13/17 (d)		2,000,000		2,000,092
Macquarie Bank, Ltd., London 1.340%, 10/27/17		5,979,453		5,994,417
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (d)		2,000,000		2,001,032

BHFTII-55

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Ridgefield Funding Co. LLC 1.431%, 1M LIBOR + 0.200%, 03/07/18 (d)		5,000,000	$	5,000,000
Sheffield Receivables Co. 1.330%, 10/05/17		1,495,013		1,499,902
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (d)		6,000,000		6,001,392
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (d)		1,300,000		1,300,241
				40,797,114
Repurchase Agreements—3.1%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,747,538 on 10/02/17, collateralized by $2,906,064 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $1,782,333.		1,747,385		1,747,385
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $3,800,333 on 10/02/17, collateralized by $3,868,429 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $3,876,001.		3,800,000		3,800,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,016,245 on 01/02/18, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $500,050 on 10/02/17, collateralized by $502,955 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $510,002.		500,000		500,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $2,700,281 on 10/02/17, collateralized by $2,750,164 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $2,754,001.		2,700,000		2,700,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $400,042 on 10/02/17, collateralized by $401,983 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $408,001.		400,000		400,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $2,513,300 on 01/02/18, collateralized by $13,461 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $2,778,839.		2,500,000		2,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,800,153 on 10/02/17, collateralized by $1,726,727 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,837,400.		1,800,000		1,800,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $300,026 on 10/02/17, collateralized by $287,788 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $306,233.		300,000		300,000
Repurchase Agreement dated 06/08/17 at 1.070% to be repurchased at $5,017,833 on 10/06/17, collateralized by $4,796,463 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $5,103,888.		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 $1,530,851 on 01/02/18, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $8,562,178 on 01/02/18, collateralized by various Common Stock with a value of $9,350,002.		8,500,000		8,500,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $1,000,098 on 10/02/17, collateralized by $2,485,812 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $1,020,100.		1,000,000		1,000,000

BHFTII-56

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale S.A. Repurchase Agreement dated 08/01/17 at 1.260% to be repurchased at $4,108,897 on 10/02/17, collateralized by $184,695 U.S. Treasury Obligations with rates ranging from 1.375% - 2.750%, maturity dates ranging from 07/31/20 - 02/15/24, and various Common Stock with a value of $4,548,381.		4,100,000	$	4,100,000
				34,847,385
Time Deposits—0.6%
ABN AMRO Bank NV 1.060%, 10/02/17		1,000,000		1,000,000
Australia New Zealand Bank 1.070%, 10/02/17		2,000,000		2,000,000
Credit Agricole S.A. 1.080%, 10/02/17		200,000		200,000
Credit Industriel et Commercial 1.100%, 10/02/17		1,000,000		1,000,000
DZ Bank AG 1.060%, 10/02/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		200,000		200,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		200,000		200,000
Standard Chartered plc 1.200%, 10/02/17		200,000		200,000
Time Deposits—(Continued)
Svenska 1.050%, 10/02/17		1,000,000		1,000,000
				6,800,000
Total Securities Lending Reinvestments (Cost $179,769,741)				179,795,761
Total Investments—115.9% (Cost $1,038,604,185)				1,314,652,242
Other assets and liabilities (net)—(15.9)%				(180,052,876	)
Net Assets—100.0%			$	1,134,599,366

*	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 September 30, 2017, the market value of securities loaned was $176,260,478 and the collateral received consisted of cash in the amount of $179,714,716. 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 September 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

BHFTII-57

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,050,169,452	$	—		$	—	$	1,050,169,452
Total Short-Term Investment*		—		84,687,029			—		84,687,029
Total Securities Lending Reinvestments*		—		179,795,761			—		179,795,761
Total Investments	$	1,050,169,452	$	264,482,790		$	—	$	1,314,652,242
Collateral for Securities Loaned (Liability)	$	—	$	(179,714,716	)	$	—	$	(179,714,716	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-58

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—99.4% of Net Assets

Security Description	Shares		Value
Australia—6.0%
Acrux, Ltd. (a)		41,605	$	4,751
Adelaide Brighton, Ltd.		197,116		904,473
AED Oil, Ltd. (a) (b) (c) (d)		93,946		0
Ainsworth Game Technology, Ltd.		51,616		103,550
Alkane Resources, Ltd. (a)		120,355		31,198
ALS, Ltd.		76,663		471,346
Altium, Ltd.		31,832		270,449
Altona Mining, Ltd. (a)		67,875		7,194
AMA Group, Ltd.		111,029		84,025
Ansell, Ltd.		39,937		700,266
AP Eagers, Ltd.		7,774		46,374
ARB Corp., Ltd.		27,756		377,502
Ardent Leisure Group		50,226		71,790
Arrium, Ltd. (a) (b) (c) (d)		972,288		14,613
AUB Group, Ltd.		25,969		261,635
Ausdrill, Ltd.		126,869		200,042
Austal, Ltd.		81,889		99,889
Australian Agricultural Co., Ltd. (a)		192,359		232,916
Australian Pharmaceutical Industries, Ltd.		174,311		204,467
Auswide Bank, Ltd.		9,275		38,239
Automotive Holdings Group, Ltd.		101,744		265,608
Aveo Group		81,294		153,088
AVJennings, Ltd.		10,332		5,791
AWE, Ltd. (a)		249,785		88,485
Bapcor, Ltd.		23,618		97,392
Beach Energy, Ltd.		743,366		540,706
Beadell Resources, Ltd. (a)		102,327		15,229
Bega Cheese, Ltd.		67,325		362,091
Bellamy’s Australia, Ltd.		13,454		79,491
Billabong International, Ltd. (a)		56,120		22,981
Blackmores, Ltd.		4,835		447,676
Blue Sky Alternative Investments, Ltd.		5,962		51,477
Breville Group, Ltd.		34,410		305,833
Brickworks, Ltd.		5,923		62,986
BT Investment Management, Ltd.		25,960		226,410
Buru Energy, Ltd. (a)		28,148		4,523
Cabcharge Australia, Ltd.		55,813		79,570
Capral, Ltd.		136,176		14,439
Cardno, Ltd. (a)		69,333		76,006
Carnarvon Petroleum, Ltd. (a)		251,902		16,952
carsales.com, Ltd.		83,570		843,995
Cash Converters International, Ltd.		152,939		47,373
Cedar Woods Properties, Ltd.		27,273		121,088
Cleanaway Waste Management, Ltd.		693,108		750,381
Coal of Africa, Ltd. (a) (c)		133,534		3,876
Collection House, Ltd.		19,217		20,297
Collins Foods, Ltd.		8,927		40,992
Cooper Energy, Ltd. (a)		552,999		121,696
Corporate Travel Management, Ltd.		21,828		375,128
Costa Group Holdings, Ltd.		53,534		235,137
Credit Corp. Group, Ltd.		13,415		203,161
CSG, Ltd.		66,837		27,333
CSR, Ltd.		239,936		893,746
Cudeco, Ltd. (a) (b) (d)		51,210		14,863
Data #3, Ltd.		55,471		74,627
Decmil Group, Ltd.		56,744		55,572
Downer EDI, Ltd.		223,855		1,194,798
Australia—(Continued)
DuluxGroup, Ltd.		144,897		797,795
DWS, Ltd.		36,847		38,874
Elders, Ltd. (a)		18,937		72,054
Energy Resources of Australia, Ltd. (a)		51,910		22,967
Energy World Corp., Ltd. (a)		325,379		99,703
EQT Holdings, Ltd.		3,062		42,535
ERM Power, Ltd.		49,991		53,067
Euroz, Ltd.		23,559		20,146
Event Hospitality and Entertainment, Ltd.		38,556		379,166
Evolution Mining, Ltd.		181,680		314,070
Fairfax Media, Ltd.		967,464		719,593
Finbar Group, Ltd.		6,909		4,449
Fleetwood Corp., Ltd.		22,683		48,230
FlexiGroup, Ltd.		49,133		60,209
Flight Centre Travel Group, Ltd.		14,871		526,974
G8 Education, Ltd.		150,770		481,643
Gateway Lifestyle		13,237		20,412
Global Construction Services, Ltd.		9,380		5,334
GrainCorp, Ltd. - Class A		83,590		536,975
Grange Resources, Ltd.		120,000		12,256
Greencross, Ltd.		21,334		88,586
GUD Holdings, Ltd.		39,734		340,119
GWA Group, Ltd.		92,856		190,752
Hansen Technologies, Ltd.		50,238		132,253
HFA Holdings, Ltd.		45,623		95,931
Hills, Ltd. (a)		80,453		11,099
Horizon Oil, Ltd. (a)		652,736		29,201
HT&E, Ltd.		109,386		177,725
IDM International, Ltd. (a) (b) (c) (d)		1,969		0
Iluka Resources, Ltd.		102,479		766,384
Imdex, Ltd. (a)		100,165		70,744
IMF Bentham, Ltd.		49,173		78,314
Independence Group NL		112,057		305,307
Infigen Energy, Ltd. (a)		343,467		204,877
Infomedia, Ltd.		131,353		81,244
Integrated Research, Ltd.		28,972		78,393
International Ferro Metals, Ltd. (a) (b) (c) (d)		82,765		0
Invocare, Ltd.		38,500		475,744
IOOF Holdings, Ltd.		103,265		903,707
Iress, Ltd.		54,057		485,016
iSelect, Ltd.		46,213		58,126
iSentia Group, Ltd.		28,120		39,366
JB Hi-Fi, Ltd.		46,350		836,354
Jupiter Mines, Ltd. (a) (b) (c) (d)		59,374		23,750
K&S Corp., Ltd.		1,802		2,561
Karoon Gas Australia, Ltd. (a)		75,600		76,387
Kingsgate Consolidated, Ltd. (a)		121,238		26,610
Kingsrose Mining, Ltd. (a) (b) (c) (d)		102,961		3,029
Link Administration Holdings, Ltd.		19,799		117,388
MACA, Ltd.		56,351		94,668
Macmahon Holdings, Ltd. (a)		380,170		67,435
Macquarie Atlas Roads Group		135,300		578,183
Mantra Group, Ltd.		17,205		43,143
MaxiTRANS Industries, Ltd.		59,013		31,708
Mayne Pharma Group, Ltd. (a)		452,144		235,038
McMillan Shakespeare, Ltd.		29,453		340,682
McPherson’s, Ltd.		34,460		40,289

BHFTII-59

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Medusa Mining, Ltd. (a)		60,972	$	13,862
Melbourne IT, Ltd.		41,278		92,414
Metals X, Ltd.		75,358		46,995
Metcash, Ltd.		385,184		777,182
Mincor Resources NL (a)		105,687		22,662
Mineral Resources, Ltd.		41,091		528,440
MMA Offshore, Ltd. (a)		100,235		14,948
Monadelphous Group, Ltd.		40,177		497,508
Monash IVF Group, Ltd.		21,931		23,824
Morning Star Gold NL (a) (b) (c) (d)		33,455		3
Mortgage Choice, Ltd.		48,689		85,928
Mount Gibson Iron, Ltd.		382,742		114,466
Myer Holdings, Ltd.		355,143		216,448
MYOB Group, Ltd.		52,571		142,283
MyState, Ltd.		3,899		14,690
Navitas, Ltd.		92,060		328,285
New Hope Corp., Ltd.		6,285		9,517
nib holdings, Ltd.		201,163		906,098
Nick Scali, Ltd.		16,348		82,978
Nine Entertainment Co. Holdings, Ltd.		18,490		20,097
Northern Star Resources, Ltd.		220,636		852,205
Nufarm, Ltd.		79,335		517,885
OceanaGold Corp.		166,811		504,009
OFX Group, Ltd.		99,303		135,861
Orocobre, Ltd. (a)		49,318		172,868
Orora, Ltd.		225,473		550,050
OZ Minerals, Ltd.		134,369		783,037
Pacific Current Group, Ltd.		1,159		7,001
Pacific Smiles Group, Ltd.		13,431		19,599
Pact Group Holdings, Ltd.		4,623		19,058
Paladin Energy, Ltd. (a) (b) (c) (d)		612,137		22,568
Panoramic Resources, Ltd. (a)		146,618		34,569
Peet, Ltd.		88,199		84,394
Peninsula Energy, Ltd. (a)		11,352		3,117
Perpetual, Ltd.		17,753		724,611
Perseus Mining, Ltd. (a)		231,401		60,529
Platinum Asset Management, Ltd.		21,691		103,208
Pluton Resources, Ltd. (a) (b) (c) (d)		48,332		0
PMP, Ltd.		158,703		90,260
Premier Investments, Ltd.		44,992		460,801
Primary Health Care, Ltd.		244,279		592,358
Prime Media Group, Ltd.		93,371		30,827
Programmed Maintenance Services, Ltd.		95,504		225,859
Qube Holdings, Ltd.		261,877		508,626
Quintis, Ltd. (b) (c) (d)		106,522		19,174
RCG Corp., Ltd.		90,942		54,693
RCR Tomlinson, Ltd.		70,865		239,012
Reckon, Ltd.		36,898		35,487
Regis Resources, Ltd.		180,703		509,191
Reject Shop, Ltd. (The)		12,421		39,661
Resolute Mining, Ltd.		277,334		222,921
Retail Food Group, Ltd.		62,545		210,685
Ridley Corp., Ltd.		123,003		129,371
RPMGlobal Holdings, Ltd. (a)		4,190		2,256
Ruralco Holdings, Ltd.		9,291		19,998
Salmat, Ltd. (a)		45,807		16,900
Sandfire Resources NL		40,717		184,191
Australia—(Continued)
Saracen Mineral Holdings, Ltd. (a)		349,701		359,704
Select Harvests, Ltd.		30,640		92,944
Senex Energy, Ltd. (a)		248,220		64,444
Servcorp, Ltd.		21,215		92,813
Service Stream, Ltd.		62,705		71,878
Seven Group Holdings, Ltd.		17,494		165,597
Seven West Media, Ltd.		408,410		213,644
SG Fleet Group, Ltd.		4,537		14,066
Sigma Healthcare, Ltd.		560,969		365,063
Silex Systems, Ltd. (a)		28,112		7,165
Silver Chef, Ltd.		8,928		50,484
Silver Lake Resources, Ltd. (a)		112,092		35,576
Sirtex Medical, Ltd.		22,520		235,700
SmartGroup Corp., Ltd.		1,922		13,949
Southern Cross Media Group, Ltd.		229,061		213,094
Spark Infrastructure Group		444,329		881,378
Specialty Fashion Group, Ltd. (a)		34,701		8,165
SpeedCast International, Ltd.		7,741		24,168
St. Barbara, Ltd.		197,046		405,274
Steadfast Group, Ltd.		104,744		229,998
Strike Energy, Ltd. (a)		207,173		12,238
Sundance Energy Australia, Ltd. (a)		373,357		16,424
Sunland Group, Ltd.		40,150		52,613
Super Retail Group, Ltd.		65,652		415,898
Syrah Resources, Ltd. (a)		21,847		59,002
Tabcorp Holdings, Ltd.		236,852		795,305
Tassal Group, Ltd.		80,622		244,145
Technology One, Ltd.		85,252		336,503
Ten Network Holdings, Ltd. (a) (b) (c) (d)		109,315		13,719
Thorn Group, Ltd.		62,916		55,118
Tiger Resources, Ltd. (a) (b) (c) (d)		591,241		17,737
Tox Free Solutions, Ltd.		90,131		177,139
Treasury Wine Estates, Ltd.		30,674		330,605
Troy Resources, Ltd. (a)		106,145		8,715
Villa World, Ltd.		15,952		30,934
Village Roadshow, Ltd.		32,709		96,208
Virgin Australia Holdings, Ltd. (a)		442,369		64,004
Virgin Australia International Holding, Ltd. (a) (b) (c) (d)		968,773		1
Virtus Health, Ltd.		37,091		162,448
Vista Group International, Ltd.		7,356		30,287
Vita Group, Ltd.		18,112		24,199
Watpac, Ltd. (a)		37,999		21,161
Webjet, Ltd.		30,172		256,044
Western Areas, Ltd.		118,029		241,085
Westgold Resources, Ltd. (a)		37,679		57,738
Whitehaven Coal, Ltd. (a)		121,287		350,447
WorleyParsons, Ltd. (a)		42,032		446,855
WPP AUNZ, Ltd.		131,382		113,374
				43,552,599
Austria—1.4%
A-TEC Industries AG (a) (b) (c) (d)		1,312		0
Agrana Beteiligungs AG		1,453		184,540
ams AG (a)		20,236		1,469,804
Andritz AG		10,323		596,774

BHFTII-60

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Austria—(Continued)
Austria Technologie & Systemtechnik AG		14,133	$	200,782
BUWOG AG (a)		17,192		515,758
CA Immobilien Anlagen AG		20,949		602,426
DO & Co. AG		1,857		91,268
EVN AG		12,657		197,676
FACC AG (a)		2,221		32,423
IMMOFINANZ AG (a) (e)		135,201		349,443
Kapsch TrafficCom AG		2,222		118,501
Lenzing AG		3,209		465,839
Mayr Melnhof Karton AG		3,412		489,614
Oberbank AG		198		18,464
Oesterreichische Post AG		10,867		501,735
Palfinger AG		5,947		270,177
POLYTEC Holding AG		10,783		255,796
Porr AG		1,436		45,366
Raiffeisen Bank International AG (a)		13,074		438,245
RHI AG		8,926		373,170
Rosenbauer International AG		1,615		108,788
S IMMO AG		24,014		425,112
S&T AG		3,445		75,814
Schoeller-Bleckmann Oilfield Equipment AG (a)		3,509		281,525
Semperit AG Holding		5,443		167,246
Strabag SE		6,827		297,048
Telekom Austria AG (a)		24,392		221,283
UBM Development AG		78		3,562
UNIQA Insurance Group AG		21,779		228,520
Wienerberger AG		39,101		956,053
Zumtobel Group AG		13,016		226,597
				10,209,349
Belgium—2.1%
Ablynx NV (a)		15,614		228,466
Ackermans & van Haaren NV		8,887		1,559,044
AGFA-Gevaert NV (a)		74,984		359,313
Atenor		1,089		62,345
Banque Nationale de Belgique		88		300,259
Barco NV		4,866		524,945
Bekaert S.A.		11,685		560,549
bpost S.A.		13,449		399,818
Cie d’Entreprises CFE		4,659		694,425
Cie Immobiliere de Belgique S.A.		1,276		82,007
D’ieteren S.A.		8,787		403,424
Deceuninck NV (c)		27,313		105,224
Econocom Group S.A.		48,185		367,879
Elia System Operator S.A.		12,209		707,249
Euronav NV		30,049		247,238
EVS Broadcast Equipment S.A.		4,761		180,016
Exmar NV		10,339		54,958
Fagron (a)		17,646		257,237
Galapagos NV (a)		16,401		1,670,737
GIMV NV		450		27,654
Ion Beam Applications (e)		7,745		265,044
Jensen-Group NV		738		37,896
Kinepolis Group NV		6,526		433,364
Lotus Bakeries NV		118		312,417
MDxHealth (a)		5,915		33,209
Belgium—(Continued)
Melexis NV		6,496		628,887
Nyrstar NV (a) (e)		26,926		214,444
Ontex Group NV		10,972		373,709
Orange Belgium S.A.		13,209		305,328
Picanol		1,475		176,248
RealDolmen NV		1,200		35,776
Recticel S.A.		18,423		165,315
Resilux NV		229		40,042
Rezidor Hotel Group AB		37,700		151,328
Roularta Media Group NV		1,629		28,070
Sioen Industries NV		3,290		110,555
Sipef S.A.		3,499		258,047
Tessenderlo Group S.A. (a)		13,457		654,705
ThromboGenics NV (a)		9,279		43,201
Umicore S.A.		22,714		1,879,309
Van de Velde NV		2,448		136,689
Viohalco S.A. (a)		45,397		155,074
				15,231,444
Cambodia—0.0%
NagaCorp, Ltd.		458,000		278,279
Canada—8.2%
5N Plus, Inc. (a)		33,732		87,861
Absolute Software Corp.		18,754		116,484
Acadian Timber Corp.		3,800		58,930
Advantage Oil & Gas, Ltd. (a)		91,030		570,511
Aecon Group, Inc. (e)		30,622		431,199
AG Growth International, Inc.		5,820		248,379
AGF Management, Ltd. - Class B		32,280		209,293
AGT Food & Ingredients, Inc. (e)		7,901		154,759
Aimia, Inc.		40,971		81,105
AirBoss of America Corp.		3,761		35,086
AKITA Drilling, Ltd. - Class A		2,003		11,093
Alamos Gold, Inc. - Class A		95,845		647,544
Alaris Royalty Corp.		8,954		147,613
Algoma Central Corp.		4,410		42,766
Alio Gold, Inc. (a)		5,966		26,298
Alterra Power Corp.		15,076		66,333
Altius Minerals Corp.		9,660		92,206
Altus Group, Ltd.		14,488		368,891
Amerigo Resources, Ltd. (a)		2,000		1,218
Andrew Peller, Ltd. - Class A		6,617		63,691
Asanko Gold, Inc. (a)		23,027		21,777
Athabasca Oil Corp. (a)		78,524		70,484
ATS Automation Tooling Systems, Inc. (a)		36,533		388,241
AuRico Metals, Inc. (a)		42,144		42,558
AutoCanada, Inc.		8,428		160,826
Avigilon Corp. (a)		14,381		206,077
B2Gold Corp. (a)		313,368		863,944
Badger Daylighting, Ltd. (e)		11,862		252,593
Baytex Energy Corp. (a)		67,105		202,216
Bellatrix Exploration, Ltd. (a)		12,053		34,389
Birchcliff Energy, Ltd.		60,552		293,600
Bird Construction, Inc.		18,612		148,419
Black Diamond Group, Ltd.		19,812		36,837

BHFTII-61

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
BlackPearl Resources, Inc. (a)		117,817	$	103,866
BMTC Group, Inc.		5,387		53,708
Bonavista Energy Corp.		62,296		148,781
Bonterra Energy Corp.		12,499		165,284
Boralex, Inc. - Class A		17,054		293,721
Brookfield Real Estate Services, Inc.		800		10,643
BRP, Inc.		10,168		328,896
BSM Technologies, Inc. (a)		15,600		17,253
Calfrac Well Services, Ltd. (a) (e)		35,593		144,626
Calian Group, Ltd.		2,846		65,234
Callidus Capital Corp.		4,100		33,845
Canaccord Genuity Group, Inc.		54,653		187,907
Canacol Energy, Ltd. (a)		37,461		124,595
Canadian Western Bank		32,028		865,289
Canfor Corp. (a)		17,141		322,008
Canfor Pulp Products, Inc.		15,297		163,176
CanWel Building Materials Group, Ltd.		9,304		46,828
Capital Power Corp.		43,408		858,245
Capstone Mining Corp. (a)		117,839		128,440
Cara Operations, Ltd.		1,150		22,479
Cardinal Energy, Ltd.		350		1,324
Cargojet, Inc.		1,200		48,087
Cascades, Inc.		41,736		500,397
Celestica, Inc. (a)		36,485		451,475
Celestica, Inc. (U.S. Listed Shares) (a)		223		2,761
Centerra Gold, Inc. (a)		62,285		438,778
Cequence Energy, Ltd. (a)		86,636		10,415
Cervus Equipment Corp.		2,998		33,398
CES Energy Solutions Corp.		45,937		232,308
Chesswood Group, Ltd.		2,000		19,715
Chinook Energy, Inc. (a)		27,917		7,719
Cineplex, Inc. (e)		19,436		608,120
Clairvest Group, Inc.		200		5,689
Clarke, Inc.		1,614		12,418
Clearwater Seafoods, Inc.		7,044		50,752
Cogeco Communications, Inc.		4,920		362,844
Cogeco, Inc.		2,309		151,521
Colliers International Group, Inc.		11,880		589,358
Computer Modelling Group, Ltd.		21,620		158,717
Cona Resources, Ltd.		4,700		8,626
Continental Gold, Inc. (a)		20,900		50,585
Copper Mountain Mining Corp. (a)		57,011		57,114
Corby Spirit and Wine, Ltd.		3,957		68,469
Corridor Resources, Inc. (a)		21,385		10,283
Corus Entertainment, Inc. - B Shares		31,990		332,783
Cott Corp.		44,379		665,463
Cott Corp. (U.S. Listed Shares)		2,000		30,020
Crew Energy, Inc. (a)		69,029		245,633
CRH Medical Corp. (a)		11,000		28,652
Delphi Energy Corp. (a)		95,850		95,255
Denison Mines Corp. (a)		247,548		115,069
Descartes Systems Group, Inc. (The) (a)		28,586		779,629
Detour Gold Corp. (a)		21,700		239,304
DHX Media, Ltd.		28,196		118,185
DIRTT Environmental Solutions (a)		14,300		62,804
Dominion Diamond Corp.		23,880		338,559
Dominion Diamond Corp. (U.S. Listed Shares) (e)		9,238		130,995
Canada—(Continued)
Dorel Industries, Inc. - Class B		12,134		290,380
Dundee Precious Metals, Inc. (a)		40,545		87,735
E-L Financial Corp., Ltd.		177		120,010
Echelon Financial Holdings, Inc. (a)		900		9,658
EcoSynthetix, Inc. (a)		800		1,449
Eldorado Gold Corp.		112,292		246,588
Enbridge Income Fund Holdings, Inc.		16,024		412,752
EnerCare, Inc.		31,725		519,957
Enerflex, Ltd.		29,289		431,911
Enerplus Corp.		35,800		353,194
Enghouse Systems, Ltd.		7,089		293,787
Ensign Energy Services, Inc.		51,526		291,131
Epsilon Energy, Ltd. (a)		21,856		53,775
Equitable Group, Inc. (e)		3,909		175,439
Equity Financial Holdings, Inc. (a)		1,100		6,391
Essential Energy Services Trust (a)		53,526		26,597
Evertz Technologies, Ltd.		9,149		127,657
Exchange Income Corp. (e)		3,551		99,408
Exco Technologies, Ltd.		13,332		103,536
EXFO, Inc. (a)		85		339
Extendicare, Inc.		37,356		279,328
Fiera Capital Corp.		12,719		147,195
Firm Capital Mortgage Investment Corp.		8,474		83,874
First Majestic Silver Corp. (a) (e)		33,160		226,426
First National Financial Corp. (e)		4,907		104,059
FirstService Corp.		12,580		826,635
Fortress Paper, Ltd. - Class A (a)		7,338		28,817
Fortuna Silver Mines, Inc. (a) (e)		60,121		263,082
Freehold Royalties, Ltd.		30,212		356,902
Gamehost, Inc.		4,952		40,084
Genesis Land Development Corp.		14,348		40,247
Genworth MI Canada, Inc. (e)		12,625		374,677
Gibson Energy, Inc. (e)		29,744		422,411
Glacier Media, Inc. (a)		9,600		4,847
Gluskin Sheff & Associates, Inc.		10,533		158,702
GMP Capital, Inc. (a)		28,336		56,774
Goeasy, Ltd.		2,000		46,516
Gran Tierra Energy, Inc. (a)		109,213		247,704
Granite Oil Corp.		10,252		28,757
Great Canadian Gaming Corp. (a)		14,894		383,168
Great Panther Silver, Ltd. (a) (e)		67,206		83,486
Guyana Goldfields, Inc. (a)		48,247		161,629
Hanfeng Evergreen, Inc. (a) (b) (c) (d)		12,100		0
Heroux-Devtek, Inc. (a)		14,606		151,825
High Liner Foods, Inc.		4,807		53,974
HNZ Group, Inc. (a)		3,031		30,972
Home Capital Group, Inc. (e)		20,814		231,702
Horizon North Logistics, Inc.		30,612		34,102
HudBay Minerals, Inc.		103,103		764,338
Hudson’s Bay Co.		16,774		170,866
IAMGOLD Corp. (a) (e)		152,782		934,263
Imperial Metals Corp. (a)		15,126		38,792
Indigo Books & Music, Inc. (a)		1,986		25,467
Information Services Corp.		800		11,118
Innergex Renewable Energy, Inc.		35,491		408,740
Interfor Corp. (a)		33,292		527,763
International Tower Hill Mines, Ltd. (a)		21,604		12,120

BHFTII-62

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Intertape Polymer Group, Inc.		20,313	$	296,291
Jean Coutu Group PJC, Inc. (The) - Class A		15,725		306,245
Just Energy Group, Inc.		58,790		340,655
K-Bro Linen, Inc. (e)		2,319		72,242
Kelt Exploration, Ltd. (a)		26,451		151,149
Kinaxis, Inc. (a)		1,060		62,610
Kingsway Financial Services, Inc. (a)		8,765		53,387
Kirkland Lake Gold, Ltd.		42,041		541,791
Klondex Mines, Ltd. (a)		48,447		176,665
Knight Therapeutics, Inc. (a)		33,205		230,193
KP Tissue, Inc.		1,400		16,841
Labrador Iron Ore Royalty Corp.		15,800		250,723
Laurentian Bank of Canada		13,206		638,312
Leon’s Furniture, Ltd.		9,639		139,361
Lightstream Resources, Ltd. (a) (b) (c) (d)		108,373		0
Linamar Corp.		2,948		179,892
Liquor Stores N.A., Ltd.		12,660		99,941
Lucara Diamond Corp.		110,136		213,608
MacDonald Dettwiler & Associates, Ltd. (e)		4,268		242,791
Magellan Aerospace Corp.		5,794		83,120
Mainstreet Equity Corp. (a)		2,561		75,983
Major Drilling Group International, Inc. (a)		36,670		205,722
Mandalay Resources Corp.		87,627		23,526
Manitok Energy, Inc. (a)		4,195		219
Manitok Energy, Inc. (c)		747		39
Maple Leaf Foods, Inc.		30,319		826,407
Martinrea International, Inc.		32,289		293,454
Maxim Power Corp. (a)		2,800		5,992
Mediagrif Interactive Technologies, Inc.		4,176		44,981
Medical Facilities Corp.		12,861		160,692
MEG Energy Corp. (a)		33,700		148,277
Melcor Developments, Ltd.		3,120		39,258
Morguard Corp.		900		132,697
Morneau Shepell, Inc.		16,285		271,471
MTY Food Group, Inc.		5,404		211,699
Mullen Group, Ltd. (e)		37,792		516,412
Nautilus Minerals, Inc. (a)		134,471		19,938
Nevsun Resources, Ltd.		81,011		175,299
New Flyer Industries, Inc.		17,136		707,414
New Gold, Inc. (a)		96,948		359,743
Newalta Corp. (a)		23,919		18,595
Norbord, Inc.		8,718		331,951
North American Energy Partners, Inc.		14,743		62,977
North West Co., Inc. (The)		17,071		409,211
Northland Power, Inc.		23,121		429,158
Novelion Therapeutics, Inc. (a) (b) (d)		5,100		35,853
NuVista Energy, Ltd. (a)		59,117		357,711
Obsidian Energy, Ltd. (a) (e)		163,188		172,637
Osisko Gold Royalties, Ltd.		22,106		285,239
Painted Pony Energy, Ltd. (a)		38,738		103,695
Pan American Silver Corp.		39,015		664,451
Paramount Resources, Ltd. - Class A (a)		19,290		381,858
Parex Resources, Inc. (a)		55,359		667,724
Parkland Fuel Corp.		26,463		538,274
Pason Systems, Inc.		22,516		338,890
Pengrowth Energy Corp. (a) (e)		183,295		186,564
Petrus Resources, Ltd. (a)		1,290		2,791
Canada—(Continued)
PHX Energy Services Corp. (a)		12,350		23,557
Pizza Pizza Royalty Corp.		6,998		92,877
Platinum Group Metals, Ltd. (a)		3,208		1,337
Points International, Ltd. (a)		5,320		60,544
Polymet Mining Corp. (a)		38,355		23,054
Precision Drilling Corp. (a)		103,898		323,081
Premium Brands Holdings Corp.		7,879		628,299
Pulse Seismic, Inc. (a)		15,720		38,048
Pure Technologies, Ltd.		7,900		32,733
Quarterhill, Inc.		58,061		76,313
Questerre Energy Corp. - Class A (a) (e)		83,569		61,618
Raging River Exploration, Inc. (a)		56,263		354,871
RB Energy, Inc. (a) (c)		76,741		92
Reitmans Canada, Ltd. - Class A		20,566		66,919
Richelieu Hardware, Ltd.		18,390		462,495
Richmont Mines, Inc. (a)		20,415		190,284
RMP Energy, Inc. (a)		72,808		37,345
Rocky Mountain Dealerships, Inc.		3,738		33,253
Rogers Sugar, Inc.		35,106		177,816
Russel Metals, Inc.		25,722		568,554
Sabina Gold & Silver Corp. (a)		57,206		101,323
Sandstorm Gold, Ltd. (a) (e)		48,383		218,698
Secure Energy Services, Inc.		55,376		384,337
SEMAFO, Inc. (a)		123,983		327,905
ShawCor, Ltd.		20,891		462,272
Sherritt International Corp. (a) (e)		132,332		113,480
Sienna Senior Living, Inc.		14,276		206,746
Sierra Wireless, Inc. (a) (e)		16,910		362,798
Solium Capital, Inc. (a)		11,317		93,420
Spartan Energy Corp. (a)		23,367		127,908
Sprott Resource Holdings, Inc. (a)		112,715		13,550
Sprott, Inc.		56,027		94,744
SSR Mining, Inc. (a)		37,551		397,856
Stantec, Inc.		19,182		532,376
Stars Group, Inc. (The) (a)		17,000		347,425
Stella-Jones, Inc.		10,990		422,953
Stornoway Diamond Corp. (a)		70,074		42,120
Strad Energy Services, Ltd. (a)		10,641		13,219
Street Capital Group, Inc. (a)		5,900		6,620
Stuart Olson, Inc.		11,157		46,318
Student Transportation, Inc.		27,425		163,748
SunOpta, Inc. (a)		26,392		228,650
Superior Plus Corp.		44,558		451,383
Surge Energy, Inc. (e)		85,275		154,455
Taseko Mines, Ltd. (a)		108,786		204,015
Tembec, Inc. (a)		32,111		117,867
Teranga Gold Corp. (a)		24,518		55,019
TFI International, Inc.		25,364		653,742
Theratechnologies, Inc. (a)		11,600		69,818
TMX Group, Ltd.		7,727		436,589
TORC Oil & Gas, Ltd.		47,624		234,733
Torex Gold Resources, Inc. (a)		16,690		261,502
Toromont Industries, Ltd.		22,483		1,031,038
Torstar Corp. - Class B		21,453		23,039
Total Energy Services, Inc.		17,786		202,271
TransAlta Corp.		62,449		365,360
TransAlta Renewables, Inc.		10,414		114,927

BHFTII-63

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Transcontinental, Inc. - Class A		26,130	$	540,086
TransGlobe Energy Corp. (a)		36,372		51,887
Trevali Mining Corp. (a)		55,100		62,265
Trican Well Service, Ltd. (a)		101,707		371,696
Trinidad Drilling, Ltd. (a)		83,773		126,893
Uni-Select, Inc.		13,271		286,745
Valener, Inc.		16,303		288,234
Vecima Networks, Inc.		2,500		19,836
Veresen, Inc.		76,138		1,142,299
Wajax Corp.		7,885		128,789
Wesdome Gold Mines, Ltd. (a)		38,107		66,578
West Fraser Timber Co., Ltd.		8,006		461,977
Western Energy Services Corp. (a)		27,573		30,054
Western Forest Products, Inc.		145,247		310,807
WestJet Airlines, Ltd.		861		18,334
Westshore Terminals Investment Corp.		18,288		351,616
Whitecap Resources, Inc.		27,350		212,619
Winpak, Ltd.		8,852		364,225
Xtreme Drilling Corp. (a)		4,967		8,718
Yangarra Resources, Ltd. (a)		9,200		29,419
Yellow Pages, Ltd. (a) (e)		6,975		48,242
ZCL Composites, Inc.		9,681		98,769
Zenith Capital Corp. (a) (b) (c) (d)		12,830		833
				59,405,179
China—0.2%
APT Satellite Holdings, Ltd.		164,250		76,749
Asia Satellite Telecommunications Holdings, Ltd.		58,500		54,982
BeijingWest Industries International, Ltd.		41,200		6,711
BOE Varitronix, Ltd.		137,000		71,061
Bund Center Investment, Ltd.		138,000		81,009
CGN Mining Co., Ltd.		145,000		9,676
China Chuanglian Education Group, Ltd. (a)		336,000		4,377
China Display Optoelectronics Technology Holdings, Ltd.		136,000		18,650
China Gold International Resources Corp., Ltd. (a)		62,113		97,569
China Ludao Technology Co., Ltd. (a)		56,000		11,910
Chong Hing Bank, Ltd.		7,000		14,257
CITIC Telecom International Holdings, Ltd.		467,000		134,652
FIH Mobile, Ltd.		291,000		92,207
First Sponsor Group, Ltd.		8,628		8,687
Fountain SET Holdings, Ltd.		422,000		62,736
Goodbaby International Holdings, Ltd.		25,000		13,814
Guangnan Holdings, Ltd.		264,000		34,136
Guotai Junan International Holdings, Ltd. (e)		571,600		183,863
iOne Holdings, Ltd. (a)		960,000		24,626
Neo-Neon Holdings, Ltd. (a)		322,500		37,325
New Sports Group, Ltd. (a)		2,230,000		9,495
Shenwan Hongyuan HK, Ltd.		172,500		62,369
Sino Grandness Food Industry Group, Ltd. (a)		199,272		32,327
SITC International Holdings Co., Ltd.		223,000		202,595
				1,345,783
Denmark—2.1%
ALK-Abello A/S		1,596		251,077
Alm Brand A/S		35,116		345,788
Denmark—(Continued)
Ambu A/S - Class B		9,548		742,539
Bang & Olufsen A/S (a)		9,221		199,191
Bavarian Nordic A/S (a)		10,666		477,007
Brodrene Hartmann A/S		663		39,121
D/S Norden A/S (a) (e)		5,328		113,817
DFDS A/S		11,185		638,949
FLSmidth & Co. A/S		18,666		1,235,580
GN Store Nord A/S		52,383		1,796,863
H+H International A/S - Class B (a)		1,737		31,451
Harboes Bryggeri A/S - Class B		1,454		25,864
IC Group A/S		3,209		69,570
Jeudan A/S (a)		201		22,813
Jyske Bank A/S		14,672		847,177
Matas A/S		972		14,203
NKT A/S (a)		6,820		583,845
NNIT A/S		717		21,662
Nordjyske Bank A/S		185		3,570
Parken Sport & Entertainment A/S		2,351		29,872
PER Aarsleff Holding A/S		8,472		248,942
Ringkjoebing Landbobank A/S		9,819		506,841
Rockwool International A/S - B Shares		3,162		858,903
Royal Unibrew A/S		15,546		852,284
RTX A/S		2,568		73,492
Santa Fe Group A/S (a)		7,121		59,412
Schouw & Co. AB		6,676		726,436
SHS ST Deutschland Holding (c)		5,600		31,854
SHS ST Deutschland Holding (c)		2		7
SimCorp A/S		16,061		982,384
Solar A/S - B Shares		2,435		148,358
Spar Nord Bank A/S		32,428		404,228
Sydbank A/S		26,018		1,080,743
TDC A/S		156,616		918,222
TK Development A/S (a)		37,491		56,572
Topdanmark A/S (a)		22,026		866,870
United International Enterprises		850		178,202
Vestjysk Bank A/S (a)		3,300		2,123
Zealand Pharma A/S (a) (e)		3,880		74,874
				15,560,706
Faeroe Islands—0.0%
Bakkafrost P/F		5,969		274,226
Finland—2.7%
Aktia Bank Oyj		3,139		34,392
Alma Media Oyj		22,695		173,620
Amer Sports Oyj (a)		47,651		1,265,180
Apetit Oyj		1,205		19,498
Aspo Oyj		8,414		89,401
Atria Oyj		2,604		36,970
BasWare Oyj (a)		3,525		166,776
Bittium Oyj		4,041		34,389
Cargotec Oyj - B Shares		12,591		791,768
Caverion Corp. (a) (e)		36,589		336,011
Citycon Oyj		146,997		386,738
Cramo Oyj		9,503		249,614
Elisa Oyj		25,568		1,100,580

BHFTII-64

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Finland—(Continued)
F-Secure Oyj		35,820	$	180,859
Finnair Oyj		24,728		327,698
Fiskars Oyj Abp		17,515		421,267
HKScan Oyj - A Shares		6,704		27,100
Huhtamaki Oyj		37,559		1,516,918
Ilkka-Yhtyma Oyj		2,976		10,980
Kemira Oyj		41,153		540,866
Kesko Oyj - A Shares		933		49,479
Kesko Oyj - B Shares		24,862		1,333,178
Konecranes Oyj		16,662		739,676
Lassila & Tikanoja Oyj		13,408		286,813
Lemminkainen Oyj		5,098		149,911
Metsa Board Oyj		86,501		592,465
Metso Oyj		25,057		919,324
Nokian Renkaat Oyj		40,917		1,820,974
Olvi Oyj - A Shares		6,303		216,277
Oriola-KD Oyj - B Shares		53,692		215,760
Orion Oyj - Class A		8,788		408,857
Outokumpu Oyj (e)		102,277		1,062,559
Outotec Oyj (a)		52,402		414,690
Ponsse Oyj		3,208		90,434
Poyry Oyj (a)		14,295		85,068
Raisio Oyj - V Shares		55,399		240,384
Ramirent Oyj		31,090		321,399
Rapala VMC Oyj		8,902		41,455
Sanoma Oyj		31,912		348,091
Stockmann Oyj Abp - B Shares (a)		11,956		84,784
Talvivaara Mining Co. plc (a) (b) (c) (d)		286,881		1,933
Technopolis Oyj		66,184		307,417
Teleste Oyj		772		6,871
Tieto Oyj		21,736		662,549
Tikkurila Oyj (e)		12,873		234,463
Uponor Oyj		19,661		340,688
Vaisala Oyj - A Shares		4,116		211,625
Valmet Oyj		12,429		244,541
YIT Oyj (e)		33,084		270,779
				19,413,069
France—5.3%
ABC Arbitrage		7,498		54,498
Actia Group		4,338		37,989
Air France-KLM (a)		50,893		802,594
Akka Technologies S.A.		2,131		124,302
Albioma S.A.		13,155		296,656
Altamir Amboise		9,152		165,535
Alten S.A.		9,273		838,089
Altran Technologies S.A.		59,194		1,088,769
Antalis International SAS (a)		2,044		6,040
APRIL S.A.		8,341		128,125
Assystem		4,398		171,552
Aubay		1,785		72,378
Axway Software S.A.		2,132		55,937
Bastide le Confort Medical		590		26,354
Beneteau S.A.		15,076		261,959
Boiron S.A.		2,586		230,650
Bonduelle SCA		6,712		302,381
France—(Continued)
Burelle S.A.		156		240,789
Catering International Services		541		12,377
Cegedim S.A. (a)		2,643		100,896
CGG S.A. (a) (e)		3,847		21,375
Chargeurs S.A.		7,964		241,918
Chargeurs S.A. (a)		89		2,387
Cie des Alpes		3,241		103,239
Coface S.A. (a)		6,477		69,585
Dalenys (a)		1,352		13,508
Derichebourg S.A.		31,305		328,800
Devoteam S.A.		2,486		231,009
Edenred		47,147		1,282,935
Electricite de Strasbourg S.A.		88		12,850
Elior Group S.A.		19,633		519,542
Elis S.A.		6,943		185,844
Eramet (a)		1,499		101,865
Esso S.A. Francaise (a)		1,341		100,504
Euler Hermes Group		2,457		290,297
Eutelsat Communications S.A.		3,630		107,570
Exel Industries - A Shares		618		77,219
Faurecia		17,750		1,232,332
Fleury Michon S.A.		461		26,240
Fnac Darty S.A. (a)		3,721		358,162
Fnac Darty S.A. (a)		5,410		521,315
Gaztransport Et Technigaz S.A. (e)		5,461		296,995
GEA		165		17,303
GL Events		3,794		125,784
Groupe Crit		1,062		101,417
Groupe Eurotunnel SE		23,306		280,975
Groupe Gorge (a)		1,266		31,572
Groupe Open		722		23,800
Guerbet		2,188		204,040
Haulotte Group S.A.		5,337		100,907
Havas S.A.		12,295		134,434
HERIGE SADCS		235		10,832
HiPay Group S.A. (a)		1,527		25,097
ID Logistics Group (a)		428		76,408
Imerys S.A.		3,235		292,340
Ingenico Group S.A.		7,127		676,272
Interparfums S.A.		2,025		80,778
Ipsen S.A.		9,474		1,260,476
IPSOS		12,134		419,769
Jacquet Metal Service		7,386		245,313
Korian S.A.		22,596		743,487
Lagardere SCA		36,064		1,208,669
Lanson-BCC		15		582
Laurent-Perrier		1,367		128,219
Le Belier		299		14,987
Le Noble Age		1,488		99,415
Lectra		8,150		255,873
Linedata Services		855		40,922
LISI		8,732		457,615
Maisons France Confort S.A.		1,526		105,789
Manitou BF S.A.		4,534		170,144
Manutan International		589		56,037
Mersen S.A.		8,985		323,820
METabolic EXplorer S.A. (a) (e)		6,035		16,256

BHFTII-65

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
Metropole Television S.A.		8,601	$	198,897
MGI Coutier		3,301		145,911
Mr. Bricolage		601		11,521
Naturex (a)		2,045		231,553
Neopost S.A.		12,528		486,872
Nexans S.A.		10,974		650,816
Nexity S.A. (a)		12,502		763,960
NRJ Group (a)		9,690		127,673
Oeneo S.A.		4,362		49,482
Onxeo S.A. (a) (e)		4,566		9,935
Onxeo S.A. (a) (e)		8,671		18,757
Orpea		11,098		1,313,592
Parrot S.A. (a)		2,647		31,789
Pierre & Vacances S.A. (a)		2,817		151,486
Plastic Omnium S.A.		21,512		919,723
Plastivaloire		1,576		39,902
Rallye S.A. (e)		8,966		166,168
Rexel S.A.		55,587		961,956
Robertet S.A.		42		19,516
Rothschild & Co.		488		18,459
Rubis SCA		34,768		2,215,098
Samse S.A.		107		19,665
Sartorius Stedim Biotech		5,424		375,685
Savencia S.A.		2,303		220,493
Seche Environnement S.A.		1,555		62,496
Sequana S.A. (a)		10,224		11,839
SES-imagotag S.A. (a)		383		13,290
Societe des Bains de Mer et du Cercle des Etrangers a Monaco (a)		16		709
Societe Marseillaise du Tunnel Prado-Carenage S.A.		293		6,995
Societe pour l’Informatique Industrielle		713		19,208
Societe Television Francaise 1		24,803		362,310
SOITEC (a)		5,935		390,177
Solocal Group (a)		140,462		168,689
Somfy S.A.		1,645		151,675
Sopra Steria Group		5,251		974,782
SPIE S.A.		11,799		324,732
Ste Industrielle d’Aviation Latecoere S.A. (a)		26,469		182,258
STEF S.A.		1,145		127,821
Sword Group		3,419		143,537
Synergie S.A.		3,810		201,435
Tarkett S.A.		3,785		170,544
Technicolor S.A.		88,305		304,787
Teleperformance SE		13,695		2,044,553
Tessi S.A.		727		150,834
TFF Group		308		52,966
Thermador Groupe		1,081		131,189
Total Gabon		324		51,356
Touax S.A. (a)		1,706		27,726
Trigano S.A.		3,132		484,958
UBISOFT Entertainment S.A. (a) (e)		35,426		2,432,727
Union Financiere de France BQE S.A.		1,257		46,323
Vallourec S.A. (a) (e)		64,313		383,105
Valneva SE (a) (e)		15,386		53,275
Vetoquinol S.A.		1,341		86,536
Vicat S.A.		5,373		409,918
France—(Continued)
VIEL & Cie S.A.		4,205		27,034
Vilmorin & Cie S.A.		2,684		241,073
Virbac S.A. (a)		1,270		186,783
Vranken-Pommery Monopole S.A.		958		26,314
				38,475,556
Georgia—0.0%
BGEO Group plc		6,261		273,531
Germany—6.2%
Aareal Bank AG		26,928		1,141,110
Adler Modemaerkte AG (a)		2,828		18,383
ADLER Real Estate AG (a)		4,349		68,878
ADVA Optical Networking SE (a) (e)		13,833		93,463
AIXTRON SE (a)		30,799		414,611
Allgeier SE		2,942		72,844
Amadeus Fire AG		2,107		196,032
Aurubis AG		14,317		1,160,591
Axel Springer SE		10,274		660,608
Basler AG		236		49,761
Bauer AG		4,696		152,071
BayWa AG		5,731		228,255
BayWa AG		305		12,508
Bechtle AG		10,952		820,402
Bertrandt AG (e)		1,677		168,836
Bijou Brigitte AG		1,603		101,472
Bilfinger SE (e)		3,381		141,578
Biotest AG		4,221		135,690
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)		26,420		256,085
CANCOM SE		6,787		509,464
Carl Zeiss Meditec AG		9,550		498,497
CENIT AG		3,819		94,652
CENTROTEC Sustainable AG		3,158		67,172
Cewe Stiftung & Co. KGaA		2,303		218,961
Comdirect Bank AG		13,399		182,402
CompuGroup Medical SE		8,932		505,879
Constantin Medien AG (a)		15,941		40,602
CropEnergies AG		9,235		114,537
CTS Eventim AG & Co. KGaA		15,997		698,621
Data Modul AG		138		14,247
Delticom AG (e)		1,562		24,165
Deutsche Beteiligungs AG		2,815		151,414
Deutsche Euroshop AG		6,674		250,344
Deutsche Pfandbriefbank AG		10,699		160,088
Deutz AG		35,346		285,884
DIC Asset AG		7,859		86,866
DMG Mori AG (e)		8,942		555,087
Dr. Hoenle AG		2,084		86,861
Draegerwerk AG & Co. KGaA		1,062		89,420
Drillisch AG		17,268		1,211,295
Duerr AG		8,529		1,140,600
Eckert & Ziegler AG		1,629		68,349
Elmos Semiconductor AG		6,381		165,305
ElringKlinger AG (e)		11,206		208,852
Euromicron AG (a)		2,048		19,877

BHFTII-66

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Evotec AG (a)		24,706	$	586,774
Fielmann AG		816		70,711
Francotyp-Postalia Holding AG		3,300		18,499
Fraport AG Frankfurt Airport Services Worldwide		3,441		326,861
Freenet AG		51,967		1,737,567
FUCHS Petrolub SE		843		43,289
Gerresheimer AG		9,821		761,338
Gerry Weber International AG (e)		9,842		122,805
Gesco AG		4,563		162,350
GFT Technologies SE (e)		5,932		111,265
Grammer AG		5,154		336,069
GRENKE AG		5,112		476,632
H&R GmbH & Co. KGaA (a)		4,195		69,571
Hamburger Hafen und Logistik AG		8,624		271,636
Heidelberger Druckmaschinen AG (a)		100,140		408,326
Hella KGaA Hueck & Co.		2,951		174,070
HolidayCheck Group AG (a)		1,815		5,730
Hornbach Baumarkt AG		1,543		58,732
Hugo Boss AG		10,219		900,721
Indus Holding AG		9,706		717,773
Isra Vision AG		1,471		277,737
Jenoptik AG		19,047		631,549
K&S AG (e)		33,749		919,610
Kloeckner & Co. SE		34,891		447,692
Koenig & Bauer AG		4,373		360,548
Krones AG		5,091		707,305
KSB AG		82		44,856
KWS Saat SE		834		365,054
LANXESS AG		24,522		1,935,893
LEG Immobilien AG		15,885		1,606,908
Leifheit AG		1,890		72,982
Leoni AG		12,471		826,897
LPKF Laser & Electronics AG (a)		4,316		38,923
Manz AG (a) (e)		1,272		57,715
Medigene AG (a)		3,423		52,568
MLP SE		20,985		144,762
MTU Aero Engines AG		3,687		588,067
Nemetschek SE		6,185		503,036
Nexus AG		2,764		86,610
Nordex SE (a) (e)		23,261		265,520
Norma Group SE		10,781		709,254
OHB SE		2,315		111,900
OSRAM Licht AG		15,699		1,253,256
Paragon AG		137		14,331
Patrizia Immobilien AG (a) (e)		19,307		402,533
Pfeiffer Vacuum Technology AG		3,596		567,370
PNE Wind AG		24,548		73,984
Progress-Werk Oberkirch AG		822		42,703
PSI Software AG		2,118		43,054
Puma SE		549		213,724
PVA TePla AG (a)		3,358		25,819
QSC AG		26,632		58,324
R Stahl AG		1,594		60,324
Rational AG		692		476,300
Rheinmetall AG		12,940		1,458,957
Rhoen Klinikum AG		15,358		517,211
RIB Software SE (e)		8,127		172,415
Germany—(Continued)
SAF-Holland S.A.		23,797		483,742
Salzgitter AG (e)		12,083		548,528
Schaltbau Holding AG (a) (e)		2,118		79,422
SHW AG		2,013		82,043
Siltronic AG (a)		2,093		259,740
Sixt SE		4,968		395,576
SMA Solar Technology AG (e)		3,992		156,477
SMT Scharf AG (a)		831		12,567
Softing AG		1,971		29,119
Software AG		19,339		944,189
Stabilus S.A.		3,005		272,728
Stroeer SE & Co. KGaA		8,451		553,127
Suedzucker AG		26,310		565,427
Surteco SE		1,501		45,862
Suss Microtec AG (a)		6,216		123,131
TAG Immobilien AG		39,448		662,695
Takkt AG		11,656		267,339
Technotrans AG		3,008		177,083
Tele Columbus AG (a)		1,323		13,995
TLG Immobilien AG		6,129		141,328
Tom Tailor Holding SE (a)		8,518		85,730
Traffic Systems SE (e)		1,794		39,862
VERBIO Vereinigte BioEnergie AG		4,145		40,466
Vossloh AG (a)		4,712		318,212
VTG AG		4,846		269,427
Wacker Chemie AG		2,424		347,662
Wacker Neuson SE		10,071		334,228
Washtec AG		3,397		298,316
XING SE		1,097		343,836
Zeal Network SE		1,934		59,325
				44,790,211
Ghana—0.2%
Tullow Oil plc (a)		457,293		1,140,615
Greenland—0.0%
Gronlandsbanken A/S		17		1,706
Guernsey, Channel Islands—0.0%
Raven Russia, Ltd. (a)		77,548		49,935
Hong Kong—2.8%
Agritrade Resources, Ltd.		135,000		34,749
Alco Holdings, Ltd.		136,000		33,977
Allan International Holdings		20,000		5,515
Allied Group, Ltd.		22,000		136,310
Allied Properties HK, Ltd.		944,024		207,627
APAC Resources, Ltd. (a)		47,217		6,771
Applied Development Holdings, Ltd. (a)		250,000		18,274
Arts Optical International Holdings, Ltd.		16,000		4,957
Asia Financial Holdings, Ltd.		254,000		150,160
Asia Standard International Group, Ltd.		296,000		81,584
Associated International Hotels, Ltd.		14,000		42,923
Auto Italia Holdings (a)		175,000		3,849
Bel Global Resources Holdings, Ltd. (a) (b) (c) (d)		520,000		0
BEP International Holdings, Ltd.		1,700,000		35,454

BHFTII-67

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Bonjour Holdings, Ltd. (a)		615,000	$	27,173
Bossini International Holdings, Ltd.		302,000		17,591
Bright Smart Securities & Commodities Group, Ltd.		96,000		29,957
Brightoil Petroleum Holdings, Ltd. (a)		664,000		127,681
Brockman Mining, Ltd. (a)		2,516,770		36,914
Burwill Holdings, Ltd. (a)		1,566,000		54,028
Cafe de Coral Holdings, Ltd.		116,000		360,962
Cash Financial Services Group, Ltd. (a)		288,000		9,774
Century City International Holdings, Ltd.		616,000		56,052
Champion Technology Holdings, Ltd. (a)		1,233,093		9,939
Chen Hsong Holdings		150,000		43,397
Cheuk Nang Holdings, Ltd.		95,574		63,043
Chevalier International Holdings, Ltd.		75,139		125,293
China Energy Development Holdings, Ltd. (a)		3,670,000		42,225
China Flavors & Fragrances Co., Ltd.		71,446		20,065
China Healthcare Enterprise Group, Ltd. (a)		160,000		3,175
China LNG Group, Ltd. (a)		184,000		28,252
China Motor Bus Co., Ltd.		1,200		15,717
China Soft Power Technology Holdings, Ltd. (a)		48,435		1,031
China Solar Energy Holdings, Ltd. (a) (b) (c) (d)		162,000		700
China Star Entertainment, Ltd. (a)		126,000		9,183
China Strategic Holdings, Ltd. (a)		3,402,500		48,291
China Ting Group Holdings, Ltd.		318,550		17,118
Chinese Estates Holdings, Ltd.		47,500		82,479
Chinney Investment, Ltd.		8,000		4,027
Chow Sang Sang Holdings International, Ltd.		119,000		272,593
Chuang’s China Investments, Ltd.		511,500		42,002
Chuang’s Consortium International, Ltd.		382,357		85,284
CK Life Sciences International Holdings, Inc.		1,594,000		124,925
CMBC Capital Holdings, Ltd.		750,000		64,410
CNQC International Holdings, Ltd.		82,500		29,738
CNT Group, Ltd.		246,000		12,656
Common Splendor International Health Industry Group, Ltd. (a)		342,000		31,561
Continental Holdings, Ltd. (a)		220,000		3,098
Convoy Global Holdings, Ltd. (a)		1,314,000		33,411
CP Lotus Corp. (a)		1,750,000		29,640
Crocodile Garments (a)		216,000		24,611
Cross-Harbour Holdings, Ltd. (The)		119,000		186,701
CSI Properties, Ltd.		2,574,023		125,254
Dah Sing Banking Group, Ltd.		172,671		379,583
Dah Sing Financial Holdings, Ltd.		66,260		451,040
Dickson Concepts International, Ltd.		131,000		51,870
DMX Technologies Group, Ltd. (a) (b) (c) (d)		186,000		2,797
Eagle Nice International Holdings, Ltd.		120,000		59,312
EcoGreen International Group, Ltd.		118,800		22,836
Emperor Capital Group, Ltd.		540,000		44,309
Emperor Entertainment Hotel, Ltd.		235,000		57,444
Emperor International Holdings, Ltd.		529,250		188,145
Emperor Watch & Jewellery, Ltd.		1,520,000		78,877
ENM Holdings, Ltd. (a)		556,000		35,568
Esprit Holdings, Ltd. (a)		833,950		466,703
eSun Holdings, Ltd. (a)		400,000		70,328
Fairwood Holdings, Ltd.		26,500		106,177
Far East Consortium International, Ltd.		535,269		282,596
Far East Holdings International, Ltd. (a)		150,000		13,074
Hong Kong—(Continued)
First Pacific Co., Ltd.		74,000		59,063
Future Bright Holdings, Ltd.		156,000		14,982
Future World Financial Holdings, Ltd. (a)		12,575		305
G-Resources Group, Ltd. (a)		10,474,800		138,142
GCL New Energy Holdings, Ltd. (a)		1,406,000		93,644
Get Nice Financial Group, Ltd.		64,350		17,773
Get Nice Holdings, Ltd.		2,574,000		112,052
Giordano International, Ltd.		482,000		289,478
Global Brands Group Holding, Ltd. (a)		896,000		86,045
Glorious Sun Enterprises, Ltd.		393,000		46,845
Gold Peak Industries Holdings, Ltd.		277,714		28,791
Golden Resources Development International, Ltd.		370,000		23,685
Good Resources Holdings, Ltd. (a)		420,000		20,973
Great Eagle Holdings, Ltd.		44,000		231,872
Guoco Group, Ltd.		3,000		45,170
Haitong International Securities Group, Ltd.		459,794		266,914
Hanison Construction Holdings, Ltd.		148,009		27,926
Hao Tian Development Group, Ltd. (a)		1,001,000		33,930
Harbour Centre Development, Ltd.		88,000		167,142
HKBN, Ltd.		203,500		212,582
HKR International, Ltd.		332,800		211,800
Hon Kwok Land Investment Co., Ltd.		140,000		95,684
Hong Kong Aircraft Engineering Co., Ltd.		8,800		57,942
Hong Kong Ferry Holdings Co., Ltd.		22,000		25,131
Hong Kong Television Network, Ltd. (a)		165,000		56,837
Hongkong & Shanghai Hotels (The)		26,500		44,545
Hongkong Chinese, Ltd.		866,000		154,160
Hopewell Holdings, Ltd.		70,000		273,621
Hsin Chong Group Holdings, Ltd. (a) (b) (c) (d)		918,000		30,848
Huarong Investment Stock Corp., Ltd. (a)		175,000		24,498
Hung Hing Printing Group, Ltd.		252,000		50,968
Hutchison Telecommunications Hong Kong Holdings, Ltd.		526,000		192,239
I-CABLE Communications, Ltd. (a)		472,000		15,722
Imagi International Holdings, Ltd. (a)		90,112		6,689
IPE Group, Ltd.		285,000		71,212
IRC, Ltd. (a)		760,000		24,230
IT, Ltd.		220,000		118,500
ITC Properties Group, Ltd.		103,857		38,967
Johnson Electric Holdings, Ltd.		106,875		408,553
Kader Holdings Co., Ltd.		264,000		29,721
Kam Hing International Holdings, Ltd.		196,000		14,809
Kantone Holdings, Ltd. (a)		93,000		4,519
Karrie International Holdings, Ltd.		140,000		21,380
Keck Seng Investments		72,000		58,528
Kerry Logistics Network, Ltd.		107,000		148,078
Kingmaker Footwear Holdings, Ltd.		102,000		33,384
Kowloon Development Co., Ltd.		159,000		179,188
Kwan On Holdings, Ltd. (a)		50,000		9,342
L’sea Resources International Holdings, Ltd. (a)		360,000		6,832
Lai Sun Development Co., Ltd.		109,413		197,018
Lai Sun Garment International, Ltd.		99,760		189,696
Lam Soon Hong Kong, Ltd.		15,000		20,837
Landing International Development, Ltd. (a)		13,110,000		264,437
Landsea Green Properties Co., Ltd.		120,000		13,238
Li & Fung, Ltd.		204,000		102,425

BHFTII-68

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Lifestyle International Holdings, Ltd.		181,500	$	254,263
Lippo China Resources, Ltd.		2,106,000		74,280
Lippo, Ltd.		122,000		74,016
Liu Chong Hing Investment, Ltd.		86,000		144,103
Luk Fook Holdings International, Ltd.		135,000		545,159
Luks Group Vietnam Holdings Co., Ltd.		68,000		23,419
Lung Kee Bermuda Holdings		116,000		55,249
Magnificent Hotel Investment, Ltd.		1,310,000		39,288
Man Sang International, Ltd. (a) (d)		150,000		9,025
Man Wah Holdings, Ltd.		527,600		472,795
Mandarin Oriental International, Ltd.		7,700		16,806
Mason Financial Holdings, Ltd. (a)		5,445,000		73,954
Matrix Holdings, Ltd.		36,000		13,134
Melco International Development, Ltd.		140,000		404,932
Midland Holdings, Ltd. (a)		246,000		68,706
Midland IC&I, Ltd. (a)		151,000		8,116
Ming Fai International Holdings, Ltd.		145,000		22,084
Miramar Hotel & Investment		12,000		26,455
National Electronic Holdings, Ltd.		182,600		24,136
NetMind Financial Holdings, Ltd. (a)		8,984,000		44,884
New Century Group Hong Kong, Ltd. (a)		912,000		15,780
New Times Energy Corp., Ltd. (a)		459,450		13,597
Newocean Energy Holdings, Ltd. (a)		398,000		108,527
Next Digital, Ltd. (a)		414,000		20,707
Nine Express, Ltd. (a)		216,000		7,459
Noble Group, Ltd. (a)		226,440		66,384
O Luxe Holdings, Ltd. (a)		192,000		41,083
Orange Sky Golden Harvest Entertainment Holdings, Ltd.		375,882		24,659
Orient Overseas International, Ltd.		45,000		422,669
Oriental Watch Holdings		215,600		46,330
Pacific Andes International Holdings, Ltd. (a) (b) (c) (d)		1,819,984		6,384
Pacific Basin Shipping, Ltd. (a)		976,000		220,042
Pacific Textiles Holdings, Ltd.		187,000		192,038
Paliburg Holdings, Ltd.		236,000		100,551
Paradise Entertainment, Ltd. (a)		168,000		19,565
Pearl Oriental Oil, Ltd. (a)		404,000		6,945
Perfect Shape Beauty Technology, Ltd.		108,000		13,005
Pico Far East Holdings, Ltd.		350,000		146,479
Playmates Holdings, Ltd.		460,000		67,135
Playmates Toys, Ltd.		236,000		38,696
Polytec Asset Holdings, Ltd.		565,000		44,875
Public Financial Holdings, Ltd.		166,000		75,951
PYI Corp., Ltd. (a)		2,140,366		47,875
Regal Hotels International Holdings, Ltd.		126,000		92,928
Rentian Technology Holdings, Ltd. (a)		180,000		8,645
Sa Sa International Holdings, Ltd.		251,199		98,128
SAS Dragon Holdings, Ltd.		140,000		48,214
SEA Holdings, Ltd.		103,896		104,396
Shun Ho Property Investments, Ltd.		21,615		7,832
Shun Tak Holdings, Ltd.		659,500		294,664
Silver Base Group Holdings, Ltd. (a)		633,000		57,528
Sincere Watch Hong Kong, Ltd. (a)		250,000		5,445
Sing Tao News Corp., Ltd.		276,000		36,041
Singamas Container Holdings, Ltd. (a)		724,000		159,837
SIS International Holdings		16,000		8,398
Sitoy Group Holdings, Ltd.		111,000		22,742
Hong Kong—(Continued)
SmarTone Telecommunications Holdings, Ltd.		142,388		170,731
SOCAM Development, Ltd. (a)		179,876		44,767
Solomon Systech International, Ltd. (a)		920,000		42,414
Soundwill Holdings, Ltd.		41,500		92,418
South China Holdings Co., Ltd. (a)		1,240,000		47,587
Stella International Holdings, Ltd.		161,500		281,835
Stelux Holdings International, Ltd. (a)		260,500		21,978
Styland Holdings, Ltd.		460,000		8,238
Success Universe Group, Ltd. (a)		240,000		6,703
Sun Hing Vision Group Holdings, Ltd.		42,000		16,714
Sun Hung Kai & Co., Ltd.		270,440		174,554
Sunwah Kingsway Capital Holdings, Ltd.		310,000		4,740
TAI Cheung Holdings, Ltd.		206,000		212,986
Talent Property Group, Ltd. (a)		420,000		5,004
Tan Chong International, Ltd.		63,000		19,920
Tao Heung Holdings, Ltd.		204,000		37,401
Television Broadcasts, Ltd.		123,500		410,474
Texwinca Holdings, Ltd.		300,000		180,126
Tom Group, Ltd. (a)		118,000		28,858
Town Health International Medical Group, Ltd.		230,000		20,676
Tradelink Electronic Commerce, Ltd.		256,000		45,575
Transport International Holdings, Ltd.		112,800		358,163
Trinity, Ltd. (a)		466,000		26,272
TSC Group Holdings, Ltd. (a)		216,000		22,464
Tsui Wah Holdings, Ltd.		40,000		5,643
United Laboratories International Holdings, Ltd. (The) (a)		241,000		179,841
Universal Technologies Holdings, Ltd. (a)		120,000		3,994
Up Energy Development Group, Ltd. (a) (b) (c) (d)		92,000		285
Upbest Group, Ltd.		16,000		2,437
Value Convergence Holdings, Ltd. (a)		104,000		21,146
Valuetronics Holdings, Ltd.		53,790		38,587
Vedan International Holdings, Ltd.		296,000		30,690
Victory City International Holdings, Ltd. (a)		839,449		21,607
Vitasoy International Holdings, Ltd.		272,000		606,916
VS International Group, Ltd. (a)		200,000		9,811
VSTECS Holdings, Ltd.		425,200		141,404
VTech Holdings, Ltd.		32,100		468,780
Wai Kee Holdings, Ltd.		54,000		24,816
Win Hanverky Holdings, Ltd.		332,000		44,279
Winfull Group Holdings, Ltd. (a)		528,000		12,399
Wing On Co. International, Ltd.		46,000		169,824
Wing Tai Properties, Ltd.		280,000		193,475
Wonderful Sky Financial Group Holdings, Ltd.		44,000		10,380
Xinyi Glass Holdings, Ltd. (a)		522,000		516,086
Yat Sing Holdings, Ltd. (a)		160,000		79,733
Yeebo International Holdings, Ltd.		158,000		81,970
YGM Trading, Ltd.		46,000		44,217
Yugang International, Ltd.		1,466,000		37,547
				20,598,455
India—0.0%
Vedanta Resources plc		13,376		156,339
Ireland—0.8%
C&C Group plc		123,053		443,600

BHFTII-69

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Ireland—(Continued)
FBD Holdings plc (a)		10,350	$	102,136
Glanbia plc		37,294		703,099
Greencore Group plc		314,156		826,711
IFG Group plc		44,002		94,074
Independent News & Media plc (a)		35,056		4,517
Irish Continental Group plc		22,664		151,489
Kingspan Group plc		44,238		1,881,346
Smurfit Kappa Group plc		13,745		430,789
Tarsus Group plc		6,119		23,410
UDG Healthcare plc		104,367		1,190,497
				5,851,668
Isle of Man—0.2%
GVC Holdings plc		61,038		671,541
Hansard Global plc		2,566		2,932
Paysafe Group plc (a)		74,148		579,175
				1,253,648
Israel—1.0%
ADO Group, Ltd. (a)		3,904		80,596
Afcon Holdings, Ltd.		240		10,529
Africa Israel Properties, Ltd. (a)		4,653		101,908
Africa Israel Residences, Ltd.		880		17,180
Airport City, Ltd. (a)		26,681		345,356
Allot Communications, Ltd. (a)		10,216		54,981
Alrov Properties and Lodgings, Ltd.		3,807		124,213
Amot Investments, Ltd.		25,066		139,542
Ashtrom Properties, Ltd.		6,725		34,181
AudioCodes, Ltd. (a)		5,709		40,811
Avgol Industries 1953, Ltd.		9,099		11,138
Azorim-Investment Development & Construction Co., Ltd. (a)		23,712		23,172
Bayside Land Corp.		205		93,825
Big Shopping Centers, Ltd.		1,031		73,350
BioLine RX, Ltd. (a)		2,565		2,907
Blue Square Real Estate, Ltd.		767		31,845
Camtek, Ltd. (a)		2,064		10,706
Cellcom Israel, Ltd. (a)		13,058		121,978
Ceragon Networks, Ltd. (a)		14,799		28,911
Clal Biotechnology Industries, Ltd. (a)		17,579		16,393
Clal Insurance Enterprises Holdings, Ltd. (a)		7,114		119,943
Cohen Development & Industrial Buildings, Ltd.		305		6,881
Compugen, Ltd. (a)		14,846		55,536
Danel Adir Yeoshua, Ltd.		238		11,513
Delek Automotive Systems, Ltd.		10,535		78,689
Delta-Galil Industries, Ltd.		4,030		127,229
Direct Insurance Financial Investments, Ltd.		5,783		63,599
El Al Israel Airlines		77,291		52,253
Electra Consumer Products 1970, Ltd.		1,236		24,872
Electra, Ltd.		652		145,903
Elron Electronic Industries, Ltd.		7,585		37,182
Energix-Renewable Energies, Ltd.		36,656		32,523
Enlight Renewable Energy, Ltd. (a)		30,856		13,515
Equital, Ltd. (a)		550		12,492
Evogene, Ltd. (a)		5,090		22,454
First International Bank of Israel, Ltd.		8,900		166,027
Israel—(Continued)
FMS Enterprises Migun, Ltd.		910		34,859
Formula Systems 1985, Ltd.		2,591		104,106
Fox Wizel, Ltd.		2,272		45,440
Gilat Satellite Networks, Ltd. (a)		7,707		45,159
Hadera Paper, Ltd. (a)		1,104		77,180
Hamlet Israel-Canada, Ltd.		203		3,403
Harel Insurance Investments & Financial Services, Ltd.		43,597		272,716
Hilan, Ltd.		2,216		43,112
IDI Insurance Co., Ltd.		630		40,112
Industrial Buildings Corp., Ltd. (a)		39,465		56,950
Israel Discount Bank, Ltd. - Class A (a)		134,749		339,771
Israel Land Development Co., Ltd. (The)		3,950		38,195
Jerusalem Oil Exploration (a)		4,199		224,765
Kamada, Ltd. (a)		11,729		56,551
Kerur Holdings, Ltd.		931		28,238
Klil Industries, Ltd.		175		15,534
Maabarot Products, Ltd.		3,435		62,964
Magic Software Enterprises, Ltd.		9,462		81,884
Matrix IT, Ltd.		14,215		149,924
Maytronics, Ltd.		8,215		38,468
Mazor Robotics, Ltd. (a)		11,491		274,399
Meitav Dash Investments, Ltd.		5,193		18,404
Melisron, Ltd.		4,351		210,832
Menora Mivtachim Holdings, Ltd.		11,310		134,215
Migdal Insurance & Financial Holding, Ltd.		55,471		57,811
Mivtach Shamir Holdings, Ltd.		1,401		28,392
Naphtha Israel Petroleum Corp., Ltd.		14,775		87,217
Neto ME Holdings, Ltd.		788		75,710
Nova Measuring Instruments, Ltd. (a)		9,293		252,781
Oil Refineries, Ltd.		418,554		209,552
Partner Communications Co., Ltd. (a)		21,648		116,332
Paz Oil Co., Ltd.		1,481		243,968
Perion Network, Ltd. (a)		3,246		3,687
Phoenix Holdings, Ltd. (The) (a)		20,176		92,645
Plasson Industries, Ltd.		1,729		78,149
Rami Levi Chain Stores Hashikma Marketing, Ltd.		1,803		92,091
Scope Metals Group, Ltd.		646		16,944
Shapir Engineering & Industry, Ltd.		13,184		45,408
Shikun & Binui, Ltd.		73,332		179,704
Shufersal, Ltd.		23,137		136,059
Space Communication, Ltd. (a)		2,951		16,607
Strauss Group, Ltd.		6,965		130,961
Summit Real Estate Holdings, Ltd.		2,798		19,964
Tadiran Holdings, Ltd.		568		15,187
Tower Semiconductor, Ltd. (a)		11,815		366,613
Union Bank of Israel (a)		7,545		38,130
				7,035,226
Italy—4.2%
A2A S.p.A.		481,411		827,866
ACEA S.p.A.		23,394		362,907
Aeffe S.p.A. (a)		11,359		26,788
Amplifon S.p.A.		34,305		521,410
Anima Holding S.p.A.		31,184		252,154
Ansaldo STS S.p.A. (a)		39,015		511,973

BHFTII-70

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Arnoldo Mondadori Editore S.p.A. (a)		63,913	$	152,556
Ascopiave S.p.A.		28,294		117,220
Astaldi S.p.A.		20,559		140,811
Autogrill S.p.A.		44,414		577,422
Azimut Holding S.p.A.		40,582		879,150
Banca Carige S.p.A. (a) (e)		156,432		42,596
Banca Finnat Euramerica S.p.A.		50,851		25,311
Banca Generali S.p.A.		19,591		680,383
Banca IFIS S.p.A.		7,714		422,174
Banca Mediolanum S.p.A.		39,203		343,225
Banca Popolare dell’Emilia Romagna SC		202,667		1,212,033
Banca Popolare di Sondrio Scarl		173,614		746,908
Banca Profilo S.p.A.		117,883		39,549
Banco BPM S.p.A. (a)		390,373		1,622,134
Banco di Desio e della Brianza S.p.A.		20,306		59,338
BasicNet S.p.A.		13,493		61,193
Biesse S.p.A.		6,021		266,663
Brembo S.p.A.		45,165		765,566
Brunello Cucinelli S.p.A.		8,151		253,024
Buzzi Unicem S.p.A.		27,815		751,803
Cairo Communication S.p.A.		24,474		123,986
Caltagirone Editore S.p.A. (a)		6,273		9,646
Cementir Holding S.p.A.		21,979		185,602
Cerved Information Solutions S.p.A.		44,102		521,368
CIR-Compagnie Industriali Riunite S.p.A.		157,057		242,798
Credito Emiliano S.p.A.		35,381		318,017
Credito Valtellinese S.p.A. (a)		46,326		222,716
d’Amico International Shipping S.A. (a)		60,320		19,268
Danieli & C Officine Meccaniche S.p.A.		4,846		126,654
Datalogic S.p.A.		8,028		282,467
Davide Campari-Milano S.p.A.		58,425		424,331
De’Longhi S.p.A.		16,896		544,292
DeA Capital S.p.A.		18,071		29,256
DiaSorin S.p.A.		6,863		612,220
Ei Towers S.p.A.		7,035		416,149
El.En. S.p.A.		3,399		95,410
ERG S.p.A.		21,603		345,173
Esprinet S.p.A.		14,507		85,489
Eurotech S.p.A. (a)		13,076		19,671
Falck Renewables S.p.A.		34,815		66,001
Fincantieri S.p.A. (a)		79,520		95,741
FinecoBank Banca Fineco S.p.A.		51,793		459,106
FNM S.p.A.		55,327		37,860
Geox S.p.A.		34,378		146,797
Gruppo Editoriale L’Espresso S.p.A. (a)		52,528		46,562
Gruppo MutuiOnline S.p.A.		5,404		84,755
Hera S.p.A.		231,619		728,688
IMMSI S.p.A. (a)		100,436		80,756
Industria Macchine Automatiche S.p.A.		5,461		518,984
Infrastrutture Wireless Italiane S.p.A.		27,392		181,240
Intek Group S.p.A. (a)		80,757		31,526
Interpump Group S.p.A.		25,659		799,239
Iren S.p.A.		231,134		620,422
Italgas S.p.A.		41,417		232,711
Italmobiliare S.p.A.		3,185		85,953
Juventus Football Club S.p.A. (a)		147,435		137,831
La Doria S.p.A.		3,877		63,830
Italy—(Continued)
Maire Tecnimont S.p.A. (e)		35,567		196,913
MARR S.p.A.		13,428		353,812
Mediaset S.p.A. (a) (e)		192,042		664,581
Moncler S.p.A.		17,561		506,755
Nice S.p.A.		9,890		43,179
OVS S.p.A.		7,837		59,885
Parmalat S.p.A.		10,144		37,162
Piaggio & C S.p.A.		71,430		223,956
Prelios S.p.A. (a)		54,976		7,547
Prima Industrie S.p.A.		1,853		88,490
Prysmian S.p.A.		25,584		865,398
Reno de Medici S.p.A.		29,538		19,651
Reply S.p.A.		1,643		395,321
Retelit S.p.A. (a)		36,769		62,528
Sabaf S.p.A.		3,059		75,385
SAES Getters S.p.A.		1,416		44,808
Safilo Group S.p.A. (a)		10,142		67,827
Saipem S.p.A. (a)		74,741		322,747
Salini Impregilo S.p.A.		70,140		276,863
Salvatore Ferragamo S.p.A. (e)		16,352		459,324
Saras S.p.A.		134,526		361,066
SAVE S.p.A.		5,376		133,375
Snaitech S.p.A. (a)		21,135		38,868
Societa Cattolica di Assicurazioni S.c.r.l.		61,974		538,366
Societa Iniziative Autostradali e Servizi S.p.A.		25,981		415,079
Sogefi S.p.A. (a)		24,822		151,351
SOL S.p.A.		11,001		134,668
Tamburi Investment Partners S.p.A.		14,397		100,793
Tiscali S.p.A. (a)		802,477		39,385
Tod’s S.p.A. (e)		3,954		280,511
Trevi Finanziaria Industriale S.p.A. (a)		31,414		28,440
TXT e-solutions S.p.A.		1,815		24,004
Uni Land S.p.A. (a) (b) (c) (d)		4,937		0
Unione di Banche Italiane S.p.A.		241,211		1,253,188
Unipol Gruppo Finanziario S.p.A.		126,457		580,763
UnipolSai Assicurazioni S.p.A.		34,177		79,818
Vittoria Assicurazioni S.p.A.		11,087		150,693
Yoox Net-A-Porter Group S.p.A. (a)		21,096		827,957
Zignago Vetro S.p.A.		11,476		110,136
				30,725,265
Japan—24.2%
77 Bank, Ltd. (The)		1,600		39,599
A&A Material Corp.		1,200		13,799
A&D Co., Ltd.		3,000		14,567
A/S One Corp.		4,100		218,833
Achilles Corp.		6,500		130,815
Adastria Co., Ltd.		9,240		208,973
ADEKA Corp.		34,600		631,467
Advan Co., Ltd.		6,700		58,425
Advanex, Inc.		900		24,078
Aeon Delight Co., Ltd.		3,900		146,885
Aeon Fantasy Co., Ltd.		2,400		81,512
Aeon Hokkaido Corp.		2,600		14,444
AGORA Hospitality Group Co., Ltd. (a)		27,000		8,390
Agro-Kanesho Co., Ltd.		3,500		59,113

BHFTII-71

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Ahresty Corp.		9,200	$	77,137
Ai Holdings Corp.		12,200		305,709
Aica Kogyo Co., Ltd.		17,200		578,886
Aichi Bank, Ltd. (The)		2,600		158,619
Aichi Corp.		10,800		80,498
Aichi Steel Corp.		4,300		169,068
Aichi Tokei Denki Co., Ltd.		1,900		67,465
Aida Engineering, Ltd.		20,700		244,426
Aiphone Co., Ltd.		4,600		74,835
Airport Facilities Co., Ltd.		7,500		39,618
Aisan Industry Co., Ltd.		10,400		100,109
Aizawa Securities Co., Ltd.		13,800		95,617
Akebono Brake Industry Co., Ltd. (a)		32,600		111,609
Akita Bank, Ltd. (The)		6,200		194,983
Alconix Corp.		6,400		115,662
Alinco, Inc.		5,800		68,201
Alpen Co., Ltd.		7,000		136,640
Alpha Corp.		2,200		45,407
Alpha Systems, Inc.		3,140		64,470
Alpine Electronics, Inc.		16,600		302,366
Alps Logistics Co., Ltd.		6,000		47,353
Altech Corp.		2,600		85,934
Amano Corp.		21,000		497,098
Amiyaki Tei Co., Ltd.		1,100		46,360
Amuse, Inc.		3,600		89,634
Anabuki Kosan, Inc.		400		10,666
Anest Iwata Corp.		10,400		97,825
Anicom Holdings, Inc.		2,100		54,219
Anritsu Corp.		48,800		405,959
AOI Electronics Co., Ltd.		1,100		51,350
AOI TYO Holdings, Inc.		6,428		69,612
AOKI Holdings, Inc.		15,900		208,700
Aomori Bank, Ltd. (The) (e)		6,900		241,055
Aoyama Trading Co., Ltd.		17,900		640,523
Arakawa Chemical Industries, Ltd.		6,600		154,772
Arata Corp.		4,200		179,650
Araya Industrial Co., Ltd.		2,600		49,270
Arcland Sakamoto Co., Ltd.		10,600		159,725
Arcs Co., Ltd.		13,364		301,992
Ardepro Co., Ltd.		15,000		14,933
Argo Graphics, Inc.		2,800		87,610
Ariake Japan Co., Ltd.		2,900		208,688
Arisawa Manufacturing Co., Ltd.		14,300		127,759
Arrk Corp. (a)		22,600		21,734
Artnature, Inc.		5,000		31,515
Asahi Broadcasting Corp.		2,400		18,948
Asahi Co., Ltd.		4,500		53,351
Asahi Diamond Industrial Co., Ltd.		21,200		204,043
Asahi Holdings, Inc.		9,000		185,717
Asahi Kogyosha Co., Ltd.		1,700		50,490
Asahi Net, Inc.		5,000		23,825
Asahi Printing Co., Ltd.		200		4,656
ASAHI YUKIZAI Corp.		5,000		66,456
Asahipen Corp.		4,000		6,469
Asanuma Corp.		24,000		71,694
Asatsu-DK, Inc.		12,800		361,882
Asax Co., Ltd.		1,800		28,518
Japan—(Continued)
Ashimori Industry Co., Ltd. (e)		1,600		46,534
ASKA Pharmaceutical Co., Ltd.		7,500		123,923
ASKUL Corp.		2,700		76,071
Asunaro Aoki Construction Co., Ltd.		5,800		50,948
Ateam, Inc.		600		15,767
Atom Corp. (e)		11,100		82,776
Atsugi Co., Ltd.		6,100		69,245
Autobacs Seven Co., Ltd.		22,700		368,139
Avex Group Holdings, Inc.		12,000		162,968
Awa Bank, Ltd. (The)		73,000		481,899
Axell Corp.		3,800		28,314
Axial Retailing, Inc.		5,100		196,540
Bando Chemical Industries, Ltd.		15,400		163,676
Bank of Iwate, Ltd. (The)		6,000		242,538
Bank of Kochi, Ltd. (The)		1,600		18,404
Bank of Nagoya, Ltd. (The)		5,400		212,306
Bank of Okinawa, Ltd. (The)		9,160		368,711
Bank of Saga, Ltd. (The)		6,100		147,635
Bank of the Ryukyus, Ltd.		15,800		244,593
Belc Co., Ltd.		2,800		140,733
Belluna Co., Ltd.		13,800		145,647
Benefit One, Inc.		10,800		212,875
Bic Camera, Inc.		23,500		261,477
Biofermin Pharmaceutical Co., Ltd.		500		12,685
BML, Inc.		7,600		162,670
Bookoff Corp.		4,700		34,094
BP Castrol KK		2,600		44,691
Broadleaf Co., Ltd.		10,200		87,717
BRONCO BILLY Co., Ltd.		2,400		57,475
Bull-Dog Sauce Co., Ltd.		600		11,671
Bunka Shutter Co., Ltd.		19,000		142,307
C Uyemura & Co., Ltd.		2,800		170,249
C.I. Takiron Corp.		18,000		115,239
CAC Holdings Corp.		6,200		58,827
Can Do Co., Ltd.		3,500		56,077
Canare Electric Co., Ltd.		800		17,963
Canon Electronics, Inc.		7,400		149,812
Capcom Co., Ltd.		14,000		345,879
Carlit Holdings Co., Ltd.		7,300		51,679
Cawachi, Ltd.		5,700		136,391
Central Glass Co., Ltd.		15,000		327,235
Central Security Patrols Co., Ltd.		3,300		61,644
Central Sports Co., Ltd.		1,600		54,737
Chiba Kogyo Bank, Ltd. (The)		16,000		84,552
Chilled & Frozen Logistics Holdings Co., Ltd.		2,800		34,620
CHIMNEY Co., Ltd.		1,400		35,565
Chino Corp.		2,700		30,996
Chiyoda Co., Ltd.		5,800		145,269
Chiyoda Corp. (e)		6,000		35,104
Chiyoda Integre Co., Ltd.		4,600		107,907
Chofu Seisakusho Co., Ltd.		5,700		134,053
Chori Co., Ltd.		5,000		93,095
Chubu Shiryo Co., Ltd.		7,900		140,094
Chudenko Corp.		8,600		249,991
Chuetsu Pulp & Paper Co., Ltd.		3,500		66,151
Chugai Mining Co., Ltd. (a)		68,200		19,410
Chugai Ro Co., Ltd.		2,900		56,619

BHFTII-72

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Chugoku Marine Paints, Ltd.		22,000	$	184,537
Chukyo Bank, Ltd. (The)		3,900		81,093
Chuo Gyorui Co., Ltd.		200		4,950
Chuo Spring Co., Ltd.		1,400		44,923
Ci:z Holdings Co., Ltd.		7,500		264,271
Citizen Watch Co., Ltd.		28,700		197,804
CKD Corp.		18,900		371,770
Clarion Co., Ltd.		34,000		134,246
Cleanup Corp.		7,300		58,729
CMIC Holdings Co., Ltd.		3,900		54,558
CMK Corp.		18,200		183,383
Cocokara fine, Inc.		5,700		325,078
COLOPL, Inc. (e)		8,100		93,469
Colowide Co., Ltd.		17,000		313,184
Computer Engineering & Consulting, Ltd.		5,200		123,481
Computer Institute of Japan, Ltd.		2,000		11,419
CONEXIO Corp.		6,200		107,558
COOKPAD, Inc. (e)		12,600		87,284
Corona Corp.		5,600		58,786
Cosel Co., Ltd.		9,900		128,698
Cosmo Energy Holdings Co., Ltd.		21,800		499,402
Cosmos Initia Co., Ltd.		3,500		13,286
Create Medic Co., Ltd.		1,800		16,929
Create Restaurants Holdings, Inc.		4,700		48,835
Create SD Holdings Co., Ltd.		8,300		219,745
Cresco, Ltd.		2,000		75,011
CROOZ, Inc.		1,400		29,448
CTI Engineering Co., Ltd.		4,800		44,648
D.A. Consortium Holdings, Inc.		7,600		128,860
Dai Nippon Toryo Co., Ltd.		9,400		144,803
Dai-Dan Co., Ltd.		6,000		147,970
Dai-ichi Seiko Co., Ltd.		3,100		72,001
Daibiru Corp.		19,800		218,912
Daido Kogyo Co., Ltd.		2,000		28,982
Daido Metal Co., Ltd.		11,200		99,988
Daidoh, Ltd.		10,800		41,856
Daihatsu Diesel Manufacturing Co., Ltd.		9,000		57,776
Daihen Corp.		36,000		319,478
Daiho Corp.		25,000		118,369
Daiichi Jitsugyo Co., Ltd.		2,800		81,168
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		5,000		79,869
Daiken Corp.		4,800		121,121
Daiken Medical Co., Ltd.		4,400		30,509
Daiki Aluminium Industry Co., Ltd.		9,000		67,110
Daikoku Denki Co., Ltd.		2,700		40,425
Daikokutenbussan Co., Ltd.		1,900		89,698
Daikyo, Inc.		11,500		225,898
Daikyonishikawa Corp.		4,100		66,084
Dainichi Co., Ltd.		4,100		29,082
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		5,000		228,202
Daio Paper Corp.		25,300		298,456
Daisan Bank, Ltd. (The)		5,100		83,955
Daiseki Co., Ltd.		10,700		269,632
Daiseki Eco. Solution Co., Ltd.		2,400		30,267
Daishi Bank, Ltd. (The)		11,100		523,404
Daishinku Corp.		2,600		43,652
Japan—(Continued)
Daisue Construction Co., Ltd.		2,300		20,124
Daisyo Corp.		3,100		46,862
Daito Bank, Ltd. (The)		5,200		80,010
Daito Pharmaceutical Co., Ltd.		3,960		102,812
Daitron Co., Ltd.		800		14,241
Daiwa Industries, Ltd.		11,000		117,625
Daiwabo Holdings Co., Ltd.		6,100		257,437
DCM Holdings Co., Ltd.		37,900		342,242
Denka Co., Ltd.		2,200		72,518
Denki Kogyo Co., Ltd.		4,200		106,731
Denyo Co., Ltd.		4,800		85,207
Descente, Ltd.		13,700		187,524
Dexerials Corp.		2,500		30,580
Digital Arts, Inc.		500		21,635
Dip Corp.		4,800		109,712
DKK-Toa Corp.		2,200		14,355
DKS Co., Ltd.		18,000		114,296
DMG Mori Co., Ltd.		23,500		422,148
DMW Corp.		700		11,908
Doshisha Co., Ltd.		8,200		184,386
Doutor Nichires Holdings Co., Ltd.		11,500		247,351
DSB Co., Ltd.		5,300		32,840
DTS Corp.		6,600		181,303
Dunlop Sports Co., Ltd.		4,900		69,908
Duskin Co., Ltd.		13,700		386,871
DyDo Group Holdings, Inc.		2,700		128,657
Dynic Corp.		3,200		34,649
Eagle Industry Co., Ltd.		7,800		143,328
Earth Chemical Co., Ltd.		2,700		121,805
Ebara Jitsugyo Co., Ltd.		2,500		37,786
EDION Corp. (e)		28,900		270,968
eGuarantee, Inc.		1,200		33,166
Ehime Bank, Ltd. (The)		11,400		146,509
Eidai Co., Ltd.		10,000		48,042
Eighteenth Bank, Ltd. (The)		70,000		171,223
Eiken Chemical Co., Ltd.		4,600		179,688
Eizo Corp.		6,300		249,928
Elecom Co., Ltd.		5,100		102,990
Elematec Corp.		4,000		76,242
EM Systems Co., Ltd.		1,800		35,109
en-japan, Inc.		6,800		249,433
Endo Lighting Corp.		2,600		31,348
Enplas Corp.		3,400		157,491
Enshu, Ltd. (a)		23,000		30,885
EPS Holdings, Inc.		7,900		151,392
eRex Co., Ltd.		2,100		19,565
ESPEC Corp.		7,100		145,313
Excel Co., Ltd.		2,500		46,567
Exedy Corp.		11,600		353,107
F-Tech, Inc.		3,600		58,933
F@N Communications, Inc.		9,600		107,637
Faith, Inc.		2,680		30,533
FALCO HOLDINGS Co., Ltd.		3,100		48,150
FCC Co., Ltd.		12,600		280,913
FDK Corp. (a)		25,000		64,511
Feed One Co., Ltd.		41,380		96,770
Ferrotec Holdings Corp.		10,400		176,483

BHFTII-73

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
FIDEA Holdings Co., Ltd.		62,510	$	114,498
Fields Corp.		6,000		59,731
Financial Products Group Co., Ltd.		20,000		222,123
FINDEX, Inc.		3,900		29,334
First Juken Co., Ltd.		3,400		55,489
Foster Electric Co., Ltd.		8,800		177,769
FP Corp.		1,600		81,831
France Bed Holdings Co., Ltd.		9,300		85,743
Freund Corp.		2,400		36,118
FTGroup Co., Ltd.		1,500		12,208
Fudo Tetra Corp.		60,300		100,258
Fuji Co., Ltd.		6,700		172,783
Fuji Corp., Ltd.		8,600		62,622
Fuji Kiko Co., Ltd.		7,600		49,792
Fuji Kyuko Co., Ltd. (e)		6,500		144,880
Fuji Oil Co., Ltd.		21,100		81,915
Fuji Oil Holdings, Inc.		20,000		522,497
Fuji Pharma Co., Ltd.		2,800		95,646
Fuji Seal International, Inc.		14,000		424,466
Fuji Soft, Inc.		7,300		213,271
Fujibo Holdings, Inc.		3,700		127,865
Fujicco Co., Ltd.		7,100		168,256
Fujikura Kasei Co., Ltd.		9,500		56,200
Fujikura Rubber, Ltd.		5,800		46,929
Fujikura, Ltd.		86,800		697,699
Fujimi, Inc.		7,000		163,250
Fujimori Kogyo Co., Ltd.		4,800		162,276
Fujisash Co., Ltd.		24,500		24,416
Fujishoji Co., Ltd.		1,300		14,037
Fujita Kanko, Inc.		800		25,491
Fujitec Co., Ltd.		19,500		273,168
Fujitsu Frontech, Ltd.		4,500		91,805
Fujitsu General, Ltd.		2,000		40,458
Fujiya Co., Ltd.		500		11,180
FuKoKu Co., Ltd.		5,100		52,774
Fukuda Corp.		1,600		90,749
Fukui Bank, Ltd. (The)		9,200		244,117
Fukui Computer Holdings, Inc.		600		15,474
Fukushima Bank, Ltd. (The)		11,200		91,082
Fukushima Industries Corp.		4,600		169,845
Fukuyama Transporting Co., Ltd.		10,600		336,095
FULLCAST Holdings Co., Ltd.		4,300		78,196
Fumakilla, Ltd.		2,500		44,422
Funai Electric Co., Ltd. (e)		7,900		61,770
Funai Soken Holdings, Inc.		7,780		239,834
Furukawa Battery Co., Ltd. (The)		5,000		54,871
Furukawa Co., Ltd.		10,500		178,989
Furuno Electric Co., Ltd.		10,500		64,520
Furusato Industries, Ltd.		3,700		58,714
Furuya Metal Co., Ltd.		1,700		60,636
Fuso Chemical Co., Ltd.		4,000		128,232
Fuso Pharmaceutical Industries, Ltd.		2,600		64,255
Futaba Corp.		10,200		192,876
Futaba Industrial Co., Ltd.		19,600		220,708
Future Corp.		8,400		76,025
Fuyo General Lease Co., Ltd.		7,400		483,258
G-Tekt Corp.		7,700		159,216
Japan—(Continued)
Gakken Holdings Co., Ltd.		1,600		45,810
GCA Corp.		4,900		45,014
Gecoss Corp.		4,600		49,784
Genki Sushi Co., Ltd.		1,600		37,944
Genky Stores, Inc.		2,400		93,785
Geo Holdings Corp.		12,300		177,834
GLOBERIDE, Inc.		3,500		60,548
Glory, Ltd.		5,700		202,077
GMO Click Holdings, Inc.		1,800		11,402
GMO internet, Inc.		20,400		248,641
GMO Payment Gateway, Inc.		1,100		68,885
Godo Steel, Ltd.		4,100		76,847
Goldcrest Co., Ltd.		7,230		171,557
Grandy House Corp.		3,600		14,246
Gree, Inc.		26,400		180,617
GSI Creos Corp.		2,800		47,581
Gun-Ei Chemical Industry Co., Ltd.		1,800		62,668
Gunze, Ltd.		6,900		315,295
Gurunavi, Inc.		8,500		123,345
H-One Co., Ltd.		6,000		65,658
Hagihara Industries, Inc.		2,000		70,777
Hakudo Co., Ltd.		500		9,449
Hakuto Co., Ltd.		5,900		89,599
Hakuyosha Co., Ltd.		800		24,688
Hamakyorex Co., Ltd.		5,600		161,217
Hanwa Co., Ltd.		12,800		459,524
Happinet Corp.		5,000		81,776
Hard Off Corp. Co., Ltd.		3,700		37,570
Harima Chemicals Group, Inc.		7,100		63,275
Haruyama Holdings, Inc.		5,400		48,094
Hazama Ando Corp.		54,490		381,613
Heiwa Corp.		200		3,966
Heiwa Real Estate Co., Ltd.		14,400		245,502
Heiwado Co., Ltd.		11,200		245,755
HI-LEX Corp.		7,700		203,262
Hibiya Engineering, Ltd.		7,800		161,932
Hiday Hidaka Corp.		4,846		134,818
Himaraya Co., Ltd.		2,600		22,579
Hioki EE Corp.		2,300		49,168
Hiramatsu, Inc.		8,300		44,995
Hirano Tecseed Co., Ltd.		500		8,817
Hirata Corp.		700		71,309
HIS Co., Ltd.		1,400		44,311
Hisaka Works, Ltd.		9,600		81,620
Hitachi Kokusai Electric, Inc.		14,600		399,835
Hitachi Maxell, Ltd.		2,500		56,138
Hitachi Zosen Corp.		61,600		327,040
Hochiki Corp.		6,300		124,406
Hodogaya Chemical Co., Ltd.		1,800		122,292
Hogy Medical Co., Ltd.		4,400		312,868
Hokkaido Electric Power Co., Inc. (a)		35,000		249,927
Hokkaido Gas Co., Ltd.		27,000		68,151
Hokkan Holdings, Ltd.		25,000		96,017
Hokko Chemical Industry Co., Ltd.		8,000		50,442
Hokkoku Bank, Ltd. (The)		10,100		442,849
Hokuetsu Bank, Ltd. (The)		8,000		182,006
Hokuetsu Industries Co., Ltd.		7,000		69,771

BHFTII-74

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Hokuetsu Kishu Paper Co., Ltd. (e)		47,900	$	299,504
Hokuriku Electric Industry Co., Ltd.		2,800		39,444
Hokuriku Electric Power Co. (e)		27,000		226,624
Hokuriku Electrical Construction Co., Ltd.		3,000		26,966
Hokuriku Gas Co., Ltd.		1,000		25,152
Hokuto Corp.		7,100		123,651
Honeys Holdings Co., Ltd.		6,930		79,955
Hoosiers Holdings Co., Ltd.		8,000		83,686
Hosiden Corp.		20,000		326,226
Hosokawa Micron Corp.		2,200		126,997
Howa Machinery, Ltd.		5,700		50,381
Hurxley Corp.		800		8,255
Hyakugo Bank, Ltd. (The)		88,000		393,737
Hyakujushi Bank, Ltd. (The)		98,000		339,983
I-Net Corp.		3,520		50,730
IBJ Leasing Co., Ltd.		7,200		194,933
Ichibanya Co., Ltd.		1,700		70,792
Ichigo, Inc.		39,300		134,575
Ichiken Co., Ltd.		2,400		57,303
Ichikoh Industries, Ltd.		9,000		59,062
ICHINEN HOLDINGS Co., Ltd.		7,400		101,872
Ichiyoshi Securities Co., Ltd.		12,600		123,622
Icom, Inc.		3,800		92,012
Idec Corp.		8,800		181,192
IDOM, Inc.		20,400		126,038
Iino Kaiun Kaisha, Ltd.		32,200		150,122
IJT Technology Holdings Co., Ltd.		9,000		71,493
Ikegami Tsushinki Co., Ltd.		26,000		38,271
Imagica Robot Holdings, Inc.		4,500		34,088
Imasen Electric Industrial		7,200		89,763
Imperial Hotel, Ltd.		1,300		24,103
Inaba Denki Sangyo Co., Ltd.		8,100		336,388
Inaba Seisakusho Co., Ltd.		2,100		26,277
Inabata & Co., Ltd.		17,700		236,224
Inageya Co., Ltd.		9,700		160,102
Ines Corp.		9,500		88,175
Infocom Corp.		4,000		98,750
Infomart Corp.		15,400		111,216
Information Services International-Dentsu, Ltd.		4,300		97,619
Innotech Corp.		8,200		67,932
Intage Holdings, Inc.		11,600		139,613
Internet Initiative Japan, Inc.		9,800		183,110
Inui Global Logistics Co., Ltd.		5,355		35,559
Iriso Electronics Co., Ltd.		5,000		261,880
Ise Chemicals Corp.		5,000		26,902
Iseki & Co., Ltd.		7,400		165,435
Ishihara Sangyo Kaisha, Ltd. (a)		12,200		173,048
Ishii Iron Works Co., Ltd.		900		13,614
Ishizuka Glass Co., Ltd.		500		10,696
Istyle, Inc.		1,700		10,536
Itfor, Inc.		10,300		58,995
Itochu Enex Co., Ltd.		19,400		208,331
Itochu-Shokuhin Co., Ltd.		2,400		108,161
Itoki Corp.		15,600		131,201
IwaiCosmo Holdings, Inc.		7,900		94,867
Iwaki & Co., Ltd.		9,000		42,409
Iwasaki Electric Co., Ltd.		2,500		42,911
Japan—(Continued)
Iwatani Corp.		11,600		353,227
Iwatsuka Confectionery Co., Ltd.		500		22,959
Izutsuya Co., Ltd. (a)		4,700		20,492
J Trust Co., Ltd.		1,400		12,017
J-Oil Mills, Inc.		4,000		140,779
Jafco Co., Ltd.		6,400		327,405
Jalux, Inc.		2,400		55,577
Jamco Corp. (e)		3,400		75,080
Janome Sewing Machine Co., Ltd.		7,099		48,196
Japan Aviation Electronics Industry, Ltd.		5,000		78,203
Japan Display, Inc. (a) (e)		71,600		138,802
Japan Drilling Co., Ltd. (a)		2,100		39,270
Japan Foundation Engineering Co., Ltd.		10,200		35,584
Japan Material Co., Ltd.		1,800		47,466
Japan Medical Dynamic Marketing, Inc.		3,000		28,650
Japan Oil Transportation Co., Ltd.		100		2,725
Japan Petroleum Exploration Co., Ltd.		6,000		130,071
Japan Property Management Center Co., Ltd.		2,000		27,333
Japan Pulp & Paper Co., Ltd.		3,700		150,679
Japan Radio Co., Ltd.		4,000		60,562
Japan Securities Finance Co., Ltd.		2,300		12,398
Japan Steel Works, Ltd. (The)		23,200		534,838
Japan Transcity Corp.		12,000		50,893
Japan Wool Textile Co., Ltd. (The)		19,700		177,938
Jastec Co., Ltd.		5,100		62,374
JBCC Holdings, Inc.		7,000		68,772
JCU Corp.		3,200		142,837
Jeol, Ltd.		26,000		132,258
Jimoto Holdings, Inc.		67,900		125,606
JINS, Inc.		4,200		263,087
JK Holdings Co., Ltd.		5,600		41,428
JMS Co., Ltd.		7,500		45,588
Joban Kosan Co., Ltd.		1,700		27,397
Joshin Denki Co., Ltd.		7,000		237,783
JP-Holdings, Inc.		17,900		62,241
JSP Corp.		5,100		156,466
Juki Corp.		11,200		160,343
Juroku Bank, Ltd. (The)		12,200		401,684
Justsystems Corp.		9,700		205,734
JVC Kenwood Corp.		53,300		154,009
K&O Energy Group, Inc.		5,400		87,985
K’s Holdings Corp. (e)		5,700		126,444
kabu.com Securities Co., Ltd.		47,800		145,364
Kadokawa Dwango (a)		12,508		151,919
Kaga Electronics Co., Ltd.		7,200		213,251
Kakiyasu Honten Co., Ltd.		3,800		66,497
Kameda Seika Co., Ltd. (e)		4,100		181,022
Kamei Corp.		8,700		142,607
Kanaden Corp.		7,200		76,881
Kanagawa Chuo Kotsu Co., Ltd.		2,400		77,814
Kanamoto Co., Ltd.		8,800		277,715
Kandenko Co., Ltd.		37,000		388,458
Kanematsu Corp.		29,800		380,511
Kanematsu Electronics, Ltd.		4,300		127,165
Kanemi Co., Ltd.		100		2,991
Kansai Urban Banking Corp.		11,000		136,889
Kanto Denka Kogyo Co., Ltd.		15,000		160,619

BHFTII-75

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Kasai Kogyo Co., Ltd.		8,600	$	130,514
Katakura & Co-op Agri Corp.		1,600		19,415
Katakura Industries Co., Ltd.		9,500		114,563
Kato Sangyo Co., Ltd.		7,100		213,713
Kato Works Co., Ltd.		3,800		113,537
Kawada Technologies, Inc.		1,500		86,455
Kawai Musical Instruments Manufacturing Co., Ltd.		2,600		54,106
Kawasaki Kinkai Kisen Kaisha, Ltd.		700		21,186
Kawasaki Kisen Kaisha, Ltd. (a) (e)		12,200		321,480
Kawasumi Laboratories, Inc.		4,900		33,015
Keihanshin Building Co., Ltd.		14,500		97,861
Keihin Co., Ltd./Minato-Ku Tokyo Japan		2,300		33,990
Keihin Corp.		15,600		267,343
Keiyo Bank, Ltd. (The)		89,000		413,291
Keiyo Co., Ltd.		14,400		98,313
Kenko Mayonnaise Co., Ltd.		3,200		78,465
KEY Coffee, Inc. (e)		6,700		129,001
KFC Holdings Japan, Ltd.		4,000		71,098
Kimoto Co., Ltd.		14,900		33,650
Kimura Chemical Plants Co., Ltd.		3,300		13,497
King Jim Co., Ltd.		5,800		51,936
Kinki Sharyo Co., Ltd. (The) (a)		1,200		27,956
Kintetsu Department Store Co., Ltd. (a)		1,900		58,934
Kintetsu World Express, Inc.		10,800		179,322
Kissei Pharmaceutical Co., Ltd.		8,100		219,113
Kita-Nippon Bank, Ltd. (The)		2,900		81,615
Kitagawa Iron Works Co., Ltd.		3,100		73,026
Kitamura Co., Ltd.		3,700		24,069
Kitano Construction Corp.		14,000		57,117
Kito Corp.		5,900		73,794
Kitz Corp.		31,200		254,984
Kiyo Bank, Ltd. (The)		25,000		419,865
KLab, Inc. (a) (e)		10,600		152,485
KNT-CT Holdings Co., Ltd. (a)		3,300		61,697
Koa Corp.		10,200		189,834
Koatsu Gas Kogyo Co., Ltd.		11,100		82,324
Kobe Bussan Co., Ltd.		2,400		107,804
Kobe Electric Railway Co., Ltd. (a)		500		17,721
Kobelco Eco-Solutions Co., Ltd.		1,200		21,849
Kohnan Shoji Co., Ltd.		10,400		195,400
Kohsoku Corp.		4,000		42,580
Koike Sanso Kogyo Co., Ltd.		700		18,386
Kojima Co., Ltd. (a)		12,000		42,989
Kokusai Co., Ltd.		3,400		37,087
Kokuyo Co., Ltd.		33,800		572,629
KOMAIHALTEC, Inc.		1,800		38,834
Komatsu Seiren Co., Ltd.		10,200		78,766
Komatsu Wall Industry Co., Ltd.		2,700		47,976
Komeri Co., Ltd.		12,300		354,275
Komori Corp.		18,900		237,866
Konaka Co., Ltd.		7,300		37,502
Kondotec, Inc.		7,900		79,788
Konishi Co., Ltd.		9,900		175,330
Konoike Transport Co., Ltd.		3,200		48,765
Kosaido Co., Ltd. (a)		3,700		12,434
Koshidaka Holdings Co., Ltd.		2,500		74,682
Japan—(Continued)
Kotobuki Spirits Co., Ltd.		6,700		239,767
Kourakuen Holdings Corp.		2,900		44,210
Krosaki Harima Corp.		1,900		91,066
KRS Corp.		2,200		64,249
KU Holdings Co., Ltd.		8,000		67,261
Kumagai Gumi Co., Ltd.		9,100		274,904
Kumiai Chemical Industry Co., Ltd.		21,195		152,942
Kura Corp.		3,300		147,722
Kurabo Industries, Ltd.		76,000		209,080
Kureha Corp.		5,200		283,600
Kurimoto, Ltd.		3,500		72,878
Kuroda Electric Co., Ltd.		10,900		190,267
Kusuri No. Aoki Holdings Co., Ltd.		4,900		290,347
KYB Corp.		7,400		447,714
Kyodo Printing Co., Ltd.		3,000		101,892
Kyoei Steel, Ltd.		6,100		95,166
Kyokuto Boeki Kaisha, Ltd.		9,000		27,042
Kyokuto Kaihatsu Kogyo Co., Ltd.		11,400		192,295
Kyokuto Securities Co., Ltd.		7,600		103,355
Kyokuyo Co., Ltd.		3,500		103,905
KYORIN Holdings, Inc.		15,500		312,144
Kyoritsu Maintenance Co., Ltd.		6,518		194,749
Kyoritsu Printing Co., Ltd.		6,800		20,625
Kyosan Electric Manufacturing Co., Ltd.		16,000		83,802
Kyowa Electronic Instruments Co., Ltd.		8,000		31,912
Kyowa Exeo Corp.		28,400		564,554
Kyowa Leather Cloth Co., Ltd.		3,300		27,991
Kyudenko Corp.		5,100		197,647
Kyushu Financial Group, Inc.		60,800		374,354
LAC Co., Ltd.		5,900		72,817
Lasertec Corp.		12,200		250,911
LEC, Inc. (e)		4,400		114,402
Leopalace21 Corp.		82,400		574,265
Life Corp.		4,400		112,696
LIFULL Co., Ltd. (e)		17,000		147,839
Linical Co., Ltd.		1,700		22,719
Link And Motivation, Inc.		8,900		53,611
Lintec Corp.		17,100		463,713
Livesense, Inc. (a)		3,500		17,329
Look, Inc.		11,000		38,541
M&A Capital Partners Co., Ltd. (a)		1,200		59,847
Macnica Fuji Electronics Holdings, Inc.		14,550		268,197
Maeda Corp.		40,000		488,894
Maeda Kosen Co., Ltd.		5,700		93,980
Maeda Road Construction Co., Ltd.		21,000		452,173
Maezawa Kasei Industries Co., Ltd.		5,700		61,862
Maezawa Kyuso Industries Co., Ltd.		3,900		64,383
Makino Milling Machine Co., Ltd.		40,000		355,735
Mamiya-Op Co., Ltd.		1,900		20,329
Mandom Corp.		10,400		286,273
Mani, Inc.		5,700		137,201
Mars Engineering Corp.		3,600		75,482
Marubun Corp.		8,200		62,131
Marudai Food Co., Ltd.		38,000		180,222
Marufuji Sheet Piling Co., Ltd.		1,300		39,185
Maruha Nichiro Corp.		13,900		409,087
Maruka Machinery Co., Ltd.		900		15,258

BHFTII-76

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Marusan Securities Co., Ltd.		7,600	$	62,793
Maruwa Co., Ltd.		3,700		210,280
Maruyama Manufacturing Co., Inc.		1,500		24,587
Maruzen CHI Holdings Co., Ltd. (a)		11,900		37,652
Maruzen Showa Unyu Co., Ltd.		23,000		107,980
Marvelous, Inc. (e)		9,500		80,722
Matsuda Sangyo Co., Ltd.		5,900		85,059
Matsui Construction Co., Ltd.		7,800		68,849
Matsui Securities Co., Ltd.		2,000		15,085
Matsuya Foods Co., Ltd.		2,500		94,921
Max Co., Ltd.		11,000		152,546
Maxvalu Nishinihon Co., Ltd.		2,400		35,998
Maxvalu Tokai Co., Ltd.		4,100		79,976
MCJ Co., Ltd.		4,300		46,562
MEC Co., Ltd.		5,800		95,658
Media Do Holdings Co., Ltd.		1,000		22,775
Medical System Network Co., Ltd.		5,300		23,936
Megmilk Snow Brand Co., Ltd.		8,000		217,423
Meidensha Corp. (e)		58,000		221,726
Meiji Shipping Co., Ltd.		8,500		32,659
Meiko Electronics Co., Ltd.		7,500		141,811
Meiko Network Japan Co., Ltd.		7,200		102,343
Meisei Industrial Co., Ltd.		13,500		90,137
Meitec Corp.		8,900		446,336
Meito Sangyo Co., Ltd.		3,000		38,650
Meiwa Corp.		8,100		33,560
Meiwa Estate Co., Ltd.		5,200		42,312
Melco Holdings, Inc.		4,500		143,476
Menicon Co., Ltd.		900		35,646
Michinoku Bank, Ltd. (The)		5,700		98,207
Micronics Japan Co., Ltd.		8,600		79,360
Mie Bank, Ltd. (The)		4,300		100,796
Mikuni Corp.		3,000		14,813
Milbon Co., Ltd.		3,660		222,252
Mimasu Semiconductor Industry Co., Ltd.		6,800		109,459
Minato Bank, Ltd. (The)		6,300		114,469
Ministop Co., Ltd.		5,400		104,899
Miraial Co., Ltd.		2,900		38,676
Mirait Holdings Corp.		22,200		267,038
Miroku Jyoho Service Co., Ltd.		5,900		137,206
Misawa Homes Co., Ltd.		6,700		56,222
Mitani Corp.		7,800		284,269
Mitani Sekisan Co., Ltd.		4,100		93,345
Mito Securities Co., Ltd.		24,000		75,607
Mitsuba Corp.		12,300		190,910
Mitsubishi Nichiyu Forklift Co., Ltd.		8,000		57,193
Mitsubishi Paper Mills, Ltd. (a)		12,000		80,901
Mitsubishi Pencil Co., Ltd.		11,800		296,131
Mitsubishi Research Institute, Inc.		2,000		58,936
Mitsubishi Shokuhin Co., Ltd.		4,800		140,213
Mitsubishi Steel Manufacturing Co., Ltd.		5,900		150,772
Mitsuboshi Belting, Ltd.		17,000		205,588
Mitsui Engineering & Shipbuilding Co., Ltd.		30,000		392,012
Mitsui High-Tec, Inc.		9,500		197,178
Mitsui Home Co., Ltd.		9,000		58,638
Mitsui Matsushima Co., Ltd.		5,200		70,095
Mitsui Mining & Smelting Co., Ltd.		17,500		907,089
Japan—(Continued)
Mitsui Sugar Co., Ltd.		6,100		205,659
Mitsui-Soko Holdings Co., Ltd. (a)		37,000		109,232
Mitsumura Printing Co., Ltd.		500		10,899
Mitsuuroko Group Holdings Co., Ltd.		12,900		95,203
Miyaji Engineering Group, Inc.		1,800		49,713
Miyazaki Bank, Ltd. (The)		6,000		217,754
Miyoshi Oil & Fat Co., Ltd.		2,800		36,644
Mizuno Corp.		6,600		187,440
Mochida Pharmaceutical Co., Ltd.		3,500		258,120
Modec, Inc.		3,000		72,483
Monex Group, Inc.		73,600		197,749
Money Partners Group Co., Ltd.		7,100		28,869
Monogatari Corp. (The)		1,700		110,045
MORESCO Corp.		2,500		48,012
Morinaga Milk Industry Co., Ltd.		10,400		397,460
Morita Holdings Corp.		11,200		174,138
Morozoff, Ltd.		900		57,967
Mory Industries, Inc.		2,800		64,978
Mr. Max Holdings, Ltd.		10,500		50,600
MTI, Ltd.		9,200		55,391
Mugen Estate Co., Ltd.		400		3,958
Murakami Corp.		3,000		73,666
Musashi Seimitsu Industry Co., Ltd.		7,900		246,611
Musashino Bank, Ltd. (The)		11,200		333,371
Mutoh Holdings Co., Ltd.		900		20,746
N Field Co., Ltd.		1,300		20,560
NAC Co., Ltd.		3,600		31,374
Nachi-Fujikoshi Corp.		60,000		338,030
Nafco Co., Ltd.		1,400		21,475
Nagaileben Co., Ltd.		5,600		141,191
Nagano Bank, Ltd. (The)		3,500		61,290
Nagano Keiki Co., Ltd.		4,200		44,665
Nagase & Co., Ltd.		2,600		43,573
Nagatanien Holdings Co., Ltd.		8,000		92,671
Nagawa Co., Ltd.		2,800		106,766
Nakabayashi Co., Ltd.		5,500		32,865
Nakamuraya Co., Ltd.		1,600		72,114
Nakanishi, Inc.		4,100		185,502
Nakano Corp.		4,000		21,871
Nakayama Steel Works, Ltd.		6,300		40,828
Nakayamafuku Co., Ltd.		2,000		13,756
Namura Shipbuilding Co., Ltd.		18,956		112,255
Nanto Bank, Ltd. (The)		9,200		258,533
Narasaki Sangyo Co., Ltd.		4,000		12,126
Natori Co., Ltd.		2,600		45,924
NDS Co., Ltd.		2,200		69,222
NEC Capital Solutions, Ltd.		3,800		73,030
NEC Networks & System Integration Corp.		7,800		186,691
NET One Systems Co., Ltd.		31,600		334,276
Neturen Co., Ltd.		9,800		98,632
New Japan Chemical Co., Ltd. (a)		9,900		25,887
New Japan Radio Co., Ltd. (a)		6,000		45,239
Nexyz Group Corp.		1,300		24,400
Nice Holdings, Inc.		3,100		42,858
Nichi-iko Pharmaceutical Co., Ltd. (e)		13,200		205,258
Nichia Steel Works, Ltd.		13,000		36,592
Nichias Corp.		33,000		408,695

BHFTII-77

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nichiban Co., Ltd.		4,000	$	82,877
Nichicon Corp.		20,100		248,219
Nichiden Corp.		5,200		106,894
Nichiha Corp.		9,600		360,412
NichiiGakkan Co., Ltd.		11,800		121,625
Nichimo Co., Ltd.		1,600		28,674
Nichireki Co., Ltd.		9,000		114,889
Nihon Chouzai Co., Ltd.		1,660		53,362
Nihon Dempa Kogyo Co., Ltd.		7,600		59,409
Nihon Eslead Corp.		2,700		52,118
Nihon House Holdings Co., Ltd.		15,000		87,042
Nihon Kagaku Sangyo Co., Ltd.		3,000		58,794
Nihon Kohden Corp.		4,400		95,184
Nihon Nohyaku Co., Ltd.		14,000		78,587
Nihon Parkerizing Co., Ltd.		31,600		505,755
Nihon Plast Co., Ltd.		2,500		27,119
Nihon Tokushu Toryo Co., Ltd.		2,200		37,695
Nihon Trim Co., Ltd.		1,300		57,157
Nihon Unisys, Ltd.		16,900		271,088
Nihon Yamamura Glass Co., Ltd.		38,000		67,233
Nikkato Corp.		300		1,629
Nikkiso Co., Ltd.		18,600		172,921
Nikko Co., Ltd.		1,800		35,350
Nikkon Holdings Co., Ltd.		22,600		559,178
Nippon Air Conditioning Services Co., Ltd.		9,600		61,359
Nippon Beet Sugar Manufacturing Co., Ltd.		4,500		97,112
Nippon Carbide Industries Co., Inc.		2,300		50,915
Nippon Carbon Co., Ltd.		3,900		152,546
Nippon Ceramic Co., Ltd.		5,200		146,500
Nippon Chemi-Con Corp.		5,900		209,586
Nippon Chemical Industrial Co., Ltd.		3,000		71,186
Nippon Chemiphar Co., Ltd.		800		36,198
Nippon Coke & Engineering Co., Ltd.		71,000		73,841
Nippon Concrete Industries Co., Ltd.		14,000		55,265
Nippon Denko Co., Ltd.		43,865		175,833
Nippon Densetsu Kogyo Co., Ltd.		12,500		263,139
Nippon Felt Co., Ltd.		8,600		38,524
Nippon Filcon Co., Ltd.		5,200		34,188
Nippon Fine Chemical Co., Ltd.		4,300		36,215
Nippon Flour Mills Co., Ltd.		22,500		343,559
Nippon Gas Co., Ltd.		9,600		298,386
Nippon Hume Corp.		8,200		50,603
Nippon Kanzai Co., Ltd.		4,800		85,468
Nippon Kinzoku Co., Ltd.		1,900		53,808
Nippon Kodoshi Corp.		1,600		36,172
Nippon Koei Co., Ltd.		5,000		170,353
Nippon Koshuha Steel Co., Ltd.		3,100		31,246
Nippon Light Metal Holdings Co., Ltd.		198,000		563,276
Nippon Paper Industries Co., Ltd.		7,000		130,358
Nippon Parking Development Co., Ltd.		65,100		96,192
Nippon Pillar Packing Co., Ltd.		6,500		98,495
Nippon Piston Ring Co., Ltd.		3,200		69,819
Nippon Rietec Co., Ltd.		5,800		63,517
Nippon Road Co., Ltd. (The)		2,700		149,592
Nippon Seiki Co., Ltd.		15,000		306,722
Nippon Seisen Co., Ltd.		1,200		52,906
Nippon Sharyo, Ltd. (a)		26,000		69,824
Japan—(Continued)
Nippon Sheet Glass Co., Ltd. (a)		33,000		256,870
Nippon Signal Co., Ltd.		18,700		201,248
Nippon Soda Co., Ltd.		46,000		279,958
Nippon Steel & Sumikin Bussan Corp.		5,196		287,110
Nippon Suisan Kaisha, Ltd.		80,500		451,372
Nippon Systemware Co., Ltd.		1,300		24,799
Nippon Thompson Co., Ltd.		23,200		128,987
Nippon Valqua Industries, Ltd.		6,000		147,124
Nippon Yakin Kogyo Co., Ltd. (a)		54,000		112,422
Nipro Corp.		24,900		343,178
Nishi-Nippon Railroad Co., Ltd. (e)		12,200		293,627
Nishikawa Rubber Co., Ltd.		1,200		24,502
Nishimatsu Construction Co., Ltd.		19,400		560,527
Nishimatsuya Chain Co., Ltd.		8,800		98,600
Nishio Rent All Co., Ltd.		4,400		146,527
Nissan Shatai Co., Ltd.		1,300		14,365
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		41,569
Nissei ASB Machine Co., Ltd.		2,100		84,539
Nissei Build Kogyo Co., Ltd.		9,000		97,626
Nissei Corp.		3,700		35,245
Nissei Plastic Industrial Co., Ltd.		6,000		79,010
Nissha Printing Co., Ltd.		8,700		236,471
Nisshin Fudosan Co.		12,300		83,573
Nisshin Oillio Group, Ltd. (The)		10,200		334,627
Nisshin Steel Co., Ltd.		6,196		79,309
Nisshinbo Holdings, Inc. (e)		47,000		556,417
Nissin Corp.		6,000		156,058
Nissin Electric Co., Ltd.		14,800		182,339
Nissin Kogyo Co., Ltd.		15,200		272,169
Nissui Pharmaceutical Co., Ltd.		5,100		63,754
Nitta Corp.		6,800		247,428
Nitta Gelatin, Inc.		4,500		30,439
Nittan Valve Co., Ltd.		6,300		22,686
Nittetsu Mining Co., Ltd.		2,200		160,831
Nitto Boseki Co., Ltd.		9,800		301,468
Nitto FC Co., Ltd.		4,500		34,447
Nitto Fuji Flour Milling Co., Ltd.		400		14,087
Nitto Kogyo Corp.		9,000		159,351
Nitto Kohki Co., Ltd.		4,100		100,081
Nitto Seiko Co., Ltd.		12,500		71,781
Nittoc Construction Co., Ltd.		11,050		56,685
Nittoku Engineering Co., Ltd.		5,200		221,278
NJS Co., Ltd.		3,300		40,973
Noevir Holdings Co., Ltd.		4,800		264,519
NOF Corp.		23,500		664,774
Nohmi Bosai, Ltd.		7,000		110,495
Nojima Corp.		4,200		85,204
Nomura Co., Ltd.		12,000		266,842
Noritake Co., Ltd.		4,200		200,936
Noritsu Koki Co., Ltd.		4,000		50,371
Noritz Corp.		11,400		204,982
North Pacific Bank, Ltd.		122,400		387,472
NS Solutions Corp.		10,200		225,073
NS United Kaiun Kaisha, Ltd.		4,100		89,867
NSD Co., Ltd.		10,670		198,065
Nuflare Technology, Inc.		800		43,261
Obara Group, Inc.		4,400		249,273

