UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-03618

BRIGHTHOUSE FUNDS TRUST II

(Exact name of registrant as specified in charter)

One Financial Center

Boston, MA 02111

(Address of principal executive offices)(Zip code)

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

Registrant’s telephone number, including area code:  980-949-5130

Date of fiscal year end:  December 31

Date of reporting period: January 1, 2018 through June 30, 2018

Item 1: Report to Shareholders.

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

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Baillie Gifford International Stock Portfolio returned -3.23%, -3.38%, and -3.34%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned -3.77%.

MARKET ENVIRONMENT / CONDITIONS

International equity markets were negative overall in the first six months of 2018, contributing to flat global equity markets and offsetting the positive performance of the U.S. stock market. Trade and rising protectionism were contributory factors while higher oil prices and tensions in the Gulf region were also a feature of the period. The U.S. government imposed a range of tariffs on imported goods, including a 25% duty on steel imports. China was a primary target of the increase in tariffs but the European Union, along with North American Free Trade Agreement (NAFTA) partners Mexico and Canada were also targeted. The withdrawal of the U.S. from the deal to ease Iranian sanctions, negotiated under the Obama Presidency, also unsettled markets with oil moving higher. Bond markets were flat to negative in anticipation of tightening policy, with emerging markets the most negative region across equities and bonds.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is managed on the basis of fundamental stock selection, with stocks selected in the expectation that they will be held within the Portfolio for at least 3-5 years. The portfolio manager typically buys stocks that exhibit growth characteristics, demonstrating sustainably higher returns on equity and higher earnings growth than the market as a whole. Due to the long term holding period, the turnover of the Portfolio, or rate at which stocks are bought and sold, is low, with less than 20% being usual. Portfolio positioning and returns are driven by the results of this stock picking approach as opposed to macro-economic considerations or asset allocation decisions.

The Portfolio outperformed its benchmark during the period due to positive stock selection contributions. A number of holdings within the Portfolio made a significant contribution to outperformance, either positively or negatively.

Constellation Software (Canada) performed well after announcing strong sales and earnings growth for the second quarter of 2018, although with operating margins slightly weaker than expected due to higher staff costs. Organic revenue growth was 5% year-on-year, with the contribution of recurring revenue increasing to close to 70%. The company grows primarily through acquisitions, buying small software businesses that have a strong position in niche markets. Capital allocation discipline is notable with the founder Mark Leonard at the helm.

After a troubling 2017, most notably in employee relations, Ryanair (Ireland), the European low-cost airline, seems to be back on track. Ryanair’s low fare model will likely keep ticket inflation below peers’ this calendar year, but this is more than offset by both passenger and ancillary growth expectations. The company continues to innovate new ways of eking additional pennies out of consumers’ pockets, most recently combining cabin baggage and priority boarding into one cost (if you don’t buy priority boarding, you can’t take a bag on board). Ryanair remains the cheapest yet most profitable of the European short haul airlines and has serially benefitted from the weakness of competitors to consolidate its competitive position over time.

Deutsche Boerse (Germany), the European stock exchange group, was a strong performer in spite of a temporary technical glitch with one of its trading systems. The new CEO appointed in January announced internal initiatives to improve profitability, whilst greater market volatility and higher interest rates were beneficial to revenues.

Other stocks that made a notable positive contribution to performance were building insulation specialist Kingspan (Ireland), diversified miner and iron ore giant Rio Tinto (United Kingdom) and Japanese stock and derivatives exchange operator, Japan Exchange (Japan).

Stocks that detracted from performance in the period included Kroton Educacional, the Brazilian education company, which is suffering from on-campus pricing pressure, largely due to increased competition. While revenue is projected to remain flat, there is near-term pressure on earnings. The company has been investing in technology and small bolt-on acquisitions in an effort to position itself for future success.

Copa Holdings (Panama), the Latin American airline, has continued to deliver strong sales and earnings growth, and higher margins. The company highlighted an expected 10% increase in jet fuel costs for the coming quarters but nonetheless maintained its full year operating margin forecast of 17-19%. Despite this, higher oil prices and concerns over Venezuela put pressure on the stock, with the market choosing to ignore the operational progress made by Copa. Our investment horizon means we focus on the long-term fundamental factors that drive the success of a company, rather than macro events and news flow which very often result in short term share price swings.

Other stocks that made a negative contribution to performance in the period included the jewellery retailer Pandora (Denmark), health insurer Discovery (South Africa) and supermarket chain Magnit (Russia).