BHFTII-78

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Odelic Co., Ltd.		1,000	$	45,245
Oenon Holdings, Inc.		21,000		58,064
Ogaki Kyoritsu Bank, Ltd. (The)		12,500		350,125
Ohara, Inc.		2,900		56,942
Ohashi Technica, Inc.		4,600		63,138
Ohsho Food Service Corp.		3,600		144,808
Oiles Corp.		8,000		148,350
Oita Bank, Ltd. (The)		5,700		236,800
Okabe Co., Ltd.		14,000		132,097
Okamoto Industries, Inc.		16,000		167,146
Okamoto Machine Tool Works, Ltd.		1,400		37,189
Okamura Corp.		26,300		300,520
Okasan Securities Group, Inc.		29,000		166,727
Okaya Electric Industries Co., Ltd.		8,900		44,404
Oki Electric Industry Co., Ltd.		22,700		302,528
Okinawa Cellular Telephone Co.		4,400		152,912
Okinawa Electric Power Co., Inc. (The)		13,507		297,203
OKK Corp.		3,100		36,431
OKUMA Corp.		8,600		471,587
Okumura Corp.		11,400		435,967
Okura Industrial Co., Ltd.		15,000		108,862
Okuwa Co., Ltd.		10,000		103,222
Olympic Group Corp.		4,900		26,018
ONO Sokki Co., Ltd.		4,200		27,701
Onoken Co., Ltd.		6,500		108,910
Onward Holdings Co., Ltd.		49,000		372,532
Open House Co., Ltd.		6,500		227,112
OPT Holding, Inc.		4,700		49,807
Optex Group Co., Ltd.		4,700		175,917
Organo Corp.		2,800		69,403
Origin Electric Co., Ltd.		3,400		63,005
Osaka Organic Chemical Industry, Ltd.		5,900		72,950
Osaka Soda Co., Ltd.		5,000		129,388
Osaka Steel Co., Ltd.		5,900		133,903
OSAKA Titanium Technologies Co., Ltd.		2,600		37,797
Osaki Electric Co., Ltd.		11,000		85,390
OSG Corp.		19,600		447,145
Otsuka Kagu, Ltd. (e)		5,500		44,477
OUG Holdings, Inc.		700		17,429
Outsourcing, Inc.		15,500		215,650
Oyo Corp.		7,400		114,742
Pacific Industrial Co., Ltd.		16,700		222,996
Pacific Metals Co., Ltd. (a) (e)		6,100		155,884
Pack Corp. (The)		4,600		163,596
Pal Group Holdings Co., Ltd.		3,800		118,183
Paltac Corp.		10,250		400,544
Paramount Bed Holdings Co., Ltd.		6,000		257,851
Parco Co., Ltd.		8,100		99,353
Paris Miki Holdings, Inc.		10,600		45,319
Pasco Corp.		6,000		18,596
Pasona Group, Inc.		6,200		68,466
Penta-Ocean Construction Co., Ltd.		90,500		571,202
PIA Corp.		300		14,252
Pilot Corp.		9,900		473,791
Piolax, Inc.		10,500		297,549
Pioneer Corp. (a)		117,700		218,772
Plenus Co., Ltd.		7,800		172,464
Japan—(Continued)
Press Kogyo Co., Ltd.		37,000		202,809
Pressance Corp.		10,400		140,856
Prestige International, Inc.		13,400		133,743
Prima Meat Packers, Ltd.		48,000		325,925
Pronexus, Inc.		6,700		79,721
Proto Corp.		4,400		79,264
PS Mitsubishi Construction Co., Ltd.		8,800		50,225
Qol Co., Ltd.		3,400		59,529
Raito Kogyo Co., Ltd.		16,900		168,086
Rasa Industries, Ltd.		2,600		46,883
Renaissance, Inc.		2,800		42,946
Rengo Co., Ltd.		72,300		429,986
Renown, Inc. (a) (e)		29,200		52,791
Resort Solution Co., Ltd.		400		13,797
Retail Partners Co., Ltd.		1,300		15,392
Rheon Automatic Machinery Co., Ltd.		5,000		77,542
Rhythm Watch Co., Ltd.		2,500		52,304
Riberesute Corp.		4,300		34,609
Ricoh Leasing Co., Ltd.		5,600		210,614
Right On Co., Ltd. (e)		5,900		50,012
Riken Corp.		3,500		180,472
Riken Keiki Co., Ltd.		6,000		120,513
Riken Technos Corp.		15,000		91,527
Riken Vitamin Co., Ltd.		2,700		102,100
Ringer Hut Co., Ltd.		4,200		95,418
Rion Co., Ltd.		2,200		44,520
Riso Kagaku Corp.		9,458		172,234
Riso Kyoiku Co., Ltd.		11,590		90,325
Rock Field Co., Ltd.		6,600		117,156
Rokko Butter Co., Ltd.		3,600		77,001
Roland DG Corp.		3,000		76,870
Round One Corp.		24,800		334,338
Royal Holdings Co., Ltd.		9,000		226,653
Ryobi, Ltd.		9,400		253,439
Ryoden Corp.		4,500		68,176
Ryosan Co., Ltd.		10,800		430,020
Ryoyo Electro Corp.		7,800		138,774
S Foods, Inc.		4,100		159,226
S&B Foods, Inc.		600		43,833
Sac’s Bar Holdings, Inc.		6,850		88,831
Saibu Gas Co., Ltd.		12,200		306,442
Saizeriya Co., Ltd.		10,300		283,425
Sakai Chemical Industry Co., Ltd.		6,000		153,682
Sakai Heavy Industries, Ltd.		1,400		42,766
Sakai Moving Service Co., Ltd.		2,600		137,281
Sakai Ovex Co., Ltd.		1,600		33,130
Sakata INX Corp.		11,800		217,961
Sakura Internet, Inc.		1,600		12,534
Sala Corp.		12,900		110,759
SAMTY Co., Ltd.		2,600		41,470
San Holdings, Inc.		1,400		33,972
San-A Co., Ltd.		5,700		253,863
San-Ai Oil Co., Ltd.		20,000		221,854
San-In Godo Bank, Ltd. (The)		59,000		511,775
Sanden Holdings Corp. (a)		8,400		166,923
Sanei Architecture Planning Co., Ltd.		3,500		70,504
Sangetsu Corp.		20,500		352,446

BHFTII-79

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Sanken Electric Co., Ltd.		37,000	$	203,553
Sanki Engineering Co., Ltd.		17,900		200,870
Sanko Marketing Foods Co., Ltd.		3,100		27,274
Sanko Metal Industrial Co., Ltd.		1,000		31,068
Sankyo Frontier Co., Ltd.		1,000		25,024
Sankyo Seiko Co., Ltd.		13,400		50,155
Sankyo Tateyama, Inc.		9,600		136,720
Sankyu, Inc. (e)		17,200		728,228
Sanoh Industrial Co., Ltd.		10,100		84,613
Sanrio Co., Ltd. (e)		5,400		102,694
Sanshin Electronics Co., Ltd.		8,500		126,182
Sanwa Holdings Corp.		8,100		92,972
Sanyo Chemical Industries, Ltd.		4,200		244,666
Sanyo Denki Co., Ltd.		3,200		180,776
Sanyo Electric Railway Co., Ltd.		4,000		100,457
Sanyo Housing Nagoya Co., Ltd.		3,000		28,895
Sanyo Industries, Ltd.		1,300		25,748
Sanyo Shokai, Ltd.		5,100		77,793
Sanyo Special Steel Co., Ltd.		8,600		220,598
Sapporo Holdings, Ltd.		13,000		350,815
Sata Construction Co., Ltd.		2,600		10,782
Sato Holdings Corp.		6,900		163,332
Sato Shoji Corp.		6,500		67,546
Satori Electric Co., Ltd.		5,500		48,774
Sawada Holdings Co., Ltd.		10,300		92,187
Saxa Holdings, Inc.		2,400		44,287
SBS Holdings, Inc.		6,900		53,501
Scroll Corp.		13,100		45,536
SEC Carbon, Ltd.		700		32,401
Secom Joshinetsu Co., Ltd.		900		28,717
Seibu Electric Industry Co., Ltd.		2,400		52,665
Seika Corp.		4,200		114,493
Seikitokyu Kogyo Co., Ltd.		12,500		72,801
Seiko Holdings Corp.		8,800		198,182
Seiren Co., Ltd.		19,100		352,191
Sekisui Jushi Corp.		10,200		189,138
Sekisui Plastics Co., Ltd.		10,300		129,811
Senko Group Holdings Co., Ltd.		31,000		221,125
Senshu Electric Co., Ltd.		2,400		53,218
Senshu Ikeda Holdings, Inc.		84,000		323,542
Senshukai Co., Ltd.		11,000		67,393
Septeni Holdings Co., Ltd. (e)		27,500		75,709
Shibaura Electronics Co., Ltd.		2,800		112,846
Shibaura Mechatronics Corp.		9,000		33,373
Shibusawa Warehouse Co., Ltd. (The)		4,200		74,984
Shibuya Corp.		5,400		175,550
Shidax Corp.		9,600		37,711
Shiga Bank, Ltd. (The)		89,000		495,602
Shikibo, Ltd.		4,700		71,927
Shikoku Bank, Ltd. (The)		14,000		211,980
Shikoku Chemicals Corp.		13,000		196,721
Shima Seiki Manufacturing, Ltd.		9,000		474,081
Shimachu Co., Ltd.		19,600		516,213
Shimane Bank, Ltd. (The)		2,500		29,310
Shimizu Bank, Ltd. (The)		3,400		108,860
Shimojima Co., Ltd.		6,300		64,677
Shin Nippon Air Technologies Co., Ltd.		4,600		66,190
Japan—(Continued)
Shin-Etsu Polymer Co., Ltd.		16,900		153,392
Shin-Keisei Electric Railway Co., Ltd.		3,800		71,952
Shinagawa Refractories Co., Ltd.		2,000		66,587
Shindengen Electric Manufacturing Co., Ltd.		2,800		179,236
Shinkawa, Ltd. (a)		5,300		38,047
Shinko Electric Industries Co., Ltd.		27,600		186,023
Shinko Plantech Co., Ltd.		16,100		141,285
Shinko Shoji Co., Ltd.		7,700		136,890
Shinko Wire Co., Ltd.		1,200		18,667
Shinmaywa Industries, Ltd.		34,000		308,815
Shinnihon Corp.		10,200		78,712
Shinoken Group Co., Ltd.		1,600		35,788
Shinsho Corp.		1,400		49,166
Shinwa Co., Ltd.		3,900		79,185
Ship Healthcare Holdings, Inc.		14,200		438,709
Shizuki Electric Co., Inc.		8,000		57,046
Shizuoka Gas Co., Ltd.		21,300		168,734
Shobunsha Publications, Inc.		4,800		30,844
Shochiku Co., Ltd.		300		42,772
Shoei Foods Corp.		4,300		177,183
Shofu, Inc.		3,900		45,641
Shoko Co., Ltd. (a)		19,000		18,433
Showa Aircraft Industry Co., Ltd.		4,000		49,473
Showa Corp.		17,600		216,927
Showa Sangyo Co., Ltd.		6,600		170,650
Siix Corp.		4,800		211,221
Sinanen Holdings Co., Ltd.		2,900		59,806
Sinfonia Technology Co., Ltd.		42,000		180,740
Sinko Industries, Ltd.		6,400		107,300
Sintokogio, Ltd.		16,800		182,052
SKY Perfect JSAT Holdings, Inc.		29,800		133,306
SMK Corp.		23,000		106,349
SMS Co., Ltd.		7,300		232,674
SNT Corp.		7,800		52,348
Soda Nikka Co., Ltd.		7,000		36,379
Sodick Co., Ltd.		16,800		207,998
Soft99 Corp.		5,100		45,379
Softbank Technology Corp.		3,200		53,397
Software Service, Inc.		1,200		53,448
Sogo Medical Co., Ltd.		2,400		109,731
Sosei Group Corp. (a) (e)		800		67,818
Sotoh Co., Ltd.		3,100		31,975
Space Co., Ltd.		4,600		69,297
Sparx Group Co., Ltd.		35,900		66,092
SPK Corp.		1,700		47,699
SRA Holdings		3,100		82,232
Srg Takamiya Co., Ltd.		5,200		30,374
ST Corp.		4,200		93,760
St. Marc Holdings Co., Ltd.		5,100		150,233
Star Mica Co., Ltd.		1,600		23,944
Star Micronics Co., Ltd.		4,400		75,817
Starts Corp., Inc.		5,800		149,384
Starzen Co., Ltd.		2,500		122,223
Stella Chemifa Corp.		3,600		153,310
Step Co., Ltd.		4,100		53,542
Striders Corp. (a)		1,600		8,365
Studio Alice Co., Ltd.		2,900		70,278

BHFTII-80

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Subaru Enterprise Co., Ltd.		100	$	6,090
Sugimoto & Co., Ltd.		3,800		56,712
Sumida Corp.		6,300		122,816
Suminoe Textile Co., Ltd.		23,000		72,617
Sumitomo Bakelite Co., Ltd.		68,000		501,273
Sumitomo Densetsu Co., Ltd.		5,400		100,041
Sumitomo Mitsui Construction Co., Ltd.		52,060		300,820
Sumitomo Osaka Cement Co., Ltd. (e)		142,000		628,993
Sumitomo Precision Products Co., Ltd.		12,000		37,397
Sumitomo Riko Co., Ltd.		15,300		154,085
Sumitomo Seika Chemicals Co., Ltd.		3,200		153,069
Sumitomo Warehouse Co., Ltd. (The)		53,000		352,982
Sun Frontier Fudousan Co., Ltd.		7,600		82,141
Sun-Wa Technos Corp.		3,900		72,680
Suncall Corp.		8,300		51,735
SWCC Showa Holdings Co., Ltd. (a)		7,600		69,813
Systena Corp.		5,600		139,736
T Hasegawa Co., Ltd.		8,400		161,003
T RAD Co., Ltd.		2,900		112,282
T&K Toka Co., Ltd.		8,600		101,646
T-Gaia Corp.		8,400		163,280
Tabuchi Electric Co., Ltd. (a)		8,900		22,931
Tachi-S Co., Ltd.		10,300		190,886
Tachibana Eletech Co., Ltd.		5,640		91,122
Tadano, Ltd.		38,000		444,729
Taihei Dengyo Kaisha, Ltd.		6,000		158,326
Taiheiyo Kouhatsu, Inc.		2,100		18,741
Taiho Kogyo Co., Ltd.		6,400		97,279
Taikisha, Ltd.		9,100		250,831
Taiko Bank, Ltd. (The)		3,100		68,979
Taiko Pharmaceutical Co., Ltd.		2,300		47,838
Taisei Lamick Co., Ltd.		2,200		59,184
Taiyo Holdings Co., Ltd.		5,300		247,023
Taiyo Yuden Co., Ltd.		26,600		396,227
Takachiho Koheki Co., Ltd.		400		3,959
Takamatsu Construction Group Co., Ltd.		5,400		149,849
Takano Co., Ltd.		4,600		48,057
Takaoka Toko Co., Ltd.		4,365		77,964
Takara Holdings, Inc.		26,000		237,493
Takara Leben Co., Ltd.		28,600		139,888
Takara Printing Co., Ltd.		3,100		46,134
Takara Standard Co., Ltd.		14,400		248,861
Takasago International Corp.		5,400		185,792
Takasago Thermal Engineering Co., Ltd.		16,800		277,604
Takashima & Co., Ltd.		2,500		50,177
Take And Give Needs Co., Ltd.		4,010		30,199
Takeei Corp.		8,200		88,301
Takeuchi Manufacturing Co., Ltd.		10,000		209,487
Takihyo Co., Ltd.		2,000		41,123
Takisawa Machine Tool Co., Ltd.		2,200		39,609
Takuma Co., Ltd.		25,000		304,132
Tama Home Co., Ltd.		5,900		38,792
Tamron Co., Ltd.		6,000		115,956
Tamura Corp.		26,000		158,005
Tanseisha Co., Ltd.		11,750		144,684
Tatsuta Electric Wire and Cable Co., Ltd.		17,000		129,707
Tayca Corp.		6,000		117,604
Japan—(Continued)
TBK Co., Ltd.		8,000		35,559
Teac Corp. (a)		40,000		15,285
TECHNO ASSOCIE Co., Ltd.		300		3,420
Techno Medica Co., Ltd.		2,400		41,379
Techno Ryowa, Ltd.		4,800		34,146
Tecnos Japan, Inc.		2,000		19,681
Teikoku Electric Manufacturing Co., Ltd.		6,800		70,808
Teikoku Sen-I Co., Ltd.		6,900		140,656
Teikoku Tsushin Kogyo Co., Ltd.		3,000		30,433
Tenma Corp.		6,200		125,654
Teraoka Seisakusho Co., Ltd.		200		1,071
Tigers Polymer Corp.		2,200		15,590
TKC Corp.		6,700		205,532
Toa Corp.		9,600		101,126
Toa Corp. (a)		5,800		113,084
Toa Oil Co., Ltd.		32,000		43,527
TOA ROAD Corp.		1,800		69,717
Toabo Corp.		3,400		17,769
Toagosei Co., Ltd.		37,000		496,003
Tobishima Corp.		55,600		80,564
Tobu Store Co., Ltd.		1,100		30,406
TOC Co., Ltd.		15,800		139,178
Tocalo Co., Ltd.		4,800		185,800
Tochigi Bank, Ltd. (The)		38,200		163,114
Toda Corp.		78,000		608,356
Toda Kogyo Corp.		1,100		48,037
Toei Animation Co., Ltd.		1,800		186,605
Toei Co., Ltd.		2,500		277,814
Toenec Corp.		3,200		95,607
Toho Bank, Ltd. (The)		83,000		312,295
Toho Co., Ltd.		2,700		64,763
Toho Holdings Co., Ltd.		19,600		375,804
Toho Zinc Co., Ltd.		5,000		215,603
Tohoku Bank, Ltd. (The)		4,700		63,367
Tohokushinsha Film Corp.		4,800		31,609
Tohto Suisan Co., Ltd.		1,400		24,241
Tokai Carbon Co., Ltd.		68,000		640,368
Tokai Corp.		3,900		166,915
TOKAI Holdings Corp.		23,700		183,317
Tokai Lease Co., Ltd.		1,600		30,132
Tokai Rika Co., Ltd.		8,800		174,302
Tokai Tokyo Financial Holdings, Inc.		34,400		204,183
Token Corp.		2,460		292,804
Tokushu Tokai Paper Co., Ltd.		3,300		129,102
Tokuyama Corp. (e)		21,200		502,349
Tokyo Dome Corp.		31,000		286,751
Tokyo Electron Device, Ltd.		2,400		45,430
Tokyo Energy & Systems, Inc.		8,000		86,056
Tokyo Individualized Educational Institute, Inc.		1,400		12,562
Tokyo Keiki, Inc.		4,200		58,657
Tokyo Ohka Kogyo Co., Ltd.		13,100		465,887
Tokyo Rakutenchi Co., Ltd.		1,300		66,784
Tokyo Rope Manufacturing Co., Ltd.		4,600		69,452
Tokyo Sangyo Co., Ltd.		12,000		52,973
Tokyo Seimitsu Co., Ltd.		13,800		489,568
Tokyo Steel Manufacturing Co., Ltd.		36,800		303,471
Tokyo Tekko Co., Ltd.		3,400		68,586

BHFTII-81

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Tokyo Theatres Co., Inc.		2,900	$	38,022
Tokyo TY Financial Group, Inc.		9,724		249,024
Tokyotokeiba Co., Ltd.		3,100		93,351
Tokyu Construction Co., Ltd.		2,900		23,804
Tokyu Recreation Co., Ltd.		6,000		45,678
Toli Corp.		20,000		70,792
Tomato Bank, Ltd.		4,200		56,341
Tomen Devices Corp.		1,500		40,873
Tomoe Corp.		12,500		46,646
Tomoe Engineering Co., Ltd.		2,100		40,418
Tomoegawa Co., Ltd.		12,000		35,008
Tomoku Co., Ltd.		5,400		94,781
TOMONY Holdings, Inc.		56,900		257,650
Tomy Co., Ltd.		22,400		309,742
Tonami Holdings Co., Ltd.		2,200		106,533
Topcon Corp.		11,500		202,830
Toppan Forms Co., Ltd.		19,800		210,175
Topre Corp.		11,900		365,785
Topy Industries, Ltd.		6,800		227,434
Toridolll Holdings Corp.		6,900		207,996
Torigoe Co., Ltd. (The)		7,100		55,031
Torii Pharmaceutical Co., Ltd.		3,600		102,441
Torishima Pump Manufacturing Co., Ltd.		7,700		81,544
Tosei Corp.		13,200		115,936
Toshiba Machine Co., Ltd.		42,000		229,888
Toshiba Plant Systems & Services Corp.		14,100		237,482
Toshiba TEC Corp.		13,000		71,652
Tosho Co., Ltd.		4,800		118,143
Tosho Printing Co., Ltd.		7,000		66,942
Totetsu Kogyo Co., Ltd.		8,400		276,769
Tottori Bank, Ltd. (The)		3,700		56,465
Toukei Computer Co., Ltd.		1,400		38,023
Tow Co., Ltd.		3,600		26,530
Towa Bank, Ltd. (The)		11,500		123,358
Towa Corp. (e)		8,000		126,425
Towa Pharmaceutical Co., Ltd.		2,800		141,378
Toyo Construction Co., Ltd.		25,499		117,204
Toyo Corp.		9,600		87,083
Toyo Denki Seizo KK		3,200		70,827
Toyo Engineering Corp.		7,600		92,728
Toyo Ink SC Holdings Co., Ltd.		76,000		427,914
Toyo Kanetsu KK		3,800		141,557
Toyo Kohan Co., Ltd.		16,000		74,543
Toyo Machinery & Metal Co., Ltd.		6,000		46,513
Toyo Securities Co., Ltd.		23,000		55,444
Toyo Sugar Refining Co., Ltd.		900		9,827
Toyo Tanso Co., Ltd.		4,600		109,880
Toyo Wharf & Warehouse Co., Ltd.		2,500		43,425
Toyobo Co., Ltd.		33,200		632,752
TPR Co., Ltd.		7,300		245,213
Trancom Co., Ltd.		2,300		126,373
Transcosmos, Inc.		7,700		177,629
Trusco Nakayama Corp.		12,600		307,211
Trust Tech, Inc.		3,000		83,039
TS Tech Co., Ltd.		2,600		87,450
TSI Holdings Co., Ltd.		28,205		224,763
Tsubakimoto Chain Co.		45,000		359,699
Japan—(Continued)
Tsubakimoto Kogyo Co., Ltd.		1,600		40,243
Tsudakoma Corp. (a)		16,000		28,374
Tsugami Corp.		19,000		160,332
Tsukada Global Holdings, Inc.		7,200		35,964
Tsukamoto Corp. Co., Ltd.		2,100		23,517
Tsukishima Kikai Co., Ltd.		8,600		104,185
Tsukuba Bank, Ltd.		34,500		115,701
Tsukui Corp.		18,800		130,064
Tsurumi Manufacturing Co., Ltd.		6,100		108,761
Tsutsumi Jewelry Co., Ltd.		3,200		55,293
TTK Co., Ltd.		4,000		18,529
TV Asahi Holdings Corp.		600		11,991
TV Tokyo Holdings Corp.		3,700		76,602
TYK Corp.		6,000		19,296
U-Shin, Ltd. (a) (e)		8,400		60,261
UACJ Corp.		10,685		304,516
Ube Industries, Ltd.		1,000		28,922
Uchida Yoko Co., Ltd.		4,200		138,635
Ueki Corp.		1,100		26,676
UKC Holdings Corp.		5,000		86,457
Uniden Holdings Corp. (a)		25,000		66,753
Union Tool Co.		3,400		105,813
Unipres Corp.		13,900		387,099
United Arrows, Ltd.		6,000		218,143
United Super Markets Holdings, Inc.		20,700		198,178
Unitika, Ltd. (a)		15,600		122,885
Universal Entertainment Corp.		3,000		88,266
Unizo Holdings Co., Ltd.		3,800		88,215
Ushio, Inc.		39,000		520,832
UT Group Co., Ltd. (a)		8,300		163,057
Utoc Corp.		5,100		23,031
V Technology Co., Ltd.		800		134,138
Valor Holdings Co., Ltd.		11,800		252,236
Vector, Inc.		1,200		17,094
VeriServe Corp.		500		15,835
Village Vanguard Co., Ltd.		2,300		23,694
Vital KSK Holdings, Inc.		14,200		118,005
Vitec Holdings Co., Ltd.		3,700		58,129
Voyage Group, Inc.		1,500		19,229
VT Holdings Co., Ltd.		24,300		139,148
W-Scope Corp. (e)		3,600		73,208
Wacoal Holdings Corp.		14,500		413,933
Wakachiku Construction Co., Ltd.		4,600		79,124
Wakamoto Pharmaceutical Co., Ltd.		9,000		22,806
Wakita & Co., Ltd.		15,300		184,819
Warabeya Nichiyo Holdings Co., Ltd.		5,000		127,938
WATAMI Co., Ltd. (e)		7,600		101,310
Weathernews, Inc.		2,100		66,636
Wellnet Corp.		4,600		48,721
West Holdings Corp.		7,200		50,244
WirelessGate, Inc.		1,000		11,553
Wood One Co., Ltd.		2,600		41,957
Wowow, Inc.		2,200		69,758
Xebio Holdings Co., Ltd.		8,700		170,432
Y.A.C. Holdings Co., Ltd.		3,900		39,594
Yachiyo Industry Co., Ltd.		3,900		48,443
Yahagi Construction Co., Ltd.		10,900		93,714

BHFTII-82

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Yaizu Suisankagaku Industry Co., Ltd.		4,400	$	46,583
YAMABIKO Corp.		12,800		176,005
Yamagata Bank, Ltd. (The) (e)		10,400		241,552
Yamaichi Electronics Co., Ltd.		8,200		151,530
Yamanashi Chuo Bank, Ltd. (The)		59,000		248,291
Yamatane Corp.		3,400		57,527
Yamato Corp.		6,600		42,269
Yamato International, Inc.		6,700		27,396
Yamato Kogyo Co., Ltd.		1,800		48,754
Yamaya Corp.		1,150		17,080
Yamazawa Co., Ltd.		1,000		15,488
Yamazen Corp.		19,500		211,095
Yaoko Co., Ltd.		5,200		240,727
Yashima Denki Co., Ltd.		7,500		61,954
Yasuda Logistics Corp.		7,400		59,478
Yellow Hat, Ltd.		5,800		164,451
Yodogawa Steel Works, Ltd.		7,600		208,249
Yokogawa Bridge Holdings Corp.		12,800		248,566
Yokohama Reito Co., Ltd.		16,800		158,314
Yokowo Co., Ltd.		5,200		66,799
Yomeishu Seizo Co., Ltd.		3,000		60,468
Yomiuri Land Co., Ltd.		1,300		54,877
Yondenko Corp.		1,600		44,377
Yondoshi Holdings, Inc.		4,600		131,072
Yorozu Corp.		7,900		168,951
Yoshinoya Holdings Co., Ltd.		13,600		224,437
Yuasa Funashoku Co., Ltd.		1,300		38,179
Yuasa Trading Co., Ltd.		5,800		205,053
Yuken Kogyo Co., Ltd.		1,700		40,115
Yuki Gosei Kogyo Co., Ltd.		6,000		15,870
Yumeshin Holdings Co., Ltd.		10,100		69,943
Yurtec Corp.		12,000		94,129
Yusen Logistics Co., Ltd.		7,100		64,920
Yushiro Chemical Industry Co., Ltd.		3,700		54,650
Yutaka Giken Co., Ltd.		600		13,276
Zappallas, Inc.		4,900		17,771
Zenrin Co., Ltd.		7,900		240,357
ZERIA Pharmaceutical Co., Ltd.		9,200		164,530
Zojirushi Corp.		9,800		94,027
Zuiko Corp.		1,000		33,571
Zuken, Inc.		5,400		82,012
				176,365,538
Jersey, Channel Islands—0.1%
Centamin plc		342,133		663,171
Liechtenstein—0.0%
Liechtensteinische Landesbank AG		2,973		149,443
VP Bank AG		358		48,043
				197,486
Luxembourg—0.3%
APERAM S.A.		21,182		1,110,266
B&M European Value Retail S.A.		136,852		710,818
L’Occitane International S.A.		38,500		83,969
				1,905,053
Macau—0.0%
Macau Legend Development, Ltd. (a)		359,000		58,861
Malaysia—0.0%
Nam Cheong, Ltd. (a) (b) (c) (d)		321,000		4,733
Opus International Consultants, Ltd.		4,000		5,029
				9,762
Malta—0.1%
Kindred Group plc		72,434		833,386
Monaco—0.1%
Endeavour Mining Corp. (a)		16,215		324,365
Netherlands—2.3%
Aalberts Industries NV		34,547		1,670,422
Accell Group		10,832		334,809
AMG Advanced Metallurgical Group NV		11,371		490,443
Amsterdam Commodities NV		6,535		191,484
Arcadis NV		34,103		736,014
ASM International NV		19,662		1,244,955
Atrium European Real Estate, Ltd. (a)		66,764		312,826
BE Semiconductor Industries NV		18,560		1,292,754
Beter Bed Holding NV		5,373		101,806
BinckBank NV		28,201		145,807
Boskalis Westminster		18,250		638,330
Brack Capital Properties NV (a)		1,353		147,408
Brunel International NV (e)		9,034		144,046
Corbion NV		20,382		656,863
Euronext NV		13,262		807,173
Flow Traders		1,749		47,027
Fugro NV (a)		18,901		267,514
Gemalto NV		19,133		854,895
Heijmans NV (a)		11,179		121,087
Hunter Douglas NV		2,423		201,193
IMCD Group NV		4,949		303,751
KAS Bank NV		6,580		76,995
Kendrion NV		3,947		172,609
Koninklijke BAM Groep NV		109,580		626,641
Koninklijke Vopak NV		9,768		429,039
Nederland Apparatenfabriek		2,241		105,534
New World Resources plc - A Shares (a) (b) (c) (d)		11,898		7
OCI NV (a)		3,381		79,245
Ordina NV		44,115		82,353
PostNL NV		167,288		720,978
Refresco Group NV		1,225		24,658
SBM Offshore NV		72,035		1,307,224
Sligro Food Group NV		10,629		489,906
SNS REAAL NV (a) (b) (c) (d)		105,329		0
Telegraaf Media Groep NV (a)		13,542		88,025
TKH Group NV		13,932		905,734
TomTom NV (a)		51,405		558,081
Van Lanschot NV		45		1,449
Wessanen		34,020		639,821
				17,018,906

BHFTII-83

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
New Zealand—0.9%
a2 Milk Co., Ltd. (a)		134,580	$	625,998
Abano Healthcare Group, Ltd.		880		5,911
Air New Zealand, Ltd.		205,023		499,604
Briscoe Group, Ltd.		13,123		30,806
Chorus, Ltd.		126,068		357,312
Contact Energy, Ltd.		32,077		127,524
Ebos Group, Ltd.		27,886		345,120
Freightways, Ltd.		43,770		246,160
Genesis Energy, Ltd.		64,870		112,070
Gentrack Group, Ltd.		6,656		25,129
Hallenstein Glasson Holdings, Ltd.		19,012		46,046
Heartland Bank, Ltd.		72,313		95,078
Infratil, Ltd.		173,171		390,480
Kathmandu Holdings, Ltd.		23,984		41,061
Mainfreight, Ltd.		25,123		452,332
Methven, Ltd.		19,898		15,091
Metlifecare, Ltd.		34,148		143,180
Metro Performance Glass, Ltd.		8,816		6,376
Michael Hill International, Ltd.		82,929		71,885
New Zealand Oil & Gas, Ltd. (a)		65,632		35,052
New Zealand Refining Co., Ltd. (The)		27,432		50,545
NZME, Ltd.		71,247		44,780
NZX, Ltd.		83,876		71,528
Pacific Edge, Ltd. (a)		17,353		5,897
PGG Wrightson, Ltd.		58,545		24,558
Port of Tauranga, Ltd.		111,814		345,795
Restaurant Brands New Zealand, Ltd.		55,036		271,400
Rubicon, Ltd. (a)		9,922		1,362
Sanford, Ltd.		314		1,747
Scales Corp., Ltd.		7,570		20,239
Skellerup Holdings, Ltd.		29,759		36,314
SKY Network Television, Ltd.		114,579		223,478
SKYCITY Entertainment Group, Ltd.		204,112		553,239
Summerset Group Holdings, Ltd.		25,600		93,928
Tilt Renewables, Ltd.		13,980		20,800
Tourism Holdings, Ltd.		4,866		17,434
TOWER, Ltd. (a)		59,836		36,338
Trade Me Group, Ltd.		106,241		350,912
Trustpower, Ltd.		13,980		55,442
Vector, Ltd.		94,508		223,241
Warehouse Group, Ltd. (The)		39,693		62,515
Xero, Ltd. (a)		15,760		351,778
Z Energy, Ltd.		8,722		46,399
				6,581,884
Norway—0.7%
ABG Sundal Collier Holding ASA		112,462		79,075
AF Gruppen ASA		945		17,264
Akastor ASA (a)		21,838		47,995
Aker Solutions ASA (a)		27,627		146,449
American Shipping Co. ASA (a)		12,027		34,767
Atea ASA (a)		22,644		298,529
Austevoll Seafood ASA		25,816		268,996
Bonheur ASA		10,311		108,087
Borregaard ASA		16,711		187,391
BW Offshore, Ltd. (a)		29,311		102,724
Norway—(Continued)
DNO ASA (a)		140,550		193,101
Ekornes ASA		10,741		152,579
Fred Olsen Energy ASA (a)		4,442		7,188
Frontline, Ltd.		10,258		62,611
Grieg Seafood ASA		11,731		115,651
Hexagon Composites ASA (a)		24,991		86,972
Hoegh LNG Holdings, Ltd.		13,626		125,605
Kongsberg Automotive ASA (a)		185,093		217,753
Kvaerner ASA (a)		60,872		97,830
Nordic Semiconductor ASA (a) (e)		44,887		247,981
Norwegian Air Shuttle ASA (a) (e)		8,166		238,517
Norwegian Property ASA		11,843		15,015
Ocean Yield ASA		5,643		50,660
Odfjell SE - A Shares		1,949		6,537
Olav Thon Eiendomsselskap ASA		609		12,502
Opera Software ASA (a)		21,316		60,935
Petroleum Geo-Services ASA (a)		61,434		145,714
PhotoCure ASA (a)		5,477		18,705
ProSafe SE (a)		3,505		10,562
Protector Forsikring ASA		13,480		132,519
Q-Free ASA (a)		24,256		25,885
Scatec Solar ASA		12,027		63,121
Selvaag Bolig ASA		3,405		14,536
Sevan Marine ASA (a)		16,466		28,931
Solstad Farstad ASA (a)		10,202		8,848
Songa Offshore (a)		3,180		22,653
SpareBank 1 SMN		4,775		48,712
SpareBank 1 SR Bank ASA		7,986		85,982
Stolt-Nielsen, Ltd.		5,818		87,644
TGS Nopec Geophysical Co. ASA		10,481		249,774
Tomra Systems ASA		37,589		563,989
Treasure ASA		21,003		40,346
Veidekke ASA		29,543		370,008
Wallenius Wilhelmsen Logistics (a)		11,596		71,039
Wilh Wilhelmsen Holding ASA - Class A		4,777		150,156
XXL ASA (e)		17,225		187,617
				5,309,455
Peru—0.0%
Hochschild Mining plc		74,658		229,502
Philippines—0.0%
Del Monte Pacific, Ltd.		77,636		16,617
Portugal—0.4%
Altri SGPS S.A.		35,597		187,997
Banco Comercial Portugues S.A. (a)		2,143,248		621,379
Banco Espirito Santo S.A. (a) (b) (c) (d)		89,078		0
CTT-Correios de Portugal S.A.		5,621		33,871
Mota-Engil SGPS S.A.		40,942		153,596
Navigator Co. S.A. (The)		95,010		463,134
NOS SGPS S.A.		73,113		452,835
Novabase SGPS S.A.		7,827		33,581
REN - Redes Energeticas Nacionais SGPS S.A.		94,602		307,968
Semapa-Sociedade de Investimento e Gestao		3,197		61,251
Sonae SGPS S.A.		280,308		338,557

BHFTII-84

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Portugal—(Continued)
Teixeira Duarte S.A.		59,382	$	21,563
				2,675,732
Russia—0.0%
Evraz plc		60,200		252,898
Singapore—1.2%
Abterra, Ltd. (a)		51,720		3,813
Accordia Golf Trust		47,600		25,606
Ascendas India Trust		94,500		74,282
ASL Marine Holdings, Ltd. (a)		52,500		4,412
Baker Technology, Ltd.		33,200		14,804
Banyan Tree Holdings, Ltd. (a)		97,700		47,554
Bonvests Holdings, Ltd.		18,000		18,450
Boustead Projects, Ltd.		24,607		15,880
Boustead Singapore, Ltd.		82,025		55,752
Breadtalk Group, Ltd.		37,000		42,943
Broadway Industrial Group, Ltd.		132,199		12,199
Bukit Sembawang Estates, Ltd.		72,000		335,972
BW LPG, Ltd. (a)		9,789		45,120
Centurion Corp., Ltd.		38,000		14,174
China Aviation Oil Singapore Corp., Ltd.		108,400		128,133
Chip Eng Seng Corp., Ltd.		157,000		88,546
Chuan Hup Holdings, Ltd.		125,000		30,469
COSCO Shipping International Singapore Co., Ltd. (a)		202,500		42,607
Creative Technology, Ltd. (a)		22,600		19,159
CSE Global, Ltd.		197,000		49,386
CW Group Holdings, Ltd.		106,000		17,795
CWT, Ltd.		81,000		139,791
Delfi, Ltd.		66,000		73,835
Dyna-Mac Holdings, Ltd. (a)		98,000		9,098
Elec & Eltek International Co., Ltd.		23,000		34,426
Ezion Holdings, Ltd. (a) (b) (c) (d)		516,229		74,973
Ezra Holdings, Ltd. (a) (b) (c) (d)		1,000,703		6,123
Far East Orchard, Ltd.		74,044		80,033
First Resources, Ltd.		86,700		120,849
Food Empire Holdings, Ltd.		54,000		23,884
Fragrance Group, Ltd.		752,800		88,826
Frasers Centrepoint, Ltd.		29,000		44,688
Gallant Venture, Ltd. (a)		126,000		12,451
Geo Energy Resources, Ltd.		155,000		30,918
GK Goh Holdings, Ltd.		12,000		8,809
GL, Ltd.		188,000		117,824
Golden Agri-Resources, Ltd.		882,200		243,964
GuocoLand, Ltd.		28,000		46,882
Halcyon Agri Corp., Ltd. (a)		188,713		77,213
Hanwell Holdings, Ltd.		19,000		4,490
Haw Par Corp., Ltd.		12,600		111,332
Hi-P International, Ltd.		47,200		47,097
Hiap Hoe, Ltd.		58,000		33,754
Ho Bee Land, Ltd.		74,400		127,931
Hong Fok Corp., Ltd.		146,740		88,177
Hong Leong Asia, Ltd.		41,000		26,192
Hotel Grand Central, Ltd.		1,000		988
Hour Glass, Ltd. (The)		129,000		59,922
Singapore—(Continued)
Hwa Hong Corp., Ltd.		138,000		33,039
Hyflux, Ltd.		179,500		66,165
IGG, Inc.		167,000		225,170
Indofood Agri Resources, Ltd.		152,000		50,502
Japfa, Ltd.		38,500		15,935
k1 Ventures, Ltd.		80,800		48,853
Kenon Holdings, Ltd. (a)		2,312		37,592
Keppel Infrastructure Trust		549,659		222,886
Keppel Telecommunications & Transportation, Ltd.		44,000		48,367
Koh Brothers Group, Ltd.		97,000		23,311
Lian Beng Group, Ltd.		116,900		54,734
Low Keng Huat Singapore, Ltd.		122,600		60,616
Lum Chang Holdings, Ltd.		115,000		30,926
M1, Ltd.		89,500		117,480
Metro Holdings, Ltd.		141,600		136,755
Mewah International, Inc.		110,000		23,863
Midas Holdings, Ltd. (a)		452,000		66,010
NSL, Ltd.		15,000		15,482
Olam International, Ltd.		45,700		68,055
Overseas Union Enterprise, Ltd.		119,200		171,373
Oxley Holdings, Ltd.		155,000		62,282
Pan-United Corp., Ltd.		53,750		22,570
Penguin International, Ltd. (a)		64,333		13,278
Q&M Dental Group Singapore, Ltd.		41,800		19,898
QAF, Ltd.		74,167		66,173
Raffles Education Corp., Ltd. (a)		384,774		82,337
Raffles Medical Group, Ltd.		148,756		123,391
RHT Health Trust		84,400		53,186
Rickmers Maritime (a) (b) (c) (d)		110,000		0
Riverstone Holdings, Ltd.		40,000		30,817
Rotary Engineering, Ltd.		85,000		25,696
Roxy-Pacific Holdings, Ltd.		85,750		33,972
SATS, Ltd.		78,900		268,637
SBS Transit, Ltd.		40,500		75,468
Sembcorp Industries, Ltd.		125,400		274,127
Sembcorp Marine, Ltd.		57,700		74,250
Sheng Siong Group, Ltd.		133,900		90,906
SHS Holdings, Ltd.		47,000		7,792
SIA Engineering Co., Ltd.		44,300		114,010
SIIC Environment Holdings, Ltd.		167,400		66,090
Sinarmas Land, Ltd.		618,500		189,717
Sing Holdings, Ltd.		82,000		26,300
Singapore Post, Ltd.		281,700		259,605
Singapore Reinsurance Corp., Ltd.		1,000		232
Stamford Land Corp., Ltd.		278,000		101,405
StarHub, Ltd.		90,700		174,096
Sunningdale Tech, Ltd.		41,100		59,864
Swiber Holdings, Ltd. (a) (b) (c) (d)		117,749		1,771
Tuan Sing Holdings, Ltd.		169,000		46,739
UMS Holdings, Ltd.		93,000		68,875
United Engineers, Ltd.		138,000		275,904
United Industrial Corp., Ltd.		13,600		31,509
United Overseas Insurance, Ltd. (c)		4,000		16,897
UOB-Kay Hian Holdings, Ltd.		131,440		130,362
UPP Holdings, Ltd.		46,000		8,841
Venture Corp., Ltd.		65,500		853,077
Vibrant Group, Ltd.		47,600		13,162

BHFTII-85

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Vicom, Ltd.		2,000	$	8,381
Wee Hur Holdings, Ltd.		85,000		15,043
Wheelock Properties Singapore, Ltd.		58,000		80,452
Wing Tai Holdings, Ltd.		159,621		254,244
XP Power, Ltd.		4,116		153,129
Yeo Hiap Seng, Ltd.		19,712		18,441
Yongnam Holdings, Ltd. (a)		241,875		49,057
				8,680,623
South Africa—0.0%
Petra Diamonds, Ltd. (a)		172,115		193,760
Spain—2.1%
Acciona S.A.		7,805		627,754
Acerinox S.A.		70,013		1,009,549
Adveo Group International S.A. (a)		6,292		21,420
Alantra Partners S.A.		3,678		52,063
Almirall S.A. (e)		20,336		206,946
Amper S.A. (a)		186,713		45,247
Applus Services S.A.		17,445		218,557
Atresmedia Corp. de Medios de Comunicacion S.A.		21,362		224,626
Azkoyen S.A.		1,608		15,028
Baron de Ley (a)		1,039		130,659
Bolsas y Mercados Espanoles S.A.		27,936		964,145
Caja de Ahorros del Mediterraneo (a) (b) (c) (d)		14,621		0
Cellnex Telecom S.A.		27,139		621,501
Cia de Distribucion Integral Logista Holdings S.A.		2,391		57,505
Cie Automotive S.A.		17,266		461,532
Construcciones y Auxiliar de Ferrocarriles S.A.		5,880		237,911
Distribuidora Internacional de Alimentacion S.A.		184,598		1,077,445
Duro Felguera S.A. (a) (e)		27,756		18,699
Ebro Foods S.A.		25,801		611,466
Elecnor S.A.		11,262		156,948
Ence Energia y Celulosa S.A		61,968		322,527
Ercros S.A.		60,314		195,310
Euskaltel S.A.		1,702		15,318
Faes Farma S.A.		127,349		426,321
Fluidra S.A.		12,850		135,502
Grupo Catalana Occidente S.A.		20,412		860,612
Grupo Ezentis S.A. (a)		39,717		32,814
Iberpapel Gestion S.A.		612		19,001
Indra Sistemas S.A. (a)		42,149		666,658
Inmobiliaria Colonial Socimi S.A.		42,350		420,571
Laboratorios Farmaceuticos Rovi S.A.		3,511		67,671
Liberbank S.A. (a)		9,453		8,729
Mediaset Espana Comunicacion S.A.		49,361		557,619
Melia Hotels International S.A.		21,300		307,889
Miquel y Costas & Miquel S.A.		6,972		253,258
NH Hotel Group S.A.		69,951		469,485
Obrascon Huarte Lain S.A. (a)		35,775		129,264
Papeles y Cartones de Europa S.A.		21,436		201,417
Pescanova S.A. (a)		7,446		9,075
Pharma Mar S.A. (a)		72,263		281,434
Prim S.A.		3,013		36,430
Promotora de Informaciones S.A. - Class A (a)		13,933		54,640
Spain—(Continued)
Prosegur Cia de Seguridad S.A.		54,905		410,771
Quabit Inmobiliaria S.A. (a)		13,024		24,910
Realia Business S.A. (a)		112,366		146,239
Sacyr S.A. (a)		111,065		291,453
Solaria Energia y Medio Ambiente S.A. (a)		19,439		28,719
Talgo S.A.		7,525		41,936
Tecnicas Reunidas S.A.		11,115		351,826
Tubacex S.A. (a)		28,250		107,012
Tubos Reunidos S.A. (a)		21,752		24,039
Vidrala S.A.		7,698		677,294
Viscofan S.A.		14,797		907,276
Vocento S.A. (a)		10,923		18,590
Zardoya Otis S.A.		9,760		108,023
				15,368,634
Sweden—2.8%
AAK AB		8,521		645,405
Acando AB		32,705		118,063
AddLife AB		8,096		163,617
AddNode Group AB		2,531		25,028
AddTech AB - B Shares		22,573		453,705
AF AB - B Shares		24,002		560,491
Ahlstrom-Munksjo Oyj (a)		17,418		361,509
Arise AB (a)		4,852		9,303
Atrium Ljungberg AB - B Shares		6,009		104,789
Avanza Bank Holding AB		7,660		320,960
Axactor AB (a) (e)		126,649		46,132
B&B Tools AB - B Shares		12,796		172,168
BE Group AB (a)		1,962		13,128
Beijer Alma AB		9,404		304,846
Beijer Electronics Group AB (a)		5,229		20,742
Beijer Electronics Group AB (a)		2,614		10,302
Beijer Ref AB		6,792		221,165
Betsson AB (a)		27,465		250,590
Bilia AB - A Shares		36,212		400,474
BillerudKorsnas AB		8,804		149,581
BioGaia AB - B Shares		5,094		189,492
Biotage AB		15,339		114,415
Bjorn Borg AB (a)		9,936		42,576
Bonava AB		928		15,018
Bonava AB - B Shares		684		11,072
Bulten AB		2,144		33,168
Bure Equity AB		17,448		240,384
Byggmax Group AB		18,326		154,127
Catena AB		950		17,103
Clas Ohlson AB - B Shares		16,271		301,622
Cloetta AB - B Shares		92,493		318,297
Com Hem Holding AB		7,445		106,570
Concordia Maritime AB - B Shares		4,217		6,710
Corem Property Group AB - Class B		2,227		13,884
Dios Fastigheter AB		31,852		203,372
Doro AB (e)		3,391		21,877
Duni AB		15,028		236,187
Dustin Group AB		1,409		11,894
Eastnine AB		7,088		65,271
Fabege AB		44,369		910,062

BHFTII-86

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Fagerhult AB		17,303	$	247,523
FastPartner AB		768		13,625
Granges AB		10,033		115,009
Gunnebo AB		12,816		65,158
Haldex AB (a)		17,698		219,164
Hemfosa Fastigheter AB		14,975		190,514
HIQ International AB (a)		23,043		172,593
Hoist Finance AB		3,141		32,393
Holmen AB - B Shares		15,352		720,319
Indutrade AB		21,415		566,203
Inwido AB		3,779		48,138
ITAB Shop Concept AB - Class B		1,944		15,253
JM AB		23,748		746,120
KappAhl AB		29,980		188,745
Karo Pharma AB		17,354		86,941
Klovern AB - B Shares		114,185		152,282
Know It AB		9,489		152,249
Kungsleden AB		56,456		388,713
Lagercrantz Group AB - B Shares		24,681		245,026
Lindab International AB		21,316		226,255
Loomis AB - Class B		25,196		1,001,434
Medivir AB - B Shares (a)		10,470		91,933
Mekonomen AB		9,225		208,950
Modern Times Group MTG AB - B Shares		9,830		356,564
Momentum Group AB - Class B (a)		12,796		136,687
MQ Holding AB		9,112		36,024
Mycronic AB (e)		25,742		353,438
NCC AB - B Shares		10,921		259,158
Nederman Holding AB		932		27,490
Net Insight AB - Class B (a)		74,697		48,264
NetEnt AB (a)		45,991		357,122
New Wave Group AB - B Shares		15,773		112,327
Nobia AB		43,387		433,479
Nolato AB - B Shares		9,452		456,409
OEM International AB - B Shares		498		11,790
Opus Group AB (e)		46,122		35,450
Pandox AB		2,349		44,733
Peab AB		53,219		587,635
Pricer AB - B Shares		32,212		39,191
Proact IT Group AB		4,203		102,404
Probi AB		211		9,068
Ratos AB - B Shares (e)		40,725		199,442
RaySearch Laboratories AB (a)		4,401		94,588
Recipharm AB - B Shares		2,485		29,497
Saab AB - Class B		4,217		214,530
Sagax AB - Class B		14,540		185,521
SAS AB (a) (e)		30,409		97,634
Scandi Standard AB		6,479		47,568
Sectra AB - B Shares (a)		4,644		83,103
Semcon AB		5,540		35,591
SkiStar AB		9,076		211,896
Sweco AB - B Shares		14,540		356,229
Systemair AB		4,286		71,625
Thule Group AB		14,376		309,540
Transcom Worldwide AB (a) (c)		1,837		19,735
Victoria Park AB - B Shares		9,093		34,649
Vitrolife AB		4,321		351,422
Sweden—(Continued)
Wallenstam AB - B Shares (e)		61,808		615,628
Wihlborgs Fastigheter AB		28,117		688,404
				20,313,474
Switzerland—5.0%
Allreal Holding AG (a)		3,866		677,518
ALSO Holding AG (a)		236		33,344
APG SGA S.A.		468		195,168
Arbonia AG (a)		10,560		188,680
Aryzta AG (a)		11,588		355,942
Ascom Holding AG		12,379		272,394
Autoneum Holding AG		1,187		331,918
Bachem Holding AG - Class B		1,074		128,973
Bank Cler AG		2,047		89,627
Banque Cantonale de Geneve		750		124,542
Banque Cantonale Vaudoise		739		549,716
Belimo Holding AG		160		640,966
Bell Food Group AG		560		260,347
Bellevue Group AG (a)		3,322		78,720
Berner Kantonalbank AG		1,950		371,488
BFW Liegenschaften AG (a)		528		24,426
BKW AG		4,798		288,283
Bobst Group S.A.		5,037		553,524
Bossard Holding AG - Class A		2,245		520,092
Bucher Industries AG		2,604		926,491
Burckhardt Compression Holding AG		1,124		351,741
Burkhalter Holding AG		1,291		164,663
Calida Holding AG (a)		2,002		73,707
Carlo Gavazzi Holding AG		48		17,435
Cembra Money Bank AG (a)		4,192		366,709
Cham Paper Holding AG (a)		113		45,500
Cicor Technologies, Ltd. (a)		644		36,844
Cie Financiere Tradition S.A.		579		57,429
Coltene Holding AG		1,187		115,044
Conzzeta AG		292		308,098
Daetwyler Holding AG		2,851		451,094
DKSH Holding AG		2,596		220,805
dormakaba Holding AG (a)		930		949,229
Edmond de Rothschild Suisse S.A.		3		54,103
EFG International AG (a)		20,307		175,877
Emmi AG (a)		916		600,248
Energiedienst Holding AG		3,017		82,242
Feintool International Holding AG (a)		588		66,672
Fenix Outdoor International AG		883		88,776
Ferrexpo plc		36,701		143,754
Flughafen Zuerich AG		4,026		911,017
Forbo Holding AG		336		536,425
GAM Holding AG (a)		68,723		1,066,435
Georg Fischer AG		1,395		1,721,568
Gurit Holding AG (a)		164		188,240
Helvetia Holding AG		2,402		1,305,608
Hiag Immobilien Holding AG (a)		891		106,731
Highlight Communications AG (a)		7,829		46,497
HOCHDORF Holding AG (a)		174		49,320
Huber & Suhner AG		5,559		340,763
Implenia AG		6,413		424,252

BHFTII-87

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Inficon Holding AG (a)		688	$	447,646
Interroll Holding AG		243		350,403
Intershop Holding AG		395		195,808
IWG plc		206,169		855,128
Jungfraubahn Holding AG		85		10,858
Kardex AG (a)		2,247		267,561
Komax Holding AG		1,321		380,331
Kudelski S.A.		13,221		165,366
LEM Holding S.A.		246		314,753
Logitech International S.A.		32,137		1,171,846
Luzerner Kantonalbank AG		1,452		682,004
MCH Group AG		831		58,613
Metall Zug AGi - B Shares		66		267,871
Meyer Burger Technology AG (a)		59,465		82,917
Mikron Holding AG (a)		474		3,500
Mobilezone Holding AG		10,014		126,169
Mobimo Holding AG (a)		2,761		745,991
OC Oerlikon Corp. AG (a)		74,629		1,149,516
Orascom Development Holding AG (a)		5,250		42,760
Orell Fuessli Holding AG		428		51,701
Oriflame Holding AG		4,387		149,818
Orior AG		2,240		173,570
Panalpina Welttransport Holding AG		2,641		387,053
Phoenix Mecano AG		274		157,328
Plazza AG - Class A		292		70,232
PSP Swiss Property AG		9,560		880,678
Rieter Holding AG (a)		1,344		286,100
Romande Energie Holding S.A.		111		145,889
Schaffner Holding AG (a)		238		77,934
Schmolz & Bickenbach AG (a)		161,565		148,499
Schweiter Technologies AG		381		489,113
Siegfried Holding AG (a)		1,665		548,091
St. Galler Kantonalbank AG		1,123		517,232
Sulzer AG		2,848		336,735
Sunrise Communications Group AG (a)		3,823		315,219
Swiss Prime Site AG (a)		2,858		256,944
Swissquote Group Holding S.A.		3,968		148,967
Tamedia AG		904		130,600
Tecan Group AG		2,995		620,053
Temenos Group AG (a)		15,288		1,562,064
U-Blox Holding AG (a)		2,262		446,819
Valiant Holding AG		5,102		554,352
Valora Holding AG		1,223		428,180
Vaudoise Assurances Holding S.A.		423		228,688
Vetropack Holding AG		88		171,501
Von Roll Holding AG (a)		7,038		10,109
Vontobel Holding AG		9,780		629,160
VZ Holding AG		318		101,469
Walliser Kantonalbank (a)		1,160		115,231
Walter Meier AG		872		36,563
Warteck Invest AG		15		30,050
Ypsomed Holding AG (a) (e)		1,361		210,692
Zehnder Group AG		3,984		139,968
Zug Estates Holding AG - B Shares (a)		83		154,806
Zuger Kantonalbank AG		59		327,807
				36,037,241
Taiwan—0.0%
China Metal International Holdings, Inc. (b) (d)		140,000		53,766
United Arab Emirates—0.0%
Lamprell plc (a)		100,553		120,658
United Kingdom—15.4%
4imprint Group plc		7,338		180,239
888 Holdings plc		47,916		164,881
A.G. Barr plc		43,047		356,512
AA plc		96,328		218,808
Acacia Mining plc		56,954		147,789
Acal plc		17,866		74,141
Afren plc (a) (b) (c) (d)		251,096		0
Aggreko plc		26,887		338,556
Air Partner plc		4,960		8,723
Aldermore Group plc (a)		6,451		19,915
Amec Foster Wheeler plc		99,456		679,123
Anglo Pacific Group plc		35,633		64,104
Anglo-Eastern Plantations plc		4,252		49,256
Arrow Global Group plc		27,741		159,020
Ascential plc		14,187		65,381
Ashmore Group plc (e)		105,606		480,483
Auto Trader Group plc		108,911		572,890
AVEVA Group plc		4,501		146,875
Avon Rubber plc		10,973		137,859
Balfour Beatty plc		272,534		983,271
BBA Aviation plc		419,362		1,677,183
Beazley plc		227,019		1,458,835
Bellway plc		47,187		2,084,863
Bloomsbury Publishing plc		25,349		54,522
Bodycote plc		101,186		1,242,870
Booker Group plc		459,166		1,261,805
Bovis Homes Group plc		60,601		888,441
Braemar Shipping Services plc		7,120		30,059
Brewin Dolphin Holdings plc		132,379		619,786
Britvic plc		71,540		724,317
BTG plc (a)		51,257		464,602
Cairn Energy plc (a)		234,247		601,706
Cambian Group plc		11,987		31,325
Capital & Counties Properties plc		74,316		263,688
Carclo plc (a)		16,990		31,131
Carillion plc (e)		169,977		116,733
Carr’s Group plc		15,540		29,993
Castings plc		2,870		18,231
Centaur Media plc		92,526		65,402
Chemring Group plc		123,138		297,096
Chesnara plc		58,648		309,778
Cineworld Group plc		70,599		641,295
City of London Investment Group plc		2,966		16,513
Clarkson plc		4,101		157,204
Close Brothers Group plc		58,401		1,155,229
CLS Holdings plc		40,710		111,286
Cobham plc		764,307		1,492,343
Communisis plc		57,478		44,683
Computacenter plc		33,426		442,314
Concentric AB		17,437		295,327
Connect Group plc		107,240		145,144

BHFTII-88

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Consort Medical plc		22,450	$	327,023
Costain Group plc		22,166		133,145
Countrywide plc (a)		2,910		4,214
Cranswick plc		21,959		869,438
Crest Nicholson Holdings plc		18,352		135,998
Daejan Holdings plc		1,147		88,523
Daily Mail & General Trust plc - Class A		92,436		803,347
Dairy Crest Group plc		60,187		495,629
De La Rue plc		32,774		284,799
Debenhams plc		426,182		282,693
Dechra Pharmaceuticals plc		6,842		187,122
Devro plc		61,396		196,016
Dialight plc (a)		3,360		35,577
Dialog Semiconductor plc (a)		22,851		1,009,969
Dignity plc		21,727		671,436
Diploma plc		38,305		546,175
Domino’s Pizza Group plc		147,744		614,216
Drax Group plc		137,597		573,975
DS Smith plc		267,187		1,764,954
Dunelm Group plc		12,749		120,865
EI Group plc (a)		256,620		473,654
Electrocomponents plc		174,930		1,455,935
Elementis plc		171,004		620,842
EnQuest plc (a)		38,556		14,515
EnQuest plc (a) (e)		582,443		217,089
Essentra plc		78,989		584,867
esure Group plc		6,724		25,437
Euromoney Institutional Investor plc		14,736		231,214
FDM Group Holdings plc		1,458		18,795
Fenner plc		78,996		357,058
Fidessa Group plc		14,501		436,887
Findel plc (a)		17,439		41,244
Firstgroup plc (a)		412,049		646,053
Foxtons Group plc		60,218		54,670
Fuller Smith & Turner plc - Class A		7,667		104,902
Galliford Try plc		37,386		677,836
Gem Diamonds, Ltd. (a)		35,552		38,237
Genus plc		26,031		732,326
GetBusy plc (a)		12,299		4,532
Go-Ahead Group plc		12,021		274,341
Gocompare.Com Group plc		41,157		57,685
Grafton Group plc		88,160		981,877
Grainger plc		74,029		266,064
Greene King plc		121,167		887,443
Greggs plc		41,552		694,352
Halfords Group plc		89,687		421,283
Halma plc		115,147		1,728,343
Hays plc		457,893		1,162,268
Headlam Group plc		52,564		415,822
Helical plc		47,664		191,976
Henry Boot plc		5,947		23,986
Hill & Smith Holdings plc		32,350		548,189
Hilton Food Group plc		5,520		53,704
Hiscox, Ltd.		105,275		1,805,902
Hogg Robinson Group plc		72,262		73,106
HomeServe plc		112,845		1,258,137
Howden Joinery Group plc		206,102		1,191,429
United Kingdom—(Continued)
Hunting plc (a)		52,837		336,417
Huntsworth plc		31,310		30,838
IG Group Holdings plc		127,101		1,091,834
Imagination Technologies Group plc (a)		15,307		34,478
IMI plc		50,511		842,345
Inchcape plc		161,511		1,867,957
Indivior plc (a)		173,858		793,457
Inmarsat plc		94,184		812,251
Intermediate Capital Group plc		51,339		644,003
International Personal Finance plc		79,366		223,189
Interserve plc (a)		69,361		110,013
IP Group plc (a)		139,902		257,198
ITE Group plc		82,799		199,429
Jackpotjoy plc (a)		2,200		23,847
James Fisher & Sons plc		20,005		416,881
Jardine Lloyd Thompson Group plc		46,166		757,255
JD Sports Fashion plc		168,830		847,557
JD Wetherspoon plc		32,994		555,150
John Menzies plc		24,573		236,923
John Wood Group plc (e)		122,821		1,120,086
Jupiter Fund Management plc		117,655		870,412
KAZ Minerals plc (a)		44,157		458,421
Kcom Group plc		231,195		306,672
Keller Group plc		25,571		280,485
Kier Group plc		26,579		414,235
Ladbrokes Coral Group plc		312,983		512,092
Laird plc		234,556		448,698
Lancashire Holdings, Ltd.		67,933		607,950
Laura Ashley Holdings plc		25,157		2,761
Lonmin plc (a)		12,029		11,356
Lookers plc		131,372		211,255
Low & Bonar plc		37,972		40,327
LSL Property Services plc		11,741		37,088
Man Group plc		598,620		1,347,024
Marshalls plc		63,336		370,076
Marston’s plc		258,409		376,417
McBride plc (a)		79,138		223,232
McColl’s Retail Group plc		12,767		46,226
Mears Group plc		41,542		270,693
Meggitt plc		50,742		354,293
Melrose Industries plc		509,956		1,454,352
Millennium & Copthorne Hotels plc		54,328		327,603
Mitchells & Butlers plc		69,112		233,376
Mitie Group plc		137,149		470,272
Moneysupermarket.com Group plc		143,669		612,427
Morgan Advanced Materials plc		113,848		474,494
Morgan Sindall Group plc		17,569		336,524
Mothercare plc (a)		51,119		68,496
N Brown Group plc		73,957		348,057
National Express Group plc		203,273		964,008
NCC Group plc		76,130		220,867
NEX Group plc		114,424		1,015,702
Norcros plc		4,097		9,336
Northgate plc		48,315		280,856
Novae Group plc		22,502		215,261
Ocado Group plc (a) (e)		86,941		341,048
OneSavings Bank plc		14,286		77,176

BHFTII-89

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Ophir Energy plc (a)		122,457	$	118,973
Oxford Instruments plc		13,946		181,171
Pagegroup plc		84,971		567,006
PayPoint plc		19,490		249,281
Pendragon plc		345,188		148,002
Pennon Group plc		139,688		1,491,377
Petrofac, Ltd.		30,916		186,839
Petropavlovsk plc (a)		192,556		20,641
Phoenix Group Holdings		55,470		562,312
Photo-Me International plc		49,810		116,188
Playtech plc		58,243		717,381
Polypipe Group plc		12,916		72,978
Porvair plc		4,494		28,907
Premier Foods plc (a)		334,879		188,473
Premier Oil plc (a) (e)		172,107		154,520
PZ Cussons plc		102,110		436,753
QinetiQ Group plc		183,469		607,015
Rank Group plc		29,633		88,137
Rathbone Brothers plc		21,429		745,967
REA Holdings plc (a)		1,120		4,765
Redrow plc		150,678		1,196,379
Renewi plc		221,260		301,683
Renishaw plc		16,765		1,071,382
Renold plc (a)		64,766		45,792
Rentokil Initial plc		223,704		901,886
Restaurant Group plc (The)		63,027		255,012
Ricardo plc		13,452		149,345
Rightmove plc		30,801		1,669,621
RM plc		43,283		91,342
Robert Walters plc		14,599		109,550
Rotork plc		286,300		1,000,247
RPC Group plc		140,988		1,871,478
RPS Group plc		100,537		388,696
Saga plc		72,852		193,696
Savills plc		62,765		783,468
SDL plc		33,826		217,276
Senior plc		166,890		617,025
Serco Group plc (a)		96,155		148,692
Severfield plc		100,890		89,563
SIG plc		252,797		602,693
Soco International plc		50,968		78,890
Spectris plc		44,465		1,436,106
Speedy Hire plc		205,988		141,469
Spirax-Sarco Engineering plc		21,007		1,555,444
Spirent Communications plc		240,086		308,916
Sportech plc (a)		20,264		26,475
SSP Group plc		67,111		483,432
St. Ives plc		36,663		37,222
St. Modwen Properties plc		86,555		433,578
Stagecoach Group plc		127,734		292,433
Stallergenes Greer plc (a)		569		28,797
SThree plc		33,106		156,051
Stobart Group, Ltd.		12,441		45,074
SuperGroup plc		18,185		414,271
Synthomer plc		102,899		673,337
TalkTalk Telecom Group plc (e)		151,305		425,093
Tate & Lyle plc		153,810		1,336,730
United Kingdom—(Continued)
Ted Baker plc		8,726		309,880
Telecom Plus plc		21,749		316,519
Thomas Cook Group plc		438,591		707,133
Topps Tiles plc		83,374		84,348
TP ICAP plc		203,445		1,429,477
Trifast plc		15,629		43,557
Trinity Mirror plc		157,693		180,173
TT electronics plc		79,682		243,405
U & I Group plc		54,856		136,723
UBM plc		98,172		897,917
Ultra Electronics Holdings plc		27,882		671,778
Vectura Group plc (a)		245,376		350,061
Vesuvius plc		97,752		772,905
Victrex plc		29,970		952,305
Vitec Group plc (The)		10,351		151,738
Volex plc (a)		20,438		17,631
Vp plc		3,307		37,000
Weir Group plc (The)		18,886		497,379
WH Smith plc		48,142		1,303,914
William Hill plc		315,264		1,066,309
Wincanton plc		37,122		117,292
Xaar plc		18,088		107,992
ZPG plc		4,612		22,355
				112,061,941
United States—0.4%
Alacer Gold Corp. (a)		102,778		179,568
Argonaut Gold, Inc. (a)		57,325		112,560
Energy Fuels, Inc. (a)		9,915		15,893
Golden Star Resources, Ltd. (a) (e)		93,633		72,040
Mitel Networks Corp. (a)		25,492		213,497
QIAGEN NV (a)		33,134		1,043,351
REC Silicon ASA (a) (e)		643,607		82,035
Sims Metal Management, Ltd.		81,887		866,297
				2,585,241
Total Common Stocks (Cost $529,994,600)				723,480,743
Preferred Stocks—0.1%
Germany—0.1%
Biotest AG		3,558		95,574
Draegerwerk AG & Co. KGaA		1,379		152,929
FUCHS Petrolub SE		912		53,992
Jungheinrich AG		13,710		630,735
Sartorius AG		826		78,959
Sixt SE		554		34,113
Sto SE & Co. KGaA		102		15,280
Total Preferred Stocks (Cost $605,452)				1,061,582

BHFTII-90

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Warrant—0.0%

Security Description	Shares/ Principal Amount*		Value
Australia—0.0%
Westgold Resources, Ltd., Expires 06/30/19 (a)		7,536	$	1,892
Canada—0.0%
Novelion Therapeutics, Inc., Expires 11/23/17 (a) (c)		51,000		0
Hong Kong—0.0%
Styland Holdings, Ltd., Expires 02/13/18 (a)		92,000		565
Total Warrants (Cost $979)				2,457
Rights—0.0%
Australia—0.0%
Centrebet International, Ltd. (Litigation Units) (a) (c)		9,600		0
Macquarie Atlas Roads Group, Expires 10/04/17 (a)		17,755		0
				0
Austria—0.0%
Intercell AG (a) (b) (c) (d)		24,163		0
France—0.0%
Etablissements Maurel et Prom (a) (b) (c) (d)		27,199		0
Hong Kong—0.0%
Fortune Oil CVR (a) (b) (d)		575,627		0
Total Rights (Cost $0)				0
Short-Term Investment—0.1%
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $896,894 on 10/02/17, collateralized by $935,000 U.S. Treasury Note at 1.125% due 09/30/21 with a value of $916,752.		896,885		896,885
Total Short-Term Investments (Cost $896,885)				896,885
Securities Lending Reinvestments (f)—4.0%
Certificates of Deposit—1.5%
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (g)		1,000,000		999,908
Bank of China, Ltd. 1.540%, 10/23/17		500,000		500,000
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (g)		250,000		250,116
Certificates of Deposit—(Continued)
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (g)		500,000		500,059
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (g)		200,000		200,042
Credit Suisse AG New York 1.487%, 1M LIBOR + 0.250%, 10/25/17 (g)		500,000		500,035
1.494%, 1M LIBOR + 0.260%, 10/16/17 (g)		500,000		500,024
DNB Bank ASA New York 1.120%, 10/05/17		1,000,000		999,997
KBC Bank NV 1.380%, 10/26/17		250,000		250,028
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (g)		500,000		499,994
1.494%, 1M LIBOR + 0.260%, 10/18/17 (g)		500,000		500,017
1.515%, 1M LIBOR + 0.280%, 10/11/17 (g)		200,000		200,005
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (g)		500,000		500,175
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (g)		250,000		249,991
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (g)		500,000		499,977
Standard Chartered plc 1.460%, 02/02/18		250,000		250,063
Sumitomo Mitsui Banking Corp., New York 1.432%, 1M LIBOR + 0.200%, 02/05/18 (g)		250,000		250,026
1.462%, 3M LIBOR + 0.150%, 02/08/18 (g)		500,000		499,977
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (g)		500,000		500,050
1.495%, 1M LIBOR + 0.260%, 10/11/17 (g)		250,000		250,010
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (g)		500,000		500,068
Swedbank AB 1.140%, 10/02/17		1,000,000		999,999
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (g)		500,000		500,446
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (g)		200,000		200,048
				11,101,055
Commercial Paper—0.7%
Barton Capital S.A. 1.320%, 12/11/17		498,350		498,692
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (g)		250,000		250,217
1.664%, 3M LIBOR + 0.350%, 10/23/17 (g)		500,000		500,085
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (g)		1,000,000		1,000,054
1.386%, 1M LIBOR + 0.150%, 11/13/17 (g)		250,000		250,012
Kells Funding LLC 1.400%, 03/01/18		496,442		496,988
Macquarie Bank, Ltd., London 1.340%, 10/27/17		498,288		499,535
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (g)		500,000		500,258
Sheffield Receivables Co. 1.330%, 10/05/17		249,169		249,984

BHFTII-91

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (g)		500,000	$	500,116
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (g)		300,000		300,056
				5,045,997
Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,909,303 on 10/02/17, collateralized by $4,838,018 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $2,967,229.		2,909,048		2,909,048
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,700,149 on 10/02/17, collateralized by $1,730,613 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $1,734,000.		1,700,000		1,700,000
Deutsche Bank AG, London
Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $200,020 on 10/02/17, collateralized by $201,182 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $204,001.		200,000		200,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,200,125 on 10/02/17, collateralized by $1,222,295 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $1,224,000.		1,200,000		1,200,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $200,021 on 10/02/17, collateralized by $200,991 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $204,001.		200,000		200,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $301,596 on 01/02/18, collateralized by $1,615 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $333,461.		300,000		300,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London
Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $800,068 on 10/02/17, collateralized by $767,434 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $816,622.		800,000		800,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $100,009 on 10/02/17, collateralized by $95,929 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $102,078.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $306,170 on 01/02/18, collateralized by various Common Stock with a value of $330,000.		300,000		300,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $1,007,315 on 01/02/18, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $500,049 on 10/02/17, collateralized by $1,242,906 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $510,050.		500,000		500,000
				9,209,048
Time Deposits—0.5%
ABN AMRO Bank NV 1.060%, 10/02/17		1,000,000		1,000,000
Credit Agricole S.A. 1.080%, 10/02/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 10/02/17		1,000,000		1,000,000
DZ Bank AG 1.060%, 10/02/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		100,000		100,000
Standard Chartered plc 1.200%, 10/02/17		100,000		100,000
				3,400,000
Total Securities Lending Reinvestments (Cost $28,754,355)				28,756,100
Total Investments—103.6% (Cost $560,252,271)				754,197,767
Other assets and liabilities (net)—(3.6)%				(25,970,467	)
Net Assets—100.0%			$	728,227,300

BHFTII-92

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

*	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 September 30, 2017, these securities represent less than 0.05% of net assets.
(c)	Illiquid security. As of September 30, 2017, these securities represent 0.1% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $26,329,425 and the collateral received consisted of cash in the amount of $28,751,297. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(f)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

Ten Largest Industries as of September 30, 2017 (Unaudited)	% of Net Assets
Machinery		6.7
Metals & Mining		4.9
Banks		4.1
Real Estate Management & Development		4.0
Food Products		3.7
Chemicals		3.7
Construction & Engineering		3.7
Electronic Equipment, Instruments & Components		3.4
Capital Markets		3.3
Hotels, Restaurants & Leisure		3.3

BHFTII-93

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	507,885	$	42,915,257	$	129,457	$	43,552,599
Austria		—		10,209,349		0		10,209,349
Belgium		1,670,737		13,560,707		—		15,231,444
Cambodia		—		278,279		—		278,279
Canada		59,368,454		39		36,686		59,405,179
China		97,569		1,248,214		—		1,345,783
Denmark		—		15,560,706		—		15,560,706
Faeroe Islands		—		274,226		—		274,226
Finland		—		19,411,136		1,933		19,413,069
France		2,387		38,473,169		—		38,475,556
Georgia		—		273,531		—		273,531
Germany		—		44,790,211		—		44,790,211
Ghana		—		1,140,615		—		1,140,615
Greenland		—		1,706		—		1,706
Guernsey, Channel Islands		—		49,935		—		49,935
Hong Kong		293,699		20,254,717		50,039		20,598,455
India		—		156,339		—		156,339
Ireland		—		5,851,668		—		5,851,668
Isle of Man		—		1,253,648		—		1,253,648
Israel		—		7,035,226		—		7,035,226
Italy		—		30,725,265		0		30,725,265
Japan		—		176,365,538		—		176,365,538
Jersey, Channel Islands		—		663,171		—		663,171
Liechtenstein		—		197,486		—		197,486
Luxembourg		—		1,905,053		—		1,905,053
Macau		—		58,861		—		58,861
Malaysia		—		5,029		4,733		9,762
Malta		—		833,386		—		833,386
Monaco		324,365		—		—		324,365
Netherlands		—		17,018,899		7		17,018,906
New Zealand		—		6,581,884		—		6,581,884
Norway		—		5,309,455		—		5,309,455
Peru		—		229,502		—		229,502
Philippines		—		16,617		—		16,617
Portugal		—		2,675,732		0		2,675,732
Russia		—		252,898		—		252,898

BHFTII-94

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Singapore	$	25,354	$	8,572,402		$	82,867	$	8,680,623
South Africa		—		193,760			—		193,760
Spain		—		15,368,634			0		15,368,634
Sweden		10,302		20,303,172			—		20,313,474
Switzerland		1,171,846		34,865,395			—		36,037,241
Taiwan		—		—			53,766		53,766
United Arab Emirates		—		120,658			—		120,658
United Kingdom		9,297		112,052,644			0		112,061,941
United States		593,558		1,991,683			—		2,585,241
Total Common Stocks		64,075,453		659,045,802			359,488		723,480,743
Total Preferred Stocks*		—		1,061,582			—		1,061,582
Warrant
Australia		1,892		—			—		1,892
Canada		—		0			—		0
Hong Kong		565		—			—		565
Total Warrants		2,457		0			—		2,457
Rights
Australia		—		0			—		0
Austria		—		—			0		0
France		—		—			0		0
Hong Kong		—		—			0		0
Total Rights		—		0			0		0
Total Short-Term Investment*		—		896,885			—		896,885
Total Securities Lending Reinvestments*		—		28,756,100			—		28,756,100
Total Investments	$	64,077,910	$	689,760,369		$	359,488	$	754,197,767
Collateral for Securities Loaned (Liability)	$	—	$	(28,751,297	)	$	—	$	(28,751,297	)

* 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 September 30, 2017 is not presented.

Transfers from Level 1 to Level 2 in the amount of $1,979,460 were due to the application of a systematic fair valuation model factor. Transfers from Level 1 to Level 3 in the amount of $42,657 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

Transfers from Level 2 to Level 1 in the amount of $1,551,900 were due to the discontinuation of a systematic fair valuation model factor. Transfers from Level 2 to Level 3 in the amount of $212,296 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

Transfers from Level 3 to Level 2 in the amount of $149,545 were due to the resumption of trading activity which resulted in the availability of significant observable inputs.

BHFTII-95

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—59.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Boeing Co. (The)		34,728	$	8,828,205
General Dynamics Corp.		26,327		5,412,305
Lockheed Martin Corp.		26,140		8,110,980
Northrop Grumman Corp.		10,100		2,905,972
				25,257,462
Air Freight & Logistics—0.2%
FedEx Corp.		13,256		2,990,289
Airlines—0.2%
Spirit Airlines, Inc. (a) (b)		66,120		2,209,069
Automobiles—0.2%
Tesla, Inc. (a)		9,074		3,095,141
Banks—3.3%
Bank of America Corp.		774,401		19,623,321
Citigroup, Inc.		124,509		9,056,785
Huntington Bancshares, Inc.		271,348		3,788,018
PNC Financial Services Group, Inc. (The)		70,774		9,538,212
				42,006,336
Beverages—2.0%
Anheuser-Busch InBev S.A. (ADR)		21,877		2,609,926
Constellation Brands, Inc. - Class A		27,591		5,503,025
Monster Beverage Corp. (a) (b)		127,649		7,052,607
PepsiCo, Inc.		91,416		10,186,485
				25,352,043
Biotechnology—1.1%
Aduro Biotech, Inc. (a)		45,369		483,180
Alder Biopharmaceuticals, Inc. (a)		32,935		403,454
Alnylam Pharmaceuticals, Inc. (a) (b)		4,677		549,501
Biogen, Inc. (a)		1,037		324,705
Biohaven Pharmaceutical Holding Co., Ltd. (a)		19,468		727,714
Bluebird Bio, Inc. (a)		4,704		646,094
Calithera Biosciences, Inc. (a)		22,900		360,675
Celgene Corp. (a)		24,042		3,505,804
Coherus Biosciences, Inc. (a)		37,650		502,627
GlycoMimetics, Inc. (a) (b)		35,049		490,336
Incyte Corp. (a) (b)		7,344		857,339
Ironwood Pharmaceuticals, Inc. (a)		52,827		833,082
Jounce Therapeutics, Inc. (a)		1,100		17,138
Karyopharm Therapeutics, Inc. (a)		35,087		385,255
Loxo Oncology, Inc. (a)		9,058		834,423
Otonomy, Inc. (a)		28,096		91,312
Ra Pharmaceuticals, Inc. (a)		25,129		366,883
Regeneron Pharmaceuticals, Inc. (a)		1,263		564,713
Syndax Pharmaceuticals, Inc. (a)		36,000		421,200
TESARO, Inc. (a)		7,498		967,992
Trevena, Inc. (a)		63,243		161,270
				13,494,697
Capital Markets—0.8%
FactSet Research Systems, Inc.		5,400		972,594
Financial Engines, Inc.		20,064		697,224
Capital Markets—(Continued)
Goldman Sachs Group, Inc. (The)		5,756		1,365,266
Intercontinental Exchange, Inc.		40,503		2,782,556
Legg Mason, Inc. (b)		13,835		543,854
Northern Trust Corp.		11,346		1,043,038
TD Ameritrade Holding Corp.		50,785		2,478,308
WisdomTree Investments, Inc. (b)		51,390		523,150
				10,405,990
Chemicals—1.3%
Cabot Corp.		21,534		1,201,597
Celanese Corp. - Series A		27,177		2,833,746
DowDuPont, Inc.		77,489		5,364,564
Monsanto Co.		12,705		1,522,313
PPG Industries, Inc.		38,494		4,182,758
Praxair, Inc.		8,796		1,229,153
Westlake Chemical Corp. (b)		11,932		991,430
				17,325,561
Communications Equipment—0.3%
Arista Networks, Inc. (a)		22,584		4,282,152
Construction Materials—0.2%
CRH plc (ADR) (b)		6,483		245,446
Martin Marietta Materials, Inc.		7,029		1,449,591
Vulcan Materials Co.		9,642		1,153,183
				2,848,220
Consumer Finance—0.9%
American Express Co.		67,726		6,126,494
Capital One Financial Corp.		67,191		5,688,390
				11,814,884
Containers & Packaging—0.7%
Ardagh Group S.A.		53,300		1,141,153
Ball Corp.		98,864		4,083,083
International Paper Co.		62,442		3,547,955
Owens-Illinois, Inc. (a) (b)		26,374		663,570
				9,435,761
Diversified Telecommunication Services—1.0%
Verizon Communications, Inc.		246,743		12,211,311
Electric Utilities—2.0%
Avangrid, Inc.		88,940		4,217,535
Edison International		61,619		4,755,138
Exelon Corp.		68,124		2,566,231
NextEra Energy, Inc.		55,896		8,191,559
PG&E Corp.		85,922		5,850,429
				25,580,892
Electrical Equipment—0.8%
AMETEK, Inc.		83,261		5,498,557
Eaton Corp. plc		69,756		5,356,563
				10,855,120

BHFTII-96

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—0.1%
Flex, Ltd. (a)		69,763	$	1,155,973
Energy Equipment & Services—0.1%
Helix Energy Solutions Group, Inc. (a)		59,903		442,683
Tesco Corp. (a)		73,560		400,902
				843,585
Equity Real Estate Investment Trusts—2.0%
Alexandria Real Estate Equities, Inc.		29,705		3,534,004
American Tower Corp.		58,476		7,992,500
Apartment Investment & Management Co. - Class A		55,573		2,437,432
Equinix, Inc.		6,469		2,887,115
Invitation Homes, Inc.		122,225		2,768,396
Outfront Media, Inc.		31,787		800,397
Prologis, Inc.		42,734		2,711,899
Simon Property Group, Inc.		16,963		2,731,212
				25,862,955
Food & Staples Retailing—0.5%
Costco Wholesale Corp.		25,703		4,222,746
Sysco Corp.		37,324		2,013,630
				6,236,376
Food Products—1.3%
Blue Buffalo Pet Products, Inc. (a)		38,819		1,100,519
Campbell Soup Co.		45,531		2,131,761
Fresh Del Monte Produce, Inc.		24,474		1,112,588
Hostess Brands, Inc. (a) (b)		336,987		4,603,242
Post Holdings, Inc. (a)		72,272		6,379,450
Simply Good Foods Co. (The) (a)		144,520		1,692,329
				17,019,889
Gas Utilities—0.1%
UGI Corp.		39,758		1,863,060
Health Care Equipment & Supplies—2.3%
Abbott Laboratories		66,473		3,546,999
Baxter International, Inc.		47,251		2,965,000
Becton Dickinson & Co. (b)		18,309		3,587,649
Boston Scientific Corp. (a)		211,835		6,179,227
ConforMIS, Inc. (a) (b)		31,666		111,464
Medtronic plc		124,215		9,660,201
Stryker Corp.		27,426		3,895,040
				29,945,580
Health Care Providers & Services—2.3%
Brookdale Senior Living, Inc. (a)		51,518		546,091
Cardinal Health, Inc.		57,726		3,863,024
Cigna Corp.		25,041		4,681,165
HCA Healthcare, Inc. (a)		31,538		2,510,109
McKesson Corp.		37,531		5,765,137
UnitedHealth Group, Inc.		60,118		11,774,110
				29,139,636
Hotels, Restaurants & Leisure—0.9%
Hilton Worldwide Holdings, Inc.		28,101		1,951,614
McDonald’s Corp.		46,542		7,292,201
Wingstop, Inc.		6,416		213,332
Wynn Resorts, Ltd. (b)		11,159		1,661,798
				11,118,945
Household Durables—0.3%
Installed Building Products, Inc. (a)		9,878		640,095
Mohawk Industries, Inc. (a)		13,834		3,424,053
				4,064,148
Independent Power and Renewable Electricity Producers—0.2%
NRG Energy, Inc.		79,220		2,027,240
Industrial Conglomerates—0.6%
General Electric Co.		313,396		7,577,915
Insurance—2.7%
Allstate Corp. (The)		31,083		2,856,839
American International Group, Inc.		122,667		7,530,527
Assured Guaranty, Ltd.		123,019		4,643,967
Athene Holding, Ltd. - Class A (a)		28,478		1,533,255
Hartford Financial Services Group, Inc. (The)		53,485		2,964,674
Marsh & McLennan Cos., Inc.		91,408		7,660,904
Prudential Financial, Inc.		29,857		3,174,396
XL Group, Ltd.		108,239		4,270,029
				34,634,591
Internet & Direct Marketing Retail—1.8%
Amazon.com, Inc. (a)		10,646		10,234,532
Expedia, Inc.		28,393		4,086,888
Netflix, Inc. (a)		18,978		3,441,660
Wayfair, Inc. - Class A (a)		72,929		4,915,415
				22,678,495
Internet Software & Services—3.5%
Alphabet, Inc. - Class A (a)		17,369		16,912,543
Blucora, Inc. (a)		34,571		874,646
eBay, Inc. (a)		183,248		7,047,718
Facebook, Inc. - Class A (a)		116,429		19,894,223
				44,729,130
IT Services—2.5%
Accenture plc - Class A		10,979		1,482,934
Alliance Data Systems Corp.		8,631		1,912,198
Cognizant Technology Solutions Corp. - Class A		12,301		892,315
FleetCor Technologies, Inc. (a)		16,516		2,556,181
Genpact, Ltd. (b)		66,150		1,901,812
Global Payments, Inc.		61,870		5,879,506
PayPal Holdings, Inc. (a)		60,531		3,875,800
Total System Services, Inc.		12,283		804,536
Visa, Inc. - Class A		97,791		10,291,525
WEX, Inc. (a) (b)		20,540		2,304,999
				31,901,806

BHFTII-97

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.		20,535	$	3,885,222
Machinery—1.7%
AGCO Corp. (b)		12,193		899,478
Caterpillar, Inc.		6,745		841,169
Deere & Co.		15,318		1,923,788
Fortive Corp.		82,616		5,848,387
Illinois Tool Works, Inc.		41,716		6,172,299
PACCAR, Inc.		11,125		804,782
Pentair plc		86,497		5,878,336
				22,368,239
Marine—0.0%
Kirby Corp. (a) (b)		8,339		549,957
Media—1.9%
Charter Communications, Inc. - Class A (a)		19,448		7,067,792
Cinemark Holdings, Inc.		14,887		539,058
Comcast Corp. - Class A		268,396		10,327,878
Liberty Media Corp. - Liberty Formula One - Class C (a)		36,376		1,385,562
New York Times Co. (The) - Class A (b)		32,950		645,820
Scripps Networks Interactive, Inc. - Class A		2,200		188,958
Twenty-First Century Fox, Inc. - Class A		66,051		1,742,425
Viacom, Inc. - Class B		105,121		2,926,569
				24,824,062
Metals & Mining—0.1%
Alcoa Corp. (a)		14,985		698,601
Steel Dynamics, Inc.		20,506		706,842
				1,405,443
Multi-Utilities—0.3%
Sempra Energy (b)		38,401		4,382,706
Oil, Gas & Consumable Fuels—3.3%
Andeavor		20,397		2,103,951
Antero Resources Corp. (a) (b)		53,035		1,055,396
BP plc (ADR)		47,714		1,833,649
Chevron Corp.		48,704		5,722,720
Diamondback Energy, Inc. (a) (b)		30,775		3,014,719
Extraction Oil & Gas, Inc. (a) (b)		149,625		2,302,729
Exxon Mobil Corp.		9,338		765,529
Kinder Morgan, Inc.		193,628		3,713,785
Marathon Petroleum Corp.		34,774		1,950,126
Newfield Exploration Co. (a)		238,822		7,085,849
ONEOK, Inc.		21,380		1,184,666
Paragon Offshore Finance Co. (a) (c)		162		2,997
Paragon Offshore Finance Co. - Class A (a) (c)		162		150
Paragon Offshore Finance Co. - Class B (a) (c)		81		1,458
Parsley Energy, Inc. - Class A (a)		69,470		1,829,840
PDC Energy, Inc. (a) (b)		26,951		1,321,407
Pioneer Natural Resources Co.		5,717		843,486
QEP Resources, Inc. (a)		223,868		1,918,549
RSP Permian, Inc. (a)		15,699		543,028
Oil, Gas & Consumable Fuels—(Continued)
Suncor Energy, Inc.		54,525		1,910,011
Templar Energy LLC (a) (c) (d) (e)		2,426		7,279
TransCanada Corp.		35,980		1,778,491
WPX Energy, Inc. (a)		76,851		883,786
				41,773,601
Personal Products—0.5%
Coty, Inc. - Class A (b)		343,937		5,685,279
Herbalife, Ltd. (a)		19,483		1,321,532
				7,006,811
Pharmaceuticals—2.6%
Aerie Pharmaceuticals, Inc. (a)		13,051		634,279
Allergan plc (b)		30,644		6,280,488
AstraZeneca plc (ADR) (b)		93,025		3,151,687
Bristol-Myers Squibb Co.		149,264		9,514,087
Dermira, Inc. (a) (b)		18,032		486,864
Eli Lilly & Co.		72,056		6,163,670
Kala Pharmaceuticals, Inc. (a)		17,700		404,268
Mylan NV (a)		97,263		3,051,140
MyoKardia, Inc. (a)		19,599		839,817
Revance Therapeutics, Inc. (a)		20,612		567,861
Teva Pharmaceutical Industries, Ltd. (ADR)		100,455		1,768,008
				32,862,169
Professional Services—0.4%
Dun & Bradstreet Corp. (The)		2,200		256,102
Equifax, Inc.		11,524		1,221,429
IHS Markit, Ltd. (a)		32,032		1,411,970
TransUnion (a)		49,780		2,352,603
				5,242,104
Road & Rail—0.4%
J.B. Hunt Transport Services, Inc.		8,973		996,721
Knight-Swift Transportation Holdings, Inc. (a)		32,196		1,337,744
Norfolk Southern Corp.		15,392		2,035,438
Schneider National, Inc. - Class B		16,332		413,199
				4,783,102
Semiconductors & Semiconductor Equipment—2.9%
Advanced Micro Devices, Inc. (a) (b)		254,719		3,247,667
Applied Materials, Inc.		47,614		2,480,213
Broadcom, Ltd.		4,603		1,116,412
KLA-Tencor Corp.		14,300		1,515,800
Microchip Technology, Inc. (b)		55,154		4,951,726
Micron Technology, Inc. (a)		177,671		6,987,800
NVIDIA Corp.		32,990		5,897,622
QUALCOMM, Inc.		109,291		5,665,646
Texas Instruments, Inc.		56,600		5,073,624
				36,936,510
Software—2.3%
Adobe Systems, Inc. (a)		19,509		2,910,353
Atlassian Corp. plc - Class A (a)		40,442		1,421,536

BHFTII-98

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—(Continued)
Autodesk, Inc. (a)		15,474	$	1,737,111
Guidewire Software, Inc. (a) (b)		16,589		1,291,620
HubSpot, Inc. (a)		20,587		1,730,337
Microsoft Corp.		131,682		9,808,992
Salesforce.com, Inc. (a)		33,505		3,130,037
ServiceNow, Inc. (a)		31,714		3,727,347
Splunk, Inc. (a) (b)		9,712		645,168
SS&C Technologies Holdings, Inc.		16,833		675,845
Workday, Inc. - Class A (a)		26,415		2,783,877
				29,862,223
Specialty Retail—0.7%
Advance Auto Parts, Inc. (b)		26,475		2,626,320
L Brands, Inc.		14,983		623,443
O’Reilly Automotive, Inc. (a)		12,896		2,777,412
TJX Cos., Inc. (The)		21,515		1,586,301
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,223		1,180,711
				8,794,187
Technology Hardware, Storage & Peripherals—2.0%
Apple, Inc.		145,414		22,411,206
NetApp, Inc.		68,190		2,983,994
				25,395,200
Textiles, Apparel & Luxury Goods—0.5%
Coach, Inc.		30,116		1,213,073
NIKE, Inc. - Class B		103,967		5,390,689
				6,603,762
Tobacco—1.1%
Altria Group, Inc.		130,445		8,272,822
British American Tobacco plc (ADR)		91,418		5,709,054
				13,981,876
Total Common Stocks (Cost $639,649,324)				760,621,426
U.S. Treasury & Government Agencies—21.1%
Agency Sponsored Mortgage - Backed—17.9%
Fannie Mae 15 Yr. Pool 3.000%, 07/01/28		1,888,335		1,945,121
3.000%, 02/01/31		221,950		228,198
3.000%, 03/01/31		27,367		28,137
3.000%, TBA (f)		11,603,000		11,922,082
3.500%, 07/01/28		280,324		293,932
3.500%, TBA (f)		65,000		67,691
4.000%, 04/01/26		50,092		52,703
4.000%, 02/01/29		1,181,434		1,241,519
4.500%, 06/01/24		247,537		259,216
4.500%, 02/01/25		71,652		75,447
4.500%, 04/01/25		11,309		11,912
4.500%, 07/01/25		54,029		56,840
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool 4.500%, 06/01/26		1,135,970		1,196,708
5.000%, TBA (f)		500,000		510,703
Fannie Mae 20 Yr. Pool 3.000%, 03/01/37		971,025		989,499
Fannie Mae 30 Yr. Pool 2.500%, 08/01/46		1,619,418		1,568,635
2.500%, 09/01/46		5,251,201		5,086,528
2.500%, 10/01/46		302,544		293,056
2.500%, 11/01/46		1,313,538		1,272,346
2.500%, 12/01/46		274,108		265,512
2.500%, 01/01/47		4,988,636		4,832,186
3.000%, 02/01/43		851,094		858,586
3.000%, 03/01/43		1,087,662		1,097,223
3.000%, 04/01/43		981,582		990,227
3.000%, 05/01/43		2,781,442		2,806,145
3.000%, 06/01/43		324,672		327,860
3.000%, 04/01/47		10,774,197		10,817,206
3.500%, 03/01/43		57,015		59,085
3.500%, 05/01/43		109,409		113,379
3.500%, 07/01/43		247,904		256,824
3.500%, 08/01/43		475,514		492,770
3.500%, 10/01/44		449,339		465,988
3.500%, 02/01/45		556,345		573,954
3.500%, 01/01/46		982,725		1,013,829
3.500%, 02/01/46		1,272,122		1,312,386
3.500%, 09/01/46		1,022,770		1,055,141
3.500%, 10/01/46		420,285		433,587
3.500%, 11/01/46		285,947		296,608
3.500%, TBA (f)		15,385,000		15,860,372
4.000%, 10/01/40		991,408		1,048,526
4.000%, 11/01/40		422,238		446,669
4.000%, 12/01/40		307,246		325,017
4.000%, 02/01/41		151,042		159,834
4.000%, 03/01/41		346,555		366,322
4.000%, 08/01/42		204,373		216,068
4.000%, 09/01/42		328,287		347,106
4.000%, 03/01/45		60,320		63,567
4.000%, 07/01/45		278,529		296,705
4.000%, 05/01/46		173,279		182,545
4.000%, 06/01/46		355,309		374,308
4.000%, 04/01/47		382,851		407,839
4.000%, TBA (f)		2,500,000		2,632,227
4.500%, 10/01/40		888,583		959,723
4.500%, 09/01/41		105,044		113,540
4.500%, 10/01/41		405,799		439,190
4.500%, 08/01/42		118,468		127,624
4.500%, 09/01/43		2,112,672		2,272,876
4.500%, 10/01/43		283,107		304,390
4.500%, 12/01/43		256,930		276,221
4.500%, 01/01/44		650,088		706,908
5.000%, 04/01/33		3,863		4,255
5.000%, 07/01/33		13,408		14,760
5.000%, 09/01/33		199,957		220,350
5.000%, 11/01/33		51,351		56,583

BHFTII-99

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of September 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%, 12/01/33		20,860	$	22,983
5.000%, 02/01/34		9,203		10,140
5.000%, 03/01/34		4,380		4,826
5.000%, 04/01/34		4,210		4,638
5.000%, 06/01/34		4,074		4,491
5.000%, 07/01/34		61,146		67,382
5.000%, 10/01/34		154,906		170,737
5.000%, 07/01/35		105,117		115,823
5.000%, 10/01/35		116,412		128,271
5.000%, 12/01/35		92,519		101,937
5.000%, 08/01/36		84,889		93,556
5.000%, 07/01/37		46,588		51,354
5.000%, 07/01/41		89,858		98,298
5.000%, 08/01/41		50,386		55,048
5.500%, 08/01/28		27,058		29,901
5.500%, 04/01/33		56,104		62,770
5.500%, 08/01/37		328,745		368,541
5.500%, 04/01/41		25,889		28,693
6.000%, 03/01/28		2,571		2,892
6.000%, 05/01/28		7,185		8,081
6.000%, 02/01/34		222,087		254,003
6.000%, 08/01/34		119,298		136,542
6.000%, 04/01/35		1,002,085		1,145,162
6.000%, 02/01/38		72,377		81,969
6.000%, 03/01/38		26,745		30,414
6.000%, 05/01/38		86,359		98,608
6.000%, 10/01/38		24,350		27,623
6.000%, 12/01/38		28,473		32,304
6.000%, TBA (f)		1,000,000		1,126,094
6.500%, 05/01/40		602,254		684,647
Fannie Mae ARM Pool 3.167%, 12M USD LIBOR + 1.775%, 12/01/40 (g)		138,563		144,442
3.405%, 12M USD LIBOR + 1.776%, 06/01/41 (g)		205,387		214,952
3.467%, 12M USD LIBOR + 1.750%, 03/01/41 (g)		115,518		120,914
3.519%, 12M USD LIBOR + 1.820%, 09/01/41 (g)		130,237		136,479
3.570%, 12M USD LIBOR + 1.820%, 03/01/41 (g)		33,264		35,236
Fannie Mae Connecticut Avenue Securities (CMO) 4.787%, 1M USD LIBOR + 3.550%, 07/25/29 (g)		390,000		411,305
6.137%, 1M USD LIBOR + 4.900%, 11/25/24 (g)		335,352		379,848
Fannie Mae Interest Strip (CMO) 2.000%, 09/25/39		536,010		521,474
4.000%, 05/25/27 (h)		443,994		44,078
Fannie Mae Pool 2.350%, 11/01/26		500,000		482,769
2.390%, 09/01/28		125,000		119,836
2.930%, 01/01/27		900,000		910,369
3.020%, 03/01/27		382,552		388,834
3.105%, 04/01/27		1,820,317		1,861,423
3.140%, 11/01/27		678,898		695,115
3.150%, 04/01/27		770,140		790,024
3.160%, 04/01/27		585,000		599,933
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool 3.205%, 01/01/27		791,831		815,764
3.240%, 12/01/26		82,898		85,619
3.410%, 08/01/27		485,392		506,988
3.765%, 12/01/25		1,300,000		1,394,434
3.855%, 12/01/25		45,000		48,564
3.870%, 10/01/25		75,357		80,875
3.890%, 05/01/30		101,449		107,510
3.960%, 05/01/34		42,903		46,388
3.970%, 05/01/29		29,451		31,985
4.060%, 10/01/28		64,143		70,216
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/36 (i)		35,914		30,422
Zero Coupon, 06/25/36 (i)		298,375		261,405
1.578%, 04/25/55 (g) (h)		1,026,217		51,326
1.716%, 05/25/46 (c) (g) (h)		1,053,362		51,145
1.854%, 08/25/44 (c) (g) (h)		974,091		47,902
1.863%, 06/25/55 (c) (g) (h)		846,010		45,745
2.500%, 06/25/28 (c) (h)		230,481		18,280
3.000%, 02/25/27 (c) (h)		607,166		49,995
3.000%, 09/25/27 (c) (h)		207,927		20,083
3.000%, 01/25/28 (c) (h)		1,458,035		132,573
3.000%, 02/25/28 (c) (h)		550,450		50,025
3.000%, 04/25/28 (c) (h)		656,163		61,061
3.500%, 05/25/27 (c) (h)		609,108		64,467
3.500%, 10/25/27 (c) (h)		370,919		39,494
3.500%, 05/25/30 (c) (h)		371,841		46,807
3.500%, 08/25/30 (c) (h)		120,928		13,426
3.500%, 02/25/31 (c) (h)		304,281		27,364
3.500%, 09/25/35 (c) (h)		236,317		39,677
3.500%, 10/25/46 (c) (h)		180,430		40,015
4.000%, 03/25/42 (c) (h)		165,367		23,631
4.000%, 05/25/42 (c) (h)		982,776		137,685
4.000%, 11/25/42 (c) (h)		93,799		13,169
4.500%, 07/25/27 (c) (h)		209,837		22,931
5.462%, 05/25/42 (g) (h)		118,617		13,244
5.500%, 04/25/35 (c)		359,494		404,411
5.500%, 04/25/37		158,194		174,274
Fannie Mae-ACES (CMO)
2.356%, 01/25/22 (g) (h)		1,483,702		83,761
3.329%, 10/25/23 (g)		505,000		527,721
Freddie Mac 15 Yr. Gold Pool 3.000%, 07/01/28		715,478		735,866
3.000%, 08/01/29		477,390		491,878
3.000%, TBA (f)		775,000		796,500
3.500%, TBA (f)		1,500,000		1,567,090
Freddie Mac 20 Yr. Gold Pool 3.000%, 11/01/36		1,326,446		1,351,716
3.000%, 01/01/37		959,405		977,682
3.500%, 08/01/34		948,068		990,936
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/44		20,733		20,822
3.000%, 08/01/46		1,904,454		1,913,349
3.000%, 10/01/46		1,933,529		1,942,265
3.000%, 11/01/46		2,926,157		2,940,855
3.000%, 12/01/46		924,832		929,645
3.000%, 01/01/47		6,794,314		6,823,943
3.000%, TBA (f)		800,000		802,906
3.500%, 08/01/42		142,472		148,381
3.500%, 11/01/42		209,448		217,101

BHFTII-100

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of September 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%, 06/01/46		322,141	$	332,510
3.500%, TBA (f)		19,665,000		20,281,844
4.000%, 05/01/42		945,452		999,310
4.000%, 08/01/42		259,478		275,195
4.000%, 09/01/42		389,827		413,440
4.000%, 07/01/44		74,195		78,250
4.000%, 02/01/46		348,044		366,575
4.000%, 09/01/47		1,594,630		1,680,267
4.000%, TBA (f)		6,345,000		6,680,591
4.500%, 09/01/43		156,548		168,261
4.500%, 11/01/43		1,353,557		1,451,740
4.500%, TBA (f)		8,580,000		9,198,989
5.000%, TBA (f)		1,500,000		1,630,013
5.500%, 07/01/33		144,637		159,690
5.500%, 04/01/39		60,193		67,008
5.500%, 06/01/41		227,113		252,859
Freddie Mac ARM Non-Gold Pool 3.640%, 12M USD LIBOR + 1.900%, 02/01/41 (g)		153,801		161,635
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.745%, 03/25/27 (g) (h)		4,389,984		215,229
1.602%, 06/25/22 (g) (h)		1,845,786		105,697
1.655%, 12/25/18 (g) (h)		3,030,237		41,166
1.820%, 03/25/22 (g) (h)		1,393,249		85,482
1.866%, 05/25/19 (g) (h)		2,297,575		49,800
3.430%, 01/25/27 (g)		700,000		733,337
Freddie Mac REMICS (CMO)
Zero Coupon, 11/15/36 (i)		33,832		31,720
2.500%, 05/15/28 (h)		239,747		20,022
3.000%, 03/15/28 (c) (h)		751,590		65,736
3.000%, 05/15/32 (h)		325,339		27,439
3.000%, 03/15/33 (c) (h)		218,918		26,862
3.000%, 06/15/41		674,339		689,165
3.000%, 07/15/41		1,526,183		1,559,925
3.500%, 06/15/26 (c) (h)		402,721		30,656
3.500%, 09/15/26 (h)		134,544		13,152
3.500%, 03/15/27 (h)		233,743		22,286
3.500%, 03/15/41 (c) (h)		85,484		10,586
4.000%, 07/15/27 (c) (h)		922,579		95,166
4.000%, 03/15/28 (h)		430,074		41,710
4.000%, 06/15/28 (h)		225,497		25,091
4.500%, 03/15/41		306,829		345,258
4.750%, 07/15/39		659,467		720,521
5.000%, 09/15/33 (h)		299,507		62,638
5.500%, 08/15/33		74,650		83,095
5.500%, 07/15/36		166,291		185,339
5.500%, 06/15/46		227,847		253,839
6.500%, 07/15/36		225,761		251,736
FREMF Mortgage Trust (CMO) 3.071%, 10/25/47 (144A) (g)		770,000		777,074
3.944%, 08/25/27 (144A) (g)		280,000		281,583
4.013%, 02/25/24 (144A) (g)		335,000		340,003
4.107%, 07/25/49 (144A) (g)		600,000		609,508
4.117%, 03/25/27 (144A) (g)		245,000		246,550
4.172%, 07/25/27 (144A) (g)		470,000		467,470
Agency Sponsored Mortgage - Backed—(Continued)
FREMF Mortgage Trust (CMO) 4.214%, 05/25/27 (144A) (g)		535,000		550,574
5.444%, 09/25/43 (144A) (g)		855,000		914,318
Ginnie Mae I 30 Yr. Pool 3.000%, 12/15/44		26,267		26,665
3.000%, 02/15/45		80,662		81,772
3.000%, 04/15/45		1,108,519		1,123,774
3.000%, 05/15/45		1,462,676		1,482,803
3.000%, 07/15/45		38,334		38,861
4.000%, 09/15/42		1,039,207		1,101,479
4.500%, 04/15/41		752,922		810,072
4.500%, 02/15/42		1,547,567		1,674,516
5.000%, 12/15/38		54,584		60,093
5.000%, 04/15/39		1,103,319		1,214,235
5.000%, 07/15/39		117,145		128,961
5.000%, 12/15/40		153,819		169,312
5.500%, 12/15/40		521,898		586,021
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (f)		5,500,000		5,576,484
3.500%, 05/20/47		1,329,027		1,383,173
3.500%, 08/20/47		2,794,294		2,908,136
3.500%, 09/20/47		1,894,264		1,971,438
3.500%, TBA (f)		13,460,000		13,989,987
4.000%, 04/20/47		1,233,054		1,302,497
4.000%, TBA (f)		11,077,000		11,663,415
4.500%, 01/20/46		179,077		191,175
4.500%, TBA (f)		370,000		394,397
5.000%, 10/20/39		25,283		27,885
Government National Mortgage Association (CMO) 0.794%, 02/16/53 (g) (h)		2,272,128		105,343
2.500%, 12/16/39		497,819		501,289
3.000%, 09/20/28 (h)		273,975		26,131
3.000%, 02/16/43 (h)		150,685		25,986
3.000%, 03/20/47		89,629		82,770
3.000%, 05/20/47		227,258		207,789
3.500%, 02/16/27 (h)		117,747		11,462
3.500%, 03/20/27 (h)		294,701		30,670
3.500%, 07/20/40 (h)		274,183		30,934
3.500%, 02/20/41 (h)		379,551		54,042
3.500%, 04/20/42 (h)		642,005		89,698
3.500%, 10/20/42 (h)		956,408		197,193
3.500%, 05/20/43 (c) (h)		136,521		25,460
3.500%, 07/20/43 (c) (h)		542,858		81,334
4.000%, 12/16/26 (h)		85,248		9,320
4.000%, 05/20/29 (h)		1,231,674		136,199
4.000%, 05/16/42 (c) (h)		117,525		19,059
4.000%, 03/20/43 (h)		175,746		40,879
4.000%, 01/20/44 (c) (h)		82,525		17,683
4.000%, 11/20/44 (c) (h)		1,316,264		238,855
4.000%, 03/20/47 (h)		470,625		91,840
4.000%, 07/20/47 (h)		893,117		182,316
4.500%, 04/20/45 (c) (h)		289,846		68,078
5.000%, 02/16/40 (h)		760,788		174,683
5.000%, 10/16/41 (c) (h)		469,390		80,278
5.000%, 01/16/47 (h)		198,387		50,765

BHFTII-101

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 5.500%, 03/20/39 (c) (h)		550,707	$	124,867
5.500%, 02/16/47 (h)		532,717		130,048
5.500%, 02/20/47 (h)		328,890		68,208
6.000%, 09/20/40 (h)		467,062		110,923
6.000%, 02/20/46 (h)		508,381		127,266
				229,854,799
U.S. Treasury—3.2%
U.S. Treasury Bonds 2.750%, 08/15/42 (j)		350,000		345,762
2.875%, 11/15/46		2,940,000		2,950,451
3.000%, 11/15/44 (j)		595,000		612,966
3.000%, 11/15/45		1,980,000		2,036,693
3.000%, 02/15/47 (k)		1,500,000		1,542,949
4.375%, 11/15/39		1,874,000		2,384,519
4.500%, 02/15/36 (j) (k)		1,199,000		1,542,261
U.S. Treasury Inflation Indexed Notes 0.250%, 01/15/25 (k) (l) (m)		8,291,851		8,209,597
U.S. Treasury Notes 1.625%, 03/15/20 (k)		377,000		377,604
1.625%, 11/30/20		6,775,000		6,764,943
2.000%, 02/15/23 (k)		2,380,000		2,381,301
2.000%, 02/15/25		3,705,000		3,654,346
2.000%, 11/15/26 (j) (k)		4,474,000		4,359,878
2.125%, 05/15/25		4,295,000		4,267,150
				41,430,420
Total U.S. Treasury & Government Agencies (Cost $271,917,076)				271,285,219
Corporate Bonds & Notes—9.6%
Aerospace/Defense—0.0%
Lockheed Martin Corp. 4.090%, 09/15/52 (144A)		440,000		439,996
Agriculture—0.3%
Altria Group, Inc. 3.875%, 09/16/46		190,000		185,724
BAT Capital Corp. 2.297%, 08/14/20 (144A)		500,000		501,597
4.390%, 08/15/37 (144A)		500,000		513,105
BAT International Finance plc 2.750%, 06/15/20 (144A)		400,000		406,222
Imperial Brands Finance plc 2.050%, 07/20/18 (144A)		200,000		200,080
2.950%, 07/21/20 (144A)		550,000		558,348
3.750%, 07/21/22 (144A)		310,000		322,327
Philip Morris International, Inc. 3.125%, 08/17/27		780,000		782,978
Reynolds American, Inc. 3.250%, 06/12/20		517,000		531,285
				4,001,666
Airlines—0.1%
Delta Air Lines, Inc. 3.625%, 03/15/22		660,000		678,348
Auto Manufacturers—0.2%
Ford Motor Co. 5.291%, 12/08/46 (b)		345,000		359,974
General Motors Co. 6.250%, 10/02/43		195,000		222,854
6.750%, 04/01/46		480,000		578,210
General Motors Financial Co., Inc. 3.700%, 05/09/23		300,000		305,724
3.950%, 04/13/24		345,000		353,350
Toyota Motor Finance Netherlands B.V. 3.740%, 01/24/18 (AUD)		290,000		228,454
4.340%, 10/19/17 (NZD)		280,000		202,425
VW Credit Canada, Inc. 2.450%, 11/14/17 (CAD)		455,000		364,963
				2,615,954
Auto Parts & Equipment—0.0%
Lear Corp. 3.800%, 09/15/27		560,000		557,874
Banks—3.2%
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 5Y EUR Swap + 6.155%, 02/19/19 (EUR) (g)		600,000		739,279
9.000%, 5Y USD Swap + 8.262%, 05/09/18 (g)		600,000		621,000
Banco de Sabadell S.A. 6.500%, 5Y EUR Swap + 6.414%, 05/18/22 (EUR) (g)		400,000		479,886
Bank of America Corp. 2.393%, 3M USD LIBOR + 1.070%, 03/22/18 (g)		210,000		210,892
2.503%, 10/21/22		305,000		302,127
2.625%, 04/19/21		15,000		15,103
3.124%, 3M USD LIBOR + 1.160%, 01/20/23 (g)		1,285,000		1,307,867
3.705%, 3M USD LIBOR + 1.512%, 04/24/28 (g)		1,045,000		1,061,485
4.000%, 04/01/24		245,000		258,831
4.000%, 01/22/25		595,000		615,701
4.125%, 01/22/24		265,000		281,924
7.750%, 05/14/38		630,000		925,576
Bank of Ireland 7.375%, 5Y EUR Swap + 6.956%, 06/18/20 (EUR) (g)		300,000		393,729
Barclays Bank plc 6.050%, 12/04/17 (144A)		1,190,000		1,198,349
Barclays plc 8.000%, 5Y EUR Swap + 6.750%, 12/15/20 (EUR) (g)		325,000		431,496
BNP Paribas S.A. 2.950%, 05/23/22 (144A)		220,000		221,935
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (g)		390,000		428,513

BHFTII-102

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
BPCE S.A. 3.000%, 05/22/22 (144A)		255,000	$	256,409
Citigroup, Inc. 2.414%, 3M USD LIBOR + 1.100%, 05/17/24 (g)		680,000		681,505
2.700%, 03/30/21		295,000		298,289
3.200%, 10/21/26		140,000		137,789
Citigroup, Inc. 4.450%, 09/29/27		1,485,000		1,567,472
4.650%, 07/30/45		56,000		61,995
Credit Agricole S.A. 8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (g)		725,000		858,219
Credit Suisse Group AG 6.250%, 5Y USD Swap + 3.455%, 12/18/24 (144A) (g)		1,320,000		1,405,800
Deutsche Bank AG 2.700%, 07/13/20		670,000		672,717
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21		560,000		555,210
2.600%, 04/23/20		1,605,000		1,619,469
2.750%, 09/15/20		440,000		445,685
2.875%, 02/25/21		520,000		527,330
2.905%, 3M USD LIBOR + 0.990%, 07/24/23 (g)		640,000		640,460
5.250%, 11/29/17 (AUD)		190,000		149,815
6.250%, 02/01/41		430,000		567,637
6.750%, 10/01/37		815,000		1,075,223
HSBC Holdings plc 2.950%, 05/25/21		255,000		258,968
3.400%, 03/08/21		765,000		788,818
3.600%, 05/25/23		255,000		265,365
4.250%, 08/18/25		390,000		404,171
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (g)		575,000		601,392
Intesa Sanpaolo S.p.A. 7.700%, 5Y USD Swap + 5.462%, 09/17/25 (144A) (g)		250,000		260,938
7.750%, 5Y EUR Swap + 7.192%, 01/11/27 (EUR) (g)		200,000		270,288
JPMorgan Chase & Co. 2.295%, 08/15/21		420,000		419,682
2.400%, 06/07/21 (b)		565,000		566,925
2.543%, 3M USD LIBOR + 1.230%, 10/24/23 (g)		325,000		332,044
2.550%, 10/29/20		690,000		697,814
2.700%, 05/18/23		480,000		480,127
3.220%, 3M USD LIBOR + 1.155%, 03/01/25 (g)		550,000		558,840
4.250%, 10/01/27		350,000		369,102
5.600%, 07/15/41		30,000		37,191
Landsbanki Islands Zero Coupon, 08/25/20 (c) (d) (e)		320,000		0
Banks—(Continued)
Morgan Stanley 2.163%, 3M USD LIBOR + 0.850%, 01/24/19 (g)		260,000		261,785
2.500%, 04/21/21		680,000		682,202
2.750%, 05/19/22		645,000		648,569
3.125%, 07/27/26		320,000		313,877
3.591%, 3M USD LIBOR + 1.340%, 07/22/28 (g)		1,250,000		1,254,657
3.625%, 01/20/27		685,000		694,305
4.000%, 07/23/25		280,000		295,194
4.350%, 09/08/26		95,000		99,456
5.000%, 11/24/25		322,000		352,904
Royal Bank of Scotland Group plc 7.500%, 5Y USD Swap + 5.800%, 08/10/20 (g)		520,000		544,570
Santander Holdings USA, Inc. 3.700%, 03/28/22 (144A)		730,000		743,754
Societe Generale S.A. 7.375%, 5Y USD Swap + 6.238%, 09/13/21 (144A) (g)		650,000		703,625
8.250%, 5Y USD Swap + 6.394%, 11/29/18 (g)		685,000		724,319
UBS Group AG 5.750%, 5Y EUR Swap + 5.287%, 02/19/22 (EUR) (g)		250,000		331,176
6.875%, 5Y USD ICE Swap + 5.497%, 03/22/21 (g)		450,000		483,187
7.000%, 5Y USD Swap + 4.866%, 02/19/25 (g)		200,000		224,520
7.125%, 5Y USD Swap + 5.464%, 02/19/20 (g)		470,000		499,503
UBS Group Funding Switzerland AG 2.650%, 02/01/22 (144A)		620,000		617,562
Wells Fargo & Co. 2.625%, 07/22/22		595,000		595,995
3.000%, 04/22/26		310,000		304,496
3.000%, 10/23/26		200,000		195,570
3.069%, 01/24/23		960,000		976,446
3.584%, 3M USD LIBOR + 1.310%, 05/22/28 (g)		930,000		941,295
4.900%, 11/17/45		945,000		1,054,096
				40,869,445
Beverages—0.3%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		985,000		1,021,223
4.700%, 02/01/36		500,000		551,267
4.900%, 02/01/46		730,000		824,584
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		405,000		389,698
Constellation Brands, Inc. 2.700%, 05/09/22		80,000		80,273
3.500%, 05/09/27 (b)		145,000		146,939
4.500%, 05/09/47		50,000		52,478
Molson Coors International L.P. 3.950%, 10/06/17 (CAD)		370,000		296,581
				3,363,043

BHFTII-103

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—0.1%
Amgen, Inc. 2.650%, 05/11/22		350,000	$	352,858
Baxalta, Inc. 3.600%, 06/23/22		55,000		56,990
Celgene Corp. 4.625%, 05/15/44		195,000		210,384
Gilead Sciences, Inc. 2.500%, 09/01/23		120,000		118,790
3.250%, 09/01/22		165,000		170,421
				909,443
Building Materials—0.0%
Eagle Materials, Inc. 4.500%, 08/01/26		110,000		114,675
Standard Industries, Inc. 6.000%, 10/15/25 (144A) (b)		220,000		240,011
				354,686
Chemicals—0.1%
Methanex Corp. 4.250%, 12/01/24 (b)		455,000		450,136
5.650%, 12/01/44		235,000		231,628
Sherwin-Williams Co. (The) 3.125%, 06/01/24		180,000		180,905
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		25,000		26,500
				889,169
Commercial Services—0.1%
Acwa Power Management & Investments One, Ltd. 5.950%, 12/15/39 (144A)		1,269,000		1,307,760
Cardtronics, Inc. 5.125%, 08/01/22		130,000		134,225
United Rentals North America, Inc. 4.625%, 07/15/23		60,000		62,625
5.500%, 07/15/25		110,000		117,838
				1,622,448
Computers—0.2%
Apple, Inc. 3.350%, 02/09/27		175,000		180,178
3.450%, 02/09/45		550,000		521,219
3.850%, 08/04/46		95,000		96,030
Dell International LLC / EMC Corp. 4.420%, 06/15/21 (144A)		195,000		204,733
8.350%, 07/15/46 (144A)		125,000		160,542
Hewlett Packard Enterprise Co. 3.600%, 10/15/20		615,000		637,475
4.900%, 10/15/25		395,000		417,858
NCR Corp. 5.000%, 07/15/22		40,000		40,900
				2,258,935
Diversified Financial Services—0.2%
CBOE Holdings, Inc. 3.650%, 01/12/27		455,000		465,911
GTP Acquisition Partners LLC 3.482%, 06/16/25 (144A)		1,355,000		1,350,556
Intercontinental Exchange, Inc. 2.750%, 12/01/20		355,000		361,840
Navient Corp. 5.500%, 01/15/19		210,000		217,010
5.875%, 03/25/21		20,000		20,975
				2,416,292
Electric—0.3%
AES Corp. 4.875%, 05/15/23		20,000		20,600
5.500%, 03/15/24		175,000		182,219
DTE Energy Co. 1.500%, 10/01/19		315,000		310,438
Duke Energy Carolinas LLC 4.250%, 12/15/41		275,000		298,701
Duke Energy Florida LLC 3.400%, 10/01/46		370,000		348,732
Duke Energy Progress LLC 4.375%, 03/30/44		320,000		348,757
Emera U.S. Finance L.P. 2.700%, 06/15/21		80,000		80,431
4.750%, 06/15/46		90,000		96,510
Exelon Corp. 2.450%, 04/15/21		80,000		80,007
2.850%, 06/15/20		530,000		540,536
FirstEnergy Corp. 3.900%, 07/15/27		505,000		512,847
4.250%, 03/15/23		110,000		116,376
Fortis, Inc. 2.100%, 10/04/21		155,000		152,186
Hydro One, Inc. 5.180%, 10/18/17 (CAD)		370,000		296,973
IPALCO Enterprises, Inc. 3.700%, 09/01/24 (144A)		335,000		335,820
NextEra Energy Capital Holdings, Inc. 1.649%, 09/01/18		210,000		209,908
NextEra Energy Operating Partners L.P. 4.250%, 09/15/24 (144A)		5,000		5,106
4.500%, 09/15/27 (144A)		5,000		5,094
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		110,000		131,798
Southern Co. (The) 1.850%, 07/01/19		270,000		269,862
2.950%, 07/01/23		170,000		170,867
				4,513,768
Electronics—0.0%
Fortive Corp. 2.350%, 06/15/21		275,000		274,125

BHFTII-104

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—0.1%
Mexico City Airport Trust 3.875%, 04/30/28 (144A)		255,000	$	254,108
SBA Tower Trust 3.168%, 04/11/22 (144A)		995,000		994,315
				1,248,423
Entertainment—0.0%
WMG Acquisition Corp. 4.875%, 11/01/24 (144A) (b)		120,000		123,300
5.000%, 08/01/23 (144A)		40,000		41,300
				164,600
Environmental Control—0.0%
Clean Harbors, Inc. 5.250%, 08/01/20		71,000		71,887
Food—0.1%
Danone S.A. 1.691%, 10/30/19 (144A)		705,000		700,342
Kraft Heinz Foods Co. 4.375%, 06/01/46 (b)		205,000		202,424
Sysco Corp. 2.500%, 07/15/21		405,000		407,581
				1,310,347
Gas—0.0%
AmeriGas Partners L.P. / AmeriGas Finance Corp. 5.875%, 08/20/26		95,000		98,800
Healthcare-Products—0.1%
Becton Dickinson and Co. 3.363%, 06/06/24		925,000		933,630
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		95,000		92,977
3.000%, 04/15/23		525,000		533,676
				1,560,283
Healthcare-Services—0.2%
Aetna, Inc. 2.800%, 06/15/23		175,000		176,076
Anthem, Inc. 3.500%, 08/15/24		900,000		925,881
4.625%, 05/15/42		170,000		184,181
CHS/Community Health Systems, Inc. 5.125%, 08/01/21		110,000		108,625
6.250%, 03/31/23		30,000		29,475
LifePoint Health, Inc. 5.875%, 12/01/23		90,000		95,090
Tenet Healthcare Corp. 6.000%, 10/01/20		75,000		79,928
UnitedHealth Group, Inc. 3.750%, 07/15/25		475,000		504,075
4.250%, 04/15/47		110,000		117,966
4.750%, 07/15/45		130,000		150,131
				2,371,428
Home Builders—0.0%
Meritage Homes Corp. 6.000%, 06/01/25 (b)		70,000		74,550
Toll Brothers Finance Corp. 4.875%, 11/15/25		130,000		135,395
				209,945
Insurance—0.1%
American International Group, Inc. 4.700%, 07/10/35		305,000		327,416
CNO Financial Group, Inc. 4.500%, 05/30/20		10,000		10,363
5.250%, 05/30/25		175,000		186,812
Genworth Holdings, Inc. 4.900%, 08/15/23		90,000		76,950
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		67,000		108,665
MGIC Investment Corp. 5.750%, 08/15/23		90,000		99,000
Willis North America, Inc. 3.600%, 05/15/24		210,000		214,825
				1,024,031
Internet—0.1%
Amazon.com, Inc. 1.900%, 08/21/20 (144A)		250,000		250,611
2.800%, 08/22/24 (144A)		155,000		155,595
3.875%, 08/22/37 (144A)		625,000		636,048
				1,042,254
Iron/Steel—0.1%
ArcelorMittal 6.125%, 06/01/25		125,000		143,750
Steel Dynamics, Inc. 4.125%, 09/15/25 (144A)		165,000		166,340
5.500%, 10/01/24		65,000		69,550
Vale Overseas, Ltd. 6.250%, 08/10/26		720,000		816,984
6.875%, 11/10/39		75,000		85,965
				1,282,589
Machinery-Construction & Mining—0.0%
Oshkosh Corp. 5.375%, 03/01/25		75,000		79,500
Machinery-Diversified—0.0%
CNH Industrial NV 4.500%, 08/15/23		105,000		111,195
Media—0.7%
21st Century Fox America, Inc. 6.150%, 03/01/37		505,000		624,761
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.579%, 07/23/20		270,000		277,176
4.464%, 07/23/22		815,000		862,292
4.908%, 07/23/25		50,000		53,451
6.484%, 10/23/45		760,000		891,995

BHFTII-105

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Comcast Corp. 3.150%, 03/01/26		520,000	$	519,711
3.400%, 07/15/46		400,000		368,678
COX Communications, Inc. 3.150%, 08/15/24 (144A)		335,000		332,898
3.250%, 12/15/22 (144A)		190,000		191,660
3.350%, 09/15/26 (144A)		95,000		92,964
3.850%, 02/01/25 (144A)		355,000		357,465
4.800%, 02/01/35 (144A)		25,000		24,754
Discovery Communications LLC 3.450%, 03/15/25		291,000		286,582
3.800%, 03/13/24		364,000		375,170
3.950%, 03/20/28		190,000		188,638
4.900%, 03/11/26		190,000		202,843
DISH DBS Corp. 5.875%, 11/15/24		130,000		136,256
Liberty Interactive LLC 8.250%, 02/01/30		180,000		198,900
Scripps Networks Interactive, Inc. 3.950%, 06/15/25		217,000		220,148
TEGNA, Inc. 4.875%, 09/15/21 (144A)		125,000		128,125
6.375%, 10/15/23		5,000		5,319
Time Warner Cable LLC 4.500%, 09/15/42		400,000		379,099
7.300%, 07/01/38		45,000		56,484
8.250%, 04/01/19		231,000		251,160
8.750%, 02/14/19		759,000		824,457
Time Warner, Inc. 2.950%, 07/15/26		70,000		66,113
3.875%, 01/15/26		70,000		70,856
4.850%, 07/15/45 (b)		195,000		198,175
Viacom, Inc. 4.375%, 03/15/43		173,000		149,036
5.875%, 3M USD LIBOR + 3.895%, 02/28/57 (g)		10,000		10,000
6.250%, 3M USD LIBOR + 3.899%, 02/28/57 (g)		20,000		20,125
Videotron, Ltd. 5.375%, 06/15/24 (144A)		145,000		157,325
				8,522,616
Mining—0.1%
Anglo American Capital plc 3.750%, 04/10/22 (144A)		200,000		205,120
4.125%, 09/27/22 (144A)		600,000		623,421
Corp. Nacional del Cobre de Chile 3.625%, 08/01/27 (144A)		200,000		199,268
Kaiser Aluminum Corp. 5.875%, 05/15/24		140,000		149,800
				1,177,609
Office/Business Equipment—0.1%
Pitney Bowes, Inc. 4.700%, 04/01/23		590,000		580,137
Xerox Corp. 3.625%, 03/15/23		735,000		728,847
				1,308,984
Oil & Gas—0.6%
Anadarko Petroleum Corp. 3.450%, 07/15/24		600,000		595,446
4.500%, 07/15/44		240,000		228,416
6.600%, 03/15/46		75,000		92,855
Apache Corp. 4.250%, 01/15/44		35,000		32,868
Canadian Natural Resources, Ltd. 3.850%, 06/01/27		125,000		126,370
6.250%, 03/15/38		260,000		312,191
Cenovus Energy, Inc. 4.250%, 04/15/27 (144A)		60,000		59,489
6.750%, 11/15/39		50,000		57,559
Concho Resources, Inc. 3.750%, 10/01/27		45,000		45,200
Continental Resources, Inc. 3.800%, 06/01/24		5,000		4,825
4.500%, 04/15/23 (b)		60,000		60,150
4.900%, 06/01/44		10,000		9,075
5.000%, 09/15/22		55,000		55,894
Devon Financing Co. LLC 7.875%, 09/30/31		100,000		132,007
Encana Corp. 3.900%, 11/15/21		300,000		309,150
Hess Corp. 4.300%, 04/01/27 (b)		370,000		366,739
5.600%, 02/15/41		80,000		80,157
5.800%, 04/01/47		20,000		20,554
6.000%, 01/15/40		260,000		269,184
Kerr-McGee Corp. 6.950%, 07/01/24		400,000		475,338
Marathon Oil Corp. 2.700%, 06/01/20		200,000		199,995
2.800%, 11/01/22 (b)		370,000		359,703
3.850%, 06/01/25		35,000		34,756
4.400%, 07/15/27		405,000		412,989
MEG Energy Corp. 6.500%, 01/15/25 (144A)		35,000		34,169
7.000%, 03/31/24 (144A)		21,000		18,008
Petroleos Mexicanos 5.500%, 06/27/44		99,000		92,318
6.375%, 02/04/21		40,000		43,820
6.750%, 09/21/47		376,000		400,026
6.750%, 09/21/47 (144A)		195,000		207,460
QEP Resources, Inc. 5.250%, 05/01/23		80,000		77,800
Shell International Finance B.V. 4.375%, 05/11/45		405,000		434,266