We made a number of new investments over the period, including online fashion retailer Boohoo.com (U.K.). Like many of its online peers, the company operates with relatively low working capital and a lean supply chain which responds to short term demand. While fashion remains an occasionally challenging industry, the online operating model lessens the traditional retailer challenge of inventory management considerably, allowing the company to focus on brand promotion and manufacturing. Boohoo.com is focused on a low cost, high volume model aimed at the 16-24 demographic and we believe it is ideally placed to take share from traditional retailers in that market.

BHFTII-1

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Managed by Baillie Gifford Overseas Limited

Portfolio Manager Commentary*—(Continued)

We also initiated a position in Scout24 (Germany). Scout24 operates two listings websites, one for cars and one for houses, and both derive the majority of their revenues from Germany. The platform business model has a strong competitive position, with the potential to be extremely profitable due to the network effect of a marketplace, and because there are low incremental costs associated with incremental revenues. Scout24 appears to be under-monetized relative to global peers, and also at an earlier stage in its growth opportunity due to lower online penetration in its markets.

We sold the Portfolio’s holding in leading Chinese internet search engine Baidu (China). Baidu is facing a slowdown in its core business as competition from search within mobile phone applications takes market share. It has invested in several online to offline businesses, with mixed success: online travel company Ctrip has done well, but most others have struggled. In artificial intelligence, Baidu has committed a lot of resources and has leadership in certain areas, but it is not clear that they will be a long-term winner here. We also have concerns about the high levels of staff turnover and whether CEO/co-founder Robin Li’s management style is too autocratic.

The Portfolio also made additions to a number of stocks. Amongst others, additions were made to AIA (Hong Kong), Rio Tinto (U.K.), SAP (Germany), and SGS (Switzerland). These were funded by reductions to a number of larger holdings which had performed well, Naspers (South Africa), Ryanair (Ireland), Samsung Electronics (South Korea), and TSMC (Taiwan).

Overall positioning did not change significantly during the period, as might be expected given the low turnover and bottom up approach of the Portfolio. The Portfolio remained diversified with a strong focus on quality growth companies selected on a fundamental basis. At a sector and industry level this translates into a Portfolio that generally fares well in a positive economic climate. However, it is worth noting that the Portfolio had no exposure to the Energy sector at period end. As the U.S. has become the effective swing producer in traditional energy markets thanks to shale technology, the attractions of traditional producers in the international markets have diminished and the Energy sector has not been a source of attractive growth companies in recent years.

Angus Franklin

Jonathan Bates

Portfolio Managers

Baillie Gifford Overseas Limited

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

BHFTII-2

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Baillie Gifford International Stock Portfolio
Class A		-3.23		8.94		8.85		1.87
Class B		-3.38		8.62		8.57		1.61
Class E		-3.34		8.68		8.69		1.71
MSCI All Country World ex-U.S. Index		-3.77		7.28		6.00		2.54

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Naspers, Ltd.- N Shares		3.4
Taiwan Semiconductor Manufacturing Co., Ltd.		3.0
Samsung Electronics Co., Ltd.		2.9
SAP SE		2.7
Rio Tinto plc		2.5
Deutsche Boerse AG		2.5
MercadoLibre, Inc.		2.4
Nestle S.A.		2.2
Fairfax Financial Holdings, Ltd.		2.2
Japan Exchange Group, Inc.		2.1

Top Countries

	% of Net Assets
Japan		11.8
United Kingdom		11.1
Germany		8.5
Ireland		5.7
Switzerland		5.6
Canada		5.5
Hong Kong		4.5
South Africa		4.4
Taiwan		4.0
Australia		3.9

BHFTII-3

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Baillie Gifford International Stock Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.73	%	$	1,000.00	$	967.70	$	3.56
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class B (a)	Actual		0.98	%	$	1,000.00	$	966.20	$	4.78
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91
Class E (a)	Actual		0.88	%	$	1,000.00	$	966.60	$	4.29
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.1% of Net Assets