BHFTII-106

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
SM Energy Co. 6.125%, 11/15/22 (b)		55,000	$	55,138
Valero Energy Corp. 3.400%, 09/15/26		570,000		562,315
4.900%, 03/15/45		75,000		80,491
WPX Energy, Inc. 5.250%, 09/15/24		125,000		125,313
YPF S.A. 16.500%, 05/09/22 (144A) (ARS)		19,392,845		1,052,968
				7,525,002
Packaging & Containers—0.0%
Owens-Brockway Glass Container, Inc. 5.875%, 08/15/23 (144A)		125,000		138,125
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, 07/15/23 (144A)		75,000		78,270
				216,395
Pharmaceuticals—0.5%
Allergan Funding SCS 2.350%, 03/12/18		1,545,000		1,549,501
2.390%, 3M USD LIBOR + 1.080%, 03/12/18 (g)		205,000		205,679
3.000%, 03/12/20		1,060,000		1,082,184
Cardinal Health, Inc. 1.950%, 06/15/18		265,000		265,389
2.616%, 06/15/22		1,125,000		1,124,083
4.368%, 06/15/47		105,000		107,513
Mylan NV 3.000%, 12/15/18		245,000		247,766
3.150%, 06/15/21 (b)		300,000		305,257
3.750%, 12/15/20		325,000		336,961
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		520,000		518,182
Teva Pharmaceutical Finance Netherlands B.V. 1.700%, 07/19/19		200,000		197,109
2.200%, 07/21/21		125,000		120,350
2.800%, 07/21/23		55,000		52,459
Valeant Pharmaceuticals International, Inc. 6.500%, 03/15/22 (144A)		65,000		68,737
7.000%, 03/15/24 (144A)		30,000		32,028
				6,213,198
Pipelines—0.5%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 6.250%, 10/15/22		110,000		117,013
DCP Midstream Operating L.P. 3.875%, 03/15/23 (b)		20,000		19,600
4.950%, 04/01/22		26,000		26,975
5.600%, 04/01/44		50,000		46,625
Enbridge, Inc. 3.700%, 07/15/27		205,000		207,841
Pipelines—(Continued)
Energy Transfer Equity L.P. 7.500%, 10/15/20		125,000		140,781
Energy Transfer L.P. 4.050%, 03/15/25		180,000		182,491
5.950%, 10/01/43		20,000		21,414
Kinder Morgan Energy Partners L.P. 6.500%, 04/01/20		50,000		54,669
6.850%, 02/15/20		215,000		235,969
Kinder Morgan, Inc. 3.150%, 01/15/23		1,830,000		1,839,872
5.550%, 06/01/45		510,000		549,484
MPLX L.P. 4.125%, 03/01/27		375,000		381,816
5.200%, 03/01/47		65,000		68,054
NGPL PipeCo LLC 4.875%, 08/15/27 (144A)		15,000		15,718
Phillips 66 Partners L.P. 3.550%, 10/01/26		145,000		141,856
Plains All American Pipeline L.P. / PAA Finance Corp. 4.500%, 12/15/26 (b)		160,000		162,386
Regency Energy Partners L.P. / Regency Energy Finance Corp. 4.500%, 11/01/23		275,000		288,181
Sabine Pass Liquefaction LLC 4.200%, 03/15/28		200,000		201,612
Sunoco Logistics Partners Operations L.P. 3.900%, 07/15/26		25,000		24,802
4.250%, 04/01/24		300,000		309,554
5.400%, 10/01/47 (b)		245,000		249,217
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		420,000		413,512
Williams Cos., Inc. (The) 3.700%, 01/15/23		70,000		69,650
4.550%, 06/24/24 (b)		21,000		21,735
7.875%, 09/01/21		25,000		29,375
Williams Partners L.P. 4.000%, 11/15/21		280,000		292,343
4.300%, 03/04/24		210,000		221,534
				6,334,079
Real Estate Investment Trusts—0.0%
Crown Castle International Corp. 3.200%, 09/01/24		110,000		109,478
3.400%, 02/15/21		105,000		108,104
Equinix, Inc. 5.875%, 01/15/26		135,000		148,331
				365,913
Retail—0.2%
CVS Health Corp. 2.800%, 07/20/20		595,000		605,257
3.875%, 07/20/25		324,000		337,936
5.125%, 07/20/45		535,000		615,279

BHFTII-107

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Home Depot, Inc. (The) 3.500%, 09/15/56		390,000	$	359,632
Lithia Motors, Inc. 5.250%, 08/01/25 (144A)		15,000		15,581
Lowe’s Cos., Inc. 3.700%, 04/15/46		70,000		67,904
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.875%, 03/01/27		75,000		74,250
				2,075,839
Semiconductors—0.2%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22 (144A)		1,310,000		1,331,853
3.625%, 01/15/24 (144A)		540,000		554,784
Intel Corp. 4.100%, 05/19/46		235,000		246,557
Lam Research Corp. 2.800%, 06/15/21		375,000		379,359
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		120,000		126,486
5.625%, 11/01/24 (144A)		20,000		22,025
				2,661,064
Software—0.1%
First Data Corp. 5.000%, 01/15/24 (144A)		40,000		41,532
5.375%, 08/15/23 (144A)		90,000		94,140
Microsoft Corp. 2.400%, 08/08/26		255,000		246,473
3.300%, 02/06/27		200,000		207,081
3.700%, 08/08/46		330,000		332,785
3.950%, 08/08/56		400,000		412,191
MSCI, Inc. 5.250%, 11/15/24 (144A) (b)		75,000		79,875
5.750%, 08/15/25 (144A)		65,000		70,931
Open Text Corp. 5.625%, 01/15/23 (144A)		80,000		83,800
5.875%, 06/01/26 (144A)		15,000		16,463
Quintiles IMS, Inc. 4.875%, 05/15/23 (144A)		95,000		98,800
				1,684,071
Telecommunications—0.6%
AT&T, Inc. 3.400%, 08/14/24		800,000		801,246
3.600%, 02/17/23		770,000		792,242
3.900%, 08/14/27		1,030,000		1,032,005
4.125%, 02/17/26		90,000		92,348
4.500%, 05/15/35		130,000		128,347
4.750%, 05/15/46		445,000		427,953
5.150%, 03/15/42		349,000		352,723
5.150%, 02/14/50		760,000		763,701
Telecommunications—(Continued)
Nokia Oyj 4.375%, 06/12/27		410,000		421,787
6.625%, 05/15/39		110,000		126,940
Sprint Communications, Inc. 7.000%, 03/01/20 (144A)		90,000		98,438
Sprint Corp. 7.125%, 06/15/24		100,000		112,500
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		525,000		532,875
Telecom Italia Capital S.A. 6.000%, 09/30/34		45,000		49,781
7.721%, 06/04/38		50,000		64,140
Verizon Communications, Inc. 4.400%, 11/01/34		535,000		535,342
4.500%, 08/10/33		755,000		773,565
5.012%, 08/21/54		263,000		263,768
5.250%, 03/16/37		80,000		87,731
				7,457,432
Transportation—0.1%
CSX Corp. 3.250%, 06/01/27		670,000		671,840
FedEx Corp. 4.550%, 04/01/46		315,000		335,499
4.750%, 11/15/45		125,000		136,132
Norfolk Southern Corp. 2.900%, 06/15/26		365,000		361,782
				1,505,253
Trucking & Leasing—0.0%
DAE Funding LLC 4.500%, 08/01/22 (144A)		15,000		15,373
5.000%, 08/01/24 (144A)		15,000		15,375
				30,748
Total Corporate Bonds & Notes (Cost $121,307,057)				123,418,677
Asset-Backed Securities—7.9%
Asset-Backed - Automobile—0.3%
AmeriCredit Automobile Receivables Trust 3.310%, 10/08/19		245,000		246,681
First Investors Auto Owner Trust 2.390%, 11/16/20 (144A)		285,000		285,855
Honor Automobile Trust Securitization 2.940%, 11/15/19 (144A)		556,911		558,946
Santander Drive Auto Receivables Trust 3.780%, 10/15/19 (144A)		195,000		196,664
4.670%, 01/15/20 (144A)		1,085,000		1,096,308
Westlake Automobile Receivables Trust 3.280%, 12/15/22 (144A)		1,015,000		1,012,743
				3,397,197

BHFTII-108

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—0.2%
GSAA Home Equity Trust 1.287%, 1M USD LIBOR + 0.050%, 12/25/46 (c) (g)		101,354	$	76,245
1.337%, 1M USD LIBOR + 0.100%, 03/25/37 (c) (g)		1,037,839		562,610
1.477%, 1M USD LIBOR + 0.240%, 11/25/36 (c) (g)		301,098		186,676
1.537%, 1M USD LIBOR + 0.300%, 03/25/36 (c) (g)		1,139,253		871,526
5.985%, 06/25/36 (c) (g)		603,435		319,341
Morgan Stanley ABS Capital, Inc. Trust 1.387%, 1M USD LIBOR + 0.150%, 06/25/36 (c) (g)		41,443		37,572
Renaissance Home Equity Loan Trust 6.120%, 11/25/36 (c)		257,065		157,049
Soundview Home Loan Trust 1.487%, 1M USD LIBOR + 0.250%, 11/25/36 (c) (g)		485,000		395,920
				2,606,939
Asset-Backed - Other—7.4%
AMMC CLO, Ltd. 2.564%, 3M USD LIBOR + 1.250%, 07/25/29 (144A) (g)		1,340,000		1,351,725
Anchorage Capital CLO, Ltd. 2.814%, 3M USD LIBOR + 1.510%, 01/15/29 (144A) (g)		760,744		762,205
Apex Credit CLO, Ltd. 2.783%, 3M USD LIBOR + 1.470%, 04/24/29 (144A) (g)		1,315,000		1,322,302
Apidos CLO 2.286%, 3M USD LIBOR + 0.980%, 01/19/25 (144A) (g)		895,000		894,552
2.634%, 3M USD LIBOR + 1.330%, 01/16/27 (144A) (g)		480,000		480,691
Atlas Senior Loan Fund, Ltd. 2.554%, 3M USD LIBOR + 1.250%, 10/15/26 (144A) (g)		1,190,000		1,193,050
Avery Point CLO, Ltd. 2.414%, 3M USD LIBOR + 1.100%, 04/25/26 (144A) (g)		1,460,000		1,466,520
2.424%, 3M USD LIBOR + 1.120%, 01/18/25 (144A) (g)		1,275,000		1,276,847
Babson CLO, Ltd. 2.457%, 3M USD LIBOR + 1.150%, 07/20/25 (144A) (g)		340,000		341,175
Bain Capital Credit CLO, Ltd. 2.564%, 3M USD LIBOR + 1.250%, 07/20/30 (144A) (g)		815,000		818,325
Bayview Opportunity Master Fund Trust 3.105%, 09/28/32 (144A)		332,000		332,000
3.500%, 01/28/55 (144A) (g)		797,234		817,300
3.500%, 06/28/57 (144A) (g)		936,257		959,320
3.500%, 07/28/57 (144A) (g)		1,787,000		1,833,630
3.500%, 01/28/58 (144A) (g)		1,237,224		1,269,067
4.000%, 11/28/53 (144A) (g)		681,821		709,929
4.000%, 10/28/64 (144A) (g)		1,279,003		1,332,983
Asset-Backed - Other—(Continued)
Benefit Street Partners CLO, Ltd. 2.040%, 10/18/29 (144A) (g)		250,000		250,000
2.554%, 3M USD LIBOR + 1.250%, 07/15/29 (144A) (g)		320,000		322,149
BlueMountain CLO, Ltd. 2.571%, 3M USD LIBOR + 1.260%, 04/30/26 (144A) (g)		1,100,000		1,112,131
Carlyle Global Market Strategies CLO, Ltd. 2.787%, 3M USD LIBOR + 1.470%, 04/27/27 (144A) (g)		1,425,000		1,427,482
CBAM, Ltd. Zero Coupon, 10/17/29 (144A) (g)		1,215,000		1,215,000
Cent CLO, Ltd. 2.527%, 3M USD LIBOR + 1.210%, 07/27/26 (144A) (g)		930,000		930,154
2.611%, 3M USD LIBOR + 1.300%, 01/30/25 (144A) (g)		878,940		880,445
2.722%, 3M USD LIBOR + 1.410%, 11/07/26 (144A) (g)		755,000		756,604
CIFC Funding, Ltd. 2.161%, 3M USD LIBOR + 0.850%, 07/16/30 (144A) (g)		330,440		330,388
2.354%, 3M USD LIBOR + 1.050%, 04/18/25 (144A) (g)		1,585,000		1,587,490
2.517%, 3M USD LIBOR + 1.200%, 05/24/26 (144A) (g)		1,580,000		1,588,695
4.018%, 3M USD LIBOR + 2.700%, 12/05/24 (144A) (g)		950,000		954,073
Covenant Credit Partners CLO, Ltd. 3.226%, 10/15/29 (144A) (g)		445,000		446,357
Dryden Senior Loan Fund 2.057%, 3M USD LIBOR + 0.800%, 07/15/30 (144A) (g)		685,000		684,992
2.538%, 3M USD LIBOR + 1.210%, 07/18/30 (144A) (g)		1,280,000		1,290,708
2.734%, 3M USD LIBOR + 1.430%, 07/15/27 (144A) (g)		1,215,000		1,226,845
2.734%, 3M USD LIBOR + 1.430%, 10/15/28 (144A) (g)		1,604,000		1,617,488
Finance America Mortgage Loan Trust 2.287%, 1M USD LIBOR + 1.050%, 09/25/33 (c) (g)		85,659		83,226
Flatiron CLO, Ltd. 2.695%, 3M USD LIBOR + 1.250%, 05/15/30 (144A) (g)		810,000		817,544
Fremont Home Loan Trust 2.287%, 1M USD LIBOR + 1.050%, 12/25/33 (c) (g)		77,988		76,454
Galaxy CLO, Ltd. 2.554%, 3M USD LIBOR + 1.250%, 04/15/25 (144A) (g)		383,739		384,132
GMACM Home Equity Loan Trust 1.737%, 1M USD LIBOR + 0.500%, 10/25/34 (144A) (g)		61,204		59,310
GreatAmerica Leasing Receivables Funding LLC 1.720%, 04/22/19 (144A)		150,000		150,015

BHFTII-109

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Highbridge Loan Management, Ltd. 2.762%, 3M USD LIBOR + 1.450%, 05/05/27 (144A) (g)		895,000	$	895,139
KKR CLO, Ltd. 2.644%, 3M USD LIBOR + 1.340%, 04/15/29 (144A) (g)		1,260,000		1,272,624
KKR Financial CLO, Ltd. 2.594%, 3M USD LIBOR + 1.290%, 04/15/29 (144A) (g)		565,000		570,869
Knollwood CDO, Ltd. 4.355%, 3M USD LIBOR + 3.200%, 01/10/39 (144A) (d) (e) (g)		619,697		0
Lendmark Funding Trust 2.830%, 12/22/25 (144A) (n)		680,000		680,296
3.260%, 04/21/25 (144A) (n)		875,000		878,559
Madison Park Funding, Ltd. 2.473%, 07/23/29 (144A) (g)		1,341,000		1,347,142
2.567%, 3M USD LIBOR + 1.260%, 07/20/26 (144A) (g)		1,485,000		1,497,327
Magnetite, Ltd. 2.314%, 3M USD LIBOR + 1.000%, 07/25/26 (144A) (g)		1,255,000		1,257,487
2.604%, 3M USD LIBOR + 1.300%, 04/15/26 (144A) (g)		865,000		869,703
2.634%, 3M USD LIBOR + 1.330%, 04/15/27 (144A) (g)		955,000		961,950
2.715%, 3M USD LIBOR + 1.400%, 11/15/28 (144A) (g)		1,522,000		1,539,212
2.814%, 3M USD LIBOR + 1.500%, 07/25/26 (144A) (g)		995,000		993,995
Nationstar HECM Loan Trust 1.968%, 05/25/27 (144A)		263,581		263,636
2.038%, 09/25/27 (144A) (g)		455,000		455,000
2.239%, 06/25/26 (144A) (g)		71,764		72,424
2.942%, 05/25/27 (144A)		100,000		100,321
New Residential Advance Receivables Trust 2.575%, 10/15/49 (144A)		1,249,000		1,239,728
3.214%, 02/15/51 (144A)		1,065,000		1,063,972
NRZ Advance Receivables Trust 3.107%, 12/15/50 (144A)		1,195,000		1,181,757
Oak Hill Advisors Residential Loan Trust 3.000%, 06/25/57 (144A)		513,127		513,393
Oak Hill Credit Partners, Ltd. 2.437%, 3M USD LIBOR + 1.130%, 07/20/26 (144A) (g)		455,000		456,412
Oaktree EIF, Ltd. 2.465%, 3M USD LIBOR + 1.150%, 11/15/25 (144A) (g)		1,505,000		1,506,400
2.865%, 3M USD LIBOR + 1.550%, 02/15/26 (144A) (g)		1,345,000		1,349,517
OCP CLO, Ltd. 2.715%, 3M USD LIBOR + 1.400%, 11/22/25 (144A) (g)		1,435,000		1,442,964
2.834%, 3M USD LIBOR + 1.530%, 04/17/27 (144A) (g)		1,230,000		1,230,113
Asset-Backed - Other—(Continued)
Octagon Investment Partners, Ltd. 2.424%, 3M USD LIBOR + 1.120%, 07/17/25 (144A) (g)		720,000		721,156
2.627%, 3M USD LIBOR + 1.320%, 03/17/30 (144A) (g)		725,000		736,548
OHA Loan Funding, Ltd. 2.584%, 3M USD LIBOR + 1.270%, 08/23/24 (144A) (g)		695,000		695,230
OneMain Financial Issuance Trust 2.370%, 09/14/32 (144A)		1,648,000		1,640,920
4.100%, 03/20/28 (144A)		1,835,000		1,866,870
OZLM Funding, Ltd. 2.213%, 3M USD LIBOR + 0.900%, 07/22/29 (144A) (g)		250,000		249,998
2.563%, 10/22/30 (144A) (g)		1,205,000		1,210,519
OZLM, Ltd. 2.761%, 3M USD LIBOR + 1.450%, 04/30/27 (144A) (g)		1,360,000		1,369,074
SBA Tower Trust 2.898%, 10/15/44 (144A)		845,000		850,232
Seneca Park CLO, Ltd. 2.424%, 3M USD LIBOR + 1.120%, 07/17/26 (144A) (g)		1,095,000		1,103,894
Shackleton CLO, Ltd. 2.464%, 3M USD LIBOR + 1.160%, 07/17/26 (144A) (g)		1,100,000		1,104,345
SoFi Consumer Loan Program LLC 2.500%, 05/26/26 (144A)		553,805		553,577
2.770%, 05/25/26 (144A)		279,152		280,331
3.090%, 10/27/25 (144A) (n)		577,050		582,947
3.280%, 01/26/26 (144A) (n)		473,921		480,222
Sound Point CLO, Ltd. 2.407%, 3M USD LIBOR + 1.100%, 01/21/26 (144A) (g)		1,415,000		1,415,889
2.703%, 3M USD LIBOR + 1.390%, 01/23/29 (144A) (g)		505,000		507,390
2.834%, 3M USD LIBOR + 1.530%, 04/15/27 (144A) (g)		1,315,000		1,316,937
Springleaf Funding Trust 2.680%, 07/15/30 (144A)		1,705,000		1,705,070
2.900%, 11/15/29 (144A)		960,000		962,677
SPS Servicer Advance Receivables Trust 2.750%, 11/15/49 (144A)		1,020,000		1,020,519
Symphony CLO, Ltd. 2.584%, 3M USD LIBOR + 1.280%, 07/14/26 (144A) (g)		1,295,000		1,295,144
2.974%, 1M USD LIBOR + 1.750%, 01/09/23 (144A) (g)		1,280,000		1,283,692
Towd Point Mortgage Trust 2.250%, 04/25/56 (144A) (g)		996,062		991,106
2.750%, 02/25/55 (144A) (g)		241,333		242,616
2.750%, 08/25/55 (144A) (g)		814,037		817,646
2.750%, 10/25/56 (144A) (g)		2,107,930		2,119,027
2.750%, 04/25/57 (144A) (g)		594,943		598,132
2.750%, 06/25/57 (144A) (g)		2,585,440		2,597,806
3.000%, 03/25/54 (144A) (g)		59,835		60,374

BHFTII-110

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Treman Park CLO, Ltd. 2.677%, 3M USD LIBOR + 1.370%, 04/20/27 (144A) (g)		1,300,000	$	1,310,926
Vericrest Opportunity Loan Trust LLC 3.125%, 09/25/47 (144A)		368,000		368,100
3.250%, 04/25/59 (144A)		510,662		512,622
Vibrant CLO, Ltd. 2.565%, 3M USD LIBOR + 1.240%, 06/20/29 (144A) (g)		1,515,000		1,525,779
Voya CLO, Ltd. 2.784%, 3M USD LIBOR + 1.480%, 04/18/27 (144A) (g)		1,265,000		1,267,240
3.404%, 3M USD LIBOR + 2.100%, 04/18/27 (144A) (g)		440,000		440,871
				94,798,669
Total Asset-Backed Securities (Cost $101,011,494)				100,802,805
Mortgage-Backed Securities—5.0%
Collateralized Mortgage Obligations—2.7%
Adjustable Rate Mortgage Trust 1.737%, 1M USD LIBOR + 0.500%, 01/25/36 (g)		207,081		198,133
1.777%, 1M USD LIBOR + 0.540%, 11/25/35 (g)		244,618		243,076
Angel Oak Mortgage Trust LLC 2.478%, 07/25/47 (144A) (g)		715,512		713,698
2.810%, 01/25/47 (144A) (g)		222,960		222,915
Bear Stearns Adjustable Rate Mortgage Trust 3.594%, 07/25/36 (g)		457,001		450,946
Bear Stearns ALT-A Trust 1.717%, 1M USD LIBOR + 0.480%, 02/25/36 (g)		775,741		711,316
Bear Stearns Mortgage Funding Trust 1.417%, 1M USD LIBOR + 0.180%, 10/25/36 (g)		223,002		205,452
1.437%, 1M USD LIBOR + 0.200%, 02/25/37 (g)		708,805		698,219
COLT Mortgage Loan Trust 2.415%, 10/25/47 (144A) (g)		1,690,000		1,689,990
2.614%, 05/27/47 (144A) (g)		676,586		684,934
2.800%, 12/26/46 (144A) (g)		362,375		362,554
Countrywide Alternative Loan Trust 1.507%, 1M USD LIBOR + 0.270%, 01/25/36 (g)		153,874		145,839
1.557%, 1M USD LIBOR + 0.320%, 11/25/35 (g)		156,584		134,483
1.687%, 1M USD LIBOR + 0.450%, 04/25/35 (g)		312,271		280,109
2.037%, 1M USD LIBOR + 0.800%, 12/25/35 (g)		216,618		188,335
2.239%, 12M MTA + 1.350%, 08/25/35 (g)		383,419		339,034
5.500%, 11/25/35		879,122		776,000
Collateralized Mortgage Obligations—(Continued)
Countrywide Home Loan Mortgage Pass-Through Trust 1.437%, 1M USD LIBOR + 0.200%, 04/25/46 (g)		366,127		319,232
1.917%, 1M USD LIBOR + 0.680%, 02/25/35 (g)		171,571		166,316
1.917%, 1M USD LIBOR + 0.680%, 03/25/35 (g)		59,980		55,484
3.382%, 06/20/35 (g)		23,216		23,363
3.391%, 09/25/47 (g)		693,979		648,873
Credit Suisse Mortgage Capital Certificates Trust 3.250%, 04/25/47 (144A) (g)		604,015		609,301
Deephaven Residential Mortgage Trust 2.453%, 06/25/47 (144A) (g)		580,032		576,763
2.725%, 12/26/46 (144A) (g)		387,716		386,692
Deutsche ALT-A Securities Mortgage Loan Trust 1.387%, 1M USD LIBOR + 0.150%, 12/25/36 (g)		455,739		416,298
Fannie Mae Connecticut Avenue Securities 5.587%, 1M USD LIBOR + 4.350%, 05/25/29 (g)		780,142		848,181
GreenPoint Mortgage Funding Trust 2.289%, 12M MTA + 1.400%, 10/25/45 (g)		284,859		241,446
GSR Mortgage Loan Trust 1.537%, 1M USD LIBOR + 0.300%, 01/25/37 (g)		885,193		623,264
3.395%, 01/25/36 (g)		693,948		693,494
6.000%, 07/25/37		366,916		339,155
IndyMac INDX Mortgage Loan Trust 3.482%, 10/25/35 (g)		62,735		60,594
JPMorgan Mortgage Trust 3.350%, 05/25/36 (g)		44,051		43,478
LSTAR Securities Investment, Ltd. 2.986%, 09/01/22 (144A) (g)		645,000		644,413
3.237%, 1M USD LIBOR + 2.000%, 02/01/22 (144A) (g)		821,187		821,710
3.237%, 1M USD LIBOR + 2.000%, 04/01/22 (144A) (g)		414,706		414,763
Master Adjustable Rate Mortgages Trust 3.441%, 11/21/34 (g)		173,840		178,022
MASTR Adjustable Rate Mortgages Trust 3.098%, 09/25/33 (g)		112,844		110,498
MFA Trust 2.588%, 02/25/57 (144A) (g)		443,653		441,795
Morgan Stanley Mortgage Loan Trust 3.484%, 05/25/36 (g)		255,064		202,707
Mortgage Repurchase Agreement Financing Trust 2.405%, 1M USD LIBOR + 1.170%, 06/10/19 (144A) (g)		1,688,000		1,687,992
New Residential Mortgage Loan Trust 2.737%, 1M USD LIBOR + 1.500%, 07/25/56 (144A) (g)		1,733,266		1,781,617
3.750%, 11/26/35 (144A) (g)		1,153,139		1,191,129
3.750%, 11/25/56 (144A) (g)		1,042,637		1,076,027

BHFTII-111

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
New Residential Mortgage Loan Trust 4.000%, 02/25/57 (144A) (g)		2,100,841	$	2,187,489
4.000%, 03/25/57 (144A) (g)		2,143,248		2,240,448
4.000%, 04/25/57 (144A) (g)		1,695,475		1,764,149
4.000%, 05/25/57 (144A) (g)		1,449,071		1,509,207
Residential Accredit Loans, Inc. Trust 1.537%, 1M USD LIBOR + 0.300%, 04/25/36 (g)		572,997		524,664
6.000%, 12/25/35		317,957		308,848
RFMSI Trust 3.631%, 08/25/35 (g)		114,559		91,955
Structured Adjustable Rate Mortgage Loan Trust 1.537%, 1M LIBOR + 0.300%, 09/25/34 (g)		75,421		70,206
WaMu Mortgage Pass-Through Certificates Trust 1.769%, 12M MTA + 0.880%, 10/25/46 (g)		310,447		278,060
3.084%, 06/25/37 (g)		175,348		165,247
Washington Mutual Mortgage Pass-Through Certificates 1.837%, 1M USD LIBOR + 0.600%, 07/25/36 (g)		130,894		93,302
Wells Fargo Mortgage-Backed Securities Trust 3.442%, 10/25/35 (g)		1,541,000		1,568,643
3.518%, 09/25/36 (g)		249,039		246,446
3.723%, 10/25/36 (g)		278,343		271,485
				33,967,789
Commercial Mortgage-Backed Securities—2.3%
Banc of America Commercial Mortgage Trust 3.261%, 09/15/48 (144A) (g) (n)		413,000		263,051
BB-UBS Trust 3.430%, 11/05/36 (144A)		2,520,000		2,579,401
Bear Stearns Commercial Mortgage Securities Trust 5.276%, 10/12/42 (g)		145,000		131,950
CD Mortgage Trust 6.581%, 11/15/44 (g)		59,608		59,574
Citigroup Commercial Mortgage Trust 1.199%, 07/10/47 (g) (h)		4,383,802		241,928
1.296%, 04/10/48 (g) (h)		5,012,537		301,055
2.935%, 04/10/48		85,000		84,752
3.110%, 04/10/48 (144A)		245,000		179,081
3.616%, 02/10/49		310,000		321,703
3.762%, 06/10/48		295,000		309,761
3.818%, 11/10/48		220,000		231,269
Commercial Mortgage Loan Trust 6.267%, 12/10/49 (g)		30,512		30,491
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.957%, 02/10/47 (g) (h)		3,813,557		108,922
1.057%, 08/10/46 (g) (h)		1,065,795		33,690
2.002%, 10/15/45 (g) (h)		418,095		27,278
2.853%, 10/15/45		180,000		181,771
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.101%, 03/10/46		145,000		148,905
3.213%, 03/10/46		280,000		287,631
3.350%, 02/10/48		320,000		326,745
3.424%, 03/10/31 (144A)		1,065,000		1,114,074
3.612%, 06/10/46 (g)		260,000		272,498
3.620%, 07/10/50		130,000		135,123
3.694%, 08/10/47		395,000		412,491
3.765%, 02/10/49		295,000		308,659
3.796%, 08/10/47		225,000		236,556
3.902%, 07/10/50		210,000		221,730
3.961%, 03/10/47		235,125		249,173
4.074%, 02/10/47 (g)		115,000		122,935
4.205%, 08/10/46		100,035		108,038
4.210%, 08/10/46 (g)		175,000		189,070
4.236%, 02/10/47 (g)		100,000		107,891
4.735%, 10/15/45 (144A) (g) (n)		210,000		95,576
4.750%, 10/15/45 (144A) (g) (n)		355,000		228,407
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		32,166		31,673
CSAIL Commercial Mortgage Trust 1.001%, 06/15/57 (g) (h)		13,148,522		613,730
1.201%, 11/15/48 (g) (h)		1,155,070		66,625
1.969%, 01/15/49 (g) (h)		2,413,628		261,112
3.447%, 08/15/48		80,000		82,099
3.502%, 11/15/49		235,000		241,342
3.544%, 11/15/48		280,000		288,391
3.808%, 11/15/48		445,000		466,211
GS Mortgage Securities Corp. Trust 2.954%, 11/05/34 (144A)		1,200,000		1,213,808
3.633%, 06/05/31 (144A)		130,000		130,450
GS Mortgage Securities Trust 0.218%, 07/10/46 (g) (h)		12,353,021		58,994
1.521%, 08/10/44 (144A) (g) (h)		1,033,806		43,478
3.674%, 04/10/47 (144A) (n)		235,000		85,925
5.021%, 04/10/47 (144A) (g) (n)		465,000		329,334
JPMBB Commercial Mortgage Securities Trust 0.980%, 09/15/47 (g) (h)		4,698,256		150,258
3.611%, 05/15/48		150,000		155,774
3.879%, 10/15/48 (144A) (g) (n)		220,000		168,833
JPMorgan Chase Commercial Mortgage Securities Trust 2.733%, 10/15/45 (144A) (g) (n)		400,000		200,509
2.736%, 1M LIBOR + 1.500%, 02/12/51 (g)		1,218,267		1,191,365
3.905%, 05/05/30 (144A)		863,272		898,990
4.530%, 12/15/47 (144A) (g) (n)		130,000		102,928
6.068%, 02/12/51		145,921		146,047
LB-UBS Commercial Mortgage Trust 6.319%, 04/15/41 (g)		245,164		247,759
Morgan Stanley Bank of America Merrill Lynch Trust 1.259%, 10/15/48 (g) (h)		908,555		59,559
1.283%, 12/15/47 (g) (h)		2,912,433		145,914

BHFTII-112

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of September 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 2.918%, 02/15/46		130,000	$	132,281
3.134%, 12/15/48		315,000		323,825
3.176%, 08/15/45		245,000		252,015
3.732%, 05/15/48		155,000		162,719
3.766%, 11/15/46		180,000		188,846
4.259%, 10/15/46 (g)		115,000		123,578
4.500%, 08/15/45 (144A) (n)		220,000		156,575
Morgan Stanley Capital Trust 1.621%, 06/15/50 (g) (h)		1,727,127		169,199
2.782%, 08/15/49		210,000		205,310
3.337%, 12/15/49		175,000		178,565
3.596%, 12/15/49		320,000		332,757
5.327%, 07/15/49 (144A) (g) (n)		265,000		230,042
5.410%, 10/12/52 (144A) (g)		135,000		61,209
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (g)		150,000		148,555
UBS Commercial Mortgage Trust 1.310%, 08/15/50 (g) (h)		1,049,410		87,732
UBS-Barclays Commercial Mortgage Trust 1.693%, 02/15/50 (g) (h)		5,738,997		603,982
2.077%, 08/15/36 (144A) (g)		1,802,000		1,804,521
3.091%, 08/10/49		355,000		364,273
3.185%, 03/10/46		240,000		245,670
3.244%, 04/10/46		300,119		309,815
3.674%, 02/15/50		300,000		313,366
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,105,000		1,127,412
Wells Fargo Commercial Mortgage Trust 1.317%, 05/15/48 (g) (h)		3,893,232		232,680
1.323%, 09/15/57 (g) (h)		8,404,757		485,017
2.881%, 05/15/48 (144A) (g) (n)		510,000		322,068
2.918%, 10/15/45		319,760		325,934
2.942%, 10/15/49		70,000		69,048
3.290%, 05/15/48		230,000		234,879
3.356%, 09/15/58 (144A) (n)		245,000		154,195
3.453%, 07/15/50		165,000		169,352
3.560%, 01/15/59		230,000		238,474
3.637%, 06/15/48		190,000		197,933
3.839%, 09/15/58		225,000		237,458
3.957%, 12/15/47 (144A) (g)		72,000		60,165
4.239%, 05/15/48 (g)		80,000		69,981
WF-RBS Commercial Mortgage Trust 1.519%, 03/15/47 (g) (h)		2,374,562		125,795
2.870%, 11/15/45		400,000		405,945
2.875%, 12/15/45		175,000		177,297
3.016%, 11/15/47 (144A) (n)		550,000		235,151
3.071%, 03/15/45		185,000		189,346
3.345%, 05/15/45		100,000		102,023
3.607%, 11/15/47		190,000		197,380
3.723%, 05/15/47		190,000		199,298
3.995%, 05/15/47		160,281		170,566
4.045%, 03/15/47		40,000		42,666
Commercial Mortgage-Backed Securities—(Continued)
WF-RBS Commercial Mortgage Trust 4.101%, 03/15/47		335,000		358,078
4.489%, 03/15/48 (144A) (g)		55,000		51,474
5.000%, 06/15/44 (144A) (g) (n)		105,000		87,516
5.766%, 04/15/45 (144A) (g)		255,000		255,547
				29,949,800
Total Mortgage-Backed Securities (Cost $63,792,519)				63,917,589
Floating Rate Loans (o)—1.2%
Aerospace/Defense—0.0%
TransDigm, Inc. Term Loan E, 4.268%, 1M LIBOR + 3.000%, 05/14/22		151,644		152,192
Agriculture—0.0%
American Rock Salt Co. LLC 1st Lien Term Loan, 4.985%, 1M LIBOR + 3.750%, 05/20/21		174,976		174,976
Incremental Term Loan, 4.985%, 1M LIBOR + 3.750%, 05/20/21		119,306		119,306
				294,282
Building Materials—0.0%
Quikrete Holdings, Inc. 1st Lien Term Loan, 3.985%, 1M LIBOR + 2.750%, 11/15/23		129,025		129,025
Chemicals—0.0%
Univar, Inc. Term Loan B, 3.985%, 1M LIBOR + 2.750%, 07/01/22		119,100		119,668
Commercial Services—0.1%
Acosta Holdco, Inc. Term Loan, 4.485%, 1M LIBOR + 3.250%, 09/26/21		154,452		137,751
Brickman Group, Ltd. LLC 1st Lien Term Loan, 4.235%, 1M LIBOR + 3.000%, 12/18/20		290,908		292,386
Jaguar Holding Co. II Term Loan, 4.037%, 3M LIBOR + 2.750%, 08/18/22		131,678		132,486
PSAV Holdings LLC Term Loan B, 4.788%, 3M LIBOR + 3.500%, 04/27/24		244,387		244,387
WEX, Inc. Term Loan B2, 3.985%, 1M LIBOR + 2.750%, 06/30/23		414,750		419,157
				1,226,167

BHFTII-113

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Floating Rate Loans (o)—(Continued)

Security Description	Principal Amount*		Value
Computers—0.0%
Tempo Acquisition LLC Term Loan, 4.235%, 1M LIBOR + 3.000%, 05/01/24		209,475	$	209,911
Xerox Business Services LLC Term Loan B, 5.235%, 1M LIBOR + 4.000%, 12/07/23		133,988		134,784
				344,695
Containers & Packaging—0.0%
Berry Plastics Group, Inc. Term Loan K, 3.485%,1M LIBOR + 2.250%, 02/08/20		215,905		216,883
Cosmetics/Personal Care—0.0%
Galleria Co. Term Loan B, 4.250%, 1M LIBOR + 3.000%, 09/29/23		90,000		90,055
Revlon Consumer Products Corp. Term Loan B, 4.735%, 1M LIBOR + 3.500%, 09/07/23		242,550		218,087
				308,142
Diversified Financial Services—0.0%
AlixPartners LLP Term Loan B, 4.333%, 3M LIBOR + 3.000%, 04/04/24		179,100		179,884
Electric—0.1%
Calpine Construction Finance Co. L.P. Term Loan B2, 3.740%, 1M LIBOR + 2.500%, 01/31/22		403,461		403,398
Helix Gen Funding LLC Term Loan B, 5.083%, 3M LIBOR + 3.750%, 06/02/24		99,315		100,521
				503,919
Energy Equipment & Services—0.0%
Chief Exploration & Development LLC 2nd Lien Term Loan, 7.959%, 3M LIBOR + 6.500%, 05/16/21		105,000		102,605
Seadrill Partners Finco LLC Term Loan B, 4.333%, 3M LIBOR + 3.000%, 02/21/21		220,136		162,533
				265,138
Entertainment—0.0%
Golden Entertainment, Inc. 1st Lien Term Loan, 08/15/24 (p)		170,000		169,787
Food—0.0%
Albertson’s LLC Term Loan B4, 3.985%, 1M LIBOR + 2.750%, 08/25/21		175,578		169,364
Hostess Brands LLC Term Loan, 3.735%, 1M LIBOR + 2.500%, 08/03/22		108,898		109,465
Food—(Continued)
Post Holdings, Inc. Incremental Term Loan, 3.490%, 1M LIBOR + 2.250%, 05/24/24		164,588		165,112
				443,941
Healthcare-Products—0.0%
Avantor, Inc. 1st Lien Term Loan, 09/07/24 (p)		100,000		100,313
Healthcare-Services—0.1%
Community Health Systems, Inc. Term Loan H, 4.317%, 3M LIBOR + 3.000%, 01/27/21		85,665		85,332
Envision Healthcare Corp. Term Loan B, 4.240%, 1M LIBOR + 3.000%, 12/01/23		157,609		158,807
INC Research LLC Term Loan B, 3.485%, 1M LIBOR + 2.250%, 08/01/24		100,000		100,438
MPH Acquisition Holdings LLC Term Loan B, 4.333%, 3M LIBOR + 3.000%, 06/07/23		163,660		165,024
U.S. Renal Care, Inc. Term Loan B, 5.583%, 3M LIBOR + 4.250%, 12/31/22		255,450		248,265
				757,866
Insurance—0.1%
Asurion LLC Term Loan B4, 3.985%, 1M LIBOR + 2.750%, 08/04/22		321,159		322,564
Camelot UK Holdco, Ltd. Term Loan B, 4.735%, 1M LIBOR + 3.500%, 10/03/23		108,903		109,439
Hub International, Ltd. Term Loan B, 4.312%, 3M LIBOR + 3.000%, 10/02/20		336,538		339,041
Sedgwick Claims Management Services, Inc. 1st Lien Term Loan, 3.985%, 1M LIBOR, 2.750%, 03/01/21		259,437		260,433
2nd Lien Term Loan, 6.985%, 1M LIBOR + 5.750%, 02/28/22		205,000		206,452
USI, Inc. Term Loan B, 4.314%, 3M LIBOR + 3.000%, 05/16/24		105,000		104,683
				1,342,612
Internet—0.0%
Go Daddy Operating Co. LLC Term Loan B, 3.735%, 1M LIBOR + 2.500%, 02/15/24		194,303		195,020
Zayo Group LLC Incremental Term Loan, 3.487%, 1M LIBOR + 2.250%, 01/19/24		75,071		75,243
				270,263

BHFTII-114

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Floating Rate Loans (o)—(Continued)

Security Description	Principal Amount*		Value
Internet & Direct Marketing Retail—0.0%
Lands’ End, Inc. Term Loan B, 4.485%, 1M LIBOR + 3.250%, 04/04/21		157,409	$	131,043
Leisure Time—0.0%
Delta 2 (LUX) S.a.r.l. Term Loan B3, 4.235%, 1M LIBOR + 3.000%, 02/01/24		275,000		276,313
Lodging—0.1%
Boyd Gaming Corp. Term Loan B3, 3.694%, 1 Week LIBOR + 2.500%, 09/15/23		126,780		127,290
Caesars Entertainment Operating Co. Term Loan, 03/31/24 (p)		160,000		160,343
La Quinta Intermediate Holdings LLC Term Loan B, 4.054%, 3M LIBOR + 2.750%, 04/14/21		240,698		242,391
MGM Growth Properties Operating Partnership L.P. Term Loan B, 3.485%, 1M LIBOR + 2.250%, 04/25/23		221,625		222,535
				752,559
Machinery-Diversified—0.0%
Gardner Denver, Inc. Term Loan B, 4.083%, 3M LIBOR + 2.750%, 07/30/24		242,393		242,862
Media—0.0%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 4.485%, 1M LIBOR + 3.250%, 07/23/21		99,934		94,937
Mission Broadcasting, Inc. Term Loan B2, 3.737%, 1M LIBOR + 2.500%, 01/17/24		9,390		9,424
Nexstar Broadcasting, Inc. Term Loan B2, 3.737%, 1M LIBOR + 2.500%, 01/17/24		75,008		75,282
Univision Communications, Inc. Term Loan C5, 3.985%, 1M LIBOR + 2.750%, 03/15/24		148,793		147,644
				327,287
Office/Business Equipment—0.0%
Brand Energy & Infrastructure Services, Inc. Term Loan, 5.522%, 2M LIBOR + 4.250%, 06/21/24		149,625		150,509
Oil & Gas—0.1%
California Resources Corp. Second Out Term Loan, 11.609%, 1M LIBOR + 10.375%, 12/31/21		130,000		139,067
Chesapeake Energy Corp. Term Loan, 8.814%, 3M LIBOR + 7.500%, 08/23/21		110,000		118,628
Oil & Gas—(Continued)
Fieldwood Energy LLC 1st Lien Term Loan, 4.208%, 3M LIBOR + 2.875%, 09/28/18		499,780		464,796
Foresight Energy LLC 1st Lien Term Loan, 7.083%, 3M LIBOR + 5.750%, 03/28/22		203,975		192,093
Paragon Offshore Finance Co. Takeback Term Loan B, 7.304%, 07/18/22		5,491		4,585
Term Loan B, 07/18/21 (c) (d) (e) (q)		899		0
				919,169
Packaging & Containers—0.1%
Caesars Growth Properties Holdings LLC Term Loan, 4.235%, 1M LIBOR + 3.000%, 05/08/21		208,042		208,445
Flex Acquisition Co., Inc. 1st Lien Term Loan, 4.299%, 3M LIBOR + 3.000%, 12/29/23		99,750		99,900
Reynolds Group Holdings, Inc. Term Loan, 4.235%, 1M LIBOR + 2.750%, 02/05/23		255,908		257,236
				565,581
Pharmaceuticals—0.1%
Change Healthcare Holdings, Inc. Term Loan B, 3.985%, 1M LIBOR + 2.750%, 03/01/24		174,125		174,713
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 5.500%, 1M LIBOR + 4.250%, 04/29/24		169,575		171,483
Valeant Pharmaceuticals International, Inc. Term Loan B F1, 5.990%, 1M LIBOR + 4.750%, 04/01/22		125,318		127,683
				473,879
Pipelines—0.0%
Energy Transfer Equity L.P. Term Loan B, 3.981%, 1M LIBOR + 2.750%, 02/02/24		325,000		326,799
Real Estate—0.0%
DTZ U.S. Borrower LLC 1st Lien Term Loan, 4.566%, 3M LIBOR + 3.250%, 11/04/21		399,043		400,456
Retail—0.1%
Bass Pro Group LLC Term Loan B, 6.235%, 1M LIBOR + 5.000%, 12/16/23		275,000		259,875
Harbor Freight Tools USA, Inc. Term Loan B, 4.485%, 1M LIBOR + 3.250%, 08/18/23		117,900		118,408
J. Crew Group, Inc. Term Loan B, 4.287%, 3M LIBOR + 3.000%, 03/05/21 (e)		311,427		179,460

BHFTII-115

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Floating Rate Loans (o)—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Neiman Marcus Group, Ltd. LLC Term Loan, 4.481%, 1M LIBOR + 3.250%, 10/25/20		224,998	$	168,397
Party City Holdings, Inc. Term Loan, 4.321%, 3M LIBOR + 3.000%, 08/19/22		166,137		166,747
Staples, Inc. Term Loan B, 5.310%, 3M LIBOR + 4.000%, 08/06/24		130,000		129,513
				1,022,400
Semiconductors—0.0%
Entegris, Inc. Term Loan B, 3.485%, 1M LIBOR + 2.250%, 04/30/21		169,210		170,267
Software—0.2%
Almonde, Inc. 1st Lien Term Loan, 4.817%, 3M LIBOR + 3.500%, 06/13/24		125,000		125,664
First Data Corp. Term Loan, 3.487%, 1M LIBOR + 2.250%, 07/08/22		503,972		505,138
Infor (U.S.), Inc. Term Loan B6, 4.083%, 3M LIBOR + 2.750%, 02/01/22		246,160		245,987
Quintiles IMS, Inc. Term Loan B, 3.333%, 3M LIBOR + 2.000%, 03/07/24		669,825		674,919
SS&C Technologies, Inc. Term Loan B1, 3.485%, 1M LIBOR + 2.250%, 07/08/22		173,056		174,151
Term Loan B2, 3.485%, 1M LIBOR + 2.250%, 07/08/22		8,832		8,888
				1,734,747
Telecommunications—0.1%
CSC Holdings LLC 1st Lien Term Loan, 3.484%, 1M LIBOR + 2.250%, 07/17/25		108,011		107,460
Level 3 Financing, Inc. Term Loan B, 3.486%, 1M LIBOR + 2.250%, 02/22/24		365,000		365,326
Sprint Communications, Inc. 1st Lien Term Loan B, 3.750%, 1M LIBOR + 2.500%, 02/02/24		338,300		339,236
UPC Financing Partnership Term Loan AP, 3.984%, 1M LIBOR + 2.750%, 04/15/25		150,000		150,710
				962,732
Trading Companies & Distributors—0.0%
Neff Rental LLC 2nd Lien Term Loan, 7.664%, 3M LIBOR + 6.250%, 06/09/21		100,831		101,104
Trucking & Leasing—0.0%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. Term Loan B2, 3.986%, 1M LIBOR + 2.750%, 04/03/22		239,400		240,148
Total Floating Rate Loans (Cost $15,908,337)				15,622,632
Municipals—0.5%
Chicago Transit Authority Transfer Tax Receipts Revenue 6.899%, 12/01/40		805,000		1,051,853
City of Chicago IL, General Obligation Unlimited 7.045%, 01/01/29		515,000		569,441
7.375%, 01/01/33		450,000		516,587
Municipal Electric Authority of Georgia, Build America Bonds 6.637%, 04/01/57		55,000		69,506
Puerto Rico Commonwealth Government Employees Retirement System 6.150%, 07/01/38		1,990,000		766,150
State of California General Obligation Unlimited, Build America Bonds 7.350%, 11/01/39		680,000		1,004,285
7.600%, 11/01/40		300,000		469,425
State of Illinois, General Obligation Unlimited 5.665%, 03/01/18		1,190,000		1,206,696
5.877%, 03/01/19		310,000		324,093
State of Illinois, General Obligation Unlimited, Build America Bonds 5.163%, 02/01/18		85,000		85,793
5.375%, 07/01/18		455,000		464,732
Total Municipals (Cost $6,596,295)				6,528,561
Foreign Government—0.4%
Sovereign—0.4%
Instituto de Credito Oficial 0.500%, 12/15/17 (EUR)		255,000		301,767
Italy Buoni Poliennali Del Tesoro 3.500%, 11/01/17 (EUR)		420,000		497,917
Italy Certificati di Credito del Tesoro/ CCTS-eu 0.558%, 6M EURIBOR + 0.800%, 10/15/17 (EUR) (g)		430,000		508,371
Mexico Government International Bonds 5.750%, 10/12/2110		598,000		641,056
Oman Government International Bonds 5.375%, 03/08/27 (144A)		585,000		601,037
6.500%, 03/08/47 (144A)		635,000		652,855
Qatar Government International Bonds 5.250%, 01/20/20 (144A)		600,000		636,206
Saudi Government International Bonds 4.625%, 10/04/47 (144A)		1,345,000		1,353,126
Spain Government Bonds 0.500%, 10/31/17 (EUR)		430,000		508,529
Total Foreign Government (Cost $5,649,003)				5,700,864

BHFTII-116

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Warrant—0.0%

Security Description	Principal Amount*		Value
Food Products—0.0%
Simply Good Foods Co. (The), Expires 07/07/22 (a) (Cost $96,828)		48,173	$	102,609
Short-Term Investments—2.6%
Commercial Paper—0.1%
Bank of Nova Scotia Zero Coupon, 10/02/17		125,000		100,172
Toronto Dominion Bank
Zero Coupon, 10/25/17 (CAD)		125,000		100,098
Zero Coupon, 11/06/17 (CAD)		635,000		508,300
				708,570
Foreign Government—0.8%
Argentina Treasury Bills 2.751%, 11/10/17 (r)		125,596		125,210
2.762%, 11/24/17 (r)		127,404		126,865
2.797%, 01/26/18 (r)		293,531		290,702
3.074%, 06/15/18 (r)		1,404,336		1,372,337
3.110%, 12/15/17 (r)		748,588		744,107
3.150%, 05/24/18 (r)		419,524		411,612
3.312%, 04/27/18 (r)		753,250		739,614
Japan Treasury Bills 0.000%, 10/02/17 (JPY) (r)		175,000,000		1,555,210
0.000%, 10/10/17 (JPY) (r)		175,200,000		1,557,018
0.000%, 10/16/17 (JPY) (r)		100,000,000		888,727
0.000%, 11/20/17 (JPY) (r)		101,200,000		899,510
0.000%, 12/11/17 (JPY) (r)		33,850,000		300,897
0.000%, 12/18/17 (JPY) (r)		174,950,000		1,555,193
				10,567,002
Repurchase Agreement—1.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $22,194,352 on 10/02/17, collateralized by $23,090,000 U.S. Treasury Note at 1.125% due 09/30/21 with a value of $22,639,352.		22,194,130		22,194,130
Total Short-Term Investments (Cost $33,652,024)				33,469,702
Securities Lending Reinvestments (s)—1.6%
Certificates of Deposit—0.9%
Bank of China, Ltd. 1.540%, 10/23/17		500,000		500,000
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (g)		750,000		750,157
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (g)		500,000		500,000
Certificates of Deposit—(Continued)
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (g)		500,000		500,049
Credit Suisse AG New York 1.494%, 1M LIBOR + 0.260%, 10/16/17 (g)		1,000,000		1,000,048
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (g)		500,000		500,000
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (g)		2,500,000		2,500,875
Natixis New York 1.396%, 1M LIBOR + 0.160%, 11/13/17 (g)		1,000,000		1,000,046
Norinchukin Bank New York 1.486%, 1M LIBOR + 0.250%, 10/13/17 (g)		1,000,000		1,000,037
Royal Bank of Canada New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (g)		500,000		500,041
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (g)		500,000		499,985
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (g)		1,000,000		1,000,100
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (g)		900,000		900,217
				11,151,555
Commercial Paper—0.3%
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (g)		1,500,000		1,500,256
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (g)		500,000		500,027
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (g)		500,000		500,116
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (g)		1,300,000		1,300,241
				3,800,640
Repurchase Agreements—0.3%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,214,212 on 10/02/17, collateralized by $2,019,171 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18—08/15/47, with a value of $1,238,388.		1,214,106		1,214,106

BHFTII-117

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Securities Lending Reinvestments (s)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $600,053 on 10/02/17, collateralized by $610,805 U.S. Treasury and Foreign Obligations with rates ranging from 1.000%—3.125%, maturity dates ranging from 06/15/18—08/15/45, with a value of $612,000.		600,000	$	600,000
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $355,686 on 01/02/18, collateralized by various Common Stock with a value of $385,000.		350,000		350,000
Deutsche Bank AG, London
Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $83,967 on 10/02/17, collateralized by $84,455 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $85,639.		83,959		83,959
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $400,042 on 10/02/17, collateralized by $407,432 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $408,000.		400,000		400,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $71,387 on 10/02/17, collateralized by $71,734 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $72,808.		71,380		71,380
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $60,456 on 10/02/17, collateralized by $57,990 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $61,707.		60,451		60,451
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,428,795 on 01/02/18, collateralized by various Common Stock with a value of $1,540,000.		1,400,000		1,400,000
				4,379,896
Time Deposits—0.1%
Credit Agricole S.A. 1.080%, 10/02/17		38,114		38,114
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		37,352		37,352
Landesbank Hessen-Thuringen 1.170%, 10/02/17		45,756		45,756
Standard Chartered plc 1.200%, 10/02/17		48,864		48,864
Svenska 1.050%, 10/02/17		500,000		500,000
				670,086
Total Securities Lending Reinvestments (Cost $19,999,982)				20,002,177
Purchased Options—0.1% (Cost $989,190)				737,362
Total Investments—109.2% (Cost $1,280,569,129)				1,402,209,623
Other assets and liabilities (net)—(9.2)%				(117,944,695	)
Net Assets—100.0%			$	1,284,264,928

*	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 September 30, 2017, the market value of securities loaned was $19,518,832 and the collateral received consisted of cash in the amount of $19,999,982. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Illiquid security. As of September 30, 2017, these securities represent 0.4% of net assets.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2017, these securities represent less than 0.05% of net assets.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(g)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(h)	Interest only security.
(i)	Principal only security.

BHFTII-118

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

(j)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of September 30, 2017, the market value of securities pledged was $3,328,832.
(k)	All or a portion of the security was pledged as collateral against open swap contracts. As of September 30, 2017, the market value of securities pledged was $1,429,848.
(l)	Principal amount of security is adjusted for inflation.
(m)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2017, the market value of securities pledged was $2,395,518.
(n)	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 September 30, 2017, the market value of restricted securities was $5,282,134, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.
(o)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will 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.
(p)	This loan will settle after September 30, 2017, at which time the interest rate will be determined.
(q)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(r)	The rate shown represents current yield to maturity.
(s)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(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 September 30, 2017, the market value of 144A securities was $162,889,010, which is 12.7% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(ADR)—	An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.
(ARM)—	Adjustable-Rate Mortgage
(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(EUR)—	Euro
(ICE)—	Intercontinental Exchange, Inc.
(JPY)—	Japanese Yen
(LIBOR)—	London Interbank Offered Rate
(NZD)—	New Zealand Dollar

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Banc of America Commercial Mortgage Trust, 3.261%, 09/15/48		01/21/16 - 02/01/16	$	413,000	$	220,480	$	263,051
Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.750%, 10/15/45		02/18/15		355,000		256,041		228,407
Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.735%, 10/15/45		12/05/14 - 03/29/17		210,000		149,074		95,576
GS Mortgage Securities Trust, 5.021%, 04/10/47		03/27/14 - 06/20/14		465,000		425,541		329,334
GS Mortgage Securities Trust, 3.674%, 04/10/47		04/03/14		235,000		147,173		85,925
JPMBB Commercial Mortgage Securities Trust, 3.879%, 10/15/48		10/23/15		220,000		171,884		168,833
JPMorgan Chase Commercial Mortgage Securities Trust, 2.733%, 10/15/45		05/19/15		400,000		269,984		200,509
JPMorgan Chase Commercial Mortgage Securities Trust, 4.530%, 12/15/47		03/17/14		130,000		105,300		102,928
Lendmark Funding Trust, 3.260%, 04/21/25		10/26/16		875,000		874,901		878,559
Lendmark Funding Trust, 2.830%, 12/22/25		06/22/17		680,000		679,861		680,296
Morgan Stanley Bank of America Merrill Lynch Trust, 4.500%, 08/15/45		07/10/14		220,000		173,388		156,575
Morgan Stanley Capital Trust, 5.327%, 07/15/49		03/13/15		265,000		242,868		230,042
SoFi Consumer Loan Program LLC, 3.090%, 10/27/25		07/26/16		577,050		576,960		582,947
SoFi Consumer Loan Program LLC, 3.280%, 01/26/26		01/20/17		473,921		473,881		480,222
WF-RBS Commercial Mortgage Trust, 5.000%, 06/15/44		03/27/14		105,000		94,365		87,516
WF-RBS Commercial Mortgage Trust, 3.016%, 11/15/47		11/05/14		550,000		362,270		235,151
Wells Fargo Commercial Mortgage Trust, 3.356%, 09/15/58		09/24/15		245,000		147,153		154,195
Wells Fargo Commercial Mortgage Trust, 2.881%, 05/15/48		09/15/15		510,000		315,702		322,068
							$	5,282,134

BHFTII-119

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.500	%		TBA		(4,800,000	)	$	(4,835,250	)	$	(4,827,041	)
Fannie Mae 15 Yr. Pool		2.500	%		TBA		(9,965,000	)		(10,108,186	)		(10,032,731	)
Fannie Mae 15 Yr. Pool		4.500	%		TBA		(3,500,000	)		(3,578,750	)		(3,574,922	)
Fannie Mae 30 Yr. Pool		2.500	%		TBA		(14,100,000	)		(13,782,750	)		(13,648,360	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(21,975,000	)		(22,206,710	)		(22,047,104	)
Fannie Mae 30 Yr. Pool		4.500	%		TBA		(9,105,000	)		(9,783,290	)		(9,773,648	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(1,850,000	)		(2,019,969	)		(2,017,952	)
Freddie Mac 30 Yr. Gold Pool		5.500	%		TBA		(200,000	)		(220,500	)		(220,418	)
Totals									$	(66,535,405	)	$	(66,142,176	)

Forward Foreign Currency Exchange Contracts

Contracts toBuy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EGP	497,000	Goldman Sachs International		03/06/18	$	26,158	$	855
EGP	622,000	Goldman Sachs International		03/06/18		32,823		983
EGP	1,367,000	Goldman Sachs International		03/06/18		74,781		(483	)
Contracts toDeliver
AUD	190,000	Goldman Sachs International		11/29/17		152,480		3,545
AUD	290,000	Deutsche Bank AG		01/24/18		226,648		(540	)
CAD	125,000	JPMorgan Chase Bank N.A.		10/02/17		102,335		2,155
CAD	370,000	JPMorgan Chase Bank N.A.		10/06/17		304,325		7,781
CAD	370,000	HSBC Bank plc		10/18/17		302,846		6,278
CAD	125,000	Goldman Sachs International		10/25/17		101,224		1,027
CAD	635,000	Citibank N.A.		11/06/17		513,173		4,136
CAD	455,000	Goldman Sachs International		11/14/17		375,793		11,035
EGP	2,486,000	Goldman Sachs International		03/06/18		127,947		(7,170	)
EUR	430,000	Barclays Bank plc		10/16/17		513,621		5,049
EUR	2,267,000	Morgan Stanley & Co. International plc		10/31/17		2,683,348		(15	)
EUR	430,000	Societe Generale Paris		10/31/17		518,503		9,528
EUR	420,000	Morgan Stanley & Co. International plc		11/01/17		505,862		8,698
EUR	255,000	Citibank N.A.		12/15/17		307,800		5,204
JPY	175,000,000	JPMorgan Chase Bank N.A.		10/02/17		1,608,534		53,324
JPY	175,200,000	Deutsche Bank AG		10/10/17		1,611,021		53,515
JPY	100,000,000	Barclays Bank plc		10/16/17		919,709		30,487
JPY	1,518,000,000	UBS AG		10/16/17		13,633,694		135,317
JPY	101,200,000	HSBC Bank plc		11/20/17		932,185		30,908
JPY	33,850,000	Morgan Stanley & Co. International plc		12/11/17		307,141		5,352
JPY	174,950,000	Credit Suisse International		12/18/17		1,565,330		4,848
NZD	280,000	HSBC Bank plc		10/19/17		203,866		1,687
Net Unrealized Appreciation							$	373,504

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		12/15/17		22		USD	$	2,767,710	$	57,594
U.S. Treasury Long Bond Futures		12/19/17		41		USD		6,265,313		(83,794	)
U.S. Treasury Note 10 Year Futures		12/19/17		40		USD		5,012,500		(28,948	)
U.S. Treasury Note 2 Year Futures		12/29/17		133		USD		28,688,516		(78,742	)
U.S. Treasury Note 5 Year Futures		12/29/17		309		USD		36,307,500		(210,176	)
U.S. Treasury Note Ultra 10 Year Futures		12/19/17		98		USD		13,164,156		(231,100	)
U.S. Treasury Ultra Long Bond Futures		12/19/17		162		USD		26,750,250		(419,357	)

BHFTII-120

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Value					Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		09/17/18		(204	)		USD	$	(50,092,200	)	$	32,646
United Kingdom Long Gilt Bond Futures		12/27/17		(71	)		GBP		(11,785,938	)		288,692
Net Unrealized Depreciation											$	(673,185	)

Purchased Options

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Expiration Date	Notional Amount		Premiums Paid		Market Value		Unrealized Depreciation
Call - OTC - 10 Year Interest Rate Swap	2.450%	Barclays Bank plc	3M LIBOR	Receive	08/02/27	USD	2,900,000	$	418,147	$	321,365	$	(96,782	)
Put - OTC - 10 Year Interest Rate Swap	2.450%	Barclays Bank plc	3M LIBOR	Pay	08/02/27	USD	2,900,000		571,043		415,997		(155,046	)
Totals								$	989,190	$	737,362	$	(251,828	)

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Counterparty	Notional Amount		Market Value	Upfront Premium Paid/(Received)	Unrealized Appreciation(1)
Receive	CPI-U	1.810%	Annually	09/04/25	Bank of America N.A.	USD	3,803,000	$49,577	$—	$49,577

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	3M CDOR	2.250%	Semi-Annually	12/18/21		CAD	49,685,000	$	(21,488)	$	(42,440)	$	20,952
Receive	3M LIBOR	2.142%	Semi-Annually	05/15/24		USD	1,405,000		(3,327)		—		(3,327)
Receive	3M LIBOR	2.202%	Semi-Annually	05/15/24		USD	1,405,000		(8,586)		—		(8,586)
Receive	3M LIBOR	2.202%	Semi-Annually	05/15/24		USD	1,405,000		(8,586)		—		(8,586)
Receive	3M LIBOR	2.275%	Semi-Annually	07/14/27		USD	4,200,000		(1,266)		—		(1,266)
Receive	3M LIBOR	2.553%	Semi-Annually	08/03/47		USD	375,000		(1,604)		—		(1,604)
Receive	Federal Funds Rate Compounded -OIS	1.625%	Annually	11/14/26		USD	2,610,000		50,136		—		50,136
Totals								$	5,279	$	(42,440)	$	47,719

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date		Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Depreciation
CDX.NA.HY.28.V1		(5.000%)		Quarterly		06/20/22		3.132%		USD	6,400,000	$	(493,920)	$	(474,363)	$	(19,557)

BHFTII-121

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency		Maturity Date		Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation
CDX.EM.27.V1		1.000%		Quarterly		06/20/22		1.725%		USD	5,859,000	$	(184,500)	$	(254,275)	$	69,775
CDX.NA.IG.29.V1		1.000%		Quarterly		12/20/22		0.556%		USD	5,365,000		117,166		111,497		5,669
CDX.NA.HY.28.V1		5.000%		Quarterly		06/20/22		3.132%		USD	950,000		73,316		70,253		3,063
CDX.NA.HY.29.V1		5.000%		Quarterly		12/20/22		3.251%		USD	4,910,000		384,541		376,185		8,356
CDX.NA.IG.28.V1		1.000%		Quarterly		06/20/22		0.528%		USD	2,200,000		46,605		43,697		2,908
ITRAXX.EUR.28.V1		1.000%		Quarterly		12/20/22		0.566%		EUR	3,185,000		84,261		82,384		1,877
ITRAXX.XO.27.V1		5.000%		Quarterly		06/20/22		2.147%		EUR	2,390,000		354,742		324,867		29,875
ITRAXX.XO.28.V1		5.000%		Quarterly		12/20/22		2.526%		EUR	855,000		118,599		117,449		1,150
Net Unrealized Appreciation												$	994,730	$	872,057	$	122,673

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Federative Republic of Brazil		1.000%		Quarterly		06/20/22	Deutsche Bank AG		1.755%		USD	320,000	$	(10,652)	$	(12,092)	$	1,440
Republic of South Africa		1.000%		Quarterly		06/20/22	Morgan Stanley & Co. International plc		1.695%		USD	315,000		(9,670)		(9,737)		67
Republic of Turkey		1.000%		Quarterly		06/20/22	BNP Paribas S.A.		1.696%		USD	315,000		(9,676)		(8,509)		(1,167)
United Mexican States 4.150%, due 03/28/27		1.000%		Quarterly		06/20/22	Deutsche Bank AG		0.985%		USD	305,000		204		413		(209)
Totals													$	(29,794)	$	(29,925)	$	131

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
ABX.HE.PEN.AAA.6-2		(0.110%)		Monthly		05/25/46	JPMorgan Chase Bank N.A.		0.000%		USD	228,988	$	(16,344)	$	32,095	$	(48,439)
CMBX.NA.A.7		(2.000%)		Monthly		01/17/47	JPMorgan Chase Bank N.A.		0.000%		USD	355,000		11,961		(7,572)		19,533
CMBX.NA.A.9		(2.000%)		Monthly		09/17/58	Deutsche Bank AG		0.000%		USD	185,000		8,162		9,450		(1,288)
CMBX.NA.A.9		(2.000%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	615,000		27,133		21,727		5,406
CMBX.NA.A.9		(2.000%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	280,000		12,353		12,474		(121)
CMBX.NA.AA.7		(1.500%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	600,000		(635)		19,045		(19,680)
CMBX.NA.AA.7		(1.500%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	635,000		(672)		20,156		(20,828)
CMBX.NA.AA.7		(1.500%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	735,000		(778)		23,330		(24,108)
CMBX.NA.AA.7		(1.500%)		Monthly		01/17/47	Morgan Stanley & Co. International plc		0.000%		USD	80,000		(85)		946		(1,031)
CMBX.NA.AA.8		(1.500%)		Monthly		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	265,000		3,865		10,823		(6,958)
CMBX.NA.AAA.8		(0.500%)		Monthly		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	170,000		(611)		285		(896)
CMBX.NA.AAA.8		(0.500%)		Monthly		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	505,000		(1,816)		4,470		(6,286)

BHFTII-122

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.AAA.9		(0.500%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	1,080,000	$	1,586	$	13,548	$	(11,962)
CMBX.NA.AM.9		(0.500%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	510,000		749		7,377		(6,628)
CMBX.NA.AM.9		(0.500%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	170,000		250		1,365		(1,115)
CMBX.NA.AS.7		(1.000%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	825,000		(7,390)		15,285		(22,675)
CMBX.NA.AS.8		(1.000%)		Monthly		10/17/57	Deutsche Bank AG		0.000%		USD	210,000		(1,450)		15,785		(17,235)
CMBX.NA.BB.9		(5.000%)		Monthly		09/17/58	Credit Suisse International		0.000%		USD	645,000		128,426		135,812		(7,386)
CMBX.NA.BBB-.10		(3.000%)		Monthly		11/17/59	Morgan Stanley & Co. International plc		0.000%		USD	315,000		37,623		24,793		12,830
CMBX.NA.BBB-.10		(3.000%)		Monthly		11/17/59	Morgan Stanley & Co. International plc		0.000%		USD	195,000		23,290		12,849		10,441
CMBX.NA.BBB-.10		(3.000%)		Monthly		11/17/59	Morgan Stanley & Co. International plc		0.000%		USD	155,000		18,513		15,341		3,172
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	375,000		41,523		34,662		6,861
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	300,000		33,218		29,605		3,613
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Credit Suisse International		0.000%		USD	255,000		28,236		25,164		3,072
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Deutsche Bank AG		0.000%		USD	175,000		19,377		22,550		(3,173)
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Deutsche Bank AG		0.000%		USD	170,000		18,824		12,815		6,009
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Deutsche Bank AG		0.000%		USD	165,000		18,270		16,233		2,037
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Goldman Sachs International		0.000%		USD	1,020,000		112,942		98,003		14,939
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Goldman Sachs International		0.000%		USD	175,000		19,377		25,231		(5,854)
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Goldman Sachs International		0.000%		USD	175,000		19,377		15,318		4,059
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Morgan Stanley & Co. International plc		0.000%		USD	715,000		79,170		53,646		25,524
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Morgan Stanley & Co. International plc		0.000%		USD	385,000		42,630		40,214		2,416
CMBX.NA.BBB-.7		(3.000%)		Monthly		01/17/47	Morgan Stanley & Co. International plc		0.000%		USD	150,000		16,609		12,623		3,986
CMBX.NA.BBB-.9		(3.000%)		Monthly		09/17/58	Deutsche Bank AG		0.000%		USD	540,000		68,746		66,637		2,109
CMBX.NA.BBB-.9		(3.000%)		Monthly		09/17/58	Goldman Sachs International		0.000%		USD	580,000		73,838		72,471		1,367
CMBX.NA.BBB-.9		(3.000%)		Monthly		09/17/58	Goldman Sachs International		0.000%		USD	215,000		27,371		24,816		2,555
CMBX.NA.BBB-.9		(3.000%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	380,000		48,377		45,474		2,903
CMBX.NA.BBB-.9		(3.000%)		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	140,000		17,823		15,385		2,438
Totals													$	929,838	$	1,000,231	$	(70,393)

BHFTII-123

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
ABX.HE.PEN .AAA.06-2		0.110%		Monthly		05/25/46	Barclays Bank plc		0.000%		USD	228,988	$	(21,181)	$	(6,298)	$	(14,883)
CMBX.NA.A.6		2.000%		Monthly		05/11/63	Goldman Sachs International		0.000%		USD	355,000		(20,924)		4,634		(25,558)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	91,000		(22,100)		(15,473)		(6,627)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	265,000		(64,356)		(39,508)		(24,848)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	270,000		(65,570)		(53,314)		(12,256)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	460,000		(111,712)		(85,670)		(26,042)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	465,000		(112,926)		(86,601)		(26,325)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	465,000		(112,926)		(86,601)		(26,325)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	465,000		(112,926)		(86,601)		(26,325)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	645,000		(156,640)		(135,820)		(20,820)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Goldman Sachs International		0.000%		USD	304,000		(73,827)		(50,355)		(23,472)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Goldman Sachs International		0.000%		USD	530,000		(128,712)		(58,813)		(69,899)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	190,000		(46,142)		(35,385)		(10,757)
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Bank of America N.A.		0.000%		USD	335,000		(88,741)		(24,355)		(64,386)
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Credit Suisse International		0.000%		USD	225,000		(59,602)		(63,886)		4,284
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Credit Suisse International		0.000%		USD	550,000		(145,694)		(156,166)		10,472
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Goldman Sachs International		0.000%		USD	151,000		(40,000)		(18,106)		(21,894)
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Goldman Sachs International		0.000%		USD	580,000		(153,641)		(181,510)		27,869
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	160,000		(42,384)		(46,535)		4,151
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	190,000		(50,331)		(55,341)		5,010
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	Morgan Stanley & Co. International plc		0.000%		USD	1,289,000		(341,454)		(365,997)		24,543
CMBX.NA.BB.9		5.000%		Monthly		09/15/58	Goldman Sachs International		0.000%		USD	130,000		(25,884)		(36,481)		10,597
CMBX.NA.BB.9		5.000%		Monthly		09/15/58	Goldman Sachs International		0.000%		USD	250,000		(49,777)		(70,766)		20,989
CMBX.NA.BB.9		5.000%		Monthly		09/17/58	Goldman Sachs International		0.000%		USD	10,000		(1,991)		(2,859)		868
CMBX.NA.BB.9		5.000%		Monthly		09/17/58	Morgan Stanley & Co. International plc		0.000%		USD	255,000		(50,773)		(80,525)		29,752
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	185,000		(28,052)		(26,509)		(1,543)
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	Goldman Sachs International		0.000%		USD	660,000		(100,076)		(74,951)		(25,125)
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	90,000		(13,647)		(8,031)		(5,616)
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	830,000		(125,853)		(124,759)		(1,094)
PRIMEX.ARM.2		4.580%		Monthly		12/25/37	JPMorgan Chase Bank N.A.		0.000%		USD	442,014		—		13,273		(13,273)
Totals													$	(2,367,842)	$	(2,059,309)	$	(308,533)

(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.

BHFTII-124

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(1)	There is no upfront payment premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).
(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(EGP)—	Egyptian Pound
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(NZD)—	New Zealand Dollar
(USD)—	United States Dollar
(ABX.HE.PEN)—	Markit Asset-Backed Home Equity Penultimate Index
(CDOR)—	Canadian Dollar Offered Rate
(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

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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	25,257,462	$	—	$	—	$	25,257,462
Air Freight & Logistics		2,990,289		—		—		2,990,289
Airlines		2,209,069		—		—		2,209,069
Automobiles		3,095,141		—		—		3,095,141
Banks		42,006,336		—		—		42,006,336

BHFTII-125

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Beverages	$	25,352,043	$	—	$	—	$	25,352,043
Biotechnology		13,494,697		—		—		13,494,697
Capital Markets		10,405,990		—		—		10,405,990
Chemicals		17,325,561		—		—		17,325,561
Communications Equipment		4,282,152		—		—		4,282,152
Construction Materials		2,848,220		—		—		2,848,220
Consumer Finance		11,814,884		—		—		11,814,884
Containers & Packaging		9,435,761		—		—		9,435,761
Diversified Telecommunication Services		12,211,311		—		—		12,211,311
Electric Utilities		25,580,892		—		—		25,580,892
Electrical Equipment		10,855,120		—		—		10,855,120
Electronic Equipment, Instruments & Components		1,155,973		—		—		1,155,973
Energy Equipment & Services		843,585		—		—		843,585
Equity Real Estate Investment Trusts		25,862,955		—		—		25,862,955
Food & Staples Retailing		6,236,376		—		—		6,236,376
Food Products		17,019,889		—		—		17,019,889
Gas Utilities		1,863,060		—		—		1,863,060
Health Care Equipment & Supplies		29,945,580		—		—		29,945,580
Health Care Providers & Services		29,139,636		—		—		29,139,636
Hotels, Restaurants & Leisure		11,118,945		—		—		11,118,945
Household Durables		4,064,148		—		—		4,064,148
Independent Power and Renewable Electricity Producers		2,027,240		—		—		2,027,240
Industrial Conglomerates		7,577,915		—		—		7,577,915
Insurance		34,634,591		—		—		34,634,591
Internet & Direct Marketing Retail		22,678,495		—		—		22,678,495
Internet Software & Services		44,729,130		—		—		44,729,130
IT Services		31,901,806		—		—		31,901,806
Life Sciences Tools & Services		3,885,222		—		—		3,885,222
Machinery		22,368,239		—		—		22,368,239
Marine		549,957		—		—		549,957
Media		24,824,062		—		—		24,824,062
Metals & Mining		1,405,443		—		—		1,405,443
Multi-Utilities		4,382,706		—		—		4,382,706
Oil, Gas & Consumable Fuels		41,761,717		4,605		7,279		41,773,601
Personal Products		7,006,811		—		—		7,006,811
Pharmaceuticals		32,862,169		—		—		32,862,169
Professional Services		5,242,104		—		—		5,242,104
Road & Rail		4,783,102		—		—		4,783,102
Semiconductors & Semiconductor Equipment		36,936,510		—		—		36,936,510
Software		29,862,223		—		—		29,862,223
Specialty Retail		8,794,187		—		—		8,794,187
Technology Hardware, Storage & Peripherals		25,395,200		—		—		25,395,200
Textiles, Apparel & Luxury Goods		6,603,762		—		—		6,603,762
Tobacco		13,981,876		—		—		13,981,876
Total Common Stocks		760,609,542		4,605		7,279		760,621,426
Total U.S. Treasury & Government Agencies*		—		271,285,219		—		271,285,219
Corporate Bonds & Notes
Aerospace/Defense		—		439,996		—		439,996
Agriculture		—		4,001,666		—		4,001,666
Airlines		—		678,348		—		678,348
Auto Manufacturers		—		2,615,954		—		2,615,954
Auto Parts & Equipment		—		557,874		—		557,874
Banks		—		40,869,445		0		40,869,445
Beverages		—		3,363,043		—		3,363,043
Biotechnology		—		909,443		—		909,443
Building Materials		—		354,686		—		354,686
Chemicals		—		889,169		—		889,169
Commercial Services		—		1,622,448		—		1,622,448

BHFTII-126

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Computers	$	—	$	2,258,935	$	—	$	2,258,935
Diversified Financial Services		—		2,416,292		—		2,416,292
Electric		—		4,513,768		—		4,513,768
Electronics		—		274,125		—		274,125
Engineering & Construction		—		1,248,423		—		1,248,423
Entertainment		—		164,600		—		164,600
Environmental Control		—		71,887		—		71,887
Food		—		1,310,347		—		1,310,347
Gas		—		98,800		—		98,800
Healthcare-Products		—		1,560,283		—		1,560,283
Healthcare-Services		—		2,371,428		—		2,371,428
Home Builders		—		209,945		—		209,945
Insurance		—		1,024,031		—		1,024,031
Internet		—		1,042,254		—		1,042,254
Iron/Steel		—		1,282,589		—		1,282,589
Machinery-Construction & Mining		—		79,500		—		79,500
Machinery-Diversified		—		111,195		—		111,195
Media		—		8,522,616		—		8,522,616
Mining		—		1,177,609		—		1,177,609
Office/Business Equipment		—		1,308,984		—		1,308,984
Oil & Gas		—		7,525,002		—		7,525,002
Packaging & Containers		—		216,395		—		216,395
Pharmaceuticals		—		6,213,198		—		6,213,198
Pipelines		—		6,334,079		—		6,334,079
Real Estate Investment Trusts		—		365,913		—		365,913
Retail		—		2,075,839		—		2,075,839
Semiconductors		—		2,661,064		—		2,661,064
Software		—		1,684,071		—		1,684,071
Telecommunications		—		7,457,432		—		7,457,432
Transportation		—		1,505,253		—		1,505,253
Trucking & Leasing		—		30,748		—		30,748
Total Corporate Bonds & Notes		—		123,418,677		0		123,418,677
Asset-Backed Securities
Asset-Backed - Automobile		—		3,397,197		—		3,397,197
Asset-Backed - Home Equity		—		2,606,939		—		2,606,939
Asset-Backed - Other		—		94,798,669		0		94,798,669
Total Asset-Backed Securities		—		100,802,805		0		100,802,805
Total Mortgage-Backed Securities*		—		63,917,589		—		63,917,589
Floating Rate Loans
Aerospace/Defense		—		152,192		—		152,192
Agriculture		—		294,282		—		294,282
Building Materials		—		129,025		—		129,025
Chemicals		—		119,668		—		119,668
Commercial Services		—		1,226,167		—		1,226,167
Computers		—		344,695		—		344,695
Containers & Packaging		—		216,883		—		216,883
Cosmetics/Personal Care		—		308,142		—		308,142
Diversified Financial Services		—		179,884		—		179,884
Electric		—		503,919		—		503,919
Energy Equipment & Services		—		265,138		—		265,138
Entertainment		—		169,787		—		169,787
Food		—		443,941		—		443,941
Healthcare-Products		—		100,313		—		100,313
Healthcare-Services		—		757,866		—		757,866
Insurance		—		1,342,612		—		1,342,612
Internet		—		270,263		—		270,263
Internet & Direct Marketing Retail		—		131,043		—		131,043

BHFTII-127

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3			Total
Leisure Time	$	—		$	276,313		$	—		$	276,313
Lodging		—			752,559			—			752,559
Machinery-Diversified		—			242,862			—			242,862
Media		—			327,287			—			327,287
Office/Business Equipment		—			150,509			—			150,509
Oil & Gas		—			919,169			0			919,169
Packaging & Containers		—			565,581			—			565,581
Pharmaceuticals		—			473,879			—			473,879
Pipelines		—			326,799			—			326,799
Real Estate		—			400,456			—			400,456
Retail		—			842,940			179,460			1,022,400
Semiconductors		—			170,267			—			170,267
Software		—			1,734,747			—			1,734,747
Telecommunications		—			962,732			—			962,732
Trading Companies & Distributors		—			101,104			—			101,104
Trucking & Leasing		—			240,148			—			240,148
Total Floating Rate Loans		—			15,443,172			179,460			15,622,632
Total Municipals		—			6,528,561			—			6,528,561
Total Foreign Government*		—			5,700,864			—			5,700,864
Total Warrant*		102,609			—			—			102,609
Total Short-Term Investments*		—			33,469,702			—			33,469,702
Total Securities Lending Reinvestments*		—			20,002,177			—			20,002,177
Total Purchased Options		—			737,362			—			737,362
Total Investments	$	760,712,151		$	641,310,733		$	186,739		$	1,402,209,623
Collateral for Securities Loaned (Liability)	$	—		$	(19,999,982	)	$	—		$	(19,999,982	)
TBA Forward Sales Commitments	$	—		$	(66,142,176	)	$	—		$	(66,142,176	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	381,712		$	—		$	381,712
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,208	)		—			(8,208	)
Total Forward Contracts	$	—		$	373,504		$	—		$	373,504
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	378,932		$	—		$	—		$	378,932
Futures Contracts (Unrealized Depreciation)		(1,052,117	)		—			—			(1,052,117	)
Total Futures Contracts	$	(673,185	)	$	—		$	—		$	(673,185	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	193,761		$	—		$	193,761
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(42,926	)		—			(42,926	)
Total Centrally Cleared Swap Contracts	$	—		$	150,835		$	—		$	150,835
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,009,400		$	—		$	1,009,400
OTC Swap Contracts at Value (Liabilities)		—			(2,411,277	)		(16,344	)		(2,427,621	)
Total OTC Swap Contracts	$	—		$	(1,401,877	)	$	(16,344	)	$	(1,418,221	)

* 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 September 30, 2017 is not presented.

Transfers from Level 2 to Level 3 in the amount of $555,239 were due to the application of a systematic fair valuation model factor.

BHFTII-128

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

Common Stocks—97.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—7.8%
General Dynamics Corp.		307,428	$	63,201,048
Lockheed Martin Corp.		338,655		105,081,260
Northrop Grumman Corp. (a)		272,064		78,278,254
United Technologies Corp.		634,542		73,657,636
				320,218,198
Air Freight & Logistics—2.8%
United Parcel Service, Inc. - Class B		961,562		115,473,981
Banks—2.6%
PNC Financial Services Group, Inc. (The) (a)		805,475		108,553,866
Beverages—7.3%
Coca-Cola Co. (The)		2,221,974		100,011,050
Diageo plc		3,040,497		99,954,687
PepsiCo, Inc.		899,438		100,224,376
				300,190,113
Biotechnology—1.7%
Amgen, Inc.		384,563		71,701,771
Capital Markets—2.1%
BlackRock, Inc. (a)		192,660		86,136,359
Chemicals—3.6%
Ecolab, Inc. (a)		465,944		59,925,058
Praxair, Inc. (a)		614,185		85,826,212
				145,751,270
Consumer Finance—2.1%
American Express Co. (a)		961,029		86,934,683
Energy Equipment & Services—2.4%
Schlumberger, Ltd.		1,388,150		96,837,344
Equity Real Estate Investment Trusts—4.4%
American Tower Corp.		639,780		87,445,130
Public Storage (a)		441,854		94,552,338
				181,997,468
Food & Staples Retailing—6.4%
Costco Wholesale Corp. (a)		632,910		103,980,784
CVS Health Corp.		868,361		70,615,117
Walgreens Boots Alliance, Inc.		1,125,025		86,874,430
				261,470,331
Health Care Equipment & Supplies—2.1%
Medtronic plc (a)		1,127,500		87,685,675
Health Care Providers & Services—6.2%
Cardinal Health, Inc. (a)		1,190,021		79,636,205
McKesson Corp. (a)		544,668		83,666,452
UnitedHealth Group, Inc. (a)		465,811		91,229,084
				254,531,741
Hotels, Restaurants & Leisure—3.2%
McDonald’s Corp. (a)		529,170		82,910,355
Starbucks Corp. (a)		938,639		50,414,301
				133,324,656
Household Products—3.8%
Colgate-Palmolive Co.		1,419,818		103,433,742
Procter & Gamble Co. (The) (a)		567,288		51,611,862
				155,045,604
Industrial Conglomerates—2.3%
Honeywell International, Inc.		662,719		93,933,791
Insurance—5.0%
Chubb, Ltd.		778,798		111,017,655
Marsh & McLennan Cos., Inc.		1,135,956		95,204,472
				206,222,127
IT Services—6.2%
Accenture plc - Class A (a)		838,328		113,232,963
Automatic Data Processing, Inc.		365,220		39,925,850
Visa, Inc. - Class A		973,244		102,424,199
				255,583,012
Media—1.5%
Walt Disney Co. (The)		625,158		61,621,824
Oil, Gas & Consumable Fuels—2.0%
Exxon Mobil Corp.		1,013,247		83,065,989
Pharmaceuticals—5.7%
Johnson & Johnson		622,193		80,891,312
Merck & Co., Inc.		1,402,376		89,794,136
Roche Holding AG		244,802		62,493,456
				233,178,904
Road & Rail—5.1%
Canadian National Railway Co.		1,263,360		104,673,337
Union Pacific Corp.		916,683		106,307,728
				210,981,065
Software—3.5%
Microsoft Corp.		1,909,391		142,230,536
Specialty Retail—2.3%
TJX Cos., Inc. (The) (a)		1,259,848		92,888,593
Textiles, Apparel & Luxury Goods—5.1%
NIKE, Inc. - Class B (a)		2,857,708		148,172,160
VF Corp. (a)		980,059		62,302,350
				210,474,510
Total Common Stocks (Cost $3,305,387,204)				3,996,033,411

BHFTII-129

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino-Forest Corp. (Cost $0)		5,844,000	$	0
Short-Term Investment—2.7%
Repurchase Agreement—2.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $108,649,036 on 10/02/17, collateralized by $109,875,000 U.S. Treasury Note at 1.750% due 12/31/20 with a value of $110,825,639.		108,647,950		108,647,950
Total Short-Term Investments (Cost $108,647,950)				108,647,950
Securities Lending Reinvestments (b)—4.5%
Certificates of Deposit—1.8%
ABN AMRO Bank NV Zero Coupon, 11/21/17		1,993,074		1,996,680
Zero Coupon, 02/22/18		1,987,499		1,989,260
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (c)		3,500,000		3,499,678
Bank of China, Ltd. 1.540%, 10/23/17		5,000,000		5,000,000
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (c)		2,000,000		2,000,928
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,000,000		1,000,000
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (c)		2,000,000		2,000,072
DNB Bank ASA New York 1.120%, 10/05/17		2,000,000		1,999,994
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		3,994,815		3,997,960
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (c)		3,000,000		3,000,000
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (c)		2,000,000		1,999,976
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (c)		3,000,000		2,999,895
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (c)		3,000,000		2,999,865
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (c)		11,500,000		11,510,178
Standard Chartered plc 1.460%, 02/02/18		2,000,000		2,000,506
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd., New York 1.401%, 1M LIBOR + 0.170%, 12/04/17 (c)		1,000,000		1,000,000
1.404%, 1M LIBOR + 0.170%, 11/16/17 (c)		5,000,000		5,000,370
1.406%, 1M LIBOR + 0.170%, 11/13/17 (c)		2,000,000		2,000,162
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (c)		1,500,000		1,500,204
Swedbank AB 1.140%, 10/02/17		2,000,000		1,999,998
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (c)		11,500,000		11,510,258
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (c)		4,000,000		3,999,972
				75,005,956
Commercial Paper—0.8%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		1,993,747		1,999,866
Barton Capital S.A. 1.320%, 12/11/17		5,481,850		5,485,612
1.330%, 10/13/17		2,989,914		2,998,956
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (c)		7,000,000		7,006,090
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (c)		3,000,000		3,000,162
1.386%, 1M LIBOR + 0.150%, 11/13/17 (c)		2,000,000		2,000,092
Macquarie Bank, Ltd., London 1.340%, 10/27/17		3,986,302		3,996,278
Sheffield Receivables Co. 1.330%, 10/05/17		3,737,531		3,749,756
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (c)		4,000,000		4,000,928
				34,237,740
Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $5,781,691 on 10/02/17, collateralized by $9,614,649 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $5,896,809.		5,781,185		5,781,185

BHFTII-130

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

Securities Lending Reinvestments (b)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $10,000,875 on 10/02/17, collateralized by $10,180,076 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $10,200,001.		10,000,000	$	10,000,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $660,559 on 01/02/18, collateralized by various Common Stock with a value of $715,000.		650,000		650,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $900,090 on 10/02/17, collateralized by $905,319 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $918,004.		900,000		900,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $5,300,552 on 10/02/17, collateralized by $5,398,471 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $5,406,002.		5,300,000		5,300,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $800,083 on 10/02/17, collateralized by $803,966 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $816,002.		800,000		800,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $3,518,620 on 01/02/18, collateralized by $18,845 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $3,890,374.		3,500,000		3,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $3,600,306 on 10/02/17, collateralized by $3,453,454 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $3,674,800.		3,600,000		3,600,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $700,060 on 10/02/17, collateralized by $671,505 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $714,544.		700,000		700,000
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $7,554,863 on 01/02/18, collateralized by various Common Stock with a value of $8,250,002.		7,500,000		7,500,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $15,001,475 on 10/02/17, collateralized by $37,287,181 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $15,301,506.		15,000,000		15,000,000
				53,731,185
Time Deposits—0.6%
Credit Agricole S.A. 1.080%, 10/02/17		400,000		400,000
Credit Industriel et Commercial 1.100%, 10/02/17		5,000,000		5,000,000
DZ Bank AG 1.060%, 10/02/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		400,000		400,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		500,000		500,000
National Bank of Canada 1.060%, 10/02/17		7,000,000		7,000,000
Nordea Bank New York 1.050%, 10/02/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 10/02/17		500,000		500,000
Svenska 1.050%, 10/02/17		5,000,000		5,000,000
				22,800,000
Total Securities Lending Reinvestments (Cost $185,743,586)				185,774,881
Total Investments—104.4% (Cost $3,599,778,740)				4,290,456,242
Other assets and liabilities (net)—(4.4)%				(181,008,139	)
Net Assets—100.0%			$	4,109,448,103

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $180,349,302 and the collateral received consisted of cash in the amount of $185,695,918. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.

BHFTII-131

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

(c)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For
	certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	320,218,198	$	—		$	—	$	320,218,198
Air Freight & Logistics		115,473,981		—			—		115,473,981
Banks		108,553,866		—			—		108,553,866
Beverages		200,235,426		99,954,687			—		300,190,113
Biotechnology		71,701,771		—			—		71,701,771
Capital Markets		86,136,359		—			—		86,136,359
Chemicals		145,751,270		—			—		145,751,270
Consumer Finance		86,934,683		—			—		86,934,683
Energy Equipment & Services		96,837,344		—			—		96,837,344
Equity Real Estate Investment Trusts		181,997,468		—			—		181,997,468
Food & Staples Retailing		261,470,331		—			—		261,470,331
Health Care Equipment & Supplies		87,685,675		—			—		87,685,675
Health Care Providers & Services		254,531,741		—			—		254,531,741
Hotels, Restaurants & Leisure		133,324,656		—			—		133,324,656
Household Products		155,045,604		—			—		155,045,604
Industrial Conglomerates		93,933,791		—			—		93,933,791
Insurance		206,222,127		—			—		206,222,127
IT Services		255,583,012		—			—		255,583,012
Media		61,621,824		—			—		61,621,824
Oil, Gas & Consumable Fuels		83,065,989		—			—		83,065,989
Pharmaceuticals		170,685,448		62,493,456			—		233,178,904
Road & Rail		210,981,065		—			—		210,981,065
Software		142,230,536		—			—		142,230,536
Specialty Retail		92,888,593		—			—		92,888,593
Textiles, Apparel & Luxury Goods		210,474,510		—			—		210,474,510
Total Common Stocks		3,833,585,268		162,448,143			—		3,996,033,411
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		108,647,950			—		108,647,950
Total Securities Lending Reinvestments*		—		185,774,881			—		185,774,881
Total Investments	$	3,833,585,268	$	456,870,974		$	0	$	4,290,456,242
Collateral for Securities Loaned (Liability)	$	—	$	(185,695,918	)	$	—	$	(185,695,918	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-132

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

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

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.1%
Baillie Gifford International Stock Portfolio (Class A) (a)		505,047	$	6,424,196
BlackRock Bond Income Portfolio (Class A) (a)		752,718		80,345,105
BlackRock Capital Appreciation Portfolio (Class A) (a)		160,237		6,460,736
BlackRock High Yield Portfolio (Class A) (b)		413,810		3,215,305
Brighthouse Small Cap Value Portfolio (Class A) (b)		199,464		3,221,347
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		145,045		1,576,638
Brighthouse/Artisan International Portfolio (Class A) (b)		297,854		3,225,763
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		6,516		1,611,074
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		1,256,978		12,858,882
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		3,343,742		32,133,356
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		1,564,324		16,049,967
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		420,628		12,867,017
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		424,840		6,453,315
Clarion Global Real Estate Portfolio (Class A) (b)		271,479		3,222,453
Harris Oakmark International Portfolio (Class A) (b)		486,878		8,077,305
Invesco Comstock Portfolio (Class A) (b)		1,060,261		16,126,573
Jennison Growth Portfolio (Class A) (a)		407,031		6,443,305
JPMorgan Core Bond Portfolio (Class A) (b)		5,319,141		54,574,383
JPMorgan Small Cap Value Portfolio (Class A) (b)		186,153		3,216,722
MFS Research International Portfolio (Class A) (b)		398,297		4,839,311
MFS Value Portfolio (Class A) (a)		916,667		14,492,503
MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio) (Class A) (a)		179,002		1,611,017
Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (a)		150,650		3,225,414
Oppenheimer Global Equity Portfolio (Class A) (b)		66,396		1,616,743
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		5,859,951		57,661,921
PIMCO Total Return Portfolio (Class A) (b)		6,660,752		77,064,904
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		270,448		6,458,297
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		385,026		12,909,926
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		141,402		1,613,394
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		138,603		3,226,674
TCW Core Fixed Income Portfolio (Class A) (b)		5,991,205		60,990,463
Van Eck Global Natural Resources Portfolio (Class A) (a)		325,668		3,217,602
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		2,326,669		32,177,826
Western Asset Management U.S. Government Portfolio (Class A) (a)		7,164,663		83,468,318
Total Mutual Funds (Cost $641,997,737)				642,677,755
Total Investments—100.1% (Cost $641,997,737)				642,677,755
Other assets and liabilities (net)—(0.1)%				(328,097	)
Net Assets—100.0%			$	642,349,658

(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	A Portfolio of Brighthouse Funds Trust I.

BHFTII-133

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	642,677,755	$	—	$	—	$	642,677,755
Total Investments	$	642,677,755	$	—	$	—	$	642,677,755

BHFTII-134

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of September 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)		10,415,429	$	132,484,255
BlackRock Bond Income Portfolio (Class A) (a)		5,884,242		628,084,014
BlackRock Capital Appreciation Portfolio (Class A) (a)		3,289,530		132,633,833
BlackRock High Yield Portfolio (Class A) (b)		4,270,601		33,182,572
Brighthouse Small Cap Value Portfolio (Class A) (b)		4,116,536		66,482,050
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		5,951,167		64,689,189
Brighthouse/Artisan International Portfolio (Class A) (b)		7,668,353		83,048,261
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		67,284		16,636,552
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		12,954,327		132,522,763
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		20,655,467		198,499,038
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		18,737,049		192,242,125
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		8,135,458		248,863,664
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		9,865,624		149,858,828
Clarion Global Real Estate Portfolio (Class A) (b)		4,143,686		49,185,549
ClearBridge Aggressive Growth Portfolio (Class A) (b)		5,587,999		99,801,659
Harris Oakmark International Portfolio (Class A) (b)		11,014,780		182,735,205
Invesco Comstock Portfolio (Class A) (b)		16,422,106		249,780,229
Invesco Small Cap Growth Portfolio (Class A) (b)		3,438,734		49,964,806
Jennison Growth Portfolio (Class A) (a)		6,277,317		99,369,925
JPMorgan Core Bond Portfolio (Class A) (b)		41,808,870		428,959,004
JPMorgan Small Cap Value Portfolio (Class A) (b)		2,882,830		49,815,308
MFS Research International Portfolio (Class A) (b)		8,207,022		99,715,314
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (a)		15,782,439		249,520,356
MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio) (Class A) (a)		3,698,036		33,282,322
Neuberger Berman Genesis Portfolio (Class A) (a)		1,554,662		33,285,307
Oppenheimer Global Equity Portfolio (Class A) (b)		2,735,084		66,599,306
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		40,161,890		395,193,001
PIMCO Total Return Portfolio (Class A) (b)		51,401,395		594,714,144
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		5,557,702		132,717,928
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		7,833,741		262,665,334
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		2,919,358		33,309,870
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		2,146,255		49,964,806
TCW Core Fixed Income Portfolio (Class A) (b)		48,640,522		495,160,509
Van Eck Global Natural Resources Portfolio (Class A) (a)		6,725,378		66,446,734
Wells Capital Management Mid Cap Value Portfolio (Class A) (b)		1,365,400		16,630,567
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		19,088,493		263,993,858
Western Asset Management U.S. Government Portfolio (Class A) (a)		45,379,594		528,672,270
Total Mutual Funds (Cost $6,326,993,478)				6,610,710,455
Total Investments—100.0% (Cost $6,326,993,478)				6,610,710,455
Other assets and liabilities (net)—0.0%				(1,901,961	)
Net Assets—100.0%			$	6,608,808,494

(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	A Portfolio of Brighthouse Funds Trust I.

BHFTII-135

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	6,610,710,455	$	—	$	—	$	6,610,710,455
Total Investments	$	6,610,710,455	$	—	$	—	$	6,610,710,455

BHFTII-136

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of September 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)		28,640,401	$	364,305,899
BlackRock Bond Income Portfolio (Class A) (a)		8,768,370		935,935,789
BlackRock Capital Appreciation Portfolio (Class A) (a)		10,825,441		436,481,801
BlackRock High Yield Portfolio (Class A) (b)		11,268,921		87,559,517
Brighthouse Small Cap Value Portfolio (Class A) (b)		9,083,609		146,700,283
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		22,867,245		248,566,958
Brighthouse/Artisan International Portfolio (Class A) (b)		30,405,992		329,296,893
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		295,885		73,160,426
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		10,017,873		146,761,841
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		28,270,745		289,209,719
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		29,880,048		287,147,264
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		41,906,441		429,960,083
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		21,494,259		657,509,390
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		28,951,765		439,777,312
Clarion Global Real Estate Portfolio (Class A) (b)		18,125,845		215,153,777
ClearBridge Aggressive Growth Portfolio (Class A) (b)		26,591,227		474,919,310
Harris Oakmark International Portfolio (Class A) (b)		28,637,056		475,088,755
Invesco Comstock Portfolio (Class A) (b)		45,748,372		695,832,736
Invesco Small Cap Growth Portfolio (Class A) (b)		15,163,501		220,325,674
Jennison Growth Portfolio (Class A) (a)		32,158,640		509,071,269
JPMorgan Core Bond Portfolio (Class A) (b)		62,793,279		644,259,046
JPMorgan Small Cap Value Portfolio (Class A) (b)		6,361,797		109,931,856
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		5,137,109		73,614,770
Affiliated Investment Companies—(Continued)
MFS Research International Portfolio (Class A) (b)		24,110,408		292,941,451
MFS Value Portfolio (Class A) (a)		46,284,957		731,765,165
MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio) (Class A) (a)		12,201,708		109,815,371
Neuberger Berman Genesis Portfolio (Class A) (a)		6,858,822		146,847,374
Oppenheimer Global Equity Portfolio (Class A) (b)		6,023,863		146,681,054
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		43,513,391		428,171,771
PIMCO Total Return Portfolio (Class A) (b)		74,687,101		864,129,761
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		18,311,200		437,271,456
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		21,390,542		717,224,863
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		12,849,715		146,615,245
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		9,460,753		220,246,331
TCW Core Fixed Income Portfolio (Class A) (b)		75,830,714		771,956,667
Van Eck Global Natural Resources Portfolio (Class A) (a)		29,588,342		292,332,815
Wells Capital Management Mid Cap Value Portfolio (Class A) (b)		3,002,724		36,573,184
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		21,003,225		290,474,604
Western Asset Management U.S. Government Portfolio (Class A) (a)		48,921,321		569,933,387
Total Mutual Funds (Cost $13,387,775,353)				14,493,550,867
Total Investments—100.0% (Cost $13,387,775,353)				14,493,550,867
Other assets and liabilities (net)—0.0%				(3,734,427	)
Net Assets—100.0%			$	14,489,816,440

(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	A Portfolio of Brighthouse Funds Trust I.

BHFTII-137

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	14,493,550,867	$	—	$	—	$	14,493,550,867
Total Investments	$	14,493,550,867	$	—	$	—	$	14,493,550,867

BHFTII-138

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of September 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)		31,809,186	$	404,612,850
BlackRock Bond Income Portfolio (Class A) (a)		3,085,963		329,395,731
BlackRock Capital Appreciation Portfolio (Class A) (a)		9,983,933		402,552,186
BlackRock High Yield Portfolio (Class A) (b)		7,374,797		57,302,175
Brighthouse Small Cap Value Portfolio (Class A) (b)		10,812,723		174,625,477
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		25,948,577		282,061,034
Brighthouse/Artisan International Portfolio (Class A) (b)		34,721,627		376,035,222
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		233,727		57,791,343
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		15,866,193		232,439,723
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		10,882,707		111,330,096
Brighthouse/Templeton International Bond Portfolio (Class A) (b)		32,401,085		332,435,130
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		18,815,019		575,551,421
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		26,609,183		404,193,491
Clarion Global Real Estate Portfolio (Class A) (b)		23,317,321		276,776,599
ClearBridge Aggressive Growth Portfolio (Class A) (b)		30,661,624		547,616,603
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,578,675		58,063,659
Harris Oakmark International Portfolio (Class A) (b)		29,801,685		494,409,952
Invesco Comstock Portfolio (Class A) (b)		42,660,006		648,858,685
Invesco Small Cap Growth Portfolio (Class A) (b)		20,138,110		292,606,737
Jennison Growth Portfolio (Class A) (a)		36,523,855		578,172,629
JPMorgan Core Bond Portfolio (Class A) (b)		21,205,464		217,568,059
JPMorgan Small Cap Value Portfolio (Class A) (b)		9,978,946		172,436,195
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		10,272,034		147,198,248
Affiliated Investment Companies—(Continued)
MFS Research International Portfolio (Class A) (b)		28,524,586		346,573,724
MFS Value Portfolio (Class A) (a)		39,890,532		630,669,318
MFS Value Portfolio II (Formerly BlackRock Large Cap Value Portfolio) (Class A) (a)		9,732,731		87,594,575
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		3,025,705		57,185,817
Neuberger Berman Genesis Portfolio (Class A) (a)		2,729,677		58,442,392
Oppenheimer Global Equity Portfolio (Class A) (b)		7,156,331		174,256,667
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		16,555,815		162,909,219
PIMCO Total Return Portfolio (Class A) (b)		28,683,159		331,864,145
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		21,705,888		518,336,595
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		18,090,441		606,572,500
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		10,165,133		115,984,164
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		7,511,011		174,856,332
TCW Core Fixed Income Portfolio (Class A) (b)		26,665,100		271,450,718
Van Eck Global Natural Resources Portfolio (Class A) (a)		34,918,274		344,992,543
Wells Capital Management Mid Cap Value Portfolio (Class A) (b)		9,438,036		114,955,279
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		16,446,303		227,452,369
Total Mutual Funds (Cost $10,139,831,053)				11,398,129,602
Total Investments—100.0% (Cost $10,139,831,053)				11,398,129,602
Other assets and liabilities (net)—0.0%				(2,977,231	)
Net Assets—100.0%			$	11,395,152,371

(a)	A Portfolio of Brighthouse Funds Trust II.
(b)	A Portfolio of Brighthouse Funds Trust I.

BHFTII-139

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	11,398,129,602	$	—	$	—	$	11,398,129,602
Total Investments	$	11,398,129,602	$	—	$	—	$	11,398,129,602

BHFTII-140

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Airlines—0.5%
JetBlue Airways Corp. (a)		304,957	$	5,650,853
Auto Components—1.1%
Dana, Inc.		468,830		13,108,487
Banks—1.0%
Popular, Inc.		120,446		4,328,829
Webster Financial Corp. (b)		155,092		8,150,085
				12,478,914
Beverages—1.2%
Monster Beverage Corp. (a)		252,705		13,961,951
Biotechnology—4.2%
Alkermes plc (a) (b)		119,712		6,086,158
BioMarin Pharmaceutical, Inc. (a) (b)		151,542		14,104,014
Bioverativ, Inc. (a)		119,527		6,821,406
Exact Sciences Corp. (a)		99,564		4,691,456
Incyte Corp. (a)		168,402		19,659,249
				51,362,283
Building Products—1.2%
A.O. Smith Corp. (b)		234,111		13,913,217
Capital Markets—6.2%
E*Trade Financial Corp. (a)		256,769		11,197,696
Moody’s Corp.		71,235		9,916,625
Nasdaq, Inc.		246,404		19,113,558
Raymond James Financial, Inc.		285,628		24,087,009
SEI Investments Co. (b)		182,201		11,125,193
				75,440,081
Chemicals—2.6%
CF Industries Holdings, Inc. (b)		169,302		5,952,658
FMC Corp. (b)		163,463		14,598,881
Sherwin-Williams Co. (The) (b)		32,105		11,494,874
				32,046,413
Commercial Services & Supplies—5.9%
Cintas Corp.		209,784		30,267,635
KAR Auction Services, Inc.		340,300		16,245,922
Waste Connections, Inc.		357,405		25,004,054
				71,517,611
Construction Materials—3.6%
Eagle Materials, Inc. (b)		151,041		16,116,075
Martin Marietta Materials, Inc. (b)		67,501		13,920,731
Vulcan Materials Co.		111,796		13,370,802
				43,407,608
Containers & Packaging—3.0%
Ball Corp.		528,326		21,819,864
Berry Global Group, Inc. (a)		264,156		14,964,437
				36,784,301
Distributors—0.9%
LKQ Corp. (a)		315,107		11,340,701
Diversified Consumer Services—1.6%
Bright Horizons Family Solutions, Inc. (a)		104,137		8,977,651
ServiceMaster Global Holdings, Inc. (a)		219,109		10,238,963
				19,216,614
Electronic Equipment, Instruments & Components—2.4%
Amphenol Corp. - Class A		147,209		12,459,770
Flex, Ltd. (a)		384,576		6,372,424
Universal Display Corp.		81,681		10,524,597
				29,356,791
Equity Real Estate Investment Trusts—1.9%
Healthcare Trust of America, Inc. - Class A		201,121		5,993,406
SBA Communications Corp. (a)		122,444		17,638,058
				23,631,464
Food Products—0.8%
Blue Buffalo Pet Products, Inc. (a) (b)		324,323		9,194,557
Health Care Equipment & Supplies—7.0%
Align Technology, Inc. (a)		83,426		15,539,761
Cooper Cos., Inc. (The)		101,394		24,041,531
Edwards Lifesciences Corp. (a)		97,848		10,695,765
Nevro Corp. (a) (b)		114,820		10,434,841
STERIS plc		112,117		9,911,143
Teleflex, Inc.		59,145		14,311,316
				84,934,357
Health Care Providers & Services—1.2%
Acadia Healthcare Co., Inc. (a) (b)		315,033		15,045,976
Hotels, Restaurants & Leisure—5.2%
Aramark		640,755		26,021,061
MGM Resorts International		462,273		15,065,477
Texas Roadhouse, Inc. (b)		145,410		7,145,447
Yum! Brands, Inc.		195,882		14,418,874
				62,650,859
Insurance—3.3%
Aon plc		160,252		23,412,817
Willis Towers Watson plc		108,308		16,704,343
				40,117,160
Internet & Direct Marketing Retail—1.7%
Expedia, Inc. (b)		144,875		20,853,308
IT Services—11.2%
Alliance Data Systems Corp.		33,902		7,510,988
Conduent, Inc. (a)		741,401		11,617,754
DXC Technology Co.		198,972		17,087,715
Euronet Worldwide, Inc. (a) (b)		301,170		28,547,904
Gartner, Inc. (a) (b)		67,643		8,415,466

BHFTII-141

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Global Payments, Inc.		312,706	$	29,716,451
InterXion Holding NV (a)		263,416		13,415,777
Jack Henry & Associates, Inc.		94,557		9,719,514
Vantiv, Inc. - Class A (a) (b)		150,202		10,584,735
				136,616,304
Leisure Products—0.6%
Brunswick Corp.		136,041		7,614,215
Life Sciences Tools & Services—1.8%
Illumina, Inc. (a)		50,785		10,116,372
QIAGEN NV (a)		389,947		12,283,331
				22,399,703
Machinery—0.4%
Wabtec Corp. (b)		60,836		4,608,327
Media—0.4%
IMAX Corp. (a) (b)		233,719		5,293,735
Metals & Mining—0.2%
Carpenter Technology Corp.		49,289		2,367,351
Multiline Retail—2.8%
Dollar General Corp.		281,834		22,842,646
Dollar Tree, Inc. (a)		121,126		10,516,159
				33,358,805
Oil, Gas & Consumable Fuels—1.3%
Carrizo Oil & Gas, Inc. (a) (b)		495,069		8,480,532
Concho Resources, Inc. (a)		53,188		7,005,923
				15,486,455
Pharmaceuticals—2.2%
Zoetis, Inc.		412,923		26,327,971
Semiconductors & Semiconductor Equipment—7.3%
Cavium, Inc. (a) (b)		130,873		8,629,765
Integrated Device Technology, Inc. (a) (b)		432,797		11,503,744
Lam Research Corp.		107,669		19,923,072
MACOM Technology Solutions Holdings, Inc. (a) (b)		441,334		19,687,910
Monolithic Power Systems, Inc. (b)		91,571		9,756,890
Qorvo, Inc. (a) (b)		277,048		19,581,753
				89,083,134
Software—9.5%
Activision Blizzard, Inc.		306,124		19,748,059
Cadence Design Systems, Inc. (a)		393,606		15,535,629
CDK Global, Inc.		236,424		14,915,990
Electronic Arts, Inc. (a)		250,193		29,537,785
Fortinet, Inc. (a) (b)		155,864		5,586,166
Red Hat, Inc. (a)		164,900		18,280,814
Software—(Continued)
SS&C Technologies Holdings, Inc. (b)		304,658		12,232,019
				115,836,462
Specialty Retail—2.6%
O’Reilly Automotive, Inc. (a) (b)		95,659		20,602,079
Ross Stores, Inc.		171,815		11,094,094
				31,696,173
Trading Companies & Distributors—1.8%
Beacon Roofing Supply, Inc. (a) (b)		122,409		6,273,461
HD Supply Holdings, Inc. (a)		432,522		15,601,069
				21,874,530
Total Common Stocks (Cost $922,247,622)				1,198,576,671
Short-Term Investment—1.6%
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $19,759,738 on 10/02/17, collateralized by $19,910,000 U.S. Treasury Note at 2.000% due 12/31/21 with a value of $20,159,213.		19,759,540		19,759,540
Total Short-Term Investments (Cost $19,759,540)				19,759,540
Securities Lending Reinvestments (c)—12.7%
Certificates of Deposit—6.6%
ABN AMRO Bank NV Zero Coupon, 02/22/18		1,987,499		1,989,260
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (d)		3,000,000		2,999,724
Bank of China, Ltd. 1.540%, 10/23/17		3,000,000		3,000,000
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (d)		3,000,000		3,000,579
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (d)		2,000,000		2,000,928
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (d)		1,500,000		1,500,177
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (d)		1,000,000		1,000,209
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,000,000		1,000,000

BHFTII-142

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (d)		2,000,000	$	2,000,072
1.461%, 1M LIBOR + 0.230%, 11/07/17 (d)		2,000,000		2,000,000
DNB Bank ASA New York 1.120%, 10/05/17		2,000,000		1,999,994
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		3,994,815		3,997,960
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (d)		6,500,000		6,499,922
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (d)		3,200,000		3,201,120
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (d)		4,000,000		3,999,860
1.396%, 1M LIBOR + 0.160%, 11/13/17 (d)		1,000,000		1,000,046
Norinchukin Bank New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		2,500,000		2,500,115
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (d)		2,000,000		1,999,910
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (d)		5,800,000		5,805,133
Standard Chartered plc 1.460%, 02/02/18		2,000,000		2,000,506
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (d)		2,500,000		2,499,925
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (d)		2,500,000		2,500,185
1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		1,500,000		1,500,122
1.488%, 1M LIBOR + 0.250%, 10/26/17 (d)		4,000,000		4,000,400
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (d)		3,000,000		3,000,408
Swedbank AB 1.140%, 10/02/17		2,000,000		1,999,998
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (d)		4,500,000		4,504,014
1.624%, 3M LIBOR + 0.320%, 01/10/18 (d)		2,500,000		2,500,805
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (d)		3,000,000		2,999,979
1.694%, 3M LIBOR + 0.380%, 10/26/17 (d)		1,250,000		1,250,301
				80,251,652
Commercial Paper—2.4%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		1,993,747		1,999,866
Barton Capital S.A. 1.320%, 12/11/17		996,700		997,384
1.330%, 10/13/17		2,989,914		2,998,956
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (d)		5,000,000		5,004,350
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (d)		2,000,000		2,000,108
1.386%, 1M LIBOR + 0.150%, 11/13/17 (d)		2,000,000		2,000,092
Kells Funding LLC 1.400%, 03/01/18		992,883		993,977
Macquarie Bank, Ltd., London 1.340%, 10/27/17		4,982,878		4,995,347
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (d)		6,000,000		6,001,392
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (d)		1,500,000		1,500,278
				28,491,750
Repurchase Agreements—3.2%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,244,402 on 10/02/17, collateralized by $3,732,323 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $2,289,090.		2,244,206		2,244,206
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $10,000,875 on 10/02/17, collateralized by $10,180,076 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $10,200,001.		10,000,000		10,000,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $762,184 on 01/02/18, collateralized by various Common Stock with a value of $825,000.		750,000		750,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $400,040 on 10/02/17, collateralized by $402,364 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $408,002.		400,000		400,000

BHFTII-143

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $2,200,229 on 10/02/17, collateralized by $2,240,875 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $2,244,001.		2,200,000	$	2,200,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $300,031 on 10/02/17, collateralized by $301,487 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $306,001.		300,000		300,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $6,534,580 on 01/02/18, collateralized by $34,998 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $7,224,980.		6,500,000		6,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,500,128 on 10/02/17, collateralized by $1,438,939 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,531,167.		1,500,000		1,500,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $300,026 on 10/02/17, collateralized by $287,788 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $306,233.		300,000		300,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $1,510,973 on 01/02/18, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,530,851 on 01/02/18, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $12,001,180 on 10/02/17, collateralized by $29,829,745 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $12,241,205.		12,000,000		12,000,000
				39,194,206
Time Deposits—0.5%
Credit Agricole S.A. 1.080%, 10/02/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 10/02/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		200,000		200,000
Nordea Bank New York 1.050%, 10/02/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 10/02/17		200,000		200,000
Svenska 1.050%, 10/02/17		2,000,000		2,000,000
				6,600,000
Total Securities Lending Reinvestments (Cost $154,515,657)				154,537,608
Total Investments—112.9% (Cost $1,096,522,819)				1,372,873,819
Other assets and liabilities (net)—(12.9)%				(157,045,297	)
Net Assets—100.0%			$	1,215,828,522

*	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 September 30, 2017, the market value of securities loaned was $151,288,059 and the collateral received consisted of cash in the amount of $154,482,642. 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 September 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

BHFTII-144

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,198,576,671	$	—		$	—	$	1,198,576,671
Total Short-Term Investment*		—		19,759,540			—		19,759,540
Total Securities Lending Reinvestments*		—		154,537,608			—		154,537,608
Total Investments	$	1,198,576,671	$	174,297,148		$	—	$	1,372,873,819
Collateral for Securities Loaned (Liability)	$	—	$	(154,482,642	)	$	—	$	(154,482,642	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-145

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.3%
Boeing Co. (The)		262,907	$	66,833,588
Automobiles—1.3%
Tesla, Inc. (a) (b)		109,233		37,259,376
Banks—1.6%
JPMorgan Chase & Co.		466,048		44,512,245
Beverages—0.9%
Constellation Brands, Inc. - Class A		124,591		24,849,675
Biotechnology—7.5%
AbbVie, Inc.		227,799		20,242,219
Alexion Pharmaceuticals, Inc. (a)		197,904		27,763,952
BioMarin Pharmaceutical, Inc. (a)		393,992		36,668,836
Celgene Corp. (a)		532,727		77,682,251
Regeneron Pharmaceuticals, Inc. (a)		48,449		21,662,517
Vertex Pharmaceuticals, Inc. (a)		200,757		30,523,094
				214,542,869
Capital Markets—3.6%
Goldman Sachs Group, Inc. (The)		206,845		49,061,566
Morgan Stanley		467,831		22,535,419
S&P Global, Inc.		199,385		31,165,869
				102,762,854
Chemicals—1.4%
Albemarle Corp. (b)		293,088		39,950,825
Electronic Equipment, Instruments & Components—0.5%
Corning, Inc.		467,644		13,991,908
Equity Real Estate Investment Trusts—1.2%
Crown Castle International Corp.		353,814		35,374,324
Food & Staples Retailing—1.0%
Costco Wholesale Corp.		177,775		29,206,655
Health Care Equipment & Supplies—0.5%
Boston Scientific Corp. (a)		492,655		14,370,746
Health Care Providers & Services—0.5%
UnitedHealth Group, Inc.		73,504		14,395,758
Hotels, Restaurants & Leisure—3.8%
Marriott International, Inc. - Class A		534,713		58,957,455
McDonald’s Corp.		307,207		48,133,193
				107,090,648
Internet & Direct Marketing Retail—10.1%
Amazon.com, Inc. (a)		118,567		113,984,386
Expedia, Inc. (b)		69,319		9,977,777
Netflix, Inc. (a)		581,681		105,487,849
Priceline Group, Inc. (The) (a)		31,734		58,099,242
				287,549,254
Internet Software & Services—17.7%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		693,129		119,710,310
Alphabet, Inc. - Class A (a)		78,875		76,802,165
Alphabet, Inc. - Class C (a)		80,431		77,142,176
Facebook, Inc. - Class A (a)		800,727		136,820,223
Tencent Holdings, Ltd.		2,130,330		92,098,736
				502,573,610
IT Services—6.7%
MasterCard, Inc. - Class A		625,599		88,334,579
PayPal Holdings, Inc. (a)		235,081		15,052,236
Visa, Inc. - Class A (b)		821,662		86,471,709
				189,858,524
Life Sciences Tools & Services—1.0%
Illumina, Inc. (a)		141,135		28,114,092
Machinery—1.4%
Parker-Hannifin Corp.		233,298		40,831,816
Media—1.7%
Charter Communications, Inc. - Class A (a)		132,199		48,043,761
Oil, Gas & Consumable Fuels—1.4%
Concho Resources, Inc. (a)		143,275		18,872,183
EOG Resources, Inc.		225,440		21,809,066
				40,681,249
Personal Products—0.8%
Estee Lauder Cos., Inc. (The) - Class A		208,177		22,449,808
Pharmaceuticals—3.7%
Allergan plc		187,286		38,384,266
Bristol-Myers Squibb Co.		1,049,163		66,873,649
				105,257,915
Road & Rail—0.8%
CSX Corp.		423,000		22,951,980
Semiconductors & Semiconductor Equipment—4.2%
Broadcom, Ltd.		178,844		43,376,824
NVIDIA Corp.		427,949		76,504,443
				119,881,267
Software—13.3%
Activision Blizzard, Inc.		606,993		39,157,118
Adobe Systems, Inc. (a)		467,097		69,681,530
Microsoft Corp.		1,433,910		106,811,956
Red Hat, Inc. (a)		295,173		32,722,879
Salesforce.com, Inc. (a)		763,397		71,316,548
Splunk, Inc. (a) (b)		349,839		23,239,805
Workday, Inc. - Class A (a) (b)		330,452		34,826,336
				377,756,172

BHFTII-146

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Jennison Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—2.8%
Home Depot, Inc. (The)		227,201	$	37,160,996
Industria de Diseno Textil S.A.		1,142,752		43,065,219
				80,226,215
Technology Hardware, Storage & Peripherals—5.7%
Apple, Inc.		1,047,000		161,363,640
Textiles, Apparel & Luxury Goods—1.7%
adidas AG		208,940		47,264,333
Total Common Stocks (Cost $1,753,783,351)				2,819,945,107
Short-Term Investment—1.5%
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $41,306,941 on 10/02/17, collateralized by $42,895,000 U.S. Treasury Note at 1.125% due 02/28/21 with a value of $42,134,343.		41,306,528		41,306,528
Total Short-Term Investments (Cost $41,306,528)				41,306,528
Securities Lending Reinvestments (c)—11.1%
Certificates of Deposit—5.2%
ABN AMRO Bank NV Zero Coupon, 11/21/17		2,989,611		2,995,020
Zero Coupon, 02/22/18		2,484,373		2,486,575
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (d)		4,000,000		3,999,632
Bank of China, Ltd. 1.540%, 10/23/17		6,000,000		6,000,000
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (d)		5,000,000		5,000,965
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (d)		2,000,000		2,000,928
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (d)		2,500,000		2,500,295
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (d)		3,000,000		3,000,162
1.647%, 1M LIBOR + 0.410%, 10/27/17 (d)		1,000,000		1,000,209
Chiba Bank, Ltd., New York 1.360%, 11/07/17		2,000,000		2,000,000
Certificates of Deposit—(Continued)
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (d)		1,000,000		1,000,036
1.461%, 1M LIBOR + 0.230%, 11/07/17 (d)		7,500,000		7,500,000
1.487%, 1M LIBOR + 0.250%, 10/25/17 (d)		1,000,000		1,000,070
DNB Bank ASA New York 1.120%, 10/05/17		5,000,000		4,999,985
KBC Bank NV 1.380%, 10/27/17		7,500,000		7,500,825
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (d)		10,000,000		9,999,880
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (d)		8,250,000		8,249,711
1.396%, 1M LIBOR + 0.160%, 11/13/17 (d)		2,000,000		2,000,092
Norinchukin Bank New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		2,500,000		2,500,115
1.407%, 1M LIBOR + 0.170%, 02/23/18 (d)		3,000,000		3,000,126
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (d)		3,500,000		3,499,843
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (d)		10,000,000		10,008,850
Standard Chartered plc 1.460%, 02/02/18		5,000,000		5,001,265
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (d)		8,000,000		7,999,760
Sumitomo Mitsui Trust Bank, Ltd., New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		1,500,000		1,500,122
1.488%, 1M LIBOR + 0.250%, 10/26/17 (d)		11,000,000		11,001,100
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (d)		5,000,000		5,000,680
Swedbank AB 1.140%, 10/02/17		5,000,000		4,999,995
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (d)		12,500,000		12,511,150
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (d)		5,000,000		4,999,965
1.694%, 3M LIBOR + 0.380%, 10/26/17 (d)		3,500,000		3,500,843
				148,758,199

BHFTII-147

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Paper—2.1%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		2,990,620	$	2,999,799
Barton Capital S.A. 1.320%, 12/11/17		1,993,400		1,994,768
1.330%, 10/05/17		5,980,715		5,999,580
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (d)		9,000,000		9,007,830
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (d)		4,000,000		4,000,216
1.386%, 1M LIBOR + 0.150%, 11/13/17 (d)		4,500,000		4,500,207
Kells Funding LLC 1.400%, 03/01/18		1,985,767		1,987,954
Macquarie Bank, Ltd., London 1.340%, 10/27/17		7,972,604		7,992,556
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (d)		2,000,000		2,001,032
Ridgefield Funding Co. LLC 1.350%, 11/20/17		3,132,275		3,137,280
Sheffield Receivables Co. 1.330%, 10/05/17		1,744,181		1,749,886
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (d)		10,000,000		10,002,320
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (d)		5,300,000		5,300,981
				60,674,409
Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $5,462,128 on 10/02/17, collateralized by $9,083,232 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $5,570,883.		5,461,650		5,461,650
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $10,000,875 on 10/02/17, collateralized by $10,180,076 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $10,200,001.		10,000,000		10,000,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $800,080 on 10/02/17, collateralized by $804,728 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $816,004.		800,000		800,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $4,700,490 on 10/02/17, collateralized by $4,787,323 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $4,794,002.		4,700,000		4,700,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $700,073 on 10/02/17, collateralized by $703,470 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $714,002.		700,000		700,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $8,042,560 on 01/02/18, collateralized by $43,074 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $8,892,284.		8,000,000		8,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $3,200,272 on 10/02/17, collateralized by $3,069,737 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $3,266,489.		3,200,000		3,200,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $600,052 on 10/02/17, collateralized by $575,576 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $612,467.		600,000		600,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $8,562,178 on 01/02/18, collateralized by various Common Stock with a value of $9,350,002.		8,500,000		8,500,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,592,554 on 01/02/18, collateralized by various Common Stock with a value of $4,950,000.		4,500,000		4,500,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $22,002,163 on 10/02/17, collateralized by $54,687,865 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $22,442,209.		22,000,000		22,000,000

BHFTII-148

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale S.A. Repurchase Agreement dated 08/01/17 at 1.260% to be repurchased at $5,712,369 on 10/02/17, collateralized by $256,771 U.S. Treasury Obligations with rates ranging from 1.375% - 2.750%, maturity dates ranging from 07/31/20 - 02/15/24, and various Common Stock with a value of $6,323,359.		5,700,000	$	5,700,000
				74,161,650
Time Deposits—1.2%
Australia New Zealand Bank 1.070%, 10/02/17		11,000,000		11,000,000
Credit Agricole S.A. 1.080%, 10/02/17		400,000		400,000
Credit Industriel et Commercial 1.100%, 10/02/17		5,000,000		5,000,000
DZ Bank AG 1.060%, 10/02/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		300,000		300,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		400,000		400,000
National Bank of Canada 1.060%, 10/02/17		5,000,000		5,000,000
Nordea Bank New York 1.050%, 10/02/17		1,000,000		1,000,000
Royal Bank of Canada New York 1.070%, 10/02/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 10/02/17		500,000		500,000
Time Deposits—(Continued)
Svenska 1.050%, 10/02/17		5,000,000		5,000,000
				32,600,000
Total Securities Lending Reinvestments (Cost $316,153,059)				316,194,258
Total Investments—111.7% (Cost $2,111,242,938)				3,177,445,893
Other assets and liabilities (net)—(11.7)%				(332,930,010	)
Net Assets—100.0%			$	2,844,515,883

*	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 September 30, 2017, the market value of securities loaned was $313,039,395 and the collateral received consisted of cash in the amount of $316,085,196. 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 September 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(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.
(LIBOR)—	London Interbank Offered Rate

BHFTII-149

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	66,833,588	$	—		$	—	$	66,833,588
Automobiles		37,259,376		—			—		37,259,376
Banks		44,512,245		—			—		44,512,245
Beverages		24,849,675		—			—		24,849,675
Biotechnology		214,542,869		—			—		214,542,869
Capital Markets		102,762,854		—			—		102,762,854
Chemicals		39,950,825		—			—		39,950,825
Electronic Equipment, Instruments & Components		13,991,908		—			—		13,991,908
Equity Real Estate Investment Trusts		35,374,324		—			—		35,374,324
Food & Staples Retailing		29,206,655		—			—		29,206,655
Health Care Equipment & Supplies		14,370,746		—			—		14,370,746
Health Care Providers & Services		14,395,758		—			—		14,395,758
Hotels, Restaurants & Leisure		107,090,648		—			—		107,090,648
Internet & Direct Marketing Retail		287,549,254		—			—		287,549,254
Internet Software & Services		410,474,874		92,098,736			—		502,573,610
IT Services		189,858,524		—			—		189,858,524
Life Sciences Tools & Services		28,114,092		—			—		28,114,092
Machinery		40,831,816		—			—		40,831,816
Media		48,043,761		—			—		48,043,761
Oil, Gas & Consumable Fuels		40,681,249		—			—		40,681,249
Personal Products		22,449,808		—			—		22,449,808
Pharmaceuticals		105,257,915		—			—		105,257,915
Road & Rail		22,951,980		—			—		22,951,980
Semiconductors & Semiconductor Equipment		119,881,267		—			—		119,881,267
Software		377,756,172		—			—		377,756,172
Specialty Retail		37,160,996		43,065,219			—		80,226,215
Technology Hardware, Storage & Peripherals		161,363,640		—			—		161,363,640
Textiles, Apparel & Luxury Goods		—		47,264,333			—		47,264,333
Total Common Stocks		2,637,516,819		182,428,288			—		2,819,945,107
Total Short-Term Investment*		—		41,306,528			—		41,306,528
Total Securities Lending Reinvestments*		—		316,194,258			—		316,194,258
Total Investments	$	2,637,516,819	$	539,929,074		$	—	$	3,177,445,893
Collateral for Securities Loaned (Liability)	$	—	$	(316,085,196	)	$	—	$	(316,085,196	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-150

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—98.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.3%
Aerojet Rocketdyne Holdings, Inc. (a)		77,857	$	2,725,774
BWX Technologies, Inc.		56,807		3,182,328
Hexcel Corp.		28,408		1,631,187
KLX, Inc. (a)		26,804		1,418,736
Mercury Systems, Inc. (a)		37,932		1,967,912
				10,925,937
Auto Components—3.1%
Adient plc		33,516		2,815,009
Cooper Tire & Rubber Co. (b)		38,074		1,423,968
Dorman Products, Inc. (a)		19,055		1,364,719
Fox Factory Holding Corp. (a)		57,442		2,475,750
Gentherm, Inc. (a)		18,245		677,802
Horizon Global Corp. (a)		97,985		1,728,455
LCI Industries		38,146		4,419,214
				14,904,917
Banks—12.9%
BancorpSouth, Inc. (b)		89,585		2,871,199
Bank of the Ozarks, Inc.		35,367		1,699,384
Bryn Mawr Bank Corp.		66,092		2,894,830
Carolina Financial Corp.		27,114		972,850
Cathay General Bancorp		90,289		3,629,618
CenterState Bank Corp.		95,934		2,571,031
Chemical Financial Corp.		88,962		4,649,154
CVB Financial Corp. (b)		128,647		3,109,398
First Financial Bancorp		98,762		2,582,626
First Financial Bankshares, Inc. (b)		41,971		1,897,089
Home BancShares, Inc.		95,862		2,417,640
Iberiabank Corp.		38,475		3,160,721
LegacyTexas Financial Group, Inc.		44,495		1,776,240
PacWest Bancorp		59,942		3,027,671
Pinnacle Financial Partners, Inc.		60,030		4,019,009
Popular, Inc.		75,510		2,713,829
Prosperity Bancshares, Inc.		42,944		2,822,709
Renasant Corp.		37,761		1,619,947
Signature Bank (a)		15,796		2,022,520
Texas Capital Bancshares, Inc. (a)		33,961		2,913,854
Triumph Bancorp, Inc. (a)		83,242		2,684,555
UMB Financial Corp.		14,012		1,043,754
Wintrust Financial Corp.		49,580		3,882,610
				60,982,238
Beverages—0.5%
Cott Corp.		123,495		1,853,660
MGP Ingredients, Inc.		8,742		530,027
				2,383,687
Biotechnology—1.4%
Advanced Accelerator Applications S.A. (ADR) (a)		13,321		900,766
Agios Pharmaceuticals, Inc. (a) (b)		14,635		976,886
Genomic Health, Inc. (a)		44,878		1,440,135
Ironwood Pharmaceuticals, Inc. (a) (b)		77,076		1,215,489
Lexicon Pharmaceuticals, Inc. (a) (b)		68,420		840,882
Biotechnology—(Continued)
Prothena Corp. plc (a) (b)		16,922		1,096,038
				6,470,196
Building Products—2.1%
Apogee Enterprises, Inc. (b)		54,665		2,638,133
Armstrong World Industries, Inc. (a)		43,018		2,204,673
Masonite International Corp. (a)		26,067		1,803,836
Patrick Industries, Inc. (a)		15,787		1,327,687
Trex Co., Inc. (a)		20,916		1,883,904
				9,858,233
Capital Markets—1.7%
Donnelley Financial Solutions, Inc. (a)		64,345		1,387,278
Financial Engines, Inc. (b)		39,110		1,359,073
Hercules Capital, Inc.		72,230		931,767
MarketAxess Holdings, Inc.		9,617		1,774,433
Stifel Financial Corp.		53,544		2,862,462
				8,315,013
Chemicals—2.5%
AdvanSix, Inc. (a)		81,841		3,253,180
Ashland Global Holdings, Inc.		17,121		1,119,542
Cabot Corp.		33,522		1,870,527
Ingevity Corp. (a)		55,625		3,474,894
Minerals Technologies, Inc.		33,085		2,337,455
				12,055,598
Commercial Services & Supplies—3.0%
Clean Harbors, Inc. (a)		26,285		1,490,359
Healthcare Services Group, Inc.		29,851		1,611,058
KAR Auction Services, Inc.		73,609		3,514,094
Kimball International, Inc. - Class B		60,960		1,205,179
Knoll, Inc.		38,226		764,520
LSC Communications, Inc.		82,278		1,358,410
Viad Corp.		66,814		4,068,973
				14,012,593
Communications Equipment—0.8%
ARRIS International plc (a)		50,372		1,435,098
Digi International, Inc. (a)		95,393		1,011,166
Viavi Solutions, Inc. (a)		168,632		1,595,259
				4,041,523
Construction & Engineering—1.1%
Granite Construction, Inc. (b)		29,560		1,713,002
MYR Group, Inc. (a)		27,808		810,325
Primoris Services Corp.		57,133		1,680,853
Quanta Services, Inc. (a)		24,049		898,711
				5,102,891
Construction Materials—0.4%
U.S. Concrete, Inc. (a) (b)		26,382		2,012,947

BHFTII-151

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Consumer Finance—0.7%
Green Dot Corp. - Class A (a)		27,137	$	1,345,452
PRA Group, Inc. (b)		63,504		1,819,390
				3,164,842
Distributors—0.7%
Core-Mark Holding Co., Inc.		61,419		1,974,006
Pool Corp.		13,210		1,428,926
				3,402,932
Diversified Consumer Services—1.7%
Adtalem Global Education, Inc.		52,979		1,899,297
Bright Horizons Family Solutions, Inc. (a)		27,000		2,327,670
Grand Canyon Education, Inc. (a)		25,191		2,287,847
Houghton Mifflin Harcourt Co. (a)		147,097		1,772,519
				8,287,333
Diversified Financial Services—0.3%
FNFV Group (a)		91,459		1,568,522
Diversified Telecommunication Services—0.7%
Cogent Communications Holdings, Inc.		37,053		1,811,892
ORBCOMM, Inc. (a)		129,166		1,352,368
				3,164,260
Electric Utilities—0.9%
ALLETE, Inc. (b)		55,503		4,289,827
Electrical Equipment—0.7%
Generac Holdings, Inc. (a)		33,247		1,527,035
TPI Composites, Inc. (a) (b)		74,238		1,658,477
				3,185,512
Electronic Equipment, Instruments & Components—3.8%
Belden, Inc.		29,998		2,415,739
II-VI, Inc. (a)		99,123		4,078,911
Kimball Electronics, Inc. (a)		23,162		501,457
Littelfuse, Inc.		30,010		5,878,359
Methode Electronics, Inc.		37,627		1,593,503
Rogers Corp. (a)		16,434		2,190,324
Vishay Intertechnology, Inc. (b)		60,772		1,142,514
				17,800,807
Energy Equipment & Services—2.3%
C&J Energy Services, Inc. (a)		91,483		2,741,745
Dril-Quip, Inc. (a)		19,294		851,830
Forum Energy Technologies, Inc. (a)		53,139		844,910
Natural Gas Services Group, Inc. (a)		67,192		1,908,253
RPC, Inc. (b)		91,061		2,257,402
U.S. Silica Holdings, Inc.		67,138		2,085,978
				10,690,118
Equity Real Estate Investment Trusts—4.0%
American Campus Communities, Inc.		50,208		2,216,683
CubeSmart		96,732		2,511,163
Equity Real Estate Investment Trusts—(Continued)
CyrusOne, Inc.		37,480		2,208,696
Hersha Hospitality Trust		75,629		1,411,994
iStar, Inc. (a) (b)		158,515		1,870,477
JBG SMITH Properties (a)		35,592		1,217,602
National Retail Properties, Inc.		36,977		1,540,462
Retail Opportunity Investments Corp. (b)		164,831		3,133,437
Rexford Industrial Realty, Inc.		55,974		1,601,976
Sabra Health Care REIT, Inc.		57,386		1,259,049
				18,971,539
Food & Staples Retailing—0.4%
SpartanNash Co.		69,016		1,819,952
Food Products—1.4%
Darling Ingredients, Inc. (a)		89,572		1,569,301
J&J Snack Foods Corp.		6,991		917,918
Post Holdings, Inc. (a)		29,589		2,611,821
SunOpta, Inc. (a)		154,205		1,341,584
				6,440,624
Health Care Equipment & Supplies—3.4%
AtriCure, Inc. (a)		57,867		1,294,485
Halyard Health, Inc. (a)		55,540		2,500,966
Inogen, Inc. (a)		15,676		1,490,787
Insulet Corp. (a)		38,410		2,115,623
Merit Medical Systems, Inc. (a)		42,702		1,808,430
Neogen Corp. (a)		17,391		1,347,107
Penumbra, Inc. (a)		14,788		1,335,356
Varex Imaging Corp. (a)		76,538		2,590,046
Wright Medical Group NV (a) (b)		68,346		1,768,111
				16,250,911
Health Care Providers & Services—2.3%
AMN Healthcare Services, Inc. (a)		63,236		2,889,885
HealthEquity, Inc. (a)		43,095		2,179,745
PharMerica Corp. (a)		73,609		2,156,744
Teladoc, Inc. (a) (b)		54,428		1,804,288
Tivity Health, Inc. (a)		44,324		1,808,419
				10,839,081
Health Care Technology—0.5%
Medidata Solutions, Inc. (a) (b)		30,132		2,352,104
Hotels, Restaurants & Leisure—3.0%
Caesars Entertainment Corp. (a) (b)		170,878		2,281,221
Carrols Restaurant Group, Inc. (a)		76,567		834,580
Churchill Downs, Inc.		17,224		3,551,589
Cracker Barrel Old Country Store, Inc.		6,635		1,005,999
Marriott Vacations Worldwide Corp. (b)		25,477		3,172,651
Planet Fitness, Inc. - Class A (a)		67,971		1,833,857
Wingstop, Inc. (b)		45,996		1,529,367
				14,209,264
Household Durables—1.1%
Helen of Troy, Ltd. (a)		24,675		2,391,007

BHFTII-152

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Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Installed Building Products, Inc. (a)		30,337	$	1,965,838
iRobot Corp. (a) (b)		9,728		749,640
				5,106,485
Household Products—0.3%
HRG Group, Inc. (a)		82,704		1,291,009
Industrial Conglomerates—0.4%
Raven Industries, Inc.		63,565		2,059,506
Insurance—2.9%
Atlas Financial Holdings, Inc. (a)		34,991		661,330
Employers Holdings, Inc.		95,755		4,352,065
First American Financial Corp.		36,778		1,837,797
Kinsale Capital Group, Inc.		28,332		1,223,092
ProAssurance Corp.		45,299		2,475,590
Reinsurance Group of America, Inc.		21,990		3,068,265
				13,618,139
Internet & Direct Marketing Retail—1.4%
1-800-Flowers.com, Inc. - Class A (a)		85,575		842,914
HSN, Inc.		22,661		884,912
Liberty Expedia Holdings, Inc. - Class A (a)		28,384		1,507,474
Liberty Ventures - Series A (a)		60,890		3,504,220
				6,739,520
Internet Software & Services—3.5%
2U, Inc. (a) (b)		38,734		2,170,653
CommerceHub, Inc. - Series C (a)		49,308		1,052,726
Envestnet, Inc. (a)		36,012		1,836,612
Five9, Inc. (a)		19,818		473,650
IAC/InterActiveCorp (a)		22,653		2,663,540
LogMeIn, Inc.		15,941		1,754,307
Mimecast, Ltd. (a)		48,855		1,388,459
Q2 Holdings, Inc. (a)		48,488		2,019,525
Quotient Technology, Inc. (a)		96,090		1,503,809
Wix.com, Ltd. (a)		21,010		1,509,568
				16,372,849
IT Services—4.2%
Blackhawk Network Holdings, Inc. (a)		31,839		1,394,548
Booz Allen Hamilton Holding Corp.		32,591		1,218,577
Conduent, Inc. (a)		117,222		1,836,869
CSG Systems International, Inc.		30,989		1,242,659
DST Systems, Inc.		49,944		2,740,927
Euronet Worldwide, Inc. (a)		59,152		5,607,018
InterXion Holding NV (a)		39,809		2,027,472
WEX, Inc. (a)		21,136		2,371,882
WNS Holdings, Ltd. (ADR) (a)		40,970		1,495,405
				19,935,357
Leisure Products—0.2%
Nautilus, Inc. (a)		70,779		1,196,165
Life Sciences Tools & Services—1.1%
Accelerate Diagnostics, Inc. (a) (b)		44,076		989,506
PRA Health Sciences, Inc. (a)		26,591		2,025,436
VWR Corp. (a)		69,696		2,307,635
				5,322,577
Machinery—5.2%
Alamo Group, Inc.		15,694		1,685,065
Albany International Corp. - Class A		72,919		4,185,551
Altra Industrial Motion Corp.		18,279		879,220
Astec Industries, Inc.		22,051		1,235,076
Columbus McKinnon Corp.		60,543		2,292,763
EnPro Industries, Inc.		30,064		2,421,054
John Bean Technologies Corp.		30,622		3,095,884
Proto Labs, Inc. (a)		18,364		1,474,629
RBC Bearings, Inc. (a)		35,071		4,389,136
Standex International Corp.		27,048		2,872,498
				24,530,876
Marine—0.3%
Kirby Corp. (a)		19,909		1,312,999
Media—1.2%
Emerald Expositions Events, Inc. (b)		42,010		976,312
EW Scripps Co. (The) - Class A (a)		95,644		1,827,757
Gray Television, Inc. (a)		70,512		1,107,038
John Wiley & Sons, Inc. - Class A		33,185		1,775,398
				5,686,505
Metals & Mining—0.3%
Ferroglobe Representation & Warranty Insurance Trust (a) (c)		141,548		0
Haynes International, Inc.		37,282		1,338,797
				1,338,797
Multi-Utilities—0.5%
NorthWestern Corp.		45,896		2,613,318
Multiline Retail—0.4%
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		38,299		1,777,074
Oil, Gas & Consumable Fuels—1.7%
Arch Coal, Inc. - Class A (b)		26,357		1,890,851
Gulfport Energy Corp. (a)		85,492		1,225,955
PDC Energy, Inc. (a)		18,808		922,156
QEP Resources, Inc. (a)		116,408		997,617
SRC Energy, Inc. (a) (b)		308,833		2,986,415
				8,022,994
Pharmaceuticals—1.8%
Aclaris Therapeutics, Inc. (a) (b)		38,094		983,206
Aerie Pharmaceuticals, Inc. (a)		19,311		938,515
Catalent, Inc. (a)		55,032		2,196,877
Dermira, Inc. (a) (b)		35,244		951,588
Prestige Brands Holdings, Inc. (a)		29,920		1,498,693
Supernus Pharmaceuticals, Inc. (a)		44,827		1,793,080
				8,361,959

BHFTII-153

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Loomis Sayles Small Cap Core Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—1.6%
Insperity, Inc.		28,305	$	2,490,840
Korn/Ferry International		80,832		3,187,206
WageWorks, Inc. (a)		31,826		1,931,838
				7,609,884
Road & Rail—1.1%
Genesee & Wyoming, Inc. - Class A (a)		28,230		2,089,302
Old Dominion Freight Line, Inc.		26,674		2,937,074
				5,026,376
Semiconductors & Semiconductor Equipment—3.1%
Advanced Energy Industries, Inc. (a)		6,978		563,543
Mellanox Technologies, Ltd. (a) (b)		53,884		2,540,631
MKS Instruments, Inc.		23,391		2,209,280
Monolithic Power Systems, Inc.		16,512		1,759,354
Semtech Corp. (a)		73,201		2,748,697
Silicon Laboratories, Inc. (a)		23,083		1,844,332
Teradyne, Inc.		86,372		3,220,812
				14,886,649
Software—3.6%
Blackbaud, Inc.		18,799		1,650,552
Callidus Software, Inc. (a)		65,351		1,610,902
CommVault Systems, Inc. (a)		25,089		1,525,411
Guidewire Software, Inc. (a)		27,077		2,108,215
HubSpot, Inc. (a)		21,914		1,841,872
RealPage, Inc. (a)		35,013		1,397,019
RingCentral, Inc. - Class A (a)		49,888		2,082,824
TiVo Corp.		83,253		1,652,572
Ultimate Software Group, Inc. (The) (a) (b)		8,320		1,577,472
Verint Systems, Inc. (a)		38,164		1,597,164
				17,044,003
Specialty Retail—0.9%
Camping World Holdings, Inc. - Class A		55,366		2,255,611
Genesco, Inc. (a)		38,244		1,017,290
Sally Beauty Holdings, Inc. (a)		63,982		1,252,768
				4,525,669
Technology Hardware, Storage & Peripherals—0.2%
Cray, Inc. (a)		48,293		939,299
Textiles, Apparel & Luxury Goods—0.5%
Columbia Sportswear Co.		20,050		1,234,679
Steven Madden, Ltd. (a)		32,121		1,390,839
				2,625,518
Thrifts & Mortgage Finance—1.1%
Essent Group, Ltd. (a)		38,282		1,550,421
Federal Agricultural Mortgage Corp. - Class C		28,323		2,060,215
OceanFirst Financial Corp.		57,331		1,576,029
				5,186,665
Trading Companies & Distributors—0.9%
Beacon Roofing Supply, Inc. (a)		17,946		919,732
BMC Stock Holdings, Inc. (a)		56,536		1,207,044
SiteOne Landscape Supply, Inc. (a)		36,430		2,116,583
				4,243,359
Total Common Stocks (Cost $313,904,257)				464,876,952
Short-Term Investment—1.6%
Repurchase Agreement—1.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $7,680,085 on 10/02/17, collateralized by $7,980,000 U.S. Treasury Note at 1.125% due 02/28/21 with a value of $7,838,491.		7,680,008		7,680,008
Total Short-Term Investments (Cost $7,680,008)				7,680,008
Securities Lending Reinvestments (d)—9.4%
Certificates of Deposit—5.0%
ABN AMRO Bank NV Zero Coupon, 02/22/18		993,749		994,630
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (e)		1,000,000		999,908
Bank of China, Ltd. 1.540%, 10/23/17		500,000		500,000
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (e)		1,000,000		1,000,464
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (e)		2,000,000		2,000,236
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (e)		1,500,000		1,500,081
1.647%, 1M LIBOR + 0.410%, 10/27/17 (e)		500,000		500,105
Chiba Bank, Ltd., New York 1.360%, 11/07/17		500,000		500,000
Credit Suisse AG New York 1.487%, 1M LIBOR + 0.250%, 10/25/17 (e)		1,500,000		1,500,105
1.511%, 1M LIBOR + 0.280%, 10/06/17 (e)		500,000		500,006
KBC Bank NV 1.380%, 10/26/17		2,000,000		2,000,220
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (e)		750,000		749,991
Norinchukin Bank New York 1.407%, 1M LIBOR + 0.170%, 02/23/18 (e)		1,000,000		1,000,042
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (e)		500,000		499,978
Standard Chartered plc 1.460%, 02/02/18		1,500,000		1,500,379
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (e)		500,000		499,985
1.432%, 1M LIBOR + 0.200%, 02/05/18 (e)		1,000,000		1,000,104

BHFTII-154

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd., New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (e)		400,000	$	400,032
1.495%, 1M LIBOR + 0.260%, 10/11/17 (e)		200,000		200,008
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (e)		2,000,000		2,000,272
Swedbank AB 1.140%, 10/02/17		1,000,000		999,999
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (e)		1,200,000		1,201,070
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (e)		1,250,000		1,249,991
1.694%, 3M LIBOR + 0.380%, 10/26/17 (e)		300,000		300,072
				23,597,678
Commercial Paper—2.9%
Barton Capital S.A. 1.320%, 12/11/17		498,350		498,692
1.330%, 10/05/17		1,495,179		1,499,895
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (e)		1,250,000		1,251,087
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (e)		1,000,000		1,000,054
1.386%, 1M LIBOR + 0.150%, 11/13/17 (e)		1,000,000		1,000,046
Kells Funding LLC 1.400%, 03/01/18		992,883		993,977
LMA S.A. & LMA Americas 1.420%, 12/11/17		994,044		997,485
Macquarie Bank, Ltd., London 1.340%, 10/27/17		1,993,151		1,998,139
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (e)		1,500,000		1,500,774
Sheffield Receivables Co. 1.330%, 10/05/17		498,338		499,967
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (e)		2,000,000		2,000,464
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (e)		500,000		500,093
				13,740,673
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $3,096,836 on 10/02/17, collateralized by $5,149,876 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $3,158,497.		3,096,566		3,096,566
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $203,249 on 01/02/18, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $1,256,650 on 01/02/18, collateralized by $6,730 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $1,389,419.		1,250,000		1,250,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $204,114 on 01/02/18, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $2,266,459 on 01/02/18, collateralized by various Common Stock with a value of $2,475,001.		2,250,000		2,250,000
				6,996,566
Total Securities Lending Reinvestments (Cost $44,328,765)				44,334,917
Total Investments—109.1% (Cost $365,913,030)				516,891,877
Other assets and liabilities (net)—(9.1)%				(43,128,022	)
Net Assets—100.0%			$	473,763,855

*	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 September 30, 2017, the market value of securities loaned was $43,397,779 and the collateral received consisted of cash in the amount of $44,312,259. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Illiquid security. As of September 30, 2017, these securities represent 0.0% of net assets.
(d)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(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.
(LIBOR)—	London Interbank Offered Rate

BHFTII-155

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	10,925,937	$	—	$	—	$	10,925,937
Auto Components		14,904,917		—		—		14,904,917
Banks		60,982,238		—		—		60,982,238
Beverages		2,383,687		—		—		2,383,687
Biotechnology		6,470,196		—		—		6,470,196
Building Products		9,858,233		—		—		9,858,233
Capital Markets		8,315,013		—		—		8,315,013
Chemicals		12,055,598		—		—		12,055,598
Commercial Services & Supplies		14,012,593		—		—		14,012,593
Communications Equipment		4,041,523		—		—		4,041,523
Construction & Engineering		5,102,891		—		—		5,102,891
Construction Materials		2,012,947		—		—		2,012,947
Consumer Finance		3,164,842		—		—		3,164,842
Distributors		3,402,932		—		—		3,402,932
Diversified Consumer Services		8,287,333		—		—		8,287,333
Diversified Financial Services		1,568,522		—		—		1,568,522
Diversified Telecommunication Services		3,164,260		—		—		3,164,260
Electric Utilities		4,289,827		—		—		4,289,827
Electrical Equipment		3,185,512		—		—		3,185,512
Electronic Equipment, Instruments & Components		17,800,807		—		—		17,800,807
Energy Equipment & Services		10,690,118		—		—		10,690,118
Equity Real Estate Investment Trusts		18,971,539		—		—		18,971,539
Food & Staples Retailing		1,819,952		—		—		1,819,952
Food Products		6,440,624		—		—		6,440,624
Health Care Equipment & Supplies		16,250,911		—		—		16,250,911
Health Care Providers & Services		10,839,081		—		—		10,839,081
Health Care Technology		2,352,104		—		—		2,352,104
Hotels, Restaurants & Leisure		14,209,264		—		—		14,209,264
Household Durables		5,106,485		—		—		5,106,485
Household Products		1,291,009		—		—		1,291,009
Industrial Conglomerates		2,059,506		—		—		2,059,506
Insurance		13,618,139		—		—		13,618,139
Internet & Direct Marketing Retail		6,739,520		—		—		6,739,520
Internet Software & Services		16,372,849		—		—		16,372,849
IT Services		19,935,357		—		—		19,935,357
Leisure Products		1,196,165		—		—		1,196,165
Life Sciences Tools & Services		5,322,577		—		—		5,322,577

BHFTII-156

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Machinery	$	24,530,876	$	—		$	—	$	24,530,876
Marine		1,312,999		—			—		1,312,999
Media		5,686,505		—			—		5,686,505
Metals & Mining		1,338,797		0			—		1,338,797
Multi-Utilities		2,613,318		—			—		2,613,318
Multiline Retail		1,777,074		—			—		1,777,074
Oil, Gas & Consumable Fuels		8,022,994		—			—		8,022,994
Pharmaceuticals		8,361,959		—			—		8,361,959
Professional Services		7,609,884		—			—		7,609,884
Road & Rail		5,026,376		—			—		5,026,376
Semiconductors & Semiconductor Equipment		14,886,649		—			—		14,886,649
Software		17,044,003		—			—		17,044,003
Specialty Retail		4,525,669		—			—		4,525,669
Technology Hardware, Storage & Peripherals		939,299		—			—		939,299
Textiles, Apparel & Luxury Goods		2,625,518		—			—		2,625,518
Thrifts & Mortgage Finance		5,186,665		—			—		5,186,665
Trading Companies & Distributors		4,243,359		—			—		4,243,359
Total Common Stocks		464,876,952		0			—		464,876,952
Total Short-Term Investment*		—		7,680,008			—		7,680,008
Total Securities Lending Reinvestments*		—		44,334,917			—		44,334,917
Total Investments	$	464,876,952	$	52,014,925		$	—	$	516,891,877
Collateral for Securities Loaned (Liability)	$	—	$	(44,312,259	)	$	—	$	(44,312,259	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-157

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Common Stocks—97.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Hexcel Corp.		69,455	$	3,988,106
KLX, Inc. (a)		65,533		3,468,662
Mercury Systems, Inc. (a)		92,740		4,811,351
				12,268,119
Auto Components—3.1%
Dorman Products, Inc. (a)		46,589		3,336,704
Fox Factory Holding Corp. (a)		68,370		2,946,747
Gentherm, Inc. (a)		44,607		1,657,150
LCI Industries (b)		32,610		3,777,869
				11,718,470
Banks—3.8%
Chemical Financial Corp.		68,370		3,573,016
Pinnacle Financial Partners, Inc.		61,986		4,149,963
Renasant Corp.		92,322		3,960,614
UMB Financial Corp.		34,258		2,551,878
				14,235,471
Beverages—0.3%
MGP Ingredients, Inc.		21,374		1,295,906
Biotechnology—4.2%
Advanced Accelerator Applications S.A. (ADR) (a)		32,568		2,202,248
Agios Pharmaceuticals, Inc. (a) (b)		35,781		2,388,382
Genomic Health, Inc. (a)		109,723		3,521,011
Ironwood Pharmaceuticals, Inc. (a) (b)		188,442		2,971,731
Lexicon Pharmaceuticals, Inc. (a) (b)		167,280		2,055,871
Prothena Corp. plc (a) (b)		41,373		2,679,729
				15,818,972
Building Products—3.1%
Apogee Enterprises, Inc. (b)		73,524		3,548,268
Patrick Industries, Inc. (a)		38,598		3,246,092
Trex Co., Inc. (a)		51,137		4,605,910
				11,400,270
Capital Markets—2.1%
Financial Engines, Inc. (b)		95,619		3,322,760
MarketAxess Holdings, Inc.		23,513		4,338,384
				7,661,144
Chemicals—0.9%
Ingevity Corp. (a)		51,659		3,227,138
Commercial Services & Supplies—1.1%
Healthcare Services Group, Inc.		72,981		3,938,785
Construction & Engineering—2.2%
Granite Construction, Inc.		72,272		4,188,162
Primoris Services Corp.		139,683		4,109,474
				8,297,636
Consumer Finance—0.9%
Green Dot Corp. - Class A (a)		66,347		3,289,484
Distributors—0.9%
Pool Corp.		32,297		3,493,566
Diversified Consumer Services—3.0%
Bright Horizons Family Solutions, Inc. (a)		66,013		5,690,981
Grand Canyon Education, Inc. (a)		61,590		5,593,604
				11,284,585
Diversified Telecommunication Services—2.1%
Cogent Communications Holdings, Inc.		90,591		4,429,900
ORBCOMM, Inc. (a)		315,795		3,306,374
				7,736,274
Electrical Equipment—1.0%
Generac Holdings, Inc. (a)		81,285		3,733,420
Electronic Equipment, Instruments & Components—0.9%
II-VI, Inc. (a)		86,021		3,539,764
Energy Equipment & Services—1.1%
Dril-Quip, Inc. (a)		47,173		2,082,688
Forum Energy Technologies, Inc. (a)		129,919		2,065,712
				4,148,400
Health Care Equipment & Supplies—7.3%
AtriCure, Inc. (a)		141,478		3,164,863
Inogen, Inc. (a)		38,326		3,644,802
Insulet Corp. (a)		93,908		5,172,453
Merit Medical Systems, Inc. (a)		104,402		4,421,425
Neogen Corp. (a)		42,520		3,293,599
Penumbra, Inc. (a)		36,157		3,264,977
Wright Medical Group NV (a) (b)		167,098		4,322,825
				27,284,944
Health Care Providers & Services—5.0%
AMN Healthcare Services, Inc. (a)		96,307		4,401,230
HealthEquity, Inc. (a) (b)		105,362		5,329,210
Teladoc, Inc. (a) (b)		133,069		4,411,237
Tivity Health, Inc. (a)		108,367		4,421,374
				18,563,051
Health Care Technology—1.5%
Medidata Solutions, Inc. (a)		73,670		5,750,680
Hotels, Restaurants & Leisure—2.2%
Planet Fitness, Inc. - Class A		166,180		4,483,536
Wingstop, Inc. (b)		112,456		3,739,162
				8,222,698
Household Durables—1.8%
Installed Building Products, Inc. (a)		74,171		4,806,281
iRobot Corp. (a) (b)		23,784		1,832,795
				6,639,076

BHFTII-158

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—0.8%
Kinsale Capital Group, Inc.		69,268	$	2,990,300
Internet Software & Services—8.3%
2U, Inc. (a) (b)		94,701		5,307,044
Envestnet, Inc. (a)		88,045		4,490,295
Five9, Inc. (a)		48,477		1,158,600
LogMeIn, Inc.		38,973		4,288,979
Mimecast, Ltd. (a)		119,445		3,394,627
Q2 Holdings, Inc. (a) (b)		118,548		4,937,524
Quotient Technology, Inc. (a)		234,927		3,676,608
Wix.com, Ltd. (a)		51,366		3,690,647
				30,944,324
IT Services—4.6%
Blackhawk Network Holdings, Inc. (a)		77,843		3,409,523
Euronet Worldwide, Inc. (a)		52,514		4,977,802
InterXion Holding NV (a)		97,330		4,957,017
WNS Holdings, Ltd. (ADR) (a)		100,167		3,656,096
				17,000,438
Life Sciences Tools & Services—2.0%
Accelerate Diagnostics, Inc. (a) (b)		107,762		2,419,257
PRA Health Sciences, Inc. (a)		65,011		4,951,888
				7,371,145
Machinery—4.1%
Albany International Corp. - Class A		63,321		3,634,625
Astec Industries, Inc.		53,912		3,019,611
Proto Labs, Inc. (a)		44,899		3,605,390
RBC Bearings, Inc. (a)		38,702		4,843,555
				15,103,181
Multiline Retail—1.2%
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		93,637		4,344,757
Oil, Gas & Consumable Fuels—0.6%
PDC Energy, Inc. (a)		45,984		2,254,595
Pharmaceuticals—3.1%
Aclaris Therapeutics, Inc. (a) (b)		93,136		2,403,840
Aerie Pharmaceuticals, Inc. (a)		47,215		2,294,649
Dermira, Inc. (a) (b)		86,167		2,326,509
Supernus Pharmaceuticals, Inc. (a)		109,598		4,383,920
				11,408,918
Professional Services—1.3%
WageWorks, Inc. (a)		77,813		4,723,249
Semiconductors & Semiconductor Equipment—4.7%
MKS Instruments, Inc. (b)		57,187		5,401,312
Monolithic Power Systems, Inc.		40,371		4,301,530
Semtech Corp. (a)		88,296		3,315,515
Semiconductors & Semiconductor Equipment—(Continued)
Silicon Laboratories, Inc. (a)		56,436		4,509,236
				17,527,593
Software—9.1%
Blackbaud, Inc.		45,963		4,035,551
Callidus Software, Inc. (a)		159,775		3,938,454
CommVault Systems, Inc. (a)		61,339		3,729,411
Guidewire Software, Inc. (a)		66,201		5,154,410
HubSpot, Inc. (a)		53,578		4,503,231
RealPage, Inc. (a)		85,604		3,415,600
RingCentral, Inc. - Class A (a)		121,970		5,092,247
Ultimate Software Group, Inc. (The) (a) (b)		20,342		3,856,843
				33,725,747
Textiles, Apparel & Luxury Goods—1.7%
Columbia Sportswear Co.		49,020		3,018,652
Steven Madden, Ltd. (a)		78,531		3,400,392
				6,419,044
Thrifts & Mortgage Finance—1.0%
Essent Group, Ltd. (a)		93,595		3,790,597
Trading Companies & Distributors—2.8%
Beacon Roofing Supply, Inc. (a)		43,876		2,248,645
BMC Stock Holdings, Inc. (a)		138,223		2,951,061
SiteOne Landscape Supply, Inc. (a)		89,067		5,174,793
				10,374,499
Total Common Stocks (Cost $257,024,137)				361,526,240
Short-Term Investment—2.5%
Repurchase Agreement—2.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $9,346,407 on 10/02/17, collateralized by $9,420,000 U.S. Treasury Note at 2.000% due 12/31/21 with a value of $9,537,910.		9,346,314		9,346,314
Total Short-Term Investments (Cost $9,346,314)				9,346,314
Securities Lending Reinvestments (c)—12.4%
Certificates of Deposit—7.7%
ABN AMRO Bank NV Zero Coupon, 02/22/18		993,749		994,630
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (d)		1,000,000		999,908
Bank of China, Ltd. 1.540%, 10/23/17		500,000		500,000

BHFTII-159

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (d)		1,000,000	$	1,000,464
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (d)		2,500,000		2,500,295
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (d)		1,500,000		1,500,081
1.647%, 1M LIBOR + 0.410%, 10/27/17 (d)		500,000		500,105
Chiba Bank, Ltd., New York 1.360%, 11/07/17		500,000		500,000
Credit Suisse AG New York 1.487%, 1M LIBOR + 0.250%, 10/25/17 (d)		1,500,000		1,500,105
1.511%, 1M LIBOR + 0.280%, 10/06/17 (d)		500,000		500,006
KBC Bank NV Zero Coupon, 11/07/17		498,262		499,415
1.380%, 10/26/17		2,000,000		2,000,220
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (d)		1,250,000		1,249,985
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (d)		500,000		500,175
Norinchukin Bank New York 1.407%, 1M LIBOR + 0.170%, 02/23/18 (d)		1,000,000		1,000,042
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (d)		1,000,000		999,955
Standard Chartered plc 1.460%, 02/02/18		2,000,000		2,000,506
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (d)		500,000		499,985
1.432%, 1M LIBOR + 0.200%, 02/05/18 (d)		1,500,000		1,500,156
1.462%, 3M LIBOR + 0.150%, 02/08/18 (d)		300,000		299,986
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (d)		1,000,000		1,000,100
1.495%, 1M LIBOR + 0.260%, 10/11/17 (d)		200,000		200,008
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (d)		2,250,000		2,250,306
Swedbank AB 1.140%, 10/02/17		1,000,000		999,999
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (d)		1,500,000		1,501,338
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (d)		1,250,000		1,249,991
1.694%, 3M LIBOR + 0.380%, 10/26/17 (d)		400,000		400,096
				28,647,857
Commercial Paper — 3.4%
Barton Capital S.A. 1.320%, 12/11/17		498,350		498,692
1.330%, 10/05/17		1,495,179		1,499,895
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (d)		1,250,000		1,251,087
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (d)		1,000,000		1,000,054
1.386%, 1M LIBOR + 0.150%, 11/13/17 (d)		1,000,000		1,000,046
Kells Funding LLC 1.400%, 03/01/18		992,883		993,977
Macquarie Bank, Ltd., London 1.340%, 10/27/17		2,491,439		2,497,674
Commercial Paper—(Continued)
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (d)		1,000,000		1,000,516
Sheffield Receivables Co. 1.330%, 10/05/17		249,169		249,984
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (d)		2,000,000		2,000,464
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (d)		700,000		700,129
				12,692,518
Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $62,215 on 10/02/17, collateralized by $103,461 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $63,454.		62,210		62,210
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $203,249 on 01/02/18, collateralized by various Common Stock with a value of $220,000.		200,000		200,000
Deutsche Bank AG, London Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $753,990 on 01/02/18, collateralized by $4,038 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $833,652.		750,000		750,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $41,221 on 10/02/17, collateralized by $39,539 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $42,073.		41,217		41,217
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $3,273,774 on 01/02/18, collateralized by various Common Stock with a value of $3,575,001.		3,250,000		3,250,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $510,284 on 01/02/18, collateralized by various Common Stock with a value of $550,000.		500,000		500,000
				4,803,427
Time Deposits—0.0%
Credit Agricole S.A. 1.080%, 10/02/17		25,987		25,987
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		25,467		25,467

BHFTII-160

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Landesbank Hessen-Thuringen 1.170%, 10/02/17		31,197	$	31,197
Standard Chartered plc 1.200%, 10/02/17		33,317		33,317
				115,968
Total Securities Lending Reinvestments (Cost $46,253,229)				46,259,770
Total Investments—112.0% (Cost $312,623,680)				417,132,324
Other assets and liabilities (net)—(12.0)%				(44,745,267	)
Net Assets—100.0%			$	372,387,057

*	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 September 30, 2017, the market value of securities loaned was $45,613,964 and the
	collateral received consisted of cash in the amount of $46,238,426. 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 September 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(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.
(LIBOR)—	London 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	361,526,240	$	—		$	—	$	361,526,240
Total Short-Term Investment*		—		9,346,314			—		9,346,314
Total Securities Lending Reinvestments*		—		46,259,770			—		46,259,770
Total Investments	$	361,526,240	$	55,606,084		$	—	$	417,132,324
Collateral for Securities Loaned (Liability)	$	—	$	(46,238,426	)	$	—	$	(46,238,426	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-161

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

U.S. Treasury & Government Agencies—67.0% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—28.4%
Fannie Mae 15 Yr. Pool 2.500%, 12/01/27		3,274,680	$	3,310,692
2.500%, 02/01/28		2,514,427		2,542,078
2.500%, 07/01/28		4,483,202		4,532,808
2.500%, 10/01/28		2,846,027		2,877,517
2.500%, 03/01/30		2,906,715		2,933,032
2.500%, 09/01/31		4,408,070		4,440,153
2.500%, 01/01/32		1,415,247		1,425,547
2.500%, 04/01/32		2,874,269		2,896,089
2.500%, 09/01/32		981,983		989,080
3.000%, 01/01/27		1,232,271		1,267,741
3.000%, 02/01/27		2,062,901		2,122,280
3.000%, 03/01/27		1,064,305		1,095,305
3.000%, 01/01/29		4,885,802		5,029,406
3.000%, 10/01/29		2,232,731		2,297,535
3.000%, 06/01/30		2,690,563		2,766,715
3.000%, 02/01/32		1,836,635		1,888,085
3.500%, 02/01/26		1,849,974		1,928,245
3.500%, 03/01/26		775,363		808,240
3.500%, 05/01/29		2,021,457		2,108,500
3.500%, 08/01/32		946,742		987,742
4.000%, 04/01/19		22,772		23,546
4.000%, 05/01/19		63,321		65,473
4.000%, 01/01/20		112,056		115,865
4.000%, 06/01/24		281,524		293,985
4.000%, 11/01/24		1,608,686		1,679,891
4.500%, 07/01/18		46,632		47,690
4.500%, 05/01/19		34,643		35,430
4.500%, 08/01/24		393,898		415,360
4.500%, 06/01/25		729,419		771,243
5.000%, 06/01/18		5,445		5,571
5.000%, 01/01/19		25,543		26,133
5.000%, 02/01/20		90,441		93,112
5.000%, 01/01/22		143,166		149,575
5.000%, 02/01/24		432,155		453,953
5.500%, 02/01/18		1,779		1,783
5.500%, 04/01/18		22,561		22,647
Fannie Mae 20 Yr. Pool 3.000%, 02/01/33		1,661,783		1,689,736
3.000%, 08/01/35		2,318,651		2,363,013
3.000%, 05/01/36		3,280,089		3,340,132
3.500%, 04/01/32		1,511,334		1,578,685
3.500%, 09/01/35		2,299,676		2,393,609
4.000%, 02/01/31		681,982		725,266
4.500%, 08/01/30		423,780		455,523
5.000%, 02/01/24		173,959		189,671
5.000%, 09/01/25		126,485		137,908
5.500%, 07/01/23		95,075		105,063
5.500%, 01/01/24		63,349		70,026
5.500%, 07/01/24		167,297		184,935
5.500%, 07/01/25		141,084		155,973
7.000%, 10/01/21		7,004		7,372
Fannie Mae 30 Yr. Pool 2.500%, 08/01/46		3,719,661		3,603,993
3.000%, 08/01/42		1,469,138		1,482,188
3.000%, 09/01/42		1,934,110		1,951,289
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.000%, 11/01/42		2,378,278		2,399,403
3.000%, 12/01/42		4,559,626		4,600,126
3.000%, 01/01/43		1,160,571		1,170,880
3.000%, 02/01/43		4,320,716		4,359,094
3.000%, 03/01/43		5,063,111		5,106,972
3.000%, 05/01/43		3,542,079		3,572,763
3.000%, 07/01/43		9,472,800		9,554,863
3.000%, 09/01/43		1,802,122		1,817,734
3.000%, 05/01/45		3,282,186		3,299,756
3.000%, 05/01/46		3,419,786		3,432,928
3.000%, 06/01/46		4,397,699		4,414,600
3.000%, 08/01/46		4,452,644		4,469,757
3.000%, 10/01/46		9,290,519		9,326,223
3.000%, 11/01/46		2,431,278		2,440,621
3.000%, 02/01/47		9,703,586		9,740,879
3.500%, 12/01/40		1,745,425		1,810,265
3.500%, 03/01/42		1,199,387		1,242,560
3.500%, 04/01/42		2,653,696		2,749,217
3.500%, 05/01/42		2,933,809		3,039,413
3.500%, 06/01/42		2,204,014		2,283,349
3.500%, 08/01/42		1,414,392		1,465,304
3.500%, 09/01/42		4,311,711		4,466,913
3.500%, 10/01/42		2,097,869		2,173,383
3.500%, 01/01/43		1,788,187		1,852,554
3.500%, 02/01/43		2,931,364		3,036,880
3.500%, 04/01/43		3,316,153		3,434,243
3.500%, 06/01/43		1,814,646		1,879,267
3.500%, 08/01/44		2,198,673		2,271,517
3.500%, 02/01/45		3,052,038		3,153,156
3.500%, 03/01/45		4,946,481		5,106,582
3.500%, 04/01/45		5,998,736		6,189,240
3.500%, 09/01/45		10,159,437		10,482,074
3.500%, 11/01/45		3,547,077		3,659,722
3.500%, 01/01/46		3,979,900		4,106,291
3.500%, 03/01/46		3,972,042		4,097,662
3.500%, 05/01/46		3,249,118		3,351,875
3.500%, 04/01/47		8,567,427		8,838,504
3.500%, 09/01/47		3,832,097		3,953,346
4.000%, 08/01/39		1,046,017		1,108,553
4.000%, 09/01/39		862,307		913,860
4.000%, 12/01/39		1,066,650		1,130,419
4.000%, 06/01/40		1,573,442		1,665,580
4.000%, 09/01/40		680,171		720,000
4.000%, 12/01/40		5,201,902		5,506,514
4.000%, 01/01/41		2,626,274		2,780,062
4.000%, 02/01/41		3,302,234		3,495,606
4.000%, 12/01/41		1,207,666		1,278,433
4.000%, 02/01/42		1,352,140		1,431,373
4.000%, 09/01/43		1,971,996		2,082,364
4.000%, 02/01/44		3,058,706		3,229,894
4.000%, 05/01/44		2,186,965		2,305,664
4.000%, 08/01/44		3,053,824		3,219,572
4.000%, 10/01/44		1,884,947		1,987,254
4.000%, 11/01/44		3,694,540		3,895,064
4.000%, 01/01/45		3,087,129		3,254,685

BHFTII-162

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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%, 03/01/45		2,290,607	$	2,414,398
4.000%, 10/01/45		3,421,111		3,605,997
4.000%, 03/01/47		1,338,518		1,410,497
4.000%, 05/01/47		1,820,624		1,917,415
4.000%, 06/01/47		7,468,921		7,870,564
4.000%, 07/01/47		2,346,051		2,472,210
4.500%, 08/01/33		216,599		234,167
4.500%, 10/01/33		208,215		225,104
4.500%, 04/01/34		73,168		78,641
4.500%, 01/01/39		101,859		109,612
4.500%, 07/01/39		1,384,436		1,494,240
4.500%, 09/01/39		2,060,643		2,224,079
4.500%, 10/01/39		935,215		1,009,389
4.500%, 05/01/40		1,294,453		1,394,549
4.500%, 08/01/40		2,001,568		2,156,344
4.500%, 11/01/40		1,056,720		1,138,434
4.500%, 12/01/40		1,998,080		2,152,586
4.500%, 04/01/41		4,451,897		4,799,603
4.500%, 05/01/41		1,117,269		1,205,289
4.500%, 03/01/44		1,459,540		1,568,171
4.500%, 08/01/47		918,258		988,809
5.000%, 07/01/33		142,679		156,751
5.000%, 08/01/33		431,168		473,693
5.000%, 09/01/33		183,490		201,587
5.000%, 10/01/33		1,827,421		2,007,656
5.000%, 03/01/34		214,951		236,151
5.000%, 04/01/34		509,946		560,272
5.000%, 05/01/34		64,679		71,065
5.000%, 09/01/34		206,334		226,706
5.000%, 02/01/35		312,400		343,245
5.000%, 04/01/35		119,639		131,632
5.000%, 05/01/35		42,647		46,922
5.000%, 11/01/35		123,733		136,136
5.000%, 03/01/36		500,290		550,439
5.000%, 07/01/37		410,167		448,071
5.000%, 01/01/39		377,386		415,838
5.000%, 04/01/40		1,397,729		1,528,006
5.000%, 07/01/41		901,101		985,505
5.500%, 10/01/32		41,097		45,747
5.500%, 02/01/33		106,586		118,647
5.500%, 03/01/33		347,590		386,929
5.500%, 05/01/33		1,455,587		1,620,327
5.500%, 08/01/33		617,487		687,374
5.500%, 10/01/33		68,507		76,261
5.500%, 12/01/33		698,798		777,886
5.500%, 02/01/34		175,269		194,975
5.500%, 03/01/34		109,715		122,050
5.500%, 04/01/34		49,710		55,299
5.500%, 06/01/34		195,713		217,717
5.500%, 09/01/34		178,384		198,440
5.500%, 12/01/34		431,089		479,557
5.500%, 01/01/35		125,247		139,328
5.500%, 02/01/35		344,591		383,334
5.500%, 04/01/35		142,076		157,957
5.500%, 06/01/35		705,577		784,447
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 01/01/37		197,165		219,249
5.500%, 05/01/37		120,173		133,556
5.500%, 05/01/38		100,584		111,691
5.500%, 06/01/38		119,341		132,519
5.500%, 07/01/38		73,717		81,857
6.000%, 08/01/28		2,537		2,854
6.000%, 11/01/28		665		747
6.000%, 12/01/28		762		865
6.000%, 06/01/31		36,001		40,494
6.000%, 09/01/32		77,858		86,684
6.000%, 01/01/33		17,500		19,484
6.000%, 02/01/33		68,115		75,837
6.000%, 03/01/33		90,456		100,719
6.000%, 04/01/33		202,551		225,533
6.000%, 05/01/33		256,511		285,616
6.000%, 05/01/34		227,348		253,135
6.000%, 09/01/34		207,330		230,847
6.000%, 11/01/34		273,259		304,254
6.000%, 01/01/35		101,942		113,505
6.000%, 07/01/36		43,159		48,267
6.000%, 09/01/36		138,521		154,916
6.000%, 07/01/37		47,514		53,229
6.000%, 08/01/37		192,059		215,160
6.000%, 09/01/37		405,449		454,218
6.000%, 10/01/37		151,341		169,545
6.000%, 05/01/38		525,369		588,563
6.000%, 12/01/38		119,310		133,468
6.500%, 05/01/28		42,162		47,623
6.500%, 12/01/28		113,125		125,358
6.500%, 03/01/29		2,660		2,948
6.500%, 04/01/29		24,748		27,509
6.500%, 05/01/29		4,856		5,381
6.500%, 08/01/29		806		893
6.500%, 05/01/30		28,668		31,768
6.500%, 09/01/31		5,878		6,566
6.500%, 06/01/32		19,515		21,915
6.500%, 10/01/33		67,166		74,428
6.500%, 10/01/34		228,237		259,872
6.500%, 10/01/37		63,811		71,916
7.000%, 06/01/26		516		555
7.000%, 06/01/28		6,843		6,902
7.000%, 10/01/29		7,782		8,953
7.000%, 12/01/29		3,341		3,417
7.000%, 06/01/32		49,419		55,355
7.000%, 10/01/37		158,753		185,225
7.500%, 09/01/25		3,887		4,430
7.500%, 06/01/26		4,325		4,977
7.500%, 07/01/29		9,401		10,992
7.500%, 10/01/29		4,423		4,564
8.000%, 11/01/29		112		127
8.000%, 05/01/30		16,212		16,738
8.000%, 11/01/30		2,871		3,280
8.000%, 01/01/31		2,785		3,127
8.000%, 02/01/31		4,584		5,263

BHFTII-163

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae-ACES (CMO) 2.679%, 05/25/21 (a)		5,000,000	$	5,084,194
Freddie Mac 15 Yr. Gold Pool 2.500%, 12/01/27		1,443,010		1,459,582
2.500%, 02/01/28		2,258,568		2,284,869
2.500%, 04/01/28		1,935,949		1,958,493
2.500%, 12/01/29		2,964,658		2,994,994
2.500%, 01/01/31		3,828,486		3,865,875
2.500%, 01/01/32		5,647,438		5,692,778
3.000%, 03/01/27		1,125,349		1,157,918
3.000%, 05/01/27		1,546,196		1,591,538
3.000%, 11/01/28		1,851,485		1,906,152
3.000%, 12/01/29		3,320,540		3,417,575
3.000%, 05/01/31		3,915,093		4,025,783
3.500%, 12/01/25		1,294,855		1,353,588
3.500%, 05/01/26		439,443		459,398
3.500%, 09/01/30		2,802,049		2,933,068
4.000%, 06/01/19		46,001		47,549
4.000%, 05/01/25		693,503		725,630
4.000%, 08/01/25		326,755		341,892
4.000%, 10/01/25		355,664		372,140
4.500%, 09/01/18		27,351		27,962
4.500%, 10/01/18		59,738		61,075
4.500%, 04/01/19		94,691		97,223
4.500%, 06/01/19		51,685		52,841
4.500%, 08/01/19		15,506		15,853
5.000%, 05/01/18		46,479		47,650
5.000%, 12/01/18		8,107		8,311
5.000%, 06/01/19		64,626		66,253
5.500%, 11/01/17		800		800
5.500%, 01/01/24		308,365		328,565
Freddie Mac 20 Yr. Gold Pool 3.000%, 04/01/33		2,601,507		2,655,136
3.000%, 02/01/37		2,842,173		2,894,832
3.500%, 04/01/32		1,973,427		2,062,028
4.000%, 01/01/31		758,508		806,885
4.000%, 08/01/31		748,956		796,379
4.500%, 05/01/29		198,005		212,503
5.000%, 03/01/27		100,889		109,565
Freddie Mac 30 Yr. Gold Pool 2.500%, 07/01/43		2,533,757		2,454,610
3.000%, 10/01/42		2,277,852		2,298,497
3.000%, 01/01/43		2,257,062		2,277,518
3.000%, 03/01/43		5,623,027		5,673,187
3.000%, 04/01/43		4,127,137		4,163,656
3.000%, 06/01/43		1,787,760		1,803,579
3.000%, 07/01/43		3,628,710		3,660,818
3.000%, 06/01/45		4,051,595		4,074,258
3.000%, 01/01/46		2,499,266		2,513,246
3.000%, 06/01/46		4,376,564		4,394,119
3.000%, 10/01/46		3,632,518		3,647,089
3.000%, 11/01/46		4,598,516		4,616,962
3.000%, 01/01/47		7,239,930		7,268,970
3.000%, 02/01/47		3,974,396		3,990,338
3.500%, 01/01/42		1,279,508		1,326,129
3.500%, 03/01/42		1,160,807		1,202,938
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.500%, 08/01/42		2,809,664		2,911,640
3.500%, 02/01/43		1,688,068		1,749,336
3.500%, 05/01/43		2,678,218		2,774,331
3.500%, 06/01/43		1,653,489		1,712,827
3.500%, 06/01/44		1,922,903		1,987,284
3.500%, 10/01/44		2,119,663		2,190,632
3.500%, 11/01/44		2,858,076		2,953,769
3.500%, 12/01/44		2,823,513		2,918,048
3.500%, 05/01/45		3,475,874		3,587,082
3.500%, 08/01/45		3,478,249		3,589,533
3.500%, 11/01/45		3,675,219		3,792,805
3.500%, 12/01/45		2,241,035		2,312,735
3.500%, 03/01/46		6,855,257		7,074,154
3.500%, 02/01/47		4,656,957		4,806,862
3.500%, 06/01/47		3,815,244		3,938,055
3.500%, 08/01/47		2,402,662		2,480,003
3.500%, 10/01/47		2,945,455		3,040,268
4.000%, 06/01/39		685,199		726,342
4.000%, 12/01/39		1,205,713		1,278,110
4.000%, 11/01/40		1,046,300		1,107,785
4.000%, 04/01/41		1,058,675		1,120,911
4.000%, 09/01/41		1,092,297		1,156,509
4.000%, 10/01/41		2,438,606		2,581,962
4.000%, 11/01/41		1,060,171		1,122,495
4.000%, 10/01/43		2,933,716		3,097,934
4.000%, 07/01/44		3,076,514		3,243,996
4.000%, 10/01/44		2,357,383		2,485,717
4.000%, 07/01/45		3,744,573		3,946,610
4.000%, 01/01/46		3,806,650		4,012,037
4.000%, 02/01/46		2,041,503		2,151,652
4.000%, 06/01/47		4,205,006		4,433,260
4.500%, 10/01/35		350,392		376,850
4.500%, 06/01/38		517,787		557,381
4.500%, 02/01/39		367,517		395,182
4.500%, 03/01/39		279,737		301,533
4.500%, 04/01/39		569,443		613,813
4.500%, 09/01/39		659,698		711,100
4.500%, 10/01/39		1,666,510		1,796,361
4.500%, 11/01/39		500,555		539,557
4.500%, 01/01/40		374,432		403,607
4.500%, 05/01/40		640,254		688,903
4.500%, 11/01/40		1,002,476		1,078,647
4.500%, 02/01/41		413,835		445,937
4.500%, 05/01/41		588,760		634,431
4.500%, 06/01/41		411,160		443,055
4.500%, 12/01/43		941,446		1,011,099
4.500%, 12/01/45		1,210,083		1,297,170
5.000%, 10/01/33		506,362		554,105
5.000%, 03/01/34		82,210		89,973
5.000%, 08/01/35		367,042		402,261
5.000%, 09/01/35		172,500		189,052
5.000%, 10/01/35		148,030		162,234
5.000%, 01/01/36		400,894		439,361
5.000%, 04/01/38		257,714		281,824
5.000%, 11/01/39		1,214,319		1,322,187

BHFTII-164

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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 5.000%, 05/01/40		1,548,831	$	1,686,331
5.500%, 06/01/34		341,097		378,541
5.500%, 10/01/35		139,831		155,085
5.500%, 12/01/35		523,306		580,393
5.500%, 01/01/36		345,143		382,794
5.500%, 12/01/37		317,101		351,838
5.500%, 04/01/38		1,382,991		1,532,069
5.500%, 07/01/38		162,529		180,049
5.500%, 08/01/38		421,104		466,496
6.000%, 11/01/28		6,255		7,056
6.000%, 12/01/28		5,137		5,847
6.000%, 04/01/29		2,200		2,474
6.000%, 05/01/29		1,835		2,065
6.000%, 06/01/31		2,024		2,277
6.000%, 07/01/31		662		756
6.000%, 09/01/31		56,305		63,383
6.000%, 11/01/32		20,901		23,322
6.000%, 06/01/34		84,934		94,901
6.000%, 11/01/35		74,313		82,694
6.000%, 02/01/36		128,523		143,688
6.000%, 08/01/36		62,903		70,325
6.000%, 10/01/36		130,229		145,596
6.000%, 11/01/36		89,418		99,970
6.000%, 01/01/37		111,114		124,225
6.000%, 02/01/38		136,238		152,535
6.000%, 11/01/39		1,172,870		1,313,176
6.000%, 04/01/40		370,855		415,373
6.500%, 02/01/30		5,077		5,628
6.500%, 08/01/31		7,280		8,119
6.500%, 10/01/31		6,825		7,565
6.500%, 11/01/31		16,053		17,912
6.500%, 03/01/32		308,373		342,700
6.500%, 04/01/32		242,866		279,937
6.500%, 09/01/36		294,136		332,919
6.500%, 11/01/37		138,787		156,402
7.000%, 12/01/27		1,081		1,221
7.000%, 11/01/28		3,163		3,596
7.000%, 04/01/29		2,942		3,331
7.000%, 05/01/29		639		696
7.000%, 06/01/29		5,600		5,755
7.000%, 07/01/29		1,496		1,627
7.000%, 01/01/31		95,564		100,522
7.500%, 08/01/24		7,330		7,352
7.500%, 10/01/27		8,487		9,437
7.500%, 10/01/29		10,419		11,941
7.500%, 05/01/30		11,472		12,819
8.000%, 02/01/27		2,662		3,017
8.000%, 10/01/28		5,131		5,904
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 2.902%, 08/25/20		774,165		784,898
3.060%, 07/25/23 (a)		4,800,000		4,959,803
Ginnie Mae I 15 Yr. Pool 3.000%, 08/15/28		2,203,796		2,279,205
5.000%, 10/15/20		90,680		95,498
5.000%, 01/15/21		76,629		80,526
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 3.000%, 11/15/42		2,389,048		2,432,071
3.000%, 12/15/42		1,885,805		1,919,765
3.000%, 02/15/43		1,603,748		1,632,629
3.000%, 03/15/43		1,851,151		1,883,087
3.000%, 05/15/43		2,567,725		2,612,024
3.000%, 07/15/43		1,709,883		1,739,382
3.500%, 01/15/42		2,326,189		2,433,081
3.500%, 02/15/42		753,262		787,716
3.500%, 03/15/42		1,625,893		1,700,262
3.500%, 05/15/42		1,072,610		1,121,671
3.500%, 09/15/42		1,413,192		1,477,832
3.500%, 05/15/43		1,914,173		2,000,502
4.000%, 07/15/39		1,608,241		1,707,958
4.000%, 07/15/40		898,159		951,753
4.000%, 03/15/41		602,237		637,198
4.000%, 10/15/41		1,386,408		1,466,890
4.500%, 01/15/39		234,014		250,473
4.500%, 04/15/39		753,835		810,659
4.500%, 05/15/39		1,559,640		1,677,205
4.500%, 08/15/39		695,144		747,544
4.500%, 01/15/40		730,534		785,601
4.500%, 04/15/40		951,902		1,022,162
4.500%, 02/15/41		200,811		215,633
4.500%, 04/15/41		404,758		435,032
5.000%, 12/15/35		257,412		283,083
5.000%, 12/15/36		135,613		149,251
5.000%, 01/15/39		816,403		896,257
5.000%, 02/15/39		147,322		161,732
5.000%, 08/15/39		1,087,261		1,193,625
5.000%, 09/15/39		247,788		272,028
5.000%, 12/15/39		501,969		551,076
5.000%, 05/15/40		839,502		922,638
5.500%, 03/15/36		171,091		190,616
5.500%, 01/15/37		343,414		386,821
5.500%, 11/15/37		393,532		439,779
5.500%, 09/15/38		148,346		164,398
5.500%, 08/15/39		867,414		967,339
6.000%, 01/15/29		4,103		4,625
6.000%, 01/15/33		178,861		205,529
6.000%, 03/15/35		190,615		216,380
6.000%, 12/15/35		143,101		162,936
6.000%, 06/15/36		122,391		138,992
6.000%, 09/15/36		114,067		128,571
6.000%, 07/15/38		789,765		895,649
6.500%, 05/15/23		1,017		1,123
6.500%, 02/15/27		23,742		26,767
6.500%, 07/15/28		8,420		9,293
6.500%, 08/15/28		8,910		9,834
6.500%, 11/15/28		6,933		7,951
6.500%, 12/15/28		8,516		9,398
6.500%, 07/15/29		1,952		2,154
6.500%, 05/15/36		113,370		125,805
7.000%, 01/15/28		1,445		1,585
7.000%, 05/15/28		8,866		9,364
7.000%, 06/15/28		7,378		8,135

BHFTII-165

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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%, 10/15/28		7,078	$	7,701
7.000%, 09/15/29		2,236		2,274
7.000%, 01/15/31		1,263		1,283
7.000%, 03/15/31		11,674		11,863
7.000%, 07/15/31		328,106		386,557
7.000%, 08/15/31		56,683		67,705
7.000%, 02/15/32		9,294		9,390
7.000%, 07/15/32		19,706		22,307
7.500%, 04/15/30		7,779		7,888
8.000%, 08/15/26		2,944		3,269
8.000%, 09/15/26		2,512		2,766
8.000%, 06/15/29		21,241		22,536
9.000%, 11/15/24		4,116		4,397
Ginnie Mae II 30 Yr. Pool 3.000%, 12/20/42		2,216,518		2,262,106
3.000%, 03/20/43		3,176,411		3,237,542
3.000%, 12/20/44		2,855,230		2,900,429
3.000%, 04/20/45		2,690,052		2,731,660
3.000%, 08/20/45		3,920,342		3,980,978
3.000%, 11/20/45		2,257,789		2,292,711
3.000%, 01/20/46		3,900,394		3,960,721
3.000%, 09/20/46		4,417,682		4,483,274
3.000%, 10/20/46		4,497,190		4,563,962
3.000%, 11/20/46		4,644,721		4,713,684
3.000%, 01/20/47		10,417,750		10,574,760
3.000%, 03/20/47		2,863,548		2,906,706
3.000%, 04/20/47		1,917,418		1,946,026
3.500%, 12/20/41		1,372,863		1,437,112
3.500%, 03/20/42		2,734,563		2,858,075
3.500%, 08/20/42		1,329,629		1,389,685
3.500%, 01/20/43		4,054,631		4,237,766
3.500%, 04/20/43		1,626,138		1,696,952
3.500%, 05/20/43		2,669,667		2,785,925
3.500%, 07/20/44		3,532,266		3,681,364
3.500%, 02/20/45		3,820,043		3,981,288
3.500%, 06/20/45		2,477,636		2,578,423
3.500%, 08/20/45		5,637,628		5,866,960
3.500%, 09/20/45		6,466,835		6,729,898
3.500%, 10/20/45		3,835,493		3,991,516
3.500%, 12/20/45		3,364,098		3,500,945
3.500%, 01/20/46		3,372,267		3,509,447
3.500%, 02/20/46		2,772,121		2,884,887
3.500%, 05/20/46		3,813,241		3,968,626
3.500%, 06/20/46		3,204,250		3,334,819
3.500%, 02/20/47		5,158,058		5,368,241
3.500%, 03/20/47		4,658,389		4,848,176
3.500%, 06/20/47		5,710,823		5,944,758
4.000%, 11/20/40		1,322,883		1,403,870
4.000%, 12/20/40		1,478,803		1,569,335
4.000%, 05/20/43		2,277,075		2,419,341
4.000%, 11/20/43		977,322		1,038,383
4.000%, 02/20/44		3,214,962		3,415,826
4.000%, 04/20/44		1,357,838		1,442,416
4.000%, 05/20/44		1,659,476		1,762,843
4.000%, 09/20/44		2,594,444		2,756,050
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 4.000%, 10/20/44		3,725,503		3,957,561
4.000%, 11/20/44		726,626		771,887
4.000%, 10/20/45		3,056,296		3,234,752
4.000%, 11/20/45		1,603,650		1,697,287
4.000%, 02/20/47		4,411,691		4,653,288
4.000%, 03/20/47		935,075		986,282
4.000%, 04/20/47		3,726,055		3,930,196
4.500%, 08/20/40		1,129,286		1,213,128
4.500%, 12/20/40		721,470		775,035
4.500%, 04/20/41		627,958		674,586
4.500%, 03/20/42		509,604		547,443
4.500%, 10/20/43		803,765		859,903
4.500%, 02/20/44		1,565,746		1,675,104
4.500%, 04/20/45		1,486,751		1,590,592
4.500%, 03/20/47		2,618,179		2,794,373
5.000%, 08/20/40		514,630		554,587
5.000%, 10/20/40		531,156		572,397
5.000%, 06/20/44		1,242,839		1,339,338
6.500%, 06/20/31		20,828		24,384
6.500%, 11/20/38		433,197		498,653
7.500%, 02/20/28		2,442		2,747
				769,036,680
Federal Agencies—2.0%
Federal Home Loan Bank 1.750%, 06/12/20		14,700,000		14,705,586
Federal Home Loan Mortgage Corp. 1.125%, 04/15/19 (b)		12,000,000		11,937,120
1.250%, 10/02/19		3,000,000		2,980,890
1.375%, 05/01/20 (b)		5,145,000		5,112,381
Federal National Mortgage Association 2.125%, 04/24/26 (b)		11,500,000		11,212,500
6.625%, 11/15/30		2,450,000		3,475,545
Tennessee Valley Authority 5.250%, 09/15/39 (b)		3,350,000		4,401,364
				53,825,386
U.S. Treasury—36.6%
U.S. Treasury Bonds 2.250%, 08/15/46		3,000,000		2,638,890
2.500%, 02/15/45		14,400,000		13,437,073
2.500%, 02/15/46		8,200,000		7,628,952
2.500%, 05/15/46		4,800,000		4,461,936
2.750%, 08/15/42		2,020,000		1,997,154
2.875%, 05/15/43		4,760,000		4,800,079
2.875%, 08/15/45		5,000,000		5,025,500
2.875%, 11/15/46 (b)		3,000,000		3,011,100
3.000%, 11/15/44		11,000,000		11,338,910
3.000%, 05/15/45		4,500,000		4,635,225
3.000%, 11/15/45		7,700,000		7,926,380
3.000%, 02/15/47		3,000,000		3,086,370
3.000%, 05/15/47		3,800,000		3,910,846
3.125%, 02/15/42		1,800,000		1,904,814
3.125%, 02/15/43		3,270,000		3,451,910

BHFTII-166

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Bonds 3.125%, 08/15/44		4,700,000	$	4,960,004
3.375%, 05/15/44		3,000,000		3,308,460
3.500%, 02/15/39		2,080,000		2,349,485
3.625%, 02/15/44		7,120,000		8,185,651
3.750%, 08/15/41		1,830,000		2,140,002
3.750%, 11/15/43		2,600,000		3,048,786
3.875%, 08/15/40		10,380,000		12,348,671
4.250%, 11/15/40		7,280,000		9,138,438
4.375%, 11/15/39		3,900,000		4,964,739
4.375%, 05/15/40		5,220,000		6,655,344
4.375%, 05/15/41		5,850,000		7,485,016
4.500%, 02/15/36		1,600,000		2,058,192
4.500%, 05/15/38		4,950,000		6,393,866
5.000%, 05/15/37 (b)		1,560,000		2,132,099
5.250%, 02/15/29		750,000		965,858
5.375%, 02/15/31		3,675,000		4,924,022
6.125%, 11/15/27		5,750,000		7,734,325
6.250%, 08/15/23		7,700,000		9,497,873
6.250%, 05/15/30 (b)		2,500,000		3,549,600
6.375%, 08/15/27 (b)		6,900,000		9,390,279
6.500%, 11/15/26		4,500,000		6,071,130
7.125%, 02/15/23		11,125,000		14,044,868
7.250%, 08/15/22		6,120,000		7,638,249
7.875%, 02/15/21 (b)		4,450,000		5,350,369
8.000%, 11/15/21		2,920,000		3,639,634
8.125%, 08/15/19		2,645,000		2,970,547
8.125%, 08/15/21 (b)		1,250,000		1,547,938
8.500%, 02/15/20		6,700,000		7,795,316
8.750%, 08/15/20		1,000,000		1,200,290
8.875%, 02/15/19 (b)		5,215,000		5,749,642
U.S. Treasury Notes 0.750%, 02/15/19 (b)		14,100,000		13,973,805
0.750%, 08/15/19 (b)		5,000,000		4,934,850
0.875%, 04/15/19		6,000,000		5,949,600
1.125%, 05/31/19		12,300,000		12,238,131
1.125%, 03/31/20		5,100,000		5,046,501
1.125%, 02/28/21		10,100,000		9,904,161
1.125%, 06/30/21 (b)		14,200,000		13,872,974
1.125%, 07/31/21		12,300,000		12,001,233
1.250%, 10/31/19		5,130,000		5,105,119
1.250%, 01/31/20		15,000,000		14,902,950
1.250%, 02/29/20 (b)		25,800,000		25,622,495
1.250%, 03/31/21		6,100,000		6,001,668
1.375%, 11/30/18 (b)		15,000,000		14,997,000
1.375%, 01/31/20		27,100,000		27,004,338
1.375%, 03/31/20		16,000,000		15,925,625
1.375%, 04/30/20		11,000,000		10,946,320
1.375%, 08/31/20		14,900,000		14,799,723
1.500%, 03/31/19 (b)		16,870,000		16,890,076
1.500%, 02/28/23		4,000,000		3,898,280
1.500%, 08/15/26		10,600,000		9,925,492
1.625%, 06/30/19		15,800,000		15,846,925
1.625%, 08/31/19		4,000,000		4,011,920
1.625%, 12/31/19 (b)		14,800,000		14,835,816
1.625%, 11/30/20		5,000,000		4,993,300
U.S. Treasury—(Continued)
U.S. Treasury Notes 1.625%, 11/15/22		5,000,000		4,922,750
1.625%, 05/31/23		7,900,000		7,730,387
1.625%, 02/15/26		8,300,000		7,891,391
1.625%, 05/15/26		15,900,000		15,083,058
1.750%, 09/30/19		11,000,000		11,057,420
1.750%, 10/31/20		10,000,000		10,031,099
1.750%, 12/31/20		14,800,000		14,829,452
1.750%, 11/30/21		11,000,000		10,963,150
1.750%, 02/28/22		9,000,000		8,956,440
1.750%, 05/15/22 (b)		4,900,000		4,873,638
1.750%, 05/15/23		17,520,000		17,264,733
1.875%, 02/28/22 (b)		15,000,000		15,005,100
1.875%, 03/31/22		16,000,000		15,995,000
1.875%, 04/30/22 (b)		7,000,000		6,993,560
1.875%, 08/31/22		7,400,000		7,381,500
2.000%, 11/30/20		14,800,000		14,951,553
2.000%, 02/28/21		5,000,000		5,049,350
2.000%, 10/31/21		6,000,000		6,043,740
2.000%, 02/15/22		3,800,000		3,825,156
2.000%, 11/30/22		9,600,000		9,618,817
2.000%, 02/15/23		6,900,000		6,904,071
2.000%, 02/15/25		5,000,000		4,931,950
2.000%, 08/15/25		14,100,000		13,859,313
2.000%, 11/15/26		13,300,000		12,962,579
2.125%, 08/31/20		5,800,000		5,883,694
2.125%, 06/30/21		12,000,000		12,158,401
2.125%, 08/15/21		8,710,000		8,821,835
2.125%, 12/31/21		11,900,000		12,035,065
2.125%, 02/29/24		12,000,000		12,010,200
2.125%, 05/15/25		11,100,000		11,029,404
2.250%, 07/31/21 (b)		19,000,000		19,329,080
2.250%, 11/15/24 (b)		7,800,000		7,839,858
2.250%, 11/15/25		10,800,000		10,800,540
2.250%, 02/15/27		5,900,000		5,865,190
2.375%, 12/31/20		7,600,000		7,767,047
2.375%, 08/15/24		16,800,000		17,036,881
2.375%, 05/15/27		6,000,000		6,025,561
2.500%, 08/15/23		14,400,000		14,770,080
2.500%, 05/15/24 (b)		7,000,000		7,160,370
2.625%, 08/15/20		6,000,000		6,171,180
2.750%, 11/15/23		14,335,000		14,902,236
2.750%, 02/15/24		5,600,000		5,815,656
3.125%, 05/15/19		3,000,000		3,081,270
3.375%, 11/15/19		4,350,000		4,520,694
3.500%, 05/15/20		7,790,000		8,178,253
3.625%, 02/15/20		17,190,000		18,025,606
3.750%, 11/15/18		4,550,000		4,668,072
				991,143,514
Total U.S. Treasury & Government Agencies (Cost $1,778,322,922)				1,814,005,580

BHFTII-167

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—28.0%

Security Description	Principal Amount*		Value
Aerospace/Defense—0.4%
Boeing Co. (The) 7.250%, 06/15/25		460,000	$	590,447
Lockheed Martin Corp. 4.090%, 09/15/52 (144A)		5,454,000		5,452,364
Northrop Grumman Systems Corp. 7.750%, 02/15/31		515,000		726,222
Raytheon Co. 3.125%, 10/15/20		1,000,000		1,033,140
United Technologies Corp. 4.500%, 06/01/42		2,645,000		2,844,935
7.500%, 09/15/29		200,000		277,930
				10,925,038
Agriculture—0.3%
Altria Group, Inc. 9.700%, 11/10/18		750,000		814,305
Archer-Daniels-Midland Co. 4.479%, 03/01/21 (b)		2,000,000		2,149,820
Philip Morris International, Inc. 3.250%, 11/10/24		3,000,000		3,061,830
4.500%, 03/26/20		925,000		980,796
Reynolds American, Inc. 4.450%, 06/12/25		1,900,000		2,038,225
				9,044,976
Auto Manufacturers—0.7%
American Honda Finance Corp. 2.300%, 09/09/26 (b)		1,100,000		1,040,204
Daimler Finance North America LLC 8.500%, 01/18/31		1,050,000		1,566,631
Ford Motor Co. 7.450%, 07/16/31		2,200,000		2,847,790
Ford Motor Credit Co. LLC 2.597%, 11/04/19 (b)		3,000,000		3,024,750
General Motors Financial Co., Inc. 2.400%, 05/09/19		5,000,000		5,023,700
Toyota Motor Credit Corp. 3.300%, 01/12/22		4,000,000		4,160,760
				17,663,835
Banks—6.5%
Bank of America Corp. 2.625%, 04/19/21		1,000,000		1,006,900
3.300%, 01/11/23		4,075,000		4,175,734
4.100%, 07/24/23		2,905,000		3,089,177
4.200%, 08/26/24		3,000,000		3,152,010
5.875%, 02/07/42		3,000,000		3,847,680
Bank of New York Mellon Corp. (The) 5.450%, 05/15/19		2,000,000		2,112,520
Bank of Nova Scotia (The) 2.050%, 10/30/18 (b)		3,480,000		3,492,563
Barclays plc 5.250%, 08/17/45		2,700,000		3,084,534
BNP Paribas S.A. 5.000%, 01/15/21		3,225,000		3,498,577
Banks—(Continued)
Branch Banking & Trust Co. 2.850%, 04/01/21		3,400,000		3,475,412
Capital One N.A. 2.250%, 09/13/21		3,000,000		2,959,710
Citigroup, Inc. 4.125%, 07/25/28 (b)		3,000,000		3,085,560
4.750%, 05/18/46		3,000,000		3,262,590
5.375%, 08/09/20		2,200,000		2,395,756
Cooperatieve Rabobank UA 5.250%, 05/24/41		3,640,000		4,469,374
Credit Suisse AG 4.375%, 08/05/20		2,611,000		2,768,104
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		3,000,000		3,113,640
Deutsche Bank AG 4.250%, 10/14/21		900,000		942,759
Fifth Third Bancorp 8.250%, 03/01/38		1,175,000		1,783,239
Goldman Sachs Group, Inc. (The) 2.300%, 12/13/19		3,000,000		3,013,350
3.850%, 01/26/27		1,900,000		1,938,361
6.000%, 06/15/20		2,000,000		2,195,720
6.125%, 02/15/33		2,075,000		2,605,972
HSBC Holdings plc 5.100%, 04/05/21		2,556,000		2,778,040
5.250%, 03/14/44		900,000		1,057,239
6.500%, 09/15/37		905,000		1,200,573
HSBC USA, Inc. 2.350%, 03/05/20 (b)		3,000,000		3,018,570
JPMorgan Chase & Co. 1.700%, 03/01/18		2,000,000		2,000,600
3.250%, 09/23/22		2,850,000		2,946,188
3.900%, 07/15/25		4,700,000		4,936,786
4.950%, 03/25/20		2,650,000		2,833,195
6.300%, 04/23/19		1,900,000		2,027,053
KeyBank N.A. 3.300%, 06/01/25		3,800,000		3,873,758
KFW 1.500%, 02/06/19		5,000,000		4,994,650
1.625%, 03/15/21		5,500,000		5,455,065
2.375%, 08/25/21		1,945,000		1,976,431
2.750%, 09/08/20 (b)		2,300,000		2,362,054
Landwirtschaftliche Rentenbank 2.000%, 01/13/25 (b)		3,500,000		3,416,735
Lloyds Bank plc 6.375%, 01/21/21 (b)		1,500,000		1,688,190
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		1,900,000		1,927,360
Morgan Stanley 4.300%, 01/27/45		2,900,000		3,039,980
4.350%, 09/08/26		3,800,000		3,977,422
5.625%, 09/23/19		1,900,000		2,028,402
7.250%, 04/01/32		1,850,000		2,509,396
7.300%, 05/13/19		2,460,000		2,662,876
National Australia Bank, Ltd. 2.800%, 01/10/22 (b)		1,900,000		1,921,470

BHFTII-168

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Oesterreichische Kontrollbank AG 1.625%, 03/12/19		3,025,000	$	3,024,213
PNC Bank N.A. 2.950%, 02/23/25		4,100,000		4,102,993
Royal Bank of Canada 2.150%, 03/15/19		3,915,000		3,934,771
Royal Bank of Scotland Group plc 3.498%, 3M USD LIBOR + 1.480%, 05/15/23 (a)		1,000,000		1,007,790
Santander UK plc 2.375%, 03/16/20		2,000,000		2,015,140
Sumitomo Mitsui Financial Group, Inc. 2.632%, 07/14/26		3,100,000		2,945,620
Toronto-Dominion Bank (The) 2.250%, 11/05/19 (b)		4,000,000		4,027,680
U.S. Bancorp 3.600%, 09/11/24		3,000,000		3,125,310
UBS AG 4.875%, 08/04/20		3,500,000		3,757,180
Wells Fargo & Co. 2.600%, 07/22/20		4,000,000		4,051,240
3.000%, 01/22/21 (b)		3,400,000		3,477,282
3.000%, 10/23/26		2,000,000		1,955,040
Wells Fargo Bank N.A. 5.950%, 08/26/36		1,900,000		2,414,501
Westpac Banking Corp. 1.950%, 11/23/18		3,000,000		3,004,500
2.800%, 01/11/22 (b)		2,000,000		2,030,140
				174,974,675
Beverages—0.6%
Anheuser-Busch InBev Finance, Inc. 4.900%, 02/01/46		5,300,000		6,021,171
Anheuser-Busch InBev Worldwide, Inc. 4.439%, 10/06/48		1,165,000		1,247,426
Coca-Cola Co. (The) 3.150%, 11/15/20		280,000		290,525
3.200%, 11/01/23 (b)		3,000,000		3,134,070
Pepsi-Cola Metropolitan Bottling Co., Inc. 7.000%, 03/01/29		300,000		405,936
PepsiCo, Inc. 3.600%, 03/01/24		3,975,000		4,199,945
5.000%, 06/01/18		1,000,000		1,022,849
				16,321,922
Biotechnology—0.5%
Amgen, Inc. 2.600%, 08/19/26		3,200,000		3,064,960
5.700%, 02/01/19		850,000		892,814
6.150%, 06/01/18		1,650,000		1,697,276
Celgene Corp. 4.625%, 05/15/44 (b)		4,000,000		4,323,360
Gilead Sciences, Inc. 3.650%, 03/01/26		3,000,000		3,131,430
				13,109,840
Chemicals—0.6%
Dow Chemical Co. (The) 4.250%, 11/15/20		2,750,000		2,903,917
9.400%, 05/15/39		650,000		1,081,054
E. I. du Pont de Nemours & Co. 5.600%, 12/15/36		1,000,000		1,201,530
6.000%, 07/15/18		1,000,000		1,033,979
LyondellBasell Industries NV 4.625%, 02/26/55		4,400,000		4,525,444
Potash Corp. of Saskatchewan, Inc. 4.875%, 03/30/20 (b)		970,000		1,024,485
Praxair, Inc. 3.000%, 09/01/21 (b)		3,950,000		4,065,617
				15,836,026
Computers—0.6%
Apple, Inc. 2.250%, 02/23/21		3,000,000		3,023,130
2.400%, 05/03/23 (b)		2,072,000		2,067,483
4.450%, 05/06/44 (b)		2,944,000		3,247,791
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 (b)		1,400,000		1,479,324
HP, Inc. 4.650%, 12/09/21 (b)		3,600,000		3,876,480
International Business Machines Corp. 4.000%, 06/20/42		3,200,000		3,212,416
8.375%, 11/01/19		425,000		481,623
				17,388,247
Cosmetics/Personal Care—0.3%
Procter & Gamble Co. (The) 2.300%, 02/06/22 (b)		3,600,000		3,625,380
Unilever Capital Corp. 2.900%, 05/05/27 (b)		1,500,000		1,481,880
5.900%, 11/15/32		1,500,000		1,960,050
				7,067,310
Diversified Financial Services—0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.950%, 02/01/22 (b)		1,800,000		1,871,946
Air Lease Corp. 2.625%, 09/04/18		1,000,000		1,007,980
Associates Corp. of North America 6.950%, 11/01/18		1,700,000		1,784,660
BlackRock, Inc. 3.500%, 03/18/24		3,800,000		3,978,106
GE Capital International Funding Co. 4.418%, 11/15/35		2,700,000		2,942,109
HSBC Finance Corp. 6.676%, 01/15/21		433,000		489,641
Nomura Holdings, Inc. 6.700%, 03/04/20		1,325,000		1,456,917
Visa, Inc. 2.800%, 12/14/22		3,000,000		3,067,860
				16,599,219

BHFTII-169

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—1.5%
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43 (b)		3,070,000	$	3,146,351
5.850%, 04/01/18		855,000		873,455
Dominion Energy, Inc. 3.900%, 10/01/25		1,900,000		1,982,384
6.400%, 06/15/18		1,750,000		1,805,444
DTE Electric Co. 3.700%, 03/15/45 (b)		4,000,000		3,977,240
Duke Energy Carolinas LLC 5.300%, 02/15/40		2,000,000		2,446,760
Duke Energy Corp. 3.050%, 08/15/22		4,000,000		4,073,440
Exelon Corp. 3.400%, 04/15/26		3,000,000		3,015,690
5.625%, 06/15/35		1,500,000		1,806,795
Florida Power & Light Co. 5.950%, 02/01/38		1,700,000		2,232,457
Northern States Power Co. 6.250%, 06/01/36		2,200,000		2,911,920
Ohio Power Co. 5.375%, 10/01/21 (b)		1,640,000		1,824,074
Oncor Electric Delivery Co. LLC 7.000%, 05/01/32		950,000		1,311,950
Pacific Gas & Electric Co. 5.400%, 01/15/40		3,320,000		4,083,699
PacifiCorp 2.950%, 02/01/22		2,800,000		2,865,912
PPL Capital Funding, Inc. 3.400%, 06/01/23		2,000,000		2,060,080
PSEG Power LLC 8.625%, 04/15/31 (b)		1,000,000		1,308,490
				41,726,141
Electrical Components & Equipment—0.1%
Emerson Electric Co. 4.875%, 10/15/19		1,800,000		1,905,048
Environmental Control—0.1%
Waste Management, Inc. 7.000%, 07/15/28		1,265,000		1,641,894
Food—0.5%
General Mills, Inc. 5.650%, 02/15/19		1,700,000		1,786,377
Kraft Heinz Foods Co. 3.000%, 06/01/26		3,300,000		3,168,660
Kroger Co. (The) 3.300%, 01/15/21		3,900,000		3,994,965
Mondelez International, Inc. 5.375%, 02/10/20		1,800,000		1,927,368
Sysco Corp. 2.600%, 06/12/22		2,400,000		2,405,832
				13,283,202
Forest Products & Paper—0.1%
Georgia-Pacific LLC 8.000%, 01/15/24		1,800,000		2,314,998
International Paper Co. 3.000%, 02/15/27		1,500,000		1,455,405
				3,770,403
Gas—0.2%
Nisource Finance Corp. 4.800%, 02/15/44		4,000,000		4,387,680
Sempra Energy 6.150%, 06/15/18		900,000		927,241
				5,314,921
Healthcare-Products—0.6%
Abbott Laboratories 4.750%, 11/30/36		3,000,000		3,311,070
5.125%, 04/01/19		1,073,000		1,123,571
Becton Dickinson & Co. 4.669%, 06/06/47		2,000,000		2,094,180
Medtronic, Inc. 4.000%, 04/01/43		3,900,000		3,982,953
4.625%, 03/15/45		3,000,000		3,416,310
Thermo Fisher Scientific, Inc. 4.150%, 02/01/24		3,445,000		3,671,543
				17,599,627
Healthcare-Services—0.4%
Aetna, Inc. 2.750%, 11/15/22		3,000,000		3,022,770
Anthem, Inc. 5.850%, 01/15/36		1,800,000		2,188,926
Laboratory Corp. of America Holdings 4.625%, 11/15/20 (b)		1,900,000		2,019,415
UnitedHealth Group, Inc. 3.750%, 07/15/25		3,600,000		3,821,977
				11,053,088
Insurance—0.9%
Aflac, Inc. 3.625%, 06/15/23		2,975,000		3,145,676
Allstate Corp. (The) 6.900%, 05/15/38		150,000		205,381
7.450%, 05/16/19		1,700,000		1,841,746
American International Group, Inc. 3.300%, 03/01/21		3,000,000		3,088,680
AXA S.A. 8.600%, 12/15/30		1,165,000		1,672,963
Berkshire Hathaway, Inc. 3.125%, 03/15/26		2,900,000		2,932,770
Chubb Corp. (The) 6.000%, 05/11/37		865,000		1,128,418
Chubb INA Holdings, Inc. 3.350%, 05/15/24		4,000,000		4,138,280

BHFTII-170

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Hartford Financial Services Group, Inc. (The) 6.100%, 10/01/41		780,000	$	1,010,053
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26		4,000,000		4,184,240
Prudential Financial, Inc. 5.700%, 12/14/36		1,525,000		1,874,332
				25,222,539
Internet—0.2%
Amazon.com, Inc. 3.800%, 12/05/24 (b)		3,800,000		4,060,566
eBay, Inc. 3.600%, 06/05/27 (b)		1,500,000		1,491,300
				5,551,866
Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36		1,100,000		1,263,405
Machinery-Construction & Mining—0.1%
Caterpillar, Inc. 7.900%, 12/15/18		1,757,000		1,884,470
Machinery-Diversified—0.1%
Deere & Co. 2.600%, 06/08/22		1,950,000		1,970,475
Media—1.0%
21st Century Fox America, Inc. 6.550%, 03/15/33		1,950,000		2,460,081
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, 07/23/22		2,800,000		2,961,196
Comcast Corp. 4.650%, 07/15/42 (b)		3,670,000		4,051,166
5.650%, 06/15/35		1,500,000		1,826,640
Discovery Communications LLC 6.350%, 06/01/40		1,800,000		2,082,708
Historic TW, Inc. 6.875%, 06/15/18		1,800,000		1,862,016
Thomson Reuters Corp. 6.500%, 07/15/18		800,000		829,591
Time Warner Cable LLC 5.000%, 02/01/20		1,900,000		2,008,186
6.550%, 05/01/37		100,000		117,423
Time Warner Entertainment Co. L.P. 8.375%, 03/15/23		380,000		472,131
Time Warner, Inc. 6.100%, 07/15/40		925,000		1,079,771
7.700%, 05/01/32		685,000		952,444
Viacom, Inc. 4.375%, 03/15/43		3,500,000		3,013,255
Media—(Continued)
Walt Disney Co. (The) 2.750%, 08/16/21 (b)		1,930,000		1,972,923
2.950%, 06/15/27		2,000,000		1,998,467
				27,687,998
Mining—0.3%
Barrick North America Finance LLC 4.400%, 05/30/21 (b)		3,125,000		3,357,625
Newmont Mining Corp. 6.250%, 10/01/39		1,800,000		2,244,060
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		2,186,386
				7,788,071
Miscellaneous Manufacturing—0.4%
General Electric Co. 3.375%, 03/11/24		2,900,000		3,028,296
5.250%, 12/06/17		1,800,000		1,812,571
5.300%, 02/11/21		1,915,000		2,108,109
6.750%, 03/15/32		1,250,000		1,732,162
7.500%, 08/21/35		100,000		140,906
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, 05/01/20		1,200,000		1,209,420
				10,031,464
Multi-National—1.4%
Asian Development Bank 1.625%, 08/26/20		4,000,000		3,982,760
2.000%, 02/16/22		2,000,000		1,999,140
European Bank for Reconstruction & Development 1.000%, 06/15/18		3,564,000		3,553,618
European Investment Bank 1.625%, 12/15/20 (b)		2,000,000		1,986,260
2.500%, 10/15/24 (b)		3,800,000		3,856,126
4.000%, 02/16/21		1,700,000		1,816,246
4.875%, 02/15/36		3,700,000		4,806,596
Inter-American Development Bank 1.750%, 10/15/19 (b)		2,000,000		2,004,720
2.125%, 01/15/25 (b)		3,900,000		3,850,938
6.800%, 10/15/25		500,000		638,505
7.000%, 06/15/25		200,000		258,030
International Bank for Reconstruction & Development 0.875%, 08/15/19 (b)		3,000,000		2,959,650
2.125%, 03/03/25 (b)		3,000,000		2,953,230
7.625%, 01/19/23 (b)		2,970,000		3,769,465
8.875%, 03/01/26		535,000		773,210
				39,208,494
Oil & Gas—1.6%
Apache Finance Canada Corp. 7.750%, 12/15/29		300,000		389,775

BHFTII-171

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
BP Capital Markets plc 3.245%, 05/06/22		3,900,000	$	4,037,826
Canadian Natural Resources, Ltd. 6.250%, 03/15/38 (b)		1,800,000		2,167,398
Chevron Corp. 3.191%, 06/24/23		3,025,000		3,139,073
ConocoPhillips Canada Funding Co. I 5.950%, 10/15/36		1,550,000		1,934,927
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		907,165
Hess Corp. 8.125%, 02/15/19		1,630,000		1,749,723
Marathon Oil Corp. 6.600%, 10/01/37 (b)		2,000,000		2,306,880
Noble Energy, Inc. 3.900%, 11/15/24		4,200,000		4,304,832
Petroleos Mexicanos 4.875%, 01/24/22		1,900,000		1,992,055
6.625%, 06/15/35 (b)		3,400,000		3,668,124
Shell International Finance B.V. 1.875%, 05/10/21		5,000,000		4,961,650
4.300%, 09/22/19		1,000,000		1,048,600
4.375%, 05/11/45		1,900,000		2,035,242
Statoil ASA 3.250%, 11/10/24 (b)		3,100,000		3,178,275
6.700%, 01/15/18		300,000		304,747
Total Capital International S.A. 2.700%, 01/25/23		3,000,000		3,032,460
XTO Energy, Inc. 6.500%, 12/15/18		1,600,000		1,689,056
				42,847,808
Oil & Gas Services—0.2%
Halliburton Co. 3.500%, 08/01/23 (b)		4,000,000		4,142,680
Pharmaceuticals—1.2%
AbbVie, Inc. 4.400%, 11/06/42		3,200,000		3,340,768
Allergan Funding SCS 3.800%, 03/15/25		2,400,000		2,490,936
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,205,664
Express Scripts Holding Co. 4.500%, 02/25/26 (b)		2,700,000		2,890,431
6.125%, 11/15/41		313,000		379,722
Johnson & Johnson 5.950%, 08/15/37		910,000		1,221,229
6.950%, 09/01/29		250,000		344,812
Merck & Co., Inc. 2.400%, 09/15/22		4,000,000		4,030,720
6.550%, 09/15/37		1,000,000		1,381,700
Merck Sharp & Dohme Corp. 5.950%, 12/01/28		300,000		374,271
Novartis Capital Corp. 4.400%, 04/24/20 (b)		900,000		956,700
Pharmaceuticals—(Continued)
Sanofi 4.000%, 03/29/21 (b)		2,775,000		2,941,916
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26		3,000,000		2,956,380
Teva Pharmaceutical Finance Netherlands B.V. 2.800%, 07/21/23		3,000,000		2,861,370
Wyeth LLC 5.950%, 04/01/37		3,300,000		4,326,201
				31,702,820
Pipelines—0.9%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		220,000		283,764
Enbridge Energy Partners L.P. 5.875%, 10/15/25		3,000,000		3,409,320
Energy Transfer L.P. 4.650%, 06/01/21 (b)		1,950,000		2,071,953
5.150%, 03/15/45		2,600,000		2,527,044
Enterprise Products Operating LLC 3.950%, 02/15/27		3,800,000		3,988,556
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,273,440
Sabine Pass Liquefaction LLC 5.625%, 04/15/23 (b)		2,700,000		2,992,329
Tennessee Gas Pipeline Co. LLC 7.000%, 10/15/28		1,050,000		1,264,735
7.625%, 04/01/37		640,000		815,315
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		2,303,226
Williams Partners L.P. 5.250%, 03/15/20		3,575,000		3,832,972
				25,762,654
Real Estate Investment Trusts—0.4%
AvalonBay Communities, Inc. 6.100%, 03/15/20		860,000		941,597
Boston Properties L.P. 3.850%, 02/01/23		2,950,000		3,107,855
HCP, Inc. 5.375%, 02/01/21		2,591,000		2,811,960
Kimco Realty Corp. 6.875%, 10/01/19		550,000		599,066
Simon Property Group L.P. 3.300%, 01/15/26 (b)		3,800,000		3,815,732
				11,276,210
Retail—1.2%
CVS Health Corp. 2.250%, 12/05/18		3,930,000		3,948,982
Home Depot, Inc. (The) 2.000%, 04/01/21 (b)		3,000,000		2,996,460
4.400%, 04/01/21 (b)		1,450,000		1,555,502
Lowe’s Cos., Inc. 4.050%, 05/03/47		1,500,000		1,538,145

BHFTII-172

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Macy’s Retail Holdings, Inc. 4.300%, 02/15/43 (b)		2,300,000	$	1,854,847
McDonald’s Corp. 3.700%, 01/30/26 (b)		6,000,000		6,253,620
5.350%, 03/01/18		885,000		898,775
Target Corp. 4.000%, 07/01/42		2,000,000		2,008,637
6.350%, 11/01/32		708,000		912,733
Wal-Mart Stores, Inc. 2.550%, 04/11/23 (b)		4,000,000		4,057,320
5.250%, 09/01/35		935,000		1,145,730
5.625%, 04/15/41 (b)		1,900,000		2,464,319
Walgreens Boots Alliance, Inc. 2.700%, 11/18/19 (b)		3,000,000		3,040,260
				32,675,330
Semiconductors—0.2%
Intel Corp. 2.700%, 12/15/22		2,000,000		2,038,900
QUALCOMM, Inc. 3.450%, 05/20/25 (b)		4,000,000		4,129,880
				6,168,780
Software—1.2%
Adobe Systems, Inc. 4.750%, 02/01/20		2,200,000		2,342,450
Fidelity National Information Services, Inc. 2.850%, 10/15/18		4,000,000		4,046,360
Microsoft Corp. 2.000%, 11/03/20 (b)		3,000,000		3,013,620
3.125%, 11/03/25		5,100,000		5,256,875
3.300%, 02/06/27 (b)		2,000,000		2,073,560
4.200%, 06/01/19 (b)		2,700,000		2,813,994
4.250%, 02/06/47		3,000,000		3,314,820
Oracle Corp. 2.375%, 01/15/19 (b)		3,885,000		3,922,840
4.125%, 05/15/45		4,200,000		4,396,602
				31,181,121
Telecommunications—1.6%
AT&T Mobility LLC 7.125%, 12/15/31		100,000		128,307
AT&T, Inc. 2.450%, 06/30/20		4,100,000		4,129,889
4.125%, 02/17/26 (b)		3,000,000		3,081,540
4.500%, 03/09/48		2,100,000		1,935,171
5.000%, 03/01/21		2,600,000		2,810,834
5.300%, 08/14/58		2,500,000		2,529,000
5.800%, 02/15/19		1,700,000		1,788,502
6.300%, 01/15/38		1,300,000		1,530,633
British Telecommunications plc 9.125%, 12/15/30		1,000,000		1,510,860
Cisco Systems, Inc. 5.500%, 01/15/40		2,000,000		2,516,820
Telecommunications—(Continued)
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		1,000,000		1,471,160
Orange S.A. 5.500%, 02/06/44 (b)		2,400,000		2,885,304
Rogers Communications, Inc. 6.800%, 08/15/18		800,000		834,604
Telefonica Emisiones S.A.U. 4.103%, 03/08/27 (b)		1,900,000		1,966,500
Verizon Communications, Inc. 2.946%, 03/15/22 (b)		1,690,000		1,716,634
3.376%, 02/15/25 (144A)		2,078,000		2,086,374
4.812%, 03/15/39		3,927,000		4,060,322
5.012%, 04/15/49		3,532,000		3,623,232
Vodafone Group plc 6.150%, 02/27/37		2,170,000		2,666,865
				43,272,551
Transportation—0.5%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		3,900,000		4,131,426
CSX Corp. 6.150%, 05/01/37		1,600,000		2,058,640
FedEx Corp. 4.550%, 04/01/46		1,000,000		1,065,600
8.000%, 01/15/19		675,000		726,867
Norfolk Southern Corp. 3.000%, 04/01/22		1,911,000		1,951,933
5.590%, 05/17/25		28,000		32,128
Union Pacific Corp. 6.625%, 02/01/29		1,200,000		1,570,236
United Parcel Service, Inc. 5.125%, 04/01/19		760,000		798,008
				12,334,838
Total Corporate Bonds & Notes (Cost $740,722,776)				757,198,986
Foreign Government—1.6%
Banks—0.1%
Kreditanstalt fuer Wiederaufbau 1.500%, 04/20/20		3,000,000		2,982,630
Electric—0.0%
Hydro-Quebec 8.400%, 01/15/22		1,000,000		1,231,340
Provincial—0.3%
Province of British Columbia Canada 2.000%, 10/23/22		1,970,000		1,950,950
Province of Nova Scotia Canada 9.250%, 03/01/20		250,000		288,593
Province of Ontario Canada 2.450%, 06/29/22 (b)		4,000,000		4,035,480
4.400%, 04/14/20		2,100,000		2,227,617

BHFTII-173

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Provincial—(Continued)
Province of Quebec Canada 7.500%, 07/15/23		350,000	$	438,651
				8,941,291
Sovereign—1.2%
Canada Government International Bonds 1.625%, 02/27/19		4,000,000		4,008,560
Colombia Government International Bonds 5.000%, 06/15/45 (b)		1,000,000		1,029,710
8.125%, 05/21/24 (b)		1,500,000		1,921,230
Export-Import Bank of Korea 2.250%, 01/21/20		2,000,000		1,993,660
Japan Bank for International Cooperation 1.750%, 05/28/20		5,000,000		4,958,300
Mexico Government International Bonds 5.750%, 10/12/10		2,000,000		2,142,680
6.750%, 09/27/34		1,050,000		1,373,064
8.000%, 09/24/22		2,200,000		2,786,256
Panama Government International Bonds 5.200%, 01/30/20		1,370,000		1,474,038
Peruvian Government International Bonds 8.750%, 11/21/33 (b)		1,450,000		2,280,603
Philippine Government International Bonds 5.000%, 01/13/37		1,740,000		2,057,446
Republic of Korea 7.125%, 04/16/19		4,900,000		5,268,627
				31,294,174
Total Foreign Government (Cost $43,824,891)				44,449,435
Mortgage-Backed Securities—1.4%
Commercial Mortgage-Backed Securities—1.4%
CD Mortgage Trust 2.724%, 08/10/49		1,664,000		1,616,045
Commercial Mortgage Trust 3.765%, 02/10/49		1,539,000		1,610,912
3.838%, 09/10/47		3,800,000		3,993,182
3.902%, 07/10/50		1,835,000		1,935,549
Credit Suisse Mortgage Capital Certificates Trust 3.795%, 12/15/49 (a)		2,889,000		3,024,553
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,835,000		1,877,275
GS Mortgage Securities Trust 3.135%, 06/10/46		2,935,000		3,004,467
3.377%, 05/10/45		2,677,960		2,770,582
4.243%, 08/10/46		966,000		1,044,167
JPMBB Commercial Mortgage Securities Trust 3.598%, 11/15/48		3,900,000		4,051,680
3.801%, 08/15/48		1,534,000		1,611,967
Morgan Stanley Bank of America Merrill Lynch Trust 3.544%, 01/15/49		3,850,000		3,975,167
3.635%, 10/15/48		1,547,000		1,615,565
3.732%, 05/15/48		3,750,000		3,938,326
Commercial Mortgage-Backed Securities—(Continued)
WF-RBS Commercial Mortgage Trust 3.488%, 06/15/46		1,054,000		1,073,675
Total Mortgage-Backed Securities (Cost $37,100,747)				37,143,112
Municipals—0.6%
Los Angeles, Unified School District, Build America Bonds 6.758%, 07/01/34		2,160,000		3,004,884
New Jersey Turnpike Authority 7.414%, 01/01/40		3,500,000		5,277,405
Oregon School Boards Association, General Obligation Unlimited 5.680%, 06/30/28		1,900,000		2,261,209
State of California, General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		2,000,000		2,939,960
State of Georgia 6.637%, 04/01/57		2,000,000		2,527,480
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		1,230,000		1,243,899
Total Municipals (Cost $14,828,881)				17,254,837
Asset-Backed Securities—0.5%
Asset-Backed - Automobile—0.2%
Ally Auto Receivables Trust 1.990%, 11/15/21		2,990,000		2,991,596
Honda Auto Receivables Owner Trust 1.330%, 11/18/22		1,011,000		999,825
Nissan Auto Receivables Owner Trust 1.790%, 01/17/22		1,498,000		1,497,572
				5,488,993
Asset-Backed - Credit Card—0.3%
Citibank Credit Card Issuance Trust 2.150%, 07/15/21		2,980,000		2,999,308
2.880%, 01/23/23		4,924,000		5,058,997
				8,058,305
Total Asset-Backed Securities (Cost $13,510,400)				13,547,298
Short-Term Investments—0.8%
Discount Notes—0.7%
Federal Home Loan Bank 1.020%, 11/10/17 (c)		4,100,000		4,095,560
1.032%, 11/15/17 (c)		2,000,000		1,997,556
1.038%, 11/28/17 (c)		7,600,000		7,587,969
1.088%, 01/12/18 (c)		700,000		697,858

BHFTII-174

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Discount Notes—(Continued)
Freddie Mac 1.018%, 12/14/17 (c)		5,000,000	$	4,989,455
				19,368,398
U.S. Treasury—0.1%
U.S. Treasury Bills 1.013%, 12/21/17 (c)		3,900,000		3,891,398
Total Short-Term Investments (Cost $23,258,527)				23,259,796
Securities Lending Reinvestments (d)—10.8%
Certificates of Deposit—6.6%
ABN AMRO Bank NV Zero Coupon, 11/21/17		4,982,685		4,991,700
Banco Del Estado De Chile New York 1.457%, 1M LIBOR + 0.220%, 10/19/17 (a)		6,000,000		6,000,228
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (a)		4,000,000		4,000,772
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (a)		3,000,000		3,001,392
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (a)		10,000,000		10,001,180
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (a)		5,000,000		5,000,270
1.647%, 1M LIBOR + 0.410%, 10/27/17 (a)		2,500,000		2,500,522
Chiba Bank, Ltd., New York 1.360%, 11/07/17		3,000,000		3,000,000
1.360%, 11/20/17		3,000,000		3,000,000
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (a)		500,000		500,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (a)		500,000		500,050
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (a)		7,000,000		7,000,252
1.494%, 1M LIBOR + 0.260%, 10/16/17 (a)		6,500,000		6,500,312
KBC Bank NV 1.380%, 10/26/17		7,250,000		7,250,797
1.380%, 10/27/17		3,000,000		3,000,330
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		4,993,519		4,997,450
Mitsubishi UFJ Trust and Banking Corp. 1.485%, 1M LIBOR + 0.250%, 10/11/17 (a)		2,000,000		2,000,050
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (a)		1,500,000		1,499,982
1.494%, 1M LIBOR + 0.260%, 10/18/17 (a)		2,500,000		2,500,085
1.515%, 1M LIBOR + 0.280%, 10/11/17 (a)		6,000,000		6,000,138
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (a)		3,500,000		3,501,225
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (a)		8,000,000		7,999,720
1.396%, 1M LIBOR + 0.160%, 11/13/17 (a)		6,000,000		6,000,276
Norinchukin Bank New York 1.397%, 1M LIBOR + 0.160%, 01/19/18 (a)		2,000,000		2,000,064
1.407%, 1M LIBOR + 0.170%, 02/23/18 (a)		8,000,000		8,000,336
1.486%, 1M LIBOR + 0.250%, 10/13/17 (a)		4,000,000		4,000,148
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (a)		4,000,000		3,999,820
Royal Bank of Canada New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (a)		500,000		500,041
Standard Chartered plc 1.460%, 02/02/18		8,000,000		8,002,024
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (a)		2,500,000		2,499,925
1.432%, 1M LIBOR + 0.200%, 02/05/18 (a)		3,000,000		3,000,312
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (a)		750,000		750,056
1.404%, 1M LIBOR + 0.170%, 02/16/18 (a)		4,000,000		4,000,172
1.406%, 1M LIBOR + 0.170%, 11/13/17 (a)		1,000,000		1,000,081
1.488%, 1M LIBOR + 0.250%, 10/26/17 (a)		3,500,000		3,500,350
1.495%, 1M LIBOR + 0.260%, 10/11/17 (a)		2,500,000		2,500,095
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (a)		7,500,000		7,501,020
Swedbank AB 1.140%, 10/02/17		5,000,000		4,999,995
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (a)		12,000,000		12,010,704

BHFTII-175

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (a)		7,000,000	$	6,999,951
1.694%, 3M LIBOR + 0.380%, 10/26/17 (a)		2,100,000		2,100,506
				178,112,331
Commercial Paper — 2.6%
Barton Capital S.A. 1.330%, 10/05/17		7,974,287		7,999,440
1.330%, 10/13/17		4,983,190		4,998,260
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (a)		2,000,000		2,000,342
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (a)		7,500,000		7,500,405
1.386%, 1M LIBOR + 0.150%, 11/13/17 (a)		3,000,000		3,000,138
Kells Funding LLC 1.400%, 03/01/18		4,964,417		4,969,885
Macquarie Bank, Ltd., London 1.350%, 11/13/17		2,990,775		2,995,302
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (a)		2,750,000		2,751,419
Ridgefield Funding Co. LLC 1.431%, 1M LIBOR + 0.200%, 03/07/18 (a)		3,000,000		3,000,000
Sheffield Receivables Co. 1.330%, 10/05/17		9,966,750		9,999,350
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (a)		8,000,000		8,000,488
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (a)		10,000,000		10,002,320
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (a)		2,100,000		2,100,389
				69,317,738
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,592,283 on 10/02/17, collateralized by $4,310,831 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $2,643,898.		2,592,057		2,592,057
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,400,210 on 10/02/17, collateralized by $2,443,218 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $2,448,000.		2,400,000		2,400,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,524,368 on 01/02/18, 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 09/12/17 at 1.710% to be repurchased at $7,539,900 on 01/02/18, collateralized by $40,382 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $8,336,516.		7,500,000		7,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,200,102 on 10/02/17, collateralized by $1,151,151 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,224,933.		1,200,000		1,200,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
Repurchase Agreement dated 06/08/17 at 1.070% to be repurchased at $10,035,667 on 10/06/17, collateralized by $9,592,927 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $10,207,777.		10,000,000		10,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $8,058,520 on 01/02/18, collateralized by various Common Stock with a value of $8,800,002.		8,000,000		8,000,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,184,327 on 01/02/18, collateralized by various Common Stock with a value of $4,510,000.		4,100,000		4,100,000

BHFTII-176

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale S.A. Repurchase Agreement dated 08/01/17 at 1.260% to be repurchased at $4,008,680 on 10/02/17, collateralized by $180,190 U.S. Treasury Obligations with rates ranging from 1.375% - 2.750%, maturity dates ranging from 07/31/20 - 02/15/24, and various Common Stock with a value of $4,437,445.		4,000,000	$	4,000,000
				41,492,057
Time Deposits—0.1%
Credit Agricole S.A. 1.080%, 10/02/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 10/02/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		100,000		100,000
Standard Chartered plc 1.200%, 10/02/17		100,000		100,000
				1,400,000
Total Securities Lending Reinvestments (Cost $290,291,556)				290,322,126
Total Investments—110.7% (Cost $2,941,860,700)				2,997,181,170
Other assets and liabilities (net)—(10.7)%				(290,115,927	)
Net Assets—100.0%			$	2,707,065,243

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $263,938,097 and the collateral received consisted of cash in the amount of $290,197,679. 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 September 30, 2017.
(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 September 30, 2017, the market value of 144A securities was $7,538,738, which is 0.3% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(CMO)—	Collateralized Mortgage Obligation
(LIBOR)—	London Interbank Offered Rate

BHFTII-177

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,814,005,580		$	—	$	1,814,005,580
Total Corporate Bonds & Notes*		—		757,198,986			—		757,198,986
Total Foreign Government*		—		44,449,435			—		44,449,435
Total Mortgage-Backed Securities*		—		37,143,112			—		37,143,112
Total Municipals		—		17,254,837			—		17,254,837
Total Asset-Backed Securities*		—		13,547,298			—		13,547,298
Total Short-Term Investments*		—		23,259,796			—		23,259,796
Total Securities Lending Reinvestments*		—		290,322,126			—		290,322,126
Total Investments	$	—	$	2,997,181,170		$	—	$	2,997,181,170
Collateral for Securities Loaned (Liability)	$	—	$	(290,197,679	)	$	—	$	(290,197,679	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-178

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—96.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.9%
Curtiss-Wright Corp.		28,537	$	2,983,258
Esterline Technologies Corp. (a)		17,055		1,537,508
Huntington Ingalls Industries, Inc.		29,359		6,648,052
KLX, Inc. (a)		33,248		1,759,817
Orbital ATK, Inc.		37,246		4,959,677
Teledyne Technologies, Inc. (a)		22,845		3,636,467
				21,524,779
Airlines—0.3%
JetBlue Airways Corp. (a) (b)		212,650		3,940,404
Auto Components—0.7%
Cooper Tire & Rubber Co. (c)		33,742		1,261,951
Dana, Inc.		93,544		2,615,490
Gentex Corp.		184,620		3,655,476
				7,532,917
Automobiles—0.4%
Thor Industries, Inc.		31,619		3,981,148
Banks—8.3%
Associated Banc-Corp.		97,850		2,372,863
BancorpSouth, Inc. (c)		54,734		1,754,225
Bank of Hawaii Corp. (c)		27,579		2,298,985
Bank of the Ozarks, Inc.		78,511		3,772,454
Cathay General Bancorp		49,099		1,973,780
Chemical Financial Corp. (c)		45,997		2,403,803
Commerce Bancshares, Inc.		57,816		3,340,030
Cullen/Frost Bankers, Inc. (c)		37,790		3,587,027
East West Bancorp, Inc.		93,415		5,584,349
First Horizon National Corp.		151,385		2,899,023
FNB Corp.		208,981		2,932,003
Fulton Financial Corp. (c)		113,107		2,120,756
Hancock Holding Co.		54,790		2,654,576
Home BancShares, Inc.		102,180		2,576,980
International Bancshares Corp.		35,019		1,404,262
MB Financial, Inc. (c)		54,201		2,440,129
PacWest Bancorp (c)		77,616		3,920,384
Pinnacle Financial Partners, Inc.		47,692		3,192,979
Prosperity Bancshares, Inc. (c)		44,928		2,953,117
Signature Bank (a)		35,543		4,550,926
Sterling Bancorp		145,216		3,579,574
SVB Financial Group (a) (c)		34,069		6,373,969
Synovus Financial Corp.		78,556		3,618,289
TCF Financial Corp.		110,964		1,890,827
Texas Capital Bancshares, Inc. (a)		32,069		2,751,520
Trustmark Corp. (c)		43,797		1,450,557
UMB Financial Corp.		28,454		2,119,539
Umpqua Holdings Corp.		142,375		2,777,736
United Bankshares, Inc.		67,862		2,521,073
Valley National Bancorp		170,669		2,056,561
Webster Financial Corp.		59,530		3,128,302
Wintrust Financial Corp.		36,084		2,825,738
				93,826,336
Beverages—0.1%
Boston Beer Co., Inc. (The) - Class A (a)		5,767		900,805
Biotechnology—0.6%
Bioverativ, Inc. (a)		69,930		3,990,905
United Therapeutics Corp. (a)		28,088		3,291,633
				7,282,538
Building Products—0.4%
Lennox International, Inc.		24,546		4,392,998
Capital Markets—3.1%
Eaton Vance Corp.		74,341		3,670,215
FactSet Research Systems, Inc. (c)		25,363		4,568,130
Federated Investors, Inc. - Class B (c)		61,654		1,831,124
Janus Henderson Group plc		116,619		4,063,006
Legg Mason, Inc.		56,279		2,212,327
MarketAxess Holdings, Inc.		24,301		4,483,778
MSCI, Inc.		58,227		6,806,736
SEI Investments Co.		84,846		5,180,697
Stifel Financial Corp.		44,165		2,361,061
				35,177,074
Chemicals—2.9%
Ashland Global Holdings, Inc.		40,346		2,638,225
Cabot Corp.		40,234		2,245,057
Chemours Co. (The)		119,482		6,046,984
Minerals Technologies, Inc.		22,689		1,602,978
NewMarket Corp. (c)		5,978		2,545,134
Olin Corp. (c)		107,493		3,681,635
PolyOne Corp.		52,882		2,116,866
RPM International, Inc.		86,337		4,432,542
Scotts Miracle-Gro Co. (The)		26,436		2,573,280
Sensient Technologies Corp.		28,361		2,181,528
Valvoline, Inc.		131,006		3,072,091
				33,136,320
Commercial Services & Supplies—1.8%
Brink’s Co. (The)		32,638		2,749,751
Clean Harbors, Inc. (a) (c)		33,627		1,906,651
Copart, Inc. (a)		129,559		4,452,943
Deluxe Corp.		31,263		2,280,948
Herman Miller, Inc.		38,665		1,388,073
HNI Corp.		28,508		1,182,227
MSA Safety, Inc.		21,974		1,747,153
Pitney Bowes, Inc.		120,698		1,690,979
Rollins, Inc.		62,019		2,861,557
				20,260,282
Communications Equipment—1.3%
ARRIS International plc (a)		114,124		3,251,393
Brocade Communications Systems, Inc.		267,504		3,196,673
Ciena Corp. (a)		91,659		2,013,748
InterDigital, Inc.		22,442		1,655,098
NetScout Systems, Inc. (a)		57,890		1,872,741
Plantronics, Inc.		21,728		960,812

BHFTII-179

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—(Continued)
ViaSat, Inc. (a) (c)		34,882	$	2,243,610
				15,194,075
Construction & Engineering—1.2%
AECOM (a)		101,320		3,729,589
Dycom Industries, Inc. (a) (c)		20,094		1,725,673
EMCOR Group, Inc.		38,262		2,654,618
Granite Construction, Inc. (c)		25,759		1,492,734
KBR, Inc.		90,438		1,617,031
Valmont Industries, Inc.		14,606		2,309,209
				13,528,854
Construction Materials—0.3%
Eagle Materials, Inc.		31,356		3,345,685
Consumer Finance—0.3%
SLM Corp. (a)		279,015		3,200,302
Containers & Packaging—1.3%
AptarGroup, Inc.		40,554		3,500,216
Bemis Co., Inc.		58,709		2,675,369
Greif, Inc. - Class A (c)		16,703		977,794
Owens-Illinois, Inc. (a)		105,306		2,649,499
Silgan Holdings, Inc.		47,787		1,406,371
Sonoco Products Co.		64,264		3,242,119
				14,451,368
Distributors—0.3%
Pool Corp.		26,653		2,883,055
Diversified Consumer Services—0.7%
Adtalem Global Education, Inc.		40,134		1,438,804
Graham Holdings Co. - Class B		2,992		1,750,619
Service Corp. International		121,053		4,176,328
Sotheby’s (a)		24,178		1,114,848
				8,480,599
Diversified Telecommunication Services—0.1%
Frontier Communications Corp. (c)		50,778		598,673
Electric Utilities—1.8%
Great Plains Energy, Inc.		139,432		4,224,790
Hawaiian Electric Industries, Inc. (c)		70,334		2,347,046
IDACORP, Inc.		32,580		2,864,759
OGE Energy Corp.		129,117		4,652,085
PNM Resources, Inc. (c)		51,499		2,075,410
Westar Energy, Inc.		91,838		4,555,165
				20,719,255
Electrical Equipment—0.7%
EnerSys		28,061		1,940,980
Hubbell, Inc.		35,367		4,103,279
Regal-Beloit Corp.		28,834		2,277,886
				8,322,145
Electronic Equipment, Instruments & Components—5.0%
Arrow Electronics, Inc. (a)		57,065		4,588,597
Avnet, Inc.		79,566		3,126,944
Belden, Inc.		27,348		2,202,334
Cognex Corp.		55,973		6,172,702
Coherent, Inc. (a)		15,925		3,745,082
IPG Photonics Corp. (a)		24,361		4,508,247
Jabil, Inc.		115,888		3,308,602
Keysight Technologies, Inc. (a)		119,848		4,992,868
Knowles Corp. (a)		57,810		882,759
Littelfuse, Inc.		14,685		2,876,498
National Instruments Corp. (c)		69,183		2,917,447
SYNNEX Corp.		18,851		2,384,840
Tech Data Corp. (a)		22,433		1,993,172
Trimble, Inc. (a) (c)		163,672		6,424,126
VeriFone Systems, Inc. (a) (c)		72,307		1,466,386
Vishay Intertechnology, Inc. (c)		86,717		1,630,280
Zebra Technologies Corp. - Class A (a)		34,337		3,728,311
				56,949,195
Energy Equipment & Services—1.5%
Core Laboratories NV		28,519		2,814,825
Diamond Offshore Drilling, Inc. (a) (c)		41,699		604,636
Dril-Quip, Inc. (a)		24,463		1,080,041
Ensco plc - Class A		196,468		1,172,914
Nabors Industries, Ltd.		184,783		1,491,199
Oceaneering International, Inc.		63,536		1,669,091
Patterson-UTI Energy, Inc.		137,940		2,888,464
Rowan Cos. plc - Class A (a) (c)		73,458		943,935
Superior Energy Services, Inc. (a) (c)		98,812		1,055,312
Transocean, Ltd. (a)		252,916		2,721,376
				16,441,793
Equity Real Estate Investment Trusts—8.9%
Alexander & Baldwin, Inc.		29,877		1,384,201
American Campus Communities, Inc.		88,206		3,894,295
Camden Property Trust		59,752		5,464,320
CoreCivic, Inc.		76,408		2,045,442
CoreSite Realty Corp.		22,107		2,473,773
Corporate Office Properties Trust		64,309		2,111,264
Cousins Properties, Inc. (c)		271,544		2,536,221
CyrusOne, Inc.		59,024		3,478,284
DCT Industrial Trust, Inc.		60,179		3,485,568
Douglas Emmett, Inc.		98,987		3,902,068
Education Realty Trust, Inc. (c)		47,324		1,700,351
EPR Properties		41,434		2,889,607
First Industrial Realty Trust, Inc.		77,485		2,331,524
Geo Group, Inc. (The)		80,192		2,157,165
Healthcare Realty Trust, Inc.		80,039		2,588,461
Highwoods Properties, Inc.		66,746		3,476,799
Hospitality Properties Trust		106,206		3,025,809
JBG SMITH Properties (a)		60,373		2,065,360
Kilroy Realty Corp.		63,597		4,523,019
Lamar Advertising Co. - Class A		54,060		3,704,732
LaSalle Hotel Properties		73,201		2,124,293
Liberty Property Trust		95,247		3,910,842
Life Storage, Inc.		30,106		2,462,972

BHFTII-180

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Mack-Cali Realty Corp.		58,088	$	1,377,266
Medical Properties Trust, Inc.		235,396		3,090,750
National Retail Properties, Inc.		96,485		4,019,565
Omega Healthcare Investors, Inc.		127,525		4,069,323
Potlatch Corp.		26,255		1,339,005
Quality Care Properties, Inc. (a)		60,652		940,106
Rayonier, Inc.		83,340		2,407,693
Sabra Health Care REIT, Inc.		113,693		2,494,424
Senior Housing Properties Trust		153,582		3,002,528
Tanger Factory Outlet Centers, Inc. (c)		61,394		1,499,242
Taubman Centers, Inc.		39,249		1,950,675
Uniti Group, Inc. (a) (c)		106,628		1,563,167
Urban Edge Properties (c)		68,435		1,650,652
Washington Prime Group, Inc. (c)		120,105		1,000,475
Weingarten Realty Investors		77,216		2,450,836
				100,592,077
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc. (c)		24,723		2,705,932
Sprouts Farmers Market, Inc. (a)		81,520		1,530,131
United Natural Foods, Inc. (a) (c)		32,724		1,360,991
				5,597,054
Food Products—2.5%
Dean Foods Co.		58,780		639,526
Flowers Foods, Inc.		119,108		2,240,421
Hain Celestial Group, Inc. (The) (a)		67,044		2,758,861
Ingredion, Inc.		46,345		5,591,061
Lamb Weston Holdings, Inc.		94,506		4,431,386
Lancaster Colony Corp.		12,601		1,513,632
Post Holdings, Inc. (a)		42,773		3,775,573
Sanderson Farms, Inc.		12,940		2,090,069
Snyder’s-Lance, Inc. (c)		54,980		2,096,937
Tootsie Roll Industries, Inc. (c)		12,387		470,706
TreeHouse Foods, Inc. (a)		36,974		2,504,249
				28,112,421
Gas Utilities—2.1%
Atmos Energy Corp.		68,576		5,749,412
National Fuel Gas Co. (c)		55,285		3,129,684
New Jersey Resources Corp. (c)		55,951		2,358,335
ONE Gas, Inc.		33,794		2,488,590
Southwest Gas Holdings, Inc.		30,765		2,387,979
UGI Corp.		112,094		5,252,725
WGL Holdings, Inc. (c)		33,115		2,788,283
				24,155,008
Health Care Equipment & Supplies—2.9%
ABIOMED, Inc. (a)		27,088		4,567,037
Globus Medical, Inc. - Class A (a) (c)		46,682		1,387,389
Halyard Health, Inc. (a) (c)		30,253		1,362,293
Hill-Rom Holdings, Inc.		42,595		3,152,030
LivaNova plc (a)		28,034		1,964,062
Masimo Corp. (a)		30,895		2,674,271
NuVasive, Inc. (a)		32,847		1,821,695
Health Care Equipment & Supplies—(Continued)
STERIS plc		54,913		4,854,309
Teleflex, Inc.		29,119		7,045,924
West Pharmaceutical Services, Inc.		47,846		4,605,656
				33,434,666
Health Care Providers & Services—1.6%
Acadia Healthcare Co., Inc. (a)		52,810		2,522,206
HealthSouth Corp.		63,836		2,958,798
LifePoint Health, Inc. (a) (c)		25,937		1,501,752
MEDNAX, Inc. (a)		60,496		2,608,587
Molina Healthcare, Inc. (a)		28,435		1,955,191
Owens & Minor, Inc.		39,585		1,155,882
Tenet Healthcare Corp. (a)		52,148		856,792
WellCare Health Plans, Inc. (a)		28,777		4,942,162
				18,501,370
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc. (a) (c)		116,773		1,661,680
Medidata Solutions, Inc. (a)		37,825		2,952,619
				4,614,299
Hotels, Restaurants & Leisure—2.6%
Brinker International, Inc.		31,636		1,007,923
Buffalo Wild Wings, Inc. (a)		10,022		1,059,325
Cheesecake Factory, Inc. (The) (c)		28,264		1,190,480
Churchill Downs, Inc.		8,368		1,725,482
Cracker Barrel Old Country Store, Inc.		15,545		2,356,933
Domino’s Pizza, Inc.		31,199		6,194,561
Dunkin’ Brands Group, Inc.		58,345		3,096,953
ILG, Inc.		68,648		1,834,961
International Speedway Corp. - Class A		16,148		581,328
Jack in the Box, Inc.		19,024		1,938,926
Papa John’s International, Inc.		17,188		1,255,927
Six Flags Entertainment Corp.		51,452		3,135,485
Texas Roadhouse, Inc.		42,251		2,076,214
Wendy’s Co. (The)		118,053		1,833,363
				29,287,861
Household Durables—1.8%
CalAtlantic Group, Inc. (c)		49,164		1,800,877
Helen of Troy, Ltd. (a)		17,602		1,705,634
KB Home		53,881		1,299,610
NVR, Inc. (a)		2,252		6,429,460
Tempur Sealy International, Inc. (a)		29,662		1,913,792
Toll Brothers, Inc. (c)		98,355		4,078,782
TRI Pointe Group, Inc. (a)		97,846		1,351,253
Tupperware Brands Corp.		32,895		2,033,569
				20,612,977
Household Products—0.2%
Energizer Holdings, Inc.		39,977		1,840,941
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		40,844		4,096,245

BHFTII-181

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—4.2%
Alleghany Corp. (a)		9,982	$	5,530,128
American Financial Group, Inc.		44,391		4,592,249
Aspen Insurance Holdings, Ltd.		38,691		1,563,116
Brown & Brown, Inc.		75,027		3,615,551
CNO Financial Group, Inc.		109,280		2,550,595
First American Financial Corp.		71,586		3,577,153
Genworth Financial, Inc. - Class A (a)		322,718		1,242,464
Hanover Insurance Group, Inc. (The)		27,403		2,656,173
Kemper Corp. (c)		31,515		1,670,295
Mercury General Corp. (c)		23,602		1,337,997
Old Republic International Corp.		158,552		3,121,889
Primerica, Inc. (c)		29,021		2,366,663
Reinsurance Group of America, Inc.		41,698		5,818,122
RenaissanceRe Holdings, Ltd.		26,044		3,519,586
W.R. Berkley Corp.		61,945		4,134,209
				47,296,190
Internet & Direct Marketing Retail—0.1%
HSN, Inc.		20,661		806,812
Internet Software & Services—0.6%
Cars.com, Inc. (a)		46,274		1,231,351
j2 Global, Inc. (c)		31,251		2,308,824
LogMeIn, Inc.		34,061		3,748,413
				7,288,588
IT Services—3.3%
Acxiom Corp. (a)		51,494		1,268,812
Broadridge Financial Solutions, Inc.		75,306		6,086,231
Convergys Corp. (c)		60,309		1,561,400
CoreLogic, Inc. (a)		54,724		2,529,343
DST Systems, Inc.		39,121		2,146,960
Jack Henry & Associates, Inc.		50,067		5,146,387
Leidos Holdings, Inc.		91,897		5,442,140
MAXIMUS, Inc.		41,941		2,705,195
Sabre Corp.		134,848		2,440,749
Science Applications International Corp.		28,258		1,889,047
Teradata Corp. (a)		81,464		2,752,669
WEX, Inc. (a)		25,798		2,895,052
				36,863,985
Leisure Products—0.6%
Brunswick Corp.		57,361		3,210,495
Polaris Industries, Inc. (c)		37,616		3,935,762
				7,146,257
Life Sciences Tools & Services—1.2%
Bio-Rad Laboratories, Inc. - Class A (a)		13,004		2,889,749
Bio-Techne Corp. (c)		24,138		2,918,043
Charles River Laboratories International, Inc. (a)		30,772		3,323,991
INC Research Holdings, Inc. - Class A (a)		36,342		1,900,687
PAREXEL International Corp. (a)		33,048		2,910,868
				13,943,338
Machinery—4.9%
AGCO Corp.		42,635		3,145,184
Crane Co.		32,754		2,619,992
Donaldson Co., Inc.		84,752		3,893,507
Graco, Inc. (c)		36,204		4,478,073
IDEX Corp.		49,413		6,002,197
ITT, Inc. (c)		56,895		2,518,742
Kennametal, Inc.		52,158		2,104,054
Lincoln Electric Holdings, Inc.		40,055		3,672,242
Nordson Corp.		32,825		3,889,762
Oshkosh Corp.		48,380		3,993,285
Terex Corp.		54,911		2,472,093
Timken Co. (The) (c)		44,289		2,150,231
Toro Co. (The)		69,773		4,330,112
Trinity Industries, Inc.		97,845		3,121,256
Wabtec Corp. (c)		55,232		4,183,824
Woodward, Inc.		35,680		2,769,125
				55,343,679
Marine—0.2%
Kirby Corp. (a) (c)		34,742		2,291,235
Media—1.5%
AMC Networks, Inc. - Class A (a)		33,672		1,968,802
Cable One, Inc.		3,033		2,190,190
Cinemark Holdings, Inc.		68,524		2,481,254
John Wiley & Sons, Inc. - Class A		28,812		1,541,442
Live Nation Entertainment, Inc. (a)		86,629		3,772,693
Meredith Corp. (c)		25,523		1,416,526
New York Times Co. (The) - Class A		81,275		1,592,990
TEGNA, Inc.		139,082		1,853,963
				16,817,860
Metals & Mining—2.0%
Allegheny Technologies, Inc. (a)		70,395		1,682,441
Carpenter Technology Corp. (c)		30,231		1,451,995
Commercial Metals Co.		74,856		1,424,510
Compass Minerals International, Inc. (c)		21,868		1,419,233
Reliance Steel & Aluminum Co.		47,136		3,590,349
Royal Gold, Inc.		42,245		3,634,760
Steel Dynamics, Inc.		155,088		5,345,883
United States Steel Corp.		112,925		2,897,655
Worthington Industries, Inc.		28,938		1,331,148
				22,777,974
Multi-Utilities—1.0%
Black Hills Corp. (c)		34,575		2,381,180
MDU Resources Group, Inc.		126,272		3,276,758
NorthWestern Corp.		31,338		1,784,386
Vectren Corp.		53,650		3,528,561
				10,970,885
Multiline Retail—0.2%
Big Lots, Inc.		28,585		1,531,298
Dillard’s, Inc. - Class A (c)		13,583		761,599
				2,292,897

BHFTII-182

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—2.5%
Callon Petroleum Co. (a) (c)		129,982	$	1,460,998
CONSOL Energy, Inc. (a)		133,863		2,267,639
Energen Corp. (a)		62,842		3,436,200
Gulfport Energy Corp. (a)		106,390		1,525,633
HollyFrontier Corp. (c)		114,618		4,122,809
Matador Resources Co. (a)		57,650		1,565,197
Murphy Oil Corp.		104,881		2,785,639
PBF Energy, Inc. - Class A		70,918		1,958,046
QEP Resources, Inc. (a)		155,496		1,332,601
SM Energy Co.		66,178		1,173,998
Southwestern Energy Co. (a)		329,200		2,011,412
World Fuel Services Corp.		44,282		1,501,603
WPX Energy, Inc. (a)		257,230		2,958,145
				28,099,920
Paper & Forest Products—0.4%
Domtar Corp.		40,466		1,755,820
Louisiana-Pacific Corp. (a)		93,617		2,535,148
				4,290,968
Personal Products—0.5%
Avon Products, Inc. (a) (c)		284,447		662,762
Edgewell Personal Care Co. (a)		36,834		2,680,410
Nu Skin Enterprises, Inc. - Class A		32,175		1,978,119
				5,321,291
Pharmaceuticals—0.9%
Akorn, Inc. (a)		60,573		2,010,418
Catalent, Inc. (a)		84,927		3,390,286
Endo International plc (a)		129,931		1,112,859
Mallinckrodt plc (a)		62,830		2,347,957
Prestige Brands Holdings, Inc. (a) (c)		34,267		1,716,434
				10,577,954
Professional Services—0.7%
Dun & Bradstreet Corp. (The)		23,894		2,781,501
ManpowerGroup, Inc.		43,147		5,083,579
				7,865,080
Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc.		29,311		3,619,908
Road & Rail—1.7%
Avis Budget Group, Inc. (a) (c)		47,025		1,789,771
Genesee & Wyoming, Inc. - Class A (a)		39,778		2,943,970
Knight-Swift Transportation Holdings, Inc. (a)		82,527		3,428,997
Landstar System, Inc.		27,106		2,701,113
Old Dominion Freight Line, Inc.		44,211		4,868,073
Ryder System, Inc.		34,256		2,896,345
Werner Enterprises, Inc. (c)		28,971		1,058,890
				19,687,159
Semiconductors & Semiconductor Equipment—2.6%
Cirrus Logic, Inc. (a)		41,251		2,199,503
Semiconductors & Semiconductor Equipment—(Continued)
Cree, Inc. (a) (c)		63,157		1,780,396
Cypress Semiconductor Corp. (c)		214,968		3,228,819
First Solar, Inc. (a)		52,658		2,415,949
Integrated Device Technology, Inc. (a)		86,278		2,293,269
Microsemi Corp. (a)		74,660		3,843,497
Monolithic Power Systems, Inc.		24,616		2,622,835
Silicon Laboratories, Inc. (a)		27,508		2,197,889
Synaptics, Inc. (a)		21,790		853,732
Teradyne, Inc.		127,907		4,769,652
Versum Materials, Inc.		70,341		2,730,638
				28,936,179
Software—3.4%
ACI Worldwide, Inc. (a) (c)		76,319		1,738,547
Blackbaud, Inc.		31,074		2,728,297
CDK Global, Inc.		85,157		5,372,555
CommVault Systems, Inc. (a)		27,369		1,664,035
Fair Isaac Corp.		19,804		2,782,462
Fortinet, Inc. (a)		97,728		3,502,572
Manhattan Associates, Inc. (a) (c)		44,564		1,852,525
PTC, Inc. (a) (c)		74,746		4,206,705
Take-Two Interactive Software, Inc. (a)		68,875		7,041,091
Tyler Technologies, Inc. (a) (c)		22,430		3,909,998
Ultimate Software Group, Inc. (The) (a) (c)		18,321		3,473,662
				38,272,449
Specialty Retail—1.8%
Aaron’s, Inc.		40,240		1,755,671
American Eagle Outfitters, Inc.		108,746		1,555,068
AutoNation, Inc. (a)		42,209		2,003,239
Bed Bath & Beyond, Inc.		93,179		2,186,911
Dick’s Sporting Goods, Inc.		54,733		1,478,338
GameStop Corp. - Class A		65,471		1,352,631
Michaels Cos., Inc. (The) (a)		71,379		1,532,507
Murphy USA, Inc. (a)		21,677		1,495,713
Office Depot, Inc.		335,172		1,521,681
Sally Beauty Holdings, Inc. (a) (c)		84,939		1,663,106
Urban Outfitters, Inc. (a)		52,548		1,255,897
Williams-Sonoma, Inc.		51,533		2,569,436
				20,370,198
Technology Hardware, Storage & Peripherals—0.4%
3D Systems Corp. (a) (c)		73,583		985,276
Diebold Nixdorf, Inc. (c)		48,821		1,115,560
NCR Corp. (a)		78,555		2,947,384
				5,048,220
Textiles, Apparel & Luxury Goods—0.6%
Carter’s, Inc.		30,927		3,054,041
Deckers Outdoor Corp. (a)		20,689		1,415,334
Skechers USA, Inc. - Class A (a)		86,563		2,171,866
				6,641,241
Thrifts & Mortgage Finance—0.5%
New York Community Bancorp, Inc.		316,195		4,075,754

BHFTII-183

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Thrifts & Mortgage Finance—(Continued)
Washington Federal, Inc.		57,380	$	1,930,837
				6,006,591
Trading Companies & Distributors—0.7%
GATX Corp.		25,021		1,540,293
MSC Industrial Direct Co., Inc. - Class A		29,160		2,203,621
NOW, Inc. (a)		69,612		961,342
Watsco, Inc.		19,643		3,163,898
				7,869,154
Water Utilities—0.3%
Aqua America, Inc. (c)		114,860		3,812,203
Wireless Telecommunication Services—0.1%
Telephone & Data Systems, Inc.		59,312		1,654,212
Total Common Stocks (Cost $794,437,593)				1,088,827,946
Mutual Fund—1.8%
Investment Company Security—1.8%
SPDR S&P MidCap 400 ETF Trust (c) (Cost $20,816,547)		64,400		21,015,652
Short-Term Investments—2.2%
Discount Notes—1.7%
Federal Home Loan Bank 0.772%, 10/04/17 (d)		825,000		824,955
0.858%, 10/06/17 (d)		125,000		124,986
0.993%, 11/01/17 (d)		1,675,000		1,673,605
0.994%, 10/25/17 (d)		2,575,000		2,573,370
1.032%, 11/24/17 (d)		400,000		399,411
1.042%, 11/13/17 (d)		1,075,000		1,073,745
1.094%, 01/24/18 (d)		12,550,000		12,507,079
				19,177,151
U.S. Treasury—0.5%
U.S. Treasury Bills 0.882%, 10/19/17 (d)		2,700,000		2,698,829
1.009%, 12/21/17 (d)		3,175,000		3,167,997
1.023%, 12/14/17 (d)		200,000		199,612
				6,066,438
Total Short-Term Investments (Cost $25,242,400)				25,243,589
Securities Lending Reinvestments (e)—7.4%
Certificates of Deposit—2.4%
ABN AMRO Bank NV Zero Coupon, 11/21/17		996,537		998,340
Certificates of Deposit—(Continued)
Bank of China, Ltd. 1.540%, 10/23/17		2,000,000		2,000,000
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (f)		2,000,000		2,000,418
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (f)		1,500,000		1,500,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (f)		1,500,000		1,500,149
Credit Suisse AG New York 1.494%, 1M LIBOR + 0.260%, 10/16/17 (f)		2,000,000		2,000,096
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (f)		1,000,000		1,000,000
Mizuho Bank, Ltd., New York 1.494%, 1M LIBOR + 0.260%, 10/18/17 (f)		1,000,000		1,000,034
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (f)		2,500,000		2,500,875
Norinchukin Bank New York 1.397%, 1M LIBOR + 0.160%, 01/19/18 (f)		2,000,000		2,000,064
1.486%, 1M LIBOR + 0.250%, 10/13/17 (f)		1,000,000		1,000,037
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (f)		2,000,000		1,999,940
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (f)		1,500,000		1,500,150
Toronto Dominion Bank New York 1.624%, 3M LIBOR + 0.320%, 01/10/18 (f)		4,000,000		4,001,288
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (f)		2,400,000		2,400,578
				27,401,969
Commercial Paper—1.2%
Barton Capital S.A. 1.330%, 10/13/17		1,993,276		1,999,304
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (f)		3,000,000		3,000,513
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (f)		500,000		500,027
Ridgefield Funding Co. LLC 1.431%, 1M LIBOR + 0.200%, 03/07/18 (f)		2,500,000		2,500,000

BHFTII-184

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (f)		1,500,000	$	1,500,348
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (f)		3,800,000		3,800,704
				13,300,896
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $913,929 on 10/02/17, collateralized by $1,519,816 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $932,126.		913,849		913,849
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $7,400,648 on 10/02/17, collateralized by $7,533,256 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $7,548,001.		7,400,000		7,400,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $900,090 on 10/02/17, collateralized by $905,319 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $918,004.		900,000		900,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $5,300,552 on 10/02/17, collateralized by $5,398,471 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $5,406,002.		5,300,000		5,300,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $800,083 on 10/02/17, collateralized by $803,966 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $816,002.		800,000		800,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $2,010,640 on 01/02/18, collateralized by $10,769 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $2,223,071.		2,000,000		2,000,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $700,060 on 10/02/17, collateralized by $671,505 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $714,544.		700,000		700,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,082,270 on 01/02/18, collateralized by various Common Stock with a value of $4,400,000.		4,000,000		4,000,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $1,007,315 on 01/02/18, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $1,000,098 on 10/02/17, collateralized by $2,485,812 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $1,020,100.		1,000,000	$	1,000,000
				24,013,849
Time Deposits—1.7%
ABN AMRO Bank NV 1.060%, 10/02/17		4,000,000		4,000,000
Credit Agricole S.A. 1.080%, 10/02/17		400,000		400,000
Credit Industriel et Commercial 1.100%, 10/02/17		4,000,000		4,000,000
DZ Bank AG 1.060%, 10/02/17		4,000,000		4,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		400,000		400,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		500,000		500,000
Nordea Bank New York 1.050%, 10/02/17		1,000,000		1,000,000
Standard Chartered plc 1.200%, 10/02/17		500,000		500,000
Svenska 1.050%, 10/02/17		4,000,000		4,000,000
				18,800,000
Total Securities Lending Reinvestments (Cost $83,511,112)				83,516,714
Total Investments—107.5% (Cost $924,007,652)				1,218,603,901
Other assets and liabilities (net)—(7.5)%				(85,089,277	)
Net Assets—100.0%			$	1,133,514,624

BHFTII-185

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

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

*	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 September 30, 2017, the market value of securities pledged was $2,686,850.
(c)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $81,687,166 and the collateral received consisted of cash in the amount of $83,503,662. 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.
(e)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(f)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(ETF)—	Exchange-Traded Fund
(LIBOR)—	London Interbank Offered Rate

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation
S&P Midcap 400 Index E-Mini Futures		12/15/17		142		USD	25,498,940	$	814,876

(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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,088,827,946	$	—		$	—	$	1,088,827,946
Total Mutual Fund*		21,015,652		—			—		21,015,652
Total Short-Term Investments*		—		25,243,589			—		25,243,589
Total Securities Lending Reinvestments*		—		83,516,714			—		83,516,714
Total Investments	$	1,109,843,598	$	108,760,303		$	—	$	1,218,603,901
Collateral for Securities Loaned (Liability)	$	—	$	(83,503,662	)	$	—	$	(83,503,662	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	814,876	$	—		$	—	$	814,876

* See Schedule of Investments for additional detailed categorizations.