Security Description	Shares		Value
Argentina—2.4%
MercadoLibre, Inc.		155,633	$	46,523,373
Australia—3.9%
Cochlear, Ltd.		140,697		20,918,693
Rio Tinto plc		863,199		47,607,895
Seek, Ltd.		421,538		6,834,529
				75,361,117
Brazil—1.1%
Itau Unibanco Holding S.A. (ADR)		1,164,057		12,082,911
Kroton Educacional S.A.		3,920,400		9,427,370
				21,510,281
Canada—5.5%
Constellation Software, Inc.		43,662		33,861,174
Fairfax Financial Holdings, Ltd.		74,426		41,704,376
Restaurant Brands International, Inc.		293,145		17,682,576
Ritchie Bros. Auctioneers, Inc. (a)		348,653		11,896,040
				105,144,166
China—2.3%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		151,626		28,131,172
Ctrip.com International, Ltd. (ADR) (b)		339,611		16,175,672
				44,306,844
Denmark—3.3%
DSV A/S		379,662		30,644,566
Novozymes A/S - B Shares		352,547		17,850,105
Pandora A/S		216,515		15,132,121
				63,626,792
Finland—2.3%
Kone Oyj - Class B		559,359		28,484,196
Sampo Oyj - A Shares		307,017		14,971,379
				43,455,575
France—3.5%
Edenred		859,539		27,126,370
Essilor International Cie Generale d’Optique S.A. (a)		116,459		16,431,450
Legrand S.A.		326,411		23,907,680
				67,465,500
Germany—8.5%
Brenntag AG		229,696		12,793,516
Continental AG		65,295		14,924,192
Deutsche Boerse AG		356,609		47,513,294
MTU Aero Engines AG		97,682		18,761,383
SAP SE		452,487		52,274,467
Scout24 AG		311,673		16,530,904
				162,797,756
Hong Kong—4.5%
AIA Group, Ltd.		4,120,000		35,667,808
Hong Kong—(Continued)
Hang Seng Bank, Ltd.		887,300		22,081,934
Hong Kong Exchanges and Clearing, Ltd.		948,000		28,405,409
				86,155,151
Ireland—5.7%
CRH plc		750,371		26,481,425
James Hardie Industries plc		838,564		14,114,922
Kingspan Group plc		621,893		31,094,868
Ryanair Holdings plc (ADR) (b)		336,377		38,424,345
				110,115,560
Japan—11.8%
Denso Corp.		408,500		19,872,078
FANUC Corp.		83,500		16,555,312
Japan Exchange Group, Inc.		2,127,700		39,512,929
Nidec Corp.		193,300		28,960,566
Shimano, Inc.		174,100		25,542,074
SMC Corp.		77,400		28,326,859
Sony Corp.		408,000		20,932,857
Sumitomo Mitsui Trust Holdings, Inc.		564,900		22,377,823
Toyota Tsusho Corp.		726,200		24,277,385
				226,357,883
Netherlands—1.5%
Heineken Holding NV		293,462		28,081,744
Panama—1.2%
Copa Holdings S.A. - Class A		242,804		22,974,114
Peru—1.2%
Credicorp, Ltd.		102,148		22,995,558
Russia—0.8%
Magnit PJSC (GDR)		854,138		15,345,903
Singapore—1.6%
United Overseas Bank, Ltd.		1,533,864		30,207,924
South Africa—4.4%
Discovery, Ltd.		1,702,346		18,289,273
Naspers, Ltd. - N Shares		258,179		65,431,567
				83,720,840
South Korea—3.7%
NAVER Corp.		24,322		16,621,659
Samsung Electronics Co., Ltd.		1,324,968		55,325,306
				71,946,965
Spain—3.2%
Bankinter S.A.		2,093,144		20,360,581
Grifols S.A.		469,966		14,094,849
Industria de Diseno Textil S.A. (a)		790,927		26,988,273
				61,443,703

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—3.4%
Atlas Copco AB - B Shares		1,163,562	$	30,429,516
Epiroc AB (b)		1,163,562		10,652,534
Svenska Handelsbanken AB - A Shares		2,272,308		25,222,314
				66,304,364
Switzerland—5.6%
Cie Financiere Richemont S.A. (a)		225,742		19,124,143
Credit Suisse Group AG (a) (b)		1,477,754		22,177,441
Nestle S.A. (a)		552,939		42,806,758
Panalpina Welttransport Holding AG		21,382		2,911,300
SGS S.A.		7,859		20,937,125
				107,956,767
Taiwan—4.0%
Hon Hai Precision Industry Co., Ltd.		6,457,584		17,657,490
Taiwan Semiconductor Manufacturing Co., Ltd.		8,226,000		58,525,117
				76,182,607
United Kingdom—11.1%
ASOS plc (b)		168,182		13,541,442
boohoo.com plc (b)		6,660,547		17,076,548
Burberry Group plc		529,921		15,084,241
Experian plc		1,111,686		27,492,836
Hargreaves Lansdown plc		801,870		20,857,103
Howden Joinery Group plc		1,892,620		13,385,696
Just Eat plc (b)		3,003,763		30,877,271
Prudential plc		1,075,438		24,572,360
Rolls-Royce Holdings plc (b)		672,793		8,768,929
St. James’s Place plc		1,047,427		15,856,619
Unilever NV		479,004		26,701,868
				214,214,913
United States—1.6%
Pricesmart, Inc.		130,472		11,807,716
Spotify Technology S.A. (b)		116,997		19,683,575
				31,491,291
Total Common Stocks (Cost $1,408,812,435)				1,885,686,691
Preferred Stock—0.3%
Spain—0.3%
Grifols S.A. - Class B , (Cost $6,362,013)		261,847		5,633,946
Short-Term Investment—1.4%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $27,539,607; collateralized by U.S. Treasury Note at 2.375%, maturing 01/31/23, with a market value of $28,089,810.		27,537,771		27,537,771
Total Short-Term Investments (Cost $27,537,771)				27,537,771
Securities Lending Reinvestments (c)—2.5%
Certificate of Deposit—0.1%
Natixis New York 2.427%, 1M LIBOR + 0.370%, 02/14/19 (d)		1,000,000		1,000,423
Commercial Paper—0.1%
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (d)		1,500,000		1,500,438
Repurchase Agreements—1.5%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $2,007,751; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $2,108,575.		2,000,000		2,000,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $1,415,563; collateralized by various Common Stock with an aggregate market value of $1,562,692.		1,400,000		1,400,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $1,704,344; collateralized by various Common Stock with an aggregate market value of $1,890,732.		1,700,000		1,700,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $4,231,844; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $4,317,729.		4,231,139		4,231,139
NBC Global Finance, Ltd.
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $4,454,404; collateralized by various Common Stock with an aggregate market value of $4,896,721.		4,400,000		4,400,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $4,226,208; collateralized by various Common Stock with an aggregate market value of $4,674,143.		4,200,000		4,200,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $1,255,422; collateralized by various Common Stock with an aggregate market value of $1,391,114.		1,250,000		1,250,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $3,925,762; collateralized by various Common Stock with an aggregate market value of $4,340,122.		3,900,000	$	3,900,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $2,917,835; collateralized by various Common Stock with an aggregate market value of $3,227,271.		2,900,000		2,900,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $3,665,902; collateralized by various Common Stock with an aggregate market value of $4,055,817.		3,644,526		3,644,526
				29,625,665
Time Deposits—0.8%
Australia New Zealand Bank 1.900%, 07/02/18		2,000,000		2,000,000
Credit Industriel et Commercial (NY) 1.950%, 07/02/18		2,000,000		2,000,000
DNB Bank ASA 1.870%, 07/02/18		2,000,000		2,000,000
DZ Bank AG 1.890%, 07/02/18		2,000,000		2,000,000
Nordea Bank New York 1.880%, 07/02/18		2,000,000		2,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		2,000,000		2,000,000
Standard Chartered plc 1.900%, 07/02/18		2,000,000		2,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		2,000,000		2,000,000
				16,000,000
Total Securities Lending Reinvestments (Cost $48,125,665)				48,126,526
Total Investments—102.3% (Cost $1,490,837,884)				1,966,984,934
Other assets and liabilities (net)—(2.3)%				(43,912,230	)
Net Assets—100.0%			$	1,923,072,704

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $46,555,698 and the collateral received consisted of cash in the amount of $48,125,664. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(GDR)—	Global Depositary Receipt
(LIBOR)—	London Interbank Offered Rate

Ten Largest Industries as of June 30, 2018 (Unaudited)	% of Net Assets
Capital Markets		9.1
Internet Software & Services		8.2
Banks		8.1
Insurance		7.0
Machinery		6.0
Software		4.5
Media		3.4
Airlines		3.2
Semiconductors & Semiconductor Equipment		3.0
Technology Hardware, Storage & Peripherals		2.9