BHFTII-186

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—96.5% of Net Assets

Security Description	Shares		Value
Australia—6.7%
AGL Energy, Ltd.		45,920	$	844,583
Alumina, Ltd.		191,453		331,616
Amcor, Ltd.		83,280		996,819
AMP, Ltd.		234,994		893,871
APA Group		76,126		500,179
Aristocrat Leisure, Ltd.		41,217		681,959
ASX, Ltd.		16,055		662,683
Aurizon Holdings, Ltd.		157,842		608,964
AusNet Services		141,257		188,040
Australia & New Zealand Banking Group, Ltd.		223,532		5,212,439
Bank of Queensland, Ltd.		24,917		254,621
Bendigo & Adelaide Bank, Ltd.		35,779		327,860
BGP Holdings plc (a) (b)		713,624		0
BHP Billiton plc		163,047		2,876,187
BHP Billiton, Ltd.		241,982		4,893,707
BlueScope Steel, Ltd.		45,759		394,307
Boral, Ltd.		86,560		461,927
Brambles, Ltd.		129,540		917,758
Caltex Australia, Ltd.		18,604		469,987
Challenger, Ltd.		44,035		431,968
CIMIC Group, Ltd.		8,428		293,349
Coca-Cola Amatil, Ltd.		42,510		258,328
Cochlear, Ltd.		4,099		513,083
Commonwealth Bank of Australia		130,078		7,706,117
Computershare, Ltd.		41,806		476,502
Crown Resorts, Ltd.		29,464		262,053
CSL, Ltd.		34,286		3,605,751
Dexus (REIT)		77,269		578,263
Domino’s Pizza Enterprises, Ltd.		4,938		178,069
Fortescue Metals Group, Ltd.		125,869		509,788
Goodman Group (REIT)		139,425		905,400
GPT Group (The) (REIT)		140,241		547,874
Healthscope, Ltd.		134,432		176,903
Incitec Pivot, Ltd.		131,085		372,302
Insurance Australia Group, Ltd.		184,566		927,025
Lend Lease Group (REIT)		39,184		553,174
Macquarie Group, Ltd.		25,451		1,819,640
Medibank Private, Ltd.		199,900		459,335
Mirvac Group (REIT)		286,765		517,063
National Australia Bank, Ltd.		201,094		4,997,287
Newcrest Mining, Ltd.		60,310		991,377
Oil Search, Ltd.		104,563		576,742
Orica, Ltd.		26,176		407,644
Origin Energy, Ltd. (c)		140,897		830,932
Qantas Airways, Ltd.		36,489		167,464
QBE Insurance Group, Ltd.		110,125		870,184
Ramsay Health Care, Ltd.		10,616		520,754
REA Group, Ltd.		4,158		219,839
Santos, Ltd. (c)		145,305		460,973
Scentre Group (REIT)		417,733		1,291,745
Seek, Ltd.		22,233		290,834
Sonic Healthcare, Ltd.		32,696		538,261
South32, Ltd.		422,905		1,090,487
Stockland (REIT)		205,214		694,538
Suncorp Group, Ltd.		95,658		983,960
Sydney Airport		80,467		450,580
Tabcorp Holdings, Ltd.		54,472		182,965
Australia—(Continued)
Tatts Group, Ltd.		123,533		387,200
Telstra Corp., Ltd.		335,688		920,959
Transurban Group		159,204		1,489,348
Treasury Wine Estates, Ltd.		53,467		576,453
Vicinity Centres (REIT)		252,185		527,910
Wesfarmers, Ltd.		85,407		2,770,892
Westfield Corp. (REIT)		137,575		847,478
Westpac Banking Corp.		254,439		6,411,793
Woodside Petroleum, Ltd.		60,391		1,384,566
Woolworths, Ltd.		97,245		1,927,587
				75,420,246
Austria—0.2%
Andritz AG		5,828		337,003
Erste Group Bank AG (c)		23,576		1,021,779
OMV AG		9,828		572,904
Raiffeisen Bank International AG (c)		9,390		314,836
Voestalpine AG		9,525		485,893
				2,732,415
Belgium—1.1%
Ageas		15,573		732,096
Anheuser-Busch InBev S.A.		57,113		6,828,248
Colruyt S.A. (d)		5,430		278,388
Groupe Bruxelles Lambert S.A.		5,864		617,454
KBC Groep NV		19,558		1,658,181
Proximus		11,920		411,354
Solvay S.A.		5,735		857,942
Telenet Group Holding NV (c)		4,184		277,112
UCB S.A.		9,619		685,437
Umicore S.A.		6,397		529,408
				12,875,620
Chile—0.0%
Antofagasta plc		26,957		343,331
China—0.1%
BOC Hong Kong Holdings, Ltd.		290,465		1,413,379
Yangzijiang Shipbuilding Holdings, Ltd.		184,300		194,325
				1,607,704
Denmark—1.8%
AP Moller - Maersk A/S - Class A		274		503,683
AP Moller - Maersk A/S - Class B		493		936,861
Carlsberg A/S - Class B		7,850		860,135
Chr Hansen Holding A/S		7,473		641,078
Coloplast A/S - Class B		9,594		778,829
Danske Bank A/S		57,815		2,312,697
DONG Energy A/S		11,778		674,336
DSV A/S		14,050		1,063,114
Genmab A/S (c)		4,236		936,520
H Lundbeck A/S		5,421		312,919
ISS A/S		13,228		532,125
Novo Nordisk A/S - Class B		140,061		6,725,648
Novozymes A/S - B Shares		17,609		903,845

BHFTII-187

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
Pandora A/S		7,708	$	761,032
TDC A/S		59,338		347,972
Tryg A/S		8,735		201,766
Vestas Wind Systems A/S		17,209		1,544,750
William Demant Holding A/S (c)		9,405		248,357
				20,285,667
Finland—1.0%
Elisa Oyj		9,227		397,278
Fortum Oyj		30,377		606,880
Kone Oyj - Class B		26,344		1,395,407
Metso Oyj		7,511		275,643
Neste Oyj		9,073		396,503
Nokia Oyj		432,039		2,595,111
Nokian Renkaat Oyj		10,639		473,599
Orion Oyj - Class B		8,084		375,369
Sampo Oyj - A Shares		35,348		1,870,126
Stora Enso Oyj - R Shares		40,497		572,868
UPM-Kymmene Oyj		42,203		1,144,905
Wartsila Oyj Abp		10,464		741,828
				10,845,517
France—10.1%
Accor S.A.		13,973		693,949
Aeroports de Paris		2,209		357,287
Air Liquide S.A.		29,287		3,904,229
Airbus SE		44,414		4,228,509
Alstom S.A.		13,067		555,829
Arkema S.A.		5,073		621,785
Atos SE		7,084		1,100,252
AXA S.A.		145,162		4,392,635
BNP Paribas S.A.		85,450		6,896,990
Bollore S.A.		61,600		308,251
Bouygues S.A.		14,921		708,316
Bureau Veritas S.A.		19,643		507,108
Capgemini SE		12,357		1,447,673
Carrefour S.A.		46,421		938,030
Casino Guichard Perrachon S.A.		4,364		258,904
Cie de St-Gobain		37,286		2,223,065
Cie Generale des Etablissements Michelin		13,198		1,929,380
CNP Assurances		10,520		246,882
Credit Agricole S.A.		90,038		1,637,584
Danone S.A.		45,204		3,547,680
Dassault Aviation S.A.		183		295,898
Dassault Systemes SE		10,162		1,027,720
Edenred		14,331		390,065
Eiffage S.A.		5,760		596,586
Electricite de France S.A.		42,972		522,080
Engie S.A.		134,009		2,275,163
Essilor International S.A.		15,667		1,938,825
Eurazeo S.A.		2,602		232,765
Eutelsat Communications S.A.		14,990		444,321
Fonciere Des Regions (REIT)		3,163		328,921
Gecina S.A. (REIT)		3,720		603,401
Groupe Eurotunnel SE		32,808		395,631
Hermes International		2,306		1,162,927
France—(Continued)
ICADE (REIT)		2,561		228,596
Iliad S.A.		1,762		468,776
Imerys S.A.		2,253		203,650
Ingenico Group S.A.		4,093		388,478
Ipsen S.A.		2,947		392,185
JCDecaux S.A.		4,706		176,166
Kering		5,893		2,346,419
Klepierre (REIT)		16,658		654,068
L’Oreal S.A.		18,814		3,998,529
Lagardere SCA		8,303		278,342
Legrand S.A.		20,811		1,502,972
LVMH Moet Hennessy Louis Vuitton SE		21,095		5,817,281
Natixis S.A.		80,165		641,772
Orange S.A.		155,574		2,548,112
Pernod-Ricard S.A.		16,190		2,239,161
Peugeot S.A.		40,345		961,196
Publicis Groupe S.A.		15,420		1,076,776
Remy Cointreau S.A.		1,860		220,184
Renault S.A.		13,423		1,319,150
Rexel S.A.		20,752		359,213
Safran S.A.		23,281		2,379,198
Sanofi		85,550		8,506,176
Schneider Electric SE (c)		42,131		3,668,004
SCOR SE		11,686		490,211
SEB S.A.		1,809		332,116
SFR Group S.A. (c)		1		41
Societe BIC S.A.		2,149		257,705
Societe Generale S.A.		57,947		3,390,767
Sodexo S.A.		6,778		846,324
Suez		28,840		526,414
Thales S.A.		7,807		883,647
Total S.A. (d)		178,347		9,594,531
Unibail-Rodamco SE (REIT)		7,391		1,799,712
Valeo S.A.		18,217		1,354,100
Veolia Environnement S.A.		38,440		888,132
Vinci S.A.		38,848		3,693,266
Vivendi S.A.		76,316		1,933,104
Wendel S.A.		2,267		367,516
Zodiac Aerospace		14,929		431,792
				113,882,423
Germany—9.0%
adidas AG		14,136		3,198,515
Allianz SE		34,369		7,718,324
Axel Springer SE		3,006		193,332
BASF SE		69,057		7,350,788
Bayer AG		62,422		8,508,635
Bayerische Motoren Werke AG		25,112		2,548,069
Beiersdorf AG		8,429		907,143
Brenntag AG		12,657		705,505
Commerzbank AG (c)		81,742		1,112,273
Continental AG		8,198		2,081,305
Covestro AG		8,563		736,461
Daimler AG		73,161		5,835,540
Deutsche Bank AG		155,525		2,689,895
Deutsche Boerse AG		14,033		1,521,463

BHFTII-188

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Deutsche Lufthansa AG		17,782	$	494,224
Deutsche Post AG		72,964		3,248,963
Deutsche Telekom AG		245,898		4,588,707
Deutsche Wohnen SE		28,299		1,202,070
E.ON SE		172,724		1,955,364
Evonik Industries AG		13,109		468,561
Fraport AG Frankfurt Airport Services Worldwide		3,260		309,746
Fresenius Medical Care AG & Co. KGaA		15,649		1,531,914
Fresenius SE & Co. KGaA		32,401		2,614,278
GEA Group AG		14,300		650,712
Hannover Rueck SE		4,145		499,691
HeidelbergCement AG		11,924		1,225,977
Henkel AG & Co. KGaA		7,933		965,769
HOCHTIEF AG		1,646		277,777
Hugo Boss AG (d)		4,934		435,002
Infineon Technologies AG		84,354		2,121,113
Innogy SE		11,200		498,584
K&S AG (d)		14,121		384,873
KION Group AG		5,441		520,827
LANXESS AG		7,402		584,500
Linde AG		14,236		2,969,617
MAN SE		3,022		341,191
Merck KGaA		9,421		1,048,692
METRO AG (c)		15,747		333,063
Muenchener Rueckversicherungs-Gesellschaft AG		11,588		2,478,208
OSRAM Licht AG		6,124		489,005
ProSiebenSat.1 Media SE		18,669		636,377
RWE AG (c)		39,146		889,470
SAP SE		74,178		8,128,281
Siemens AG		57,551		8,110,111
Symrise AG		8,745		664,711
Telefonica Deutschland Holding AG		58,800		330,066
ThyssenKrupp AG		31,577		936,058
TUI AG		37,093		630,653
United Internet AG		8,781		547,158
Volkswagen AG		2,495		422,528
Vonovia SE		36,786		1,565,787
Zalando SE (c)		8,719		437,042
				100,643,918
Hong Kong—3.2%
AIA Group, Ltd.		906,400		6,722,908
ASM Pacific Technology, Ltd.		19,600		283,432
Bank of East Asia, Ltd. (The)		103,920		449,305
CK Asset Holdings, Ltd.		196,940		1,638,189
CK Hutchison Holdings, Ltd.		201,440		2,585,438
CK Infrastructure Holdings, Ltd.		57,000		491,582
CLP Holdings, Ltd.		116,377		1,193,888
Galaxy Entertainment Group, Ltd.		181,000		1,279,136
Hang Lung Group, Ltd.		74,000		266,527
Hang Lung Properties, Ltd.		162,000		385,042
Hang Seng Bank, Ltd.		60,800		1,484,082
Henderson Land Development Co., Ltd.		82,902		550,872
HK Electric Investments & HK Electric Investments, Ltd.		214,000		195,406
HKT Trust & HKT, Ltd.		297,980		362,879
Hong Kong—(Continued)
Hong Kong & China Gas Co., Ltd.		630,427		1,185,150
Hong Kong Exchanges and Clearing, Ltd.		89,700		2,432,550
Hongkong Land Holdings, Ltd.		95,400		687,107
Hutchison Port Holdings Trust - Class U		409,000		175,876
Hysan Development Co., Ltd.		45,000		212,017
I-CABLE Communications, Ltd. (c)		123,432		4,112
Jardine Matheson Holdings, Ltd.		16,900		1,070,852
Jardine Strategic Holdings, Ltd.		18,200		787,427
Kerry Properties, Ltd.		57,500		238,751
Li & Fung, Ltd.		473,600		237,813
Link REIT (REIT)		162,641		1,319,755
Melco Resorts & Entertainment, Ltd. (ADR)		19,800		477,576
MTR Corp., Ltd.		110,500		646,809
New World Development Co., Ltd.		463,707		667,685
NWS Holdings, Ltd.		99,000		193,302
PCCW, Ltd.		343,000		185,879
Power Assets Holdings, Ltd.		107,549		934,049
Sands China, Ltd.		190,000		992,438
Shangri-La Asia, Ltd.		98,000		182,595
Sino Land Co., Ltd.		247,600		434,908
Sun Hung Kai Properties, Ltd.		106,250		1,734,323
Swire Pacific, Ltd. - Class A		44,317		430,176
Swire Properties, Ltd.		83,600		283,881
Techtronic Industries Co., Ltd.		95,000		508,097
WH Group, Ltd.		628,000		668,758
Wharf Holdings, Ltd. (The)		87,976		784,187
Wheelock & Co., Ltd.		68,000		478,320
Yue Yuen Industrial Holdings, Ltd.		50,500		192,555
				36,035,634
Ireland—0.5%
AerCap Holdings NV (c)		10,200		521,322
Bank of Ireland Group plc (c)		80,170		656,963
CRH plc		63,163		2,391,287
James Hardie Industries plc		31,140		434,879
Kerry Group plc - Class A		13,003		1,250,568
Paddy Power Betfair plc		6,200		618,877
				5,873,896
Israel—0.5%
Azrieli Group, Ltd.		3,653		202,951
Bank Hapoalim B.M.		86,396		605,013
Bank Leumi Le-Israel B.M.		91,955		488,253
Bezeq The Israeli Telecommunication Corp., Ltd.		165,256		236,260
Check Point Software Technologies, Ltd. (c)		10,000		1,140,200
Elbit Systems, Ltd.		1,987		292,450
Frutarom Industries, Ltd.		3,269		251,677
Israel Chemicals, Ltd.		45,583		203,060
Mizrahi Tefahot Bank, Ltd.		11,922		213,792
Nice, Ltd.		4,746		382,662
Teva Pharmaceutical Industries, Ltd. (ADR)		70,453		1,239,973
				5,256,291
Italy—2.1%
Assicurazioni Generali S.p.A.		93,308		1,740,949
Atlantia S.p.A.		35,591		1,123,927

BHFTII-189

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Enel S.p.A.		626,740	$	3,775,047
Eni S.p.A.		193,745		3,210,503
Ferrari NV		9,578		1,060,368
Intesa Sanpaolo S.p.A.		950,583		3,362,346
Intesa Sanpaolo S.p.A. - Risparmio Shares		65,400		216,484
Leonardo S.p.A.		28,782		539,351
Luxottica Group S.p.A.		13,581		760,263
Mediobanca S.p.A.		44,816		481,072
Poste Italiane S.p.A.		41,357		304,724
Prysmian S.p.A.		14,296		483,695
Recordati S.p.A.		8,194		378,008
Saipem S.p.A. (c)		47,532		205,305
Snam S.p.A.		162,854		785,053
Telecom Italia S.p.A. (c)		875,574		821,362
Telecom Italia S.p.A. - Risparmio Shares		462,868		348,471
Terna Rete Elettrica Nazionale S.p.A.		92,957		543,095
UniCredit S.p.A. (c)		149,680		3,188,668
UnipolSai Assicurazioni S.p.A. (d)		64,500		150,674
				23,479,365
Japan—22.4%
Aeon Co., Ltd.		51,500		761,013
AEON Financial Service Co., Ltd.		8,400		176,123
Aeon Mall Co., Ltd.		9,100		161,983
Air Water, Inc.		10,000		184,517
Aisin Seiki Co., Ltd.		13,500		711,396
Ajinomoto Co., Inc.		44,000		858,567
Alfresa Holdings Corp.		15,300		280,445
Alps Electric Co., Ltd.		13,100		346,069
Amada Holdings Co., Ltd.		27,000		296,365
ANA Holdings, Inc.		8,400		318,416
Aozora Bank, Ltd.		9,600		365,329
Asahi Glass Co., Ltd.		16,200		601,423
Asahi Group Holdings, Ltd.		30,700		1,242,497
Asahi Kasei Corp.		97,000		1,194,729
Asics Corp.		11,000		164,025
Astellas Pharma, Inc.		162,000		2,063,266
Bandai Namco Holdings, Inc.		16,000		548,836
Bank of Kyoto, Ltd. (The)		4,400		223,741
Benesse Holdings, Inc.		5,400		194,923
Bridgestone Corp.		48,200		2,188,075
Brother Industries, Ltd.		16,400		383,489
Calbee, Inc.		5,500		193,818
Canon, Inc.		79,400		2,712,951
Casio Computer Co., Ltd.		16,900		238,124
Central Japan Railway Co.		10,800		1,893,961
Chiba Bank, Ltd. (The)		49,000		350,641
Chubu Electric Power Co., Inc.		45,700		567,563
Chugai Pharmaceutical Co., Ltd.		16,800		697,487
Chugoku Bank, Ltd. (The)		12,000		164,482
Chugoku Electric Power Co., Inc. (The) (d)		23,700		251,726
Coca-Cola Bottlers Japan, Inc.		9,900		321,247
Concordia Financial Group, Ltd.		83,000		410,879
Credit Saison Co., Ltd.		10,500		218,066
Dai Nippon Printing Co., Ltd.		20,000		479,060
Dai-ichi Life Holdings, Inc.		83,600		1,502,438
Japan—(Continued)
Daicel Corp.		22,000		265,125
Daiichi Sankyo Co., Ltd.		42,100		949,876
Daikin Industries, Ltd.		18,800		1,905,092
Daito Trust Construction Co., Ltd.		5,200		947,233
Daiwa House Industry Co., Ltd.		42,500		1,467,865
Daiwa House REIT Investment Co. (REIT)		110		263,276
Daiwa Securities Group, Inc.		126,000		714,176
DeNA Co., Ltd.		8,500		190,595
Denso Corp.		36,900		1,868,113
Dentsu, Inc.		16,600		728,831
Disco Corp.		2,300		469,153
Don Quijote Holdings Co., Ltd.		8,200		307,409
East Japan Railway Co.		25,400		2,345,603
Eisai Co., Ltd.		21,000		1,078,425
Electric Power Development Co., Ltd.		10,900		273,737
FamilyMart UNY Holdings Co., Ltd.		6,600		347,978
FANUC Corp.		14,600		2,959,229
Fast Retailing Co., Ltd.		4,200		1,239,832
Fuji Electric Co., Ltd.		43,000		238,665
FUJIFILM Holdings Corp.		33,100		1,290,032
Fujitsu, Ltd.		146,000		1,087,433
Fukuoka Financial Group, Inc.		53,000		245,152
Hachijuni Bank, Ltd. (The)		30,000		187,651
Hakuhodo DY Holdings, Inc.		17,600		231,309
Hamamatsu Photonics KK		9,600		290,088
Hankyu Hanshin Holdings, Inc.		16,400		622,306
Hikari Tsushin, Inc.		1,800		226,058
Hino Motors, Ltd.		19,000		232,541
Hirose Electric Co., Ltd.		2,300		323,798
Hisamitsu Pharmaceutical Co., Inc.		4,500		215,971
Hitachi Chemical Co., Ltd.		8,500		233,085
Hitachi Construction Machinery Co., Ltd.		8,900		264,087
Hitachi High-Technologies Corp.		5,500		199,468
Hitachi Metals, Ltd.		20,000		278,376
Hitachi, Ltd.		361,000		2,545,564
Honda Motor Co., Ltd.		129,900		3,849,530
Hoshizaki Corp.		4,100		360,454
Hoya Corp.		29,000		1,572,359
Hulic Co., Ltd.		17,100		167,612
Idemitsu Kosan Co., Ltd.		10,500		296,718
IHI Corp.		12,200		424,663
Iida Group Holdings Co., Ltd.		12,700		226,421
Inpex Corp.		71,100		757,496
Isetan Mitsukoshi Holdings, Ltd.		26,900		281,854
Isuzu Motors, Ltd.		43,700		579,479
ITOCHU Corp.		113,500		1,859,072
J Front Retailing Co., Ltd.		23,000		318,214
Japan Airlines Co., Ltd.		8,400		284,235
Japan Exchange Group, Inc.		38,100		674,739
Japan Post Bank Co., Ltd.		30,800		380,652
Japan Post Holdings Co., Ltd. (d)		119,400		1,410,333
Japan Prime Realty Investment Corp. (REIT)		51		170,347
Japan Real Estate Investment Corp. (REIT)		105		504,636
Japan Retail Fund Investment Corp. (REIT)		202		362,314
Japan Tobacco, Inc.		83,900		2,749,418
JFE Holdings, Inc.		41,700		814,995
JGC Corp.		14,000		226,677

BHFTII-190

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
JSR Corp.		11,000	$	209,017
JTEKT Corp.		20,000		277,228
JXTG Holdings, Inc.		236,900		1,221,261
Kajima Corp.		64,000		636,063
Kamigumi Co., Ltd.		8,500		197,241
Kaneka Corp.		22,000		171,025
Kansai Electric Power Co., Inc. (The)		55,000		703,746
Kansai Paint Co., Ltd.		17,200		433,103
Kao Corp.		37,500		2,210,326
Kawasaki Heavy Industries, Ltd.		12,400		411,317
KDDI Corp.		138,300		3,647,349
Keihan Holdings Co., Ltd.		7,800		228,454
Keikyu Corp.		18,000		365,053
Keio Corp.		9,000		371,226
Keisei Electric Railway Co., Ltd.		10,000		276,922
Keyence Corp.		7,500		3,997,061
Kikkoman Corp.		12,000		369,032
Kintetsu Group Holdings Co., Ltd.		14,012		521,276
Kirin Holdings Co., Ltd.		66,100		1,555,753
Kobe Steel, Ltd.		27,200		311,195
Koito Manufacturing Co., Ltd.		7,700		483,013
Komatsu, Ltd.		69,600		1,981,704
Konami Holdings Corp.		7,300		351,129
Konica Minolta, Inc.		37,000		303,884
Kose Corp.		2,300		264,370
Kubota Corp.		79,300		1,443,820
Kuraray Co., Ltd.		24,500		458,365
Kurita Water Industries, Ltd.		7,100		205,071
Kyocera Corp.		24,900		1,540,687
Kyowa Hakko Kirin Co., Ltd.		20,000		340,425
Kyushu Electric Power Co., Inc.		25,900		275,482
Kyushu Financial Group, Inc.		26,400		162,491
Kyushu Railway Co.		12,700		377,606
Lawson, Inc.		4,900		324,413
Lion Corp.		19,000		348,006
LIXIL Group Corp.		19,000		504,441
M3, Inc.		18,600		531,849
Mabuchi Motor Co., Ltd.		3,600		180,280
Makita Corp.		15,200		614,345
Marubeni Corp.		133,500		912,121
Marui Group Co., Ltd. (d)		16,000		229,237
Mazda Motor Corp.		43,000		659,285
McDonald’s Holdings Co. Japan, Ltd.		5,400		239,012
Mebuki Financial Group, Inc.		63,100		243,963
Medipal Holdings Corp.		10,700		185,889
MEIJI Holdings Co., Ltd.		9,600		760,945
Minebea Mitsumi, Inc.		30,800		481,909
Miraca Holdings, Inc.		4,000		186,033
MISUMI Group, Inc.		22,200		586,454
Mitsubishi Chemical Holdings Corp.		116,300		1,108,944
Mitsubishi Corp.		113,400		2,636,483
Mitsubishi Electric Corp.		150,200		2,348,691
Mitsubishi Estate Co., Ltd.		99,000		1,722,096
Mitsubishi Gas Chemical Co., Inc.		13,000		304,848
Mitsubishi Heavy Industries, Ltd.		24,700		976,603
Mitsubishi Materials Corp.		7,900		273,107
Mitsubishi Motors Corp. (d)		44,999		356,369
Japan—(Continued)
Mitsubishi Tanabe Pharma Corp.		15,300		351,572
Mitsubishi UFJ Financial Group, Inc.		922,288		5,990,712
Mitsubishi UFJ Lease & Finance Co., Ltd.		41,500		220,011
Mitsui & Co., Ltd.		127,317		1,882,525
Mitsui Chemicals, Inc.		15,000		455,982
Mitsui Fudosan Co., Ltd.		68,000		1,475,347
Mitsui OSK Lines, Ltd.		7,500		227,371
Mixi, Inc.		3,700		178,869
Mizuho Financial Group, Inc.		1,855,200		3,252,072
MS&AD Insurance Group Holdings, Inc.		35,900		1,158,239
Murata Manufacturing Co., Ltd.		14,900		2,202,091
Nabtesco Corp.		7,500		278,893
Nagoya Railroad Co., Ltd.		14,800		319,185
NEC Corp.		20,600		558,481
Nexon Co., Ltd. (c)		13,000		339,329
NGK Insulators, Ltd.		23,000		431,205
NGK Spark Plug Co., Ltd.		12,000		255,724
NH Foods, Ltd.		14,000		385,049
Nidec Corp.		18,500		2,275,955
Nikon Corp.		22,500		390,297
Nintendo Co., Ltd.		8,500		3,149,319
Nippon Building Fund, Inc. (REIT)		88		438,592
Nippon Electric Glass Co., Ltd.		6,200		239,994
Nippon Express Co., Ltd.		5,900		384,522
Nippon Paint Holdings Co., Ltd.		13,000		441,991
Nippon Prologis REIT, Inc. (REIT)		143		301,271
Nippon Steel & Sumitomo Metal Corp.		56,300		1,293,488
Nippon Telegraph & Telephone Corp.		51,800		2,374,769
Nippon Yusen KK (c)		12,600		262,040
Nissan Chemical Industries, Ltd.		10,000		352,068
Nissan Motor Co., Ltd.		182,600		1,808,690
Nisshin Seifun Group, Inc.		15,700		263,055
Nissin Foods Holdings Co., Ltd.		4,700		285,341
Nitori Holdings Co., Ltd.		5,800		829,378
Nitto Denko Corp.		12,600		1,051,536
NOK Corp.		7,900		177,605
Nomura Holdings, Inc.		280,200		1,569,431
Nomura Real Estate Holdings, Inc.		5,900		126,075
Nomura Real Estate Master Fund, Inc. (REIT)		322		418,877
Nomura Research Institute, Ltd.		9,900		386,235
NSK, Ltd.		26,600		359,115
NTT Data Corp.		53,880		576,511
NTT DoCoMo, Inc.		106,700		2,437,989
Obayashi Corp.		45,500		545,660
Obic Co., Ltd.		5,000		314,776
Odakyu Electric Railway Co., Ltd.		20,100		381,506
OJI Holdings Corp.		68,000		367,033
Olympus Corp.		22,800		772,158
Omron Corp.		13,400		682,284
Ono Pharmaceutical Co., Ltd.		32,000		726,771
Oracle Corp. Japan		3,000		235,793
Oriental Land Co., Ltd.		17,300		1,318,086
ORIX Corp.		101,100		1,631,451
Osaka Gas Co., Ltd.		29,000		539,195
Otsuka Corp.		3,700		237,675
Otsuka Holdings Co., Ltd.		28,200		1,120,388
Panasonic Corp.		171,400		2,484,165

BHFTII-191

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Park24 Co., Ltd. (d)		7,400	$	180,446
Pola Orbis Holdings, Inc.		7,600		229,680
Rakuten, Inc.		76,600		835,654
Recruit Holdings Co., Ltd.		80,900		1,752,012
Renesas Electronics Corp. (c)		38,800		423,198
Resona Holdings, Inc.		169,400		870,212
Ricoh Co., Ltd.		48,600		472,796
Rinnai Corp.		2,800		240,104
Rohm Co., Ltd.		6,700		575,586
Ryohin Keikaku Co., Ltd.		1,800		530,301
Santen Pharmaceutical Co., Ltd.		27,500		433,482
SBI Holdings, Inc.		19,011		286,434
Secom Co., Ltd.		15,500		1,130,190
Sega Sammy Holdings, Inc.		13,300		185,811
Seibu Holdings, Inc.		13,800		235,817
Seiko Epson Corp.		20,000		484,195
Sekisui Chemical Co., Ltd.		29,500		580,755
Sekisui House, Ltd.		46,800		788,998
Seven & i Holdings Co., Ltd.		58,800		2,270,304
Seven Bank, Ltd.		43,000		155,165
Sharp Corp. (c) (d)		12,000		362,340
Shimadzu Corp.		19,900		393,432
Shimamura Co., Ltd.		2,300		276,290
Shimano, Inc.		6,000		800,079
Shimizu Corp.		39,000		432,533
Shin-Etsu Chemical Co., Ltd.		29,300		2,621,255
Shinsei Bank, Ltd.		12,900		206,638
Shionogi & Co., Ltd.		22,500		1,230,440
Shiseido Co., Ltd.		29,300		1,175,864
Shizuoka Bank, Ltd. (The)		41,000		368,823
Showa Shell Sekiyu KK		14,800		170,633
SMC Corp.		4,500		1,587,532
SoftBank Group Corp.		62,200		5,025,847
Sohgo Security Services Co., Ltd.		4,800		220,392
Sompo Holdings, Inc.		26,999		1,052,431
Sony Corp.		95,000		3,534,789
Sony Financial Holdings, Inc.		12,800		210,019
Stanley Electric Co., Ltd.		11,800		404,607
Start Today Co., Ltd.		14,400		456,685
Subaru Corp.		45,400		1,638,331
Sumitomo Chemical Co., Ltd.		126,000		787,655
Sumitomo Corp.		93,000		1,338,390
Sumitomo Dainippon Pharma Co., Ltd.		12,500		162,697
Sumitomo Electric Industries, Ltd.		57,634		942,115
Sumitomo Heavy Industries, Ltd.		7,800		313,002
Sumitomo Metal Mining Co., Ltd.		20,000		642,753
Sumitomo Mitsui Financial Group, Inc.		102,700		3,949,223
Sumitomo Mitsui Trust Holdings, Inc.		26,526		958,182
Sumitomo Realty & Development Co., Ltd.		28,000		847,816
Sumitomo Rubber Industries, Ltd.		12,500		229,231
Sundrug Co., Ltd.		6,000		248,355
Suntory Beverage & Food, Ltd.		10,400		463,361
Suruga Bank, Ltd.		13,000		280,632
Suzuken Co., Ltd.		5,800		206,677
Suzuki Motor Corp.		26,200		1,375,031
Sysmex Corp.		12,200		778,514
T&D Holdings, Inc.		39,400		572,088
Japan—(Continued)
Taiheiyo Cement Corp.		8,200		316,880
Taisei Corp.		16,000		839,251
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		227,690
Takashimaya Co., Ltd.		19,000		178,051
Takeda Pharmaceutical Co., Ltd.		53,500		2,961,928
TDK Corp.		10,500		716,551
Teijin, Ltd.		13,200		260,288
Terumo Corp.		23,400		920,627
THK Co., Ltd.		7,700		263,556
Tobu Railway Co., Ltd.		14,600		401,041
Toho Co., Ltd.		8,500		296,967
Toho Gas Co., Ltd.		6,200		181,559
Tohoku Electric Power Co., Inc.		39,800		506,300
Tokio Marine Holdings, Inc.		49,700		1,946,071
Tokyo Electric Power Co. Holdings, Inc. (c)		112,000		452,102
Tokyo Electron, Ltd.		12,200		1,880,076
Tokyo Gas Co., Ltd.		32,400		794,215
Tokyo Tatemono Co., Ltd.		14,500		185,499
Tokyu Corp.		37,500		531,060
Tokyu Fudosan Holdings Corp.		37,000		223,404
Toppan Printing Co., Ltd.		41,000		406,820
Toray Industries, Inc.		108,500		1,052,455
Toshiba Corp. (c)		313,000		876,311
Tosoh Corp.		23,000		518,178
TOTO, Ltd.		10,400		438,373
Toyo Seikan Group Holdings, Ltd.		8,300		138,765
Toyo Suisan Kaisha, Ltd.		6,000		220,447
Toyota Industries Corp.		12,600		724,705
Toyota Motor Corp.		197,800		11,804,347
Toyota Tsusho Corp.		15,500		509,477
Trend Micro, Inc.		10,400		512,094
Tsuruha Holdings, Inc.		2,900		346,597
Unicharm Corp.		33,200		761,765
United Urban Investment Corp. (REIT)		266		389,835
USS Co., Ltd.		16,600		334,910
West Japan Railway Co.		11,500		799,598
Yahoo Japan Corp.		103,000		488,748
Yakult Honsha Co., Ltd.		6,300		453,234
Yamada Denki Co., Ltd.		55,900		305,412
Yamaguchi Financial Group, Inc.		15,000		175,576
Yamaha Corp.		11,600		427,855
Yamaha Motor Co., Ltd.		23,700		710,331
Yamato Holdings Co., Ltd.		27,000		545,320
Yamazaki Baking Co., Ltd.		9,000		162,785
Yaskawa Electric Corp.		18,000		572,976
Yokogawa Electric Corp.		16,300		277,870
Yokohama Rubber Co., Ltd. (The)		9,200		189,852
				252,257,354
Jersey, Channel Islands—0.1%
Randgold Resources, Ltd.		6,551		640,385
Jordan—0.0%
Hikma Pharmaceuticals plc		11,370		184,885

BHFTII-192

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Luxembourg—0.3%
ArcelorMittal (c)		52,051	$	1,344,113
Eurofins Scientific SE		878		555,008
Millicom International Cellular S.A.		5,384		355,101
RTL Group S.A.		2,700		204,492
SES S.A.		29,140		637,325
Tenaris S.A.		35,513		503,484
				3,599,523
Macau—0.1%
MGM China Holdings, Ltd.		74,400		178,769
Wynn Macau, Ltd.		134,800		364,266
				543,035
Mexico—0.0%
Fresnillo plc		14,894		280,747
Netherlands—4.5%
ABN AMRO Group NV		29,995		898,726
Aegon NV		144,233		840,518
Akzo Nobel NV		19,973		1,844,859
Altice NV - Class A (c) (d)		36,693		736,097
ASML Holding NV		28,803		4,914,782
Boskalis Westminster		6,498		227,338
EXOR NV		8,104		513,996
Gemalto NV		5,307		237,186
Heineken Holding NV		9,333		877,957
Heineken NV		19,949		1,974,978
ING Groep NV		292,626		5,398,216
Koninklijke Ahold Delhaize NV		99,624		1,864,092
Koninklijke DSM NV		13,712		1,123,349
Koninklijke KPN NV		263,537		905,358
Koninklijke Philips NV		70,779		2,928,250
Koninklijke Vopak NV		3,942		173,188
NN Group NV		24,394		1,022,655
NXP Semiconductors NV (c)		26,600		3,008,194
Randstad Holding NV		9,402		582,395
Royal Dutch Shell plc - A Shares		338,648		10,217,719
Royal Dutch Shell plc - B Shares		282,979		8,712,846
Wolters Kluwer NV		22,804		1,054,058
				50,056,757
New Zealand—0.2%
Auckland International Airport, Ltd.		69,174		322,212
Contact Energy, Ltd.		58,969		234,629
Fletcher Building, Ltd.		56,031		323,950
Meridian Energy, Ltd.		124,449		255,942
Ryman Healthcare, Ltd.		29,900		200,549
Spark New Zealand, Ltd.		153,824		406,402
				1,743,684
Norway—0.7%
DNB ASA		76,894		1,550,395
Gjensidige Forsikring ASA		14,357		250,212
Marine Harvest ASA (c)		30,284		600,004
Norsk Hydro ASA		110,802		806,131
Norway—(Continued)
Orkla ASA		53,513		549,737
Schibsted ASA - B Shares		7,443		175,803
Statoil ASA		87,269		1,751,599
Telenor ASA		58,784		1,246,370
Yara International ASA		14,337		643,890
				7,574,141
Portugal—0.2%
Banco Espirito Santo S.A. (a) (b) (c) (e)		199,038		0
EDP - Energias de Portugal S.A.		185,244		697,558
Galp Energia SGPS S.A.		40,100		711,358
Jeronimo Martins SGPS S.A.		19,329		381,381
				1,790,297
Singapore—1.2%
Ascendas Real Estate Investment Trust (REIT)		215,000		421,858
CapitaLand Commercial Trust (REIT)		143,000		174,230
CapitaLand Mall Trust (REIT)		240,200		354,092
CapitaLand, Ltd.		172,300		455,222
City Developments, Ltd.		34,000		284,427
ComfortDelGro Corp., Ltd.		153,000		235,052
DBS Group Holdings, Ltd.		131,667		2,023,708
Genting Singapore plc		418,200		361,081
Global Logistic Properties, Ltd.		184,100		447,411
Jardine Cycle & Carriage, Ltd.		8,888		257,770
Keppel Corp., Ltd.		113,900		545,351
Oversea-Chinese Banking Corp., Ltd.		247,264		2,036,270
SATS, Ltd.		56,300		191,477
Sembcorp Industries, Ltd.		71,000		155,036
Singapore Airlines, Ltd.		51,440		380,887
Singapore Exchange, Ltd.		54,400		296,441
Singapore Press Holdings, Ltd.		153,050		306,597
Singapore Technologies Engineering, Ltd.		130,000		330,081
Singapore Telecommunications, Ltd.		601,420		1,630,065
Suntec Real Estate Investment Trust (REIT)		179,000		246,281
United Overseas Bank, Ltd.		105,192		1,820,942
UOL Group, Ltd.		33,000		197,586
Wilmar International, Ltd.		102,200		240,204
				13,392,069
South Africa—0.1%
Investec plc		52,596		384,935
Mediclinic International plc		30,600		267,057
Mondi plc		27,093		729,423
				1,381,415
Spain—3.3%
Abertis Infraestructuras S.A.		51,494		1,040,987
ACS Actividades de Construccion y Servicios S.A.		18,878		699,788
Aena SME S.A.		5,006		905,142
Amadeus IT Group S.A.		33,605		2,187,861
Banco Bilbao Vizcaya Argentaria S.A.		503,452		4,488,023
Banco de Sabadell S.A.		385,331		805,680
Banco Santander S.A.		1,213,359		8,473,495

BHFTII-193

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—(Continued)
Bankia S.A.		80,824	$	389,940
Bankinter S.A.		48,939		463,087
CaixaBank S.A. (d)		268,510		1,348,418
Distribuidora Internacional de Alimentacion S.A.		40,490		236,388
Enagas S.A.		17,953		505,670
Endesa S.A.		23,384		527,324
Ferrovial S.A.		39,001		859,613
Gas Natural SDG S.A. (d)		25,426		563,451
Grifols S.A.		23,842		694,796
Iberdrola S.A.		440,422		3,421,872
Industria de Diseno Textil S.A.		81,166		3,059,558
Mapfre S.A.		74,474		242,477
Red Electrica Corp. S.A.		36,520		767,643
Repsol S.A.		92,789		1,712,293
Siemens Gamesa Renewable Energy S.A.		18,682		243,943
Telefonica S.A.		342,348		3,724,944
				37,362,393
Sweden—2.8%
Alfa Laval AB		20,852		508,737
Assa Abloy AB - Class B		80,175		1,830,679
Atlas Copco AB - A Shares		49,888		2,111,181
Atlas Copco AB - B Shares		28,433		1,103,458
Boliden AB		20,002		676,505
Electrolux AB - Series B		17,118		580,825
Essity AB - Class B (c)		46,532		1,264,431
Getinge AB - B Shares		19,011		356,268
Getinge AB - B Shares (c)		2,715		50,792
Hennes & Mauritz AB - B Shares		74,424		1,926,778
Hexagon AB - B Shares		19,206		952,214
Husqvarna AB - B Shares		25,677		263,822
ICA Gruppen AB		5,619		210,785
Industrivarden AB - C Shares		16,050		406,053
Investor AB - B Shares		35,158		1,736,980
Kinnevik AB - Class B		16,046		523,117
L E Lundbergforetagen AB - B Shares		3,045		243,012
Lundin Petroleum AB (c)		16,017		349,972
Nordea Bank AB		226,093		3,064,593
Sandvik AB		84,986		1,464,780
Securitas AB - B Shares		21,462		359,136
Skandinaviska Enskilda Banken AB - Class A		113,560		1,495,744
Skanska AB - B Shares		24,008		555,102
SKF AB - B Shares		32,785		714,973
Svenska Handelsbanken AB - A Shares		113,277		1,708,549
Swedbank AB - A Shares		68,851		1,899,963
Swedish Match AB		14,499		507,907
Tele2 AB - B Shares		23,661		270,421
Telefonaktiebolaget LM Ericsson - B Shares		245,096		1,411,212
Telia Co. AB		203,590		957,862
Volvo AB - B Shares		117,559		2,261,591
				31,767,442
Switzerland—8.6%
ABB, Ltd.		149,623		3,702,076
Adecco Group AG		12,943		1,008,780
Baloise Holding AG		3,839		608,610
Switzerland—(Continued)
Barry Callebaut AG (c)		132		202,466
Chocoladefabriken Lindt & Spruengli AG		7		485,790
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81		462,215
Cie Financiere Richemont S.A.		39,169		3,582,570
Coca-Cola HBC AG (c)		13,800		467,977
Credit Suisse Group AG (c)		186,460		2,954,187
Dufry AG (c)		2,729		434,295
EMS-Chemie Holding AG		579		385,751
Ferguson plc		18,489		1,214,676
Geberit AG		2,723		1,289,191
Givaudan S.A.		717		1,561,318
Glencore plc (c)		939,152		4,310,559
Julius Baer Group, Ltd. (c)		17,027		1,010,000
Kuehne & Nagel International AG		4,135		766,238
LafargeHolcim, Ltd. (c)		35,455		2,077,033
Lonza Group AG (c)		5,308		1,393,393
Nestle S.A.		235,693		19,754,914
Novartis AG		168,115		14,437,353
Pargesa Holding S.A.		3,025		251,925
Partners Group Holding AG		1,388		943,743
Roche Holding AG		53,207		13,593,298
Schindler Holding AG		1,428		307,727
Schindler Holding AG (Participation Certificate)		3,216		710,945
SGS S.A.		429		1,029,947
Sika AG		170		1,265,874
Sonova Holding AG		4,058		689,060
STMicroelectronics NV		51,024		989,950
Straumann Holding AG		747		480,935
Swatch Group AG (The)		4,374		349,131
Swatch Group AG (The) - Bearer Shares		2,384		992,442
Swiss Life Holding AG (c)		2,458		866,509
Swiss Prime Site AG (c)		4,706		423,413
Swiss Re AG		24,477		2,219,089
Swisscom AG		1,853		950,354
UBS Group AG (c)		276,202		4,724,259
Vifor Pharma AG		3,820		451,869
Zurich Insurance Group AG		11,277		3,446,627
				96,796,489
United Kingdom—15.3%
3i Group plc		70,865		868,170
Admiral Group plc		16,009		390,543
Anglo American plc		102,893		1,849,494
Ashtead Group plc		37,846		914,656
Associated British Foods plc		27,546		1,180,978
AstraZeneca plc		96,592		6,447,347
Auto Trader Group plc		75,401		397,110
Aviva plc		310,380		2,144,769
Babcock International Group plc		22,688		251,915
BAE Systems plc		241,558		2,046,842
Barclays plc		1,307,401		3,396,884
Barratt Developments plc		69,622		574,046
Berkeley Group Holdings plc		10,289		513,133
BP plc		1,479,905		9,473,655
British American Tobacco plc		174,204		10,904,780

BHFTII-194

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
British Land Co. plc (The) (REIT)		73,348	$	592,804
BT Group plc		630,635		2,402,260
Bunzl plc		27,344		832,280
Burberry Group plc		32,742		774,405
Capita plc		56,282		426,679
Centrica plc		433,996		1,088,967
CNH Industrial NV		78,026		937,274
Cobham plc		184,316		360,328
Coca-Cola European Partners plc		17,100		717,426
Compass Group plc		116,519		2,476,843
ConvaTec Group plc		91,978		338,104
Croda International plc		9,266		471,589
DCC plc		7,008		681,674
Diageo plc		192,279		6,328,853
Direct Line Insurance Group plc		89,919		438,717
Dixons Carphone plc		87,082		226,227
easyJet plc		10,815		176,779
Experian plc		72,847		1,465,279
Fiat Chrysler Automobiles NV (c)		83,815		1,502,144
G4S plc		108,086		403,636
GKN plc		126,099		586,061
GlaxoSmithKline plc		375,641		7,502,750
Hammerson plc (REIT)		54,049		389,459
Hargreaves Lansdown plc		23,808		472,817
HSBC Holdings plc		1,518,568		15,008,984
IMI plc		20,055		334,858
Imperial Brands plc		74,257		3,172,634
Inmarsat plc		33,445		288,788
InterContinental Hotels Group plc		14,856		784,927
International Consolidated Airlines Group S.A. - Class DI		49,850		397,274
Intertek Group plc		11,453		766,212
Intu Properties plc (REIT)		51,249		158,502
J Sainsbury plc		120,106		383,395
Johnson Matthey plc		15,590		715,926
Kingfisher plc		151,460		606,663
Land Securities Group plc (REIT)		54,641		713,514
Legal & General Group plc		465,307		1,622,665
Lloyds Banking Group plc		5,429,794		4,934,560
London Stock Exchange Group plc		25,259		1,299,197
Marks & Spencer Group plc		137,472		651,853
Meggitt plc		55,862		390,522
Merlin Entertainments plc		52,353		313,111
Micro Focus International plc		33,650		1,077,797
National Grid plc		262,698		3,256,362
Next plc		11,803		833,045
Old Mutual plc		378,865		988,301
Pearson plc		63,486		521,304
Persimmon plc		22,805		790,033
Prudential plc		198,506		4,758,990
Reckitt Benckiser Group plc		50,660		4,634,747
RELX NV		71,198		1,516,637
RELX plc		78,454		1,723,294
Rio Tinto plc		93,864		4,374,689
Rio Tinto, Ltd.		31,207		1,635,630
Rolls-Royce Holdings plc (c)		129,769		1,544,581
Royal Bank of Scotland Group plc (c)		268,333		966,105
United Kingdom—(Continued)
Royal Mail plc		67,965		350,347
RSA Insurance Group plc		74,322		621,280
Sage Group plc (The)		77,930		730,859
Schroders plc		10,735		483,682
Segro plc (REIT)		74,212		534,170
Severn Trent plc		20,415		595,257
Sky plc		81,836		1,005,246
Smith & Nephew plc		70,070		1,268,544
Smiths Group plc		31,976		677,400
SSE plc		72,948		1,366,918
St. James’s Place plc		38,927		599,169
Standard Chartered plc (c)		245,139		2,439,490
Standard Life Aberdeen plc		213,679		1,243,106
Tate & Lyle plc		33,576		292,161
Taylor Wimpey plc		240,026		629,593
Tesco plc (c)		641,000		1,609,672
Travis Perkins plc		20,832		404,743
Unilever NV		122,321		7,244,084
Unilever plc		97,657		5,659,543
United Utilities Group plc		57,234		656,227
Vodafone Group plc		1,990,618		5,582,731
Weir Group plc (The)		17,104		451,003
Whitbread plc		14,502		732,827
WM Morrison Supermarkets plc		166,578		523,258
Worldpay Group plc		144,225		787,566
WPP plc		93,040		1,729,101
				172,330,754
United States—0.4%
Carnival plc		15,318		975,928
QIAGEN NV (c)		15,166		477,681
Shire plc		69,070		3,523,028
				4,976,637
Total Common Stocks (Cost $889,585,289)				1,085,960,034
Mutual Fund—1.3%
United States—1.3%
iShares MSCI EAFE ETF (f) (Cost $14,497,860)		214,000		14,654,720
Preferred Stocks—0.5%
Germany—0.5%
Bayerische Motoren Werke (BMW) AG		3,581		319,122
FUCHS Petrolub SE		4,900		290,160
Henkel AG & Co. KGaA (d)		13,964		1,901,328
Porsche Automobil Holding SE		11,870		759,130
Schaeffler AG		13,141		212,057
Volkswagen AG		14,125		2,304,402
Total Preferred Stocks (Cost $4,128,462)				5,786,199

BHFTII-195

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Rights—0.0%

Security Description	Shares/ Principal Amount*		Value
Singapore—0.0%
CapitaLand Commercial Trust, Expires 10/19/17 (c) (Cost $0)		23,738	$	5,104
Short-Term Investments—1.4%
Discount Notes—0.9%
Federal Home Loan Bank 0.946%, 10/11/17 (g)		550,000		549,864
1.019%, 10/23/17 (g)		150,000		149,913
1.027%, 11/01/17 (g)		475,000		474,604
1.039%, 12/01/17 (g)		6,075,000		6,064,472
1.046%, 12/05/17 (g)		600,000		598,891
1.055%, 12/27/17 (g)		550,000		548,634
1.094%, 01/24/18 (g)		1,450,000		1,445,041
				9,831,419
U.S. Treasury—0.5%
U.S. Treasury Bills 0.879%, 10/19/17 (g)		5,225,000		5,222,733
Total Short-Term Investments (Cost $15,053,671)				15,054,152
Securities Lending Reinvestments (h)—1.2%
Repurchase Agreements—0.8%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,255,598 on 10/02/17, collateralized by $2,087,994 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $1,280,598.		1,255,488		1,255,488
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,300,201 on 10/02/17, collateralized by $2,341,417 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $2,346,000.		2,300,000		2,300,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $300,030 on 10/02/17, collateralized by $301,773 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $306,001.		300,000		300,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,600,167 on 10/02/17, collateralized by $1,629,727 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $1,632,001.		1,600,000		1,600,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $200,021 on 10/02/17, collateralized by $200,991 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $204,001.		200,000		200,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,100,094 on 10/02/17, collateralized by $1,055,222 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,122,855.		1,100,000		1,100,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
Pershing LLC Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $2,400,236 on 10/02/17, collateralized by $4,042,315 U.S. Government Agency Obligations with rates ranging from 1.100% - 11.060%, maturity dates ranging from 12/15/17 - 08/20/67, with a value of $2,448,003.		2,400,000		2,400,000
				9,355,488
Time Deposits—0.4%
ABN AMRO Bank NV 1.060%, 10/02/17		400,000		400,000
Credit Agricole S.A. 1.080%, 10/02/17		500,000		500,000
Credit Industriel et Commercial 1.100%, 10/02/17		400,000		400,000
DZ Bank AG 1.060%, 10/02/17		400,000		400,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		500,000		500,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		500,000		500,000

BHFTII-196

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Nordea Bank New York 1.050%, 10/02/17		400,000	$	400,000
Standard Chartered plc 1.200%, 10/02/17		500,000		500,000
Svenska 1.050%, 10/02/17		400,000		400,000
				4,000,000
Total Securities Lending Reinvestments (Cost $13,355,488)				13,355,488
Total Investments—100.9% (Cost $936,620,770)				1,134,815,697
Other assets and liabilities (net)—(0.9)%				(9,589,976	)
Net Assets—100.0%			$	1,125,225,721

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Illiquid security. As of September 30, 2017, these securities represent 0.0% of net assets.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	Non-income producing security.
(d)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $12,861,265 and the collateral received consisted of cash in the amount of $13,355,488. 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 September 30, 2017, these securities represent less than 0.05% of net assets.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2017, the market value of securities pledged was $2,739,200.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(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 September 30, 2017 (Unaudited)	% of Net Assets
Banks		12.4
Pharmaceuticals		7.4
Insurance		5.3
Oil, Gas & Consumable Fuels		4.8
Chemicals		3.8
Automobiles		3.5
Food Products		2.9
Metals & Mining		2.9
Machinery		2.7
Capital Markets		2.4

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation
MSCI EAFE Index Futures		12/15/17		148		USD	14,640,160	$	57,414

(USD)— United States Dollar

BHFTII-197

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	75,420,246	$	0	$	75,420,246
Austria		—		2,732,415		—		2,732,415
Belgium		—		12,875,620		—		12,875,620
Chile		—		343,331		—		343,331
China		—		1,607,704		—		1,607,704
Denmark		—		20,285,667		—		20,285,667
Finland		—		10,845,517		—		10,845,517
France		—		113,882,423		—		113,882,423
Germany		—		100,643,918		—		100,643,918
Hong Kong		477,576		35,558,058		—		36,035,634
Ireland		521,322		5,352,574		—		5,873,896
Israel		2,380,173		2,876,118		—		5,256,291
Italy		—		23,479,365		—		23,479,365
Japan		—		252,257,354		—		252,257,354
Jersey, Channel Islands		—		640,385		—		640,385
Jordan		—		184,885		—		184,885
Luxembourg		—		3,599,523		—		3,599,523
Macau		—		543,035		—		543,035
Mexico		—		280,747		—		280,747
Netherlands		3,008,194		47,048,563		—		50,056,757
New Zealand		—		1,743,684		—		1,743,684
Norway		—		7,574,141		—		7,574,141
Portugal		—		1,790,297		0		1,790,297
Singapore		—		13,392,069		—		13,392,069
South Africa		—		1,381,415		—		1,381,415
Spain		—		37,362,393		—		37,362,393
Sweden		—		31,767,442		—		31,767,442
Switzerland		485,790		96,310,699		—		96,796,489
United Kingdom		—		172,330,754		—		172,330,754
United States		—		4,976,637		—		4,976,637
Total Common Stocks		6,873,055		1,079,086,979		0		1,085,960,034
Total Mutual Fund*		14,654,720		—		—		14,654,720
Total Preferred Stocks*		—		5,786,199		—		5,786,199
Total Rights*		—		5,104		—		5,104

BHFTII-198

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Total Short-Term Investments*	$	—	$	15,054,152		$	—	$	15,054,152
Total Securities Lending Reinvestments*		—		13,355,488			—		13,355,488
Total Investments	$	21,527,775	$	1,113,287,922		$	0	$	1,134,815,697
Collateral for Securities Loaned (Liability)	$	—	$	(13,355,488	)	$	—	$	(13,355,488	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	57,414	$	—		$	—	$	57,414

* 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 September 30, 2017 is not presented.

Transfers from Level 2 to Level 1 in the amount of $547,700 were due to the discontinuation of a systematic fair valuation model factor.

BHFTII-199

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—95.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.4%
AAR Corp.		13,830	$	522,497
Aerojet Rocketdyne Holdings, Inc. (a)		32,670		1,143,777
Aerovironment, Inc. (a)		8,967		485,294
Astronics Corp. (a)		10,382		308,865
Axon Enterprise, Inc. (a) (b)		26,071		591,030
Cubic Corp.		12,431		633,981
Curtiss-Wright Corp.		20,138		2,105,227
DigitalGlobe, Inc. (a)		29,669		1,045,832
Ducommun, Inc. (a)		5,959		190,986
Engility Holdings, Inc. (a)		8,737		302,999
Esterline Technologies Corp. (a)		12,259		1,105,149
KEYW Holding Corp. (The) (a)		23,744		180,692
KLX, Inc. (a)		22,928		1,213,579
Kratos Defense & Security Solutions, Inc. (a)		32,972		431,274
Mercury Systems, Inc. (a)		22,228		1,153,189
Moog, Inc. - Class A (a)		14,345		1,196,803
National Presto Industries, Inc.		2,572		273,789
Sparton Corp. (a)		4,971		115,377
Triumph Group, Inc. (b)		24,082		716,439
Vectrus, Inc. (a)		5,647		174,153
Wesco Aircraft Holdings, Inc. (a)		29,211		274,583
				14,165,515
Air Freight & Logistics—0.3%
Air Transport Services Group, Inc. (a)		27,538		670,275
Atlas Air Worldwide Holdings, Inc. (a)		10,224		672,739
Echo Global Logistics, Inc. (a)		14,649		276,134
Forward Air Corp.		14,772		845,401
HUB Group, Inc. - Class A (a)		15,117		649,275
				3,113,824
Airlines—0.3%
Allegiant Travel Co.		6,072		799,682
Hawaiian Holdings, Inc. (a)		24,998		938,675
SkyWest, Inc.		24,419		1,071,994
				2,810,351
Auto Components—1.2%
American Axle & Manufacturing Holdings, Inc. (a)		40,918		719,338
Cooper Tire & Rubber Co. (b)		24,706		924,004
Cooper-Standard Holdings, Inc. (a)		8,249		956,637
Dana, Inc.		65,547		1,832,694
Dorman Products, Inc. (a)		12,774		914,874
Fox Factory Holding Corp. (a)		16,609		715,848
Gentherm, Inc. (a)		17,276		641,803
Horizon Global Corp. (a)		9,617		169,644
LCI Industries		11,598		1,343,628
Modine Manufacturing Co. (a)		23,187		446,350
Motorcar Parts of America, Inc. (a) (b)		8,000		235,680
Standard Motor Products, Inc.		9,638		465,034
Stoneridge, Inc. (a)		13,705		271,496
Superior Industries International, Inc.		12,615		210,040
Tenneco, Inc.		24,415		1,481,258
Tower International, Inc.		10,455		284,376
				11,612,704
Automobiles—0.1%
Winnebago Industries, Inc.		14,967	$	669,773
Banks—9.9%
1st Source Corp.		7,645		388,366
Access National Corp.		7,093		203,285
Allegiance Bancshares, Inc. (a)		5,825		214,360
American National Bankshares, Inc.		4,311		177,613
Ameris Bancorp		16,855		809,040
Ames National Corp.		4,647		138,713
Arrow Financial Corp. (b)		6,174		212,071
Atlantic Capital Bancshares, Inc. (a)		10,440		189,486
Banc of California, Inc.		18,620		386,365
BancFirst Corp.		7,178		407,352
Banco Latinoamericano de Comercio Exterior S.A. - Class E		14,005		412,307
Bancorp, Inc. (The) (a)		25,747		212,928
BancorpSouth, Inc.		41,566		1,332,190
Bank of Marin Bancorp		3,199		219,132
Bank of NT Butterfield & Son, Ltd. (The)		25,319		927,688
Banner Corp.		14,787		906,147
Bar Harbor Bankshares		7,342		230,245
Berkshire Hills Bancorp, Inc.		18,786		727,957
Blue Hills Bancorp, Inc.		13,063		250,810
Boston Private Financial Holdings, Inc.		40,232		665,840
Bridge Bancorp, Inc.		8,870		301,137
Brookline Bancorp, Inc.		33,001		511,516
Bryn Mawr Bank Corp. (b)		8,151		357,014
Camden National Corp. (b)		7,839		342,094
Capital Bank Financial Corp. - Class A		13,845		568,337
Capital City Bank Group, Inc.		5,769		138,514
Carolina Financial Corp.		7,115		255,286
Cathay General Bancorp		34,405		1,383,081
CenterState Bank Corp.		25,544		684,579
Central Pacific Financial Corp.		15,142		487,270
Chemical Financial Corp.		33,111		1,730,381
Citizens & Northern Corp.		6,716		164,945
City Holding Co. (b)		7,242		520,772
CNB Financial Corp. (b)		6,782		185,284
CoBiz Financial, Inc.		17,832		350,220
Columbia Banking System, Inc. (b)		28,451		1,198,072
Community Bank System, Inc. (b)		22,304		1,232,296
Community Trust Bancorp, Inc.		8,162		379,533
ConnectOne Bancorp, Inc.		13,860		340,956
CU Bancorp (a)		8,163		316,520
Customers Bancorp, Inc. (a)		13,560		442,327
CVB Financial Corp.		48,585		1,174,299
Eagle Bancorp, Inc. (a)		15,010		1,006,420
Enterprise Bancorp, Inc.		4,064		147,564
Enterprise Financial Services Corp.		10,782		456,618
Equity Bancshares, Inc. - Class A (a)		5,404		192,274
Farmers & Merchants Bancorp, Inc.		4,006		146,019
Farmers Capital Bank Corp.		3,713		156,132
Farmers National Banc Corp.		13,414		201,881
FB Financial Corp. (a) (b)		6,411		241,823
FCB Financial Holdings, Inc. - Class A (a)		16,597		801,635
Fidelity Southern Corp.		10,827		255,950
Financial Institutions, Inc.		6,461		186,077

BHFTII-200

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
First BanCorp (a)		90,877	$	465,290
First Bancorp		12,826		441,343
First Bancorp, Inc.		5,308		160,885
First Bancshares, Inc. (The)		4,454		134,288
First Busey Corp.		18,353		575,550
First Citizens BancShares, Inc. - Class A		3,585		1,340,396
First Commonwealth Financial Corp.		45,936		649,076
First Community Bancshares, Inc.		8,470		246,562
First Connecticut Bancorp, Inc.		7,629		204,076
First Financial Bancorp		28,214		737,796
First Financial Bankshares, Inc.		30,167		1,363,548
First Financial Corp.		5,203		247,663
First Foundation, Inc. (a)		13,966		249,852
First Interstate BancSystem, Inc. - Class A		11,722		448,367
First Merchants Corp.		20,166		865,726
First Mid-Illinois Bancshares, Inc.		4,235		162,624
First Midwest Bancorp, Inc.		47,879		1,121,326
First of Long Island Corp. (The)		9,924		302,186
Flushing Financial Corp.		13,422		398,902
Franklin Financial Network, Inc. (a)		4,922		175,469
Fulton Financial Corp. (b)		82,075		1,538,906
German American Bancorp, Inc.		10,138		385,548
Glacier Bancorp, Inc. (b)		35,986		1,358,831
Great Southern Bancorp, Inc.		4,991		277,749
Great Western Bancorp, Inc.		28,884		1,192,332
Green Bancorp, Inc. (a)		11,285		266,890
Guaranty Bancorp		11,425		317,615
Hancock Holding Co.		39,741		1,925,451
Hanmi Financial Corp.		15,681		485,327
HarborOne Bancorp, Inc. (a)		7,619		143,313
Heartland Financial USA, Inc.		10,964		541,622
Heritage Commerce Corp.		17,854		254,062
Heritage Financial Corp.		12,644		372,998
Hilltop Holdings, Inc.		34,409		894,634
Home BancShares, Inc.		74,113		1,869,120
HomeTrust Bancshares, Inc. (a)		6,444		165,289
Hope Bancorp, Inc.		59,993		1,062,476
Horizon Bancorp		9,708		283,182
Iberiabank Corp.		23,786		1,954,020
Independent Bank Corp.		11,863		268,697
Independent Bank Corp./Rockland Trust (b)		12,760		952,534
Independent Bank Group, Inc.		8,423		507,907
International Bancshares Corp.		25,537		1,024,034
Investors Bancorp, Inc.		121,099		1,651,790
Lakeland Bancorp, Inc.		19,901		405,980
Lakeland Financial Corp.		12,208		594,774
LegacyTexas Financial Group, Inc. (b)		21,060		840,715
Live Oak Bancshares, Inc.		10,388		243,599
Macatawa Bank Corp.		14,416		147,908
MainSource Financial Group, Inc.		11,883		426,124
MB Financial, Inc.		37,830		1,703,107
Mercantile Bank Corp.		8,647		301,780
Midland States Bancorp, Inc.		7,521		238,265
MidWestOne Financial Group, Inc.		5,585		188,550
MutualFirst Financial, Inc.		3,246		124,809
National Bank Holdings Corp. - Class A		12,889		460,008
National Bankshares, Inc. (b)		3,487		156,741
Banks—(Continued)
National Commerce Corp. (a)		4,628		198,078
NBT Bancorp, Inc.		20,117		738,696
Nicolet Bankshares, Inc. (a) (b)		4,410		253,707
Norwood Financial Corp.		4,483		136,821
OFG Bancorp		19,884		181,939
Old Line Bancshares, Inc.		4,370		122,360
Old National Bancorp		65,101		1,191,348
Old Second Bancorp, Inc.		14,296		192,281
Opus Bank (a)		8,631		207,144
Pacific Continental Corp.		10,841		292,165
Pacific Premier Bancorp, Inc. (a)		18,545		700,074
Paragon Commercial Corp. (a)		2,223		125,511
Park National Corp.		6,727		726,449
Park Sterling Corp.		23,392		290,529
Peapack Gladstone Financial Corp.		8,311		280,413
People’s Utah Bancorp		7,011		227,507
Peoples Bancorp, Inc.		6,641		223,071
Peoples Financial Services Corp.		3,673		175,569
Preferred Bank		5,630		339,771
QCR Holdings, Inc.		5,811		264,401
Renasant Corp.		20,087		861,732
Republic Bancorp, Inc. - Class A		5,421		210,823
Republic First Bancorp, Inc. (a)		25,144		232,582
S&T Bancorp, Inc.		15,660		619,823
Sandy Spring Bancorp, Inc.		10,533		436,488
Seacoast Banking Corp. of Florida (a)		19,096		456,203
ServisFirst Bancshares, Inc.		20,928		813,053
Sierra Bancorp		5,841		158,583
Simmons First National Corp. - Class A (b)		13,943		807,300
South State Corp.		13,538		1,219,097
Southern First Bancshares, Inc. (a)		3,419		124,281
Southern National Bancorp of Virginia, Inc.		10,799		183,475
Southside Bancshares, Inc. (b)		12,998		472,607
Southwest Bancorp, Inc.		9,007		248,143
State Bank Financial Corp. (b)		16,379		469,258
Sterling Bancorp		61,628		1,519,130
Stock Yards Bancorp, Inc.		10,633		404,054
Summit Financial Group, Inc.		5,705		146,390
Sun Bancorp, Inc.		4,652		115,602
Texas Capital Bancshares, Inc. (a)		23,642		2,028,484
Tompkins Financial Corp. (b)		6,912		595,400
Towne Bank		27,456		919,776
TriCo Bancshares		9,787		398,820
TriState Capital Holdings, Inc. (a)		11,422		261,564
Triumph Bancorp, Inc. (a)		7,480		241,230
Trustmark Corp.		31,188		1,032,947
UMB Financial Corp.		20,613		1,535,462
Umpqua Holdings Corp.		104,556		2,039,888
Union Bankshares Corp.		20,843		735,758
United Bankshares, Inc. (b)		46,665		1,733,605
United Community Banks, Inc.		34,521		985,229
Univest Corp. of Pennsylvania (b)		12,133		388,256
Valley National Bancorp (b)		120,808		1,455,736
Veritex Holdings, Inc. (a)		7,183		193,654
Washington Trust Bancorp, Inc.		7,713		441,569
WashingtonFirst Bankshares, Inc.		4,653		165,600
WesBanco, Inc.		19,861		814,698

BHFTII-201

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
West Bancorp, Inc.		8,036	$	196,078
Westamerica Bancorp		11,738		698,881
Wintrust Financial Corp.		25,865		2,025,488
				96,940,914
Beverages—0.2%
Boston Beer Co., Inc. (The) - Class A (a)		3,688		576,066
Coca-Cola Bottling Co. Consolidated		2,376		512,622
Craft Brew Alliance, Inc. (a)		6,574		115,374
MGP Ingredients, Inc. (b)		5,440		329,827
National Beverage Corp.		5,742		712,295
Primo Water Corp. (a)		10,997		130,314
				2,376,498
Biotechnology—5.9%
Abeona Therapeutics, Inc. (a)		12,248		208,828
Acceleron Pharma, Inc. (a)		15,302		571,071
Achaogen, Inc. (a)		14,077		224,528
Achillion Pharmaceuticals, Inc. (a)		56,103		251,903
Acorda Therapeutics, Inc. (a) (b)		20,455		483,761
Adamas Pharmaceuticals, Inc. (a) (b)		7,040		149,037
Aduro Biotech, Inc. (a)		18,643		198,548
Agenus, Inc. (a) (b)		38,088		167,968
Aimmune Therapeutics, Inc. (a) (b)		17,085		423,537
Akebia Therapeutics, Inc. (a)		21,429		421,508
Alder Biopharmaceuticals, Inc. (a)		30,681		375,842
AMAG Pharmaceuticals, Inc. (a)		16,034		295,827
Amicus Therapeutics, Inc. (a) (b)		76,988		1,160,979
AnaptysBio, Inc. (a)		6,005		209,875
Arena Pharmaceuticals, Inc. (a)		18,691		476,621
Array BioPharma, Inc. (a)		82,904		1,019,719
Atara Biotherapeutics, Inc. (a) (b)		11,963		197,988
Athersys, Inc. (a)		54,269		111,794
Audentes Therapeutics, Inc. (a)		7,930		222,119
Avexis, Inc. (a)		11,567		1,118,876
Axovant Sciences, Ltd. (a) (b)		13,161		90,548
Bellicum Pharmaceuticals, Inc. (a)		11,404		131,716
BioCryst Pharmaceuticals, Inc. (a) (b)		42,881		224,696
Biohaven Pharmaceutical Holding Co., Ltd. (a)		4,217		157,631
BioSpecifics Technologies Corp. (a)		3,039		141,374
BioTime, Inc. (a)		39,767		112,938
Bluebird Bio, Inc. (a)		21,319		2,928,165
Blueprint Medicines Corp. (a)		18,305		1,275,309
Calithera Biosciences, Inc. (a)		15,177		239,038
Calyxt, Inc. (a)		7,572		185,438
Cara Therapeutics, Inc. (a)		11,468		156,997
Celldex Therapeutics, Inc. (a) (b)		47,742		136,542
Chimerix, Inc. (a)		24,480		128,520
Clovis Oncology, Inc. (a)		20,203		1,664,727
Coherus Biosciences, Inc. (a)		18,745		250,246
Concert Pharmaceuticals, Inc. (a)		8,973		132,352
Corbus Pharmaceuticals Holdings, Inc. (a)		23,089		165,086
Cytokinetics, Inc. (a)		18,716		271,382
CytomX Therapeutics, Inc. (a)		11,599		210,754
Dynavax Technologies Corp. (a)		28,690		616,835
Eagle Pharmaceuticals, Inc. (a)		4,073		242,914
Biotechnology—(Continued)
Editas Medicine, Inc. (a)		16,553		397,438
Emergent BioSolutions, Inc. (a) (b)		15,717		635,753
Enanta Pharmaceuticals, Inc. (a)		7,598		355,586
Epizyme, Inc. (a)		20,920		398,526
Esperion Therapeutics, Inc. (a)		7,538		377,805
Exact Sciences Corp. (a)		54,332		2,560,124
FibroGen, Inc. (a)		31,200		1,678,560
Five Prime Therapeutics, Inc. (a) (b)		13,422		549,094
Flexion Therapeutics, Inc. (a) (b)		12,372		299,155
Foundation Medicine, Inc. (a)		7,156		287,671
Genomic Health, Inc. (a)		8,810		282,713
Geron Corp. (a) (b)		75,588		164,782
Global Blood Therapeutics, Inc. (a)		17,581		545,890
Halozyme Therapeutics, Inc. (a) (b)		55,733		968,082
Heron Therapeutics, Inc. (a)		22,046		356,043
Ignyta, Inc. (a)		24,664		304,600
ImmunoGen, Inc. (a)		46,019		352,045
Immunomedics, Inc. (a) (b)		49,803		696,246
Inovio Pharmaceuticals, Inc. (a)		36,297		230,123
Insmed, Inc. (a)		33,492		1,045,285
Insys Therapeutics, Inc. (a)		11,118		98,728
Intellia Therapeutics, Inc. (a)		7,597		188,785
Invitae Corp. (a)		15,995		149,873
Iovance Biotherapeutics, Inc. (a)		25,388		196,757
Ironwood Pharmaceuticals, Inc. (a)		63,682		1,004,265
Jounce Therapeutics, Inc. (a)		7,692		119,841
Karyopharm Therapeutics, Inc. (a)		15,254		167,489
Keryx Biopharmaceuticals, Inc. (a)		40,309		286,194
Kite Pharma, Inc. (a)		22,783		4,096,611
Kura Oncology, Inc. (a)		10,102		151,025
La Jolla Pharmaceutical Co. (a)		8,585		298,586
Lexicon Pharmaceuticals, Inc. (a) (b)		23,843		293,031
Ligand Pharmaceuticals, Inc. (a)		9,331		1,270,416
Loxo Oncology, Inc. (a)		10,666		982,552
MacroGenics, Inc. (a)		14,803		273,559
MiMedx Group, Inc. (a)		48,233		573,008
Momenta Pharmaceuticals, Inc. (a)		32,218		596,033
Myriad Genetics, Inc. (a)		29,763		1,076,825
Natera, Inc. (a)		13,813		178,050
NewLink Genetics Corp. (a)		11,251		114,535
Novavax, Inc. (a)		138,764		158,191
Organovo Holdings, Inc. (a) (b)		45,372		100,726
PDL BioPharma, Inc. (a)		77,531		262,830
Portola Pharmaceuticals, Inc. (a)		25,614		1,383,924
Progenics Pharmaceuticals, Inc. (a)		32,263		237,456
Prothena Corp. plc (a)		18,324		1,186,846
PTC Therapeutics, Inc. (a) (b)		19,200		384,192
Puma Biotechnology, Inc. (a)		13,791		1,651,472
Radius Health, Inc. (a) (b)		17,562		677,015
REGENXBIO, Inc. (a)		13,217		435,500
Repligen Corp. (a)		17,598		674,355
Retrophin, Inc. (a)		16,403		408,271
Rigel Pharmaceuticals, Inc. (a)		66,270		168,326
Sage Therapeutics, Inc. (a)		16,174		1,007,640
Sangamo Therapeutics, Inc. (a)		39,186		587,790
Sarepta Therapeutics, Inc. (a)		27,646		1,254,023
Selecta Biosciences, Inc. (a)		7,299		133,207

BHFTII-202

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Seres Therapeutics, Inc. (a)		10,787	$	173,024
Spark Therapeutics, Inc. (a)		12,585		1,122,079
Spectrum Pharmaceuticals, Inc. (a) (b)		40,647		571,903
Stemline Therapeutics, Inc. (a) (b)		11,947		132,612
Synergy Pharmaceuticals, Inc. (a)		108,329		314,154
TG Therapeutics, Inc. (a)		20,926		247,973
Ultragenyx Pharmaceutical, Inc. (a)		18,315		975,457
Vanda Pharmaceuticals, Inc. (a)		20,273		362,887
Versartis, Inc. (a)		16,518		40,469
Voyager Therapeutics, Inc. (a)		7,685		158,234
Xencor, Inc. (a) (b)		16,674		382,168
ZIOPHARM Oncology, Inc. (a)		61,375		376,843
				57,924,788
Building Products—1.3%
AAON, Inc.		19,095		658,300
Advanced Drainage Systems, Inc.		15,729		318,512
American Woodmark Corp. (a)		6,699		644,779
Apogee Enterprises, Inc.		13,684		660,390
Armstrong Flooring, Inc. (a)		11,681		183,976
Builders FirstSource, Inc. (a)		45,999		827,522
Caesarstone, Ltd. (a)		11,687		348,273
Continental Building Products, Inc. (a)		17,313		450,138
CSW Industrials, Inc. (a)		6,168		273,551
Gibraltar Industries, Inc. (a)		14,856		462,764
Griffon Corp.		14,438		320,524
Insteel Industries, Inc. (b)		9,004		235,094
JELD-WEN Holding, Inc. (a)		25,741		914,320
Masonite International Corp. (a)		14,468		1,001,186
NCI Building Systems, Inc. (a)		19,586		305,542
Patrick Industries, Inc. (a)		7,120		598,792
PGT Innovations, Inc. (a)		22,494		336,285
Ply Gem Holdings, Inc. (a)		11,295		192,580
Quanex Building Products Corp.		17,697		406,146
Simpson Manufacturing Co., Inc. (b)		19,498		956,182
Trex Co., Inc. (a)		13,934		1,255,035
Universal Forest Products, Inc.		9,556		938,017
				12,287,908
Capital Markets—1.3%
Arlington Asset Investment Corp. - Class A		10,056		128,013
Artisan Partners Asset Management, Inc. - Class A		21,101		687,893
B. Riley Financial, Inc. (b)		10,620		181,071
Cohen & Steers, Inc.		9,693		382,777
Cowen Group, Inc. (a) (b)		13,196		234,889
Diamond Hill Investment Group, Inc.		1,546		328,293
Donnelley Financial Solutions, Inc. (a)		16,100		347,116
Evercore, Inc. - Class A		17,759		1,425,160
Financial Engines, Inc.		27,468		954,513
Gain Capital Holdings, Inc.		19,074		121,883
Greenhill & Co., Inc. (b)		13,790		228,914
Hamilton Lane, Inc. - Class A		9,116		244,765
Houlihan Lokey, Inc.		11,916		466,273
International FCStone, Inc. (a)		7,668		293,838
Investment Technology Group, Inc.		17,949		397,391
Capital Markets—(Continued)
Ladenburg Thalmann Financial Services, Inc.		51,479		148,259
Moelis & Co. - Class A		14,714		633,438
OM Asset Management plc		35,717		532,898
Piper Jaffray Cos.		7,063		419,189
PJT Partners, Inc. - Class A		7,794		298,588
Safeguard Scientifics, Inc. (a)		10,084		134,621
Stifel Financial Corp.		31,175		1,666,615
Virtu Financial, Inc. - Class A		12,905		209,061
Virtus Investment Partners, Inc.		3,239		375,886
Waddell & Reed Financial, Inc. - Class A (b)		38,993		782,589
Westwood Holdings Group, Inc.		3,235		217,618
WisdomTree Investments, Inc.		53,688		546,544
				12,388,095
Chemicals—2.1%
A. Schulman, Inc.		12,704		433,842
AdvanSix, Inc. (a)		14,472		575,262
American Vanguard Corp.		14,887		340,912
Balchem Corp. (b)		14,840		1,206,344
Calgon Carbon Corp.		24,113		516,018
Chase Corp.		3,533		393,576
Codexis, Inc. (a)		21,463		142,729
Ferro Corp. (a)		40,624		905,915
Flotek Industries, Inc. (a)		28,523		132,632
FutureFuel Corp.		10,195		160,469
GCP Applied Technologies, Inc. (a)		34,475		1,058,383
Hawkins, Inc.		4,778		194,942
HB Fuller Co.		23,919		1,388,737
Ingevity Corp. (a)		20,081		1,254,460
Innophos Holdings, Inc.		9,207		452,892
Innospec, Inc.		11,303		696,830
Intrepid Potash, Inc. (a)		48,671		212,206
KMG Chemicals, Inc.		4,417		242,405
Koppers Holdings, Inc. (a)		10,265		473,730
Kraton Corp. (a)		14,021		567,009
Kronos Worldwide, Inc.		11,199		255,673
Minerals Technologies, Inc.		16,456		1,162,616
OMNOVA Solutions, Inc. (a)		22,821		249,890
PolyOne Corp.		36,722		1,469,982
Quaker Chemical Corp.		5,838		863,732
Rayonier Advanced Materials, Inc.		19,176		262,711
Sensient Technologies Corp.		20,810		1,600,705
Stepan Co.		9,222		771,513
Trecora Resources (a) (b)		10,819		143,893
Tredegar Corp.		13,367		240,606
Trinseo S.A.		20,819		1,396,955
Tronox, Ltd. - Class A		30,359		640,575
				20,408,144
Commercial Services & Supplies—2.4%
ABM Industries, Inc.		25,771		1,074,908
ACCO Brands Corp. (a)		52,031		619,169
Advanced Disposal Services, Inc. (a)		20,602		518,964
Brady Corp. - Class A		21,723		824,388
Brink’s Co. (The)		20,598		1,735,382
Casella Waste Systems, Inc. - Class A (a)		20,153		378,876

BHFTII-203

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—(Continued)
Ceco Environmental Corp.		14,983	$	126,756
Covanta Holding Corp.		55,221		820,032
Deluxe Corp.		21,616		1,577,103
Ennis, Inc.		14,123		277,517
Essendant, Inc.		18,301		241,024
Healthcare Services Group, Inc.		31,811		1,716,840
Heritage-Crystal Clean, Inc. (a)		7,474		162,560
Herman Miller, Inc.		28,305		1,016,150
HNI Corp.		20,835		864,027
Hudson Technologies, Inc. (a)		18,608		145,328
InnerWorkings, Inc. (a)		18,741		210,836
Interface, Inc.		31,333		686,193
Kimball International, Inc. - Class B		16,738		330,910
Knoll, Inc.		23,781		475,620
LSC Communications, Inc.		16,124		266,207
Matthews International Corp. - Class A		15,251		949,375
McGrath RentCorp		10,515		460,031
Mobile Mini, Inc.		20,245		697,440
MSA Safety, Inc.		15,591		1,239,640
Multi-Color Corp.		6,168		505,468
Quad/Graphics, Inc.		13,076		295,648
RR Donnelley & Sons Co.		33,612		346,204
SP Plus Corp. (a)		8,683		342,979
Steelcase, Inc. - Class A		42,340		652,036
Team, Inc. (a) (b)		14,183		189,343
Tetra Tech, Inc. (c)		25,687		1,195,730
U.S. Ecology, Inc.		10,067		541,605
UniFirst Corp.		7,187		1,088,831
Viad Corp.		8,932		543,959
VSE Corp.		4,190		238,243
West Corp.		20,298		476,394
				23,831,716
Communications Equipment—1.6%
Acacia Communications, Inc. (a) (b)		8,854		417,023
ADTRAN, Inc.		24,190		580,560
Applied Optoelectronics, Inc. (a) (b)		8,622		557,585
CalAmp Corp. (a)		14,239		331,057
Ciena Corp. (a) (b)		66,636		1,463,993
Comtech Telecommunications Corp.		11,475		235,582
Digi International, Inc. (a)		12,500		132,500
EMCORE Corp. (a)		13,561		111,200
Extreme Networks, Inc. (a)		50,414		599,423
Finisar Corp. (a)		52,901		1,172,815
Harmonic, Inc. (a) (b)		42,437		129,433
Infinera Corp. (a)		66,643		591,123
InterDigital, Inc.		16,024		1,181,770
Lumentum Holdings, Inc. (a)		28,404		1,543,757
NETGEAR, Inc. (a)		14,969		712,524
NetScout Systems, Inc. (a)		40,021		1,294,679
Oclaro, Inc. (a)		77,936		672,588
Plantronics, Inc.		15,665		692,706
Quantenna Communications, Inc. (a) (b)		10,375		174,404
Sonus Networks, Inc. (a)		24,015		183,715
Ubiquiti Networks, Inc. (a) (b)		10,729		601,039
ViaSat, Inc. (a) (b)		24,578		1,580,857
Communications Equipment—(Continued)
Viavi Solutions, Inc. (a)		104,328		986,943
				15,947,276
Construction & Engineering—1.1%
Aegion Corp. (a)		13,054		303,897
Argan, Inc.		6,140		412,915
Chicago Bridge & Iron Co. NV (b)		47,677		800,974
Comfort Systems USA, Inc.		17,796		635,317
Dycom Industries, Inc. (a) (b)		14,412		1,237,702
EMCOR Group, Inc.		26,752		1,856,054
Granite Construction, Inc. (b)		19,068		1,104,991
Great Lakes Dredge & Dock Corp. (a)		30,133		146,145
KBR, Inc.		67,555		1,207,883
Layne Christensen Co. (a)		9,378		117,694
MasTec, Inc. (a)		31,128		1,444,339
MYR Group, Inc. (a)		6,874		200,308
NV5 Global, Inc. (a)		3,969		216,906
Primoris Services Corp.		17,845		525,000
Sterling Construction Co., Inc. (a)		13,246		201,737
Tutor Perini Corp. (a)		19,192		545,053
				10,956,915
Construction Materials—0.2%
Summit Materials, Inc. - Class A (a)		50,598		1,620,654
U.S. Concrete, Inc. (a)		7,217		550,657
				2,171,311
Consumer Finance—0.6%
Encore Capital Group, Inc. (a)		11,469		508,077
Enova International, Inc. (a)		13,048		175,496
EZCORP, Inc. - Class A (a) (b)		25,543		242,659
FirstCash, Inc.		22,224		1,403,446
Green Dot Corp. - Class A (a)		21,516		1,066,763
LendingClub Corp. (a)		144,948		882,733
Nelnet, Inc. - Class A		9,125		460,812
PRA Group, Inc. (a) (b)		22,334		639,869
Regional Management Corp. (a)		5,496		133,058
World Acceptance Corp. (a)		3,560		295,088
				5,808,001
Containers & Packaging—0.1%
Greif, Inc. - Class A		12,112		709,036
Greif, Inc. - Class B		2,277		146,297
Myers Industries, Inc.		10,665		223,432
				1,078,765
Distributors—0.1%
Core-Mark Holding Co., Inc.		21,704		697,567
Diversified Consumer Services—0.8%
Adtalem Global Education, Inc.		29,702		1,064,817
American Public Education, Inc. (a)		8,921		187,787
Capella Education Co.		5,633		395,155
Career Education Corp. (a)		35,115		364,845
Carriage Services, Inc. (b)		7,506		192,154

BHFTII-204

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—(Continued)
Chegg, Inc. (a)		44,656	$	662,695
Grand Canyon Education, Inc. (a)		21,870		1,986,233
Houghton Mifflin Harcourt Co. (a)		48,813		588,197
K12, Inc. (a)		17,337		309,292
Laureate Education, Inc. - Class A (a)		19,236		279,884
Regis Corp. (a)		18,180		259,429
Sotheby’s (a)		17,875		824,216
Strayer Education, Inc.		5,054		441,062
Weight Watchers International, Inc. (a)		13,493		587,620
				8,143,386
Diversified Financial Services—0.1%
FNFV Group (a)		30,326		520,091
Marlin Business Services Corp.		4,627		133,026
NewStar Financial, Inc.		11,793		138,450
On Deck Capital, Inc. (a)		24,943		116,484
				908,051
Diversified Telecommunication Services—0.7%
ATN International, Inc.		4,754		250,536
Cincinnati Bell, Inc. (a)		19,517		387,412
Cogent Communications Holdings, Inc.		19,575		957,218
Consolidated Communications Holdings, Inc.		32,698		623,878
Frontier Communications Corp. (b)		37,100		437,409
General Communication, Inc. - Class A (a)		12,857		524,437
Globalstar, Inc. (a)		220,308		359,102
IDT Corp. - Class B		8,438		118,807
Iridium Communications, Inc. (a)		38,356		395,067
Lumos Networks Corp. (a)		8,396		150,456
ORBCOMM, Inc. (a)		31,662		331,501
pdvWireless, Inc. (a)		3,369		100,396
Straight Path Communications, Inc. - Class B (a)		4,569		825,481
Vonage Holdings Corp. (a)		94,189		766,699
Windstream Holdings, Inc.		86,995		153,981
				6,382,380
Electric Utilities—1.0%
ALLETE, Inc.		23,439		1,811,600
El Paso Electric Co.		18,779		1,037,540
IDACORP, Inc.		23,882		2,099,944
MGE Energy, Inc.		16,879		1,090,383
Otter Tail Corp.		18,873		818,145
PNM Resources, Inc. (b)		36,376		1,465,953
Portland General Electric Co.		42,222		1,927,012
				10,250,577
Electrical Equipment—0.6%
Atkore International Group, Inc. (a)		15,795		308,160
AZZ, Inc.		12,522		609,821
Encore Wire Corp.		9,729		435,616
EnerSys		20,532		1,420,198
Generac Holdings, Inc. (a)		28,764		1,321,131
General Cable Corp.		24,951		470,326
Plug Power, Inc. (a) (b)		97,992		255,759
Powell Industries, Inc.		4,404		132,076
Electrical Equipment—(Continued)
Sunrun, Inc. (a)		43,801		243,096
Thermon Group Holdings, Inc. (a)		15,847		285,088
TPI Composites, Inc. (a)		6,302		140,787
Vicor Corp. (a)		8,793		207,515
				5,829,573
Electronic Equipment, Instruments & Components—2.9%
Anixter International, Inc. (a)		13,642		1,159,570
AVX Corp.		21,871		398,708
Badger Meter, Inc.		13,640		668,360
Bel Fuse, Inc. - Class B		4,719		147,233
Belden, Inc.		19,822		1,596,266
Benchmark Electronics, Inc. (a)		24,418		833,875
Control4 Corp. (a)		10,604		312,394
CTS Corp.		15,701		378,394
Daktronics, Inc. (b)		18,513		195,682
Electro Scientific Industries, Inc. (a)		16,104		224,168
ePlus, Inc. (a)		6,246		577,443
Fabrinet (a)		17,507		648,809
FARO Technologies, Inc. (a) (b)		8,551		327,076
Fitbit, Inc. - Class A (a)		83,429		580,666
II-VI, Inc. (a)		29,121		1,198,329
Insight Enterprises, Inc. (a) (c)		17,579		807,228
Itron, Inc. (a)		16,214		1,255,774
KEMET Corp. (a)		22,082		466,593
Kimball Electronics, Inc. (a)		14,109		305,460
Knowles Corp. (a)		43,119		658,427
Littelfuse, Inc.		10,433		2,043,616
Maxwell Technologies, Inc. (a)		18,743		96,152
Mesa Laboratories, Inc.		1,474		220,098
Methode Electronics, Inc.		17,959		760,564
MicroVision, Inc. (a)		39,764		110,544
MTS Systems Corp. (b)		7,482		399,913
Novanta, Inc. (a)		15,349		669,216
OSI Systems, Inc. (a)		8,490		775,731
Park Electrochemical Corp. (b)		10,569		195,526
PC Connection, Inc.		5,366		151,268
Plexus Corp. (a) (c)		15,422		864,866
Rogers Corp. (a)		8,166		1,088,364
Sanmina Corp. (a)		35,180		1,306,937
ScanSource, Inc. (a)		12,162		530,871
SYNNEX Corp.		13,358		1,689,921
Systemax, Inc.		5,954		157,364
Tech Data Corp. (a)		15,811		1,404,807
TTM Technologies, Inc. (a)		43,439		667,657
VeriFone Systems, Inc. (a)		52,265		1,059,934
Vishay Intertechnology, Inc. (b)		60,883		1,144,600
Vishay Precision Group, Inc. (a)		5,267		128,515
				28,206,919
Energy Equipment & Services—1.4%
Archrock, Inc.		34,795		436,677
Atwood Oceanics, Inc. (a)		37,266		349,928
Basic Energy Services, Inc. (a)		9,414		181,690
Bristow Group, Inc. (b)		17,044		159,361
C&J Energy Services, Inc. (a)		23,422		701,957

BHFTII-205

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Diamond Offshore Drilling, Inc. (a) (b)		32,772	$	475,194
Dril-Quip, Inc. (a)		18,125		800,219
Ensco plc - Class A		146,795		876,366
Exterran Corp. (a)		14,849		469,377
Fairmount Santrol Holdings, Inc. (a) (b)		80,171		383,217
Forum Energy Technologies, Inc. (a)		33,848		538,183
Frank’s International NV		26,819		207,043
Helix Energy Solutions Group, Inc. (a)		67,569		499,335
Keane Group, Inc. (a)		17,150		286,062
Matrix Service Co. (a)		14,196		215,779
McDermott International, Inc. (a)		135,519		985,223
Natural Gas Services Group, Inc. (a)		6,643		188,661
NCS Multistage Holdings, Inc. (a)		7,794		187,680
Newpark Resources, Inc. (a) (b)		41,815		418,150
Noble Corp. plc (a)		121,320		558,072
Oil States International, Inc. (a)		24,545		622,216
ProPetro Holding Corp. (a)		16,409		235,469
RigNet, Inc. (a)		7,269		125,027
Rowan Cos. plc - Class A (a)		56,769		729,482
SEACOR Holdings, Inc. (a)		7,977		367,820
Superior Energy Services, Inc. (a)		73,574		785,770
Tesco Corp. (a)		26,917		146,698
TETRA Technologies, Inc. (a)		57,683		164,973
U.S. Silica Holdings, Inc.		38,361		1,191,876
Unit Corp. (a)		24,655		507,400
				13,794,905
Equity Real Estate Investment Trusts—6.6%
Acadia Realty Trust		38,553		1,103,387
Agree Realty Corp.		13,037		639,856
Alexander & Baldwin, Inc.		20,854		966,166
Alexander’s, Inc.		1,029		436,389
Altisource Residential Corp.		26,537		294,826
American Assets Trust, Inc.		19,187		763,067
Armada Hoffler Properties, Inc.		19,662		271,532
Ashford Hospitality Prime, Inc.		14,521		137,949
Ashford Hospitality Trust, Inc.		39,201		261,471
Bluerock Residential Growth REIT, Inc.		9,427		104,263
CareTrust REIT, Inc.		34,103		649,321
CatchMark Timber Trust, Inc. - Class A		19,002		239,615
CBL & Associates Properties, Inc. (b)		82,772		694,457
Cedar Realty Trust, Inc.		37,954		213,301
Chatham Lodging Trust		18,798		400,773
Chesapeake Lodging Trust		28,075		757,183
City Office REIT, Inc.		14,820		204,071
Community Healthcare Trust, Inc.		6,730		181,441
CorEnergy Infrastructure Trust, Inc.		5,980		211,393
Cousins Properties, Inc.		195,107		1,822,299
DiamondRock Hospitality Co.		92,371		1,011,462
Easterly Government Properties, Inc.		16,288		336,673
EastGroup Properties, Inc.		15,137		1,333,872
Education Realty Trust, Inc. (b)		35,414		1,272,425
Farmland Partners, Inc.		13,291		120,151
First Industrial Realty Trust, Inc.		54,715		1,646,374
First Potomac Realty Trust		27,829		310,015
Four Corners Property Trust, Inc.		29,818		743,065
Equity Real Estate Investment Trusts—(Continued)
Franklin Street Properties Corp.		48,177		511,640
Geo Group, Inc. (The)		57,346		1,542,607
Getty Realty Corp.		13,449		384,776
Gladstone Commercial Corp.		13,243		294,922
Global Net Lease, Inc. (b)		31,987		700,195
Government Properties Income Trust		44,872		842,247
Gramercy Property Trust		70,497		2,132,534
Healthcare Realty Trust, Inc.		56,754		1,835,424
Hersha Hospitality Trust		21,188		395,580
Independence Realty Trust, Inc.		33,574		341,448
InfraREIT, Inc.		19,986		447,087
Investors Real Estate Trust		56,725		346,590
iStar, Inc. (a)		31,393		370,437
Jernigan Capital, Inc.		4,880		100,284
Kite Realty Group Trust		38,990		789,547
LaSalle Hotel Properties		53,145		1,542,268
Lexington Realty Trust		101,687		1,039,241
LTC Properties, Inc.		17,896		840,754
Mack-Cali Realty Corp.		43,539		1,032,310
MedEquities Realty Trust, Inc.		10,709		125,831
Monmouth Real Estate Investment Corp.		32,365		523,989
National Health Investors, Inc.		18,569		1,435,198
National Storage Affiliates Trust		20,224		490,230
New Senior Investment Group, Inc.		40,485		370,438
NexPoint Residential Trust, Inc.		9,154		217,224
NorthStar Realty Europe Corp.		30,012		384,454
One Liberty Properties, Inc.		6,290		153,224
Parkway, Inc.		20,151		464,078
Pebblebrook Hotel Trust (b)		30,891		1,116,401
Pennsylvania Real Estate Investment Trust		32,570		341,659
Physicians Realty Trust		82,152		1,456,555
Potlatch Corp.		19,692		1,004,292
Preferred Apartment Communities, Inc. - Class A		15,013		283,445
PS Business Parks, Inc.		8,900		1,188,150
QTS Realty Trust, Inc. - Class A		22,822		1,194,960
Quality Care Properties, Inc. (a)		44,567		690,788
Ramco-Gershenson Properties Trust		37,976		494,068
Retail Opportunity Investments Corp.		52,344		995,059
Rexford Industrial Realty, Inc.		31,246		894,261
RLJ Lodging Trust		77,648		1,708,256
Ryman Hospitality Properties, Inc.		20,440		1,277,296
Sabra Health Care REIT, Inc. (b)		74,034		1,624,306
Saul Centers, Inc.		5,405		334,624
Select Income REIT		31,114		728,690
Seritage Growth Properties - Class A		11,383		524,415
STAG Industrial, Inc.		41,873		1,150,251
Starwood Waypoint Homes		59,084		2,148,885
Summit Hotel Properties, Inc.		48,101		769,135
Sunstone Hotel Investors, Inc.		103,053		1,656,062
Terreno Realty Corp.		23,106		835,975
Tier REIT, Inc.		22,342		431,201
UMH Properties, Inc.		14,825		230,529
Universal Health Realty Income Trust (b)		6,109		461,168
Urban Edge Properties		43,765		1,055,612
Urstadt Biddle Properties, Inc. - Class A		13,207		286,592
Washington Prime Group, Inc. (b)		90,826		756,581
Washington Real Estate Investment Trust		34,947		1,144,864

BHFTII-206

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Whitestone REIT (b)		18,215	$	237,706
Xenia Hotels & Resorts, Inc.		50,544		1,063,951
				64,867,091
Food & Staples Retailing—0.5%
Andersons, Inc. (The)		13,251		453,847
Chefs’ Warehouse, Inc. (The) (a)		8,577		165,536
Ingles Markets, Inc. - Class A		6,173		158,646
Performance Food Group Co. (a)		39,583		1,118,220
Pricesmart, Inc.		10,376		926,058
SpartanNash Co.		16,917		446,101
SUPERVALU, Inc. (a)		17,497		380,560
United Natural Foods, Inc. (a) (b)		23,843		991,630
Weis Markets, Inc.		4,490		195,315
				4,835,913
Food Products—1.3%
Amplify Snack Brands, Inc. (a)		14,688		104,138
B&G Foods, Inc. (b)		31,647		1,007,957
Bob Evans Farms, Inc.		8,975		695,652
Cal-Maine Foods, Inc. (a) (b)		14,936		613,870
Calavo Growers, Inc.		7,353		538,240
Darling Ingredients, Inc. (a)		72,905		1,277,296
Dean Foods Co.		44,397		483,039
Farmer Bros Co. (a)		3,967		130,316
Fresh Del Monte Produce, Inc. (b)		15,644		711,176
Freshpet, Inc. (a)		10,616		166,140
Hostess Brands, Inc. (a)		33,382		455,998
J&J Snack Foods Corp.		6,995		918,443
John B Sanfilippo & Son, Inc. (b)		4,150		279,336
Lancaster Colony Corp.		8,194		984,263
Landec Corp. (a)		14,010		181,429
Limoneira Co.		6,209		143,863
Omega Protein Corp.		11,349		188,961
Sanderson Farms, Inc.		9,453		1,526,849
Seneca Foods Corp. - Class A (a)		3,507		120,992
Snyder’s-Lance, Inc. (b)		40,150		1,531,321
Tootsie Roll Industries, Inc. (b)		8,613		327,294
				12,386,573
Gas Utilities—1.2%
Chesapeake Utilities Corp.		6,975		545,794
New Jersey Resources Corp.		38,723		1,632,174
Northwest Natural Gas Co.		13,257		853,751
ONE Gas, Inc.		24,719		1,820,307
South Jersey Industries, Inc.		37,607		1,298,570
Southwest Gas Holdings, Inc.		21,731		1,686,760
Spire, Inc. (b)		21,579		1,610,872
WGL Holdings, Inc.		23,853		2,008,423
				11,456,651
Health Care Equipment & Supplies—3.5%
Abaxis, Inc.		11,146		497,669
Accuray, Inc. (a)		37,218		148,872
Analogic Corp.		6,383		534,576
Health Care Equipment & Supplies—(Continued)
AngioDynamics, Inc. (a)		17,852		305,091
Anika Therapeutics, Inc. (a) (b)		7,087		411,046
Antares Pharma, Inc. (a)		71,715		232,357
AtriCure, Inc. (a)		16,270		363,960
Atrion Corp.		618		415,296
AxoGen, Inc. (a) (b)		13,718		265,443
Cantel Medical Corp.		16,951		1,596,276
Cardiovascular Systems, Inc. (a)		14,951		420,871
Cerus Corp. (a)		58,326		159,230
CONMED Corp.		13,371		701,576
CryoLife, Inc. (a)		17,220		390,894
Cutera, Inc. (a)		6,744		278,864
Endologix, Inc. (a) (b)		44,063		196,521
Exactech, Inc. (a)		5,785		190,616
GenMark Diagnostics, Inc. (a)		25,122		241,925
Glaukos Corp. (a)		13,608		449,064
Globus Medical, Inc. - Class A (a) (b)		34,489		1,025,013
Haemonetics Corp. (a)		23,946		1,074,457
Halyard Health, Inc. (a)		20,898		941,037
ICU Medical, Inc. (a)		7,246		1,346,669
Inogen, Inc. (a)		8,037		764,319
Insulet Corp. (a)		27,643		1,522,576
Integer Holdings Corp. (a)		15,275		781,316
Integra LifeSciences Holdings Corp. (a)		29,050		1,466,444
Invacare Corp. (b)		15,930		250,897
iRhythm Technologies, Inc. (a)		6,771		351,279
K2M Group Holdings, Inc. (a)		19,428		412,068
Lantheus Holdings, Inc. (a)		13,066		232,575
LeMaitre Vascular, Inc.		7,651		286,300
LivaNova plc (a)		22,711		1,591,133
Masimo Corp. (a)		20,916		1,810,489
Meridian Bioscience, Inc.		22,552		322,494
Merit Medical Systems, Inc. (a)		23,310		987,178
Natus Medical, Inc. (a)		16,472		617,700
Neogen Corp. (a)		17,828		1,380,957
Nevro Corp. (a)		13,030		1,184,166
Novocure, Ltd. (a)		25,960		515,306
NuVasive, Inc. (a)		23,689		1,313,792
NxStage Medical, Inc. (a)		30,508		842,021
OraSure Technologies, Inc. (a)		25,014		562,815
Orthofix International NV (a)		7,561		357,257
Oxford Immunotec Global plc (a)		12,520		210,336
Penumbra, Inc. (a) (b)		13,208		1,192,682
Quidel Corp. (a)		13,903		609,786
Rockwell Medical, Inc. (a)		18,836		161,236
RTI Surgical, Inc. (a)		32,498		147,866
STAAR Surgical Co. (a)		19,419		241,767
SurModics, Inc. (a)		6,159		190,929
Tactile Systems Technology, Inc. (a)		4,810		148,870
Utah Medical Products, Inc.		2,002		147,247
Varex Imaging Corp. (a)		17,885		605,228
Wright Medical Group NV (a) (b)		47,569		1,230,610
				34,626,962
Health Care Providers & Services—2.0%
Aceto Corp.		14,101		158,354
Addus HomeCare Corp. (a)		4,191		147,942

BHFTII-207

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Almost Family, Inc. (a)		6,160	$	330,792
Amedisys, Inc. (a)		13,972		781,873
AMN Healthcare Services, Inc. (a) (b)		21,592		986,754
BioScrip, Inc. (a)		59,803		164,458
BioTelemetry, Inc. (a) (b)		13,262		437,646
Capital Senior Living Corp. (a) (b)		14,260		178,963
Chemed Corp. (b)		7,153		1,445,264
Civitas Solutions, Inc. (a) (b)		6,456		119,113
Community Health Systems, Inc. (a) (b)		43,409		333,381
Corvel Corp. (a)		5,325		289,680
Cross Country Healthcare, Inc. (a)		16,495		234,724
Diplomat Pharmacy, Inc. (a)		22,308		461,999
Ensign Group, Inc. (The)		24,374		550,609
HealthEquity, Inc. (a)		23,357		1,181,397
HealthSouth Corp.		45,536		2,110,594
Kindred Healthcare, Inc.		40,056		272,381
Landauer, Inc.		5,165		347,605
LHC Group, Inc. (a)		6,847		485,589
Magellan Health, Inc. (a)		11,100		957,930
Molina Healthcare, Inc. (a)		21,194		1,457,300
National Healthcare Corp.		5,246		328,242
National Research Corp. - Class A		4,950		186,615
Owens & Minor, Inc.		28,475		831,470
PharMerica Corp. (a)		13,100		383,830
Providence Service Corp. (The) (a)		5,978		323,290
R1 RCM, Inc. (a) (b)		61,837		229,415
RadNet, Inc. (a)		21,044		243,058
Select Medical Holdings Corp. (a)		52,961		1,016,851
Teladoc, Inc. (a)		25,351		840,386
Tenet Healthcare Corp. (a) (b)		38,490		632,391
Tivity Health, Inc. (a) (b)		16,239		662,551
Triple-S Management Corp. - Class B (a)		12,074		285,912
U.S. Physical Therapy, Inc.		6,011		369,376
				19,767,735
Health Care Technology—0.8%
Allscripts Healthcare Solutions, Inc. (a)		85,323		1,214,146
Castlight Health, Inc. - Class B (a)		33,470		143,921
Computer Programs & Systems, Inc.		5,856		173,045
Cotiviti Holdings, Inc. (a)		17,395		625,872
Evolent Health, Inc. - Class A (a)		24,888		443,006
HealthStream, Inc. (a) (b)		12,016		280,814
HMS Holdings Corp. (a)		40,747		809,235
Inovalon Holdings, Inc. - Class A (a)		29,972		511,023
Medidata Solutions, Inc. (a) (b)		26,132		2,039,864
Omnicell, Inc. (a)		16,746		854,883
Quality Systems, Inc. (a)		24,814		390,324
Tabula Rasa HealthCare, Inc. (a)		4,962		132,684
Vocera Communications, Inc. (a)		13,407		420,578
				8,039,395
Hotels, Restaurants & Leisure—2.8%
Belmond, Ltd. - Class A (a)		42,411		578,910
Biglari Holdings, Inc. (a)		528		175,977
BJ’s Restaurants, Inc. (a)		9,083		276,577
Bloomin’ Brands, Inc.		41,567		731,579
Hotels, Restaurants & Leisure—(Continued)
Bojangles’, Inc. (a)		8,843		119,381
Boyd Gaming Corp.		36,831		959,448
Brinker International, Inc.		23,123		736,699
Buffalo Wild Wings, Inc. (a)		7,647		808,288
Caesars Acquisition Co. - Class A (a)		23,146		496,482
Caesars Entertainment Corp. (a) (b)		25,824		344,750
Carrols Restaurant Group, Inc. (a)		17,458		190,292
Cheesecake Factory, Inc. (The) (b)		21,038		886,121
Churchill Downs, Inc.		6,083		1,254,315
Chuy’s Holdings, Inc. (a)		8,272		174,126
Cracker Barrel Old Country Store, Inc.		9,084		1,377,316
Dave & Buster’s Entertainment, Inc. (a)		19,667		1,032,124
Del Frisco’s Restaurant Group, Inc. (a)		12,052		175,357
Del Taco Restaurants, Inc. (a)		16,196		248,447
Denny’s Corp. (a)		31,940		397,653
DineEquity, Inc. (b)		8,597		369,499
El Pollo Loco Holdings, Inc. (a)		10,816		131,414
Eldorado Resorts, Inc. (a)		20,398		523,209
Fiesta Restaurant Group, Inc. (a) (b)		13,371		254,049
Golden Entertainment, Inc. (a)		5,522		134,626
Habit Restaurants, Inc. (The) - Class A (a)		7,224		94,273
ILG, Inc.		49,690		1,328,214
International Speedway Corp. - Class A		12,935		465,660
Jack in the Box, Inc.		13,522		1,378,162
La Quinta Holdings, Inc. (a)		36,753		643,178
Lindblad Expeditions Holdings, Inc. (a)		10,512		112,478
Marcus Corp. (The)		9,550		264,535
Marriott Vacations Worldwide Corp.		9,902		1,233,096
Monarch Casino & Resort, Inc. (a)		5,265		208,125
Papa John’s International, Inc. (b)		12,261		895,911
Penn National Gaming, Inc. (a)		39,722		929,098
Pinnacle Entertainment, Inc. (a)		26,101		556,212
Planet Fitness, Inc. - Class A		39,546		1,066,951
Potbelly Corp. (a)		12,520		155,248
RCI Hospitality Holdings, Inc.		4,756		117,711
Red Robin Gourmet Burgers, Inc. (a)		5,863		392,821
Red Rock Resorts, Inc. - Class A		32,000		741,120
Ruth’s Hospitality Group, Inc.		13,027		272,916
Scientific Games Corp. - Class A (a)		24,798		1,136,988
SeaWorld Entertainment, Inc. (a)		32,101		416,992
Shake Shack, Inc. - Class A (a) (b)		10,507		349,148
Sonic Corp.		20,556		523,150
Speedway Motorsports, Inc.		7,078		150,761
Texas Roadhouse, Inc.		31,030		1,524,814
Wingstop, Inc.		13,875		461,344
Zoe’s Kitchen, Inc. (a)		9,191		116,082
				27,911,627
Household Durables—1.4%
Bassett Furniture Industries, Inc.		5,374		202,600
Beazer Homes USA, Inc. (a)		13,700		256,738
Cavco Industries, Inc. (a)		4,052		597,873
Century Communities, Inc. (a)		7,561		186,757
CSS Industries, Inc.		4,201		121,073
Ethan Allen Interiors, Inc.		12,159		393,952
Flexsteel Industries, Inc.		3,005		152,353

BHFTII-208

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
GoPro, Inc. - Class A (a) (b)		49,877	$	549,146
Helen of Troy, Ltd. (a)		12,385		1,200,106
Hooker Furniture Corp.		5,444		259,951
Hovnanian Enterprises, Inc. - Class A (a)		60,910		117,556
Installed Building Products, Inc. (a)		9,469		613,591
iRobot Corp. (a) (b)		12,468		960,784
KB Home		41,097		991,260
La-Z-Boy, Inc.		21,678		583,138
LGI Homes, Inc. (a)		8,210		398,760
M/I Homes, Inc. (a)		12,868		343,962
MDC Holdings, Inc.		20,862		692,827
Meritage Homes Corp. (a)		18,033		800,665
NACCO Industries, Inc. - Class A		2,176		186,701
PICO Holdings, Inc. (a)		12,147		202,855
Taylor Morrison Home Corp. - Class A (a)		33,429		737,109
TopBuild Corp. (a)		17,085		1,113,429
TRI Pointe Group, Inc. (a)		66,237		914,733
Universal Electronics, Inc. (a)		6,028		382,175
William Lyon Homes - Class A (a)		12,315		283,122
ZAGG, Inc. (a)		14,118		222,358
				13,465,574
Household Products—0.3%
Central Garden and Pet Co. (a)		4,446		172,683
Central Garden and Pet Co. - Class A (a)		16,480		612,891
HRG Group, Inc. (a)		58,164		907,940
WD-40 Co. (b)		6,750		755,325
				2,448,839
Independent Power and Renewable Electricity Producers—0.4%
Atlantic Power Corp. (a)		57,898		141,850
Dynegy, Inc. (a)		48,619		475,980
NRG Yield, Inc. - Class A		16,087		305,170
NRG Yield, Inc. - Class C		29,107		561,765
Ormat Technologies, Inc.		18,869		1,151,953
Pattern Energy Group, Inc.		33,054		796,601
TerraForm Global, Inc. - Class A (a)		51,489		244,573
TerraForm Power, Inc. - Class A (a)		37,187		491,612
				4,169,504
Industrial Conglomerates—0.1%
Raven Industries, Inc.		17,386		563,306
Insurance—2.3%
Ambac Financial Group, Inc. (a)		22,444		387,383
American Equity Investment Life Holding Co.		41,683		1,212,142
AMERISAFE, Inc. (b)		9,298		541,144
Amtrust Financial Services, Inc.		40,519		545,386
Argo Group International Holdings, Ltd.		14,148		870,102
Citizens, Inc. (a) (b)		22,172		162,964
CNO Financial Group, Inc.		78,186		1,824,861
eHealth, Inc. (a)		7,987		190,809
EMC Insurance Group, Inc.		3,800		106,970
Employers Holdings, Inc.		14,789		672,160
Enstar Group, Ltd. (a)		5,093		1,132,429
Insurance—(Continued)
FBL Financial Group, Inc. - Class A		4,790		356,855
Fidelity & Guaranty Life		4,816		149,537
Genworth Financial, Inc. - Class A (a)		246,697		949,783
Global Indemnity, Ltd. (a)		3,335		141,404
Greenlight Capital Re, Ltd. - Class A (a) (b)		13,998		303,057
HCI Group, Inc.		4,347		166,273
Health Insurance Innovations, Inc. - Class A (a)		5,782		83,839
Heritage Insurance Holdings, Inc. (b)		11,792		155,772
Horace Mann Educators Corp.		18,978		746,784
Infinity Property & Casualty Corp.		5,597		527,237
Investors Title Co.		736		131,796
James River Group Holdings, Ltd.		10,708		444,168
Kemper Corp.		18,020		955,060
Kinsale Capital Group, Inc.		7,087		305,946
Maiden Holdings, Ltd. (b)		33,144		263,495
MBIA, Inc. (a)		55,651		484,164
National General Holdings Corp.		23,963		457,933
National Western Life Group, Inc. - Class A		1,054		367,846
Navigators Group, Inc. (The)		9,344		545,222
Primerica, Inc.		20,835		1,699,094
RLI Corp. (b)		18,544		1,063,684
Safety Insurance Group, Inc.		6,815		519,985
Selective Insurance Group, Inc.		26,789		1,442,588
State Auto Financial Corp. (b)		7,940		208,266
State National Cos., Inc.		15,205		319,153
Stewart Information Services Corp.		11,286		426,159
Third Point Reinsurance, Ltd. (a)		36,545		570,102
Trupanion, Inc. (a) (b)		11,074		292,464
United Fire Group, Inc.		9,677		443,400
United Insurance Holdings Corp.		8,654		141,060
Universal Insurance Holdings, Inc. (b)		15,753		362,319
				22,670,795
Internet & Direct Marketing Retail—0.5%
1-800-Flowers.com, Inc. - Class A (a)		13,330		131,301
Etsy, Inc. (a)		51,942		876,781
FTD Cos., Inc. (a)		9,600		125,184
Groupon, Inc. (a)		161,153		837,996
HSN, Inc.		14,279		557,595
Liberty TripAdvisor Holdings, Inc. - Class A (a)		34,803		429,817
Nutrisystem, Inc.		14,262		797,246
Overstock.com, Inc. (a)		6,439		191,238
PetMed Express, Inc.		9,436		312,803
Shutterfly, Inc. (a)		15,092		731,660
				4,991,621
Internet Software & Services—2.8%
2U, Inc. (a) (b)		20,541		1,151,118
Actua Corp. (a)		13,096		200,369
Alarm.com Holdings, Inc. (a)		9,727		439,466
Appfolio, Inc. - Class A (a)		4,077		195,492
Apptio, Inc. - Class A (a)		8,921		164,771
Bankrate, Inc. (a)		20,088		280,228
Bazaarvoice, Inc. (a)		41,849		207,153
Benefitfocus, Inc. (a) (b)		6,419		215,999
Blucora, Inc. (a)		20,338		514,551

BHFTII-209

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—(Continued)
Box, Inc. - Class A (a)		37,001	$	714,859
Brightcove, Inc. (a)		17,392		125,222
Carbonite, Inc. (a)		11,965		263,230
Cars.com, Inc. (a)		33,795		899,285
ChannelAdvisor Corp. (a)		10,403		119,635
Cimpress NV (a)		11,180		1,091,839
Cloudera, Inc. (a)		9,934		165,103
CommerceHub, Inc. - Series A (a)		7,074		159,660
CommerceHub, Inc. - Series C (a)		14,164		302,401
Cornerstone OnDemand, Inc. (a)		24,008		974,965
Coupa Software, Inc. (a)		14,191		442,050
Endurance International Group Holdings, Inc. (a)		27,384		224,549
Envestnet, Inc. (a)		20,207		1,030,557
Five9, Inc. (a)		24,673		589,685
Gogo, Inc. (a) (b)		27,419		323,818
GrubHub, Inc. (a)		39,224		2,065,536
GTT Communications, Inc. (a)		14,711		465,603
Hortonworks, Inc. (a)		23,786		403,173
Instructure, Inc. (a)		10,316		341,975
Internap Corp. (a)		40,566		176,462
j2 Global, Inc. (b)		21,521		1,589,971
Limelight Networks, Inc. (a)		38,035		150,999
LivePerson, Inc. (a)		29,330		397,422
Meet Group, Inc. (The) (a) (b)		24,500		89,180
MINDBODY, Inc. - Class A (a)		20,014		517,362
MuleSoft, Inc. - Class A (a)		11,757		236,786
New Relic, Inc. (a)		13,849		689,680
NIC, Inc.		29,109		499,219
Nutanix, Inc. - Class A (a)		26,626		596,156
Okta, Inc. (a)		7,427		209,516
Q2 Holdings, Inc. (a)		14,830		617,669
Quotient Technology, Inc. (a)		35,202		550,911
Shutterstock, Inc. (a)		9,230		307,267
SPS Commerce, Inc. (a)		7,550		428,161
Stamps.com, Inc. (a)		7,291		1,477,521
Trade Desk, Inc. (The) - Class A (a)		11,113		683,561
TrueCar, Inc. (a)		29,629		467,842
Tucows, Inc. - Class A (a)		4,376		256,215
Twilio, Inc. - Class A (a)		29,205		871,769
Web.com Group, Inc. (a)		16,480		412,000
XO Group, Inc. (a)		11,305		222,369
Yelp, Inc. (a)		36,366		1,574,648
				27,094,978
IT Services—1.8%
Acxiom Corp. (a)		37,591		926,242
Blackhawk Network Holdings, Inc. (a)		24,608		1,077,830
CACI International, Inc. - Class A (a) (c)		11,262		1,569,360
Cardtronics plc - Class A (a)		22,064		507,693
Cass Information Systems, Inc.		5,928		376,072
Convergys Corp. (b)		42,882		1,110,215
CSG Systems International, Inc.		15,258		611,846
EPAM Systems, Inc. (a)		22,354		1,965,587
Everi Holdings, Inc. (a)		31,593		239,791
EVERTEC, Inc.		30,384		481,586
IT Services—(Continued)
ExlService Holdings, Inc. (a)		15,842		923,906
Forrester Research, Inc.		5,782		241,977
Hackett Group, Inc. (The)		11,151		169,384
ManTech International Corp. - Class A		12,440		549,226
MAXIMUS, Inc.		29,631		1,911,200
MoneyGram International, Inc. (a)		14,692		236,688
Perficient, Inc. (a)		17,369		341,648
Presidio, Inc. (a)		12,582		178,035
Science Applications International Corp.		19,917		1,331,452
ServiceSource International, Inc. (a)		29,419		101,790
Sykes Enterprises, Inc. (a)		18,634		543,367
Syntel, Inc.		14,931		293,394
TeleTech Holdings, Inc.		7,377		307,990
Travelport Worldwide, Ltd.		56,729		890,645
Unisys Corp. (a) (b)		26,228		222,938
Virtusa Corp. (a)		11,780		445,048
				17,554,910
Leisure Products—0.3%
Acushnet Holdings Corp. (b)		10,349		183,798
American Outdoor Brands Corp. (a)		25,637		390,964
Callaway Golf Co.		46,706		673,968
Johnson Outdoors, Inc. - Class A		2,524		184,959
Malibu Boats, Inc. - Class A (a)		8,768		277,419
MCBC Holdings, Inc. (a)		9,205		187,598
Nautilus, Inc. (a)		16,328		275,943
Sturm Ruger & Co., Inc.		8,538		441,415
Vista Outdoor, Inc. (a)		27,041		620,321
				3,236,385
Life Sciences Tools & Services—0.8%
Accelerate Diagnostics, Inc. (a) (b)		11,348		254,763
Cambrex Corp. (a)		15,180		834,900
Enzo Biochem, Inc. (a)		21,985		230,183
INC Research Holdings, Inc. - Class A (a)		25,522		1,334,800
Luminex Corp.		18,901		384,257
Medpace Holdings, Inc. (a)		3,791		120,933
NanoString Technologies, Inc. (a)		7,907		127,777
NeoGenomics, Inc. (a)		26,497		294,912
Pacific Biosciences of California, Inc. (a) (b)		50,503		265,141
PAREXEL International Corp. (a)		23,449		2,065,388
PRA Health Sciences, Inc. (a)		22,815		1,737,818
				7,650,872
Machinery—3.6%
Actuant Corp. - Class A (b)		28,401		727,066
Alamo Group, Inc.		4,629		497,016
Albany International Corp. - Class A		12,352		709,005
Altra Industrial Motion Corp.		13,607		654,497
American Railcar Industries, Inc. (b)		4,708		181,729
Astec Industries, Inc.		10,105		565,981
Barnes Group, Inc.		23,751		1,673,021
Briggs & Stratton Corp.		17,089		401,592
Chart Industries, Inc. (a)		15,307		600,494
CIRCOR International, Inc.		7,291		396,849

BHFTII-210

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Columbus McKinnon Corp.		10,074	$	381,502
Douglas Dynamics, Inc.		9,877		389,154
Energy Recovery, Inc. (a) (b)		17,996		142,168
EnPro Industries, Inc.		9,829		791,529
ESCO Technologies, Inc.		12,540		751,773
Federal Signal Corp.		29,548		628,781
Franklin Electric Co., Inc.		21,104		946,514
Global Brass & Copper Holdings, Inc.		11,099		375,146
Gorman-Rupp Co. (The)		7,300		237,761
Greenbrier Cos., Inc. (The)		12,008		578,185
Harsco Corp. (a)		37,700		787,930
Hillenbrand, Inc.		29,683		1,153,185
Hurco Cos., Inc.		3,167		131,747
Hyster-Yale Materials Handling, Inc.		4,976		380,365
John Bean Technologies Corp.		14,810		1,497,291
Kadant, Inc.		4,675		460,721
Kennametal, Inc.		37,400		1,508,716
Lindsay Corp.		4,595		422,281
Lydall, Inc. (a)		8,342		477,997
Manitowoc Co., Inc. (The) (a)		63,397		570,573
Meritor, Inc. (a)		37,321		970,719
Milacron Holdings Corp. (a)		25,773		434,533
Miller Industries, Inc.		5,680		158,756
Mueller Industries, Inc.		26,115		912,719
Mueller Water Products, Inc. - Class A		73,654		942,771
Navistar International Corp. (a)		23,914		1,053,890
NN, Inc.		12,696		368,184
Park-Ohio Holdings Corp.		4,748		216,509
Proto Labs, Inc. (a)		12,094		971,148
RBC Bearings, Inc. (a)		10,876		1,361,131
REV Group, Inc. (b)		7,261		208,826
Rexnord Corp. (a)		48,964		1,244,175
Spartan Motors, Inc.		17,934		198,171
SPX Corp. (a)		20,781		609,715
SPX FLOW, Inc. (a)		19,554		754,002
Standex International Corp.		6,262		665,024
Sun Hydraulics Corp.		10,558		570,132
Tennant Co.		8,362		553,564
Titan International, Inc.		22,706		230,466
TriMas Corp. (a)		22,514		607,878
Wabash National Corp. (b)		27,273		622,370
Watts Water Technologies, Inc. - Class A		13,118		907,766
Woodward, Inc.		24,351		1,889,881
				35,472,899
Marine—0.1%
Costamare, Inc.		19,016		117,519
Matson, Inc.		20,127		567,179
Scorpio Bulkers, Inc. (a)		29,948		211,133
				895,831
Media—1.3%
AMC Entertainment Holdings, Inc. - Class A		25,675		377,422
Central European Media Enterprises, Ltd. - Class A (a)		41,674		168,780
Daily Journal Corp. (a) (b)		598		130,729
Media—(Continued)
Emerald Expositions Events, Inc.		5,639		131,050
Entercom Communications Corp. - Class A		14,538		166,460
Entravision Communications Corp. - Class A		29,645		168,977
Eros International plc (a)		13,360		191,048
EW Scripps Co. (The) - Class A (a)		29,695		567,471
Gannett Co., Inc.		57,579		518,211
Gray Television, Inc. (a)		30,714		482,210
IMAX Corp. (a)		28,090		636,238
Liberty Braves Group - Class A (a)		4,959		125,810
Liberty Braves Group - Class C (a)		16,010		404,573
Loral Space & Communications, Inc. (a)		6,669		330,116
MDC Partners, Inc. - Class A (a) (b)		25,380		279,180
Meredith Corp. (b)		18,346		1,018,203
MSG Networks, Inc. - Class A (a)		29,478		624,934
National CineMedia, Inc.		31,052		216,743
New Media Investment Group, Inc.		22,310		329,965
New York Times Co. (The) - Class A		58,218		1,141,073
Nexstar Media Group, Inc. - Class A		21,250		1,323,875
Reading International, Inc. - Class A (a)		8,504		133,683
Scholastic Corp.		13,390		498,108
Sinclair Broadcast Group, Inc. - Class A (b)		34,775		1,114,539
Time, Inc.		50,189		677,551
tronc, Inc. (a)		6,955		101,056
WideOpenWest, Inc. (a)		16,354		246,618
World Wrestling Entertainment, Inc. - Class A		18,113		426,561
				12,531,184
Metals & Mining—1.2%
AK Steel Holding Corp. (a) (b)		148,008		827,365
Allegheny Technologies, Inc. (a)		52,856		1,263,258
Carpenter Technology Corp.		20,845		1,001,185
Century Aluminum Co. (a)		24,781		410,869
Cleveland-Cliffs, Inc. (a) (b)		140,930		1,007,649
Coeur Mining, Inc. (a)		85,970		790,064
Commercial Metals Co.		53,553		1,019,114
Compass Minerals International, Inc.		15,969		1,036,388
Ferroglobe Representation & Warranty Insurance Trust (a) (d)		31,634		0
Haynes International, Inc.		6,653		238,909
Hecla Mining Co.		185,576		931,592
Kaiser Aluminum Corp.		7,582		782,007
Klondex Mines, Ltd. (a)		97,456		354,740
Materion Corp.		9,498		409,839
Schnitzer Steel Industries, Inc. - Class A		13,529		380,841
SunCoke Energy, Inc. (a)		32,541		297,425
TimkenSteel Corp. (a) (b)		18,629		307,379
Warrior Met Coal, Inc.		7,558		178,142
Worthington Industries, Inc.		21,960		1,010,160
				12,246,926
Mortgage Real Estate Investment Trusts—0.9%
AG Mortgage Investment Trust, Inc.		14,345		275,998
Anworth Mortgage Asset Corp.		49,995		300,470
Apollo Commercial Real Estate Finance, Inc. (b)		49,428		895,141
Ares Commercial Real Estate Corp.		11,438		152,240
ARMOUR Residential REIT, Inc.		19,400		521,860

BHFTII-211

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Mortgage Real Estate Investment Trusts—(Continued)
Capstead Mortgage Corp.		44,863	$	432,928
CYS Investments, Inc.		74,681		645,244
Dynex Capital, Inc.		26,422		192,088
Great Ajax Corp.		8,283		116,707
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		23,478		572,159
Invesco Mortgage Capital, Inc.		55,256		946,535
KKR Real Estate Finance Trust, Inc.		7,588		159,651
Ladder Capital Corp.		33,691		464,262
Mortgage Investment Corp.		23,775		461,235
New York Mortgage Trust, Inc. (b)		51,471		316,547
Orchid Island Capital, Inc.		21,449		218,565
PennyMac Mortgage Investment Trust		32,716		568,931
Redwood Trust, Inc. (b)		33,524		546,106
Resource Capital Corp.		16,059		173,116
Sutherland Asset Management Corp. (b)		8,791		138,019
TPG RE Finance Trust, Inc. (a)		10,542		208,415
Western Asset Mortgage Capital Corp.		20,929		219,127
				8,525,344
Multi-Utilities—0.5%
Avista Corp.		30,657		1,587,113
Black Hills Corp.		24,293		1,673,059
NorthWestern Corp.		21,883		1,246,018
Unitil Corp.		7,429		367,438
				4,873,628
Multiline Retail—0.3%
Big Lots, Inc.		19,712		1,055,972
Dillard’s, Inc. - Class A (b)		7,269		407,573
Fred’s, Inc. - Class A		16,936		109,068
J.C. Penney Co., Inc. (a) (b)		146,549		558,351
Ollie’s Bargain Outlet Holdings, Inc. (a)		22,352		1,037,133
				3,168,097
Oil, Gas & Consumable Fuels—2.1%
Abraxas Petroleum Corp. (a)		72,356		136,029
Arch Coal, Inc. - Class A		9,805		703,411
Bill Barrett Corp. (a)		32,028		137,400
Bonanza Creek Energy, Inc. (a)		10,392		342,832
California Resources Corp. (a) (b)		23,372		244,471
Callon Petroleum Co. (a) (b)		96,278		1,082,165
Carrizo Oil & Gas, Inc. (a) (b)		37,509		642,529
Clean Energy Fuels Corp. (a)		75,126		186,312
Cloud Peak Energy, Inc. (a)		43,428		158,946
CVR Energy, Inc.		8,864		229,578
Delek U.S. Holdings, Inc.		36,076		964,312
Denbury Resources, Inc. (a)		168,412		225,672
DHT Holdings, Inc.		44,160		175,757
Energy XXI Gulf Coast, Inc. (a) (b)		16,656		172,223
Frontline, Ltd.		32,746		197,786
GasLog, Ltd.		20,748		362,053
Gener8 Maritime, Inc. (a)		20,545		92,658
Golar LNG, Ltd.		44,104		997,191
Green Plains, Inc.		17,956		361,813
Oil, Gas & Consumable Fuels—(Continued)
Halcon Resources Corp. (a)		63,756		433,541
International Seaways, Inc. (a)		14,283		281,375
Jagged Peak Energy, Inc. (a)		28,571		390,280
Matador Resources Co. (a)		42,436		1,152,137
Nordic American Tankers, Ltd. (b)		48,340		258,136
Oasis Petroleum, Inc. (a)		110,800		1,010,496
Pacific Ethanol, Inc. (a)		24,055		133,505
Panhandle Oil and Gas, Inc. - Class A (b)		7,855		186,949
Par Pacific holdings, Inc. (a)		16,282		338,666
PDC Energy, Inc. (a)		31,270		1,533,168
Peabody Energy Corp. (a)		27,970		811,410
Penn Virginia Corp. (a) (b)		8,198		327,756
Renewable Energy Group, Inc. (a) (b)		22,727		276,133
Resolute Energy Corp. (a)		11,063		328,460
REX American Resources Corp. (a)		2,989		280,458
Ring Energy, Inc. (a)		28,500		412,965
Sanchez Energy Corp. (a)		33,313		160,569
SandRidge Energy, Inc. (a)		19,990		401,599
Scorpio Tankers, Inc.		101,063		346,646
SemGroup Corp. - Class A (b)		32,021		920,604
Ship Finance International, Ltd. (b)		28,428		412,206
SRC Energy, Inc. (a)		91,847		888,161
Stone Energy Corp. (a) (b)		10,507		305,333
Teekay Corp.		22,735		203,024
Tellurian, Inc. (a)		31,583		337,306
Ultra Petroleum Corp. (a)		96,029		832,571
W&T Offshore, Inc. (a)		54,491		166,198
WildHorse Resource Development Corp. (a)		12,410		165,301
				20,708,091
Paper & Forest Products—0.6%
Boise Cascade Co. (a)		18,411		642,544
Clearwater Paper Corp. (a)		7,836		385,923
Deltic Timber Corp. (b)		5,314		469,917
KapStone Paper and Packaging Corp.		39,372		846,104
Louisiana-Pacific Corp. (a)		67,805		1,836,160
Neenah Paper, Inc.		7,745		662,585
PH Glatfelter Co.		21,278		413,857
Schweitzer-Mauduit International, Inc.		14,898		617,671
				5,874,761
Personal Products—0.1%
elf Beauty, Inc. (a) (b)		10,070		227,079
Inter Parfums, Inc.		8,191		337,879
Medifast, Inc.		5,660		336,034
USANA Health Sciences, Inc. (a)		5,606		323,466
				1,224,458
Pharmaceuticals—2.0%
Aclaris Therapeutics, Inc. (a)		9,913		255,854
Aerie Pharmaceuticals, Inc. (a)		15,326		744,844
Akcea Therapeutics, Inc. (a)		11,462		317,154
Amphastar Pharmaceuticals, Inc. (a) (b)		18,205		325,323
ANI Pharmaceuticals, Inc. (a)		3,945		207,073
Aratana Therapeutics, Inc. (a)		20,999		128,724

BHFTII-212

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
Assembly Biosciences, Inc. (a)		7,194	$	251,214
Catalent, Inc. (a)		58,624		2,340,270
Collegium Pharmaceutical, Inc. (a)		11,786		123,635
Corcept Therapeutics, Inc. (a)		43,446		838,508
Corium International, Inc. (a)		12,831		142,167
Depomed, Inc. (a)		31,379		181,684
Dermira, Inc. (a)		18,139		489,753
Durect Corp. (a)		72,873		128,985
Heska Corp. (a)		3,277		288,671
Horizon Pharma plc (a)		78,756		998,626
Impax Laboratories, Inc. (a)		35,866		728,080
Innoviva, Inc. (a)		33,334		470,676
Intersect ENT, Inc. (a)		11,434		356,169
Intra-Cellular Therapies, Inc. (a)		16,993		268,150
Kala Pharmaceuticals, Inc. (a)		7,845		179,180
Lannett Co., Inc. (a) (b)		12,710		234,499
Medicines Co. (The) (a) (b)		32,038		1,186,687
MyoKardia, Inc. (a)		9,122		390,878
Nektar Therapeutics (a)		69,236		1,661,664
Omeros Corp. (a)		18,771		405,829
Pacira Pharmaceuticals, Inc. (a)		18,507		694,938
Paratek Pharmaceuticals, Inc. (a)		10,327		259,208
Phibro Animal Health Corp. - Class A		9,993		370,241
Prestige Brands Holdings, Inc. (a)		25,686		1,286,612
Reata Pharmaceuticals, Inc. - Class A (a)		4,477		139,235
Revance Therapeutics, Inc. (a) (b)		10,975		302,361
Sciclone Pharmaceuticals, Inc. (a)		27,839		311,797
Sucampo Pharmaceuticals, Inc. - Class A (a)		12,005		141,659
Supernus Pharmaceuticals, Inc. (a)		21,472		858,880
Teligent, Inc. (a)		21,989		147,546
Tetraphase Pharmaceuticals, Inc. (a)		19,335		132,251
TherapeuticsMD, Inc. (a) (b)		70,014		370,374
Theravance Biopharma, Inc. (a) (b)		19,690		674,186
WAVE Life Sciences, Ltd. (a)		6,233		135,568
Zogenix, Inc. (a)		13,652		478,503
				19,947,656
Professional Services—1.2%
Advisory Board Co. (The) (a)		18,201		976,029
Barrett Business Services, Inc.		3,858		218,093
CBIZ, Inc. (a)		24,387		396,289
CRA International, Inc.		4,868		199,831
Exponent, Inc.		12,398		916,212
FTI Consulting, Inc. (a)		19,255		683,167
GP Strategies Corp. (a)		5,793		178,714
Heidrick & Struggles International, Inc.		9,634		203,759
Huron Consulting Group, Inc. (a)		10,356		355,211
ICF International, Inc. (a)		8,868		478,428
Insperity, Inc.		8,656		761,728
Kelly Services, Inc. - Class A		14,944		374,945
Kforce, Inc.		12,692		256,378
Korn/Ferry International		24,076		949,317
Mistras Group, Inc. (a) (b)		8,222		168,551
Navigant Consulting, Inc. (a)		21,686		366,927
On Assignment, Inc. (a)		24,181		1,298,036
Resources Connection, Inc.		12,083		167,954
Professional Services—(Continued)
RPX Corp. (a)		19,231		255,388
TriNet Group, Inc. (a)		19,326		649,740
TrueBlue, Inc. (a)		19,573		439,414
WageWorks, Inc. (a) (b)		18,480		1,121,736
				11,415,847
Real Estate Management & Development—0.4%
Altisource Portfolio Solutions S.A. (a)		6,754		174,726
Consolidated-Tomoka Land Co.		2,461		147,832
Forestar Group, Inc. (a)		17,933		313,110
FRP Holdings, Inc. (a)		3,389		153,352
HFF, Inc. - Class A		17,641		697,878
Kennedy-Wilson Holdings, Inc. (b)		38,983		723,135
Marcus & Millichap, Inc. (a)		6,463		174,437
RE/MAX Holdings, Inc. - Class A (b)		8,877		564,133
Redfin Corp. (a)		8,990		225,559
RMR Group, Inc. (The) - Class A		3,481		178,749
St. Joe Co. (The) (a)		25,487		480,430
Tejon Ranch Co. (a)		7,566		159,643
				3,992,984
Road & Rail—0.8%
ArcBest Corp.		12,815		428,662
Avis Budget Group, Inc. (a)		35,250		1,341,615
Covenant Transportation Group, Inc. - Class A (a)		5,776		167,388
Daseke, Inc. (a)		7,567		98,749
Heartland Express, Inc.		22,410		562,043
Hertz Global Holdings, Inc. (a) (b)		26,814		599,561
Knight-Swift Transportation Holdings, Inc. (a) (b)		57,884		2,405,080
Marten Transport, Ltd.		19,376		398,177
Roadrunner Transportation Systems, Inc. (a)		15,818		150,746
Saia, Inc. (a)		11,835		741,463
Schneider National, Inc. - Class B		13,611		344,358
Werner Enterprises, Inc. (b)		22,043		805,672
YRC Worldwide, Inc. (a)		14,785		204,033
				8,247,547
Semiconductors & Semiconductor Equipment—3.1%
Advanced Energy Industries, Inc. (a)		18,734		1,512,958
Alpha & Omega Semiconductor, Ltd. (a)		10,203		168,248
Ambarella, Inc. (a)		15,830		775,828
Amkor Technology, Inc. (a)		46,149		486,872
Axcelis Technologies, Inc. (a)		13,934		381,095
AXT, Inc. (a)		19,096		174,728
Brooks Automation, Inc.		32,611		990,070
Cabot Microelectronics Corp.		11,541		922,472
Ceva, Inc. (a)		10,183		435,832
Cirrus Logic, Inc. (a)		30,042		1,601,839
Cohu, Inc.		11,848		282,456
Cree, Inc. (a)		45,706		1,288,452
Diodes, Inc. (a)		18,315		548,168
DSP Group, Inc. (a)		11,248		146,224
Entegris, Inc. (a)		65,120		1,878,712
FormFactor, Inc. (a) (c)		31,704		534,204

BHFTII-213

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Ichor Holdings, Ltd. (a)		8,788	$	235,518
Impinj, Inc. (a)		8,561		356,223
Inphi Corp. (a) (b)		19,424		770,939
Integrated Device Technology, Inc. (a)		60,966		1,620,476
IXYS Corp. (a)		13,771		326,373
Kopin Corp. (a) (b)		32,479		135,437
Lattice Semiconductor Corp. (a)		55,774		290,583
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,984		846,876
MaxLinear, Inc. (a)		26,699		634,101
MKS Instruments, Inc.		24,633		2,326,587
Monolithic Power Systems, Inc.		18,602		1,982,043
Nanometrics, Inc. (a)		12,771		367,805
NVE Corp.		2,605		205,717
PDF Solutions, Inc. (a) (b)		13,631		211,144
Photronics, Inc. (a)		30,362		268,704
Power Integrations, Inc.		13,471		986,077
Rambus, Inc. (a)		49,965		667,033
Rudolph Technologies, Inc. (a)		13,085		344,136
Semtech Corp. (a)		29,669		1,114,071
Sigma Designs, Inc. (a)		18,886		118,982
Silicon Laboratories, Inc. (a)		19,814		1,583,139
SMART Global Holdings, Inc. (a) (b)		14,090		377,330
SunPower Corp. (a)		31,453		229,292
Synaptics, Inc. (a)		17,366		680,400
Ultra Clean Holdings, Inc. (a)		16,793		514,202
Veeco Instruments, Inc. (a)		22,250		476,150
Xcerra Corp. (a)		26,473		260,759
Xperi Corp.		24,436		618,231
				30,676,486
Software—3.4%
8x8, Inc. (a)		41,065		554,378
A10 Networks, Inc. (a)		21,727		164,256
ACI Worldwide, Inc. (a)		53,497		1,218,662
American Software, Inc. - Class A		12,761		144,965
Aspen Technology, Inc. (a) (c)		34,964		2,196,089
Barracuda Networks, Inc. (a)		11,138		269,874
Blackbaud, Inc. (b)		22,367		1,963,823
Blackline, Inc. (a) (b)		7,562		258,015
Bottomline Technologies de, Inc. (a)		19,170		610,181
BroadSoft, Inc. (a)		14,701		739,460
Callidus Software, Inc. (a)		28,634		705,828
CommVault Systems, Inc. (a)		18,850		1,146,080
Digimarc Corp. (a)		3,943		144,314
Ebix, Inc.		12,122		790,960
Ellie Mae, Inc. (a)		15,728		1,291,741
Everbridge, Inc. (a)		8,344		220,448
Fair Isaac Corp.		14,308		2,010,274
Gigamon, Inc. (a) (b)		17,168		723,631
Glu Mobile, Inc. (a)		52,822		198,611
HubSpot, Inc. (a)		15,759		1,324,544
Imperva, Inc. (a)		15,746		683,376
MicroStrategy, Inc. - Class A (a)		4,589		586,061
Mitek Systems, Inc. (a)		15,125		143,688
MobileIron, Inc. (a)		27,306		101,032
Software—(Continued)
Model N, Inc. (a)		11,583		173,166
Monotype Imaging Holdings, Inc.		18,592		357,896
Paycom Software, Inc. (a) (b)		22,985		1,722,956
Paylocity Holding Corp. (a)		12,312		601,072
Pegasystems, Inc.		16,572		955,376
Progress Software Corp.		21,029		802,677
Proofpoint, Inc. (a) (b)		19,783		1,725,473
PROS Holdings, Inc. (a)		10,832		261,376
QAD, Inc. - Class A		4,798		164,811
Qualys, Inc. (a)		14,838		768,608
Rapid7, Inc. (a)		10,207		179,643
RealPage, Inc. (a)		27,494		1,097,011
RingCentral, Inc. - Class A (a)		28,664		1,196,722
Silver Spring Networks, Inc. (a)		17,691		286,063
Synchronoss Technologies, Inc. (a)		19,823		184,949
TiVo Corp.		54,357		1,078,986
Varonis Systems, Inc. (a)		9,188		384,977
VASCO Data Security International, Inc. (a)		15,031		181,124
Verint Systems, Inc. (a)		28,969		1,212,353
Workiva, Inc. (a)		11,206		233,645
Zendesk, Inc. (a)		45,410		1,321,885
Zix Corp. (a)		28,558		139,649
				33,220,709
Specialty Retail—2.0%
Aaron’s, Inc.		29,664		1,294,240
Abercrombie & Fitch Co. - Class A		32,535		469,805
America’s Car-Mart, Inc. (a)		3,580		147,228
American Eagle Outfitters, Inc.		73,095		1,045,259
Asbury Automotive Group, Inc. (a) (b)		9,029		551,672
Ascena Retail Group, Inc. (a) (b)		79,891		195,733
Barnes & Noble Education, Inc. (a)		20,589		134,034
Barnes & Noble, Inc.		31,637		240,441
Buckle, Inc. (The) (b)		14,188		239,068
Caleres, Inc.		20,189		616,168
Camping World Holdings, Inc. - Class A		11,152		454,332
Carvana Co. (a)		4,580		67,234
Cato Corp. (The) - Class A		13,930		184,294
Chico’s FAS, Inc.		60,613		542,486
Children’s Place, Inc. (The)		7,950		939,293
Citi Trends, Inc.		8,551		169,908
Conn’s, Inc. (a) (b)		10,289		289,635
DSW, Inc. - Class A		28,112		603,846
Express, Inc. (a)		37,753		255,210
Finish Line, Inc. (The) - Class A		20,123		242,080
Five Below, Inc. (a) (b)		25,874		1,419,965
Francesca’s Holdings Corp. (a)		18,782		138,236
Genesco, Inc. (a)		8,683		230,968
GNC Holdings, Inc. - Class A		33,443		295,636
Group 1 Automotive, Inc.		9,411		681,921
Guess?, Inc.		30,485		519,160
Haverty Furniture Cos., Inc.		10,391		271,725
Hibbett Sports, Inc. (a)		10,209		145,478
Lithia Motors, Inc. - Class A		10,519		1,265,541
Lumber Liquidators Holdings, Inc. (a)		13,856		540,107
MarineMax, Inc. (a) (b)		12,696		210,119

BHFTII-214

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Monro, Inc. (b)		15,070	$	844,674
Office Depot, Inc. (b)		245,668		1,115,333
Party City Holdco, Inc. (a) (b)		13,656		185,039
Pier 1 Imports, Inc.		35,527		148,858
Rent-A-Center, Inc.		21,277		244,260
RH (a) (b)		9,420		662,414
Select Comfort Corp. (a)		19,982		620,441
Shoe Carnival, Inc.		8,227		184,120
Sonic Automotive, Inc. - Class A		14,688		299,635
Tailored Brands, Inc.		22,434		323,947
Tile Shop Holdings, Inc.		19,198		243,815
Winmark Corp.		1,140		150,195
Zumiez, Inc. (a)		10,452		189,181
				19,612,734
Technology Hardware, Storage & Peripherals—0.5%
3D Systems Corp. (a) (b)		52,340		700,833
Cray, Inc. (a)		19,290		375,190
Diebold Nixdorf, Inc.		35,435		809,690
Electronics for Imaging, Inc. (a)		22,186		946,898
Immersion Corp. (a) (b)		15,004		122,583
Pure Storage, Inc. - Class A (a)		44,025		703,960
Stratasys, Ltd. (a)		23,667		547,181
Super Micro Computer, Inc. (a)		17,788		393,115
USA Technologies, Inc. (a)		23,924		149,525
				4,748,975
Textiles, Apparel & Luxury Goods—0.7%
Columbia Sportswear Co.		13,362		822,832
Crocs, Inc. (a) (c)		36,244		351,567
Culp, Inc.		4,697		153,827
Deckers Outdoor Corp. (a)		14,873		1,017,462
Fossil Group, Inc. (a)		20,656		192,720
G-III Apparel Group, Ltd. (a)		21,024		610,116
Iconix Brand Group, Inc. (a)		23,416		133,237
Movado Group, Inc. (b)		7,984		223,552
Oxford Industries, Inc.		7,657		486,526
Perry Ellis International, Inc. (a)		7,318		173,144
Steven Madden, Ltd. (a)		27,483		1,190,014
Unifi, Inc. (a)		7,892		281,192
Wolverine World Wide, Inc. (b)		41,902		1,208,873
				6,845,062
Thrifts & Mortgage Finance—2.2%
Astoria Financial Corp.		45,250		972,875
Bank Mutual Corp.		22,673		230,131
BankFinancial Corp.		7,874		125,118
Beneficial Bancorp, Inc.		32,692		542,687
BofI Holding, Inc. (a)		28,164		801,829
BSB Bancorp, Inc. (a)		4,295		128,635
Capitol Federal Financial, Inc.		59,838		879,619
Clifton Bancorp, Inc.		10,898		182,215
Dime Community Bancshares, Inc.		15,501		333,272
Essent Group, Ltd. (a)		37,732		1,528,146
Federal Agricultural Mortgage Corp. - Class C		4,263		310,091
Thrifts & Mortgage Finance—(Continued)
First Defiance Financial Corp.		5,038		264,445
Flagstar Bancorp, Inc. (a)		9,133		324,039
Hingham Institution for Savings		716		136,233
Home Bancorp, Inc.		3,086		129,057
HomeStreet, Inc. (a)		12,382		334,314
Kearny Financial Corp. (b)		43,899		673,850
LendingTree, Inc. (a)		2,990		730,905
Meridian Bancorp, Inc.		23,292		434,396
Meta Financial Group, Inc.		4,218		330,691
MGIC Investment Corp. (a)		172,680		2,163,680
Nationstar Mortgage Holdings, Inc. (a)		13,208		245,273
NMI Holdings, Inc. - Class A (a)		27,711		343,616
Northfield Bancorp, Inc.		19,366		336,000
Northwest Bancshares, Inc.		41,735		720,763
OceanFirst Financial Corp.		15,122		415,704
Ocwen Financial Corp. (a)		51,713		177,893
Oritani Financial Corp. (b)		16,857		283,198
PCSB Financial Corp. (a)		11,786		222,284
PennyMac Financial Services, Inc. - Class A (a)		7,300		129,940
PHH Corp. (a)		24,884		346,634
Provident Financial Services, Inc.		29,105		776,230
Radian Group, Inc.		99,468		1,859,057
Southern Missouri Bancorp, Inc.		3,592		131,072
Territorial Bancorp, Inc.		4,282		135,183
TrustCo Bank Corp.		45,137		401,719
United Community Financial Corp.		24,319		233,462
United Financial Bancorp, Inc.		21,901		400,569
Walker & Dunlop, Inc. (a)		12,545		656,480
Washington Federal, Inc.		40,582		1,365,584
Waterstone Financial, Inc.		10,900		212,550
Western New England Bancorp, Inc.		13,397		146,027
WSFS Financial Corp.		14,223		693,371
				21,788,837
Tobacco—0.2%
Universal Corp.		11,709		670,926
Vector Group, Ltd.		47,163		965,423
				1,636,349
Trading Companies & Distributors—1.2%
Aircastle, Ltd.		23,576		525,509
Applied Industrial Technologies, Inc.		17,961		1,181,834
Beacon Roofing Supply, Inc. (a)		31,057		1,591,671
BMC Stock Holdings, Inc. (a)		31,129		664,604
CAI International, Inc. (a)		8,107		245,804
DXP Enterprises, Inc. (a)		6,978		219,737
GATX Corp.		17,764		1,093,552
GMS, Inc. (a)		13,183		466,678
H&E Equipment Services, Inc.		15,412		450,030
Herc Holdings, Inc. (a)		11,582		569,024
Kaman Corp.		13,043		727,539
MRC Global, Inc. (a)		44,689		781,611
NOW, Inc. (a)		51,271		708,053
Rush Enterprises, Inc. - Class A (a)		12,945		599,224
SiteOne Landscape Supply, Inc. (a)		15,960		927,276
Textainer Group Holdings, Ltd. (a)		11,532		197,774

BHFTII-215

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
Titan Machinery, Inc. (a)		9,306	$	144,522
Triton International, Ltd. (a)		20,087		668,495
Veritiv Corp. (a)		5,727		186,127
				11,949,064
Water Utilities—0.3%
American States Water Co.		16,817		828,237
Artesian Resources Corp. - Class A		3,766		142,355
Cadiz, Inc. (a)		10,537		133,820
California Water Service Group		22,665		864,670
Connecticut Water Service, Inc. (b)		4,871		288,850
Middlesex Water Co.		7,497		294,407
SJW Group		7,394		418,500
York Water Co. (The)		6,695		226,961
				3,197,800
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc. (a)		17,390		371,625
Shenandoah Telecommunications Co.		22,906		852,103
Spok Holdings, Inc.		11,723		179,948
				1,403,676
Total Common Stocks (Cost $634,125,849)				940,649,532
Mutual Fund—1.3%
Investment Company Security—1.3%
iShares Russell 2000 Index Fund (Cost $12,201,478)		88,300		13,084,294
Rights—0.0%
Biotechnology—0.0%
Dyax Corp., Expires 12/31/19 (a) (d) (e) (f)		69,204		218,269
Tobira Therapeutics, Inc., Expires 12/31/28 (a) (d) (e) (f)		4,660		37,094
				255,363
Machinery— 0.0%
Gerber Scientific, Inc. (a) (b) (d) (f)		14,024		0
Total Rights (Cost $77,096)				255,363
Short-Term Investments— 2.9%
Discount Notes— 2.4%
Federal Home Loan Bank 0.861%, 10/06/17 (g)		1,550,000		1,549,829
0.948%, 10/11/17 (g)		9,950,000		9,947,532
0.993%, 11/01/17 (g)		300,000		299,750
0.994%, 10/25/17 (g)		1,300,000		1,299,177
Discount Notes—(Continued)
Federal Home Loan Bank 1.034%, 11/13/17 (g)		1,500,000		1,498,250
1.039%, 12/01/17 (g)		1,250,000		1,247,834
1.055%, 12/27/17 (g)		725,000		723,199
1.089%, 01/17/18 (g)		2,900,000		2,890,691
1.089%, 01/19/18 (g)		450,000		448,529
1.094%, 01/24/18 (g)		3,700,000		3,687,346
				23,592,137
U.S. Treasury— 0.5%
U.S. Treasury Bills 0.882%, 10/19/17 (g)		3,450,000		3,448,503
1.009%, 12/21/17 (g)		1,800,000		1,796,030
				5,244,533
Total Short-Term Investments (Cost $28,835,527)				28,836,670
Securities Lending Reinvestments (h)—7.1%
Certificates of Deposit—2.6%
Bank of China, Ltd. 1.540%, 10/23/17		1,500,000		1,500,000
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (i)		1,500,000		1,500,314
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (i)		2,000,000		2,000,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (i)		2,500,000		2,500,247
Credit Suisse AG New York 1.494%, 1M LIBOR + 0.260%, 10/16/17 (i)		1,500,000		1,500,072
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (i)		1,500,000		1,500,000
Mizuho Bank, Ltd., New York 1.494%, 1M LIBOR + 0.260%, 10/18/17 (i)		1,500,000		1,500,051
Norinchukin Bank New York 1.486%, 1M LIBOR + 0.250%, 10/13/17 (i)		1,500,000		1,500,056
Royal Bank of Canada New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (i)		3,000,000		3,000,246
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (i)		1,500,000		1,499,955
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (i)		2,000,000		2,000,200

BHFTII-216

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.624%, 3M LIBOR + 0.320%, 01/10/18 (i)		3,500,000	$	3,501,127
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (i)		2,100,000		2,100,506
				25,602,774
Commercial Paper—0.9%
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (i)		2,500,000		2,500,428
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (i)		500,000		500,027
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (i)		1,000,000		1,000,061
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (i)		1,000,000		1,000,232
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (i)		3,400,000		3,400,629
				8,401,377
Repurchase Agreements—2.4%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,226,004 on 10/02/17, collateralized by $3,701,727 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $2,270,325.		2,225,809		2,225,809
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $5,500,481 on 10/02/17, collateralized by $5,599,042 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $5,610,001.		5,500,000		5,500,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $50,812 on 01/02/18, collateralized by various Common Stock with a value of $55,000.		50,000		50,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $700,070 on 10/02/17, collateralized by $704,137 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $714,003.		700,000		700,000
Repurchase Agreements—(Continued)
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $3,900,406 on 10/02/17, collateralized by $3,972,460 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $3,978,002.		3,900,000		3,900,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $600,063 on 10/02/17, collateralized by $602,974 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $612,002.		600,000		600,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $2,600,221 on 10/02/17, collateralized by $2,494,161 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $2,654,022.		2,600,000		2,600,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $500,043 on 10/02/17, collateralized by $479,646 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $510,389.		500,000		500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $2,014,630 on 01/02/18, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $3,571,986 on 01/02/18, collateralized by various Common Stock with a value of $3,850,000.		3,500,000		3,500,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $2,000,197 on 10/02/17, collateralized by $4,971,624 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $2,040,201.		2,000,000		2,000,000
				23,575,809
Time Deposits—1.2%
ABN AMRO Bank NV 1.060%, 10/02/17		2,000,000		2,000,000
Credit Agricole S.A. 1.080%, 10/02/17		300,000		300,000
Credit Industriel et Commercial 1.100%, 10/02/17		2,000,000		2,000,000

BHFTII-217

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
DZ Bank AG 1.060%, 10/02/17		2,000,000	$	2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		300,000		300,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		400,000		400,000
Nordea Bank New York 1.050%, 10/02/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 10/02/17		400,000		400,000
Svenska 1.050%, 10/02/17		2,000,000		2,000,000
				11,400,000
Total Securities Lending Reinvestments (Cost $68,975,809)				68,979,960
Total Investments—107.1% (Cost $744,215,759)				1,051,805,819
Other assets and liabilities (net)—(7.1)%				(69,305,340	)
Net Assets—100.0%			$	982,500,479

*	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 September 30, 2017, the market value of securities loaned was $67,390,517 and the collateral received consisted of cash in the amount of $68,931,434. 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 September 30, 2017, the market value of securities pledged was $3,667,101.
(d)	Illiquid security. As of September 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 September 30, 2017, these securities represent less than 0.05% of net assets.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(i)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value				Value/ Unrealized Appreciation
Russell 2000 Index Mini Futures		12/15/17		394		USD	$	29,412,100	$	1,439,574

(USD)— United States Dollar

BHFTII-218

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	14,165,515	$	—	$	—	$	14,165,515
Air Freight & Logistics		3,113,824		—		—		3,113,824
Airlines		2,810,351		—		—		2,810,351
Auto Components		11,612,704		—		—		11,612,704
Automobiles		669,773		—		—		669,773
Banks		96,940,914		—		—		96,940,914
Beverages		2,376,498		—		—		2,376,498
Biotechnology		57,924,788		—		—		57,924,788
Building Products		12,287,908		—		—		12,287,908
Capital Markets		12,388,095		—		—		12,388,095
Chemicals		20,408,144		—		—		20,408,144
Commercial Services & Supplies		23,831,716		—		—		23,831,716
Communications Equipment		15,947,276		—		—		15,947,276
Construction & Engineering		10,956,915		—		—		10,956,915
Construction Materials		2,171,311		—		—		2,171,311
Consumer Finance		5,808,001		—		—		5,808,001
Containers & Packaging		1,078,765		—		—		1,078,765
Distributors		697,567		—		—		697,567
Diversified Consumer Services		8,143,386		—		—		8,143,386
Diversified Financial Services		908,051		—		—		908,051
Diversified Telecommunication Services		6,382,380		—		—		6,382,380
Electric Utilities		10,250,577		—		—		10,250,577
Electrical Equipment		5,829,573		—		—		5,829,573
Electronic Equipment, Instruments & Components		28,206,919		—		—		28,206,919
Energy Equipment & Services		13,794,905		—		—		13,794,905
Equity Real Estate Investment Trusts		64,867,091		—		—		64,867,091
Food & Staples Retailing		4,835,913		—		—		4,835,913
Food Products		12,386,573		—		—		12,386,573
Gas Utilities		11,456,651		—		—		11,456,651
Health Care Equipment & Supplies		34,626,962		—		—		34,626,962
Health Care Providers & Services		19,767,735		—		—		19,767,735
Health Care Technology		8,039,395		—		—		8,039,395
Hotels, Restaurants & Leisure		27,911,627		—		—		27,911,627
Household Durables		13,465,574		—		—		13,465,574
Household Products		2,448,839		—		—		2,448,839
Independent Power and Renewable Electricity Producers		4,169,504		—		—		4,169,504

BHFTII-219

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Industrial Conglomerates	$	563,306	$	—		$	—	$	563,306
Insurance		22,670,795		—			—		22,670,795
Internet & Direct Marketing Retail		4,991,621		—			—		4,991,621
Internet Software & Services		27,094,978		—			—		27,094,978
IT Services		17,554,910		—			—		17,554,910
Leisure Products		3,236,385		—			—		3,236,385
Life Sciences Tools & Services		7,650,872		—			—		7,650,872
Machinery		35,472,899		—			—		35,472,899
Marine		895,831		—			—		895,831
Media		12,531,184		—			—		12,531,184
Metals & Mining		12,246,926		0			—		12,246,926
Mortgage Real Estate Investment Trusts		8,525,344		—			—		8,525,344
Multi-Utilities		4,873,628		—			—		4,873,628
Multiline Retail		3,168,097		—			—		3,168,097
Oil, Gas & Consumable Fuels		20,708,091		—			—		20,708,091
Paper & Forest Products		5,874,761		—			—		5,874,761
Personal Products		1,224,458		—			—		1,224,458
Pharmaceuticals		19,947,656		—			—		19,947,656
Professional Services		11,415,847		—			—		11,415,847
Real Estate Management & Development		3,679,874		313,110			—		3,992,984
Road & Rail		8,247,547		—			—		8,247,547
Semiconductors & Semiconductor Equipment		30,676,486		—			—		30,676,486
Software		33,220,709		—			—		33,220,709
Specialty Retail		19,612,734		—			—		19,612,734
Technology Hardware, Storage & Peripherals		4,748,975		—			—		4,748,975
Textiles, Apparel & Luxury Goods		6,845,062		—			—		6,845,062
Thrifts & Mortgage Finance		21,788,837		—			—		21,788,837
Tobacco		1,636,349		—			—		1,636,349
Trading Companies & Distributors		11,949,064		—			—		11,949,064
Water Utilities		3,197,800		—			—		3,197,800
Wireless Telecommunication Services		1,403,676		—			—		1,403,676
Total Common Stocks		940,336,422		313,110			—		940,649,532
Total Mutual Fund*		13,084,294		—			—		13,084,294
Total Rights*		—		—			255,363		255,363
Total Short-Term Investments*		—		28,836,670			—		28,836,670
Total Securities Lending Reinvestments*		—		68,979,960			—		68,979,960
Total Investments	$	953,420,716	$	98,129,740		$	255,363	$	1,051,805,819
Collateral for Securities Loaned (Liability)	$	—	$	(68,931,434	)	$	—	$	(68,931,434	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,439,574	$	—		$	—	$	1,439,574

* 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 September 30, 2017 is not presented.

Transfers from Level 1 to Level 2 in the amount of $238,509 were due to a trading halt on the security as a result of a pending acquisition which led the security to be valued using significant observable inputs other than a quoted price in an active market.

BHFTII-220

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
Arconic, Inc.		121,944	$	3,033,967
Boeing Co. (The)		174,577		44,379,219
General Dynamics Corp.		87,505		17,989,278
L3 Technologies, Inc.		24,576		4,630,856
Lockheed Martin Corp.		78,724		24,427,270
Northrop Grumman Corp.		54,719		15,743,751
Raytheon Co.		91,197		17,015,536
Rockwell Collins, Inc.		51,050		6,672,745
Textron, Inc.		83,173		4,481,361
TransDigm Group, Inc.		15,169		3,877,955
United Technologies Corp.		233,408		27,094,001
				169,345,939
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc. (a)		44,090		3,355,249
Expeditors International of Washington, Inc. (a)		56,788		3,399,330
FedEx Corp.		77,545		17,492,601
United Parcel Service, Inc. - Class B		216,413		25,989,037
				50,236,217
Airlines—0.5%
Alaska Air Group, Inc.		38,812		2,960,191
American Airlines Group, Inc.		136,187		6,467,521
Delta Air Lines, Inc.		209,292		10,092,060
Southwest Airlines Co.		173,024		9,685,884
United Continental Holdings, Inc. (b)		81,250		4,946,500
				34,152,156
Auto Components—0.2%
BorgWarner, Inc.		62,337		3,193,525
Delphi Automotive plc		83,843		8,250,151
Goodyear Tire & Rubber Co. (The)		79,104		2,630,208
				14,073,884
Automobiles—0.5%
Ford Motor Co.		1,228,887		14,709,778
General Motors Co.		412,072		16,639,467
Harley-Davidson, Inc. (a)		53,601		2,584,104
				33,933,349
Banks—6.4%
Bank of America Corp.		3,082,967		78,122,384
BB&T Corp.		253,904		11,918,254
Citigroup, Inc.		856,062		62,269,950
Citizens Financial Group, Inc. (a)		157,312		5,957,405
Comerica, Inc. (a)		55,271		4,214,967
Fifth Third Bancorp		231,481		6,476,838
Huntington Bancshares, Inc.		342,485		4,781,091
JPMorgan Chase & Co.		1,105,667		105,602,255
KeyCorp		341,709		6,430,963
M&T Bank Corp. (a)		47,738		7,687,728
People’s United Financial, Inc. (a)		108,194		1,962,639
PNC Financial Services Group, Inc. (The)		150,568		20,292,049
Regions Financial Corp. (a)		375,497		5,718,819
SunTrust Banks, Inc.		150,797		9,013,137
Banks—(Continued)
U.S. Bancorp		499,309		26,757,969
Wells Fargo & Co.		1,403,715		77,414,882
Zions Bancorp (a)		63,522		2,996,968
				437,618,298
Beverages—2.0%
Brown-Forman Corp. - Class B		61,527		3,340,916
Coca-Cola Co. (The)		1,206,152		54,288,901
Constellation Brands, Inc. - Class A		54,013		10,772,893
Dr Pepper Snapple Group, Inc.		57,098		5,051,460
Molson Coors Brewing Co. - Class B		58,031		4,737,651
Monster Beverage Corp. (a) (b)		130,319		7,200,125
PepsiCo, Inc.		448,839		50,014,130
				135,406,076
Biotechnology—3.1%
AbbVie, Inc.		500,868		44,507,130
Alexion Pharmaceuticals, Inc. (b)		70,125		9,837,836
Amgen, Inc.		229,266		42,746,646
Biogen, Inc. (b)		66,433		20,801,501
Celgene Corp. (b)		245,817		35,845,035
Gilead Sciences, Inc.		410,325		33,244,532
Incyte Corp. (a) (b)		53,645		6,262,517
Regeneron Pharmaceuticals, Inc. (b)		24,139		10,793,030
Vertex Pharmaceuticals, Inc. (b)		79,217		12,044,153
				216,082,380
Building Products—0.4%
A.O. Smith Corp.		46,006		2,734,136
Allegion plc (a)		29,844		2,580,611
Fortune Brands Home & Security, Inc.		48,390		3,253,260
Johnson Controls International plc		292,961		11,803,399
Masco Corp.		100,103		3,905,018
				24,276,424
Capital Markets—3.0%
Affiliated Managers Group, Inc.		17,583		3,337,781
Ameriprise Financial, Inc.		47,113		6,996,752
Bank of New York Mellon Corp. (The)		324,620		17,211,352
BlackRock, Inc.		38,947		17,412,814
CBOE Holdings, Inc.		35,435		3,813,869
Charles Schwab Corp. (The)		374,471		16,379,362
CME Group, Inc.		106,800		14,490,624
E*Trade Financial Corp. (b)		86,422		3,768,863
Franklin Resources, Inc.		103,386		4,601,711
Goldman Sachs Group, Inc. (The)		113,048		26,813,855
Intercontinental Exchange, Inc.		184,906		12,703,042
Invesco, Ltd.		127,835		4,479,338
Moody’s Corp.		52,211		7,268,293
Morgan Stanley		444,334		21,403,569
Nasdaq, Inc.		36,685		2,845,656
Northern Trust Corp.		67,483		6,203,712
Raymond James Financial, Inc.		40,321		3,400,270
S&P Global, Inc.		80,750		12,622,033
State Street Corp.		117,497		11,225,663

BHFTII-221

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
T. Rowe Price Group, Inc. (a)		75,521	$	6,845,979
				203,824,538
Chemicals—2.2%
Air Products & Chemicals, Inc.		68,483		10,355,999
Albemarle Corp.		34,711		4,731,456
CF Industries Holdings, Inc. (a)		73,286		2,576,736
DowDuPont, Inc.		733,109		50,753,136
Eastman Chemical Co.		45,521		4,119,195
Ecolab, Inc.		81,832		10,524,414
FMC Corp. (a)		42,143		3,763,791
International Flavors & Fragrances, Inc.		24,813		3,546,026
LyondellBasell Industries NV - Class A		101,977		10,100,822
Monsanto Co.		138,036		16,539,474
Mosaic Co. (The)		110,290		2,381,161
PPG Industries, Inc.		80,587		8,756,583
Praxair, Inc.		89,882		12,560,111
Sherwin-Williams Co. (The)		25,828		9,247,457
				149,956,361
Commercial Services & Supplies—0.3%
Cintas Corp.		26,834		3,871,609
Republic Services, Inc.		71,951		4,753,083
Stericycle, Inc. (a) (b)		26,813		1,920,347
Waste Management, Inc.		127,199		9,955,866
				20,500,905
Communications Equipment—1.0%
Cisco Systems, Inc.		1,571,029		52,833,705
F5 Networks, Inc. (b)		19,967		2,407,222
Harris Corp.		37,630		4,955,118
Juniper Networks, Inc.		119,494		3,325,518
Motorola Solutions, Inc.		51,106		4,337,366
				67,858,929
Construction & Engineering—0.1%
Fluor Corp.		43,956		1,850,547
Jacobs Engineering Group, Inc. (a)		37,803		2,202,781
Quanta Services, Inc. (b)		47,502		1,775,150
				5,828,478
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		19,745		4,072,011
Vulcan Materials Co.		41,561		4,970,696
				9,042,707
Consumer Finance—0.7%
American Express Co.		230,531		20,853,834
Capital One Financial Corp.		151,977		12,866,373
Discover Financial Services		116,993		7,543,709
Navient Corp.		86,124		1,293,582
Synchrony Financial		234,902		7,293,707
				49,851,205
Containers & Packaging—0.4%
Avery Dennison Corp.		27,772		2,731,099
Ball Corp.		110,531		4,564,930
International Paper Co.		129,732		7,371,372
Packaging Corp. of America (a)		29,645		3,399,689
Sealed Air Corp. (a)		59,708		2,550,726
WestRock Co.		79,807		4,527,451
				25,145,267
Distributors—0.1%
Genuine Parts Co. (a)		46,135		4,412,813
LKQ Corp. (b)		97,044		3,492,613
				7,905,426
Diversified Consumer Services—0.0%
H&R Block, Inc. (a)		65,685		1,739,339
Diversified Financial Services—1.6%
Berkshire Hathaway, Inc. - Class B (b)		604,575		110,830,689
Leucadia National Corp.		99,489		2,512,097
				113,342,786
Diversified Telecommunication Services—2.1%
AT&T, Inc. (a)		1,929,203		75,566,881
CenturyLink, Inc. (a)		172,688		3,263,803
Level 3 Communications, Inc. (b)		92,306		4,918,987
Verizon Communications, Inc.		1,281,747		63,433,659
				147,183,330
Electric Utilities—1.9%
Alliant Energy Corp.		72,600		3,017,982
American Electric Power Co., Inc.		154,537		10,854,679
Duke Energy Corp.		219,905		18,454,427
Edison International		102,370		7,899,893
Entergy Corp.		56,405		4,307,086
Eversource Energy		99,566		6,017,769
Exelon Corp.		301,662		11,363,607
FirstEnergy Corp.		139,601		4,303,899
NextEra Energy, Inc.		147,098		21,557,212
PG&E Corp.		161,130		10,971,342
Pinnacle West Capital Corp.		35,073		2,965,773
PPL Corp.		214,655		8,146,157
Southern Co. (The)		314,037		15,431,778
Xcel Energy, Inc.		159,540		7,549,433
				132,841,037
Electrical Equipment—0.5%
Acuity Brands, Inc. (a)		13,226		2,265,349
AMETEK, Inc.		72,516		4,788,957
Eaton Corp. plc		139,757		10,731,940
Emerson Electric Co.		201,095		12,636,810
Rockwell Automation, Inc. (a)		40,331		7,187,387
				37,610,443

BHFTII-222

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A (a)		95,971	$	8,122,985
Corning, Inc.		283,782		8,490,758
FLIR Systems, Inc.		43,107		1,677,293
TE Connectivity, Ltd.		111,034		9,222,484
				27,513,520
Energy Equipment & Services—0.8%
Baker Hughes a GE Co.		134,488		4,924,951
Halliburton Co.		272,686		12,551,737
Helmerich & Payne, Inc. (a)		34,116		1,777,785
National Oilwell Varco, Inc. (a)		119,410		4,266,519
Schlumberger, Ltd.		436,577		30,455,611
TechnipFMC plc (b)		137,994		3,852,792
				57,829,395
Equity Real Estate Investment Trusts—2.9%
Alexandria Real Estate Equities, Inc. (a)		29,418		3,499,859
American Tower Corp.		134,849		18,431,161
Apartment Investment & Management Co. - Class A		49,336		2,163,877
AvalonBay Communities, Inc.		43,386		7,740,930
Boston Properties, Inc.		48,487		5,958,083
Crown Castle International Corp.		127,650		12,762,447
Digital Realty Trust, Inc. (a)		64,291		7,607,554
Duke Realty Corp.		111,771		3,221,240
Equinix, Inc.		24,481		10,925,870
Equity Residential		115,410		7,608,981
Essex Property Trust, Inc.		20,734		5,267,058
Extra Space Storage, Inc. (a)		39,562		3,161,795
Federal Realty Investment Trust		22,703		2,819,940
GGP, Inc.		196,760		4,086,705
HCP, Inc.		147,349		4,100,723
Host Hotels & Resorts, Inc.		232,526		4,299,406
Iron Mountain, Inc. (a)		83,072		3,231,501
Kimco Realty Corp.		133,741		2,614,637
Macerich Co. (The) (a)		34,213		1,880,689
Mid-America Apartment Communities, Inc.		35,696		3,815,188
Prologis, Inc.		167,112		10,604,927
Public Storage		47,018		10,061,382
Realty Income Corp. (a)		86,115		4,924,917
Regency Centers Corp.		46,491		2,884,302
SBA Communications Corp. (b)		37,817		5,447,539
Simon Property Group, Inc.		97,665		15,725,042
SL Green Realty Corp. (a)		31,096		3,150,647
UDR, Inc. (a)		84,072		3,197,258
Ventas, Inc. (a)		111,903		7,288,242
Vornado Realty Trust		54,172		4,164,743
Welltower, Inc.		115,902		8,145,593
Weyerhaeuser Co.		236,575		8,050,647
				198,842,883
Food & Staples Retailing—1.8%
Costco Wholesale Corp.		137,807		22,640,312
CVS Health Corp.		319,407		25,974,177
Kroger Co. (The) (a)		281,948		5,655,877
Food & Staples Retailing—(Continued)
Sysco Corp. (a)		152,592		8,232,339
Wal-Mart Stores, Inc. (a)		459,907		35,937,133
Walgreens Boots Alliance, Inc.		289,155		22,328,549
				120,768,387
Food Products—1.2%
Archer-Daniels-Midland Co.		176,753		7,513,770
Campbell Soup Co. (a)		60,943		2,853,351
Conagra Brands, Inc.		130,599		4,406,410
General Mills, Inc.		181,326		9,385,434
Hershey Co. (The)		44,399		4,847,039
Hormel Foods Corp. (a)		84,696		2,722,129
J.M. Smucker Co. (The)		35,689		3,744,847
Kellogg Co. (a)		78,078		4,869,725
Kraft Heinz Co. (The)		187,561		14,545,355
McCormick & Co., Inc. (a)		37,363		3,834,938
Mondelez International, Inc. - Class A		473,704		19,260,805
Tyson Foods, Inc. - Class A		90,888		6,403,060
				84,386,863
Health Care Equipment & Supplies—2.8%
Abbott Laboratories		545,908		29,129,651
Align Technology, Inc. (b)		22,665		4,221,810
Baxter International, Inc. (a)		157,503		9,883,313
Becton Dickinson & Co. (a)		71,502		14,010,817
Boston Scientific Corp. (b)		431,125		12,575,916
C.R. Bard, Inc.		22,834		7,318,297
Cooper Cos., Inc. (The) (a)		15,351		3,639,876
Danaher Corp.		192,080		16,476,622
DENTSPLY SIRONA, Inc. (a)		72,110		4,312,899
Edwards Lifesciences Corp. (b)		66,346		7,252,281
Hologic, Inc. (b)		88,125		3,233,306
IDEXX Laboratories, Inc. (b)		27,422		4,263,847
Intuitive Surgical, Inc. (b)		11,715		12,252,484
Medtronic plc		425,616		33,100,156
ResMed, Inc.		44,682		3,438,727
Stryker Corp. (a)		101,077		14,354,955
Varian Medical Systems, Inc. (b)		28,844		2,886,131
Zimmer Biomet Holdings, Inc.		63,530		7,438,728
				189,789,816
Health Care Providers & Services—2.7%
Aetna, Inc.		104,221		16,572,181
AmerisourceBergen Corp. (a)		50,945		4,215,699
Anthem, Inc.		82,505		15,666,049
Cardinal Health, Inc.		99,430		6,653,856
Centene Corp. (b)		54,192		5,244,160
Cigna Corp.		79,109		14,788,636
DaVita, Inc. (b)		48,060		2,854,283
Envision Healthcare Corp. (b)		37,964		1,706,482
Express Scripts Holding Co. (b)		181,467		11,490,490
HCA Healthcare, Inc. (a) (b)		90,804		7,227,090
Henry Schein, Inc. (a) (b)		49,851		4,087,284
Humana, Inc.		45,408		11,062,751
Laboratory Corp. of America Holdings (b)		31,986		4,828,926

BHFTII-223

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
McKesson Corp.		66,065	$	10,148,245
Patterson Cos., Inc. (a)		25,880		1,000,262
Quest Diagnostics, Inc. (a)		42,859		4,013,317
UnitedHealth Group, Inc.		303,790		59,497,272
Universal Health Services, Inc. - Class B		27,768		3,080,582
				184,137,565
Health Care Technology—0.1%
Cerner Corp. (a) (b)		98,975		7,058,897
Hotels, Restaurants & Leisure—1.7%
Carnival Corp.		128,140		8,274,000
Chipotle Mexican Grill, Inc. (a) (b)		7,884		2,426,932
Darden Restaurants, Inc. (a)		39,385		3,102,750
Hilton Worldwide Holdings, Inc.		64,177		4,457,093
Marriott International, Inc. - Class A (a)		98,293		10,837,786
McDonald’s Corp.		254,503		39,875,530
MGM Resorts International (a)		162,654		5,300,894
Royal Caribbean Cruises, Ltd.		54,062		6,408,509
Starbucks Corp. (a)		453,676		24,366,938
Wyndham Worldwide Corp.		32,296		3,404,321
Wynn Resorts, Ltd. (a)		25,137		3,743,402
Yum! Brands, Inc.		108,328		7,974,024
				120,172,179
Household Durables—0.4%
DR Horton, Inc.		107,016		4,273,149
Garmin, Ltd. (a)		34,865		1,881,664
Leggett & Platt, Inc.		41,564		1,983,850
Lennar Corp. - Class A		63,842		3,370,858
Mohawk Industries, Inc. (b)		19,854		4,914,064
Newell Brands, Inc.		153,990		6,570,753
PulteGroup, Inc.		87,213		2,383,531
Whirlpool Corp.		22,930		4,229,209
				29,607,078
Household Products—1.7%
Church & Dwight Co., Inc. (a)		78,396		3,798,286
Clorox Co. (The)		40,554		5,349,478
Colgate-Palmolive Co.		276,762		20,162,112
Kimberly-Clark Corp.		111,009		13,063,539
Procter & Gamble Co. (The)		801,221		72,895,087
				115,268,502
Independent Power and Renewable Electricity Producers—0.1%
AES Corp.		207,454		2,286,143
NRG Energy, Inc.		94,461		2,417,257
				4,703,400
Industrial Conglomerates—2.1%
3M Co.		187,506		39,357,509
General Electric Co. (a)		2,720,347		65,777,991
Honeywell International, Inc.		239,529		33,950,841
Roper Technologies, Inc.		32,118		7,817,521
				146,903,862
Insurance—2.7%
Aflac, Inc.		124,182		10,107,173
Allstate Corp. (The)		113,540		10,435,461
American International Group, Inc.		283,852		17,425,674
Aon plc		79,913		11,675,289
Arthur J. Gallagher & Co.		56,608		3,484,222
Assurant, Inc.		16,931		1,617,249
Brighthouse Financial, Inc. (b) (c)		30,106		1,830,445
Chubb, Ltd.		146,235		20,845,799
Cincinnati Financial Corp. (a)		46,886		3,590,061
Everest Re Group, Ltd.		12,904		2,947,145
Hartford Financial Services Group, Inc. (The)		114,463		6,344,684
Lincoln National Corp.		69,604		5,114,502
Loews Corp.		86,723		4,150,563
Marsh & McLennan Cos., Inc.		161,036		13,496,427
MetLife, Inc. (a) (c)		333,956		17,349,014
Principal Financial Group, Inc.		84,436		5,432,612
Progressive Corp. (The)		182,834		8,852,822
Prudential Financial, Inc.		134,164		14,264,317
Torchmark Corp.		33,989		2,722,179
Travelers Cos., Inc. (The)		86,703		10,622,852
Unum Group		70,910		3,625,628
Willis Towers Watson plc		42,194		6,507,581
XL Group, Ltd.		81,046		3,197,265
				185,638,964
Internet & Direct Marketing Retail—2.6%
Amazon.com, Inc. (b)		125,278		120,436,005
Expedia, Inc. (a)		38,388		5,525,569
Netflix, Inc. (a) (b)		135,657		24,601,397
Priceline Group, Inc. (The) (b)		15,415		28,222,090
TripAdvisor, Inc. (a) (b)		34,034		1,379,398
				180,164,459
Internet Software & Services—4.8%
Akamai Technologies, Inc. (b)		53,861		2,624,108
Alphabet, Inc. - Class A (b)		93,647		91,185,957
Alphabet, Inc. - Class C (b) (d)		94,846		90,967,747
eBay, Inc. (b)		312,755		12,028,557
Facebook, Inc. - Class A (b)		744,765		127,257,996
VeriSign, Inc. (b)		27,000		2,872,530
				326,936,895
IT Services—3.9%
Accenture plc - Class A (a)		194,173		26,226,947
Alliance Data Systems Corp. (a)		15,167		3,360,249
Automatic Data Processing, Inc.		139,624		15,263,696
Cognizant Technology Solutions Corp. - Class A		185,575		13,461,610
CSRA, Inc.		51,364		1,657,516
DXC Technology Co.		89,436		7,680,764
Fidelity National Information Services, Inc.		104,445		9,754,118
Fiserv, Inc. (b)		66,129		8,527,996
Gartner, Inc. (a) (b)		28,466		3,541,455
Global Payments, Inc.		47,911		4,552,982
International Business Machines Corp.		272,321		39,508,331
MasterCard, Inc. - Class A		293,393		41,427,092

BHFTII-224

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Paychex, Inc. (a)		100,501	$	6,026,040
PayPal Holdings, Inc. (b)		355,128		22,738,846
Total System Services, Inc.		52,678		3,450,409
Visa, Inc. - Class A		574,793		60,491,215
Western Union Co. (The) (a)		145,788		2,799,130
				270,468,396
Leisure Products—0.1%
Hasbro, Inc. (a)		35,764		3,493,070
Mattel, Inc. (a)		107,685		1,666,964
				5,160,034
Life Sciences Tools & Services—0.8%
Agilent Technologies, Inc.		100,964		6,481,889
Illumina, Inc. (b)		45,874		9,138,101
Mettler-Toledo International, Inc. (b)		8,065		5,049,980
PerkinElmer, Inc.		34,629		2,388,362
Quintiles IMS Holdings, Inc. (b)		47,623		4,527,519
Thermo Fisher Scientific, Inc.		125,746		23,791,143
Waters Corp. (a) (b)		25,081		4,502,541
				55,879,535
Machinery—1.6%
Caterpillar, Inc.		185,685		23,156,776
Cummins, Inc.		49,507		8,318,661
Deere & Co.		100,501		12,621,921
Dover Corp.		48,912		4,470,068
Flowserve Corp. (a)		41,046		1,748,149
Fortive Corp.		95,830		6,783,806
Illinois Tool Works, Inc.		97,319		14,399,319
Ingersoll-Rand plc		79,703		7,107,116
PACCAR, Inc.		110,403		7,986,553
Parker-Hannifin Corp.		41,830		7,321,087
Pentair plc		51,889		3,526,376
Snap-on, Inc. (a)		18,093		2,696,038
Stanley Black & Decker, Inc.		48,121		7,264,827
Xylem, Inc. (a)		56,420		3,533,585
				110,934,282
Media—2.8%
CBS Corp. - Class B		114,386		6,634,388
Charter Communications, Inc. - Class A (b)		63,202		22,968,871
Comcast Corp. - Class A		1,477,985		56,872,863
Discovery Communications, Inc. - Class A (a) (b)		48,366		1,029,712
Discovery Communications, Inc. - Class C (a) (b)		63,853		1,293,662
DISH Network Corp. - Class A (b)		71,536		3,879,397
Interpublic Group of Cos., Inc. (The)		123,566		2,568,937
News Corp. - Class A		120,082		1,592,287
News Corp. - Class B		38,261		522,263
Omnicom Group, Inc. (a)		72,503		5,370,297
Scripps Networks Interactive, Inc. - Class A		30,151		2,589,669
Time Warner, Inc.		244,387		25,037,448
Twenty-First Century Fox, Inc. - Class A (a)		330,709		8,724,104
Media—(Continued)
Twenty-First Century Fox, Inc. - Class B		137,993		3,558,840
Viacom, Inc. - Class B		110,824		3,085,340
Walt Disney Co. (The)		484,965		47,803,000
				193,531,078
Metals & Mining—0.3%
Freeport-McMoRan, Inc. (b)		422,770		5,935,691
Newmont Mining Corp.		167,543		6,284,538
Nucor Corp.		100,364		5,624,398
				17,844,627
Multi-Utilities—1.0%
Ameren Corp.		76,236		4,409,490
CenterPoint Energy, Inc.		135,428		3,955,852
CMS Energy Corp.		88,609		4,104,369
Consolidated Edison, Inc. (a)		97,346		7,853,875
Dominion Energy, Inc. (a)		201,902		15,532,321
DTE Energy Co.		56,364		6,051,239
NiSource, Inc.		102,389		2,620,134
Public Service Enterprise Group, Inc.		158,948		7,351,345
SCANA Corp. (a)		44,904		2,177,395
Sempra Energy (a)		78,889		9,003,602
WEC Energy Group, Inc. (a)		99,155		6,224,951
				69,284,573
Multiline Retail—0.4%
Dollar General Corp. (a)		81,854		6,634,267
Dollar Tree, Inc. (b)		74,417		6,460,884
Kohl’s Corp. (a)		52,968		2,417,989
Macy’s, Inc. (a)		95,693		2,088,021
Nordstrom, Inc. (a)		36,563		1,723,946
Target Corp. (a)		171,612		10,126,824
				29,451,931
Oil, Gas & Consumable Fuels—5.2%
Anadarko Petroleum Corp.		176,059		8,600,482
Andeavor		45,355		4,678,368
Apache Corp. (a)		119,690		5,481,802
Cabot Oil & Gas Corp. (a)		145,316		3,887,203
Chesapeake Energy Corp. (a) (b)		285,316		1,226,859
Chevron Corp.		595,415		69,961,263
Cimarex Energy Co.		29,937		3,402,939
Concho Resources, Inc. (b)		46,726		6,154,749
ConocoPhillips		382,368		19,137,518
Devon Energy Corp.		165,176		6,063,611
EOG Resources, Inc.		181,435		17,552,022
EQT Corp. (a)		54,456		3,552,710
Exxon Mobil Corp.		1,331,359		109,144,811
Hess Corp. (a)		84,906		3,981,242
Kinder Morgan, Inc.		603,237		11,570,086
Marathon Oil Corp.		267,069		3,621,456
Marathon Petroleum Corp.		159,066		8,920,421
Newfield Exploration Co. (a) (b)		62,587		1,856,956
Noble Energy, Inc.		152,873		4,335,478
Occidental Petroleum Corp.		240,233		15,425,361

BHFTII-225

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
ONEOK, Inc.		119,364	$	6,613,959
Phillips 66		135,003		12,367,625
Pioneer Natural Resources Co.		53,444		7,885,128
Range Resources Corp. (a)		70,946		1,388,413
Valero Energy Corp. (a)		138,772		10,675,730
Williams Cos., Inc. (The)		259,735		7,794,647
				355,280,839
Personal Products—0.1%
Coty, Inc. - Class A (a)		148,200		2,449,746
Estee Lauder Cos., Inc. (The) - Class A (a)		70,341		7,585,573
				10,035,319
Pharmaceuticals—4.8%
Allergan plc (a)		105,040		21,527,948
Bristol-Myers Squibb Co.		515,268		32,843,182
Eli Lilly & Co.		304,421		26,040,172
Johnson & Johnson		843,320		109,640,033
Merck & Co., Inc.		859,395		55,027,062
Mylan NV (b)		168,500		5,285,845
Perrigo Co. plc (a)		41,672		3,527,535
Pfizer, Inc.		1,875,111		66,941,463
Zoetis, Inc.		154,209		9,832,366
				330,665,606
Professional Services—0.3%
Equifax, Inc.		37,821		4,008,648
IHS Markit, Ltd. (b)		114,140		5,031,291
Nielsen Holdings plc (a)		105,529		4,374,177
Robert Half International, Inc. (a)		39,647		1,995,830
Verisk Analytics, Inc. (a) (b)		48,833		4,062,417
				19,472,363
Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (a) (b)		94,500		3,579,660
Road & Rail—0.9%
CSX Corp.		286,965		15,570,721
J.B. Hunt Transport Services, Inc.		26,820		2,979,166
Kansas City Southern		33,123		3,599,808
Norfolk Southern Corp.		90,548		11,974,067
Union Pacific Corp.		251,483		29,164,483
				63,288,245
Semiconductors & Semiconductor Equipment—3.7%
Advanced Micro Devices, Inc. (a) (b)		252,858		3,223,939
Analog Devices, Inc.		115,522		9,954,531
Applied Materials, Inc.		335,092		17,454,942
Broadcom, Ltd.		127,753		30,985,212
Intel Corp.		1,476,437		56,222,721
KLA-Tencor Corp.		49,279		5,223,574
Lam Research Corp.		51,044		9,445,182
Microchip Technology, Inc. (a)		73,124		6,565,073
Micron Technology, Inc. (b)		350,042		13,767,152
NVIDIA Corp. (a)		188,522		33,702,078
Semiconductors & Semiconductor Equipment—(Continued)
Qorvo, Inc. (a) (b)		39,988		2,826,352
QUALCOMM, Inc.		464,214		24,064,854
Skyworks Solutions, Inc.		57,731		5,882,789
Texas Instruments, Inc.		311,073		27,884,584
Xilinx, Inc. (a)		78,111		5,532,602
				252,735,585
Software—5.0%
Activision Blizzard, Inc. (a)		237,198		15,301,643
Adobe Systems, Inc. (b)		155,029		23,127,226
ANSYS, Inc. (a) (b)		26,632		3,268,545
Autodesk, Inc. (b)		68,871		7,731,459
CA, Inc. (a)		99,273		3,313,733
Cadence Design Systems, Inc. (b)		88,039		3,474,899
Citrix Systems, Inc. (b)		45,225		3,474,185
Electronic Arts, Inc. (b)		97,003		11,452,174
Intuit, Inc.		76,479		10,870,725
Microsoft Corp.		2,420,064		180,270,567
Oracle Corp.		948,821		45,875,495
Red Hat, Inc. (b)		55,758		6,181,332
Salesforce.com, Inc. (b)		214,526		20,041,019
Symantec Corp. (a)		193,089		6,335,250
Synopsys, Inc. (b)		47,205		3,801,419
				344,519,671
Specialty Retail—2.1%
Advance Auto Parts, Inc.		23,208		2,302,234
AutoZone, Inc. (b)		8,808		5,241,729
Best Buy Co., Inc. (a)		83,363		4,748,357
CarMax, Inc. (b)		57,576		4,364,837
Foot Locker, Inc. (a)		41,255		1,453,001
Gap, Inc. (The) (a)		69,001		2,037,600
Home Depot, Inc. (The)		370,388		60,580,661
L Brands, Inc. (a)		78,410		3,262,640
Lowe’s Cos., Inc.		265,258		21,204,725
O’Reilly Automotive, Inc. (a) (b)		27,655		5,956,057
Ross Stores, Inc.		122,281		7,895,684
Signet Jewelers, Ltd. (a)		18,997		1,264,250
Tiffany & Co.		32,080		2,944,302
TJX Cos., Inc. (The)		199,919		14,740,028
Tractor Supply Co. (a)		39,808		2,519,448
Ulta Salon Cosmetics & Fragrance, Inc. (b)		18,337		4,145,262
				144,660,815
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.		1,622,928		250,125,664
Hewlett Packard Enterprise Co.		516,118		7,592,096
HP, Inc.		524,797		10,474,948
NetApp, Inc. (a)		84,758		3,709,010
Seagate Technology plc (a)		90,436		2,999,762
Western Digital Corp.		92,650		8,004,960
Xerox Corp.		67,076		2,232,960
				285,139,400

BHFTII-226

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.		88,788	$	3,576,381
Hanesbrands, Inc. (a)		114,520		2,821,773
Michael Kors Holdings, Ltd. (b)		47,636		2,279,382
NIKE, Inc. - Class B (a)		412,846		21,406,065
PVH Corp.		24,327		3,066,662
Ralph Lauren Corp. (a)		17,401		1,536,334
Under Armour, Inc. - Class A (a) (b)		58,111		957,669
Under Armour, Inc. - Class C (a) (b)		58,483		878,415
VF Corp.		102,651		6,525,524
				43,048,205
Tobacco—1.3%
Altria Group, Inc.		602,818		38,230,718
Philip Morris International, Inc.		488,001		54,172,991
				92,403,709
Trading Companies & Distributors—0.2%
Fastenal Co.		90,483		4,124,215
United Rentals, Inc. (b)		26,554		3,684,102
WW Grainger, Inc. (a)		16,495		2,964,976
				10,773,293
Water Utilities—0.1%
American Water Works Co., Inc.		56,016		4,532,255
Total Common Stocks (Cost $3,391,512,601)				6,780,167,560
Mutual Fund—0.9%
Investment Company Security—0.9%
SPDR S&P 500 ETF Trust (Cost $64,733,370)		260,000		65,319,800
Short-Term Investments—0.5%
Discount Notes—0.2%
Federal Home Loan Bank 0.994%, 10/25/17 (e)		1,475,000		1,474,066
1.013%, 11/01/17 (e)		300,000		299,750
1.032%, 11/24/17 (e)		1,300,000		1,298,086
1.038%, 11/28/17 (e)		10,000,000		9,984,170
1.055%, 12/27/17 (e)		2,150,000		2,144,660
				15,200,732
U.S. Treasury—0.3%
U.S. Treasury Bills 0.881%, 10/19/17 (e)		1,675,000		1,674,273
1.013%, 12/21/17 (e)		15,400,000		15,366,035
1.023%, 12/14/17 (e)		550,000		548,932
				17,589,240
Total Short-Term Investments (Cost $32,787,601)				32,789,972
Securities Lending Reinvestments (f)—7.2%
Security Description	Principal Amount*		Value
Certificates of Deposit—4.4%
Banco Del Estado De Chile New York 1.457%, 1M LIBOR + 0.220%, 10/19/17 (g)		11,000,000		11,000,418
Bank of China, Ltd. 1.540%, 10/23/17		10,000,000		10,000,000
BNP Paribas New York 1.434%, 1M LIBOR + 0.200%, 02/15/18 (g)		10,000,000		10,002,250
Branch Banking & Trust Co. 1.140%, 10/04/17		15,000,000		14,999,985
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (g)		3,500,000		3,500,732
Chiba Bank, Ltd., New York 1.360%, 11/07/17		4,000,000		4,000,000
1.360%, 11/20/17		6,000,000		6,000,000
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (g)		7,000,000		7,000,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (g)		8,000,000		8,000,792
Credit Suisse AG New York 1.461%, 1M LIBOR + 0.230%, 11/07/17 (g)		7,000,000		7,000,000
1.487%, 1M LIBOR + 0.250%, 10/25/17 (g)		2,000,000		2,000,140
1.494%, 1M LIBOR + 0.260%, 10/16/17 (g)		17,500,000		17,500,840
DNB Bank ASA New York 1.120%, 10/05/17		7,000,000		6,999,979
KBC Bank NV Zero Coupon, 11/07/17		4,982,619		4,994,150
1.380%, 10/27/17		3,000,000		3,000,330
Mitsubishi UFJ Trust and Banking Corp. 1.485%, 1M LIBOR + 0.250%, 10/11/17 (g)		15,000,000		15,000,375
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (g)		5,000,000		4,999,940
1.494%, 1M LIBOR + 0.260%, 10/18/17 (g)		16,000,000		16,000,544
1.515%, 1M LIBOR + 0.280%, 10/11/17 (g)		6,000,000		6,000,138
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (g)		5,000,000		4,999,825
1.396%, 1M LIBOR + 0.160%, 11/13/17 (g)		12,000,000		12,000,552
Norinchukin Bank New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (g)		3,500,000		3,500,161
1.407%, 1M LIBOR + 0.170%, 02/23/18 (g)		4,000,000		4,000,168
1.486%, 1M LIBOR + 0.250%, 10/13/17 (g)		5,000,000		5,000,185

BHFTII-227

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (g)		7,000,000	$	6,999,685
Royal Bank of Canada New York 1.440%, 3M LIBOR + 0.130%, 06/12/18 (g)		4,000,000		4,000,088
1.704%, 3M LIBOR + 0.400%, 10/13/17 (g)		15,000,000		15,001,230
Standard Chartered plc 1.460%, 02/02/18		15,000,000		15,003,795
Sumitomo Mitsui Banking Corp., New York 1.462%, 3M LIBOR + 0.150%, 02/08/18 (g)		6,000,000		5,999,724
1.476%, 1M LIBOR + 0.240%, 10/12/17 (g)		7,000,000		7,000,217
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (g)		5,000,000		5,000,370
1.488%, 1M LIBOR + 0.250%, 10/26/17 (g)		5,000,000		5,000,500
1.495%, 1M LIBOR + 0.260%, 10/11/17 (g)		12,000,000		12,000,456
Swedbank AB 1.140%, 10/02/17		4,000,000		3,999,996
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (g)		11,500,000		11,510,258
1.624%, 3M LIBOR + 0.320%, 01/10/18 (g)		11,500,000		11,503,703
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (g)		5,000,000		4,999,965
1.694%, 3M LIBOR + 0.380%, 10/26/17 (g)		6,200,000		6,201,494
				301,722,985
Commercial Paper—0.7%
Barton Capital S.A. 1.320%, 12/11/17		9,967,000		9,973,840
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (g)		7,000,000		7,001,197
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (g)		2,500,000		2,500,135
1.386%, 1M LIBOR + 0.150%, 11/13/17 (g)		5,000,000		5,000,230
Kells Funding LLC 1.400%, 03/01/18		1,985,767		1,987,954
LMA S.A. & LMA Americas 1.420%, 12/11/17		2,485,110		2,493,712
Sheffield Receivables Co. 1.330%, 10/05/17		14,950,125		14,999,025
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (g)		5,000,000		5,001,160
				48,957,253
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $455,194 on 10/02/17, collateralized by $756,964 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $464,258.		455,155		455,155
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $18,256,806 on 10/02/17, collateralized by $18,583,942 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $18,620,316.		18,255,209		18,255,209
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,016,245 on 01/02/18, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $2,300,230 on 10/02/17, collateralized by $2,313,593 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $2,346,011.		2,300,000		2,300,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $7,000,729 on 10/02/17, collateralized by $7,130,056 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $7,140,003.		7,000,000		7,000,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,800,188 on 10/02/17, collateralized by $1,808,923 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $1,836,006.		1,800,000		1,800,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $9,550,540 on 01/02/18, collateralized by $51,151 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $10,559,587.		9,500,000		9,500,000

BHFTII-228

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $7,095,842 on 10/02/17, collateralized by $6,806,411 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $7,242,662.		7,095,239	$	7,095,239
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $3,600,309 on 10/02/17, collateralized by $3,453,454 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $3,674,800.		3,600,000		3,600,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $11,328,299 on 01/02/18, collateralized by various Common Stock with a value of $12,210,000.		11,100,000		11,100,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $12,087,780 on 01/02/18, collateralized by various Common Stock with a value of $13,200,003.		12,000,000		12,000,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $10,000,983 on 10/02/17, collateralized by $24,858,121 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $10,201,004.		10,000,000		10,000,000
Societe Generale S.A. Repurchase Agreement dated 08/01/17 at 1.260% to be repurchased at $1,002,170 on 10/02/17, collateralized by $45,048 U.S. Treasury Obligations with rates ranging from 1.375% - 2.750%, maturity dates ranging from 07/31/20 - 02/15/24, and various Common Stock with a value of $1,109,361.		1,000,000		1,000,000
				85,105,603
Time Deposits—0.9%
ABN AMRO Bank NV 1.060%, 10/02/17		5,000,000		5,000,000
Australia New Zealand Bank 1.070%, 10/02/17		15,000,000		15,000,000
Credit Agricole S.A. 1.080%, 10/02/17		1,900,000		1,900,000
Credit Industriel et Commercial 1.100%, 10/02/17		5,000,000		5,000,000
Time Deposits—(Continued)
DZ Bank AG 1.060%, 10/02/17		5,000,000		5,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		1,900,000		1,900,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		1,100,000		1,100,000
National Bank of Canada 1.060%, 10/02/17		10,000,000		10,000,000
Nordea Bank New York 1.050%, 10/02/17		5,000,000		5,000,000
Royal Bank of Canada New York 1.070%, 10/02/17		4,000,000		4,000,000
Standard Chartered plc 1.200%, 10/02/17		2,500,000		2,500,000
Svenska 1.050%, 10/02/17		5,000,000		5,000,000
				61,400,000
Total Securities Lending Reinvestments (Cost $497,152,828)				497,185,841
Total Investments—107.1% (Cost $3,986,186,400)				7,375,463,173
Other assets and liabilities (net)—(7.1)%				(491,125,584	)
Net Assets—100.0%			$	6,884,337,589

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $490,773,348 and the collateral received consisted of cash in the amount of $497,076,223. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Affiliated Issuer.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of September 30, 2017, the market value of securities pledged was $19,234,951.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(g)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(ETF)—	Exchange-Traded Fund
(LIBOR)—	London Interbank Offered Rate

BHFTII-229

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

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

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation
S&P 500 Index E-Mini Futures		12/15/17		280		USD	35,225,400	$	423,797

(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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	6,780,167,560	$	—		$	—	$	6,780,167,560
Total Mutual Fund*		65,319,800		—			—		65,319,800
Total Short-Term Investments*		—		32,789,972			—		32,789,972
Total Securities Lending Reinvestments*		—		497,185,841			—		497,185,841
Total Investments	$	6,845,487,360	$	529,975,813		$	—	$	7,375,463,173
Collateral for Securities Loaned (Liability)	$	—	$	(497,076,223	)	$	—	$	(497,076,223	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	423,797	$	—		$	—	$	423,797

* See Schedule of Investments for additional detailed categorizations.

BHFTII-230

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—60.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
Boeing Co. (The)		6,283	$	1,597,202
L3 Technologies, Inc.		8,012		1,509,701
Lockheed Martin Corp.		12,253		3,801,983
Northrop Grumman Corp.		11,470		3,300,148
United Technologies Corp.		60,413		7,012,741
				17,221,775
Air Freight & Logistics—0.4%
United Parcel Service, Inc. - Class B		27,919		3,352,793
Airlines—0.2%
Copa Holdings S.A. - Class A		6,593		821,026
Delta Air Lines, Inc.		24,738		1,192,867
				2,013,893
Auto Components—0.4%
Delphi Automotive plc		32,856		3,233,030
Automobiles—0.4%
General Motors Co.		27,489		1,110,006
Harley-Davidson, Inc.		5,962		287,428
Hyundai Motor Co.		8,022		1,055,063
Kia Motors Corp.		30,126		832,714
				3,285,211
Banks—6.4%
Bank of America Corp.		307,744		7,798,233
BNP Paribas S.A.		10,762		868,422
Citigroup, Inc.		128,505		9,347,454
JPMorgan Chase & Co.		190,384		18,183,576
PNC Financial Services Group, Inc. (The)		38,699		5,215,464
Royal Bank of Canada		13,081		1,012,094
Sumitomo Mitsui Financial Group, Inc.		13,600		523,160
SunTrust Banks, Inc.		16,768		1,002,223
U.S. Bancorp		119,828		6,421,582
Wells Fargo & Co.		105,094		5,795,934
				56,168,142
Beverages—0.6%
Coca-Cola European Partners plc		21,902		911,561
Diageo plc		99,966		3,286,328
PepsiCo, Inc.		9,041		1,007,439
				5,205,328
Biotechnology—0.2%
Biogen, Inc. (a)		3,729		1,167,624
Celgene Corp. (a)		6,836		996,826
				2,164,450
Building Products—1.2%
Johnson Controls International plc		159,027		6,407,198
Owens Corning		58,053		4,490,399
				10,897,597
Capital Markets—4.1%
Apollo Global Management LLC - Class A		37,884		1,140,308
Bank of New York Mellon Corp. (The)		112,574		5,968,674
BlackRock, Inc.		7,537		3,369,717
Blackstone Group L.P. (The)		32,947		1,099,441
Charles Schwab Corp. (The) (b)		21,541		942,203
Franklin Resources, Inc.		38,156		1,698,324
Goldman Sachs Group, Inc. (The)		31,320		7,428,791
Moody’s Corp.		9,161		1,275,303
Morgan Stanley		76,327		3,676,672
Nasdaq, Inc. (b)		23,384		1,813,897
S&P Global, Inc.		1,694		264,789
State Street Corp.		41,817		3,995,196
T. Rowe Price Group, Inc. (b)		20,823		1,887,605
UBS Group AG (a)		86,593		1,479,971
				36,040,891
Chemicals—1.8%
Axalta Coating Systems, Ltd. (a)		46,157		1,334,860
Celanese Corp. - Series A		15,414		1,607,218
DowDuPont, Inc.		28,860		1,997,978
Monsanto Co.		13,394		1,604,869
PPG Industries, Inc.		60,861		6,613,156
Sherwin-Williams Co. (The)		7,572		2,711,079
				15,869,160
Commercial Services & Supplies—0.1%
Transcontinental, Inc. - Class A		48,426		1,000,927
Communications Equipment—0.6%
Cisco Systems, Inc.		151,448		5,093,196
Consumer Finance—0.4%
American Express Co.		20,471		1,851,807
Discover Financial Services (b)		31,398		2,024,543
				3,876,350
Containers & Packaging—0.1%
Crown Holdings, Inc. (a)		14,485		865,044
Distributors—0.2%
LKQ Corp. (a)		36,938		1,329,399
Diversified Telecommunication Services—0.5%
TDC A/S		88,834		520,824
Verizon Communications, Inc.		74,998		3,711,651
				4,232,475
Electric Utilities—1.5%
American Electric Power Co., Inc.		22,137		1,554,903
Duke Energy Corp.		37,931		3,183,169
Exelon Corp.		112,115		4,223,372
PPL Corp.		83,965		3,186,472
SSE plc		37,675		705,095
Xcel Energy, Inc.		16,071		760,480
				13,613,491

BHFTII-231

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—0.4%
Eaton Corp. plc		38,963	$	2,991,969
Regal-Beloit Corp.		6,401		505,679
				3,497,648
Energy Equipment & Services—0.5%
Schlumberger, Ltd.		62,564		4,364,465
Equity Real Estate Investment Trusts—0.6%
Medical Properties Trust, Inc.		241,061		3,165,131
Public Storage		3,332		713,014
Simon Property Group, Inc. (b)		5,416		872,030
Washington Prime Group, Inc. (b)		117,378		977,759
				5,727,934
Food & Staples Retailing—0.8%
CVS Health Corp.		65,471		5,324,102
Kroger Co. (The) (b)		58,074		1,164,964
Wal-Mart Stores, Inc.		10,904		852,039
				7,341,105
Food Products—2.2%
Archer-Daniels-Midland Co.		14,965		636,162
Danone S.A.		23,405		1,836,397
General Mills, Inc.		74,203		3,840,747
J.M. Smucker Co. (The)		5,983		627,796
Marine Harvest ASA (a)		104,959		2,078,412
Mondelez International, Inc. - Class A		23,729		964,821
Nestle S.A.		52,940		4,433,798
Tyson Foods, Inc. - Class A		69,118		4,869,363
				19,287,496
Health Care Equipment & Supplies—2.1%
Abbott Laboratories		96,766		5,163,434
Danaher Corp.		65,435		5,613,014
Medtronic plc		82,797		6,439,123
Zimmer Biomet Holdings, Inc.		12,702		1,487,277
				18,702,848
Health Care Providers & Services—1.1%
Cigna Corp.		12,814		2,395,449
Express Scripts Holding Co. (a)		13,686		866,598
HCA Healthcare, Inc. (a) (b)		7,217		574,401
Humana, Inc.		3,843		936,270
McKesson Corp.		30,618		4,703,231
UnitedHealth Group, Inc.		1,493		292,404
				9,768,353
Hotels, Restaurants & Leisure—0.6%
Aramark		31,723		1,288,271
Carnival Corp.		36,189		2,336,723
Marriott International, Inc. - Class A (b)		8,349		920,561
Starbucks Corp. (b)		12,511		671,966
				5,217,521
Household Durables—0.4%
Newell Brands, Inc.		30,445		1,299,088
Tupperware Brands Corp.		15,044		930,020
Whirlpool Corp.		6,681		1,232,244
				3,461,352
Household Products—0.5%
Kimberly-Clark Corp.		9,232		1,086,422
Procter & Gamble Co. (The)		21,886		1,991,188
Reckitt Benckiser Group plc		17,865		1,632,410
				4,710,020
Industrial Conglomerates—1.6%
3M Co.		31,633		6,639,767
Honeywell International, Inc.		52,117		7,387,063
				14,026,830
Insurance—3.7%
Aon plc		39,027		5,701,845
Chubb, Ltd.		52,295		7,454,652
Prudential Financial, Inc.		58,202		6,188,037
Travelers Cos., Inc. (The)		72,528		8,886,130
XL Group, Ltd. (b)		46,186		1,822,038
Zurich Insurance Group AG		7,863		2,401,334
				32,454,036
Internet & Direct Marketing Retail—0.1%
Priceline Group, Inc. (The) (a)		702		1,285,236
Internet Software & Services—0.8%
Alphabet, Inc. - Class A (a)		1,316		1,281,415
Facebook, Inc. - Class A (a)		34,209		5,845,292
				7,126,707
IT Services—2.6%
Accenture plc - Class A		55,143		7,448,165
Amdocs, Ltd.		24,639		1,584,781
Cognizant Technology Solutions Corp. - Class A		10,997		797,722
DXC Technology Co.		68,505		5,883,209
Fidelity National Information Services, Inc.		20,366		1,901,981
Fiserv, Inc. (a)		6,893		888,921
International Business Machines Corp.		15,074		2,186,936
Vantiv, Inc. - Class A (a) (b)		13,646		961,634
Visa, Inc. - Class A		10,710		1,127,120
				22,780,469
Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		33,553		6,348,228
Machinery—1.1%
Allison Transmission Holdings, Inc. (b)		20,411		766,025
Cummins, Inc.		2,331		391,678
Deere & Co.		9,535		1,197,501
Illinois Tool Works, Inc.		26,964		3,989,593

BHFTII-232

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Ingersoll-Rand plc		11,843	$	1,056,040
Stanley Black & Decker, Inc.		13,780		2,080,367
				9,481,204
Media—2.6%
Charter Communications, Inc. - Class A (a)		8,826		3,207,545
Comcast Corp. - Class A		294,685		11,339,479
Interpublic Group of Cos., Inc. (The)		53,313		1,108,377
Omnicom Group, Inc. (b)		42,009		3,111,607
Time Warner, Inc.		33,014		3,382,284
Twenty-First Century Fox, Inc. - Class A (b)		33,085		872,782
				23,022,074
Metals & Mining—0.3%
Rio Tinto plc		54,616		2,542,339
Mortgage Real Estate Investment Trusts—0.3%
AGNC Investment Corp.		21,352		462,911
Annaly Capital Management, Inc. (b)		61,972		755,439
Starwood Property Trust, Inc. (b)		76,442		1,660,320
				2,878,670
Multi-Utilities—0.5%
Engie S.A.		64,659		1,097,483
Public Service Enterprise Group, Inc.		27,281		1,261,746
Sempra Energy (b)		9,739		1,111,512
WEC Energy Group, Inc. (b)		14,463		907,987
				4,378,728
Oil, Gas & Consumable Fuels—3.5%
Anadarko Petroleum Corp.		24,258		1,185,003
BP plc		423,574		2,708,186
Chevron Corp.		29,561		3,473,418
Eni S.p.A.		90,586		1,500,700
Enterprise Products Partners L.P.		132,331		3,449,869
EOG Resources, Inc.		33,667		3,256,946
EQT Corp. (b)		17,139		1,118,148
Exxon Mobil Corp.		47,051		3,857,241
Galp Energia SGPS S.A.		56,686		1,005,332
Hess Corp. (b)		21,067		987,832
Noble Energy, Inc.		32,340		917,162
Occidental Petroleum Corp.		29,711		1,907,743
Pioneer Natural Resources Co.		6,557		967,420
Plains All American Pipeline L.P.		51,736		1,096,286
Plains GP Holdings L.P. - Class A (a) (b)		48,528		1,061,307
Williams Partners L.P.		58,046		2,257,990
				30,750,583
Personal Products—0.2%
Coty, Inc. - Class A (b)		92,177		1,523,686
Pharmaceuticals—3.9%
Bayer AG		30,616		4,172,158
Bristol-Myers Squibb Co.		15,350		978,409
Pharmaceuticals—(Continued)
Eli Lilly & Co.		51,199		4,379,562
Johnson & Johnson		77,493		10,074,865
Merck & Co., Inc.		88,391		5,659,676
Novartis AG		5,055		433,776
Pfizer, Inc.		242,695		8,664,212
Roche Holding AG		1,453		370,924
				34,733,582
Professional Services—0.2%
Equifax, Inc.		14,894		1,578,615
Real Estate Management & Development—0.2%
Jones Lang LaSalle, Inc.		6,981		862,153
Realogy Holdings Corp.		40,899		1,347,622
				2,209,775
Road & Rail—1.0%
Canadian National Railway Co.		12,942		1,072,245
Union Pacific Corp.		63,459		7,359,340
				8,431,585
Semiconductors & Semiconductor Equipment—1.3%
Broadcom, Ltd.		5,098		1,236,469
Intel Corp.		37,675		1,434,664
Maxim Integrated Products, Inc.		25,307		1,207,397
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		88,310		3,316,040
Texas Instruments, Inc.		45,204		4,052,087
				11,246,657
Software—1.2%
CA, Inc.		13,281		443,320
Check Point Software Technologies, Ltd. (a)		21,691		2,473,208
Intuit, Inc.		5,040		716,386
Micro Focus International plc (ADR) (a)		6,722		214,432
Microsoft Corp.		47,698		3,553,024
Oracle Corp.		33,452		1,617,404
Take-Two Interactive Software, Inc. (a)		14,715		1,504,314
				10,522,088
Specialty Retail—0.7%
Advance Auto Parts, Inc. (b)		3,192		316,646
Best Buy Co., Inc. (b)		48,987		2,790,300
Gap, Inc. (The) (b)		37,972		1,121,313
Ross Stores, Inc.		29,949		1,933,807
				6,162,066
Technology Hardware, Storage & Peripherals—0.6%
Apple, Inc.		16,562		2,552,535
Hewlett Packard Enterprise Co.		137,777		2,026,700
Seagate Technology plc (b)		15,151		502,559
				5,081,794

BHFTII-233

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc. (b)		33,129	$	816,298
LVMH Moet Hennessy Louis Vuitton SE		4,107		1,132,284
NIKE, Inc. - Class B		19,761		1,024,608
				2,973,190
Tobacco—2.4%
Altria Group, Inc.		87,958		5,578,296
Japan Tobacco, Inc.		14,600		478,615
Philip Morris International, Inc.		134,109		14,887,440
				20,944,351
Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (a)		9,299		335,415
MSC Industrial Direct Co., Inc. - Class A (b)		23,170		1,750,957
				2,086,372
Total Common Stocks (Cost $397,428,843)				532,110,759
U.S. Treasury & Government Agencies—24.1%
Agency Sponsored Mortgage - Backed—10.5%
Fannie Mae 15 Yr. Pool 3.000%, 12/01/31		1,428,900		1,471,490
4.500%, 04/01/18		1,852		1,894
4.500%, 06/01/18		8,037		8,219
4.500%, 07/01/18		4,111		4,205
4.500%, 03/01/19		14,897		15,235
4.500%, 06/01/19		15,880		16,240
4.500%, 04/01/20		18,043		18,499
4.500%, 07/01/20		9,064		9,293
5.000%, 11/01/17		396		398
5.000%, 02/01/18		6,025		6,164
5.000%, 12/01/18		38,783		39,679
5.000%, 07/01/19		31,063		31,781
5.000%, 07/01/20		23,601		24,146
5.000%, 08/01/20		17,661		18,302
5.000%, 12/01/20		46,709		48,021
5.500%, 11/01/17		430		429
5.500%, 12/01/17		140		140
5.500%, 01/01/18		474		474
5.500%, 02/01/18		2,205		2,208
5.500%, 06/01/19		30,718		31,213
5.500%, 07/01/19		30,214		30,752
5.500%, 08/01/19		7,456		7,573
5.500%, 09/01/19		31,569		32,271
5.500%, 01/01/21		19,758		20,344
5.500%, 03/01/21		5,980		6,185
6.000%, 03/01/18		105		105
6.000%, 11/01/18		1,374		1,388
6.000%, 01/01/21		32,366		33,426
6.000%, 05/01/21		7,684		7,928
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.000%, 09/01/46		228,902		230,294
3.000%, 10/01/46		887,359		892,762
3.000%, 11/01/46		1,117,938		1,124,746
3.500%, 11/01/41		53,927		55,947
3.500%, 01/01/42		725,763		753,333
3.500%, 01/01/43		251,494		260,189
3.500%, 04/01/43		820,614		848,493
3.500%, 05/01/43		1,138,065		1,176,346
3.500%, 07/01/43		1,287,244		1,329,956
3.500%, 08/01/43		424,824		439,442
3.500%, 09/01/43		1,751,530		1,809,820
3.500%, 02/01/45		1,273,316		1,320,907
3.500%, 09/01/45		1,497,681		1,545,084
3.500%, 10/01/45		1,025,962		1,063,402
3.500%, 01/01/46		321,725		333,652
3.500%, 05/01/46		610,781		631,694
3.500%, 07/01/46		1,303,778		1,350,840
3.500%, 10/01/46		418,401		431,643
3.500%, 12/01/46		1,051,054		1,084,321
3.500%, 01/01/47		152,491		157,318
3.500%, TBA (c)		726,000		748,432
4.000%, 09/01/40		1,282,243		1,356,434
4.000%, 11/01/40		298,391		315,641
4.000%, 12/01/40		700,341		740,651
4.000%, 02/01/41		801,340		847,789
4.000%, 06/01/41		814,526		861,331
4.000%, 11/01/41		274,524		290,297
4.000%, 01/01/42		1,896,789		2,005,529
4.000%, 04/01/42		244,578		258,572
4.000%, 10/01/42		210,219		222,270
4.000%, 12/01/42		243,047		256,911
4.000%, 01/01/43		391,911		415,307
4.000%, 04/01/43		70,332		74,341
4.000%, 05/01/43		772,786		819,476
4.000%, 06/01/43		348,145		368,044
4.000%, 07/01/43		335,994		354,246
4.000%, 01/01/44		144,510		153,770
4.000%, 04/01/44		159,914		169,028
4.000%, 05/01/44		593,400		627,317
4.000%, 11/01/44		298,737		314,836
4.000%, 02/01/45		439,798		469,071
4.000%, 06/01/47		1,216,142		1,281,071
4.000%, 07/01/47		1,793,187		1,888,924
4.000%, TBA (c)		2,645,100		2,785,001
4.500%, 08/01/33		165,253		178,002
4.500%, 03/01/34		499,597		538,849
4.500%, 01/01/40		177,732		192,031
4.500%, 08/01/40		42,616		46,232
4.500%, 02/01/41		288,891		313,477
4.500%, 04/01/41		497,302		538,967
4.500%, 11/01/42		162,049		175,277
4.500%, 01/01/43		371,592		402,211
4.500%, 04/01/44		2,125,222		2,299,864
4.500%, 06/01/44		217,082		234,942

BHFTII-234

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of September 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%, 11/01/33		95,499	$	105,228
5.000%, 03/01/34		80,607		88,579
5.000%, 05/01/34		33,445		36,852
5.000%, 08/01/34		33,488		36,911
5.000%, 09/01/34		126,084		138,929
5.000%, 06/01/35		84,651		92,812
5.000%, 07/01/35		251,994		277,558
5.000%, 08/01/35		80,354		88,554
5.000%, 09/01/35		56,740		62,529
5.000%, 10/01/35		220,529		243,140
5.000%, 07/01/39		237,278		261,876
5.000%, 10/01/39		163,039		179,101
5.000%, 11/01/39		67,524		74,916
5.000%, 11/01/40		102,917		113,659
5.000%, 01/01/41		25,371		27,909
5.000%, 03/01/41		59,834		65,851
5.500%, 02/01/33		40,089		44,756
5.500%, 05/01/33		4,670		5,166
5.500%, 06/01/33		167,919		188,325
5.500%, 07/01/33		158,371		177,377
5.500%, 11/01/33		95,865		107,398
5.500%, 12/01/33		12,185		13,471
5.500%, 01/01/34		119,251		132,687
5.500%, 02/01/34		144,113		161,097
5.500%, 03/01/34		40,626		45,867
5.500%, 04/01/34		48,415		53,651
5.500%, 05/01/34		295,245		331,811
5.500%, 06/01/34		357,726		400,478
5.500%, 07/01/34		111,676		124,588
5.500%, 09/01/34		348,987		387,530
5.500%, 10/01/34		424,713		473,808
5.500%, 11/01/34		588,430		658,933
5.500%, 12/01/34		271,618		304,110
5.500%, 01/01/35		349,565		391,458
5.500%, 02/01/35		6,952		7,686
5.500%, 04/01/35		61,969		69,371
5.500%, 07/01/35		26,276		29,042
5.500%, 08/01/35		7,924		8,757
5.500%, 09/01/35		181,537		203,995
6.000%, 02/01/32		88,686		100,015
6.000%, 03/01/34		25,793		29,703
6.000%, 04/01/34		212,817		242,363
6.000%, 06/01/34		227,587		260,976
6.000%, 07/01/34		217,440		247,845
6.000%, 08/01/34		279,463		317,102
6.000%, 10/01/34		175,807		200,636
6.000%, 11/01/34		33,240		37,403
6.000%, 12/01/34		8,734		9,824
6.000%, 08/01/35		49,708		56,354
6.000%, 09/01/35		42,858		48,465
6.000%, 10/01/35		75,102		84,785
6.000%, 11/01/35		13,375		15,044
6.000%, 12/01/35		88,274		100,515
6.000%, 02/01/36		75,856		85,342
6.000%, 04/01/36		75,189		85,954
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.000%, 06/01/36		11,909		13,469
6.000%, 07/01/37		112,259		127,613
6.500%, 06/01/31		32,495		36,892
6.500%, 07/01/31		4,077		4,518
6.500%, 09/01/31		33,760		37,410
6.500%, 02/01/32		28,650		32,101
6.500%, 07/01/32		88,477		100,665
6.500%, 08/01/32		69,301		79,818
6.500%, 01/01/33		34,382		38,626
6.500%, 04/01/34		53,585		60,109
6.500%, 06/01/34		22,853		25,403
6.500%, 08/01/34		16,703		18,509
6.500%, 04/01/36		12,085		13,392
6.500%, 05/01/36		66,584		74,666
6.500%, 02/01/37		76,548		84,825
6.500%, 05/01/37		80,559		92,081
6.500%, 07/01/37		51,423		57,305
Fannie Mae Pool 2.280%, 11/01/26		157,710		152,050
2.410%, 05/01/23		92,249		92,837
2.550%, 05/01/23		148,194		150,168
2.700%, 07/01/25		121,000		120,961
3.746%, 07/01/18		97,660		98,857
3.800%, 02/01/18		130,307		130,183
4.600%, 09/01/19		126,766		132,622
5.000%, 03/01/26		84,444		96,221
5.370%, 05/01/18		596,138		599,013
Fannie Mae-ACES (CMO) 2.578%, 09/25/18		323,795		323,958
2.684%, 12/25/26 (d)		511,000		500,476
Freddie Mac 15 Yr. Gold Pool 4.500%, 05/01/18		2,555		2,612
4.500%, 08/01/18		5,109		5,223
4.500%, 11/01/18		10,297		10,527
4.500%, 01/01/19		21,970		22,461
4.500%, 08/01/19		2,101		2,161
4.500%, 02/01/20		15,499		15,846
4.500%, 08/01/24		208,136		221,290
5.000%, 12/01/17		37		38
5.000%, 05/01/18		2,418		2,479
5.000%, 09/01/18		11,608		11,900
5.500%, 01/01/19		4,727		4,786
5.500%, 04/01/19		3,767		3,796
5.500%, 06/01/19		2,481		2,494
5.500%, 07/01/19		1,257		1,263
5.500%, 08/01/19		1,634		1,660
5.500%, 02/01/20		2,225		2,274
6.000%, 08/01/19		19,185		19,584
6.000%, 09/01/19		3,254		3,260
6.000%, 11/01/19		5,201		5,238
6.000%, 05/01/21		9,826		10,150
6.000%, 10/01/21		29,745		30,878
Freddie Mac 30 Yr. Gold Pool 3.000%, 10/01/42		633,935		640,068
3.000%, 04/01/43		1,353,477		1,366,705

BHFTII-235

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of September 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 3.000%, 05/01/43		1,172,830	$	1,184,063
3.000%, 05/01/46		626,869		631,618
3.000%, 10/01/46		1,106,888		1,114,030
3.000%, 11/01/46		1,444,912		1,454,235
3.500%, 02/01/42		627,537		651,696
3.500%, 04/01/42		386,444		402,472
3.500%, 12/01/42		953,455		990,793
3.500%, 04/01/43		272,580		283,253
3.500%, 07/01/43		55,542		57,570
3.500%, 08/01/43		625,139		647,923
3.500%, 12/01/45		606,398		625,917
3.500%, 11/01/46		454,187		468,807
3.500%, 12/01/46		2,223,511		2,295,084
3.500%, 01/01/47		1,599,821		1,651,319
4.000%, 11/01/40		728,124		769,669
4.000%, 01/01/41		1,479,690		1,564,173
4.000%, 04/01/44		497,680		524,260
4.500%, 04/01/35		43,608		46,937
4.500%, 07/01/39		246,799		265,531
4.500%, 09/01/39		138,645		149,191
4.500%, 10/01/39		79,248		85,279
4.500%, 12/01/39		124,999		134,525
4.500%, 05/01/42		217,161		233,579
5.000%, 09/01/33		192,626		210,741
5.000%, 03/01/34		35,756		38,997
5.000%, 04/01/34		34,359		37,594
5.000%, 08/01/35		45,280		49,411
5.000%, 10/01/35		101,085		111,583
5.000%, 11/01/35		83,190		91,013
5.000%, 12/01/36		54,211		59,454
5.000%, 07/01/39		403,409		442,697
5.500%, 12/01/33		225,963		255,434
5.500%, 01/01/34		154,119		172,292
5.500%, 04/01/34		31,842		35,401
5.500%, 11/01/34		30,013		33,242
5.500%, 12/01/34		24,606		27,098
5.500%, 05/01/35		33,228		36,845
5.500%, 09/01/35		41,099		45,718
5.500%, 10/01/35		51,823		58,103
6.000%, 04/01/34		101,938		116,029
6.000%, 07/01/34		32,690		36,896
6.000%, 08/01/34		229,601		260,303
6.000%, 09/01/34		2,590		2,913
6.000%, 07/01/35		44,505		50,522
6.000%, 08/01/35		52,870		60,038
6.000%, 11/01/35		87,588		99,639
6.000%, 03/01/36		30,193		33,965
6.000%, 10/01/36		39,353		44,685
6.000%, 03/01/37		7,750		8,718
6.000%, 05/01/37		67,803		77,335
6.000%, 06/01/37		51,792		59,129
6.500%, 05/01/34		21,684		24,036
6.500%, 06/01/34		63,156		70,004
6.500%, 08/01/34		52,869		58,601
6.500%, 10/01/34		77,228		88,031
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 6.500%, 11/01/34		43,676		48,411
6.500%, 05/01/37		71,024		81,545
6.500%, 07/01/37		77,280		87,057
Freddie Mac Multifamily Structured Pass Through Certificates 3.300%, 10/25/26		310,000		321,525
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.508%, 07/25/24 (d) (e)		4,483,000		146,456
0.579%, 07/25/27 (d) (e)		3,891,000		189,021
0.618%, 07/25/24 (d) (e)		1,655,000		58,328
0.772%, 06/25/27 (d) (e)		4,356,000		243,021
0.891%, 06/25/27 (d) (e)		1,489,823		91,340
1.019%, 04/25/24 (d) (e)		1,983,039		94,836
1.869%, 11/25/19		361,632		361,503
2.412%, 08/25/18		444,408		445,843
2.456%, 08/25/19		330,000		333,038
2.510%, 11/25/22		489,000		493,401
2.670%, 12/25/24		507,000		510,014
2.673%, 03/25/26		676,000		672,618
2.682%, 10/25/22		620,000		630,577
2.716%, 06/25/22		346,271		353,189
2.791%, 01/25/22		474,000		485,214
3.060%, 07/25/23 (d)		219,000		226,472
3.111%, 02/25/23		695,000		721,053
3.154%, 02/25/18		102,369		102,537
3.171%, 10/25/24		424,000		440,378
3.224%, 03/25/27 (d)		312,000		321,688
3.250%, 04/25/23 (d)		803,000		839,023
3.320%, 02/25/23 (d)		186,000		194,930
3.458%, 08/25/23 (d)		835,000		881,269
5.085%, 03/25/19		1,226,000		1,271,925
Ginnie Mae I 30 Yr. Pool 3.500%, 12/15/41		358,471		374,135
3.500%, 02/15/42		140,150		146,682
4.500%, 09/15/33		87,222		94,132
4.500%, 11/15/39		271,269		291,194
4.500%, 03/15/40		307,041		335,489
4.500%, 04/15/40		338,998		363,498
4.500%, 06/15/40		149,243		161,959
5.000%, 03/15/34		31,274		34,414
5.000%, 06/15/34		73,140		80,535
5.000%, 12/15/34		32,631		35,915
5.000%, 06/15/35		10,242		11,180
5.500%, 11/15/32		145,417		162,795
5.500%, 08/15/33		238,830		269,166
5.500%, 12/15/33		137,560		155,071
5.500%, 09/15/34		114,877		129,616
5.500%, 10/15/35		17,584		19,590
6.000%, 12/15/28		35,843		40,679
6.000%, 12/15/31		30,039		34,192
6.000%, 03/15/32		3,486		3,929
6.000%, 10/15/32		150,787		171,741
6.000%, 01/15/33		32,286		36,424
6.000%, 02/15/33		1,719		1,953

BHFTII-236

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of September 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 6.000%, 04/15/33		154,980	$	176,230
6.000%, 08/15/33		1,061		1,195
6.000%, 07/15/34		104,280		118,756
6.000%, 09/15/34		40,707		45,884
6.000%, 01/15/38		132,962		151,207
Ginnie Mae II 30 Yr. Pool 3.500%, 06/20/43		756,856		791,053
3.500%, 07/20/43		952,102		995,121
4.000%, 01/20/41		921,999		978,934
4.000%, 02/20/41		230,093		244,008
4.000%, 04/20/41		174,548		185,114
4.000%, 02/20/42		237,127		251,450
4.500%, 07/20/33		17,551		18,884
4.500%, 09/20/33		10,370		11,154
4.500%, 12/20/34		7,792		8,374
4.500%, 03/20/35		44,979		48,344
4.500%, 01/20/41		240,017		258,084
5.000%, 07/20/33		35,475		38,771
6.000%, 01/20/35		40,250		46,195
6.000%, 02/20/35		20,701		24,232
6.000%, 04/20/35		35,094		40,143
Government National Mortgage Association (CMO) 0.658%, 02/16/59 (d) (e)		2,481,352		154,591
				92,308,481
Federal Agencies—0.1%
Financing Corp. 9.650%, 11/02/18		430,000		467,981
U.S. Treasury—13.5%
U.S. Treasury Bonds 2.500%, 02/15/45		68,000		63,421
2.875%, 05/15/43 (b)		19,237,600		19,390,900
2.875%, 11/15/46		1,365,000		1,369,852
3.500%, 02/15/39		1,000,000		1,129,140
4.500%, 02/15/36 (b)		179,000		230,246
4.500%, 08/15/39		2,514,000		3,250,425
5.000%, 05/15/37 (b)		232,000		317,097
5.250%, 02/15/29		16,000		20,607
5.375%, 02/15/31		276,000		369,883
6.250%, 08/15/23		80,000		98,650
U.S. Treasury Notes 1.000%, 06/30/19 (b)		16,589,000		16,462,638
1.375%, 02/29/20		6,798,000		6,769,852
1.750%, 11/30/21		18,242,000		18,180,006
2.000%, 11/15/26		1,875,000		1,827,173
2.500%, 08/15/23		13,502,000		13,850,098
3.125%, 05/15/19		6,086,000		6,250,512
3.125%, 05/15/21		3,504,000		3,674,683
3.500%, 05/15/20 (b)		25,140,000		26,389,144
				119,644,327
Total U.S. Treasury & Government Agencies (Cost $208,981,475)				212,420,789
Corporate Bonds & Notes—10.7%
Security Description	Principal Amount*		Value
Agriculture—0.3%
Imperial Brands Finance plc 2.950%, 07/21/20 (144A)		828,000		840,567
Reynolds American, Inc. 5.850%, 08/15/45		1,296,000		1,585,787
				2,426,354
Auto Manufacturers—0.2%
General Motors Co. 5.150%, 04/01/38 (b)		235,000		240,943
6.750%, 04/01/46 (b)		374,000		450,522
General Motors Financial Co., Inc. 3.200%, 07/06/21		776,000		789,640
				1,481,105
Auto Parts & Equipment—0.0%
Lear Corp. 3.800%, 09/15/27 (b)		403,000		401,470
Banks—2.6%
ABN AMRO Bank NV 4.800%, 04/18/26 (144A)		800,000		854,683
Banco de Credito del Peru 5.375%, 09/16/20		835,000		910,150
Bank of America Corp. 4.100%, 07/24/23		1,270,000		1,352,313
4.125%, 01/22/24		1,973,000		2,099,005
5.490%, 03/15/19		196,000		204,800
7.625%, 06/01/19		710,000		774,828
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A) (b)		810,000		927,450
BPCE S.A. 12.500%, -1 x 3M USD LIBOR + 12.980%, 09/30/19 (144A) (b) (d)		922,000		1,094,875
Citigroup, Inc. 2.500%, 09/26/18 (b)		580,000		583,858
Citizens Bank NA/Providence 2.250%, 03/02/20		292,000		292,386
Credit Suisse AG 6.500%, 08/08/23 (144A)		396,000		447,480
Goldman Sachs Group, Inc. (The) 3.850%, 01/26/27		1,118,000		1,142,221
HSBC Holdings plc 6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (d)		490,000		512,491
ING Bank NV 5.800%, 09/25/23 (144A)		1,076,000		1,228,516
JPMorgan Chase & Co. 3.782%, 3M USD LIBOR + 1.337%, 02/01/28 (b) (d)		1,115,000		1,147,418
6.300%, 04/23/19		1,210,000		1,291,162
KFW 4.875%, 06/17/19		1,290,000		1,359,557
Morgan Stanley 3.625%, 01/20/27		1,112,000		1,127,106
3.875%, 04/29/24		1,081,000		1,131,279

BHFTII-237

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Morgan Stanley 4.000%, 07/23/25		396,000	$	417,489
6.625%, 04/01/18		1,343,000		1,375,823
Royal Bank of Scotland Group plc 3.875%, 09/12/23		1,128,000		1,154,263
UBS Group Funding Switzerland AG 4.125%, 04/15/26 (144A) (b) (f)		838,000		879,492
4.253%, 03/23/28 (144A) (b)		838,000		879,067
				23,187,712
Beverages—0.2%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		1,020,000		1,572,776
Biotechnology—0.3%
Celgene Corp. 2.875%, 08/15/20		504,000		514,459
Gilead Sciences, Inc. 3.500%, 02/01/25		1,880,000		1,957,842
3.700%, 04/01/24		312,000		329,514
				2,801,815
Chemicals—0.0%
Sherwin-Williams Co. (The) 4.500%, 06/01/47		402,000		421,878
Commercial Services—0.2%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		1,115,000		1,466,608
Computers—0.3%
Apple, Inc. 2.850%, 02/23/23		1,176,000		1,204,183
3.350%, 02/09/27		745,000		767,042
3.850%, 05/04/43		370,000		372,742
				2,343,967
Diversified Financial Services—0.5%
E*TRADE Financial Corp. 2.950%, 08/24/22		338,000		338,752
GE Capital International Funding Co. 3.373%, 11/15/25		358,000		370,258
Intercontinental Exchange, Inc. 2.350%, 09/15/22		487,000		486,227
2.750%, 12/01/20 (b)		301,000		306,800
4.000%, 10/15/23 (b)		832,000		892,747
Raymond James Financial, Inc. 4.950%, 07/15/46		778,000		836,682
Visa, Inc. 3.150%, 12/14/25		1,192,000		1,221,211
				4,452,677
Electric—1.0%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23 (b)		440,000		463,680
Duke Energy Corp. 2.650%, 09/01/26		131,000		125,277
Enel Finance International NV 4.750%, 05/25/47 (144A)		448,000		474,165
Exelon Corp. 3.400%, 04/15/26		1,137,000		1,143,310
Midamerican Funding LLC 6.927%, 03/01/29		699,000		919,460
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		795,000		952,541
PPL Capital Funding, Inc. 3.400%, 06/01/23 (b)		880,000		906,044
5.000%, 03/15/44		296,000		332,260
Progress Energy, Inc. 3.150%, 04/01/22		1,083,000		1,103,627
Southern Co. (The) 3.250%, 07/01/26 (b)		1,295,000		1,280,154
State Grid Overseas Investment, Ltd. 2.750%, 05/07/19 (144A) (f)		778,000		785,500
2.750%, 05/04/22 (144A)		630,000		630,882
				9,116,900
Food—0.2%
Danone S.A. 2.947%, 11/02/26 (144A)		1,133,000		1,099,559
Kraft Heinz Foods Co. 3.000%, 06/01/26		865,000		828,577
WM Wrigley Jr. Co. 2.400%, 10/21/18 (144A)		248,000		249,567
				2,177,703
Healthcare-Products—0.6%
Abbott Laboratories 4.900%, 11/30/46		749,000		836,582
Becton Dickinson & Co. 2.675%, 12/15/19		520,000		526,243
Medtronic, Inc. 4.375%, 03/15/35		946,000		1,041,351
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		851,000		832,884
3.200%, 08/15/27		1,100,000		1,088,140
Zimmer Biomet Holdings, Inc. 3.550%, 04/01/25		1,222,000		1,233,872
				5,559,072
Healthcare-Services—0.2%
Laboratory Corp. of America Holdings 3.200%, 02/01/22		213,000		218,007
3.250%, 09/01/24		558,000		559,625
4.700%, 02/01/45		267,000		275,014

BHFTII-238

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Northwell Healthcare, Inc. 3.979%, 11/01/46		57,000	$	53,937
4.260%, 11/01/47		456,000		459,349
				1,565,932
Household Products/Wares—0.1%
Reckitt Benckiser Treasury Services plc 3.625%, 09/21/23 (144A)		1,070,000		1,119,010
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		914,000		960,250
Insurance—0.5%
American International Group, Inc. 4.125%, 02/15/24		750,000		796,452
4.875%, 06/01/22		1,770,000		1,944,230
Berkshire Hathaway, Inc. 3.125%, 03/15/26		390,000		394,424
Liberty Mutual Group, Inc. 4.850%, 08/01/44 (144A)		484,000		526,573
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21 (b)		920,000		996,374
				4,658,053
Internet—0.2%
Baidu, Inc. 3.500%, 11/28/22		1,110,000		1,142,039
Priceline Group, Inc. (The) 2.750%, 03/15/23		586,000		585,404
				1,727,443
Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,787,791
Media—0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		523,000		559,095
Comcast Corp. 4.600%, 08/15/45		748,000		822,930
COX Communications, Inc. 3.500%, 08/15/27 (144A)		309,000		304,106
4.600%, 08/15/47 (144A) (b)		127,000		125,946
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33 (b)		1,240,000		1,685,494
				3,497,571
Mining—0.2%
Glencore Funding LLC 4.000%, 03/27/27 (144A) (b)		200,000		201,211
4.125%, 05/30/23 (144A)		684,000		712,078
Mining—(Continued)
Southern Copper Corp. 5.875%, 04/23/45		718,000		817,716
				1,731,005
Miscellaneous Manufacturing—0.1%
General Electric Co. 1.924%, 3M USD LIBOR + 0.620%, 01/09/20 (d)		633,000		640,277
Oil & Gas—0.3%
BP Capital Markets plc 4.500%, 10/01/20 (b)		306,000		327,594
Marathon Petroleum Corp. 3.625%, 09/15/24		858,000		873,757
Statoil ASA 7.750%, 06/15/23		100,000		125,788
Valero Energy Corp. 4.900%, 03/15/45		896,000		961,594
				2,288,733
Pharmaceuticals—0.2%
Allergan Funding SCS 3.800%, 03/15/25		463,000		480,830
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26 (b)		1,498,000		1,476,754
				1,957,584
Pipelines—0.7%
APT Pipelines, Ltd. 4.200%, 03/23/25 (144A)		1,228,000		1,276,321
4.250%, 07/15/27 (144A)		93,000		95,681
Enterprise Products Operating LLC 6.500%, 01/31/19		908,000		960,840
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24		691,000		716,265
ONEOK, Inc. 4.950%, 07/13/47		869,000		871,295
Phillips 66 Partners L.P. 4.900%, 10/01/46 (b)		655,000		655,572
Sabine Pass Liquefaction LLC 5.000%, 03/15/27		1,100,000		1,173,238
				5,749,212
Real Estate Investment Trusts—0.1%
Crown Castle International Corp. 3.650%, 09/01/27		665,000		664,635
Retail—0.2%
Coach, Inc. 4.125%, 07/15/27 (b)		572,000		575,021
CVS Health Corp. 3.875%, 07/20/25		1,094,000		1,141,056
				1,716,077

BHFTII-239

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.2%
Fidelity National Information Services, Inc. 4.500%, 08/15/46		210,000	$	217,383
Microsoft Corp. 4.250%, 02/06/47		1,456,000		1,609,726
				1,827,109
Telecommunications—0.6%
AT&T, Inc. 3.000%, 06/30/22		838,000		846,159
3.400%, 08/14/24		1,359,000		1,361,116
3.400%, 05/15/25		838,000		826,604
5.450%, 03/01/47		896,000		947,798
Crown Castle Towers LLC 4.883%, 08/15/20 (144A)		370,000		391,931
6.113%, 01/15/20 (144A)		711,000		759,693
				5,133,301
Total Corporate Bonds & Notes (Cost $90,471,974)				94,434,020
Mortgage-Backed Securities—1.3%
Collateralized Mortgage Obligations—0.0%
BlackRock Capital Finance L.P. 7.750%, 09/25/26 (144A) (f)		8,313		747
Commercial Mortgage-Backed Securities—1.3%
CD Commercial Mortgage Trust 3.514%, 05/10/50 (d)		1,519,456		1,567,055
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.510%, 09/10/50		980,547		1,005,100
Commercial Mortgage Trust 3.708%, 07/10/48		1,300,833		1,361,997
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		761,214
General Electric Capital Assurance Co. 5.743%, 05/12/35 (144A) (d) (f)		14,499		14,839
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,387,991		1,423,595
GS Mortgage Securities Trust 3.433%, 05/10/50		687,654		705,726
JPMBB Commercial Mortgage Securities Trust 3.227%, 10/15/48		1,036,740		1,052,351
3.494%, 01/15/48		1,590,000		1,640,619
JPMCC Commercial Mortgage Securities Trust 3.454%, 09/15/50		266,697		273,742
Morgan Stanley Capital I, Inc. 1.282%, 11/15/30 (144A) (d) (e)		517,335		30
3.530%, 06/15/50		470,148		485,992
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,410,327		1,459,835
				11,752,095
Total Mortgage-Backed Securities (Cost $11,757,115)				11,752,842
Asset-Backed Securities—1.3%
Security Description	Principal Amount*		Value
Asset-Backed - Automobile—0.3%
Chesapeake Funding II LLC 2.234%, 1M USD LIBOR + 1.000%, 06/15/28 (144A) (d) (f)		1,029,469		1,035,800
Ford Credit Auto Owner Trust 2.260%, 11/15/25 (144A)		550,000		554,018
2.310%, 04/15/26 (144A)		425,000		428,464
				2,018,282
Asset-Backed - Home Equity—0.1%
Bayview Financial Revolving Asset Trust 2.834%, 1M LIBOR + 1.600%, 12/28/40 (144A) (d) (f)		610,520		528,099
GMAC Home Equity Loan Trust 5.805%, 10/25/36 (d)		176,377		178,930
Home Equity Loan Trust 5.320%, 12/25/35 (d)		362,705		342,606
				1,049,635
Asset-Backed - Other—0.9%
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		1,002,673
Cent CLO, Ltd. 2.527%, 3M USD LIBOR + 1.210%, 07/27/26 (144A) (d)		955,730		955,889
2.611%, 3M USD LIBOR + 1.300%, 01/30/25 (144A) (d)		643,523		644,625
Dryden 34 Senior Loan Fund Zero Coupon, 3M USD LIBOR + 1.160%, 10/15/26 (144A) (d)		1,430,000		1,438,228
Dryden XXVI Senior Loan Fund 2.404%, 3M USD LIBOR + 1.100%, 07/15/25 (144A) (d)		1,011,560		1,011,835
Fortress Credit BSL, Ltd. 2.486%, 3M USD LIBOR + 1.180%, 01/19/25 (144A) (d)		406,011		406,938
Mountain Hawk CLO, Ltd. 3.104%, 3M USD LIBOR + 1.800%, 04/18/25 (144A) (d)		1,463,576		1,466,390
Small Business Administration Participation Certificates 4.350%, 07/01/23		140,579		145,697
4.770%, 04/01/24		10,094		10,554
4.950%, 03/01/25		50,780		53,511
4.990%, 09/01/24		30,639		32,228
5.110%, 08/01/25		77,770		82,005
5.180%, 05/01/24		15,165		15,970
5.520%, 06/01/24		35,389		37,459
Voya CLO 2013-2, Ltd. 2.464%, 3M USD LIBOR + 1.150%, 04/25/25 (144A) (d)		888,428		891,756
				8,195,758
Total Asset-Backed Securities (Cost $11,269,056)				11,263,675

BHFTII-240

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Convertible Preferred Stocks—0.5%

Security Description	Shares/ Principal Amount*		Value
Electric Utilities—0.1%
NextEra Energy, Inc. 6.123%, 09/01/19		6,834	$	377,783
6.371%, 09/01/18		7,900		523,849
				901,632
Pharmaceuticals—0.4%
Allergan plc 5.500%, 03/01/18 (b)		5,341		3,940,697
Total Convertible Preferred Stocks (Cost $5,627,896)				4,842,329
Municipals—0.2%
New Jersey Turnpike Authority 7.414%, 01/01/40 (Cost $1,092,733)		1,050,000		1,583,222
Foreign Government—0.1%
Sovereign—0.1%
Mexico Government International Bonds 4.750%, 03/08/44 (Cost $897,005)		909,000		936,725
Preferred Stock—0.1%
Automobiles—0.1%
Hyundai Motor Co. (Cost $510,357)		5,254		470,408
Short-Term Investments—1.7%
Discount Note—1.3%
Federal Home Loan Bank 0.313%, 10/02/17 (g)		11,142,000		11,141,809
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $3,574,622 on 10/02/17, collateralized by $3,715,000 U.S. Treasury Note at 1.125% due 02/28/21 with a value of $3,649,122.		3,574,586		3,574,586
Total Short-Term Investments (Cost $14,716,395)				14,716,395
Securities Lending Reinvestments (h)—8.1%
Certificates of Deposit—4.4%
ABN AMRO Bank NV Zero Coupon, 02/22/18		993,749		994,630
Certificates of Deposit—(Continued)
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (d)		1,500,000		1,499,862
Bank of China, Ltd. 1.540%, 10/23/17		500,000		500,000
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (d)		1,000,000		1,000,464
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (d)		3,000,000		3,000,354
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (d)		2,500,000		2,500,135
1.647%, 1M LIBOR + 0.410%, 10/27/17 (d)		500,000		500,105
Chiba Bank, Ltd., New York 1.360%, 11/07/17		500,000		500,000
Credit Suisse AG New York 1.487%, 1M LIBOR + 0.250%, 10/25/17 (d)		500,000		500,035
DNB Bank ASA New York 1.120%, 10/05/17		1,000,000		999,997
KBC Bank NV 1.380%, 10/26/17		2,500,000		2,500,275
Mitsubishi UFJ Trust and Banking Corp. 1.485%, 1M LIBOR + 0.250%, 10/11/17 (d)		500,000		500,013
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (d)		1,000,000		999,988
1.436%, 1M LIBOR + 0.200%, 02/12/18 (d)		2,000,000		2,001,493
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (d)		2,500,000		2,500,875
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (d)		500,000		499,983
1.396%, 1M LIBOR + 0.160%, 11/13/17 (d)		1,000,000		1,000,046
1.801%, 3M LIBOR + 0.490%, 11/01/17 (d)		1,001,031		1,000,301
Norinchukin Bank New York 1.407%, 1M LIBOR + 0.170%, 02/23/18 (d)		2,000,000		2,000,084
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (d)		1,000,000		999,955
Standard Chartered plc 1.460%, 02/02/18		1,500,000		1,500,379
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (d)		500,000		499,985
1.432%, 1M LIBOR + 0.200%, 02/05/18 (d)		500,000		500,052
1.462%, 3M LIBOR + 0.150%, 02/08/18 (d)		2,500,000		2,499,885
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (d)		750,000		750,075
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (d)		3,500,000		3,500,476
Swedbank AB 1.140%, 10/02/17		1,000,000		999,999
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (d)		1,200,000		1,201,070
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (d)		1,500,000		1,499,990
1.694%, 3M LIBOR + 0.380%, 10/26/17 (d)		400,000		400,096
				39,350,602

BHFTII-241

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—2.2%
Barton Capital S.A. 1.330%, 10/05/17		2,491,965	$	2,499,825
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (d)		1,250,000		1,251,087
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (d)		2,500,000		2,500,135
1.386%, 1M LIBOR + 0.150%, 11/13/17 (d)		1,000,000		1,000,046
LMA S.A. & LMA Americas 1.420%, 12/11/17		1,988,088		1,994,970
Macquarie Bank, Ltd., London 1.340%, 10/27/17		2,989,727		2,997,208
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (d)		500,000		500,258
Sheffield Receivables Co. 1.330%, 10/05/17		2,990,025		2,999,805
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (d)		3,500,000		3,500,812
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (d)		300,000		300,056
				19,544,202
Repurchase Agreements—1.5%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $4,434,417 on 10/02/17, collateralized by $7,374,202 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $4,522,709.		4,434,029		4,434,029
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $50,812 on 01/02/18, collateralized by various Common Stock with a value of $55,000.		50,000		50,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,122,624 on 01/02/18, collateralized by various Common Stock with a value of $1,210,000.		1,100,000		1,100,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $3,021,945 on 01/02/18, collateralized by various Common Stock with a value of $3,300,001.		3,000,000		3,000,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $5,000,492 on 10/02/17, collateralized by $12,429,060 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $5,100,502.		5,000,000		5,000,000
				13,584,029
Total Securities Lending Reinvestments (Cost $72,469,600)				72,478,833
Total Investments—108.4% (Cost $815,222,449)				957,009,997
Other assets and liabilities (net)—(8.4)%				(74,311,816	)
Net Assets—100.0%			$	882,698,181

*	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 September 30, 2017, the market value of securities loaned was $70,519,347 and the collateral received consisted of cash in the amount of $72,438,614. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	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 September 30, 2017, the market value of restricted securities was $3,244,477, which is 0.4% 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 September 30, 2017.
(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 September 30, 2017, the market value of 144A securities was $29,539,083, which is 3.3% of net assets.

BHFTII-242

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

(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
(ICE)—	Intercontinental Exchange, Inc.
(LIBOR)—	London InterBank Offered Rate

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Bayview Financial Revolving Asset Trust, 2.834%, 12/28/40		03/01/06	$	610,520	$	610,520	$	528,099
BlackRock Capital Finance L.P., 7.750%, 09/25/26		10/10/96		8,313		8,011		747
Chesapeake Funding II LLC, 2.234%, 06/15/28		06/14/16		1,029,469		1,029,469		1,035,800
General Electric Capital Assurance Co., 5.743%, 05/12/35		09/23/03		14,499		14,572		14,839
State Grid Overseas Investment, Ltd., 2.750%, 05/07/19		04/28/14		778,000		775,587		785,500
UBS Group Funding Switzerland AG, 4.125%, 04/15/26		03/23/17		838,000		836,377		879,492
							$	3,244,477

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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	17,221,775	$	—	$	—	$	17,221,775
Air Freight & Logistics		3,352,793		—		—		3,352,793
Airlines		2,013,893		—		—		2,013,893
Auto Components		3,233,030		—		—		3,233,030
Automobiles		1,397,434		1,887,777		—		3,285,211
Banks		54,776,560		1,391,582		—		56,168,142
Beverages		1,919,000		3,286,328		—		5,205,328
Biotechnology		2,164,450		—		—		2,164,450
Building Products		10,897,597		—		—		10,897,597
Capital Markets		34,560,920		1,479,971		—		36,040,891
Chemicals		15,869,160		—		—		15,869,160
Commercial Services & Supplies		—		1,000,927		—		1,000,927
Communications Equipment		5,093,196		—		—		5,093,196
Consumer Finance		3,876,350		—		—		3,876,350

BHFTII-243

Brighthouse Funds Trust II

MFS Total Return Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Containers & Packaging	$	865,044	$	—		$	—	$	865,044
Distributors		1,329,399		—			—		1,329,399
Diversified Telecommunication Services		3,711,651		520,824			—		4,232,475
Electric Utilities		12,908,396		705,095			—		13,613,491
Electrical Equipment		3,497,648		—			—		3,497,648
Energy Equipment & Services		4,364,465		—			—		4,364,465
Equity Real Estate Investment Trusts		5,727,934		—			—		5,727,934
Food & Staples Retailing		7,341,105		—			—		7,341,105
Food Products		10,938,889		8,348,607			—		19,287,496
Health Care Equipment & Supplies		18,702,848		—			—		18,702,848
Health Care Providers & Services		9,768,353		—			—		9,768,353
Hotels, Restaurants & Leisure		5,217,521		—			—		5,217,521
Household Durables		3,461,352		—			—		3,461,352
Household Products		3,077,610		1,632,410			—		4,710,020
Industrial Conglomerates		14,026,830		—			—		14,026,830
Insurance		30,052,702		2,401,334			—		32,454,036
Internet & Direct Marketing Retail		1,285,236		—			—		1,285,236
Internet Software & Services		7,126,707		—			—		7,126,707
IT Services		22,780,469		—			—		22,780,469
Life Sciences Tools & Services		6,348,228		—			—		6,348,228
Machinery		9,481,204		—			—		9,481,204
Media		23,022,074		—			—		23,022,074
Metals & Mining		—		2,542,339			—		2,542,339
Mortgage Real Estate Investment Trusts		2,878,670		—			—		2,878,670
Multi-Utilities		3,281,245		1,097,483			—		4,378,728
Oil, Gas & Consumable Fuels		25,536,365		5,214,218			—		30,750,583
Personal Products		1,523,686		—			—		1,523,686
Pharmaceuticals		29,756,724		4,976,858			—		34,733,582
Professional Services		1,578,615		—			—		1,578,615
Real Estate Management & Development		2,209,775		—			—		2,209,775
Road & Rail		8,431,585		—			—		8,431,585
Semiconductors & Semiconductor Equipment		11,246,657		—			—		11,246,657
Software		10,522,088		—			—		10,522,088
Specialty Retail		6,162,066		—			—		6,162,066
Technology Hardware, Storage & Peripherals		5,081,794		—			—		5,081,794
Textiles, Apparel & Luxury Goods		1,840,906		1,132,284			—		2,973,190
Tobacco		20,465,736		478,615			—		20,944,351
Trading Companies & Distributors		2,086,372		—			—		2,086,372
Total Common Stocks		494,014,107		38,096,652			—		532,110,759
Total U.S. Treasury & Government Agencies*		—		212,420,789			—		212,420,789
Total Corporate Bonds & Notes*		—		94,434,020			—		94,434,020
Total Mortgage-Backed Securities*		—		11,752,842			—		11,752,842
Total Asset-Backed Securities*		—		11,263,675			—		11,263,675
Total Convertible Preferred Stocks*		4,842,329		—			—		4,842,329
Total Municipals		—		1,583,222			—		1,583,222
Total Foreign Government*		—		936,725			—		936,725
Total Preferred Stock*		—		470,408			—		470,408
Total Short-Term Investments*		—		14,716,395			—		14,716,395
Total Securities Lending Reinvestments*		—		72,478,833			—		72,478,833
Total Investments	$	498,856,436	$	458,153,561		$	—	$	957,009,997
Collateral for Securities Loaned (Liability)	$	—	$	(72,438,614	)	$	—	$	(72,438,614	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $840,382 were due to a lack of trading activity in the security which led to it being valued using significant observable inputs other than a quoted price in an active market.

BHFTII-244

Brighthouse Funds Trust II

MFS Value Portfolio

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

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Lockheed Martin Corp. (a)		79,668	$	24,720,184
Northrop Grumman Corp.		163,382		47,008,269
United Technologies Corp.		320,407		37,192,844
				108,921,297
Air Freight & Logistics—1.1%
United Parcel Service, Inc. - Class B		312,128		37,483,452
Auto Components—1.1%
Delphi Automotive plc		390,308		38,406,307
Automobiles—0.2%
Harley-Davidson, Inc. (a)		109,900		5,298,279
Banks—14.1%
Citigroup, Inc.		1,106,380		80,478,081
JPMorgan Chase & Co.		1,645,180		157,131,142
PNC Financial Services Group, Inc. (The)		395,944		53,361,373
U.S. Bancorp (a)		1,389,074		74,440,475
Wells Fargo & Co.		1,933,285		106,620,668
				472,031,739
Beverages—1.7%
Diageo plc		1,143,553		37,593,684
PepsiCo, Inc.		166,343		18,535,600
				56,129,284
Building Products—2.0%
Johnson Controls International plc (a)		1,654,060		66,642,077
Capital Markets—8.3%
Bank of New York Mellon Corp. (The)		751,902		39,865,844
BlackRock, Inc.		75,473		33,743,224
Franklin Resources, Inc.		302,771		13,476,337
Goldman Sachs Group, Inc. (The)		347,048		82,316,315
Moody’s Corp. (a)		168,053		23,394,658
Nasdaq, Inc.		429,002		33,277,685
S&P Global, Inc.		32,082		5,014,737
State Street Corp.		336,368		32,136,599
T. Rowe Price Group, Inc. (a)		158,392		14,358,235
				277,583,634
Chemicals—3.5%
DowDuPont, Inc.		203,054		14,057,429
Monsanto Co.		108,628		13,015,807
PPG Industries, Inc.		572,526		62,210,675
Sherwin-Williams Co. (The)		74,108		26,533,628
				115,817,539
Consumer Finance—1.0%
American Express Co.		377,676		34,164,571
Containers & Packaging—0.5%
Crown Holdings, Inc. (b)		267,953		16,002,153
Diversified Telecommunication Services—0.8%
Verizon Communications, Inc.		539,542		26,701,934
Electric Utilities—1.8%
Duke Energy Corp.		541,857		45,472,640
Xcel Energy, Inc.		296,460		14,028,487
				59,501,127
Electrical Equipment—1.0%
Eaton Corp. plc		428,202		32,881,632
Energy Equipment & Services—1.8%
Schlumberger, Ltd.		870,625		60,734,800
Equity Real Estate Investment Trusts—0.4%
Public Storage		61,137		13,082,707
Food & Staples Retailing—1.6%
CVS Health Corp.		642,276		52,229,884
Food Products—3.9%
Archer-Daniels-Midland Co.		275,698		11,719,922
Danone S.A.		201,473		15,807,916
General Mills, Inc. (a)		691,869		35,811,139
J.M. Smucker Co. (The)		111,886		11,740,198
Nestle S.A.		660,948		55,355,307
				130,434,482
Health Care Equipment & Supplies—5.0%
Abbott Laboratories (a)		998,790		53,295,435
Danaher Corp.		462,935		39,710,564
Medtronic plc		966,822		75,189,747
				168,195,746
Health Care Providers & Services—1.9%
Cigna Corp.		113,452		21,208,717
Express Scripts Holding Co. (b)		254,596		16,121,019
McKesson Corp.		143,076		21,977,904
UnitedHealth Group, Inc.		27,627		5,410,748
				64,718,388
Household Durables—0.2%
Newell Brands, Inc. (a)		164,932		7,037,648
Household Products—0.9%
Procter & Gamble Co. (The)		184,418		16,778,350
Reckitt Benckiser Group plc		146,218		13,348,849
				30,127,199
Industrial Conglomerates—3.9%
3M Co.		322,415		67,674,909
Honeywell International, Inc.		441,161		62,530,160
				130,205,069

BHFTII-245

Brighthouse Funds Trust II

MFS Value Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—7.4%
Aon plc (a)		442,193	$	64,604,397
Chubb, Ltd.		518,684		73,938,404
Prudential Financial, Inc.		292,411		31,089,138
Travelers Cos., Inc. (The)		624,697		76,537,876
				246,169,815
IT Services—5.9%
Accenture plc - Class A		692,310		93,510,312
Amdocs, Ltd.		126,926		8,163,880
Cognizant Technology Solutions Corp. - Class A		201,647		14,627,473
DXC Technology Co.		119,983		10,304,140
Fidelity National Information Services, Inc.		375,203		35,040,208
Fiserv, Inc. (b)		128,189		16,531,254
International Business Machines Corp.		130,452		18,925,976
				197,103,243
Life Sciences Tools & Services—1.3%
Thermo Fisher Scientific, Inc.		233,939		44,261,259
Machinery—2.1%
Illinois Tool Works, Inc.		198,511		29,371,688
Ingersoll-Rand plc (a)		217,531		19,397,239
Stanley Black & Decker, Inc.		132,051		19,935,739
				68,704,666
Media—3.5%
Comcast Corp. - Class A		1,175,581		45,236,357
Interpublic Group of Cos., Inc. (The) (a)		986,274		20,504,636
Omnicom Group, Inc. (a)		557,938		41,326,468
Time Warner, Inc.		97,608		9,999,940
				117,067,401
Oil, Gas & Consumable Fuels—3.5%
Chevron Corp.		253,664		29,805,520
EOG Resources, Inc.		347,349		33,602,542
Exxon Mobil Corp.		367,874		30,158,311
Occidental Petroleum Corp.		368,937		23,689,445
				117,255,818
Personal Products—0.3%
Coty, Inc. - Class A (a)		697,531		11,530,187
Pharmaceuticals—7.1%
Johnson & Johnson		895,071		116,368,181
Merck & Co., Inc.		484,554		31,025,993
Novartis AG		93,538		8,026,619
Pfizer, Inc.		2,066,843		73,786,295
Roche Holding AG		26,839		6,851,504
				236,058,592
Professional Services—0.4%
Equifax, Inc.		139,672		14,803,835
Road & Rail—1.4%
Canadian National Railway Co.		240,767		19,947,546
Union Pacific Corp.		218,755		25,369,017
				45,316,563
Semiconductors & Semiconductor Equipment—1.3%
Texas Instruments, Inc.		479,636		42,994,571
Specialty Retail—0.2%
Advance Auto Parts, Inc. (a)		59,150		5,867,680
Textiles, Apparel & Luxury Goods—0.5%
Hanesbrands, Inc. (a)		611,110		15,057,750
Tobacco—3.8%
Altria Group, Inc.		219,325		13,909,592
Philip Morris International, Inc.		1,023,341		113,601,084
				127,510,676
Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (b)		169,021		6,096,588
Total Common Stocks (Cost $2,330,403,560)				3,300,129,592
Short-Term Investments—1.1%
Discount Note—0.8%
Federal Home Loan Bank 0.313%, 10/02/17 (c)		26,797,000		26,796,541
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $9,128,974 on 10/02/17, collateralized by $9,385,000 U.S. Treasury Note at 1.375% due 01/31/21 with a value of $9,315,467.		9,128,883		9,128,883
Total Short-Term Investments (Cost $35,925,424)				35,925,424
Securities Lending Reinvestments (d)—4.5%
Certificates of Deposit—2.5%
ABN AMRO Bank NV Zero Coupon, 11/21/17		1,993,074		1,996,680
Zero Coupon, 02/22/18		1,490,624		1,491,945
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (e)		2,500,000		2,499,770
Bank of China, Ltd. 1.540%, 10/23/17		2,500,000		2,500,000

BHFTII-246

Brighthouse Funds Trust II

MFS Value Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (e)		5,000,000	$	5,000,965
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (e)		9,000,000		9,004,176
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (e)		3,000,000		3,000,162
1.647%, 1M LIBOR + 0.410%, 10/27/17 (e)		1,000,000		1,000,209
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,000,000		1,000,000
Credit Industriel et Commercial 1.384%, 1M LIBOR + 0.150%, 02/16/18 (e)		2,999,876		3,000,114
Credit Suisse AG New York 1.487%, 1M LIBOR + 0.250%, 10/25/17 (e)		2,500,000		2,500,175
DNB Bank ASA New York 1.120%, 10/05/17		2,000,000		1,999,994
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		2,996,111		2,998,470
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (e)		5,000,000		4,999,940
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (e)		6,000,000		6,002,100
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (e)		2,000,000		1,999,930
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (e)		2,000,000		1,999,910
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (e)		10,900,000		10,909,646
Standard Chartered plc 1.460%, 02/02/18		1,500,000		1,500,380
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (e)		1,000,000		1,000,074
1.488%, 1M LIBOR + 0.250%, 10/26/17 (e)		2,000,000		2,000,200
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (e)		2,000,000		2,000,272
Swedbank AB 1.140%, 10/02/17		2,000,000		1,999,998
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (e)		8,500,000		8,507,582
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (e)		1,750,000		1,750,422
				82,663,114
Commercial Paper—1.1%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		1,495,310		1,499,899
Barton Capital S.A. 1.320%, 12/11/17		1,993,400		1,994,768
1.330%, 10/13/17		1,993,276		1,999,304
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (e)		7,000,000		7,006,090
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (e)		3,500,000		3,500,189
1.386%, 1M LIBOR + 0.150%, 11/13/17 (e)		4,000,000		4,000,184
Macquarie Bank, Ltd., London 1.340%, 10/27/17		3,986,302		3,996,278
Sheffield Receivables Co. 1.330%, 10/05/17		2,491,688		2,499,837
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (e)		5,000,000		5,000,305
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (e)		4,000,000		4,000,928
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (e)		3,250,000		3,250,602
				38,748,384
Repurchase Agreements—0.6%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $905,344 on 10/02/17, collateralized by $1,505,540 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $923,371.		905,265		905,265
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $4,500,394 on 10/02/17, collateralized by $4,581,034 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $4,590,001.		4,500,000		4,500,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $3,251,984 on 01/02/18, 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 09/29/17 at 1.200% to be repurchased at $600,060 on 10/02/17, collateralized by $603,546 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $612,003.		600,000		600,000

BHFTII-247

Brighthouse Funds Trust II

MFS Value Portfolio

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $2,814,896 on 01/02/18, collateralized by $15,076 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $3,112,299.		2,800,000	$	2,800,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $400,034 on 10/02/17, collateralized by $383,717 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $408,311.		400,000		400,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $5,036,575 on 01/02/18, collateralized by various Common Stock with a value of $5,500,001.		5,000,000		5,000,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $2,041,135 on 01/02/18, collateralized by various Common Stock with a value of $2,200,000.		2,000,000		2,000,000
				19,405,265
Time Deposits—0.3%
Australia New Zealand Bank 1.070%, 10/02/17		2,000,000		2,000,000
Credit Agricole S.A. 1.080%, 10/02/17		200,000		200,000
Credit Industriel et Commercial 1.100%, 10/02/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		200,000		200,000
Time Deposits—(Continued)
Landesbank Hessen-Thuringen 1.170%, 10/02/17		300,000		300,000
National Bank of Canada 1.060%, 10/02/17		2,000,000		2,000,000
Nordea Bank New York 1.050%, 10/02/17		2,900,000		2,900,000
Standard Chartered plc 1.200%, 10/02/17		300,000		300,000
				9,900,000
Total Securities Lending Reinvestments (Cost $150,680,652)				150,716,763
Total Investments—104.5% (Cost $2,517,009,636)				3,486,771,779
Other assets and liabilities (net)—(4.5)%				(149,169,335	)
Net Assets—100.0%			$	3,337,602,444

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $147,854,582 and the collateral received consisted of cash in the amount of $150,644,927. 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 September 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

BHFTII-248

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	108,921,297	$	—	$	—	$	108,921,297
Air Freight & Logistics		37,483,452		—		—		37,483,452
Auto Components		38,406,307		—		—		38,406,307
Automobiles		5,298,279		—		—		5,298,279
Banks		472,031,739		—		—		472,031,739
Beverages		18,535,600		37,593,684		—		56,129,284
Building Products		66,642,077		—		—		66,642,077
Capital Markets		277,583,634		—		—		277,583,634
Chemicals		115,817,539		—		—		115,817,539
Consumer Finance		34,164,571		—		—		34,164,571
Containers & Packaging		16,002,153		—		—		16,002,153
Diversified Telecommunication Services		26,701,934		—		—		26,701,934
Electric Utilities		59,501,127		—		—		59,501,127
Electrical Equipment		32,881,632		—		—		32,881,632
Energy Equipment & Services		60,734,800		—		—		60,734,800
Equity Real Estate Investment Trusts		13,082,707		—		—		13,082,707
Food & Staples Retailing		52,229,884		—		—		52,229,884
Food Products		59,271,259		71,163,223		—		130,434,482
Health Care Equipment & Supplies		168,195,746		—		—		168,195,746
Health Care Providers & Services		64,718,388		—		—		64,718,388
Household Durables		7,037,648		—		—		7,037,648
Household Products		30,127,199		—		—		30,127,199
Industrial Conglomerates		130,205,069		—		—		130,205,069
Insurance		246,169,815		—		—		246,169,815
IT Services		197,103,243		—		—		197,103,243
Life Sciences Tools & Services		44,261,259		—		—		44,261,259
Machinery		68,704,666		—		—		68,704,666
Media		117,067,401		—		—		117,067,401
Oil, Gas & Consumable Fuels		117,255,818		—		—		117,255,818
Personal Products		11,530,187		—		—		11,530,187
Pharmaceuticals		221,180,469		14,878,123		—		236,058,592
Professional Services		14,803,835		—		—		14,803,835
Road & Rail		45,316,563		—		—		45,316,563
Semiconductors & Semiconductor Equipment		42,994,571		—		—		42,994,571
Specialty Retail		5,867,680		—		—		5,867,680
Textiles, Apparel & Luxury Goods		15,057,750		—		—		15,057,750

BHFTII-249

Brighthouse Funds Trust II

MFS Value Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Tobacco	$	127,510,676	$	—		$	—	$	127,510,676
Trading Companies & Distributors		6,096,588		—			—		6,096,588
Total Common Stocks		3,176,494,562		123,635,030			—		3,300,129,592
Total Short-Term Investments*		—		35,925,424			—		35,925,424
Total Securities Lending Reinvestments*		—		150,716,763			—		150,716,763
Total Investments	$	3,176,494,562	$	310,277,217		$	—	$	3,486,771,779
Collateral for Securities Loaned (Liability)	$	—	$	(150,644,927	)	$	—	$	(150,644,927	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-250

Brighthouse Funds Trust II

MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio)

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

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Lockheed Martin Corp.		14,830	$	4,601,601
Northrop Grumman Corp.		30,021		8,637,642
United Technologies Corp.		58,949		6,842,800
				20,082,043
Air Freight & Logistics—1.1%
United Parcel Service, Inc. - Class B		57,856		6,947,927
Auto Components—1.1%
Delphi Automotive plc		71,872		7,072,205
Automobiles—0.2%
Harley-Davidson, Inc.		20,279		977,651
Banks—14.2%
Citigroup, Inc.		203,787		14,823,466
JPMorgan Chase & Co.		302,997		28,939,244
PNC Financial Services Group, Inc. (The)		72,866		9,820,151
U.S. Bancorp		255,777		13,707,089
Wells Fargo & Co.		355,981		19,632,352
				86,922,302
Beverages—1.7%
Diageo plc		210,571		6,922,407
PepsiCo, Inc.		30,617		3,411,653
				10,334,060
Building Products—2.0%
Johnson Controls International plc		304,587		12,271,810
Capital Markets—8.3%
Bank of New York Mellon Corp. (The)		138,476		7,341,997
BlackRock, Inc.		13,917		6,222,151
Franklin Resources, Inc.		55,343		2,463,317
Goldman Sachs Group, Inc. (The)		63,920		15,161,185
Moody’s Corp.		31,388		4,369,523
Nasdaq, Inc.		79,526		6,168,832
S&P Global, Inc.		5,964		932,233
State Street Corp.		61,931		5,916,888
T. Rowe Price Group, Inc.		29,127		2,640,363
				51,216,489
Chemicals—3.5%
DowDuPont, Inc.		37,339		2,584,979
Monsanto Co.		19,981		2,394,123
PPG Industries, Inc.		105,373		11,449,830
Sherwin-Williams Co. (The)		13,619		4,876,147
				21,305,079
Consumer Finance—1.0%
American Express Co.		69,585		6,294,659
Containers & Packaging—0.5%
Crown Holdings, Inc. (a)		49,406		2,950,526
Diversified Telecommunication Services—0.8%
Verizon Communications, Inc.		98,826		4,890,899
Electric Utilities—1.8%
Duke Energy Corp.		99,806		8,375,720
Xcel Energy, Inc.		54,476		2,577,804
				10,953,524
Electrical Equipment—1.0%
Eaton Corp. plc		78,831		6,053,432
Energy Equipment & Services—1.8%
Schlumberger, Ltd.		160,345		11,185,667
Equity Real Estate Investment Trusts—0.4%
Public Storage		11,234		2,403,964
Food & Staples Retailing—1.6%
CVS Health Corp. (b)		118,296		9,619,831
Food Products—3.9%
Archer-Daniels-Midland Co.		50,798		2,159,423
Danone S.A.		37,260		2,923,483
General Mills, Inc.		127,652		6,607,268
J.M. Smucker Co. (The) (b)		20,677		2,169,638
Nestle S.A.		122,003		10,217,919
				24,077,731
Health Care Equipment & Supplies—5.0%
Abbott Laboratories		183,848		9,810,129
Danaher Corp.		85,193		7,307,856
Medtronic plc		178,140		13,853,948
				30,971,933
Health Care Providers & Services—1.9%
Cigna Corp.		20,975		3,921,066
Express Scripts Holding Co. (a)		46,547		2,947,356
McKesson Corp.		26,343		4,046,548
UnitedHealth Group, Inc.		5,170		1,012,545
				11,927,515
Household Durables—0.2%
Newell Brands, Inc.		30,970		1,321,490
Household Products—0.9%
Procter & Gamble Co. (The)		33,998		3,093,138
Reckitt Benckiser Group plc		26,912		2,456,908
				5,550,046
Industrial Conglomerates—3.9%
3M Co. (b)		59,347		12,456,935
Honeywell International, Inc.		81,216		11,511,556
				23,968,491

BHFTII-251

Brighthouse Funds Trust II

MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio)

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

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—7.4%
Aon plc		81,515	$	11,909,342
Chubb, Ltd.		95,531		13,617,944
Prudential Financial, Inc.		53,663		5,705,450
Travelers Cos., Inc. (The)		115,115		14,103,890
				45,336,626
IT Services—5.9%
Accenture plc - Class A		127,541		17,226,963
Amdocs, Ltd.		23,360		1,502,515
Cognizant Technology Solutions Corp. - Class A		37,080		2,689,783
DXC Technology Co.		22,168		1,903,788
Fidelity National Information Services, Inc.		69,088		6,452,128
Fiserv, Inc. (a)		23,560		3,038,298
International Business Machines Corp.		23,916		3,469,733
				36,283,208
Life Sciences Tools & Services—1.3%
Thermo Fisher Scientific, Inc.		43,044		8,143,925
Machinery—2.1%
Illinois Tool Works, Inc.		36,582		5,412,673
Ingersoll-Rand plc		39,962		3,563,412
Stanley Black & Decker, Inc.		24,256		3,661,928
				12,638,013
Media—3.6%
Comcast Corp. - Class A		219,264		8,437,279
Interpublic Group of Cos., Inc. (The)		187,479		3,897,688
Omnicom Group, Inc. (b)		104,056		7,707,428
Time Warner, Inc.		17,965		1,840,514
				21,882,909
Oil, Gas & Consumable Fuels—3.5%
Chevron Corp.		46,448		5,457,640
EOG Resources, Inc.		64,018		6,193,101
Exxon Mobil Corp.		67,399		5,525,370
Occidental Petroleum Corp.		67,895		4,359,538
				21,535,649
Personal Products—0.3%
Coty, Inc. - Class A (b)		128,435		2,123,031
Pharmaceuticals—7.1%
Johnson & Johnson		164,819		21,428,118
Merck & Co., Inc.		89,269		5,715,894
Novartis AG		17,266		1,481,618
Pfizer, Inc.		380,634		13,588,634
Roche Holding AG		4,953		1,264,410
				43,478,674
Professional Services—0.4%
Equifax, Inc.		25,923		2,747,579
Road & Rail—1.4%
Canadian National Railway Co.		44,336		3,673,238
Union Pacific Corp.		40,161		4,657,471
				8,330,709
Semiconductors & Semiconductor Equipment—1.3%
Texas Instruments, Inc.		88,274		7,912,881
Specialty Retail—0.2%
Advance Auto Parts, Inc.		10,835		1,074,832
Textiles, Apparel & Luxury Goods—0.5%
Hanesbrands, Inc. (b)		112,630		2,775,203
Tobacco—3.8%
Altria Group, Inc.		40,261		2,553,352
Philip Morris International, Inc.		188,478		20,922,943
				23,476,295
Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (a)		32,140		1,159,290
Total Common Stocks (Cost $570,912,403)				608,198,098
Short-Term Investments—0.9%
Discount Note—0.6%
Federal Home Loan Bank 0.313%, 10/02/17 (c)		3,840,000		3,839,934
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $2,023,792 on 10/02/17, collateralized by $2,040,000 U.S. Treasury Note at 2.000% due 12/31/21 with a value of $2,065,535.		2,023,772		2,023,772
Total Short-Term Investments (Cost $5,863,706)				5,863,706
Securities Lending Reinvestments (d)—4.6%
Certificates of Deposit—1.9%
Bank of China, Ltd. 1.540%, 10/23/17		500,000		500,000
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (e)		1,000,000		1,000,209
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (e)		2,000,000		2,001,770
Standard Chartered plc 1.460%, 02/02/18		1,000,000		1,000,253
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (e)		1,000,000		1,000,100

BHFTII-252

Brighthouse Funds Trust II

MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio)

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (e)		4,100,000	$	4,103,657
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (e)		500,000		499,997
1.694%, 3M LIBOR + 0.380%, 10/26/17 (e)		1,500,000		1,500,362
				11,606,348
Commercial Paper—1.1%
Barton Capital S.A. 1.330%, 10/13/17		996,638		999,652
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (e)		2,000,000		2,001,740
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (e)		1,000,000		1,000,054
1.386%, 1M LIBOR + 0.150%, 11/13/17 (e)		1,000,000		1,000,046
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (e)		2,000,000		2,000,464
				7,001,956
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $192,641 on 10/02/17, collateralized by $320,352 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $196,476.		192,624		192,624
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,500,131 on 10/02/17, collateralized by $1,527,011 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $1,530,000.		1,500,000		1,500,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $200,020 on 10/02/17, collateralized by $201,182 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $204,001.		200,000		200,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,000,104 on 10/02/17, collateralized by $1,018,579 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $1,020,000.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $100,010 on 10/02/17, collateralized by $100,496 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $102,000.		100,000		100,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $1,005,320 on 01/02/18, collateralized by $5,384 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $1,111,535.		1,000,000		1,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $700,060 on 10/02/17, collateralized by $671,505 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $714,544.		700,000		700,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $100,009 on 10/02/17, collateralized by $95,929 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $102,078.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $1,632,908 on 01/02/18, collateralized by various Common Stock with a value of $1,760,000.		1,600,000		1,600,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $1,000,098 on 10/02/17, collateralized by $2,485,812 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $1,020,100.		1,000,000		1,000,000
				7,392,624
Time Deposits—0.4%
ABN AMRO Bank NV 1.060%, 10/02/17		1,000,000		1,000,000
Credit Agricole S.A. 1.080%, 10/02/17		92,586		92,586
Credit Industriel et Commercial 1.100%, 10/02/17		1,000,000		1,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		90,734		90,734
Landesbank Hessen-Thuringen 1.170%, 10/02/17		100,000		100,000

BHFTII-253

Brighthouse Funds Trust II

MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio)

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

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Standard Chartered plc 1.200%, 10/02/17		100,000	$	100,000
				2,383,320
Total Securities Lending Reinvestments (Cost $28,375,538)				28,384,248
Total Investments—104.6% (Cost $605,151,647)				642,446,052
Other assets and liabilities (net)—(4.6)%				(28,372,911	)
Net Assets—100.0%			$	614,073,141

*	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 September 30, 2017, the market value of securities loaned was $27,868,342 and the collateral received consisted of cash in the amount of $28,372,582. 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 September 30, 2017.
(e)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

BHFTII-254

Brighthouse Funds Trust II

MFS Value Portfolio II (formerly BlackRock Large Cap Value Portfolio)

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	20,082,043	$	—		$	—	$	20,082,043
Air Freight & Logistics		6,947,927		—			—		6,947,927
Auto Components		7,072,205		—			—		7,072,205
Automobiles		977,651		—			—		977,651
Banks		86,922,302		—			—		86,922,302
Beverages		3,411,653		6,922,407			—		10,334,060
Building Products		12,271,810		—			—		12,271,810
Capital Markets		51,216,489		—			—		51,216,489
Chemicals		21,305,079		—			—		21,305,079
Consumer Finance		6,294,659		—			—		6,294,659
Containers & Packaging		2,950,526		—			—		2,950,526
Diversified Telecommunication Services		4,890,899		—			—		4,890,899
Electric Utilities		10,953,524		—			—		10,953,524
Electrical Equipment		6,053,432		—			—		6,053,432
Energy Equipment & Services		11,185,667		—			—		11,185,667
Equity Real Estate Investment Trusts		2,403,964		—			—		2,403,964
Food & Staples Retailing		9,619,831		—			—		9,619,831
Food Products		10,936,329		13,141,402			—		24,077,731
Health Care Equipment & Supplies		30,971,933		—			—		30,971,933
Health Care Providers & Services		11,927,515		—			—		11,927,515
Household Durables		1,321,490		—			—		1,321,490
Household Products		5,550,046		—			—		5,550,046
Industrial Conglomerates		23,968,491		—			—		23,968,491
Insurance		45,336,626		—			—		45,336,626
IT Services		36,283,208		—			—		36,283,208
Life Sciences Tools & Services		8,143,925		—			—		8,143,925
Machinery		12,638,013		—			—		12,638,013
Media		21,882,909		—			—		21,882,909
Oil, Gas & Consumable Fuels		21,535,649		—			—		21,535,649
Personal Products		2,123,031		—			—		2,123,031
Pharmaceuticals		40,732,646		2,746,028			—		43,478,674
Professional Services		2,747,579		—			—		2,747,579
Road & Rail		8,330,709		—			—		8,330,709
Semiconductors & Semiconductor Equipment		7,912,881		—			—		7,912,881
Specialty Retail		1,074,832		—			—		1,074,832
Textiles, Apparel & Luxury Goods		2,775,203		—			—		2,775,203
Tobacco		23,476,295		—			—		23,476,295
Trading Companies & Distributors		1,159,290		—			—		1,159,290
Total Common Stocks		585,388,261		22,809,837			—		608,198,098
Total Short-Term Investments*		—		5,863,706			—		5,863,706
Total Securities Lending Reinvestments*		—		28,384,248			—		28,384,248
Total Investments	$	585,388,261	$	57,057,791		$	—	$	642,446,052
Collateral for Securities Loaned (Liability)	$	—	$	(28,372,582	)	$	—	$	(28,372,582	)

BHFTII-255

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
Astronics Corp. (a)		125,607	$	3,736,808
Air Freight & Logistics—0.6%
Forward Air Corp.		131,616		7,532,384
Airlines—0.5%
Allegiant Travel Co.		47,635		6,273,530
Auto Components—1.9%
Fox Factory Holding Corp. (a)		86,845		3,743,019
Gentex Corp.		228,100		4,516,380
LCI Industries		127,435		14,763,345
				23,022,744
Automobiles—0.6%
Thor Industries, Inc.		52,805		6,648,678
Banks—13.1%
Bank of Hawaii Corp.		232,355		19,369,113
Bank of the Ozarks, Inc.		320,661		15,407,761
BankUnited, Inc.		178,670		6,355,292
BOK Financial Corp.		150,552		13,411,172
Columbia Banking System, Inc.		151,365		6,373,980
Community Bank System, Inc.		177,912		9,829,638
Cullen/Frost Bankers, Inc.		180,313		17,115,310
CVB Financial Corp.		646,410		15,623,729
First Financial Bankshares, Inc.		308,230		13,931,996
First Hawaiian, Inc.		91,830		2,781,531
FNB Corp.		716,768		10,056,255
Glacier Bancorp, Inc.		109,270		4,126,035
Lakeland Financial Corp.		49,925		2,432,346
LegacyTexas Financial Group, Inc.		250,500		9,999,960
PacWest Bancorp		162,278		8,196,662
				155,010,780
Beverages—0.7%
MGP Ingredients, Inc.		144,740		8,775,586
Building Products—1.9%
A.O. Smith Corp.		174,745		10,385,095
AAON, Inc.		269,077		9,276,430
Patrick Industries, Inc. (a)		38,895		3,271,069
				22,932,594
Capital Markets—2.9%
Artisan Partners Asset Management, Inc. - Class A		173,565		5,658,219
FactSet Research Systems, Inc.		52,160		9,394,538
Houlihan Lokey, Inc.		82,245		3,218,247
MarketAxess Holdings, Inc.		74,490		13,744,150
OM Asset Management plc		192,020		2,864,938
				34,880,092
Chemicals—3.6%
Balchem Corp.		138,033		11,220,703
Chase Corp.		17,500		1,949,500
Chemicals—(Continued)
NewMarket Corp.		6,502		2,768,227
Quaker Chemical Corp.		46,650		6,901,867
Sensient Technologies Corp.		263,135		20,240,344
				43,080,641
Commercial Services & Supplies—4.1%
Healthcare Services Group, Inc.		250,274		13,507,288
MSA Safety, Inc.		45,795		3,641,160
Ritchie Bros. Auctioneers, Inc.		169,095		5,346,784
Rollins, Inc.		392,050		18,089,187
UniFirst Corp.		54,490		8,255,235
				48,839,654
Communications Equipment—1.2%
NetScout Systems, Inc. (a)		437,355		14,148,434
Construction & Engineering—0.9%
Valmont Industries, Inc.		69,670		11,014,827
Construction Materials—1.5%
Eagle Materials, Inc.		170,700		18,213,690
Containers & Packaging—1.2%
AptarGroup, Inc.		160,249		13,831,091
Distributors—1.9%
Pool Corp.		207,130		22,405,252
Diversified Consumer Services—0.5%
Bright Horizons Family Solutions, Inc. (a)		73,340		6,322,641
Electrical Equipment—0.7%
AZZ, Inc.		159,295		7,757,667
Electronic Equipment, Instruments & Components—5.4%
Cognex Corp.		135,555		14,949,005
Littelfuse, Inc.		108,815		21,314,682
Novanta, Inc. (a)		25,115		1,095,014
Rogers Corp. (a)		120,520		16,062,906
Zebra Technologies Corp. - Class A (a)		92,997		10,097,614
				63,519,221
Energy Equipment & Services—0.7%
Pason Systems, Inc.		518,240		7,877,248
Food Products—3.3%
Blue Buffalo Pet Products, Inc. (a)		307,660		8,722,161
Cal-Maine Foods, Inc. (a)		127,705		5,248,676
Calavo Growers, Inc.		114,285		8,365,662
J&J Snack Foods Corp.		57,759		7,583,757
Lancaster Colony Corp.		74,345		8,930,321
				38,850,577
Health Care Equipment & Supplies—6.1%
Abaxis, Inc.		2,875		128,369
Atrion Corp.		6,865		4,613,280

BHFTII-256

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Cantel Medical Corp.		103,332	$	9,730,774
DENTSPLY SIRONA, Inc.		96,975		5,800,075
Haemonetics Corp. (a)		112,701		5,056,894
IDEXX Laboratories, Inc. (a)		108,285		16,837,235
Neogen Corp. (a)		41,900		3,245,574
West Pharmaceutical Services, Inc.		278,151		26,774,815
				72,187,016
Health Care Providers & Services—3.1%
Chemed Corp.		78,080		15,776,064
Henry Schein, Inc. (a)		129,240		10,596,388
Tivity Health, Inc. (a)		124,020		5,060,016
U.S. Physical Therapy, Inc.		81,690		5,019,850
				36,452,318
Hotels, Restaurants & Leisure—2.4%
Cheesecake Factory, Inc. (The)		103,335		4,352,470
Cracker Barrel Old Country Store, Inc.		52,670		7,985,825
Papa John’s International, Inc.		97,055		7,091,809
Texas Roadhouse, Inc.		183,170		9,000,974
				28,431,078
Household Products—2.6%
Church & Dwight Co., Inc.		354,970		17,198,297
Energizer Holdings, Inc.		168,505		7,759,655
WD-40 Co.		52,600		5,885,940
				30,843,892
Industrial Conglomerates—0.4%
Raven Industries, Inc.		144,544		4,683,226
Insurance—1.5%
AMERISAFE, Inc.		102,230		5,949,786
RLI Corp.		204,865		11,751,056
				17,700,842
Internet Software & Services—0.1%
CommerceHub, Inc. - Series A (a)		38,890		877,747
IT Services—1.2%
Jack Henry & Associates, Inc.		141,335		14,527,825
Life Sciences Tools & Services—2.4%
Bio-Techne Corp.		140,240		16,953,614
ICON plc (a)		100,887		11,489,011
				28,442,625
Machinery—7.6%
Franklin Electric Co., Inc.		63,250		2,836,763
Graco, Inc.		64,985		8,037,995
Lindsay Corp.		18,035		1,657,417
Middleby Corp. (The) (a)		104,785		13,430,293
Nordson Corp.		96,462		11,430,747
RBC Bearings, Inc. (a)		149,255		18,679,263
Machinery—(Continued)
Tennant Co.		85,013		5,627,861
Toro Co. (The)		262,140		16,268,408
Wabtec Corp.		157,610		11,938,957
				89,907,704
Marine—0.4%
Kirby Corp. (a)		79,385		5,235,441
Media—2.4%
Cable One, Inc.		6,320		4,563,798
Gray Television, Inc. (a)		456,435		7,166,030
Nexstar Media Group, Inc. - Class A		265,035		16,511,680
				28,241,508
Oil, Gas & Consumable Fuels—1.6%
Centennial Resource Development, Inc. - Class A (a)		233,155		4,189,795
Matador Resources Co. (a)		386,285		10,487,638
RSP Permian, Inc. (a)		130,330		4,508,115
				19,185,548
Paper & Forest Products—1.0%
Stella-Jones, Inc.		292,180		11,244,627
Pharmaceuticals—0.8%
Heska Corp. (a)		47,765		4,207,619
Prestige Brands Holdings, Inc. (a)		105,280		5,273,475
				9,481,094
Professional Services—1.1%
Exponent, Inc.		169,496		12,525,754
Real Estate Management & Development—0.5%
FirstService Corp.		82,215		5,410,569
Road & Rail—0.1%
Genesee & Wyoming, Inc. - Class A (a)		20,305		1,502,773
Semiconductors & Semiconductor Equipment—2.8%
Cabot Microelectronics Corp.		78,110		6,243,332
MKS Instruments, Inc.		105,850		9,997,533
Power Integrations, Inc.		227,480		16,651,536
				32,892,401
Software—9.2%
Aspen Technology, Inc. (a)		274,985		17,271,808
Blackbaud, Inc.		57,155		5,018,209
Computer Modelling Group, Ltd.		465,735		3,425,015
Constellation Software, Inc.		20,370		11,113,343
Fair Isaac Corp.		150,865		21,196,532
Manhattan Associates, Inc. (a)		356,526		14,820,786
Monotype Imaging Holdings, Inc.		278,898		5,368,787
Qualys, Inc. (a)		222,225		11,511,255
Tyler Technologies, Inc. (a)		113,230		19,738,254
				109,463,989

BHFTII-257

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—2.6%
Asbury Automotive Group, Inc. (a)		86,430	$	5,280,873
Lithia Motors, Inc. - Class A		108,865		13,097,548
Monro, Inc.		109,365		6,129,908
Tractor Supply Co.		104,920		6,640,387
				31,148,716
Trading Companies & Distributors—1.7%
Applied Industrial Technologies, Inc.		64,416		4,238,573
Richelieu Hardware, Ltd.		49,500		1,267,447
SiteOne Landscape Supply, Inc. (a)		32,765		1,903,647
Watsco, Inc.		80,235		12,923,451
				20,333,118
Total Common Stocks (Cost $762,394,334)				1,175,393,950
Short-Term Investment—1.1%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $12,669,742 on 10/02/17, collateralized by $12,765,000 U.S. Treasury Note at 2.000% due 12/31/21 with a value of $12,924,780.		12,669,616		12,669,616
Total Short-Term Investments (Cost $12,669,616)				12,669,616
Total Investments—100.2% (Cost $775,063,950)				1,188,063,566
Other assets and liabilities (net)—(0.2)%				(2,504,485	)
Net Assets—100.0%			$	1,185,559,081

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.

BHFTII-258

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	3,736,808	$	—	$	—	$	3,736,808
Air Freight & Logistics		7,532,384		—		—		7,532,384
Airlines		6,273,530		—		—		6,273,530
Auto Components		23,022,744		—		—		23,022,744
Automobiles		6,648,678		—		—		6,648,678
Banks		155,010,780		—		—		155,010,780
Beverages		8,775,586		—		—		8,775,586
Building Products		22,932,594		—		—		22,932,594
Capital Markets		34,880,092		—		—		34,880,092
Chemicals		43,080,641		—		—		43,080,641
Commercial Services & Supplies		48,839,654		—		—		48,839,654
Communications Equipment		14,148,434		—		—		14,148,434
Construction & Engineering		11,014,827		—		—		11,014,827
Construction Materials		18,213,690		—		—		18,213,690
Containers & Packaging		13,831,091		—		—		13,831,091
Distributors		22,405,252		—		—		22,405,252
Diversified Consumer Services		6,322,641		—		—		6,322,641
Electrical Equipment		7,757,667		—		—		7,757,667
Electronic Equipment, Instruments & Components		63,519,221		—		—		63,519,221
Energy Equipment & Services		7,877,248		—		—		7,877,248
Food Products		38,850,577		—		—		38,850,577
Health Care Equipment & Supplies		72,187,016		—		—		72,187,016
Health Care Providers & Services		36,452,318		—		—		36,452,318
Hotels, Restaurants & Leisure		28,431,078		—		—		28,431,078
Household Products		30,843,892		—		—		30,843,892
Industrial Conglomerates		4,683,226		—		—		4,683,226
Insurance		17,700,842		—		—		17,700,842
Internet Software & Services		877,747		—		—		877,747
IT Services		14,527,825		—		—		14,527,825
Life Sciences Tools & Services		28,442,625		—		—		28,442,625
Machinery		89,907,704		—		—		89,907,704
Marine		5,235,441		—		—		5,235,441
Media		28,241,508		—		—		28,241,508
Oil, Gas & Consumable Fuels		19,185,548		—		—		19,185,548
Paper & Forest Products		—		11,244,627		—		11,244,627
Pharmaceuticals		9,481,094		—		—		9,481,094

BHFTII-259

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

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

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Professional Services	$	12,525,754	$	—	$	—	$	12,525,754
Real Estate Management & Development		5,410,569		—		—		5,410,569
Road & Rail		1,502,773		—		—		1,502,773
Semiconductors & Semiconductor Equipment		32,892,401		—		—		32,892,401
Software		109,463,989		—		—		109,463,989
Specialty Retail		31,148,716		—		—		31,148,716
Trading Companies & Distributors		20,333,118		—		—		20,333,118
Total Common Stocks		1,164,149,323		11,244,627		—		1,175,393,950
Total Short-Term Investment*		—		12,669,616		—		12,669,616
Total Investments	$	1,164,149,323	$	23,914,243	$	—	$	1,188,063,566

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $10,641,420 were due to a lack of trading activity in the security which led to it being valued using significant observable inputs other than a quoted price in an active market.

BHFTII-260

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Common Stocks—97.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
Boeing Co. (The)		234,678	$	59,657,494
Airlines—1.9%
American Airlines Group, Inc. (a)		770,600		36,595,794
United Continental Holdings, Inc. (b)		170,877		10,402,992
				46,998,786
Auto Components—0.4%
Delphi Automotive plc		100,700		9,908,880
Automobiles—2.0%
Ferrari NV		216,863		23,959,024
Tesla, Inc. (a) (b)		73,471		25,060,958
				49,019,982
Banks—1.7%
First Republic Bank		155,543		16,248,022
JPMorgan Chase & Co.		264,700		25,281,497
				41,529,519
Biotechnology—4.6%
Alexion Pharmaceuticals, Inc. (b)		227,811		31,959,605
Biogen, Inc. (b)		95,666		29,954,938
Celgene Corp. (b)		94,634		13,799,530
Vertex Pharmaceuticals, Inc. (b)		238,728		36,296,205
				112,010,278
Building Products—0.6%
Fortune Brands Home & Security, Inc.		223,930		15,054,814
Capital Markets—4.3%
Intercontinental Exchange, Inc.		402,540		27,654,498
Morgan Stanley		771,200		37,148,704
State Street Corp.		148,500		14,187,690
TD Ameritrade Holding Corp.		532,623		25,992,002
				104,982,894
Electric Utilities—0.8%
NextEra Energy, Inc.		132,600		19,432,530
Electrical Equipment—0.9%
Acuity Brands, Inc. (a)		133,130		22,802,506
Equity Real Estate Investment Trusts—3.1%
American Tower Corp.		187,600		25,641,168
Crown Castle International Corp.		403,678		40,359,727
Equinix, Inc.		21,064		9,400,863
				75,401,758
Food Products—0.5%
Danone S.A.		11,818		927,261
Kraft Heinz Co. (The)		160,600		12,454,530
				13,381,791
Health Care Equipment & Supplies—4.9%
Becton Dickinson & Co.		176,162		34,518,944
Danaher Corp.		139,800		11,992,044
Intuitive Surgical, Inc. (b)		36,300		37,965,444
Stryker Corp.		250,500		35,576,010
				120,052,442
Health Care Providers & Services—6.3%
Aetna, Inc.		107,679		17,122,038
Anthem, Inc.		104,200		19,785,496
Centene Corp. (b)		94,407		9,135,765
Cigna Corp.		130,754		24,443,153
HCA Healthcare, Inc. (b)		230,700		18,361,413
Humana, Inc.		66,892		16,296,898
UnitedHealth Group, Inc.		252,200		49,393,370
				154,538,133
Hotels, Restaurants & Leisure—2.1%
Marriott International, Inc. - Class A		99,301		10,948,928
MGM Resorts International		110,620		3,605,106
Restaurant Brands International, Inc.		231,722		14,802,402
Yum! Brands, Inc.		313,900		23,106,179
				52,462,615
Industrial Conglomerates—2.1%
Honeywell International, Inc.		191,800		27,185,732
Roper Technologies, Inc.		96,451		23,476,173
				50,661,905
Insurance—0.4%
Chubb, Ltd.		69,506		9,908,080
Internet & Direct Marketing Retail—9.1%
Amazon.com, Inc. (b)		136,317		131,048,348
Netflix, Inc. (b)		80,200		14,544,270
Priceline Group, Inc. (The) (b)		42,840		78,432,329
				224,024,947
Internet Software & Services—13.0%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		415,228		71,714,028
Alphabet, Inc. - Class A (b)		62,270		60,633,545
Alphabet, Inc. - Class C (b)		63,002		60,425,848
Dropbox, Inc. - Class A (b) (c) (d) (e)		214,763		2,018,772
Facebook, Inc. - Class A (b)		574,310		98,132,350
Tencent Holdings, Ltd.		593,685		25,666,276
				318,590,819
IT Services—9.6%
Fidelity National Information Services, Inc.		251,100		23,450,229
Fiserv, Inc. (b)		153,991		19,858,679
MasterCard, Inc. - Class A		315,100		44,492,120
PayPal Holdings, Inc. (b)		1,044,500		66,879,335
Vantiv, Inc. - Class A (a) (b)		226,600		15,968,502
Visa, Inc. - Class A		624,320		65,703,437
				236,352,302

BHFTII-261

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—1.9%
Fortive Corp.		226,606	$	16,041,439
Illinois Tool Works, Inc.		152,600		22,578,696
Wabtec Corp. (a)		115,150		8,722,612
				47,342,747
Media—0.2%
Altice USA, Inc. - Class A (a) (b)		206,423		5,637,412
Multiline Retail—0.3%
Dollar General Corp.		96,500		7,821,325
Pharmaceuticals—1.2%
Merck & Co., Inc.		292,800		18,747,984
Zoetis, Inc.		182,000		11,604,320
				30,352,304
Professional Services—1.4%
Equifax, Inc.		174,697		18,516,135
TransUnion (b)		329,585		15,576,187
				34,092,322
Real Estate Management & Development—0.0%
WeWork Cos., Inc. - Class A (b) (c) (d) (e)		7,199		372,980
Semiconductors & Semiconductor Equipment—1.7%
ASML Holding NV		38,900		6,659,680
NVIDIA Corp.		33,900		6,060,303
Xilinx, Inc. (a)		400,223		28,347,795
				41,067,778
Software—9.8%
Electronic Arts, Inc. (b)		202,600		23,918,956
Intuit, Inc.		212,097		30,147,468
Microsoft Corp.		1,288,000		95,943,120
Salesforce.com, Inc. (b)		322,060		30,086,845
ServiceNow, Inc. (a) (b)		157,707		18,535,304
Symantec Corp. (a)		917,900		30,116,299
Workday, Inc. - Class A (a) (b)		117,465		12,379,636
				241,127,628
Specialty Retail—0.8%
AutoZone, Inc. (a) (b)		18,777		11,174,381
Home Depot, Inc. (The)		47,400		7,752,744
				18,927,125
Technology Hardware, Storage & Peripherals—5.8%
Apple, Inc.		923,620		142,348,314
Tobacco—2.3%
British American Tobacco plc		288,218		18,019,607
Philip Morris International, Inc.		335,371		37,229,535
				55,249,142
Water Utilities—0.3%
American Water Works Co., Inc.		81,886		6,625,396
Wireless Telecommunication Services—0.6%
T-Mobile U.S., Inc. (a) (b)		232,200		14,317,452
Total Common Stocks (Cost $1,716,106,373)				2,382,054,400
Convertible Preferred Stocks—1.1%
Internet Software & Services—0.7%
Airbnb, Inc. - Series D (b) (c) (d) (e)		97,047		10,184,112
Airbnb, Inc. - Series E (b) (c) (d) (e)		9,760		1,024,214
Xiaoju Kuaizhi, Inc. - Series A-17 (b) (c) (d) (e)		91,053		4,637,521
				15,845,847
Real Estate Management & Development—0.1%
WeWork Cos., Inc. - Series E - Series E (b) (c) (d) (e)		64,744		3,354,387
Software—0.3%
Magic Leap, Inc. - Series C - Series C (b) (c) (d) (e)		124,428		2,865,950
UBER Technologies, Inc. - Series G (b) (c) (d) (e)		98,227		4,197,240
				7,063,190
Total Convertible Preferred Stocks (Cost $17,143,016)				26,263,424
Corporate Bonds & Notes—0.7%
Lodging—0.7%
Caesars Entertainment Operating Co., Inc. 10.000%, 12/15/18		15,901,000		16,378,030
10.750%, 02/01/16		775,000		1,193,500
Total Corporate Bonds & Notes (Cost $16,618,839)				17,571,530
Short-Term Investment—1.3%
Mutual Fund—1.3%
T. Rowe Price Government Reserve Fund (f)		31,326,148		31,326,148
Total Short-Term Investments (Cost $31,326,148)				31,326,148
Securities Lending Reinvestments (g)—7.4%
Certificates of Deposit—3.9%
ABN AMRO Bank NV Zero Coupon, 11/21/17		996,537		998,340
Zero Coupon, 02/22/18		1,987,499		1,989,260

BHFTII-262

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (h)		3,000,000	$	2,999,724
Bank of China, Ltd. 1.540%, 10/23/17		3,500,000		3,500,000
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (h)		3,000,000		3,000,579
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (h)		4,000,000		4,001,856
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (h)		3,000,000		3,000,354
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (h)		3,000,000		3,000,162
1.647%, 1M LIBOR + 0.410%, 10/27/17 (h)		1,000,000		1,000,209
Chiba Bank, Ltd., New York 1.360%, 11/07/17		1,000,000		1,000,000
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (h)		1,000,000		1,000,036
1.461%, 1M LIBOR + 0.230%, 11/07/17 (h)		4,500,000		4,500,000
DNB Bank ASA New York 1.120%, 10/05/17		4,000,000		3,999,988
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		3,994,815		3,997,960
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (h)		4,000,000		3,999,952
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (h)		6,000,000		5,999,790
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (h)		2,500,000		2,499,888
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (h)		5,000,000		5,004,425
Standard Chartered plc 1.460%, 02/02/18		2,500,000		2,500,632
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (h)		5,000,000		4,999,850
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (h)		1,000,000		1,000,074
1.406%, 1M LIBOR + 0.170%, 11/13/17 (h)		2,000,000		2,000,162
1.488%, 1M LIBOR + 0.250%, 10/26/17 (h)		7,000,000		7,000,700
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (h)		3,000,000		3,000,408
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (h)		8,000,000		8,007,136
1.624%, 3M LIBOR + 0.320%, 01/10/18 (h)		2,000,000		2,000,644
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (h)		6,000,000		5,999,958
1.694%, 3M LIBOR + 0.380%, 10/26/17 (h)		3,000,000		3,000,723
				95,002,810
Commercial Paper — 2.1%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		2,990,620		2,999,799
Barton Capital S.A. 1.330%, 10/05/17		4,983,929		4,999,650
1.330%, 10/13/17		2,989,914		2,998,956
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (h)		8,000,000		8,006,960
ING Funding LLC 1.386%, 1M LIBOR + 0.150%, 11/13/17 (h)		4,000,000		4,000,184
Macquarie Bank, Ltd., London 1.340%, 10/27/17		4,982,878		4,995,347
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (h)		3,750,000		3,751,935
Sheffield Receivables Co. 1.330%, 10/05/17		3,986,700		3,999,740
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (h)		6,000,000		6,000,366
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (h)		7,000,000		7,001,624
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (h)		3,700,000		3,700,685
				52,455,246
Repurchase Agreements—1.3%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,856,866 on 10/02/17, collateralized by $4,750,819 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $2,913,749.		2,856,616		2,856,616
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,524,368 on 01/02/18, collateralized by various Common Stock with a value of $1,650,000.		1,500,000		1,500,000

BHFTII-263

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $400,040 on 10/02/17, collateralized by $402,364 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $408,002.		400,000	$	400,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $300,031 on 10/02/17, collateralized by $301,487 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $306,001.		300,000		300,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $4,624,472 on 01/02/18, collateralized by $24,768 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $5,113,063.		4,600,000		4,600,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
Repurchase Agreement dated 06/08/17 at 1.070% to be repurchased at $10,035,667 on 10/06/17, collateralized by $9,592,927 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $10,207,777.		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 $3,571,986 on 01/02/18, collateralized by various Common Stock with a value of $3,850,000.		3,500,000		3,500,000
Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $7,554,863 on 01/02/18, collateralized by various Common Stock with a value of $8,250,002.		7,500,000		7,500,000
Repurchase Agreements—(Continued)
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $2,000,197 on 10/02/17, collateralized by $4,971,624 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $2,040,201.		2,000,000		2,000,000
				32,856,616
Time Deposits—0.1%
Credit Agricole S.A. 1.080%, 10/02/17		100,000		100,000
Credit Industriel et Commercial 1.100%, 10/02/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		200,000		200,000
Royal Bank of Canada New York 1.070%, 10/02/17		1,000,000		1,000,000
Standard Chartered plc 1.200%, 10/02/17		200,000		200,000
				3,600,000
Total Securities Lending Reinvestments (Cost $183,883,435)				183,914,672
Total Investments—107.5% (Cost $1,965,077,811)				2,641,130,174
Other assets and liabilities (net)—(7.5)%				(184,854,832	)
Net Assets—100.0%			$	2,456,275,342

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $181,336,209 and the collateral received consisted of cash in the amount of $183,819,508. 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 September 30, 2017, these securities represent 1.2% 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 September 30, 2017, the market value of restricted securities was $28,655,176, which is 1.2% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Affiliated Issuer.

BHFTII-264

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

(g)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(h)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(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.
(LIBOR)—	London Interbank Offered Rate

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		97,047	$	3,951,078	$	10,184,112
Airbnb, Inc. - Series E		07/14/15		9,760		908,601		1,024,214
Dropbox, Inc. - Class A		11/07/14		214,763		4,102,231		2,018,772
Magic Leap, Inc. - Series C		01/20/16		124,428		2,865,950		2,865,950
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		4,637,521
							$	28,655,176

BHFTII-265

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	59,657,494	$	—		$	—	$	59,657,494
Airlines		46,998,786		—			—		46,998,786
Auto Components		9,908,880		—			—		9,908,880
Automobiles		49,019,982		—			—		49,019,982
Banks		41,529,519		—			—		41,529,519
Biotechnology		112,010,278		—			—		112,010,278
Building Products		15,054,814		—			—		15,054,814
Capital Markets		104,982,894		—			—		104,982,894
Electric Utilities		19,432,530		—			—		19,432,530
Electrical Equipment		22,802,506		—			—		22,802,506
Equity Real Estate Investment Trusts		75,401,758		—			—		75,401,758
Food Products		12,454,530		927,261			—		13,381,791
Health Care Equipment & Supplies		120,052,442		—			—		120,052,442
Health Care Providers & Services		154,538,133		—			—		154,538,133
Hotels, Restaurants & Leisure		52,462,615		—			—		52,462,615
Industrial Conglomerates		50,661,905		—			—		50,661,905
Insurance		9,908,080		—			—		9,908,080
Internet & Direct Marketing Retail		224,024,947		—			—		224,024,947
Internet Software & Services		290,905,771		25,666,276			2,018,772		318,590,819
IT Services		236,352,302		—			—		236,352,302
Machinery		47,342,747		—			—		47,342,747
Media		5,637,412		—			—		5,637,412
Multiline Retail		7,821,325		—			—		7,821,325
Pharmaceuticals		30,352,304		—			—		30,352,304
Professional Services		34,092,322		—			—		34,092,322
Real Estate Management & Development		—		—			372,980		372,980
Semiconductors & Semiconductor Equipment		41,067,778		—			—		41,067,778
Software		241,127,628		—			—		241,127,628
Specialty Retail		18,927,125		—			—		18,927,125
Technology Hardware, Storage & Peripherals		142,348,314		—			—		142,348,314
Tobacco		37,229,535		18,019,607			—		55,249,142
Water Utilities		6,625,396		—			—		6,625,396
Wireless Telecommunication Services		14,317,452		—			—		14,317,452
Total Common Stocks		2,335,049,504		44,613,144			2,391,752		2,382,054,400
Total Convertible Preferred Stocks*		—		—			26,263,424		26,263,424
Total Corporate Bonds & Notes*		—		17,571,530			—		17,571,530
Total Short-Term Investment*		31,326,148		—			—		31,326,148
Total Securities Lending Reinvestments*		—		183,914,672			—		183,914,672
Total Investments	$	2,366,375,652	$	246,099,346		$	28,655,176	$	2,641,130,174
Collateral for Securities Loaned (Liability)	$	—	$	(183,819,508	)	$	—	$	(183,819,508	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-266

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

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

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2016		Change in Unrealized Appreciation/ (Depreciation)			Transfers out of Level 3			Balance as of September 30, 2017		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at September 30, 2017
Common Stocks
Internet Software & Services	$	2,061,725	$	(42,953	)	$	—		$	2,018,772	$	(42,953	)
Real Estate Management & Development		233,248		139,732			—			372,980		139,732
Convertible Preferred Stocks
Internet Software & Services		14,705,040		1,140,807			—			15,845,847		1,140,807
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	$	1,900,761		$	(3,342,428	)	$	28,655,176	$	1,900,761

	Fair Value at September 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	$	2,018,772		Market Transaction Method		Precedent Transaction	$	8.15	$	8.15	$	8.15		Increase
				Market Aligned Multiples		Enterprise Value/Gross Profit		6.8x		6.8x		6.8x		Increase
						Enterprise Value/Sales		6.4x		6.4x		6.4x		Increase
						Enterprise Value/Forward Sales		5.2x		5.2x		5.2x		Increase
						Discount for Lack of Marketability		10.00%		10.00%		10.00%		Decrease
Real Estate Management & Development		372,980		Market Transaction Method		Precedent Transaction	$	51.81	$	51.81	$	51.81		Increase
Convertible Preferred Stocks
Internet Software & Services		11,208,327		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		10.7x		10.7x		10.7x		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

BHFTII-267

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.4%
Aerojet Rocketdyne Holdings, Inc. (a)		142,706	$	4,996,137
BWX Technologies, Inc.		140,633		7,878,261
Curtiss-Wright Corp.		70,159		7,334,422
Esterline Technologies Corp. (a)		26,308		2,371,666
HEICO Corp. - Class A		159,221		12,132,640
Hexcel Corp. (b)		97,670		5,608,212
Moog, Inc. - Class A (a)		107,263		8,948,952
Teledyne Technologies, Inc. (a)		84,646		13,473,950
				62,744,240
Air Freight & Logistics—0.8%
XPO Logistics, Inc. (a)		163,821		11,103,787
Airlines—0.2%
Hawaiian Holdings, Inc. (a)		35,800		1,344,290
Spirit Airlines, Inc. (a) (b)		61,315		2,048,534
				3,392,824
Auto Components—1.3%
Cooper-Standard Holdings, Inc. (a)		43,097		4,997,959
LCI Industries		48,590		5,629,151
Tenneco, Inc.		90,570		5,494,882
Visteon Corp. (a)		25,700		3,180,889
				19,302,881
Banks—1.9%
Ameris Bancorp		65,593		3,148,464
CenterState Bank Corp.		219,028		5,869,950
First Bancorp		93,000		3,200,130
Hilltop Holdings, Inc.		112,016		2,912,416
Signature Bank (a)		35,269		4,515,843
SVB Financial Group (a)		37,491		7,014,191
				26,660,994
Beverages—0.5%
Boston Beer Co., Inc. (The) - Class A (a)		22,566		3,524,809
Coca-Cola Bottling Co. Consolidated		13,600		2,934,200
				6,459,009
Biotechnology—6.9%
ACADIA Pharmaceuticals, Inc. (a)		82,588		3,111,090
Acceleron Pharma, Inc. (a) (b)		32,667		1,219,132
Acorda Therapeutics, Inc. (a) (b)		18,023		426,244
Agios Pharmaceuticals, Inc. (a) (b)		34,705		2,316,559
Alkermes plc (a) (b)		26,085		1,326,161
Alnylam Pharmaceuticals, Inc. (a) (b)		22,984		2,700,390
AMAG Pharmaceuticals, Inc. (a)		24,884		459,110
Bellicum Pharmaceuticals, Inc. (a) (b)		27,392		316,378
BioMarin Pharmaceutical, Inc. (a)		12,521		1,165,329
Bioverativ, Inc. (a)		136,964		7,816,536
Bluebird Bio, Inc. (a)		46,167		6,341,037
Blueprint Medicines Corp. (a)		41,269		2,875,211
Clovis Oncology, Inc. (a)		44,200		3,642,080
Exelixis, Inc. (a)		196,967		4,772,510
FibroGen, Inc. (a)		26,800		1,441,840
Biotechnology—(Continued)
Incyte Corp. (a)		31,403		3,665,986
Insmed, Inc. (a)		141,984		4,431,321
Insys Therapeutics, Inc. (a) (b)		17,080		151,670
Ionis Pharmaceuticals, Inc. (a)		44,386		2,250,370
Ironwood Pharmaceuticals, Inc. (a)		153,980		2,428,265
Kite Pharma, Inc. (a)		46,628		8,384,181
Ligand Pharmaceuticals, Inc. (a)		42,168		5,741,173
Neurocrine Biosciences, Inc. (a) (b)		115,734		7,092,180
Prothena Corp. plc (a)		39,987		2,589,958
Radius Health, Inc. (a) (b)		40,123		1,546,742
Repligen Corp. (a)		71,231		2,729,572
Sage Therapeutics, Inc. (a)		34,438		2,145,487
Seattle Genetics, Inc. (a)		42,212		2,296,755
Spark Therapeutics, Inc. (a)		34,818		3,104,373
TESARO, Inc. (a) (b)		42,795		5,524,835
Ultragenyx Pharmaceutical, Inc. (a) (b)		38,497		2,050,350
United Therapeutics Corp. (a)		16,980		1,989,886
Xencor, Inc. (a)		52,000		1,191,840
				99,244,551
Building Products—1.3%
AAON, Inc.		88,708		3,058,208
Lennox International, Inc.		49,182		8,802,103
Patrick Industries, Inc. (a)		81,757		6,875,764
				18,736,075
Capital Markets—2.8%
CBOE Holdings, Inc.		106,216		11,432,028
E*Trade Financial Corp. (a)		108,365		4,725,798
FactSet Research Systems, Inc.		17,282		3,112,661
Financial Engines, Inc.		64,880		2,254,580
MarketAxess Holdings, Inc.		58,995		10,885,168
MSCI, Inc.		66,716		7,799,100
				40,209,335
Chemicals—3.3%
AdvanSix, Inc. (a)		90,708		3,605,643
Chase Corp.		40,005		4,456,557
GCP Applied Technologies, Inc. (a)		161,748		4,965,664
Ingevity Corp. (a)		76,168		4,758,215
Innospec, Inc.		63,078		3,888,759
Minerals Technologies, Inc.		67,531		4,771,065
NewMarket Corp. (b)		12,191		5,190,318
PolyOne Corp.		132,429		5,301,133
Scotts Miracle-Gro Co. (The)		77,100		7,504,914
Stepan Co.		34,000		2,844,440
				47,286,708
Commercial Services & Supplies—1.9%
Advanced Disposal Services, Inc. (a)		63,200		1,592,008
Casella Waste Systems, Inc. - Class A (a)		233,900		4,397,320
Clean Harbors, Inc. (a) (b)		28,965		1,642,315
Healthcare Services Group, Inc. (b)		116,012		6,261,168
Rollins, Inc.		182,400		8,415,936
U.S. Ecology, Inc. (b)		87,314		4,697,493
				27,006,240

BHFTII-268

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—1.0%
ARRIS International plc (a)		199,007	$	5,669,709
EchoStar Corp. - Class A (a)		52,062		2,979,508
NetScout Systems, Inc. (a)		76,469		2,473,772
Plantronics, Inc.		86,562		3,827,772
				14,950,761
Construction & Engineering—0.1%
Valmont Industries, Inc.		13,391		2,117,117
Consumer Finance—0.4%
PRA Group, Inc. (a) (b)		92,987		2,664,078
SLM Corp. (a)		304,800		3,496,056
				6,160,134
Containers & Packaging—1.2%
Berry Global Group, Inc. (a)		209,497		11,868,005
Graphic Packaging Holding Co.		365,219		5,094,805
				16,962,810
Distributors—0.6%
Pool Corp.		82,685		8,944,036
Diversified Consumer Services—1.6%
Capella Education Co.		56,758		3,981,574
Service Corp. International		278,732		9,616,254
ServiceMaster Global Holdings, Inc. (a)		148,104		6,920,900
Sotheby’s (a)		58,009		2,674,795
				23,193,523
Electrical Equipment—0.5%
Atkore International Group, Inc. (a)		52,300		1,020,373
AZZ, Inc.		72,229		3,517,552
Generac Holdings, Inc. (a)		51,702		2,374,673
				6,912,598
Electronic Equipment, Instruments & Components—2.6%
Anixter International, Inc. (a)		33,465		2,844,525
Cognex Corp.		114,495		12,626,509
Coherent, Inc. (a)		52,243		12,285,986
Novanta, Inc. (a)		100,700		4,390,520
OSI Systems, Inc. (a)		48,054		4,390,694
				36,538,234
Energy Equipment & Services—0.4%
Dril-Quip, Inc. (a)		44,532		1,966,088
Exterran Corp. (a)		18,600		587,946
Oceaneering International, Inc.		75,373		1,980,049
Oil States International, Inc. (a)		63,647		1,613,451
				6,147,534
Equity Real Estate Investment Trusts—4.3%
CoreSite Realty Corp. (b)		88,770		9,933,363
CubeSmart		140,871		3,657,011
CyrusOne, Inc.		154,455		9,102,033
Equity Real Estate Investment Trusts—(Continued)
DCT Industrial Trust, Inc.		71,300		4,129,696
Empire State Realty Trust, Inc. - Class A (b)		281,338		5,778,683
Equity Lifestyle Properties, Inc.		99,444		8,460,696
First Industrial Realty Trust, Inc.		230,750		6,943,267
Forest City Realty Trust, Inc. - Class A		153,075		3,904,943
Pebblebrook Hotel Trust (b)		74,203		2,681,696
PS Business Parks, Inc.		35,511		4,740,719
Terreno Realty Corp.		77,117		2,790,093
				62,122,200
Food & Staples Retailing—0.7%
Casey’s General Stores, Inc. (b)		87,872		9,617,590
Food Products—1.6%
Cal-Maine Foods, Inc. (a) (b)		19,555		803,710
J&J Snack Foods Corp.		58,832		7,724,642
John B Sanfilippo & Son, Inc. (b)		42,495		2,860,338
Post Holdings, Inc. (a)		90,525		7,990,642
TreeHouse Foods, Inc. (a)		58,244		3,944,866
				23,324,198
Health Care Equipment & Supplies—5.5%
Abaxis, Inc. (b)		28,031		1,251,584
Align Technology, Inc. (a)		63,988		11,919,045
Cantel Medical Corp.		71,596		6,742,195
Cooper Cos., Inc. (The)		22,002		5,216,894
DexCom, Inc. (a) (b)		56,391		2,758,930
Glaukos Corp. (a)		48,491		1,600,203
Halyard Health, Inc. (a) (b)		61,188		2,755,296
ICU Medical, Inc. (a)		42,174		7,838,038
IDEXX Laboratories, Inc. (a)		38,291		5,953,867
Inogen, Inc. (a)		71,234		6,774,353
Masimo Corp. (a)		85,685		7,416,894
Natus Medical, Inc. (a)		91,572		3,433,950
NuVasive, Inc. (a)		79,085		4,386,054
Penumbra, Inc. (a)		34,369		3,103,521
West Pharmaceutical Services, Inc.		82,074		7,900,443
				79,051,267
Health Care Providers & Services—2.8%
BioTelemetry, Inc. (a)		70,600		2,329,800
Centene Corp. (a)		92,402		8,941,742
Chemed Corp. (b)		32,000		6,465,600
Corvel Corp. (a)		48,349		2,630,186
HealthSouth Corp.		77,009		3,569,367
Molina Healthcare, Inc. (a)		55,800		3,836,808
U.S. Physical Therapy, Inc.		72,658		4,464,834
WellCare Health Plans, Inc. (a)		49,499		8,500,958
				40,739,295
Health Care Technology—0.8%
Omnicell, Inc. (a) (b)		117,422		5,994,393
Veeva Systems, Inc. - Class A (a)		92,662		5,227,064
				11,221,457

BHFTII-269

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—4.9%
Brinker International, Inc.		64,290	$	2,048,279
Buffalo Wild Wings, Inc. (a)		22,175		2,343,898
Cheesecake Factory, Inc. (The) (b)		54,949		2,314,452
Choice Hotels International, Inc.		42,268		2,700,925
Churchill Downs, Inc.		39,819		8,210,678
Denny’s Corp. (a)		393,719		4,901,802
Domino’s Pizza, Inc.		43,062		8,549,960
Hilton Grand Vacations, Inc. (a)		119,583		4,619,491
Jack in the Box, Inc.		64,277		6,551,112
Marriott Vacations Worldwide Corp. (b)		30,512		3,799,659
Pinnacle Entertainment, Inc. (a)		261,057		5,563,125
Six Flags Entertainment Corp. (b)		80,259		4,890,983
Vail Resorts, Inc.		60,381		13,774,114
				70,268,478
Household Durables—0.5%
Helen of Troy, Ltd. (a)		77,276		7,488,044
Household Products—0.3%
Spectrum Brands Holdings, Inc. (b)		40,795		4,321,006
Independent Power and Renewable Electricity Producers—0.4%
Ormat Technologies, Inc.		92,490		5,646,514
Insurance—0.4%
Heritage Insurance Holdings, Inc.		47,817		631,663
Primerica, Inc.		64,509		5,260,709
				5,892,372
Internet & Direct Marketing Retail—1.1%
Liberty Expedia Holdings, Inc. - Class A (a)		99,075		5,261,873
Liberty TripAdvisor Holdings, Inc. - Class A (a)		102,864		1,270,371
Liberty Ventures - Series A (a)		120,914		6,958,601
Shutterfly, Inc. (a)		40,961		1,985,789
				15,476,634
Internet Software & Services—2.0%
CoStar Group, Inc. (a)		17,307		4,642,603
Envestnet, Inc. (a)		82,435		4,204,185
j2 Global, Inc. (b)		57,891		4,276,987
LogMeIn, Inc.		38,282		4,212,934
MercadoLibre, Inc.		16,091		4,166,443
Stamps.com, Inc. (a)		38,676		7,837,691
				29,340,843
IT Services—5.5%
Blackhawk Network Holdings, Inc. (a) (b)		77,652		3,401,158
Booz Allen Hamilton Holding Corp.		187,145		6,997,351
Broadridge Financial Solutions, Inc.		94,963		7,674,910
Cardtronics plc - Class A (a)		127,572		2,935,432
CoreLogic, Inc. (a)		160,230		7,405,831
CSRA, Inc.		201,029		6,487,206
DST Systems, Inc.		117,912		6,471,011
Euronet Worldwide, Inc. (a)		86,298		8,180,187
Gartner, Inc. (a)		47,861		5,954,387
IT Services—(Continued)
Jack Henry & Associates, Inc.		45,162		4,642,202
MAXIMUS, Inc.		157,734		10,173,843
Travelport Worldwide, Ltd.		119,689		1,879,117
WEX, Inc. (a)		58,774		6,595,618
				78,798,253
Leisure Products—0.4%
Brunswick Corp.		103,646		5,801,067
Life Sciences Tools & Services—2.8%
Bio-Rad Laboratories, Inc. - Class A (a)		24,589		5,464,168
Bruker Corp.		87,800		2,612,050
Cambrex Corp. (a)		104,663		5,756,465
Charles River Laboratories International, Inc. (a)		70,297		7,593,482
INC Research Holdings, Inc. - Class A (a)		102,486		5,360,018
PAREXEL International Corp. (a)		51,589		4,543,959
PRA Health Sciences, Inc. (a)		68,637		5,228,080
VWR Corp. (a)		124,817		4,132,691
				40,690,913
Machinery—5.3%
Chart Industries, Inc. (a)		35,962		1,410,789
Douglas Dynamics, Inc.		58,400		2,300,960
Graco, Inc. (b)		63,559		7,861,613
IDEX Corp.		30,073		3,652,967
John Bean Technologies Corp.		100,361		10,146,497
Lincoln Electric Holdings, Inc.		35,272		3,233,737
Lydall, Inc. (a)		113,208		6,486,819
Middleby Corp. (The) (a)		50,698		6,497,963
Nordson Corp.		59,394		7,038,189
Standex International Corp.		25,002		2,655,212
Toro Co. (The)		186,385		11,567,053
Wabtec Corp. (b)		33,054		2,503,841
Welbilt, Inc. (a) (b)		148,367		3,419,859
Woodward, Inc.		83,357		6,469,337
				75,244,836
Marine—0.2%
Kirby Corp. (a)		21,997		1,450,702
Matson, Inc. (b)		54,360		1,531,865
				2,982,567
Media—2.0%
Cable One, Inc.		12,100		8,737,652
Gray Television, Inc. (a)		158,954		2,495,578
Lions Gate Entertainment Corp. - Class B (a) (b)		165,233		5,252,757
Live Nation Entertainment, Inc. (a)		203,436		8,859,638
MSG Networks, Inc. - Class A (a)		168,800		3,578,560
				28,924,185
Metals & Mining—0.2%
Worthington Industries, Inc.		65,616		3,018,336
Multiline Retail—0.3%
Big Lots, Inc.		79,458		4,256,565

BHFTII-270

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—2.6%
Carrizo Oil & Gas, Inc. (a) (b)		55,028	$	942,630
Diamondback Energy, Inc. (a) (b)		63,280		6,198,909
Matador Resources Co. (a)		227,934		6,188,408
Parsley Energy, Inc. - Class A (a)		168,028		4,425,858
PDC Energy, Inc. (a)		47,978		2,352,361
Rice Energy, Inc. (a)		97,022		2,807,817
RSP Permian, Inc. (a)		168,246		5,819,629
World Fuel Services Corp.		103,418		3,506,904
WPX Energy, Inc. (a)		452,058		5,198,667
				37,441,183
Paper & Forest Products—0.2%
KapStone Paper and Packaging Corp.		115,435		2,480,698
Personal Products—0.2%
Nu Skin Enterprises, Inc. - Class A		40,202		2,471,619
Pharmaceuticals—2.6%
Aerie Pharmaceuticals, Inc. (a)		39,412		1,915,423
Catalent, Inc. (a)		53,701		2,143,744
Depomed, Inc. (a)		150,974		874,140
Dermira, Inc. (a)		40,515		1,093,905
Innoviva, Inc. (a)		57,530		812,324
Jazz Pharmaceuticals plc (a) (b)		13,291		1,943,809
Medicines Co. (The) (a) (b)		47,044		1,742,510
MyoKardia, Inc. (a)		18,937		811,450
Nektar Therapeutics (a)		190,844		4,580,256
Pacira Pharmaceuticals, Inc. (a)		36,707		1,378,348
Phibro Animal Health Corp. - Class A		73,241		2,713,579
Prestige Brands Holdings, Inc. (a)		147,878		7,407,209
Supernus Pharmaceuticals, Inc. (a) (b)		118,134		4,725,360
TherapeuticsMD, Inc. (a) (b)		288,310		1,525,160
Theravance Biopharma, Inc. (a) (b)		75,114		2,571,903
WAVE Life Sciences, Ltd. (a)		21,287		462,992
				36,702,112
Professional Services—1.3%
Dun & Bradstreet Corp. (The)		38,263		4,454,196
Exponent, Inc.		91,582		6,767,909
On Assignment, Inc. (a)		19,000		1,019,920
TransUnion (a)		144,561		6,831,953
				19,073,978
Real Estate Management & Development—0.2%
Kennedy-Wilson Holdings, Inc. (b)		137,553		2,551,608
Road & Rail—1.0%
Landstar System, Inc.		57,465		5,726,387
Old Dominion Freight Line, Inc.		74,246		8,175,227
				13,901,614
Semiconductors & Semiconductor Equipment—3.7%
Advanced Energy Industries, Inc. (a)		63,344		5,115,661
Cabot Microelectronics Corp.		31,583		2,524,429
Cavium, Inc. (a)		82,216		5,421,323
Semiconductors & Semiconductor Equipment—(Continued)
Cirrus Logic, Inc. (a)		132,874		7,084,842
Integrated Device Technology, Inc. (a)		225,772		6,001,020
MaxLinear, Inc. (a)		255,089		6,058,364
Microsemi Corp. (a)		183,894		9,466,863
Nanometrics, Inc. (a)		68,000		1,958,400
Synaptics, Inc. (a)		59,088		2,315,068
Versum Materials, Inc.		169,209		6,568,693
				52,514,663
Software—7.6%
ACI Worldwide, Inc. (a)		167,369		3,812,666
Aspen Technology, Inc. (a)		111,868		7,026,429
Blackbaud, Inc. (b)		109,024		9,572,307
CommVault Systems, Inc. (a)		73,971		4,497,437
Computer Modelling Group, Ltd.		83,725		614,643
Descartes Systems Group, Inc. (The) (a)		123,958		3,390,251
Ellie Mae, Inc. (a)		47,481		3,899,615
Fair Isaac Corp.		68,768		9,661,904
Fortinet, Inc. (a)		93,233		3,341,471
Manhattan Associates, Inc. (a)		124,423		5,172,264
Pegasystems, Inc.		126,995		7,321,262
Proofpoint, Inc. (a) (b)		66,401		5,791,495
PTC, Inc. (a) (b)		138,268		7,781,723
SS&C Technologies Holdings, Inc.		213,480		8,571,222
Take-Two Interactive Software, Inc. (a)		135,816		13,884,470
Tyler Technologies, Inc. (a) (b)		51,051		8,899,210
Ultimate Software Group, Inc. (The) (a) (b)		30,024		5,692,550
				108,930,919
Specialty Retail—1.6%
Aaron’s, Inc.		30,361		1,324,651
Burlington Stores, Inc. (a)		116,866		11,156,028
Children’s Place, Inc. (The)		19,992		2,362,055
Murphy USA, Inc. (a)		96,520		6,659,880
Sally Beauty Holdings, Inc. (a)		66,345		1,299,035
				22,801,649
Technology Hardware, Storage & Peripherals—0.5%
Cray, Inc. (a)		38,534		749,486
NCR Corp. (a)		154,250		5,787,460
				6,536,946
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.		64,572		6,376,485
Steven Madden, Ltd. (a)		150,395		6,512,103
				12,888,588
Thrifts & Mortgage Finance—0.6%
MGIC Investment Corp. (a)		328,083		4,110,880
Radian Group, Inc.		214,582		4,010,538
				8,121,418
Trading Companies & Distributors—0.9%
Beacon Roofing Supply, Inc. (a)		64,350		3,297,938

BHFTII-271

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
Univar, Inc. (a)		167,908	$	4,857,578
Watsco, Inc.		29,271		4,714,680
				12,870,196
Total Common Stocks (Cost $1,023,653,953)				1,427,587,202
Rights—0.0%
Biotechnology—0.0%
Dyax Corp., Expires 12/31/19 (a) (c) (d) (e) (Cost $146,631)		132,100		416,643
Short-Term Investment—0.0%
Mutual Fund—0.0%
T. Rowe Price Government Reserve Fund (f)		44,538		44,538
Total Short-Term Investments (Cost $44,538)				44,538
Securities Lending Reinvestments (g)—4.8%
Certificates of Deposit—2.3%
Bank of China, Ltd. 1.540%, 10/23/17		1,500,000		1,500,000
Canadian Imperial Bank 1.647%, 1M LIBOR + 0.410%, 10/27/17 (h)		2,000,000		2,000,418
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (h)		2,000,000		2,000,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (h)		2,000,000		2,000,198
Credit Suisse AG New York 1.494%, 1M LIBOR + 0.260%, 10/16/17 (h)		2,000,000		2,000,096
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (h)		1,500,000		1,500,000
Mizuho Bank, Ltd., New York 1.494%, 1M LIBOR + 0.260%, 10/18/17 (h)		2,000,000		2,000,068
National Australia Bank London 1.611%, 3M LIBOR + 0.300%, 11/09/17 (h)		3,000,000		3,001,050
Norinchukin Bank New York 1.486%, 1M LIBOR + 0.250%, 10/13/17 (h)		1,000,000		1,000,037
Royal Bank of Canada New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (h)		3,000,000		3,000,246
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (h)		2,000,000		1,999,940
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (h)		2,500,000		2,500,250
Toronto Dominion Bank New York 1.624%, 3M LIBOR + 0.320%, 01/10/18 (h)		5,000,000		5,001,610
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (h)		2,800,000		2,800,675
				32,304,588
Commercial Paper—0.8%
Barton Capital S.A. 1.330%, 10/13/17		996,638		999,652
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (h)		3,000,000		3,000,513
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (h)		500,000		500,027
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (h)		1,500,000		1,500,092
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (h)		1,000,000		1,000,232
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (h)		4,300,000		4,300,796
				11,301,312
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $688,714 on 10/02/17, collateralized by $1,145,295 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $702,427.		688,654		688,654
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $3,300,289 on 10/02/17, collateralized by $3,359,425 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $3,366,000.		3,300,000		3,300,000
Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,016,245 on 01/02/18, collateralized by various Common Stock with a value of $1,100,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $400,040 on 10/02/17, collateralized by $402,364 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $408,002.		400,000		400,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $2,300,240 on 10/02/17, collateralized by $2,342,733 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $2,346,001.		2,300,000		2,300,000

BHFTII-272

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

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

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $300,031 on 10/02/17, collateralized by $301,487 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $306,001.		300,000	$	300,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $1,005,320 on 01/02/18, collateralized by $5,384 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $1,111,535.		1,000,000		1,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,600,136 on 10/02/17, collateralized by $1,534,868 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,633,244.		1,600,000		1,600,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $300,026 on 10/02/17, collateralized by $287,788 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $306,233.		300,000		300,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $4,694,611 on 01/02/18, collateralized by various Common Stock with a value of $5,060,000.		4,600,000		4,600,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $1,000,098 on 10/02/17, collateralized by $2,485,812 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $1,020,100.		1,000,000		1,000,000
				16,488,654
Time Deposits—0.5%
Credit Agricole S.A. 1.080%, 10/02/17		200,000		200,000
Credit Industriel et Commercial 1.100%, 10/02/17		3,000,000		3,000,000
Time Deposits—(Continued)
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		100,000		100,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		200,000		200,000
Nordea Bank New York 1.050%, 10/02/17		1,000,000		1,000,000
Standard Chartered plc 1.200%, 10/02/17		200,000		200,000
Svenska 1.050%, 10/02/17		3,000,000		3,000,000
				7,700,000
Total Securities Lending Reinvestments (Cost $67,788,248)				67,794,554
Total Investments—104.4% (Cost $1,091,633,370)				1,495,842,937
Other assets and liabilities (net)—(4.4)%				(62,457,492	)
Net Assets—100.0%			$	1,433,385,445

*	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 September 30, 2017, the market value of securities loaned was $65,991,543 and the collateral received consisted of cash in the amount of $67,785,292. 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 September 30, 2017, these securities represent less than 0.05% of net assets.
(d)	Illiquid security. As of September 30, 2017, these securities represent 0.0% of net assets.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Affiliated Issuer.
(g)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(h)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(LIBOR)—	London Interbank Offered Rate

BHFTII-273

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,427,587,202	$	—		$	—	$	1,427,587,202
Total Rights*		—		—			416,643		416,643
Total Short-Term Investment*		44,538		—			—		44,538
Total Securities Lending Reinvestments*		—		67,794,554			—		67,794,554
Total Investments	$	1,427,631,740	$	67,794,554		$	416,643	$	1,495,842,937
Collateral for Securities Loaned (Liability)	$	—	$	(67,785,292	)	$	—	$	(67,785,292	)

* 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 September 30, 2017 is not presented.

BHFTII-274

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

Common Stocks—96.3% of Net Assets

Security Description	Shares		Value
Chemicals—5.3%
Agrium, Inc.		294,900	$	31,616,229
CF Industries Holdings, Inc. (a)		755,000		26,545,800
				58,162,029
Electrical Equipment—0.4%
Sunrun, Inc. (a) (b)		698,700		3,877,785
Energy Equipment & Services—18.4%
Forum Energy Technologies, Inc. (a) (b)		294,900		4,688,910
Halliburton Co.		681,600		31,374,048
Nabors Industries, Ltd. (a)		3,182,800		25,685,196
Patterson-UTI Energy, Inc. (a)		1,785,300		37,384,182
ProPetro Holding Corp. (a) (b)		846,800		12,151,580
Schlumberger, Ltd.		446,600		31,154,816
Superior Energy Services, Inc. (a) (b)		1,361,900		14,545,092
Tenaris S.A. (ADR) (a)		368,300		10,426,573
Vallourec S.A. (a) (b)		1,971,300		11,742,818
Weatherford International plc (a) (b)		4,544,700		20,814,726
				199,967,941
Food Products—2.0%
Tyson Foods, Inc. - Class A		307,100		21,635,195
Metals & Mining—31.7%
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		742,733		33,578,959
Barrick Gold Corp.		1,135,900		18,276,631
First Quantum Minerals, Ltd.		4,177,600		46,906,973
Freeport-McMoRan, Inc. (b)		1,010,700		14,190,228
Glencore plc		10,696,637		49,035,475
Goldcorp, Inc.		490,700		6,359,472
IAMGOLD Corp. (b)		1,390,100		8,479,610
KAZ Minerals plc (b)		540,500		5,611,262
Kinross Gold Corp. (b)		2,952,700		12,519,448
New Gold, Inc. (b)		1,729,000		6,414,590
Newmont Mining Corp.		1,129,000		42,348,790
Petra Diamonds, Ltd. (b)		5,867,827		6,605,751
Randgold Resources, Ltd. (ADR)		182,300		17,803,418
Rio Tinto plc (ADR) (a)		226,400		10,683,816
Steel Dynamics, Inc.		680,400		23,453,388
Teck Resources, Ltd. - Class B		2,042,300		43,072,107
				345,339,918
Mortgage Real Estate Investment Trusts—0.3%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		146,800		3,577,516
Oil, Gas & Consumable Fuels—35.2%
Callon Petroleum Co. (a) (b)		810,100		9,105,524
Cimarex Energy Co.		313,300		35,612,811
Concho Resources, Inc. (b)		313,250		41,261,290
CONSOL Energy, Inc. (b)		1,453,700		24,625,678
Diamondback Energy, Inc. (a) (b)		422,200		41,358,712
EOG Resources, Inc.		422,200		40,843,628
Oil, Gas & Consumable Fuels—(Continued)
Golar LNG, Ltd. (a)		368,300		8,327,263
Green Plains, Inc. (a)		894,500		18,024,175
Laredo Petroleum, Inc. (b)		954,500		12,341,685
Newfield Exploration Co. (a) (b)		920,200		27,302,334
Parsley Energy, Inc. - Class A (b)		1,472,100		38,775,114
PDC Energy, Inc. (a) (b)		498,000		24,416,940
Pioneer Natural Resources Co.		275,300		40,617,762
RSP Permian, Inc. (b)		401,400		13,884,426
Scorpio Tankers, Inc.		1,910,100		6,551,643
				383,048,985
Paper & Forest Products—1.7%
Louisiana-Pacific Corp. (b)		667,400		18,073,192
Road & Rail—1.3%
Union Pacific Corp.		127,300		14,762,981
Total Common Stocks (Cost $976,777,230)				1,048,445,542
Short-Term Investment—3.3%
Mutual Fund—3.3%
AIM STIT-STIC Prime Portfolio		36,296,329		36,296,329
Total Short-Term Investments (Cost $36,296,329)				36,296,329
Securities Lending Reinvestments (c)—12.4%
Certificates of Deposit—5.3%
ABN AMRO Bank NV Zero Coupon, 02/22/18		1,987,499		1,989,260
Banco Del Estado De Chile New York 1.416%, 1M LIBOR + 0.180%, 03/22/18 (d)		2,500,000		2,499,770
Bank of China, Ltd. 1.540%, 10/23/17		3,000,000		3,000,000
Bank of Nova Scotia 1.631%, 3M LIBOR + 0.320%, 11/03/17 (d)		2,000,000		2,000,386
Bank of Tokyo-Mitsubishi, Ltd. 1.664%, 1M LIBOR + 0.430%, 11/16/17 (d)		2,000,000		2,000,928
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (d)		4,000,000		4,000,472
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (d)		1,500,000		1,500,081
Chiba Bank, Ltd., New York 1.360%, 11/07/17		500,000		500,000
Credit Suisse AG New York 1.405%, 1M LIBOR + 0.170%, 02/09/18 (d)		1,000,000		1,000,036

BHFTII-275

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Certificates of Deposit—(Continued)
Credit Suisse AG New York 1.461%, 1M LIBOR + 0.230%, 11/07/17 (d)		1,500,000	$	1,500,000
Credit Suisse AG New York 1.511%, 1M LIBOR + 0.280%, 10/06/17 (d)		1,000,000		1,000,012
DNB Bank ASA New York 1.120%, 10/05/17		1,000,000		999,997
KBC Bank NV 1.380%, 10/27/17		3,000,000		3,000,330
Landesbank Baden-Wuerttemberg Zero Coupon, 10/18/17		1,498,056		1,499,235
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (d)		2,000,000		1,999,976
Mizuho Bank, Ltd., New York 1.436%, 1M LIBOR + 0.200%, 02/12/18 (d)		1,000,000		1,000,747
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (d)		3,000,000		2,999,895
Natixis New York 1.396%, 1M LIBOR + 0.160%, 11/13/17 (d)		1,000,000		1,000,046
Norinchukin Bank New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		1,500,000		1,500,069
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (d)		2,000,000		1,999,910
Royal Bank of Canada New York 1.556%, 1M LIBOR + 0.320%, 03/20/18 (d)		3,800,000		3,803,363
Standard Chartered plc 1.460%, 02/02/18		1,500,000		1,500,379
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (d)		1,000,000		999,970
Sumitomo Mitsui Banking Corp., New York 1.432%, 1M LIBOR + 0.200%, 02/05/18 (d)		2,250,000		2,250,234
Sumitomo Mitsui Trust Bank, Ltd., New York 1.406%, 1M LIBOR + 0.170%, 11/13/17 (d)		1,500,000		1,500,121
Sumitomo Mitsui Trust Bank, Ltd., New York 1.488%, 1M LIBOR + 0.250%, 10/26/17 (d)		500,000		500,050
Sumitomo Mitsui Trust Bank, Ltd., New York 1.495%, 1M LIBOR + 0.260%, 10/11/17 (d)		500,000		500,019
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (d)		1,500,000		1,500,204
Swedbank AB 1.140%, 10/02/17		2,000,000		1,999,998
Certificates of Deposit—(Continued)
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (d)		3,000,000		3,002,676
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (d)		1,500,000		1,499,990
Wells Fargo Bank N.A. 1.694%, 3M LIBOR + 0.380%, 10/26/17 (d)		1,250,000		1,250,301
				57,298,455
Commercial Paper—2.1%
Atlantic Asset Securitization LLC 1.340%, 10/05/17		996,873		999,933
Barton Capital S.A. 1.330%, 10/05/17		1,993,572		1,999,860
1.330%, 10/13/17		996,638		999,652
Commonwealth Bank Australia 1.577%, 1M LIBOR + 0.340%, 03/01/18 (d)		2,000,000		2,001,740
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (d)		1,500,000		1,500,081
ING Funding LLC 1.386%, 1M LIBOR + 0.150%, 11/13/17 (d)		1,500,000		1,500,069
Kells Funding LLC 1.400%, 03/01/18		992,883		993,977
Macquarie Bank, Ltd., London 1.340%, 10/27/17		2,989,727		2,997,208
National Australia Bank, Ltd. 1.656%, 3M LIBOR + 0.340%, 12/06/17 (d)		1,500,000		1,500,774
Sheffield Receivables Co. 1.330%, 10/05/17		1,993,350		1,999,870
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (d)		1,500,000		1,500,092
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18 (d)		4,000,000		4,000,928
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (d)		1,250,000		1,250,231
				23,244,415
Repurchase Agreements—2.6%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,792,797 on 10/02/17, collateralized by $2,981,326 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $1,828,493.		1,792,640		1,792,640

BHFTII-276

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $1,016,245 on 01/02/18, 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 09/29/17 at 1.050% to be repurchased at $7,800,683 on 10/02/17, collateralized by $7,940,459 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $7,956,001.		7,800,000		7,800,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $1,000,100 on 10/02/17, collateralized by $1,005,910 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $1,020,005.		1,000,000		1,000,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $5,500,573 on 10/02/17, collateralized by $5,602,187 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $5,610,002.		5,500,000		5,500,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $800,083 on 10/02/17, collateralized by $803,966 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $816,002.		800,000		800,000
Deutsche Bank AG, London Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $1,809,576 on 01/02/18, collateralized by $9,692 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $2,000,764.		1,800,000		1,800,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $3,700,315 on 10/02/17, collateralized by $3,549,383 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $3,776,877.		3,700,000		3,700,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $700,060 on 10/02/17, collateralized by $671,505 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $714,544.		700,000		700,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $4,029,260 on 01/02/18, collateralized by various Common Stock with a value of $4,400,001.		4,000,000		4,000,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $816,454 on 01/02/18, collateralized by various Common Stock with a value of $880,000.		800,000		800,000
				28,892,640
Time Deposits—2.4%
ABN AMRO Bank NV 1.060%, 10/02/17		5,000,000		5,000,000
Australia New Zealand Bank 1.070%, 10/02/17		4,000,000		4,000,000
Credit Agricole S.A. 1.080%, 10/02/17		400,000		400,000
Credit Industriel et Commercial 1.100%, 10/02/17		5,000,000		5,000,000
DZ Bank AG 1.060%, 10/02/17		2,000,000		2,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		400,000		400,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		500,000		500,000
National Bank of Canada 1.060%, 10/02/17		5,000,000		5,000,000
Nordea Bank New York 1.050%, 10/02/17		1,000,000		1,000,000
Royal Bank of Canada New York 1.070%, 10/02/17		2,000,000		2,000,000
Standard Chartered plc 1.200%, 10/02/17		500,000		500,000
				25,800,000
Total Securities Lending Reinvestments (Cost $135,220,480)				135,235,510
Total Investments—112.0% (Cost $1,148,294,039)				1,219,977,381
Other assets and liabilities (net)—(12.0)%				(130,851,219	)
Net Assets—100.0%			$	1,089,126,162

BHFTII-277

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

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

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $131,229,988 and the collateral received consisted of cash in the amount of $135,191,237. 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 September 30, 2017.
(d)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published
	reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(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.
(LIBOR)—	London 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 the Schedule of Investments.

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Chemicals	$	58,162,029	$	—		$	—	$	58,162,029
Electrical Equipment		3,877,785		—			—		3,877,785
Energy Equipment & Services		188,225,123		11,742,818			—		199,967,941
Food Products		21,635,195		—			—		21,635,195
Metals & Mining		284,087,430		61,252,488			—		345,339,918
Mortgage Real Estate Investment Trusts		3,577,516		—			—		3,577,516
Oil, Gas & Consumable Fuels		383,048,985		—			—		383,048,985
Paper & Forest Products		18,073,192		—			—		18,073,192
Road & Rail		14,762,981		—			—		14,762,981
Total Common Stocks		975,450,236		72,995,306			—		1,048,445,542
Total Short-Term Investment*		36,296,329		—			—		36,296,329
Total Securities Lending Reinvestments*		—		135,235,510			—		135,235,510
Total Investments	$	1,011,746,565	$	208,230,816		$	—	$	1,219,977,381
Collateral for Securities Loaned (Liability)	$	—	$	(135,191,237	)	$	—	$	(135,191,237	)

* See Schedule of Investments for additional detailed categorizations.

BHFTII-278

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—54.4% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.0%
WPP Finance 2010 5.125%, 09/07/42		120,000	$	124,885
Aerospace/Defense—0.2%
Arconic, Inc. 5.125%, 10/01/24		2,125,000		2,261,213
Harris Corp. 4.854%, 04/27/35		570,000		627,968
5.054%, 04/27/45		1,089,000		1,247,221
Northrop Grumman Corp. 3.200%, 02/01/27		3,560,000		3,582,136
Raytheon Co. 3.125%, 10/15/20		30,000		31,014
United Technologies Corp. 4.500%, 06/01/42		290,000		311,656
				8,061,208
Agriculture—0.2%
Alliance One International, Inc. 9.875%, 07/15/21 (a)		4,135,000		3,638,800
Altria Group, Inc. 5.375%, 01/31/44		649,000		782,027
Reynolds American, Inc. 4.850%, 09/15/23 (a)		2,640,000		2,897,556
				7,318,383
Airlines—0.1%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		687,283		730,678
American Airlines Pass-Through Trust 5.600%, 07/15/20 (144A)		1,096,539		1,148,625
Delta Air Lines Pass-Through Trust 4.950%, 05/23/19		264,939		273,523
Hawaiian Airlines Pass-Through Certificates 3.900%, 01/15/26		381,818		396,136
Northwest Airlines Pass-Through Trust 7.575%, 03/01/19		6,563		6,825
				2,555,787
Apparel—0.8%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A) (a)		22,028,000		22,881,585
Levi Strauss & Co. 5.000%, 05/01/25 (a)		2,925,000		3,082,219
William Carter Co. (The) 5.250%, 08/15/21		2,375,000		2,443,281
				28,407,085
Auto Manufacturers—0.3%
Ford Motor Co. 4.750%, 01/15/43		1,510,000		1,480,428
Ford Motor Credit Co. LLC 3.664%, 09/08/24		720,000		722,426
Auto Manufacturers—(Continued)
General Motors Co. 6.600%, 04/01/36		5,134,000		6,098,718
General Motors Financial Co., Inc. 5.250%, 03/01/26		1,660,000		1,802,024
				10,103,596
Auto Parts & Equipment—1.4%
Adient Global Holdings, Ltd. 4.875%, 08/15/26 (144A)		3,500,000		3,578,750
Allison Transmission, Inc. 4.750%, 10/01/27 (144A)		4,230,000		4,261,725
5.000%, 10/01/24 (144A) (a)		5,660,000		5,874,231
Delphi Jersey Holdings plc 5.000%, 10/01/25 (144A)		4,210,000		4,283,675
Goodyear Tire & Rubber Co. (The) 4.875%, 03/15/27 (a)		3,830,000		3,942,908
5.000%, 05/31/26 (a)		2,730,000		2,846,025
IHO Verwaltungs GmbH 4.125%, 4.875% PIK, 09/15/21 (144A) (a) (b)		1,840,000		1,872,200
4.750%, 5.500% PIK, 09/15/26 (144A) (a) (b)		3,440,000		3,504,500
ZF North America Capital, Inc. 4.000%, 04/29/20 (144A) (a)		755,000		779,538
4.750%, 04/29/25 (144A) (a)		17,638,000		18,608,090
				49,551,642
Banks—9.7%
ABN AMRO Bank NV 4.750%, 07/28/25 (144A)		3,831,000		4,067,338
Banco Mercantil del Norte S.A. 6.875%, 5Y CMT + 5.035%, 07/06/22 (144A) (c)		800,000		851,000
7.625%, 10Y CMT + 5.353%, 01/10/28 (144A) (a) (c)		800,000		872,800
Bank of America Corp. 4.000%, 01/22/25		17,810,000		18,429,630
4.125%, 01/22/24		880,000		936,201
4.200%, 08/26/24		2,380,000		2,503,123
4.250%, 10/22/26		7,628,000		7,980,293
6.500%, 3M USD LIBOR + 4.174%, 10/23/24 (a) (c)		2,385,000		2,696,541
Barclays Bank plc 7.625%, 11/21/22		16,450,000		18,896,937
10.179%, 06/12/21 (144A)		1,180,000		1,461,333
BNP Paribas S.A. 4.375%, 05/12/26 (144A) (a)		7,680,000		8,019,379
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (a) (c)		2,850,000		3,131,437
BPCE S.A. 4.875%, 04/01/26 (144A) (a)		12,000,000		12,743,366
5.150%, 07/21/24 (144A) (a)		420,000		452,765
Citigroup, Inc. 4.050%, 07/30/22 (a)		110,000		115,149
4.450%, 09/29/27		16,094,000		16,987,805

BHFTII-279

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc. 5.350%, 3M USD LIBOR + 3.466%, 05/15/23 (c)		560,000	$	581,448
5.900%, 3M USD LIBOR + 4.230%, 02/15/23 (c)		1,475,000		1,589,313
5.950%, 3M USD LIBOR + 4.068%, 01/30/23 (c)		3,606,000		3,880,957
5.950%, 3M USD LIBOR + 3.905%, 05/15/25 (c)		2,790,000		3,016,687
6.300%, 3M USD LIBOR + 3.423%, 05/15/24 (a) (c)		850,000		922,250
Cooperatieve Rabobank UA 3.750%, 07/21/26 (a)		4,210,000		4,271,228
4.375%, 08/04/25		1,470,000		1,543,644
4.625%, 12/01/23 (a)		7,500,000		8,059,390
11.000%, 3M USD LIBOR + 10.868%, 06/30/19 (144A) (c)		415,000		468,950
Credit Agricole S.A. 7.875%, 5Y USD Swap + 4.898%, 01/23/24 (144A) (c)		1,750,000		1,957,200
8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (a) (c)		7,050,000		8,345,437
8.375%, 3M USD LIBOR + 6.982%, 10/13/19 (144A) (c)		640,000		708,800
Credit Suisse Group AG 7.500%, 5Y USD Swap + 4.598%, 12/11/23 (144A) (c)		4,365,000		4,932,494
Goldman Sachs Group, Inc. (The) 3.500%, 11/16/26		3,480,000		3,489,429
3.750%, 02/25/26		1,660,000		1,699,388
4.000%, 03/03/24		3,180,000		3,357,674
4.250%, 10/21/25 (a)		8,890,000		9,268,221
5.250%, 07/27/21		1,330,000		1,461,424
6.750%, 10/01/37		2,000,000		2,638,583
7.500%, 02/15/19		20,000		21,480
HSBC Holdings plc 3.900%, 05/25/26 (a)		14,240,000		14,903,437
4.041%, 3M USD LIBOR + 1.546%, 03/13/28 (c)		5,210,000		5,439,645
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (c)		6,070,000		6,348,613
ICICI Bank, Ltd. 5.750%, 11/16/20		9,290,000		10,117,005
Intesa Sanpaolo S.p.A. 3.125%, 07/14/22 (144A)		5,500,000		5,513,574
3.875%, 07/14/27 (144A)		8,790,000		8,825,490
5.017%, 06/26/24 (144A) (a)		2,440,000		2,480,512
5.710%, 01/15/26 (144A)		17,190,000		18,115,994
6.500%, 02/24/21 (144A)		1,175,000		1,310,685
Itau CorpBanca 3.875%, 09/22/19		6,290,000		6,493,142
JPMorgan Chase & Co. 3.625%, 12/01/27 (a)		6,430,000		6,448,545
3.875%, 09/10/24		5,082,000		5,291,718
6.750%, 3M USD LIBOR + 3.780%, 02/01/24 (a) (c)		1,105,000		1,263,910
Banks—(Continued)
Lloyds Banking Group plc 4.582%, 12/10/25		3,011,000		3,163,849
4.650%, 03/24/26		3,920,000		4,144,618
7.500%, 5Y USD Swap + 4.760%, 06/27/24 (a) (c)		3,580,000		4,014,075
Macquarie Bank, Ltd. 4.875%, 06/10/25 (144A) (a)		2,100,000		2,216,552
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A)		3,200,000		3,456,771
6.250%, 01/14/21 (144A)		400,000		446,674
Morgan Stanley 4.000%, 07/23/25		1,165,000		1,228,218
4.100%, 05/22/23		1,000,000		1,045,629
4.875%, 11/01/22		250,000		270,943
Oversea-Chinese Banking Corp., Ltd. 4.250%, 06/19/24		10,230,000		10,695,772
Royal Bank of Scotland Group plc 4.800%, 04/05/26		400,000		428,066
5.125%, 05/28/24 (a)		4,530,000		4,819,771
6.000%, 12/19/23		875,000		967,679
6.100%, 06/10/23		780,000		864,084
8.625%, 5Y USD Swap + 7.598%, 08/15/21 (c)		2,890,000		3,204,287
Santander Holdings USA, Inc. 4.500%, 07/17/25		890,000		927,292
Santander UK Group Holdings plc 4.750%, 09/15/25 (144A)		12,691,000		13,257,019
7.375%, 5Y GBP Swap + 5.543%, 06/24/22 (GBP) (c)		2,620,000		3,805,277
Santander UK plc 7.950%, 10/26/29		272,000		349,575
Standard Chartered plc 3.950%, 01/11/23 (144A)		2,425,000		2,462,665
5.700%, 03/26/44 (144A) (a)		600,000		705,130
UBS AG 7.625%, 08/17/22		2,850,000		3,359,437
UBS Group Funding Switzerland AG 4.253%, 03/23/28 (144A)		2,950,000		3,094,568
Wells Fargo & Co. 4.300%, 07/22/27		12,670,000		13,400,089
4.750%, 12/07/46		3,970,000		4,358,521
Wells Fargo Capital X 5.950%, 12/15/36		380,000		427,500
				342,025,425
Beverages—0.3%
Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		3,222,000		3,333,199
Carolina Beverage Group LLC / Carolina Beverage Group Finance, Inc. 10.625%, 08/01/18 (144A)		97,000		97,849
Constellation Brands, Inc. 4.750%, 12/01/25 (a)		140,000		152,852
6.000%, 05/01/22 (a)		882,000		1,008,489
Cott Holdings, Inc. 5.500%, 04/01/25 (144A)		5,530,000		5,765,025

BHFTII-280

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—(Continued)
Dr Pepper Snapple Group, Inc. 3.400%, 11/15/25		64,000	$	64,929
4.500%, 11/15/45		32,000		33,816
				10,456,159
Biotechnology—0.5%
AMAG Pharmaceuticals, Inc. 7.875%, 09/01/23 (144A) (a)		10,573,000		10,705,163
Celgene Corp. 3.875%, 08/15/25		1,120,000		1,181,731
5.000%, 08/15/45		920,000		1,040,041
Gilead Sciences, Inc. 2.550%, 09/01/20 (a)		1,675,000		1,704,781
3.500%, 02/01/25		1,795,000		1,869,322
4.600%, 09/01/35		1,800,000		1,987,314
				18,488,352
Building Materials—0.1%
Ply Gem Industries, Inc. 6.500%, 02/01/22		1,540,000		1,609,762
U.S. Concrete, Inc. 6.375%, 06/01/24		80,000		86,200
				1,695,962
Chemicals—0.1%
Eastman Chemical Co. 4.800%, 09/01/42		740,000		786,071
Westlake Chemical Corp. 4.625%, 02/15/21		1,060,000		1,095,510
				1,881,581
Commercial Services—1.7%
AA Bond Co., Ltd. 5.500%, 07/31/22 (GBP)		2,690,000		3,712,736
ADT Corp. (The) 4.125%, 06/15/23 (a)		4,070,000		4,141,225
Ahern Rentals, Inc. 7.375%, 05/15/23 (144A) (a)		4,870,000		4,456,050
Ashtead Capital, Inc.
4.125%, 08/15/25 (144A) (a)		2,000,000		2,060,000
4.375%, 08/15/27 (144A) (a)		9,760,000		10,052,800
Board of Trustees of The Leland Stanford Junior University (The) 4.750%, 05/01/19		950,000		994,638
Ecolab, Inc. 4.350%, 12/08/21		70,000		75,712
Hertz Corp. (The) 5.875%, 10/15/20 (a)		7,720,000		7,662,100
Metropolitan Museum of Art (The) 3.400%, 07/01/45		2,025,000		1,939,026
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/25 (144A) (a)		5,030,000		5,319,225
ServiceMaster Co. LLC (The) 5.125%, 11/15/24 (144A) (a)		3,880,000		3,986,700
Commercial Services—(Continued)
UBM plc 5.750%, 11/03/20 (144A)		50,000		52,489
United Rentals North America, Inc. 4.625%, 10/15/25 (a)		1,620,000		1,640,250
4.875%, 01/15/28		4,230,000		4,251,150
5.500%, 05/15/27 (a)		720,000		767,700
5.875%, 09/15/26 (a)		8,000,000		8,690,000
				59,801,801
Computers—0.4%
Dell International LLC / EMC Corp. 3.480%, 06/01/19 (144A)		1,000,000		1,019,857
4.420%, 06/15/21 (144A)		12,010,000		12,609,481
				13,629,338
Diversified Financial Services—1.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, 10/30/20		1,060,000		1,128,044
5.000%, 10/01/21		15,056,000		16,246,045
Ally Financial, Inc. 8.000%, 11/01/31		525,000		677,198
ASP AMC Merger Sub, Inc. 8.000%, 05/15/25 (144A)		4,820,000		4,639,250
Carlyle Holdings II Finance LLC 5.625%, 03/30/43 (144A) (a)		3,370,000		3,856,306
International Lease Finance Corp. 8.250%, 12/15/20		2,613,000		3,053,327
8.625%, 01/15/22 (a)		2,500,000		3,063,859
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A)		130,000		148,187
Navient Corp. 5.000%, 10/26/20 (a)		5,811,000		5,978,066
5.875%, 10/25/24 (a)		3,150,000		3,197,250
Quicken Loans, Inc. 5.750%, 05/01/25 (144A) (a)		15,600,000		16,380,000
TMX Finance LLC / TitleMax Finance Corp. 8.500%, 09/15/18 (144A)		3,840,000		3,552,000
Visa, Inc. 3.150%, 12/14/25		850,000		870,830
3.650%, 09/15/47		660,000		656,369
				63,446,731
Electric—1.3%
Enel S.p.A. 7.750%, 5Y GBP Swap + 5.662%, 09/10/75 (GBP) (c)		2,450,000		3,750,005
Exelon Corp. 3.497%, 06/01/22		4,800,000		4,944,444
FirstEnergy Corp. 3.900%, 07/15/27		6,480,000		6,580,690
4.250%, 03/15/23		1,560,000		1,650,422
7.375%, 11/15/31		3,550,000		4,722,664

BHFTII-281

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Mirant Mid Atlantic Pass-Through Trust 10.060%, 12/30/28		5,056,588	$	4,803,759
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A) (d)		2,678,645		2,899,633
Pacific Gas & Electric Co. 4.000%, 12/01/46		1,390,000		1,456,872
6.050%, 03/01/34		1,180,000		1,536,748
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		679,315		696,774
Perusahaan Listrik Negara PT 5.500%, 11/22/21 (a)		9,750,000		10,729,875
Southern California Edison Co. 3.900%, 03/15/43		1,217,000		1,248,459
				45,020,345
Energy-Alternate Sources—0.1%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A) (d)		1,424,865		1,605,571
Engineering & Construction—0.3%
CRCC Yuxiang, Ltd. 3.500%, 05/16/23		10,520,000		10,748,863
Entertainment—0.5%
Great Canadian Gaming Corp. 6.625%, 07/25/22 (144A) (CAD)		6,995,000		5,809,312
Lions Gate Entertainment Corp. 5.875%, 11/01/24 (144A) (a)		3,880,000		4,074,000
Scientific Games International, Inc. 7.000%, 01/01/22 (144A) (a)		740,000		785,325
10.000%, 12/01/22		2,620,000		2,901,650
Vue International Bidco plc 7.875%, 07/15/20 (GBP)		2,510,000		3,435,207
				17,005,494
Environmental Control—0.0%
Waste Management, Inc. 3.500%, 05/15/24		890,000		923,423
4.600%, 03/01/21		180,000		193,143
7.375%, 05/15/29		190,000		250,621
				1,367,187
Food—0.3%
Kraft Heinz Foods Co. 3.000%, 06/01/26		70,000		67,052
3.500%, 06/06/22		500,000		517,787
3.950%, 07/15/25		280,000		288,389
4.875%, 02/15/25 (144A)		1,157,000		1,236,557
5.000%, 07/15/35		250,000		272,361
5.000%, 06/04/42		130,000		138,506
5.200%, 07/15/45		390,000		427,210
Lamb Weston Holdings, Inc. 4.625%, 11/01/24 (144A) (a)		3,710,000		3,867,675
4.875%, 11/01/26 (144A) (a)		4,870,000		5,113,500
				11,929,037
Food Service—0.3%
Aramark Services, Inc. 4.750%, 06/01/26 (a)		495,000		521,186
5.000%, 04/01/25 (144A) (a)		7,660,000		8,148,325
				8,669,511
Forest Products & Paper—0.3%
Suzano Austria GmbH 5.750%, 07/14/26		10,090,000		10,839,687
Healthcare-Products—0.7%
Abbott Laboratories 4.900%, 11/30/46		2,650,000		2,959,870
Becton Dickinson & Co. 3.700%, 06/06/27		12,100,000		12,234,180
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, 06/15/21 (144A)		1,690,000		1,618,175
Immucor, Inc. 11.125%, 02/15/22 (144A) (a)		4,810,000		5,014,425
Medtronic, Inc. 3.150%, 03/15/22		1,393,000		1,442,385
3.500%, 03/15/25		1,730,000		1,804,236
				25,073,271
Healthcare-Services—1.8%
Air Medical Group Holdings, Inc. 6.375%, 05/15/23 (144A)		860,000		827,750
Centene Corp. 4.750%, 05/15/22 (a)		4,826,000		5,037,137
4.750%, 01/15/25		7,030,000		7,293,625
6.125%, 02/15/24 (a)		3,073,000		3,322,681
CHS/Community Health Systems, Inc. 6.250%, 03/31/23		7,080,000		6,956,100
8.000%, 11/15/19		650,000		632,938
DaVita, Inc. 5.000%, 05/01/25		2,030,000		2,002,676
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A) (a)		700,000		757,603
5.875%, 01/31/22 (144A)		3,225,000		3,623,513
HCA, Inc. 4.500%, 02/15/27 (a)		85,000		86,913
4.750%, 05/01/23		590,000		622,450
5.250%, 06/15/26		2,550,000		2,747,625
5.375%, 02/01/25 (a)		3,290,000		3,466,837
5.500%, 06/15/47		9,700,000		10,051,625
6.500%, 02/15/20		1,550,000		1,687,563
7.500%, 02/15/22		6,583,000		7,551,952
7.690%, 06/15/25 (a)		1,817,000		2,112,263
Humana, Inc. 4.800%, 03/15/47		800,000		890,854
Tenet Healthcare Corp. 8.125%, 04/01/22 (a)		3,655,000		3,718,962
				63,391,067

BHFTII-282

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Holding Companies-Diversified—0.1%
Co-operative Group Holdings, Ltd. 7.500%, 07/08/26 (GBP) (a) (e)		2,410,000	$	3,964,087
Home Builders—0.7%
Lennar Corp. 4.500%, 04/30/24 (a)		4,180,000		4,304,480
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.250%, 04/15/21 (144A) (a)		3,545,000		3,638,056
5.625%, 03/01/24 (144A) (a)		6,000,000		6,240,000
5.875%, 04/15/23 (144A) (a)		780,000		826,800
William Lyon Homes, Inc. 5.750%, 04/15/19		4,247,000		4,300,088
7.000%, 08/15/22		5,240,000		5,423,400
				24,732,824
Household Products/Wares—0.1%
ACCO Brands Corp. 5.250%, 12/15/24 (144A)		4,060,000		4,212,250
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		1,750,000		1,838,553
5.500%, 04/01/46		1,420,000		1,679,605
				3,518,158
Insurance—0.6%
American International Group, Inc. 3.750%, 07/10/25		770,000		795,184
6.250%, 3M USD LIBOR + 2.056%, 03/15/87 (c)		453,000		496,035
AXA S.A. 8.600%, 12/15/30		1,320,000		1,890,900
Delphi Financial Group, Inc. 7.875%, 01/31/20		2,190,000		2,438,815
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A)		2,600,000		3,674,272
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A)		6,285,000		6,808,343
Prudential Financial, Inc. 5.625%, 3M USD LIBOR + 3.920%, 06/15/43 (c)		550,000		599,500
5.875%, 3M USD LIBOR + 4.175%, 09/15/42 (a) (c)		1,200,000		1,329,000
8.875%, 3M USD LIBOR + 5.000%, 06/15/38 (c)		915,000		958,462
Teachers Insurance & Annuity Association of America 4.900%, 09/15/44 (144A)		1,771,000		2,000,139
6.850%, 12/16/39 (144A)		216,000		297,945
				21,288,595
Internet—0.8%
Alibaba Group Holding, Ltd. 3.125%, 11/28/21		4,475,000		4,574,457
Internet—(Continued)
Amazon.com, Inc. 3.875%, 08/22/37 (144A)		6,010,000		6,116,236
4.050%, 08/22/47 (144A)		8,170,000		8,326,222
Cogent Communications Group, Inc. 5.375%, 03/01/22 (144A)		5,195,000		5,461,244
eBay, Inc. 3.800%, 03/09/22		1,095,000		1,147,816
Priceline Group, Inc. (The) 3.650%, 03/15/25		1,625,000		1,673,559
				27,299,534
Iron/Steel—0.4%
Vale Overseas, Ltd. 6.250%, 08/10/26		3,990,000		4,527,453
6.875%, 11/10/39 (a)		7,980,000		9,146,676
				13,674,129
Leisure Time—0.7%
Gibson Brands, Inc. 8.875%, 08/01/18 (144A) (a)		2,070,000		1,666,350
NCL Corp., Ltd. 4.625%, 11/15/20 (144A) (a)		3,090,000		3,171,113
4.750%, 12/15/21 (144A)		6,380,000		6,619,250
Silversea Cruise Finance, Ltd. 7.250%, 02/01/25 (144A)		3,825,000		4,092,750
Viking Cruises, Ltd. 5.875%, 09/15/27 (144A)		8,720,000		8,750,084
				24,299,547
Lodging—0.7%
CRC Escrow Issuer LLC / CRC Finco, Inc. 5.250%, 10/15/25 (144A)		4,180,000		4,180,000
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 04/01/25		1,250,000		1,287,500
4.875%, 04/01/27 (a)		9,670,000		10,153,500
MGM Resorts International 6.000%, 03/15/23 (a)		5,592,000		6,165,180
6.625%, 12/15/21 (a)		2,180,000		2,452,500
				24,238,680
Machinery-Construction & Mining—0.3%
BlueLine Rental Finance Corp. / BlueLine Rental LLC 9.250%, 03/15/24 (144A)		4,380,000		4,713,975
Terex Corp. 5.625%, 02/01/25 (144A) (a)		4,230,000		4,457,363
				9,171,338
Media—3.6%
Altice Financing S.A. 6.625%, 02/15/23 (144A) (a)		5,340,000		5,660,400
7.500%, 05/15/26 (144A) (a)		5,000,000		5,500,000

BHFTII-283

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A)		4,670,000	$	4,734,212
5.375%, 05/01/25 (144A)		880,000		912,006
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.200%, 03/15/28 (144A)		8,160,000		8,257,145
4.464%, 07/23/22		2,180,000		2,306,497
4.908%, 07/23/25		9,064,000		9,689,559
CSC Holdings LLC 6.625%, 10/15/25 (144A) (a)		2,680,000		2,934,600
10.125%, 01/15/23 (144A) (a)		1,125,000		1,297,969
10.875%, 10/15/25 (144A) (a)		5,667,000		7,005,829
DISH DBS Corp. 5.000%, 03/15/23 (a)		3,247,000		3,318,028
5.875%, 07/15/22 (a)		1,910,000		2,029,375
5.875%, 11/15/24 (a)		3,420,000		3,584,587
7.750%, 07/01/26 (a)		3,630,000		4,167,857
EW Scripps Co. (The) 5.125%, 05/15/25 (144A)		5,810,000		5,926,200
SFR Group S.A. 6.000%, 05/15/22 (144A)		7,185,000		7,508,325
7.375%, 05/01/26 (144A) (a)		8,180,000		8,834,400
Sinclair Television Group, Inc. 6.125%, 10/01/22 (a)		2,450,000		2,523,500
Time Warner Cable LLC 5.875%, 11/15/40		1,942,000		2,131,081
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.500%, 01/15/23 (144A) (a)		5,377,500		5,552,269
Univision Communications, Inc. 5.125%, 02/15/25 (144A) (a)		7,890,000		7,959,037
UPCB Finance IV, Ltd. 5.375%, 01/15/25 (144A)		2,296,000		2,387,840
Urban One, Inc. 7.375%, 04/15/22 (144A)		8,220,000		8,220,000
Viacom, Inc. 4.375%, 03/15/43		5,970,000		5,143,036
Virgin Media Finance plc 6.000%, 10/15/24 (144A)		3,985,000		4,189,231
6.375%, 10/15/24 (GBP)		2,510,000		3,628,771
Virgin Media Secured Finance plc 5.500%, 08/15/26 (144A) (a)		2,000,000		2,107,500
				127,509,254
Metal Fabricate/Hardware—0.1%
Park-Ohio Industries, Inc. 6.625%, 04/15/27		3,941,000		4,246,427
Valmont Industries, Inc. 6.625%, 04/20/20		314,000		344,193
				4,590,620
Mining—2.8%
Alcoa Nederland Holding B.V. 6.750%, 09/30/24 (144A) (a)		1,940,000		2,148,550
7.000%, 09/30/26 (144A) (a)		1,770,000		2,004,525
Anglo American Capital plc 3.750%, 04/10/22 (144A)		560,000		574,336
4.000%, 09/11/27 (144A)		3,540,000		3,498,684
Barrick Gold Corp. 5.250%, 04/01/42		4,000,000		4,576,680
Barrick North America Finance LLC 4.400%, 05/30/21		97,000		104,312
5.750%, 05/01/43		11,289,000		13,667,875
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		79,000		80,749
6.250%, 5Y USD Swap + 4.971%, 10/19/75 (144A) (a) (c)		2,392,000		2,625,220
6.750%, 5Y USD Swap + 5.093%, 10/19/75 (144A) (a) (c)		8,191,000		9,644,902
First Quantum Minerals, Ltd. 7.250%, 04/01/23 (144A) (a)		3,920,000		4,037,600
7.500%, 04/01/25 (144A) (a)		7,380,000		7,546,050
Freeport-McMoRan, Inc. 5.450%, 03/15/43		15,000,000		14,015,625
6.750%, 02/01/22		1,453,000		1,514,752
Glencore Finance Canada, Ltd. 4.250%, 10/25/22 (144A) (a)		788,000		829,270
5.550%, 10/25/42 (144A) (a)		1,000,000		1,106,093
Glencore Funding LLC 4.000%, 04/16/25 (144A)		6,580,000		6,681,003
HudBay Minerals, Inc. 7.250%, 01/15/23 (144A) (a)		2,280,000		2,428,200
7.625%, 01/15/25 (144A) (a)		5,375,000		5,818,545
Midwest Vanadium Pty, Ltd. 11.500%, 02/15/18 (144A) (d) (f)		932,290		20,977
Mirabela Nickel, Ltd. 1.000%, 09/10/44 (144A) (d) (g) (h)		36,414		0
Rio Tinto Finance USA, Ltd. 3.750%, 06/15/25 (a)		5,690,000		5,999,524
Teck Resources, Ltd. 5.200%, 03/01/42 (a)		740,000		736,300
Yamana Gold, Inc. 4.950%, 07/15/24 (a)		9,130,000		9,358,250
				99,018,022
Miscellaneous Manufacturing—0.2%
CBC Ammo LLC / CBC FinCo, Inc. 7.250%, 11/15/21 (144A)		3,250,000		3,282,500
General Electric Co. 4.500%, 03/11/44		260,000		291,048
5.300%, 02/11/21		147,000		161,640
5.875%, 01/14/38		250,000		327,148
6.875%, 01/10/39		2,088,000		3,057,053
				7,119,389

BHFTII-284

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—6.1%
Anadarko Finance Co. 7.500%, 05/01/31		80,000	$	99,562
Anadarko Petroleum Corp. 4.500%, 07/15/44		800,000		761,387
5.550%, 03/15/26		3,000,000		3,350,524
6.450%, 09/15/36		220,000		260,259
Apache Corp. 3.250%, 04/15/22		574,000		582,210
4.250%, 01/15/44		260,000		244,161
4.750%, 04/15/43		7,000,000		7,007,424
BP Capital Markets plc 3.119%, 05/04/26 (a)		6,580,000		6,577,663
Calumet Specialty Products Partners L.P. / Calumet Finance Corp. 11.500%, 01/15/21 (144A) (a)		4,760,000		5,515,650
Cenovus Energy, Inc. 4.250%, 04/15/27 (144A)		650,000		644,463
5.250%, 06/15/37 (144A)		950,000		942,735
Chesapeake Energy Corp. 6.125%, 02/15/21 (a)		535,000		539,012
8.000%, 12/15/22 (144A)		7,450,000		8,027,375
8.000%, 01/15/25 (144A) (a)		3,730,000		3,767,300
8.000%, 06/15/27 (144A)		5,080,000		5,029,200
ConocoPhillips Holding Co. 6.950%, 04/15/29		375,000		485,925
Covey Park Energy LLC / Covey Park Finance Corp. 7.500%, 05/15/25 (144A)		8,360,000		8,663,050
Devon Energy Corp. 3.250%, 05/15/22		2,035,000		2,059,076
5.600%, 07/15/41		110,000		120,384
5.850%, 12/15/25		970,000		1,118,216
Devon Financing Co. LLC 7.875%, 09/30/31		140,000		184,810
Diamondback Energy, Inc. 4.750%, 11/01/24 (a)		3,968,000		4,047,360
5.375%, 05/31/25 (a)		2,330,000		2,429,025
Ecopetrol S.A. 5.375%, 06/26/26		11,570,000		12,322,050
EOG Resources, Inc. 4.150%, 01/15/26 (a)		1,665,000		1,765,520
EP Energy LLC / Everest Acquisition Finance, Inc. 8.000%, 02/15/25 (144A) (a)		4,190,000		3,262,962
Gazprom OAO Via Gaz Capital S.A. 4.950%, 03/23/27 (144A)		10,470,000		10,721,280
KazMunayGas National Co. JSC 4.750%, 04/19/27 (144A)		13,300,000		13,487,025
Kerr-McGee Corp. 6.950%, 07/01/24		290,000		344,620
7.875%, 09/15/31		285,000		362,345
MEG Energy Corp. 6.375%, 01/30/23 (144A) (a)		5,000,000		4,362,500
7.000%, 03/31/24 (144A) (a)		1,566,000		1,342,845
Oil & Gas—(Continued)
Noble Energy, Inc. 3.850%, 01/15/28 (a)		8,660,000		8,677,088
6.000%, 03/01/41		10,200,000		11,650,259
Occidental Petroleum Corp. 3.125%, 02/15/22		110,000		113,226
3.500%, 06/15/25		1,850,000		1,893,390
4.625%, 06/15/45 (a)		230,000		251,545
Parsley Energy LLC / Parsley Finance Corp. 5.250%, 08/15/25 (144A)		640,000		650,400
6.250%, 06/01/24 (144A) (a)		5,360,000		5,641,400
PDC Energy, Inc. 7.750%, 10/15/22 (a)		5,100,000		5,310,375
Petrobras Global Finance B.V. 6.850%, 06/05/2115 (a)		17,700,000		16,881,375
QEP Resources, Inc. 5.250%, 05/01/23 (a)		2,650,000		2,577,125
6.875%, 03/01/21 (a)		1,050,000		1,105,125
Range Resources Corp. 4.875%, 05/15/25 (a)		1,945,000		1,915,825
5.000%, 03/15/23 (144A) (a)		3,249,000		3,224,632
5.875%, 07/01/22 (144A) (a)		930,000		960,225
Rice Energy, Inc. 6.250%, 05/01/22 (a)		4,978,000		5,202,010
RSP Permian, Inc. 6.625%, 10/01/22 (a)		6,721,000		7,048,649
Sanchez Energy Corp. 6.125%, 01/15/23 (a)		6,150,000		5,258,250
7.750%, 06/15/21 (a)		535,000		506,913
Shelf Drilling Holdings, Ltd. 9.500%, 11/02/20 (144A)		6,830,000		6,906,837
Shell International Finance B.V. 2.875%, 05/10/26 (a)		2,840,000		2,825,828
3.250%, 05/11/25		1,773,000		1,814,818
4.000%, 05/10/46		360,000		364,099
4.550%, 08/12/43		1,205,000		1,308,368
Valero Energy Corp. 9.375%, 03/15/19		1,230,000		1,354,212
WPX Energy, Inc. 5.250%, 09/15/24 (a)		3,420,000		3,428,550
8.250%, 08/01/23		5,720,000		6,413,550
				213,711,992
Oil & Gas Services—0.4%
Exterran Energy Solutions L.P. / EES Finance Corp. 8.125%, 05/01/25 (144A)		5,380,000		5,568,300
Halliburton Co. 3.800%, 11/15/25 (a)		1,210,000		1,242,439
4.850%, 11/15/35		2,000,000		2,168,200
KCA Deutag UK Finance plc 9.875%, 04/01/22 (144A) (a)		3,750,000		3,890,625
				12,869,564

BHFTII-285

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.7%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 6.000%, 02/15/25 (144A)		5,200,000	$	5,505,500
7.250%, 05/15/24 (144A) (a)		4,860,000		5,330,788
Pactiv LLC 7.950%, 12/15/25		3,960,000		4,464,900
8.375%, 04/15/27		7,435,000		8,475,900
WestRock RKT Co. 4.000%, 03/01/23		140,000		147,461
				23,924,549
Pharmaceuticals—1.5%
Allergan Funding SCS 3.450%, 03/15/22		450,000		466,611
4.550%, 03/15/35		3,400,000		3,627,500
4.750%, 03/15/45		2,645,000		2,861,630
BioScrip, Inc. 8.227%, 06/30/22 (c) (g) (h) (i)		17,830,000		17,858,528
8.875%, 02/15/21 (a) (i)		4,952,000		4,531,080
Cardinal Health, Inc. 3.410%, 06/15/27 (a)		4,970,000		4,986,992
Jazz Investments I, Ltd. 1.500%, 08/15/24 (144A) (a)		4,090,000		4,018,425
Mead Johnson Nutrition Co. 4.125%, 11/15/25		1,653,000		1,784,631
Valeant Pharmaceuticals International, Inc. 5.625%, 12/01/21 (144A)		2,740,000		2,561,900
5.875%, 05/15/23 (144A)		675,000		596,531
6.375%, 10/15/20 (144A)		4,080,000		4,090,200
7.250%, 07/15/22 (144A)		4,280,000		4,173,000
7.500%, 07/15/21 (144A)		2,230,000		2,224,425
				53,781,453
Pipelines—3.3%
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125%, 11/15/22 (144A) (a)		1,825,000		1,893,437
DCP Midstream Operating L.P. 4.950%, 04/01/22 (a)		4,000,000		4,150,000
6.750%, 09/15/37 (144A) (a)		3,480,000		3,714,900
El Paso Natural Gas Co. LLC 7.500%, 11/15/26		4,250,000		5,188,204
8.375%, 06/15/32		190,000		245,069
Energy Transfer Equity L.P. 5.500%, 06/01/27 (a)		1,376,000		1,448,240
5.875%, 01/15/24 (a)		1,638,000		1,758,803
Enterprise Products Operating LLC 3.700%, 02/15/26		1,072,000		1,100,981
3.750%, 02/15/25		2,100,000		2,176,457
3.900%, 02/15/24		225,000		235,889
5.018%, 3M USD LIBOR + 3.708%, 08/01/66 (c)		1,059,000		1,059,530
Genesis Energy L.P. / Genesis Energy Finance Corp. 5.625%, 06/15/24		1,060,000		1,028,200
6.000%, 05/15/23 (a)		6,046,000		6,000,655
Pipelines—(Continued)
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (a)		2,500,000		2,699,757
Kinder Morgan, Inc. 7.800%, 08/01/31		67,000		84,968
MPLX L.P. 4.875%, 12/01/24		6,130,000		6,605,458
NGPL PipeCo LLC 4.375%, 08/15/22 (144A) (a)		2,420,000		2,510,750
4.875%, 08/15/27 (144A) (a)		3,680,000		3,856,088
Northwest Pipeline LLC 4.000%, 04/01/27 (144A)		16,880,000		17,131,972
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		780,000		863,359
Rockies Express Pipeline LLC 5.625%, 04/15/20 (144A)		1,298,000		1,364,523
6.875%, 04/15/40 (144A)		8,305,000		9,218,550
7.500%, 07/15/38 (144A) (a)		1,055,000		1,205,338
Sabine Pass Liquefaction LLC 5.750%, 05/15/24 (a)		2,648,000		2,945,830
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		34,012
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.375%, 02/01/27 (a)		2,770,000		2,884,262
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19 (a)		600,000		631,500
5.875%, 10/01/20 (a)		1,753,000		1,783,677
Williams Cos., Inc. (The) 8.750%, 03/15/32		25,214,000		32,589,095
				116,409,504
Real Estate Investment Trusts—0.9%
CoreCivic, Inc. 4.125%, 04/01/20		1,260,000		1,291,500
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		6,750,896
Iron Mountain, Inc. 4.375%, 06/01/21 (144A) (a)		4,580,000		4,737,048
6.000%, 08/15/23		560,000		592,900
iStar, Inc. 5.250%, 09/15/22		5,540,000		5,623,100
MPT Operating Partnership L.P. / MPT Finance Corp. 5.000%, 10/15/27		7,770,000		7,964,250
				32,575,694
Retail—1.4%
1011778 BC ULC / New Red Finance, Inc. 5.000%, 10/15/25 (144A)		3,770,000		3,816,748
6.000%, 04/01/22 (144A) (a)		1,287,000		1,327,541

BHFTII-286

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
AutoZone, Inc. 2.500%, 04/15/21		800,000	$	799,604
CVS Health Corp. 3.875%, 07/20/25		496,000		517,334
5.125%, 07/20/45		1,440,000		1,656,077
Dollar Tree, Inc. 5.750%, 03/01/23		11,372,000		11,997,460
Golden Nugget, Inc. 8.750%, 10/01/25 (144A) (a)		10,110,000		10,286,925
Guitar Center, Inc. 6.500%, 04/15/19 (144A) (a)		2,370,000		2,150,775
9.625%, 04/15/20 (144A)		2,500,000		1,550,000
Masaria Investments S.A.U. 4.888%, 09/15/24 (144A) (EUR) (c)		3,750,000		4,435,140
5.000%, 09/15/24 (144A) (EUR)		1,350,000		1,615,191
McDonald’s Corp. 2.750%, 12/09/20		441,000		449,335
3.700%, 01/30/26		1,047,000		1,090,851
PetSmart, Inc. 8.875%, 06/01/25 (144A) (a)		11,245,000		8,945,397
				50,638,378
Savings & Loans—0.1%
Nationwide Building Society 6.875%, 5Y GBP Swap + 4.880%, 06/20/19 (GBP) (c)		2,640,000		3,659,646
Semiconductors—0.1%
Analog Devices, Inc. 3.125%, 12/05/23		4,440,000		4,503,936
QUALCOMM, Inc. 4.300%, 05/20/47		220,000		224,853
				4,728,789
Software—0.7%
First Data Corp. 7.000%, 12/01/23 (144A) (a)		2,180,000		2,327,804
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.000%, 07/15/25 (144A) (a)		3,930,000		4,111,762
Microsoft Corp. 3.300%, 02/06/27		13,250,000		13,719,090
Workday, Inc. 0.250%, 10/01/22 (144A)		5,560,000		5,528,725
				25,687,381
Telecommunications—3.1%
AT&T, Inc. 4.900%, 08/14/37		6,420,000		6,488,346
5.150%, 02/14/50		40,000		40,195
British Telecommunications plc 9.125%, 12/15/30		4,915,000		7,438,441
CommScope Technologies LLC 5.000%, 03/15/27 (144A) (a)		2,510,000		2,516,275
Telecommunications—(Continued)
CommScope, Inc. 5.500%, 06/15/24 (144A) (a)		2,200,000		2,301,750
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		14,317,000		14,023,981
Frontier Communications Corp. 11.000%, 09/15/25 (a)		5,757,000		4,879,057
Intelsat Jackson Holdings S.A. 7.250%, 10/15/20 (a)		9,120,000		8,778,000
Sprint Capital Corp. 8.750%, 03/15/32		3,940,000		5,038,275
Sprint Communications, Inc. 11.500%, 11/15/21		3,483,000		4,427,102
Sprint Corp. 7.875%, 09/15/23 (a)		8,920,000		10,347,200
T-Mobile USA, Inc. 6.500%, 01/15/24 (a)		803,000		855,597
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A) (a)		12,240,000		13,311,000
Telefonica Europe B.V. 6.750%, 5Y GBP Swap + 4.458%, 11/26/20 (GBP) (c)		2,400,000		3,561,718
Verizon Communications, Inc. 2.625%, 08/15/26 (a)		820,000		770,042
3.850%, 11/01/42		5,210,000		4,614,705
4.125%, 03/16/27 (a)		2,230,000		2,326,812
5.250%, 03/16/37		660,000		723,780
West Corp. 5.375%, 07/15/22 (144A)		11,454,000		11,568,540
Windstream Services LLC 7.750%, 10/15/20 (a)		7,765,000		6,212,000
				110,222,816
Textiles—0.1%
Cintas Corp. No. 2 3.700%, 04/01/27		2,870,000		2,997,500
Transportation—0.7%
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc. 8.125%, 11/15/21 (144A) (a)		4,670,000		3,864,425
Neovia Logistics Services LLC / SPL Logistics Finance Corp. 8.875%, 08/01/20 (144A)		4,140,000		3,477,600
XPO CNW, Inc. 6.700%, 05/01/34 (a)		16,196,000		15,669,630
XPO Logistics, Inc. 6.125%, 09/01/23 (144A) (a)		1,610,000		1,680,438
				24,692,093
Trucking & Leasing—0.8%
DAE Funding LLC 4.500%, 08/01/22 (144A)		4,041,000		4,141,520
5.000%, 08/01/24 (144A)		3,510,000		3,597,750

BHFTII-287

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Trucking & Leasing—(Continued)
Park Aerospace Holdings, Ltd. 4.500%, 03/15/23 (144A)		3,800,000	$	3,794,718
5.250%, 08/15/22 (144A)		6,600,000		6,864,000
5.500%, 02/15/24 (144A) (a)		9,760,000		10,248,000
				28,645,988
Water—0.1%
Anglian Water Osprey Financing plc 5.000%, 04/30/23 (GBP)		2,650,000		3,836,651
Total Corporate Bonds & Notes (Cost $1,838,241,555)				1,916,216,393
Mortgage-Backed Securities—12.1%
Collateralized Mortgage Obligations—5.2%
American Home Mortgage Assets Trust 1.427%, 1M USD LIBOR + 0.190%, 12/25/46 (c)		3,041,693		2,528,033
American Home Mortgage Investment Trust 1.817%, 1M USD LIBOR + 0.580%, 11/25/45 (c)		564,846		555,092
Banc of America Funding Corp. 1.364%, 02/27/37 (144A) (c)		15,575,115		10,264,854
Banc of America Funding Trust 1.406%, 1M USD LIBOR + 0.170%, 05/20/36 (c)		167,721		165,120
1.628%, 1M USD LIBOR + 0.165%, 09/29/36 (144A) (c)		40,806,473		25,175,807
1.641%, 03/27/36 (144A) (c)		6,110,814		4,342,989
13.223%, 01/27/30 (144A) (c)		13,250,042		6,308,716
Banc of America Mortgage Trust 3.596%, 09/25/35 (c)		88,759		87,068
BCAP LLC Trust 2.631%, 10/28/36 (144A) (c)		2,654,913		2,580,690
3.666%, 05/26/47 (144A) (c)		7,735,365		7,774,746
Bear Stearns ALT-A Trust 3.475%, 08/25/34 (c)		6,906,766		7,103,491
Bear Stearns Asset-Backed Securities Trust 28.222%, -1 x 1M USD LIBOR + 33.583%, 07/25/36 (c)		516,481		812,830
Citigroup Mortgage Loan Trust, Inc. 3.580%, 12/25/35 (c)		1,592,051		1,402,819
Countrywide Alternative Loan Trust 1.466%, 1M USD LIBOR + 0.230%, 07/20/35 (c)		1,551,637		1,515,958
1.877%, 1M USD LIBOR + 0.640%, 07/25/35 (c)		1,300,000		1,233,757
5.750%, 01/25/37		2,780,794		2,301,935
6.000%, 01/25/37		2,936,987		2,727,876
14.218%, -1 x 1M USD LIBOR + 16.940%, 06/25/35 (c)		1,969,113		2,407,191
19.088%, -1 x 1M USD LIBOR + 22.800%, 02/25/36 (c)		1,797,159		2,007,880
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust 23.651%, -1 x 1M USD LIBOR + 28.600%, 07/25/36 (c)		3,067,460		4,648,953
31.577%, -1 x 1M USD LIBOR+ 39.000%, 08/25/37 (c)		1,556,613		2,507,513
Countrywide Alternative Loan Trust Resecuritization 6.000%, 08/25/37 (c)		3,680,027		2,810,713
Countrywide Home Loan Reperforming Loan REMIC Trust 1.597%, 1M USD LIBOR + 0.360%, 03/25/35 (144A) (c)		588,431		525,398
4.991%, 03/25/35 (144A) (c) (d) (j)		7,157,120		763,481
Credit Suisse Mortgage Trust 1.434%, 1M USD LIBOR + 0.200%, 06/27/46 (144A) (c)		2,407,124		2,377,451
23.720%, -1 x 1M USD LIBOR + 30.525%, 02/25/36 (c)		1,689,770		2,341,078
DSLA Mortgage Loan Trust 1.447%, -1 x 1M USD LIBOR + 0.210%, 03/19/45 (c)		134,897		126,276
GreenPoint MTA Trust 1.677%, 1M USD LIBOR + 0.440%, 06/25/45 (c)		1,531,255		1,432,427
GSMPS Mortgage Loan Trust 1.637%, 1M USD LIBOR + 0.400%, 04/25/36 (144A) (c)		843,566		734,775
HarborView Mortgage Loan Trust 2.037%, 1M USD LIBOR + 0.800%, 11/19/34 (c)		1,761,417		1,678,196
2.237%, 1M USD LIBOR + 1.000%, 10/25/37 (c)		1,698,249		1,677,300
Impac Secured Assets Corp. 1.557%, 1M USD LIBOR + 0.320%, 03/25/36 (c)		895,511		716,592
IndyMac INDX Mortgage Loan Trust 1.957%, 1M USD LIBOR + 0.720%, 01/25/35 (c)		1,100,772		905,259
3.324%, 03/25/35 (c)		462,910		454,692
3.520%, 05/25/37 (c)		3,730,639		3,272,514
JPMorgan Mortgage Trust 2.500%, 03/25/43 (144A) (c)		12,867		12,858
6.500%, 01/25/36		114,065		97,857
JPMorgan Resecuritization Trust 1.444%, -1 x 1M USD LIBOR + 0.210%, 07/27/46 (144A) (c)		3,651,960		3,626,230
Lehman Mortgage Trust 5.393%, 1M USD LIBOR + 6.630%, 02/25/37 (c) (i) (j)		9,093,650		2,499,893
Lehman XS Trust 1.397%, 1M LIBOR + 0.160%, 03/25/47 (c)		2,582,178		2,498,278
1.437%, 1M USD LIBOR + 0.200%, 08/25/46 (c)		2,653,103		2,301,483

BHFTII-288

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
MASTR Adjustable Rate Mortgages Trust 3.395%, 11/25/35 (144A) (c)		58,678	$	49,528
MASTR Seasoned Securitization Trust 3.603%, 10/25/32 (c)		148,198		145,529
Merrill Lynch Mortgage Investors Trust 3.546%, 08/25/33 (c)		832,133		775,490
3.803%, 05/25/34 (c)		70,193		70,122
Morgan Stanley Mortgage Loan Trust 1.557%, 1M USD LIBOR + 0.320%, 01/25/35 (c)		819,343		760,485
New Residential Mortgage Loan Trust 4.250%, 09/25/56 (144A) (c)		8,049,119		8,222,080
Nomura Resecuritization Trust 1.494%, 1M USD LIBOR + 0.260%, 02/26/46 (144A) (c)		4,868,000		4,580,367
NovaStar Mortgage Funding Trust 1.424%, 1M LIBOR + 0.380%, 09/25/46 (c)		937,445
				829,249
Prime Mortgage Trust 5.500%, 05/25/35 (144A)		739,588		741,453
6.000%, 05/25/35 (144A)		2,588,660		2,518,400
RBSGC Mortgage Loan Trust 1.687%, 1M USD LIBOR + 0.450%, 01/25/37 (c)		761,894		523,570
Residential Accredit Loans, Inc. Trust 1.447%, 1M USD LIBOR + 0.210%, 04/25/46 (c)		1,675,839		947,479
1.497%, 1M USD LIBOR + 0.260%, 04/25/46 (c)		869,533		501,632
2.281%, 11/25/37 (c)		4,557,265		3,939,987
Residential Asset Securitization Trust 5.313%, -1 x 1M USD LIBOR + 6.550%, 12/25/36 (c) (i) (j)		13,961,215		3,519,227
5.750%, 02/25/36		2,228,720		2,226,905
Sequoia Mortgage Trust 2.079%, 6M. USD LIBOR + 0.680%, 06/20/33 (c)		138,014		137,359
3.714%, 07/25/45 (144A) (c)		10,410		9,778
Structured Adjustable Rate Mortgage Loan Trust 2.737%, 1M USD LIBOR + 1.500%, 09/25/37 (c)		4,894,432		4,455,314
3.320%, 01/25/35 (c)		577,876		569,903
3.679%, 09/25/35 (c)		805,495		656,497
3.921%, 03/25/34 (c)		117,320		115,841
Structured Asset Mortgage Investments Trust 1.447%, 1M USD LIBOR + 0.210%, 05/25/46 (c)		250,216		206,824
1.517%, 1M USD LIBOR + 0.280%, 02/25/36 (c)		4,283,903		4,062,058
Structured Asset Securities Corp. Trust 1.587%, 1M USD LIBOR + 0.350%, 03/25/35 (c)		1,685,624		1,403,818
Collateralized Mortgage Obligations—(Continued)
WaMu Mortgage Pass-Through Certificates Trust 1.507%, 1M USD LIBOR + 0.270%, 12/25/45 (c)		701,406		681,896
1.717%, 1M USD LIBOR + 0.480%, 12/25/45 (c)		16,054,193		12,986,931
1.957%, COF + 1.250%, 03/25/47 (c)		2,547,411		2,213,289
2.986%, 09/25/36 (c)		849,831		765,435
3.204%, 08/25/33 (c)		1,730,913		1,696,436
3.288%, 10/25/34 (c)		804,021		805,993
5.443%, -1 x 1M USD LIBOR + 6.680%, 04/25/37 (c) (i) (j)		12,712,567		3,346,675
Wells Fargo Mortgage-Backed Securities Trust 3.369%, 06/25/35 (c)		54,197		55,379
3.410%, 04/25/36 (c)		86,010		86,852
3.450%, 10/25/35 (c)		55,581		55,833
				183,969,683
Commercial Mortgage-Backed Securities—6.9%
BAMLL Re-REMIC Trust 5.950%, 08/10/45 (144A) (c)		11,727,532		10,206,471
Banc of America Commercial Mortgage Trust 5.754%, 04/10/49 (c)		2,184,758		2,030,875
Bayview Commercial Asset Trust Zero Coupon, 07/25/37 (144A) (d) (j)		3,427,395		0
Bear Stearns Commercial Mortgage Securities Trust 6.596%, 06/11/50 (c)		7,668,500		7,678,809
CGBAM Commercial Mortgage Trust 8.634%, 1M LIBOR + 7.400%, 11/15/21 (144A) (c)		17,780,000		17,279,902
Citigroup Commercial Mortgage Trust 3.110%, 04/10/48 (144A)		1,400,000		1,023,321
3.208%, 07/10/47 (144A) (c)		4,398,000		2,832,084
4.171%, 1M LIBOR + 2.944%, 09/15/27 (144A) (c)		7,250,000		7,128,880
6.427%, 12/10/49 (c)		9,063,000		5,301,855
Commercial Mortgage Trust 3.000%, 12/10/47 (144A)		2,230,000		1,464,247
4.427%, 03/10/46 (144A) (c)		2,710,000		1,680,236
4.589%, 07/10/50 (c)		1,726,000		1,306,118
4.699%, 08/10/48 (144A) (c)		5,800,000		3,387,644
Credit Suisse Commercial Mortgage Trust 5.373%, 12/15/39		857,851		731,318
6.454%, 06/15/38 (c)		1,694,609		875,147
Credit Suisse Mortgage Capital Certificates 8.854%, 1M LIBOR + 7.620%, 07/15/32 (144A) (c)		26,600,000		26,468,436
Credit Suisse Mortgage Capital LLC 4.373%, 09/15/37 (144A)		7,620,000		6,791,074

BHFTII-289

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
DBUBS Mortgage Trust 3.750%, 08/10/44 (144A)		5,180,000	$	2,862,572
GE Business Loan Trust 1.654%, 1M LIBOR + 0.420%, 05/15/34 (144A) (c)		608,826		562,954
GE Commercial Mortgage Corp. Trust 5.677%, 12/10/49 (c)		240,000		128,542
GMAC Commercial Mortgage Securities, Inc. 5.349%, 11/10/45 (c)		1,043,172		892,727
GS Mortgage Securities Trust 4.124%, 10/10/49 (c)		3,800,000		3,841,468
4.660%, 11/10/47 (144A) (c)		12,060,000		10,361,578
4.681%, 05/10/49 (c)		5,755,000		6,096,444
4.801%, 06/10/47 (c)		5,993,000		6,158,153
5.622%, 11/10/39		1,936,631		1,820,647
JPMorgan Chase Commercial Mortgage Securities Trust 3.598%, 12/15/49 (c)		6,090,000		5,816,588
3.958%, 04/15/46 (c)		3,750,000		3,739,817
4.527%, 1M LIBOR + 3.550%, 08/15/27 (144A) (c)		460,000		459,999
5.386%, 05/15/47 (c)		2,280,000		1,152,701
5.411%, 05/15/47		2,120,000		1,490,188
JPMorgan Chase Commercial Mortgage Securities Trust 5.502%, 06/12/47 (c)		6,170,000		5,090,250
5.503%, 01/15/49 (c)		8,780,000		2,501,741
5.623%, 05/12/45		589,617		500,997
6.154%, 02/15/51 (c)		628,348		610,000
7.459%, 1M LIBOR + 6.224%, 10/15/19 (144A) (c)		9,900,000		9,931,375
LB-UBS Commercial Mortgage Trust 6.389%, 09/15/45 (c)		1,100,000		985,375
Lone Star Portfolio Trust 8.134%, 1M LIBOR + 6.900%, 09/15/28 (144A) (c)		5,545,947		5,635,564
8.452%, 1M LIBOR + 7.217%, 09/15/20 (144A) (c)		4,782,697		4,755,099
ML-CFC Commercial Mortgage Trust 5.450%, 08/12/48 (144A) (c)		81,760		67,877
5.450%, 08/12/48 (c)		714,579		593,248
6.193%, 09/12/49 (c)		2,563,000		2,217,870
6.222%, 09/12/49 (c)		1,498,685		1,296,859
Morgan Stanley Bank of America Merrill Lynch Trust 4.439%, 12/15/49 (c)		4,870,000		4,948,219
4.679%, 10/15/48 (144A) (c)		9,534,000		6,272,030
Morgan Stanley Capital Trust 4.289%, 12/15/49 (c)		12,593,000		12,117,090
5.399%, 12/15/43		2,662,876		2,147,993
Multifamily Trust 8.988%, 04/25/46 (144A) (c)		13,145,689		14,212,961
UBS-Barclays Commercial Mortgage Trust 5.000%, 05/10/63 (144A) (c)		4,530,000		2,547,086
Commercial Mortgage-Backed Securities—(Continued)
Waterfall Commercial Mortgage Trust 4.104%, 09/14/22 (144A) (c)		2,329,574		2,327,529
Wells Fargo Commercial Mortgage Trust 4.458%, 08/15/50		6,613,000		6,620,536
4.644%, 12/15/49 (c)		6,251,000		6,455,358
WF-RBS Commercial Mortgage Trust 3.016%, 11/15/47 (144A)		4,441,004		1,898,739
3.250%, 06/15/46 (144A)		8,240,000		6,020,920
				241,325,511
Total Mortgage-Backed Securities (Cost $420,250,111)				425,295,194
U.S. Treasury & Government Agencies—9.1%
Agency Sponsored Mortgage - Backed—8.4%
Fannie Mae 15 Yr. Pool 2.500%, TBA (k)		15,000,000		15,084,502
3.000%, TBA (k)		15,000,000		15,412,500
4.000%, 07/01/18		12,718		13,150
4.000%, 08/01/18		17,777		18,381
4.000%, 03/01/19		22,672		23,443
5.000%, 12/01/21		12,756		13,228
Fannie Mae 20 Yr. Pool 8.500%, 08/01/19		6,129		6,258
Fannie Mae 30 Yr. Pool 3.000%, TBA (k)		18,800,000		18,861,687
3.500%, TBA (k)		20,500,000		21,133,417
4.000%, 04/01/47		3,017,343		3,195,540
4.000%, 05/01/47		1,276,904		1,352,235
4.000%, 08/01/47		14,237,626		14,997,779
4.500%, 05/01/39		1,888,437		2,061,552
4.500%, 08/01/40		5,054,102		5,470,791
4.500%, 05/01/41		3,483,547		3,771,635
4.500%, 11/01/43		2,563,636		2,752,670
5.000%, 01/01/39		333,558		367,543
5.000%, 06/01/40		189,472		206,984
5.000%, 07/01/40		134,243		146,636
6.000%, 07/01/38		21,231		23,923
6.500%, 08/01/31		303		336
6.500%, 12/01/36		1,251		1,438
6.500%, 06/01/37		16,236		17,992
6.500%, 10/01/37		19,429		21,883
7.000%, 05/01/26		1,273		1,346
7.000%, 07/01/30		265		271
7.000%, 01/01/31		272		293
7.000%, 07/01/31		1,240		1,312
7.000%, 09/01/31		2,918		3,202
7.000%, 10/01/31		2,735		3,061
7.000%, 11/01/31		22,682		24,255
7.000%, 01/01/32		5,708		5,843
7.000%, 02/01/32		4,350		4,489
7.500%, 12/01/29		468		476
7.500%, 01/01/30		493		584
7.500%, 02/01/30		327		331

BHFTII-290

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 7.500%, 06/01/30		366	$	367
7.500%, 08/01/30		84		86
7.500%, 09/01/30		561		632
7.500%, 10/01/30		85		95
7.500%, 11/01/30		10,033		10,576
7.500%, 02/01/31		3,367		3,442
8.000%, 08/01/27		1,027		1,137
8.000%, 07/01/30		551		652
8.000%, 09/01/30		397		418
Fannie Mae Connecticut Avenue Securities (CMO) 4.237%, 1M USD LIBOR + 3.000%, 10/25/29 (c)		19,060,000		19,637,278
6.487%, 1M USD LIBOR + 5.250%, 10/25/23 (c)		2,780,000		3,201,400
Fannie Mae REMICS (CMO) 1.587%, 1M LIBOR + 0.350%, 05/25/34 (c)		122,930		123,054
4.500%, 06/25/29		257,584		274,019
9.750%, 11/25/18		37,507		38,539
9.750%, 08/25/19		11,366		11,659
Freddie Mac 30 Yr. Gold Pool 3.000%, 11/01/42		2,275,709		2,296,642
3.000%, TBA (k)		20,000,000		20,072,656
3.500%, TBA (k)		16,000,000		16,501,882
4.000%, 07/01/47		7,776,380		8,190,421
4.000%, TBA (k)		11,100,000		11,687,086
6.000%, 12/01/36		18,006		20,422
6.000%, 02/01/37		20,901		23,584
7.000%, 03/01/39		131,532		148,746
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.375%, 08/25/42 (c) (j)		70,400,000		3,854,858
Freddie Mac REMICS (CMO) 1,156.500%, 06/15/21 (j)		4		31
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO) 4.687%, 1M USD LIBOR + 3.450%, 10/25/29 (c)		4,620,000		4,884,985
5.684%, 03/25/30 (c)		8,840,000		8,901,465
5.737%, 1M USD LIBOR + 4.500%, 02/25/24 (c)		2,210,000		2,538,471
5.887%, 1M USD LIBOR + 4.650%, 10/25/28 (c)		10,950,000		12,276,179
5.987%, 1M USD LIBOR + 4.750%, 10/25/24 (c)		5,925,000		6,554,885
6.387%, 1M USD LIBOR + 5.150%, 10/25/29 (c)		10,500,000		11,104,341
Ginnie Mae I 30 Yr. Pool 5.000%, 04/15/35		10,779		12,030
5.500%, 01/15/34		52,521		59,190
5.500%, 04/15/34		16,822		19,031
5.500%, 07/15/34		94,756		106,882
5.500%, 10/15/34		54,808		61,064
5.750%, 10/15/38		98,311		110,868
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 6.000%, 02/15/33		1,680		1,909
6.000%, 03/15/33		5,275		5,977
6.000%, 06/15/33		4,719		5,421
6.000%, 07/15/33		7,658		8,797
6.000%, 09/15/33		6,483		7,307
6.000%, 10/15/33		3,065		3,491
6.000%, 08/15/34		21,833		24,610
6.500%, 03/15/29		2,660		2,936
6.500%, 02/15/32		932		1,082
6.500%, 03/15/32		980		1,144
6.500%, 11/15/32		4,186		4,722
7.000%, 03/15/31		192		202
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (k)		18,500,000		18,757,265
3.500%, 03/20/45		299,639		311,927
3.500%, 03/20/46		504,322		528,895
3.500%, TBA (k)		25,000,000		25,984,375
4.000%, 03/20/47		9,587,146		10,121,425
5.000%, 08/20/34		61,549		67,264
5.500%, 03/20/34		8,135		9,293
6.000%, 05/20/32		11,121		12,638
6.000%, 11/20/33		13,388		15,297
Ginnie Mae II ARM Pool 2.660%, 1Y CMT + 0.000%, 01/20/60 (c)		657,111		675,614
3.032%, 1Y CMT + 0.000%, 05/20/60 (c)		649,655		671,237
Government National Mortgage Association (CMO) 0.510%, 03/16/47 (c) (j)		7,356,435		138,783
0.769%, 04/16/52 (c) (j)		13,236,527		303,146
3.000%, 04/20/41		653,172		663,519
				296,058,315
Federal Agencies—0.1%
Tennessee Valley Authority 5.980%, 04/01/36		1,760,000		2,442,957
U.S. Treasury—0.6%
U.S. Treasury Floating Rate Notes 1.221%, 3M USTBMM + 0.168%, 10/31/17 (c)		10,000,000		10,001,342
1.325%, 3M USTBMM + 0.272%, 01/31/18 (a) (c)		10,000,000		10,009,324
U.S. Treasury Notes 1.875%, 04/30/22 (a)		420,000		419,623
				20,430,289
Total U.S. Treasury & Government Agencies (Cost $316,902,022)				318,931,561

BHFTII-291

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Foreign Government—8.3%

Security Description	Principal Amount*		Value
Regional Government—0.6%
Japan Finance Organization for Municipalities 4.000%, 01/13/21		1,900,000	$	1,994,832
Provincia de Buenos Aires 6.500%, 02/15/23 (144A) (l)		18,940,000		19,965,791
				21,960,623
Sovereign—7.7%
Argentina POM Politica Monetaria 26.250%, 06/21/20 (ARS) (c)		438,640,000		26,973,155
Argentine Bonos del Tesoro 18.200%, 10/03/21 (ARS)		328,390,000		19,709,850
22.750%, 03/05/18 (ARS)		104,350,000		6,103,309
Argentine Republic Government International Bonds 5.625%, 01/26/22		2,570,000		2,698,500
6.875%, 04/22/21		2,150,000		2,343,500
7.500%, 04/22/26 (a)		17,550,000		19,726,200
7.625%, 04/22/46 (a)		1,170,000		1,298,700
Bahamas Government International Bonds 5.750%, 01/16/24 (144A)		1,500,000		1,567,500
Bermuda Government International Bonds 4.138%, 01/03/23 (144A)		2,000,000		2,105,000
Brazil Notas do Tesouro Nacional 10.000%, 01/01/21 (BRL)		51,146,000		17,152,396
Brazilian Government International Bonds 6.000%, 04/07/26		15,640,000		17,360,400
Ecuador Government International Bonds 10.750%, 03/28/22 (144A)		8,450,000		9,442,875
Egypt Government International Bonds 6.125%, 01/31/22		8,380,000		8,672,378
Ghana Government International Bonds 8.125%, 01/18/26 (l)		4,200,000		4,463,844
Guatemala Government Bonds 4.375%, 06/05/27 (144A)		5,970,000		5,910,300
Honduras Government International Bonds 6.250%, 01/19/27		4,140,000		4,451,908
Indonesia Government International Bonds 5.125%, 01/15/45		3,000,000		3,314,787
5.250%, 01/17/42		15,090,000		16,828,247
Indonesia Treasury Bonds 7.000%, 05/15/27 (IDR)		162,762,000,000		12,549,435
8.375%, 09/15/26 (IDR)		66,608,000,000		5,568,387
Mexican Bonos 7.500%, 06/03/27 (MXN)		149,000,000		8,540,294
8.000%, 11/07/47 (MXN)		284,020,000		17,018,116
Mexico Government International Bonds 4.125%, 01/21/26 (a)		8,170,000		8,607,095
4.750%, 03/08/44		10,710,000		11,036,655
Russian Federal Bonds - OFZ 7.050%, 01/19/28 (RUB) (a)		1,209,625,000		20,400,002
Senegal Government International Bonds 6.250%, 05/23/33 (144A) (l)		8,720,000		8,966,689
Sovereign—(Continued)
Uruguay Government International Bonds 8.500%, 03/15/28 (144A) (UYU)		69,700,000		2,479,911
9.875%, 06/20/22 (144A) (UYU)		166,730,000		6,201,034
				271,490,467
Total Foreign Government (Cost $286,518,147)				293,451,090
Floating Rate Loans (m)—8.3%
Air Freight & Logistics—0.1%
XPO Logistics, Inc. Term Loan B, 3.554%, 3M LIBOR + 2.250%, 11/01/21		3,316,484		3,328,672
Airlines—0.1%
Air Canada Term Loan B, 3.568%, 3M LIBOR + 2.250%, 10/06/23		3,081,208		3,103,676
Building Materials—0.1%
Quikrete Holdings, Inc. 1st Lien Term Loan, 3.985%, 1M LIBOR + 2.750%, 11/15/23		3,072,780		3,072,780
Coal—0.1%
Murray Energy Corp. Term Loan B2, 8.583%, 3M LIBOR + 7.250%, 04/16/20		3,441,664		3,163,282
Commercial Services—0.9%
Acosta Holdco, Inc. Term Loan, 4.485%, 1M LIBOR + 3.250%, 09/26/21		7,870,356		7,019,318
Albany Molecular Research, Inc. 1st Lien Term Loan, 4.583%, 3M LIBOR + 3.250%, 08/30/24		7,220,000		7,254,974
Jaguar Holding Co. II Term Loan, 4.037%, 3M LIBOR + 2.750%, 08/18/22		8,209,197		8,259,569
Prime Security Services Borrower LLC 1st Lien Term Loan, 3.985%, 1M LIBOR + 2.750%, 05/02/22		8,248,602		8,322,707
				30,856,568
Distributors—0.2%
American Builders & Contractors Supply Co., Inc. Term Loan B, 3.735%, 1M LIBOR + 2.500%, 10/31/23		8,074,425		8,116,057
Electric—0.3%
Energy Future Intermediate Holding Co. LLC Term Loan, 4.235%, 1M LIBOR + 3.000%, 06/30/18		8,950,000		9,002,205

BHFTII-292

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Floating Rate Loans (m)—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—0.0%
Panda Temple Power LLC Term Loan B, 03/04/22 (i)		2,190,000	$	1,543,950
Entertainment—0.4%
Lions Gate Entertainment Corp. 1st Lien Term Loan, 4.235%, 1M LIBOR + 3.000%, 12/08/23		4,039,938		4,071,227
Scientific Games International, Inc. Term Loan B4, 4.514%, 2M LIBOR + 3.250%, 08/14/24		8,870,000		8,896,335
				12,967,562
Food—0.2%
Albertson’s LLC Term Loan B6, 4.317%, 3M LIBOR + 3.000%, 06/22/23		6,887,433		6,631,613
Healthcare-Services—0.5%
DaVita HealthCare Partners, Inc. Term Loan B, 3.985%, 1M LIBOR + 2.750%, 06/24/21		3,375,115		3,401,320
MPH Acquisition Holdings LLC Term Loan B, 4.333%, 3M LIBOR + 3.000%, 06/07/23		8,158,336		8,226,319
RadNet, Inc. Term Loan, 5.060%, 3M LIBOR + 3.750%, 06/30/23		5,280,519		5,320,123
				16,947,762
Hotels, Restaurants & Leisure—0.1%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 3.523%, 1M LIBOR + 2.250%, 02/16/24		3,115,676		3,116,000
Insurance—0.4%
RPI Finance Trust Term Loan B6, 3.333%, 3M LIBOR + 2.000%, 03/27/23		6,538,928		6,566,627
UFC Holdings LLC 1st Lien Term Loan, 4.490%, 1M LIBOR + 3.250%, 08/18/23		8,405,100		8,449,756
				15,016,383
Internet—0.2%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 4.490%, 1M LIBOR + 3.250%, 10/19/23		7,959,600		8,012,667
Lodging—0.5%
Boyd Gaming Corp. Term Loan B3, 3.694%, 1 Week LIBOR + 2.500%, 09/15/23		4,473,098		4,491,116
Hilton Worldwide Finance LLC Term Loan B2, 3.237%, 1M LIBOR + 2.000%, 10/25/23		2,270,358		2,281,946
Lodging—(Continued)
MGM Growth Properties Operating Partnership L.P. Term Loan B, 3.485%, 1M LIBOR + 2.250%, 04/25/23		6,842,260		6,870,361
Station Casinos LLC Term Loan B, 3.740%, 1M LIBOR + 2.500%, 06/08/23		3,433,457		3,440,850
				17,084,273
Machinery—0.1%
Zebra Technologies Corp. Term Loan B, 3.314%, 3M LIBOR + 2.000%, 10/27/21		3,345,969		3,356,017
Media—0.5%
CBS Radio, Inc. Term Loan B, 4.737%, 1M LIBOR + 3.500%, 10/17/23		3,062,727		3,088,570
Charter Communications Operating LLC Term Loan I Add, 3.490%, 1M LIBOR + 2.250%, 01/15/24		4,512,732		4,536,234
Numericable U.S. LLC Term Loan B10, 4.561%, 3M LIBOR + 3.250%, 01/14/25		6,630,893		6,660,420
Univision Communications, Inc. Term Loan C5, 3.985%, 1M LIBOR + 2.750%, 03/15/24		3,472,468		3,445,636
				17,730,860
Oil & Gas—0.0%
Hercules Offshore LLC Term Loan, 05/06/20 (i)		1,299,787		1,007,335
Packaging & Containers—0.7%
Berry Plastics Group, Inc. Term Loan M, 3.485%, 1M LIBOR + 2.250%, 10/01/22		7,341,880		7,362,144
BWAY Holding Co. Term Loan B, 4.481%, 1M LIBOR + 3.250%, 04/03/24		6,483,750		6,504,012
Flex Acquisition Co., Inc. 1st Lien Term Loan, 4.299%, 3M LIBOR + 3.000%, 12/29/23		3,088,260		3,092,892
Reynolds Group Holdings, Inc. Term Loan, 3.985%, 1M LIBOR + 2.750%, 02/05/23		8,033,885		8,075,581
				25,034,629
Pharmaceuticals—0.3%
Catalent Pharma Solutions, Inc. Term Loan B, 3.985%, 1M LIBOR + 2.750%, 05/20/21		1,952,228		1,969,136
Change Healthcare Holdings, Inc. Term Loan B, 3.985%, 1M LIBOR + 2.750%, 03/01/24		7,064,500		7,088,343
				9,057,479

BHFTII-293

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Floating Rate Loans (m)—(Continued)

Security Description	Principal Amount*		Value
Professional Services—0.1%
Trans Union LLC Term Loan B3, 3.235%, 1M LIBOR + 2.000%, 04/10/23		3,964,315	$	3,962,583
Real Estate—0.2%
Communications Sales & Leasing, Inc. Term Loan B, 4.235%, 1M LIBOR + 3.000%, 10/24/22		8,207,255		7,601,921
Retail—1.2%
Academy, Ltd. Term Loan B, 5.274%, 1M LIBOR + 4.000%, 07/01/22		9,805,868		6,692,505
Bass Pro Group LLC Term Loan B, 6.235%, 1M LIBOR + 5.000%, 12/16/23		7,545,000		7,130,025
CWGS Group LLC Term Loan, 4.981%, 1M LIBOR + 3.750%, 11/08/23		1,320,025		1,328,440
Leslie’s Poolmart, Inc. Term Loan, 5.061%, 3M LIBOR + 3.750%, 08/16/23		3,118,500		3,128,489
Michaels Stores, Inc. Term Loan B1, 3.985%, 1M LIBOR + 2.750%, 01/30/23		4,500,084		4,497,973
Party City Holdings, Inc. Term Loan, 4.321%, 3M LIBOR + 3.000%, 08/19/22		4,299,075		4,314,861
Petco Animal Supplies, Inc. Term Loan B, 4.311%, 3M LIBOR + 3.000%, 01/26/23		5,011,596		4,159,625
PetSmart, Inc. Term Loan B2, 4.240%, 1M LIBOR + 3.000%, 03/11/22		14,417,242		12,275,258
				43,527,176
Software—0.3%
First Data Corp. Term Loan, 3.737%, 1M LIBOR + 2.500%, 04/26/24		5,216,603		5,237,647
MA FinanceCo. LLC Term Loan B3, 3.987%, 1M LIBOR + 2.750%, 06/21/24		470,771		471,485
Seattle Spinco, Inc. Term Loan B3, 3.987%, 1M LIBOR + 2.750%, 06/21/24		3,179,229		3,184,056
				8,893,188
Telecommunications—0.7%
CenturyLink, Inc. Term Loan B, 2.750%, 01/31/25		7,670,000		7,446,749
Level 3 Financing, Inc. Term Loan B, 3.486%, 1M LIBOR + 2.250%, 02/22/24		6,960,000		6,966,215
UPC Financing Partnership Term Loan AP, 3.984%, 1M LIBOR + 2.750%, 04/15/25		4,570,000		4,591,625
Telecommunications—(Continued)
Virgin Media Bristol LLC Term Loan I, 3.984%, 1M LIBOR + 2.750%, 01/31/25		2,865,395		2,879,499
Windstream Services LLC Term Loan B6, 5.240%, 1M LIBOR + 4.000%, 03/29/21		4,490,180		4,018,711
				25,902,799
Transportation—0.0%
Commercial Barge Line Co. 1st Lien Term Loan, 9.985%, 1M LIBOR + 8.750%, 11/12/20		1,922,078		1,534,299
Trucking & Leasing—0.1%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. Term Loan B2, 3.986%, 1M LIBOR + 2.750%, 04/03/22		2,493,750		2,501,543
Total Floating Rate Loans (Cost $299,622,957)				292,073,279
Asset-Backed Securities—6.0%
Asset-Backed - Home Equity—0.9%
Asset-Backed Securities Corp. Home Equity Loan Trust 4.084%, 1M USD LIBOR + 2.850%, 04/15/33 (c)		2,048		2,044
Bear Stearns Asset-Backed Securities Trust 1.467%, 1M USD LIBOR + 0.230%, 11/25/36 (c)		12,758,000		9,874,982
1.977%, 1M USD LIBOR + 0.740%, 01/25/34 (c)		17,884		17,383
EMC Mortgage Loan Trust 1.684%, 1M LIBOR + 0.450%, 05/25/43 (144A) (c)		580,103		569,446
Structured Asset Securities Corp. Mortgage Loan Trust 1.457%, 1M USD LIBOR + 0.220%, 02/25/36 (144A) (c)		2,636,134		173,904
WaMu Asset-Backed Certificates Trust 1.407%, 1M USD LIBOR + 0.170%, 07/25/47 (c)		28,047,270		20,771,312
				31,409,071
Asset-Backed - Manufactured Housing—0.4%
Conseco Finance Corp. 7.030%, 07/15/28 (c)		6,930,150		6,893,856
Greenpoint Manufactured Housing 4.890%, 06/19/29 (c)		300,000		288,638
Manufactured Housing Contract Trust Pass-Through Certificates 4.724%, Auction Rate Security + 0.000%, 03/13/32 (c)		375,000		355,391
4.731%, Auction Rate Security + 0.000%, 02/20/32 (c)		250,000		236,395

BHFTII-294

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Manufactured Housing—(Continued)
Origen Manufactured Housing Contract Trust 3.037%, 04/15/37 (c)		1,337,080	$	1,232,903
3.047%, 10/15/37 (c)		1,487,208		1,383,559
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (c)		4,382,654		4,198,008
				14,588,750
Asset-Backed - Other—4.2%
AIMCO CLO 5.013%, 3M USD LIBOR + 3.680%, 07/20/29 (144A) (c)		6,750,000		6,849,623
Ammc CLO, Ltd. 7.114%, 3M USD LIBOR + 5.810%, 04/17/29 (144A) (c)		6,600,000		6,436,749
Amortizing Residential Collateral Trust 3.037%, 1M USD LIBOR + 1.800%, 08/25/32 (c)		28,312		26,285
Applebee’s Funding LLC / IHOP Funding LLC 4.277%, 09/05/44 (144A)		5,210,000		5,100,291
Ares CLO, Ltd. 7.864%, 3M USD LIBOR + 6.550%, 10/15/29 (144A) (c)		9,300,000		9,174,692
7.904%, 3M USD LIBOR + 6.600%, 10/15/27 (144A) (c)		5,500,000		5,527,566
Barings CLO, Ltd. 8.731%, 3M USD LIBOR + 7.450%, 07/18/29 (144A) (c)		4,600,000		4,143,087
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		1,855,472		1,470,112
Carlyle Global Market Strategies CLO, Ltd. 5.032%, 3M USD LIBOR + 3.700%, 07/20/31 (144A) (c)		9,500,000		9,511,362
Catskill Park CLO, Ltd. 7.085%, 3M USD LIBOR + 6.000%, 04/20/29 (144A) (c)		10,200,000		9,808,779
Countrywide Asset-Backed Certificates Trust 3.112%, 1M USD LIBOR + 1.875%, 06/25/34 (c)		136,962		129,832
Countrywide Revolving Home Equity Loan Resecuritization Trust 1.534%, 1M LIBOR + 0.300%, 12/15/33 (144A) (c)		183,444		167,121
Countrywide Revolving Home Equity Loan Trust 1.374%, 1M USD LIBOR + 0.140%, 07/15/36 (c)		357,627		312,650
Encore Credit Receivables Trust 2.272%, 1M USD LIBOR + 1.035%, 10/25/35 (c)		2,327,806		1,647,268
First Horizon Asset-Backed Trust 1.397%, 1M USD LIBOR + 0.160%, 10/25/34 (c)		18,467		18,120
Asset-Backed - Other—(Continued)
Goldentree Loan Opportunities, Ltd. 6.507%, 3M USD LIBOR + 5.200%, 07/20/27 (144A) (c)		2,150,000		2,126,647
GSAMP Trust 1.437%, 1M USD LIBOR + 0.200%, 01/25/36 (c)		98,278		14,037
HSI Asset Securitization Corp. Trust 1.657%, 1M USD LIBOR + 0.420%, 11/25/35 (c)		3,956,776		3,959,607
Long Beach Mortgage Loan Trust 1.757%, 1M USD LIBOR + 0.520%, 01/21/31 (c)		20,146		19,531
Madison Park Funding, Ltd. 1.000%, 10/21/30 (144A)		2,600,000		2,600,000
6.657%, 3M USD LIBOR + 5.350%, 10/21/26 (144A) (c)		3,250,000		3,247,852
MidOcean Credit CLO IV 5.204%, 3M USD LIBOR + 3.900%, 04/15/27 (144A) (c)		1,750,000		1,752,942
Midocean Credit CLO VII 5.199%, 3M USD LIBOR + 3.880%, 07/15/29 (144A) (c)		4,750,000		4,752,275
Northwoods Capital, Ltd. 7.255%, 3M USD LIBOR + 6.000%, 06/20/29 (144A) (c)		5,250,000		4,979,520
Oaktree CLO, Ltd. 6.907%, 3M USD LIBOR + 5.600%, 10/20/27 (144A) (c)		6,150,000		6,104,478
Ocean Trails CLO 9.054%, 3M USD LIBOR + 7.750%, 07/15/28 (144A) (c)		5,120,000		5,247,877
Park Place Securities, Inc. 1.867%, 1M USD LIBOR + 0.630%, 09/25/35 (c)		9,550,000		7,843,161
SACO I Trust 1.497%, 1M USD LIBOR + 0.260%, 06/25/36 (c)		291,869		646,527
1.577%, 1M USD LIBOR + 0.340%, 03/25/36 (c)		72,449		142,267
SBA Small Business Investment Cos. 2.845%, 03/10/27		10,554,820		10,702,509
SoFi Consumer Loan Program LLC 3.280%, 01/26/26 (144A)		4,570,217		4,630,983
Thayer Park CLO, Ltd. 7.188%, 3M USD LIBOR + 6.100%, 04/20/29 (144A) (c)		8,400,000		8,222,962
Treman Park CLO, Ltd. 5.167%, 3M USD LIBOR + 3.860%, 04/20/27 (144A) (c)		1,700,000		1,704,733
Venture CLO, Ltd. 5.357%, 3M USD LIBOR + 4.050%, 04/20/27 (144A) (c)		9,105,000		9,220,451
Voya CLO, Ltd. 6.613%, 3M USD LIBOR + 5.300%, 07/23/27 (144A) (c)		2,000,000		1,992,378

BHFTII-295

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Voya CLO, Ltd. 7.325%, 3M USD LIBOR + 6.020%, 06/07/30 (144A) (c)		8,000,000	$	7,750,312
				147,984,586
Asset-Backed - Student Loan—0.5%
DRB Prime Student Loan Trust 3.170%, 07/25/31 (144A)		3,172,527		3,221,800
National Collegiate Student Loan Trust 2.087%, 1M USD LIBOR + 0.850%, 03/25/38 (c)		7,963,643		5,442,628
Nelnet Student Loan Trust Zero Coupon, 28 day ARS + 0.000%, 03/22/32 (c)		6,200,000		5,841,975
SoFi Professional Loan Program LLC Zero Coupon, 08/25/36 (144A)		500		1,836,250
				16,342,653
Total Asset-Backed Securities (Cost $204,385,271)				210,325,060
Convertible Bonds—0.5%
Oil & Gas—0.4%
Chesapeake Energy Corp. 5.500%, 09/15/26		4,120,000		3,780,100
Whiting Petroleum Corp. 1.250%, 04/01/20 (a)		10,440,000		9,304,650
				13,084,750
Semiconductors—0.1%
ON Semiconductor Corp. 1.625%, 10/15/23 (a)		5,150,000		5,980,437
Total Convertible Bonds (Cost $18,422,942)				19,065,187
Convertible Preferred Stocks—0.4%
Banks—0.2%
Wells Fargo & Co., Series L 7.500%, 12/31/49		4,965		6,528,975
Oil, Gas & Consumable Fuels—0.2%
Sanchez Energy Corp. 4.875%, 12/31/49		51,400		918,775
6.500%, 12/31/49		376,605		7,257,178
				8,175,953
Total Convertible Preferred Stocks (Cost $21,540,627)				14,704,928
Municipals—0.2%
Security Description	Shares/ Principal Amount*		Value
Brazos Harbor Industrial Development Corp., Environmental Facilities, Dow Chemical Project., Revenue Bonds 5.900%, 05/01/38 (c)		1,505,000		1,546,749
Brazos River Harbor, TX Navigation District , Dow Chemical Co. Project, Revenue Bonds 5.950%, 05/15/33		3,360,000		3,530,890
Massachusetts State Development Finance Agency, Board Institute, Revenue Bonds 5.375%, 04/01/41		400,000		447,788
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.000%, 12/15/30		750,000		836,220
5.000%, 12/15/31		1,550,000		1,726,591
Virginia Housing Development Authority 6.000%, 06/25/34		730,156		780,741
Total Municipals (Cost $8,258,964)				8,868,979
Preferred Stocks—0.1%
Air Freight & Logistics—0.0%
CEVA Group plc - Series A2 (i)		864		307,700
Banks—0.1%
Citigroup Capital, 7.681%, 10/30/40 (c)		51,160		1,421,225
Marine—0.0%
Tricer Tracking Preferred Equity Certificates, 8.000% (g) (h) (i)		10,446,300		104,463
Oil & Gas—0.0%
Berry Petroleum Corp. (i)		82,628		950,222
Total Preferred Stocks (Cost $4,251,439)				2,783,610
Common Stocks—0.1%
Air Freight & Logistics—0.0%
CEVA Group plc (i) (n)		399		137,156
Diversified Consumer Services—0.0%
Ascent CNR Corp. - Class A (i) (n)		1,399,556		27,991
Household Durables—0.0%
Desarrolladora Homex S.A.B. de C.V. (n)		220,114		11,725
Marine—0.0%
Tricer Holdco SCA (g) (h) (i) (n)		23,504		70,042

BHFTII-296

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Media—0.0%
Cengage Learning, Inc. (n)		10,995	$	90,709
ION Media Networks, Inc. (n)		785		549,500
				640,209
Oil & Gas—0.1%
Berry Petroleum Corp. (i) (n)		74,879		748,790
Oil, Gas & Consumable Fuels—0.0%
Sanchez Energy Corp. (n)		68,135		328,410
Total Common Stocks (Cost $4,289,882)				1,964,323
Escrow Shares—0.0%
Energy Equipment & Services—0.0%
Hercules Offshore, Inc. (g) (h) (i)		10,611		2,992
Forest Products & Paper—0.0%
Sino-Forest Corp. (h)		1,246,000		0
Sino-Forest Corp. (h)		500,000		0
				0
Oil & Gas—0.0%
Berry Petroleum Co. LLC (g) (h) (i)		850,000		0
Berry Petroleum Co. LLC (g) (h) (i)		1,040,000		0
				0
Total Escrow Shares (Cost $476,679)				2,992
Short-Term Investments—3.0%
Repurchase Agreements—3.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $80,896,134 on 10/02/17, collateralized by $80,775,000 U.S. Government Agency Obligations with rates ranging from 1.125% - 7.875%, maturity dates ranging from 01/31/21 - 02/28/21, with a value of $82,515,670.		80,895,325		80,895,325
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $25,002,188 on 10/02/17, collateralized by $24,758,000 U.S. Treasury Bond 3.000% due 11/15/44 with a value of $25,505,575.		25,000,000		25,000,000
Total Short-Term Investments (Cost $105,895,325)				105,895,325
Securities Lending Reinvestments (o)—13.1%
Security Description	Principal Amount*		Value
Certificates of Deposit—8.4%
Banco Del Estado De Chile New York 1.457%, 1M LIBOR + 0.220%, 10/19/17 (c)		11,000,000		11,000,418
Bank of China, Ltd. 1.540%, 10/23/17		7,500,000		7,500,000
BNP Paribas New York 1.432%, 1M LIBOR + 0.200%, 05/04/18 (c)		5,000,000		5,000,590
1.434%, 1M LIBOR + 0.200%, 02/15/18 (c)		9,000,000		9,002,025
Branch Banking & Trust Co. 1.140%, 10/04/17		10,000,000		9,999,990
Canadian Imperial Bank 1.406%, 1M LIBOR + 0.170%, 04/13/18 (c)		10,000,000		10,000,540
1.647%, 1M LIBOR + 0.410%, 10/27/17 (c)		3,500,000		3,500,732
Chiba Bank, Ltd., New York 1.360%, 11/07/17		3,000,000		3,000,000
1.360%, 11/20/17		5,000,000		5,000,000
Cooperative Rabobank UA 1.704%, 3M LIBOR + 0.400%, 10/13/17 (c)		4,000,000		4,000,000
Cooperative Rabobank UA New York 1.704%, 3M LIBOR + 0.400%, 10/13/17 (c)		4,000,000		4,000,396
Credit Industriel et Commercial 1.384%, 1M LIBOR + 0.150%, 02/16/18 (c)		4,999,794		5,000,190
Credit Suisse AG New York 1.461%, 1M LIBOR + 0.230%, 11/07/17 (c)		1,500,000		1,500,000
1.494%, 1M LIBOR + 0.260%, 10/16/17 (c)		12,500,000		12,500,600
1.511%, 1M LIBOR + 0.280%, 10/06/17 (c)		5,000,000		5,000,060
2.051%, 3M LIBOR + 0.740%, 11/03/17 (c)		500,554		500,255
KBC Bank NV Zero Coupon, 11/07/17		2,989,571		2,996,490
Zero Coupon, 11/22/17		1,992,870		1,996,620
1.380%, 10/27/17		5,000,000		5,000,550
Mitsubishi UFJ Trust and Banking Corp. 1.422%, 1M LIBOR + 0.190%, 12/05/17 (c)		2,000,000		2,000,000
1.485%, 1M LIBOR + 0.250%, 10/11/17 (c)		16,500,000		16,500,412
Mizuho Bank, Ltd., New York 1.417%, 1M LIBOR + 0.180%, 11/27/17 (c)		2,500,000		2,499,970
1.436%, 1M LIBOR + 0.200%, 02/12/18 (c)		3,000,000		3,002,240
1.494%, 1M LIBOR + 0.260%, 10/18/17 (c)		6,500,000		6,500,221
1.515%, 1M LIBOR + 0.280%, 10/11/17 (c)		7,500,000		7,500,172

BHFTII-297

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Securities Lending Reinvestments (o)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Natixis New York 1.382%, 1M LIBOR + 0.150%, 02/05/18 (c)		7,500,000	$	7,499,737
1.396%, 1M LIBOR + 0.160%, 11/13/17 (c)		5,000,000		5,000,230
1.801%, 3M LIBOR + 0.490%, 11/01/17 (c)		5,005,157		5,001,505
Norinchukin Bank New York 1.397%, 1M LIBOR + 0.160%, 01/19/18 (c)		10,000,000		10,000,320
1.407%, 1M LIBOR + 0.170%, 02/23/18 (c)		8,000,000		8,000,336
Oversea-Chinese Banking Corp., Ltd. 1.356%, 1M LIBOR + 0.130%, 03/20/18 (c)		5,000,000		4,999,775
Royal Bank of Canada New York 1.440%, 3M LIBOR + 0.130%, 06/12/18 (c)		8,000,000		8,000,176
1.704%, 3M LIBOR + 0.400%, 10/13/17 (c)		2,000,000		2,000,164
Standard Chartered plc 1.460%, 02/02/18		20,000,000		20,005,060
Sumitomo Mitsui Banking Corp., New York 1.397%, 1M LIBOR + 0.160%, 02/01/18 (c)		5,000,000		4,999,850
1.462%, 3M LIBOR + 0.150%, 02/08/18 (c)		7,500,000		7,499,655
1.476%, 1M LIBOR + 0.240%, 10/12/17 (c)		3,000,000		3,000,093
Sumitomo Mitsui Trust Bank, Ltd., New York 1.404%, 1M LIBOR + 0.170%, 11/16/17 (c)		5,000,000		5,000,370
1.406%, 1M LIBOR + 0.170%, 11/13/17 (c)		5,000,000		5,000,405
1.488%, 1M LIBOR + 0.250%, 10/26/17 (c)		10,000,000		10,001,000
1.495%, 1M LIBOR + 0.260%, 10/11/17 (c)		2,500,000		2,500,095
Svenska Handelsbanken AB 1.385%, 1M LIBOR + 0.150%, 04/30/18 (c)		10,000,000		10,001,360
Swedbank AB 1.140%, 10/02/17		5,000,000		4,999,995
Toronto Dominion Bank New York 1.576%, 1M LIBOR + 0.340%, 03/13/18 (c)		10,300,000		10,309,188
1.624%, 3M LIBOR + 0.320%, 01/10/18 (c)		5,000,000		5,001,610
Wells Fargo Bank N.A. 1.435%, 3M LIBOR + 0.130%, 07/11/18 (c)		6,500,000		6,499,955
1.694%, 3M LIBOR + 0.380%, 10/26/17 (c)		7,000,000		7,001,687
				296,825,037
Commercial Paper—3.1%
Barton Capital S.A. 1.320%, 12/11/17		4,983,500		4,986,920
1.330%, 10/05/17		7,974,287		7,999,440
1.330%, 10/13/17		2,989,914		2,998,956
Commonwealth Bank Australia 1.664%, 3M LIBOR + 0.350%, 10/23/17 (c)		7,000,000		7,001,197
ING Funding LLC 1.381%, 1M LIBOR + 0.150%, 12/07/17 (c)		4,000,000		4,000,216
1.386%, 1M LIBOR + 0.150%, 11/13/17 (c)		4,000,000		4,000,184
LMA S.A. & LMA Americas 1.420%, 12/11/17		4,970,219		4,987,425
Macquarie Bank, Ltd., London 1.340%, 10/27/17		14,948,633		14,986,042
Sheffield Receivables Co. 1.330%, 10/05/17		14,950,125		14,999,025
Toyota Motor Credit Corp. 1.424%, 1M LIBOR + 0.190%, 05/11/18 (c)		11,000,000		11,000,671
UBS AG 1.442%, 1M LIBOR + 0.210%, 05/02/18		20,000,000		20,004,640
Westpac Banking Corp. 1.657%, 3M LIBOR + 0.350%, 10/20/17 (c)		11,600,000		11,602,147
				108,566,863
Master Demand Notes—0.1%
Natixis Financial Products LLC 1.390%, OBFR + 0.230%, 10/02/17 (c)		3,000,000		3,000,000
Repurchase Agreements—1.2%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,009,300 on 10/02/17, collateralized by $1,678,413 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $1,029,396.		1,009,212		1,009,212
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $3,000,263 on 10/02/17, collateralized by $3,054,023 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $3,060,000.		3,000,000		3,000,000

BHFTII-298

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Securities Lending Reinvestments (o)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 01/25/17 at 1.710% to be repurchased at $2,032,490 on 01/02/18, 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 09/29/17 at 1.200% to be repurchased at $700,070 on 10/02/17, collateralized by $704,137 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $714,003.		700,000		700,000
Repurchase Agreement dated 09/12/17 at 1.710% to be repurchased at $12,315,170 on 01/02/18, collateralized by $65,957 U.S. Treasury Obligations with rates ranging from 0.125% - 2.000%, maturity dates ranging from 04/15/19 - 02/28/21, and various Common Stock with a value of $13,616,309.		12,250,000		12,250,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $500,043 on 10/02/17, collateralized by $479,646 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $510,389.		500,000		500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 1.710% to be repurchased at $12,591,438 on 01/02/18, collateralized by various Common Stock with a value of $13,750,003.		12,500,000		12,500,000
Repurchase Agreement dated 10/26/16 at 1.710% to be repurchased at $9,695,391 on 01/02/18, collateralized by various Common Stock with a value of $10,450,000.		9,500,000		9,500,000
				41,459,212
Time Deposits—0.3%
Australia New Zealand Bank 1.070%, 10/02/17		2,000,000		2,000,000
Credit Agricole S.A. 1.080%, 10/02/17		300,000		300,000
Time Deposits—(Continued)
Credit Industriel et Commercial 1.100%, 10/02/17		5,000,000		5,000,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		300,000		300,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		400,000		400,000
National Bank of Canada 1.060%, 10/02/17		1,000,000		1,000,000
Nordea Bank New York 1.050%, 10/02/17		3,000,000		3,000,000
Standard Chartered plc 1.200%, 10/02/17		400,000		400,000
				12,400,000
Total Securities Lending Reinvestments (Cost $462,208,455)				462,251,112
Total Investments—115.6% (Cost $3,991,264,376)				4,071,829,033
Other assets and liabilities (net)—(15.6)%				(549,418,710	)
Net Assets—100.0%			$	3,522,410,323

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $439,969,339 and the collateral received consisted of cash in the amount of $462,063,836. 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 September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(d)	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 September 30, 2017, the market value of restricted securities was $5,289,662, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.
(e)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(f)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(g)	Security was valued in good faith under procedures approved by the Board of Trustees. As of September 30, 2017, these securities represent 0.5% of net assets.

BHFTII-299

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(i)	Illiquid security. As of September 30, 2017, these securities represent 1.0% of net assets.
(j)	Interest only security.
(k)	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.
(l)	Principal amount of security is adjusted for inflation.
(m)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(n)	Non-income producing security.
(o)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(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 September 30, 2017, the market value of 144A securities was $1,251,655,697, which is 35.5% of net assets.
(ARM)—	Adjustable-Rate Mortgage
(ARS)—	Argentine Peso
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(CMT)—	Constant Maturity Treasury Index
(ETF)—	Exchange-Traded Fund
(EUR)—	Euro
(GBP)—	British Pound
(ICE)—	Intercontinental Exchange
(IDR)—	Indonesian Rupiah
(LIBOR)—	London Interbank Offered Rate
(MXN)—	Mexican Peso
(OBFR)—	Overnight Bank Funding Rate
(REMIC)—	Real Estate Mortgage Investment Conduit
(RUB)—	Russian Ruble
(USTBMM)—	U.S. Treasury Bill Money Market Yield
(UYU)—	Uruguayan Peso

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Alta Wind Holdings LLC, 7.000%, 06/30/35		07/14/10	$	1,424,865	$	1,424,865	$	1,605,571
Bayview Commercial Asset Trust, Zero Coupon, 07/25/37		11/23/10		3,427,395		326,674		0
Countrywide Home Loan Reperforming Loan REMIC Trust, 4.991%, 03/25/35		01/08/15		7,157,120		1,042,256		763,481
Midwest Vanadium Pty, Ltd., 11.500%, 02/15/18		05/05/11 - 05/24/11		932,290		961,424		20,977
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		2,899,633
							$	5,289,662

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	295,610,000	JPMorgan Chase Bank N.A.		11/15/17		USD	17,013,525	$	(334,312	)
ARS	96,964,000	Citibank N.A.		02/05/18		USD	4,959,795		275,724
ARS	135,650,000	Citibank N.A.		02/05/18		USD	6,981,472		342,877
BRL	76,742,223	Citibank N.A.		10/19/17		USD	22,887,630		1,287,813
CAD	9,100,000	Barclays Bank plc		10/19/17		USD	7,467,237		(173,207	)
CAD	28,040,000	Barclays Bank plc		10/19/17		USD	22,316,845		158,386
CLP	14,638,293,000	Bank of America N.A.		10/19/17		USD	23,244,610		(380,717	)
CLP	14,703,287,000	Bank of America N.A.		10/19/17		USD	23,329,293		(363,885	)
EUR	68,285	Barclays Bank plc		10/19/17		USD	82,360		(1,585	)
EUR	74,791,490	Barclays Bank plc		10/19/17		USD	86,169,370		2,302,414
EUR	744,001	Citibank N.A.		10/19/17		USD	873,975		6,113
EUR	1,600,000	Citibank N.A.		10/19/17		USD	1,903,622		(10,963	)
IDR	232,989,755,439	Citibank N.A.		10/19/17		USD	17,182,135		92,200
INR	1,167,430,000	Barclays Bank plc		10/18/17		USD	17,795,647		45,365
MXN	310,040,000	JPMorgan Chase Bank N.A.		10/19/17		USD	17,212,969		(232,460	)

BHFTII-300

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	145,000,000	JPMorgan Chase Bank N.A.		11/15/17		USD	8,224,617	$	43,277
AUD	12,108,931	Barclays Bank plc		10/19/17		USD	9,194,069		(302,516	)
AUD	294,389	Barclays Bank plc		10/19/17		USD	236,277		5,399
CAD	68,485,923	Barclays Bank plc		10/19/17		USD	53,267,213		(1,627,113	)
CLP	29,341,580,000	Barclays Bank plc		10/19/17		USD	44,059,734		(1,769,567	)
CNH	180,500,000	Citibank N.A.		10/19/17		USD	26,298,536		(853,602	)
EUR	5,100,000	Barclays Bank plc		10/19/17		USD	6,117,547		84,693
EUR	3,050,000	Barclays Bank plc		10/19/17		USD	3,638,568		30,685
EUR	1,377,072	Barclays Bank plc		10/19/17		USD	1,639,948		10,993
EUR	1,216,001	Barclays Bank plc		10/19/17		USD	1,449,017		10,594
EUR	899,166	Barclays Bank plc		10/19/17		USD	1,071,498		7,864
EUR	489,105	Barclays Bank plc		10/19/17		USD	561,400		(17,168	)
EUR	28,960,000	Citibank N.A.		10/19/17		USD	34,528,139		270,995
EUR	1,396,001	Citibank N.A.		10/19/17		USD	1,642,800		(8,547	)
EUR	17,436	Citibank N.A.		10/19/17		USD	20,652		27
EUR	10,875	Citibank N.A.		10/19/17		USD	12,865		1
EUR	32,460,000	JPMorgan Chase Bank N.A.		10/19/17		USD	38,797,393		400,055
GBP	13,080,000	Bank of America N.A.		10/19/17		USD	17,669,118		132,691
GBP	26,296,833	Barclays Bank plc		10/19/17		USD	34,116,196		(1,140,111	)
JPY	7,015,100,769	Citibank N.A.		10/19/17		USD	62,617,944		229,993
MXN	330,000	Barclays Bank plc		10/19/17		USD	18,516		442
NZD	7,900,000	Barclays Bank plc		10/19/17		USD	5,738,078		33,734
PHP	903,278,000	Bank of America N.A.		10/19/17		USD	17,549,602		(216,183	)
PHP	1,803,347,000	Deutsche Bank AG		11/15/17		USD	34,870,869		(547,111	)
SEK	30,435,647	Barclays Bank plc		10/19/17		USD	3,632,748		(107,330	)
TWD	1,380,633,000	Citibank N.A.		10/19/17		USD	45,148,234		(415,937	)
Cross Currency Contracts to Buy
PLN	63,703,719	Barclays Bank plc		10/19/17		EUR	14,960,000		(239,195	)
Net Unrealized Depreciation								$	(2,969,174	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/17/18		1,296			USD	317,957,400		$	788,788
Australian 10 Year Treasury Bond Futures		12/15/17		962			AUD	95,864,863			(1,196,837	)
Euro-BTP Futures		12/07/17		665			EUR	106,073,668			(419,939	)
U.S. Treasury Long Bond Futures		12/19/17		150			USD	22,921,875			18,480
U.S. Treasury Note 10 Year Futures		12/19/17		2,498			USD	313,030,625			(3,460,872	)
U.S. Treasury Note 2 Year Futures		12/29/17		32			USD	6,902,500			(18,073	)
U.S. Treasury Note 5 Year Futures		12/29/17		2,513			USD	295,277,500			(1,002,146	)
U.S. Treasury Note Ultra 10 Year Futures		12/19/17		97			USD	13,029,828			(144,299	)
U.S. Treasury Ultra Long Bond Futures		12/19/17		885			USD	146,135,625			(1,137,467	)
United Kingdom Long Gilt Bond Futures		12/27/17		74			GBP	12,283,935			9,980
Futures Contracts—Short
90 Day Eurodollar Futures		12/18/17		(7,080	)		USD	(1,743,804,000	)		887,227
90 Day Eurodollar Futures		12/16/19		(1,296	)		USD	(317,341,800	)		(1,189,612	)
Euro-Bund Futures		12/07/17		(1,291	)		EUR	(245,674,434	)		1,812,728
Net Unrealized Depreciation										$	(5,052,042	)

BHFTII-301

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

Written Options

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts	Premiums Received			Market Value			Unrealized Appreciation
Call - U.S. Treasury Note 10 Year Futures	$	129.500		10/27/17	(524)	$	(63,797	)	$	(16,375	)	$	47,422
Call - U.S. Treasury Note 10 Year Futures		130.000		11/24/17	(1,437)		(401,570	)		(67,360	)		334,210
Call - U.S. Treasury Note 10 Year Futures		129.500		11/24/17	(1,799)		(578,903	)		(112,437	)		466,466
Totals						$	(1,044,270	)	$	(196,172	)	$	848,098

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Payment Frequency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid/(Received)

Unrealized Appreciation(1)

Pay

1 Day CDI

14.850%

Maturity

01/04/21

Bank of America N.A.

BRL

190,843,760

$

9,257,856

$

—

$

9,257,856

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	3M LIBOR		1.185	%	Quarterly		06/13/21		USD	56,430,000	$	(1,470,780	)	$	—	$	(1,470,780	)
Pay	3M LIBOR		1.656	%	Quarterly		09/21/19		USD	281,310,000		(400,251	)		—		(400,251	)
Receive	3M LIBOR		1.580	%	Semi-Annually		06/13/26		USD	56,280,000		3,007,608			7,944		2,999,664
Receive	3M LIBOR		2.474	%	Semi-Annually		11/15/43		USD	128,736,000		2,232,571			2,496,485		(263,914	)
Receive	3M STIBOR		0.220	%	Annually		03/14/19		SEK	3,817,370,000		(462,795	)		36,715		(499,510	)
Receive	6M EURIBOR		1.498	%	Annually		08/23/47		EUR	17,354,500		534,558			16,804		517,754
Receive	6M LIBOR		0.787	%	Semi-Annually		09/19/19		GBP	206,480,000		125,373			2,382		122,991
Totals											$	3,566,284		$	2,560,330	$	1,005,954

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency	Maturity Date		Implied Credit Spread at September 30, 2017(b)	Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Depreciation
CDX.NA.HY.29		(5.000%)	Quarterly		12/20/22	3.251%		USD	100,760,000	$	(7,890,767)	$	(7,507,084)	$	(383,683)

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency	Maturity Date		Implied Credit Spread at September 30, 2017(b)	Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation
CDX.NA.IG.28		1.000%	Quarterly		06/20/22	0.531%		USD	80,160,000	$	1,698,853	$	1,258,814	$	440,039

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
CMBX.NA.BBB-.V6		3.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	490,000	$	(74,299)	$	(77,043)	$	2,744
CMBX.NA.BBB-.V6		3.000%		Monthly		05/11/63	Credit Suisse International		0.000%		USD	1,600,000		(242,608)		(256,727)		14,119
CMBX.NA.BBB-.V6		3.000%		Monthly		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	600,000		(90,978)		(97,304)		6,326

BHFTII-302

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

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

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

Reference Obligation	Fixed Deal Receive Rate		Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at September 30, 2017(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
CMBX.NA.BBB-.V6		3.000%		Monthly		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	800,000	$	(121,304)	$	(129,739)	$	8,435
CMBX.NA.BBB-.V6		3.000%		Monthly		05/11/63	Morgan Stanley & Co. International plc		0.000%		USD	1,710,000		(259,288)		(269,495)		10,207
Totals													$	(788,477)	$	(830,308)	$	41,831

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(1)	There is no upfront payment premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).
(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
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(PHP)—	Philippine Peso
(PLN)—	Polish Zloty
(SEK)—	Swedish Krona
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(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.NA.BBB)—	Markit North America BBB- Rated CMBS Index
(EURIBOR)—	Euro InterBank Offered Rate
(LIBOR)—	London Interbank Offered Rate
(STIBOR)—	Stockholm Interbank Offered Rate

BHFTII-303

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	124,885	$	—	$	124,885
Aerospace/Defense		—		8,061,208		—		8,061,208
Agriculture		—		7,318,383		—		7,318,383
Airlines		—		2,555,787		—		2,555,787
Apparel		—		28,407,085		—		28,407,085
Auto Manufacturers		—		10,103,596		—		10,103,596
Auto Parts & Equipment		—		49,551,642		—		49,551,642
Banks		—		342,025,425		—		342,025,425
Beverages		—		10,456,159		—		10,456,159
Biotechnology		—		18,488,352		—		18,488,352
Building Materials		—		1,695,962		—		1,695,962
Chemicals		—		1,881,581		—		1,881,581
Commercial Services		—		59,801,801		—		59,801,801
Computers		—		13,629,338		—		13,629,338
Diversified Financial Services		—		63,446,731		—		63,446,731
Electric		—		45,020,345		—		45,020,345
Energy-Alternate Sources		—		1,605,571		—		1,605,571
Engineering & Construction		—		10,748,863		—		10,748,863
Entertainment		—		17,005,494		—		17,005,494
Environmental Control		—		1,367,187		—		1,367,187
Food		—		11,929,037		—		11,929,037
Food Service		—		8,669,511		—		8,669,511
Forest Products & Paper		—		10,839,687		—		10,839,687
Healthcare-Products		—		25,073,271		—		25,073,271
Healthcare-Services		—		63,391,067		—		63,391,067
Holding Companies-Diversified		—		3,964,087		—		3,964,087
Home Builders		—		24,732,824		—		24,732,824
Household Products/Wares		—		4,212,250		—		4,212,250
Housewares		—		3,518,158		—		3,518,158
Insurance		—		21,288,595		—		21,288,595
Internet		—		27,299,534		—		27,299,534
Iron/Steel		—		13,674,129		—		13,674,129
Leisure Time		—		24,299,547		—		24,299,547
Lodging		—		24,238,680		—		24,238,680
Machinery-Construction & Mining		—		9,171,338		—		9,171,338
Media		—		127,509,254		—		127,509,254

BHFTII-304

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Metal Fabricate/Hardware	$	—	$	4,590,620		$	—	$	4,590,620
Mining		—		99,018,022			0		99,018,022
Miscellaneous Manufacturing		—		7,119,389			—		7,119,389
Oil & Gas		—		213,711,992			—		213,711,992
Oil & Gas Services		—		12,869,564			—		12,869,564
Packaging & Containers		—		23,924,549			—		23,924,549
Pharmaceuticals		—		35,922,925			17,858,528		53,781,453
Pipelines		—		116,409,504			—		116,409,504
Real Estate Investment Trusts		—		32,575,694			—		32,575,694
Retail		—		50,638,378			—		50,638,378
Savings & Loans		—		3,659,646			—		3,659,646
Semiconductors		—		4,728,789			—		4,728,789
Software		—		25,687,381			—		25,687,381
Telecommunications		—		110,222,816			—		110,222,816
Textiles		—		2,997,500			—		2,997,500
Transportation		—		24,692,093			—		24,692,093
Trucking & Leasing		—		28,645,988			—		28,645,988
Water		—		3,836,651			—		3,836,651
Total Corporate Bonds & Notes		—		1,898,357,865			17,858,528		1,916,216,393
Total Mortgage-Backed Securities*		—		425,295,194			—		425,295,194
Total U.S. Treasury & Government Agencies*		—		318,931,561			—		318,931,561
Total Foreign Government*		—		293,451,090			—		293,451,090
Total Floating Rate Loans*		—		292,073,279			—		292,073,279
Total Asset-Backed Securities*		—		210,325,060			—		210,325,060
Total Convertible Bonds*		—		19,065,187			—		19,065,187
Convertible Preferred Stocks
Banks		6,528,975		—			—		6,528,975
Oil, Gas & Consumable Fuels		—		8,175,953			—		8,175,953
Total Convertible Preferred Stocks		6,528,975		8,175,953			—		14,704,928
Total Municipals		—		8,868,979			—		8,868,979
Preferred Stocks
Air Freight & Logistics		—		307,700			—		307,700
Banks		1,421,225		—			—		1,421,225
Marine		—		—			104,463		104,463
Oil & Gas		—		950,222			—		950,222
Total Preferred Stocks		1,421,225		1,257,922			104,463		2,783,610
Common Stocks
Air Freight & Logistics		—		137,156			—		137,156
Diversified Consumer Services		—		27,991			—		27,991
Household Durables		—		11,725			—		11,725
Marine		—		—			70,042		70,042
Media		—		640,209			—		640,209
Oil & Gas		—		748,790			—		748,790
Oil, Gas & Consumable Fuels		328,410		—			—		328,410
Total Common Stocks		328,410		1,565,871			70,042		1,964,323
Total Escrow Shares*		—		—			2,992		2,992
Total Short-Term Investments*		—		105,895,325			—		105,895,325
Total Securities Lending Reinvestments		—		462,251,112			—		462,251,112
Total Investments	$	8,278,610	$	4,045,514,398		$	18,036,025	$	4,071,829,033
Collateral for Securities Loaned (Liability)	$	—	$	(462,063,836	)	$	—	$	(462,063,836	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	5,772,335		$	—	$	5,772,335
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(8,741,509	)		—		(8,741,509	)
Total Forward Contracts	$	—	$	(2,969,174	)	$	—	$	(2,969,174	)

BHFTII-305

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	3,517,203		$	—		$	—	$	3,517,203
Futures Contracts (Unrealized Depreciation)		(8,569,245	)		—			—		(8,569,245	)
Total Futures Contracts	$	(5,052,042	)		—		$	—	$	(5,052,042	)
Written Options at Value	$	(196,172	)	$	—		$	—	$	(196,172	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,080,448		$	—	$	4,080,448
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(3,018,138	)		—		(3,018,138	)
Total Centrally Cleared Swap Contracts	$	—		$	1,062,310		$	—	$	1,062,310
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	9,257,856		$	—	$	9,257,856
OTC Swap Contracts at Value (Liabilities)		—			(788,477	)		—		(788,477	)
Total OTC Swap Contracts	$	—		$	8,469,379		$	—	$	8,469,379

* 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 September 30, 2017 is not presented.

Transfers from Level 1 to Level 2 in the amount of $11,999 and transfers from Level 1 to Level 3 in the amount of $31,729 were due to a decline in market activity for significant observable inputs, which resulted in a lack of available market inputs to determine price.

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.

BHFTII-306

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

U.S. Treasury & Government Agencies—87.8% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—31.2%
Fannie Mae 15 Yr. Pool 2.500%, TBA (a)		24,400,000	$	24,537,456
3.000%, TBA (a)		6,200,000		6,370,500
3.500%, TBA (a)		15,000,000		15,607,323
4.500%, 03/01/20		39,124		40,012
5.000%, 03/01/18		8,588		8,786
Fannie Mae 20 Yr. Pool 4.500%, 11/01/31		797,004		858,376
4.500%, 12/01/31		1,102,497		1,187,394
Fannie Mae 30 Yr. Pool 3.000%, 09/01/42		9,195,453		9,276,148
3.000%, 11/01/46		6,797,191		6,824,324
3.000%, TBA (a)		37,400,000		37,522,717
3.500%, TBA (a)		54,900,000		56,596,322
4.000%, 02/01/40		718,422		765,196
4.000%, 06/01/42		6,689,946		7,172,501
4.000%, 07/01/42		3,176,362		3,352,637
4.000%, 05/01/43		16,899,775		18,082,813
4.000%, 10/01/43		9,173,577		9,797,128
4.000%, 04/01/47		9,246,698		9,792,784
4.000%, 05/01/47		3,928,935		4,160,722
4.000%, 08/01/47		43,708,517		46,042,132
4.000%, TBA (a)		600,000		631,734
4.500%, 04/01/41		9,473,193		10,256,130
4.500%, 10/01/41		6,156,362		6,659,566
4.500%, 07/01/44		257,444		281,686
4.500%, 10/01/44		1,596,530		1,742,927
4.500%, 01/01/45		143,526		157,820
4.500%, TBA (a)		5,100,000		5,474,531
5.000%, 07/01/33		249,798		275,231
5.000%, 09/01/33		300,076		330,691
5.000%, 10/01/35		842,276		928,078
5.000%, 03/01/36		1,341,241		1,478,101
5.000%, 01/01/39		10,660		11,806
5.000%, 12/01/39		20,580		22,714
5.000%, 05/01/40		55,620		61,345
5.000%, 07/01/40		40,778		45,236
5.000%, 11/01/40		1,034,382		1,144,791
5.000%, 01/01/41		62,069		68,882
5.000%, 02/01/41		49,366		53,840
5.000%, 04/01/41		119,591		132,811
5.000%, 05/01/41		2,268,204		2,514,611
5.000%, 06/01/41		228,914		253,810
5.000%, 07/01/41		2,147,467		2,354,740
5.000%, TBA (a)		2,800,000		3,054,197
6.000%, 04/01/33		79,087		90,245
6.000%, 02/01/34		15,863		18,143
6.000%, 11/01/35		162,876		186,557
6.000%, 08/01/37		349,586		400,202
6.500%, 03/01/26		1,069		1,185
6.500%, 04/01/29		62,221		68,949
7.000%, 11/01/28		1,859		2,022
7.000%, 02/01/29		638		639
7.000%, 01/01/30		2,127		2,177
7.000%, 10/01/37		17,930		19,912
7.000%, 11/01/37		20,667		22,756
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 7.000%, 12/01/37		20,586		23,482
7.000%, 02/01/38		17,703		19,252
7.000%, 08/01/38		4,064		4,525
7.000%, 09/01/38		3,001		3,086
7.000%, 11/01/38		103,392		119,584
7.000%, 02/01/39		1,176,985		1,363,342
7.500%, 04/01/32		13,119		13,396
8.000%, 05/01/28		1,592		1,736
8.000%, 07/01/32		858		926
Fannie Mae Connecticut Avenue Securities 2.687%, 1M USD LIBOR + 1.450%, 01/25/29 (b)		396,765		400,455
Fannie Mae Interest Strip (CMO) 3.500%, 11/25/41 (c)		2,605,524		450,526
4.000%, 04/25/42 (c)		3,591,336		657,278
4.500%, 11/25/39 (c)		1,954,410		447,925
Fannie Mae Pool 3.500%, 08/01/42		11,231,930		11,634,752
3.500%, 09/01/42		770,778		798,443
3.500%, 10/01/42		5,444,309		5,639,887
4.000%, 10/01/42		3,308,018		3,510,002
4.000%, 11/01/42		2,226,727		2,362,414
4.000%, 07/01/43		70,295		74,631
4.000%, 08/01/43		1,614,493		1,713,231
6.500%, 12/01/27		4,309		4,342
6.500%, 05/01/32		19,019		21,391
Fannie Mae REMIC Trust Whole Loan (CMO) 3.911%, 01/25/43 (b)		327,979		346,303
Fannie Mae REMICS (CMO) Zero Coupon, 03/25/42 (d)		531,903		486,832
4.913%, -1 x 1M LIBOR + 6.150%, 03/25/42 (b) (c)		8,652,287		1,208,281
4.913%, -1 x 1M LIBOR + 6.150%, 12/25/42 (b) (c)		958,743		209,515
5.293%, -1 x 1M LIBOR + 6.530%, 01/25/41 (b) (c)		1,362,720		248,162
5.313%, -1 x 1M LIBOR + 6.550%, 10/25/41 (b) (c)		5,424,524		942,212
5.413%, -1 x 1M LIBOR + 6.650%, 02/25/41 (b) (c)		772,822		101,871
5.413%, -1 x 1M LIBOR + 6.650%, 03/25/42 (b) (c)		2,092,151		335,965
5.500%, 07/25/41		8,595,625		9,673,331
5.500%, 04/25/42		2,179,747		2,412,342
6.000%, 05/25/42		1,394,777		1,587,881
6.500%, 06/25/39		236,836		259,065
6.500%, 07/25/42		2,522,280		2,910,747
9.750%, 11/25/18		141,695		145,591
9.750%, 08/25/19		41,677		42,749
Fannie Mae-ACES (CMO) 2.037%, 09/25/26		2,475,359		2,434,696
2.499%, 09/25/26		3,850,000		3,762,401
Freddie Mac 15 Yr. Gold Pool 2.500%, TBA (a)		15,000,000		15,089,100

BHFTII-307

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of September 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 3.000%, TBA (a)		10,000,000	$	10,036,328
3.500%, TBA (a)		36,700,000		37,851,191
4.000%, 07/01/43		5,090,179		5,451,787
4.000%, 08/01/43		4,632,959		4,962,089
4.000%, 07/01/47		24,018,187		25,296,995
4.500%, 06/01/38		1,676,438		1,803,909
5.000%, 08/01/33		22,674		24,908
5.000%, 06/01/41		5,245,301		5,790,104
6.000%, 10/01/36		895,072		1,017,305
6.500%, 09/01/39		305,312		344,766
8.000%, 09/01/30		3,655		4,246
Freddie Mac 30 Yr. Non-Gold Pool 8.000%, 07/01/20		23		23
Freddie Mac Gold Pool 3.500%, 10/01/42		1,167,106		1,207,801
3.500%, 02/01/44		529,400		547,843
4.000%, 04/01/43		1,769,589		1,878,944
4.000%, 08/01/43		1,074,321		1,140,681
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 3.291%, 03/25/27		4,670,000		4,801,383
Freddie Mac REMICS (CMO) 4.500%, 04/15/32		304,579		326,269
6.000%, 05/15/36		607,871		682,142
8.500%, 06/15/21		7,344		7,798
Freddie Mac Structured Agency Credit Risk Debt Notes 2.437%, 1M USD LIBOR + 1.200%, 07/25/29 (b)		6,441,639		6,513,310
3.437%, 1M USD LIBOR + 2.200%, 09/25/24 (b)		8,000,000		8,261,612
Ginnie Mae I 30 Yr. Pool 5.500%, 06/15/36		498,521		562,247
6.000%, 03/15/33		897,119		1,036,359
6.500%, 06/15/31		3,063		3,380
6.500%, 08/15/34		195,471		215,725
7.500%, 09/15/29		2,178		2,414
7.500%, 02/15/30		1,561		1,615
8.500%, 05/15/18		836		838
8.500%, 06/15/25		24,615		28,169
Ginnie Mae II 30 Yr. Pool 3.000%, 08/20/46		26,847,928		27,252,566
3.000%, TBA (a)		36,700,000		37,210,358
3.500%, TBA (a)		24,000,000		24,945,000
4.000%, 09/20/45		1,693,532		1,790,715
4.000%, 11/20/45		10,610,859		11,245,650
4.500%, 01/20/40		766,675		827,299
4.500%, 05/20/40		1,020,750		1,097,441
4.500%, 09/20/40		21,134		22,730
4.500%, 01/20/41		165,514		177,973
4.500%, 07/20/41		1,124,857		1,209,382
5.000%, 07/20/40		776,969		849,113
6.000%, 11/20/34		1,601		1,827
6.000%, 06/20/35		2,630		3,005
6.000%, 07/20/36		149,432		170,881
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 6.000%, 09/20/36		7,230		8,149
6.000%, 07/20/38		381,394		433,932
6.000%, 09/20/38		1,014,046		1,137,419
6.000%, 06/20/39		4,714		5,398
6.000%, 05/20/40		92,244		103,154
6.000%, 06/20/40		250,636		286,154
6.000%, 08/20/40		141,965		162,032
6.000%, 09/20/40		333,677		381,111
6.000%, 10/20/40		211,466		241,842
6.000%, 11/20/40		277,356		316,392
6.000%, 01/20/41		234,741		267,764
6.000%, 03/20/41		1,126,391		1,277,506
6.000%, 07/20/41		231,328		262,360
6.000%, 12/20/41		155,854		176,753
6.500%, 10/20/37		319,428		379,650
Government National Mortgage Association (CMO) 0.311%, 02/16/53 (b) (c)		14,641,021		354,957
0.385%, 02/16/48 (b) (c)		5,601,282		216,347
0.456%, 05/16/54 (b) (c)		18,254,546		478,196
0.527%, 10/16/54 (b) (c)		32,376,458		1,067,157
0.564%, 03/16/49 (b) (c)		9,503,538		217,506
0.566%, 09/16/46 (b) (c)		31,640,131		580,796
0.746%, 05/16/54 (b) (c)		17,126,210		753,164
0.777%, 09/16/51 (b) (c)		63,706,013		3,365,538
0.870%, 09/16/55 (b) (c)		19,270,533		1,046,596
0.956%, 12/16/56 (b) (c)		44,550,889		3,377,153
1.072%, 09/16/44 (b) (c)		17,473,245		941,988
1.155%, 02/16/46 (b) (c)		23,216,887		1,306,637
1.611%, 1M USD LIBOR + 0.380%, 12/20/60 (b)		17,467,419		17,373,617
1.631%, 1M USD LIBOR + 0.400%, 12/20/60 (b)		5,564,725		5,549,532
1.711%, 1M USD LIBOR + 0.480%, 03/20/61 (b)		4,821,233		4,815,250
1.731%, 1M USD LIBOR + 0.500%, 12/20/60 (b)		42,667,220		42,637,257
4.866%, -1 x 1M LIBOR + 6.100%, 08/16/42 (b) (c)		1,242,383		217,466
5.264%, -1 x 1M LIBOR + 6.500%, 03/20/39 (b) (c)		270,864		17,329
5.414%, -1 x 1M LIBOR + 6.650%, 01/20/40 (b) (c)		853,961		105,776
				684,672,985
Federal Agencies—36.8%
Federal Farm Credit Bank 0.800%, 03/08/18		20,000,000		19,964,200
1.100%, 06/01/18		20,000,000		19,968,560
1.250%, 01/17/19		25,000,000		24,931,125
1.950%, 11/15/17		19,980,000		20,005,135
Federal Home Loan Bank 0.625%, 10/26/17		18,000,000		17,995,194
0.750%, 11/17/17		25,000,000		24,990,375

BHFTII-308

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

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

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Home Loan Bank 0.875%, 03/19/18		20,000,000	$	19,972,320
1.375%, 09/28/20		10,000,000		9,904,340
1.875%, 11/29/21		49,000,000		49,040,033
2.125%, 06/09/23		17,700,000		17,749,153
2.750%, 06/08/18		15,000,000		15,148,110
5.250%, 12/11/20		12,000,000		13,290,816
Federal Home Loan Mortgage Corp. Zero Coupon, 11/29/19		10,200,000		9,787,991
0.750%, 04/09/18		9,000,000		8,975,187
0.875%, 10/12/18		20,000,000		19,900,660
1.125%, 04/15/19		30,000,000		29,847,630
1.500%, 01/17/20		10,000,000		9,973,650
5.000%, 12/14/18		12,741,000		13,259,431
Federal National Mortgage Association Zero Coupon, 10/09/19		50,000,000		48,198,144
2.125%, 04/24/26		10,000,000		9,762,950
2.625%, 09/06/24		22,000,000		22,505,736
Financing Corp. Fico Zero Coupon, 10/06/17		20,433,000		20,430,379
Zero Coupon, 05/11/18		40,000,000		39,649,777
Zero Coupon, 08/03/18		7,638,000		7,544,236
Zero Coupon, 12/27/18		16,254,000		15,942,872
Zero Coupon, 06/06/19		26,414,000		25,676,205
Zero Coupon, 09/26/19		14,535,000		14,041,267
National Archives Facility Trust 8.500%, 09/01/19		1,687,562		1,816,198
New Valley Generation II 5.572%, 05/01/20		4,629,439		4,889,844
Overseas Private Investment Corp. Zero Coupon, 11/17/17		4,700,000		5,081,734
Zero Coupon, 07/30/19		20,000,000		21,215,524
Zero Coupon, 11/13/19		5,000,000		5,308,921
Zero Coupon, 07/01/21		6,750,000		6,724,470
Zero Coupon, 07/17/21 (e)		10,000,000		9,941,800
2.310%, 11/15/30		8,193,417		7,923,823
3.330%, 05/15/33 (f)		6,572,783		6,664,483
3.490%, 12/20/29		11,801,521		12,314,154
Residual Funding Corp. Principal Strip Zero Coupon, 10/15/19		10,642,000		10,284,034
Zero Coupon, 07/15/20		10,000,000		9,518,252
Zero Coupon, 10/15/20		38,159,000		36,116,060
Zero Coupon, 01/15/21		20,000,000		18,835,954
Zero Coupon, 01/15/30		25,000,000		17,434,236
Zero Coupon, 04/15/30		8,000,000		5,538,153
Tennessee Valley Authority 1.750%, 10/15/18		20,000,000		20,067,100
3.875%, 02/15/21		35,000,000		37,315,460
4.500%, 04/01/18		20,000,000		20,317,780
				805,763,456
U.S. Treasury—19.8%
U.S. Treasury Bonds 3.750%, 11/15/43		10,850,000		12,718,234
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Bonds 0.625%, 02/15/43 (f)		10,434,256		9,750,178
1.375%, 02/15/44 (f)		16,910,474		18,657,182
U.S. Treasury Notes 0.750%, 02/28/18		5,000,000		4,990,625
1.000%, 05/31/18		5,000,000		4,991,406
1.000%, 11/30/18		20,000,000		19,909,375
1.250%, 10/31/18		26,000,000		25,960,391
1.250%, 12/15/18		20,000,000		19,964,844
1.375%, 05/31/21		58,000,000		57,216,094
1.500%, 02/28/19		21,680,000		21,700,325
1.500%, 02/28/23		49,960,000		48,683,678
1.625%, 04/30/23		18,000,000		17,627,344
2.000%, 05/31/24		25,000,000		24,791,015
2.000%, 02/15/25		138,000,000		136,113,281
2.250%, 11/15/25		10,000,000		9,999,609
				433,073,581
Total U.S. Treasury & Government Agencies (Cost $1,921,099,158)				1,923,510,022
Corporate Bonds & Notes—8.4%
Banks—0.2%
Stadshypotek AB 1.875%, 10/02/19 (144A)		5,000,000		4,982,941
Chemicals—0.1%
Equate Petrochemical B.V. 4.250%, 11/03/26 (144A)		1,540,000		1,583,582
Diversified Financial Services—4.6%
COP I LLC 3.650%, 12/05/21		5,861,323		6,064,767
Postal Square L.P. 6.500%, 06/15/22		6,063,660		6,681,507
Private Export Funding Corp. 1.875%, 07/15/18		10,000,000		10,038,980
2.250%, 12/15/17		40,000,000		40,065,720
2.250%, 03/15/20 (g)		10,000,000		10,128,450
2.300%, 09/15/20 (g)		28,000,000		28,408,268
				101,387,692
Oil & Gas—0.4%
Ecopetrol S.A. 5.375%, 06/26/26		4,260,000		4,536,900
Petroleos Mexicanos 6.375%, 01/23/45		3,610,000		3,673,175
				8,210,075

BHFTII-309

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Sovereign—3.1%
National Credit Union Administration Guaranteed Notes Trust 3.000%, 06/12/19		19,650,000	$	20,145,180
3.450%, 06/12/21		45,000,000		47,206,562
				67,351,742
Total Corporate Bonds & Notes (Cost $183,098,046)				183,516,032
Foreign Government—8.4%
Sovereign—8.4%
Colombia Government International Bonds 5.000%, 06/15/45		37,000,000		38,063,750
5.625%, 02/26/44		4,840,000		5,411,120
Indonesia Government International Bonds 3.750%, 04/25/22 (144A)		410,000		425,432
3.750%, 04/25/22		1,900,000		1,971,512
4.875%, 05/05/21		2,957,000		3,186,987
5.875%, 03/13/20		310,000		337,133
5.875%, 01/15/24 (144A)		1,060,000		1,215,145
Israel Government AID Bonds Zero Coupon, 11/15/18		20,869,000		20,490,322
5.500%, 12/04/23		24,290,000		28,791,574
5.500%, 04/26/24		20,950,000		25,112,151
Peruvian Government International Bonds 5.625%, 11/18/50 (g)		4,000,000		5,050,000
Poland Government International Bonds 4.000%, 01/22/24 (g)		7,870,000		8,468,435
Ukraine Government AID Bonds 1.471%, 09/29/21		20,000,000		19,603,600
1.844%, 05/16/19		25,000,000		25,148,275
Total Foreign Government (Cost $181,741,389)				183,275,436
Asset-Backed Securities—4.3%
Asset-Backed - Credit Card—1.2%
American Express Credit Account Master Trust 1.677%, 1M LIBOR + 0.450%, 09/16/24 (b)		4,160,000		4,192,128
Capital One Multi-Asset Execution Trust 1.820%, 09/15/22		17,500,000		17,492,937
2.000%, 01/17/23		5,030,000		5,044,484
				26,729,549
Asset-Backed - Home Equity—0.1%
EMC Mortgage Loan Trust 1.687%, 1M USD LIBOR + 0.450%, 12/25/42 (144A) (b)		29,246		28,376
Home Equity Mortgage Loan Asset-Backed Trust 1.497%, 1M USD LIBOR + 0.260%, 06/25/36 (b)		3,833,160		626,492
Asset-Backed - Home Equity—(Continued)
Morgan Stanley Mortgage Loan Trust 1.327%, 1M USD LIBOR + 0.090%, 12/25/36 (b)		211,796		128,694
1.537%, 1M USD LIBOR + 0.300%, 03/25/36 (b)		1,675,919		795,639
Structured Asset Securities Corp. Mortgage Loan Trust 1.457%, 1M USD LIBOR + 0.220%, 02/25/36 (144A) (b)		4,726,861		311,828
				1,891,029
Asset-Backed - Other—1.7%
Ally Master Owner Trust 1.664%, 1M LIBOR + 0.430%, 06/15/22 (b)		6,310,000		6,317,686
Ascentium Equipment Receivables Trust 2.290%, 06/10/21 (144A)		4,000,000		3,997,431
Countrywide Revolving Home Equity Loan Trust 1.374%, 1M USD LIBOR + 0.140%, 07/15/36 (b)		709,088		619,910
GSR Mortgage Loan Trust 1.774%, 1M USD LIBOR + 0.270%, 11/25/30 (b)		814		48
SACO I Trust 1.497%, 1M USD LIBOR + 0.260%, 06/25/36 (b)		517,171		1,145,601
1.537%, 1M USD LIBOR + 0.300%, 04/25/36 (b)		206,297		399,626
Small Business Administration Participation 2.880%, 05/01/37		10,940,000		11,050,210
Towd Point Mortgage Trust 2.250%, 04/25/56 (144A) (b)		8,866,762		8,822,646
2.750%, 06/25/57 (144A) (b)		5,329,111		5,353,392
				37,706,550
Asset-Backed - Student Loan—1.3%
National Credit Union Administration Guaranteed Notes Trust 1.582%, 1M LIBOR + 0.350%, 12/07/20 (b)		3,638,606		3,640,774
Nelnet Student Loan Trust 2.967%, 3M USD LIBOR + 1.650%, 11/25/24 (b)		5,039,316		5,126,962
SLC Student Loan Trust 1.440%, 3M USD LIBOR + 0.120%, 06/15/29 (b)		6,000,000		5,967,049
SLM Student Loan Trust 1.484%, 3M USD LIBOR + 0.170%, 07/25/40 (b)		13,100,000		12,481,363
				27,216,148
Total Asset-Backed Securities (Cost $97,493,516)				93,543,276

BHFTII-310

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

Mortgage-Backed Securities—2.9%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—2.7%
Alternative Loan Trust 2006-OA9 1.436%, 1M USD LIBOR + 0.200%, 07/20/46 (b)		2,302,444	$	1,531,587
Banc of America Funding Corp. 1.384%, 1M USD LIBOR + 0.150%, 02/27/37 (144A) (b)		9,330,693		8,835,923
Banc of America Funding Trust 2.137%, COF + 1.430%, 06/20/35 (b)		238,076		167,504
Banc of America Mortgage Trust 3.723%, 07/25/35 (b)		64,033		59,824
BCAP LLC Trust 1.384%, 1M USD LIBOR + 0.150%, 11/27/36 (144A) (b)		14,003,418		13,215,263
Citigroup Mortgage Loan Trust 3.630%, 1Y CMT + 2.400%, 10/25/35 (b)		129,011		129,966
Countrywide Alternative Loan Trust 1.817%, 1M USD LIBOR + 0.580%, 05/25/34 (b)		1,189,259		1,194,966
Countrywide Home Loan Reperforming Loan REMIC Trust 1.657%, 1M USD LIBOR + 0.420%, 07/25/36 (144A) (b)		602,489		555,868
GMAC Mortgage Corp. Loan Trust 3.577%, 11/19/35 (b)		422,411		400,557
HarborView Mortgage Loan Trust 1.437%, 1M USD LIBOR + 0.200%, 09/19/46 (b)		290,432		262,370
JPMorgan Mortgage Trust 3.056%, 06/25/34 (b)		152,737		151,368
MASTR Adjustable Rate Mortgages Trust 1.434%, 1M LIBOR + 0.200%, 05/25/47 (b)		4,920,891		4,039,735
2.740%, 02/25/34 (b)		169,339		161,960
MASTR Reperforming Loan Trust 1.587%, 1M USD LIBOR + 0.350%, 05/25/35 (144A) (b)		285,605		241,395
3.632%, 05/25/35 (144A) (b)		3,779,026		3,174,888
7.000%, 08/25/34 (144A)		353,700		356,805
Morgan Stanley Mortgage Loan Trust 1.307%, 1M USD LIBOR + 0.070%, 06/25/36 (b)		596,261		266,071
3.187%, 07/25/35 (b)		205,692		196,077
New Residential Mortgage Loan Trust 3.250%, 09/25/56 (144A) (b)		4,425,563		4,504,986
4.000%, 02/25/57 (144A) (b)		3,877,680		4,037,613
4.000%, 05/25/57 (144A) (b)		7,013,131		7,304,176
NovaStar Mortgage Funding Trust 1.424%, 1M LIBOR + 0.380%, 09/25/46 (b)		1,842,563		1,629,902
Provident Funding Mortgage Loan Trust 3.446%, 05/25/35 (b)		358,386		359,736
3.613%, 10/25/35 (b)		63,724		62,867
SACO I Trust 8.986%, 06/25/21 (144A) (b)		820,128		831,456
Collateralized Mortgage Obligations—(Continued)
Structured Asset Mortgage Investments Trust 1.417%, 1M USD LIBOR + 0.180%, 07/25/46 (b)		229,819		210,296
Structured Asset Securities Corp. 1.587%, 1M USD LIBOR + 0.350%, 04/25/35 (144A) (b)		2,253,326		2,120,952
3.537%, 06/25/35 (144A) (b)		138,027		128,433
WaMu Mortgage Pass-Through Certificates Trust 1.497%, 1M USD LIBOR + 0.260%, 11/25/45 (b)		23,538		23,229
1.507%, 1M USD LIBOR + 0.270%, 12/25/45 (b)		1,643,668		1,636,175
1.527%, 1M USD LIBOR + 0.290%, 12/25/45 (b)		121,359		118,814
1.557%, 1M USD LIBOR + 0.320%, 08/25/45 (b)		144,965		145,023
				58,055,785
Commercial Mortgage-Backed Securities—0.2%
FDIC Structured Sale Guaranteed Notes 2.980%, 12/06/20 (144A)		4,465,100		4,471,287
Total Mortgage-Backed Securities (Cost $63,019,782)				62,527,072
Short-Term Investment—0.4%
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 09/29/17 at 0.120% to be repurchased at $9,561,953 on 10/02/17, collateralized by $9,930,000 U.S. Treasury Note at 1.125% due 02/28/21 with a value of $9,753,911.		9,561,857		9,561,857
Total Short-Term Investments (Cost $9,561,857)				9,561,857
Securities Lending Reinvestments (h)—0.6%
Repurchase Agreements—0.4%
Barclays Capital, Inc. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $1,323,343 on 10/02/17, collateralized by $2,200,650 U.S. Treasury Obligations at 0.000%, maturity dates ranging from 11/15/18 - 08/15/47, with a value of $1,349,692.		1,323,228		1,323,228

BHFTII-311

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Ltd. Repurchase Agreement dated 09/29/17 at 1.050% to be repurchased at $2,400,210 on 10/02/17, collateralized by $2,443,218 U.S. Treasury and Foreign Obligations with rates ranging from 1.000% - 3.125%, maturity dates ranging from 06/15/18 - 08/15/45, with a value of $2,448,000.		2,400,000	$	2,400,000
Deutsche Bank AG, London Repurchase Agreement dated 09/29/17 at 1.200% to be repurchased at $300,030 on 10/02/17, collateralized by $301,773 Foreign Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 02/06/19 - 06/10/25, with a value of $306,001.		300,000		300,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $1,700,177 on 10/02/17, collateralized by $1,731,585 U.S. Treasury and Foreign Obligations with rates ranging from 0.875% - 2.375%, maturity dates ranging from 07/13/18 - 01/17/23, with a value of $1,734,001.		1,700,000		1,700,000
Repurchase Agreement dated 09/29/17 at 1.250% to be repurchased at $200,021 on 10/02/17, collateralized by $200,991 Foreign Obligations with rates ranging from 1.875% - 2.500%, maturity dates ranging from 06/30/20 - 11/20/24, with a value of $204,001.		200,000		200,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 09/29/17 at 1.020% to be repurchased at $1,100,094 on 10/02/17, collateralized by $1,055,222 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $1,122,855.		1,100,000		1,100,000
Repurchase Agreement dated 09/29/17 at 1.030% to be repurchased at $200,017 on 10/02/17, collateralized by $191,859 U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 10/12/17 - 02/15/47, with a value of $204,156.		200,000		200,000
Natixis New York Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $1,000,098 on 10/02/17, collateralized by $2,485,812 U.S. Government Agency and Treasury Obligations with rates ranging from 0.250% - 6.835%, maturity dates ranging from 10/15/18 - 07/16/57, with a value of $1,020,100.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Pershing LLC Repurchase Agreement dated 09/29/17 at 1.180% to be repurchased at $1,000,098 on 10/02/17, collateralized by $1,684,298 U.S. Government Agency Obligations with rates ranging from 1.100% - 11.060%, maturity dates ranging from 12/15/17 - 08/20/67, with a value of $1,020,001.		1,000,000		1,000,000
				9,223,228
Time Deposits—0.2%
ABN AMRO Bank NV 1.060%, 10/02/17		400,000		400,000
Credit Agricole S.A. 1.080%, 10/02/17		500,000		500,000
Credit Industriel et Commercial 1.100%, 10/02/17		400,000		400,000
DZ Bank AG 1.060%, 10/02/17		400,000		400,000
Landesbank Baden-Wuerttemberg 1.200%, 10/02/17		500,000		500,000
Landesbank Hessen-Thuringen 1.170%, 10/02/17		500,000		500,000
Nordea Bank New York 1.050%, 10/02/17		400,000		400,000
Standard Chartered plc 1.200%, 10/02/17		500,000		500,000
Svenska 1.050%, 10/02/17		400,000		400,000
				4,000,000
Total Securities Lending Reinvestments (Cost $13,223,228)				13,223,228
Total Investments—112.8% (Cost $2,469,236,976)				2,469,156,923
Other assets and liabilities (net)—(12.8)%				(279,686,150	)
Net Assets—100.0%			$	2,189,470,773

*	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)	Variable or floating rate security. The stated rate represents the rate at September 30, 2017. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

BHFTII-312

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

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

(c)	Interest only security.
(d)	Principal only security.
(e)	Illiquid security. As of September 30, 2017, these securities represent 0.5% of net assets.
(f)	Principal amount of security is adjusted for inflation.
(g)	All or a portion of the security was held on loan. As of September 30, 2017, the market value of securities loaned was $12,867,290 and the collateral received consisted of cash in the amount of $13,223,228. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(h)	Represents investment of cash collateral received from securities on loan as of September 30, 2017.
(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 September 30, 2017, the market value of 144A securities was $76,499,818, which is 3.5% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(CMO)—	Collateralized Mortgage Obligation
(CMT)—	Constant Maturity Treasury Index
(COF)—	Cost of Funds Index
(LIBOR)—	London InterBank Offered Rate
(REMIC)—	Real Estate Mortgage Investment Conduit

Futures Contracts

Futures Contracts-Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		12/19/17		270			USD	33,834,375		$	(211,423	)
Futures Contracts-Short
90 Day Eurodollar Futures		12/17/18		(400	)		USD	(98,135,000	)		113,700
U.S. Treasury Long Bond Futures		12/19/17		(500	)		USD	(76,406,250	)		1,247,757
Net Unrealized Appreciation										$	1,150,034

(USD)— United States Dollar

BHFTII-313

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of September 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 the Schedule of Investments.

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

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,923,510,022		$	—	$	1,923,510,022
Total Corporate Bonds & Notes*		—			183,516,032			—		183,516,032
Total Foreign Government*		—			183,275,436			—		183,275,436
Total Asset-Backed Securities*		—			93,543,276			—		93,543,276
Total Mortgage-Backed Securities*		—			62,527,072			—		62,527,072
Total Short-Term Investment*		—			9,561,857			—		9,561,857
Total Securities Lending Reinvestments*		—			13,223,228			—		13,223,228
Total Investments	$	—		$	2,469,156,923		$	—	$	2,469,156,923
Collateral for Securities Loaned (Liability)	$	—		$	(13,223,228	)	$	—	$	(13,223,228	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,361,457		$	—		$	—	$	1,361,457
Futures Contracts (Unrealized Depreciation)		(211,423	)		—			—		(211,423	)
Total Futures Contracts	$	1,150,034		$	—		$	—	$	1,150,034

* See Schedule of Investments for additional detailed categorizations.

BHFTII-314

Brighthouse Funds Trust II

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements:

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

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

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

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

Foreign currency forward contracts are valued through an independent pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

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

Options, including swaptions, and futures contracts that are traded OTC are generally valued on the basis of interdealer bid and asked prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For

BHFTII-315

Brighthouse Funds Trust II

Notes to the Schedule of Investments

Investment Valuation and Fair Value Measurements—(Continued)

centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of the Adviser. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in each Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of a Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other method.

For information regarding a Portfolio’s other significant accounting policies, please refer to the Portfolio’s most recent Semiannual or Annual Report.

BHFTII-316

Item 2. Controls and Procedures.

(a) The Principal Executive Officer and Principal Financial Officer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing date of this report on Form N-Q, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-Q is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There has been no change in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

See attached Exhibits 3(a) and 3(b) as required by Rule 30a-2(a) under the Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST II

By:	/s/ Kristi Slavin
	Kristi Slavin
	President, Chief Executive Officer and Chairman of the Boards

Date: November 21, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kristi Slavin
	Kristi Slavin
	President, Chief Executive Officer and Chairman of the Boards

Date: November 21, 2017

By:	/s/ Peter H. Duffy
	Peter H. Duffy
	Chief Financial Officer and Treasurer

Date: November 21, 2017