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Argentina	$	46,523,373	$	—		$	—	$	46,523,373
Australia		—		75,361,117			—		75,361,117
Brazil		21,510,281		—			—		21,510,281
Canada		105,144,166		—			—		105,144,166
China		44,306,844		—			—		44,306,844
Denmark		—		63,626,792			—		63,626,792
Finland		—		43,455,575			—		43,455,575
France		—		67,465,500			—		67,465,500
Germany		—		162,797,756			—		162,797,756
Hong Kong		—		86,155,151			—		86,155,151
Ireland		38,424,345		71,691,215			—		110,115,560
Japan		—		226,357,883			—		226,357,883
Netherlands		—		28,081,744			—		28,081,744
Panama		22,974,114		—			—		22,974,114
Peru		22,995,558		—			—		22,995,558
Russia		—		15,345,903			—		15,345,903
Singapore		—		30,207,924			—		30,207,924
South Africa		—		83,720,840			—		83,720,840
South Korea		—		71,946,965			—		71,946,965
Spain		—		61,443,703			—		61,443,703
Sweden		10,652,534		55,651,830			—		66,304,364
Switzerland		—		107,956,767			—		107,956,767
Taiwan		—		76,182,607			—		76,182,607
United Kingdom		—		214,214,913			—		214,214,913
United States		31,491,291		—			—		31,491,291
Total Common Stocks		344,022,506		1,541,664,185			—		1,885,686,691
Total Preferred Stock*		—		5,633,946			—		5,633,946
Total Short-Term Investment*		—		27,537,771			—		27,537,771
Total Securities Lending Reinvestments*		—		48,126,526			—		48,126,526
Total Investments	$	344,022,506	$	1,622,962,428		$	—	$	1,966,984,934
Collateral for Securities Loaned (Liability)	$	—	$	(48,125,664	)	$	—	$	(48,125,664	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $20,802,326 were due to the discontinuation of a systematic fair valuation model factor.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,966,984,934
Cash denominated in foreign currencies (c)		447,557
Receivable for:
Investments sold		62,335
Fund shares sold		750,339
Dividends and interest		5,352,352
Total Assets		1,973,597,517
Liabilities
Collateral for securities loaned		48,125,664
Payables for:
Investments purchased		300,403
Fund shares redeemed		189,237
Accrued Expenses:
Management fees		1,074,043
Distribution and service fees		71,302
Deferred trustees’ fees		140,047
Other expenses		624,117
Total Liabilities		50,524,813
Net Assets	$	1,923,072,704
Net Assets Consist of:
Paid in surplus	$	1,350,610,200
Undistributed net investment income		18,451,941
Accumulated net realized gain		77,883,057
Unrealized appreciation on investments and foreign currency transactions		476,127,506
Net Assets	$	1,923,072,704
Net Assets
Class A	$	1,577,137,836
Class B		326,766,488
Class E		19,168,380
Capital Shares Outstanding*
Class A		122,735,356
Class B		25,811,065
Class E		1,506,416
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.85
Class B		12.66
Class E		12.72

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,490,837,884.
(b)	Includes securities loaned at value of $46,555,698.
(c)	Identified cost of cash denominated in foreign currencies was $448,388.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	24,117,421
Non cash dividends		1,634,882
Interest		45,901
Securities lending income		221,898
Total investment income		26,020,102
Expenses
Management fees		7,336,366
Administration fees		29,253
Custodian and accounting fees		313,468
Distribution and service fees — Class B		433,817
Distribution and service fees — Class E		15,363
Audit and tax services		26,899
Legal		21,433
Trustees’ fees and expenses		20,714
Shareholder reporting		61,396
Insurance		5,894
Miscellaneous		89,425
Total expenses		8,354,028
Less management fee waiver		(1,142,465	)
Net expenses		7,211,563
Net Investment Income		18,808,539
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		80,218,876
Foreign currency transactions		(440,069	)
Net realized gain		79,778,807
Net change in unrealized depreciation on:
Investments		(161,081,504	)
Foreign currency transactions		(124,921	)
Net change in unrealized depreciation		(161,206,425	)
Net realized and unrealized loss		(81,427,618	)
Net Decrease in Net Assets From Operations	$	(62,619,079	)

(a) Net of foreign withholding taxes of $2,975,506.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	18,808,539		$	21,464,894
Net realized gain		79,778,807			109,990,740
Net change in unrealized appreciation (depreciation)		(161,206,425	)		407,661,229
Increase (decrease) in net assets from operations		(62,619,079	)		539,116,863
From Distributions to Shareholders
Net investment income
Class A		(18,443,225	)		(17,587,214	)
Class B		(3,023,120	)		(3,469,294	)
Class E		(196,972	)		(232,526	)
Total distributions		(21,663,317	)		(21,289,034	)
Increase (decrease) in net assets from capital share transactions		159,036,624			(321,838,239	)
Total increase in net assets		74,754,228			195,989,590
Net Assets
Beginning of period		1,848,318,476			1,652,328,886
End of period	$	1,923,072,704		$	1,848,318,476
Undistributed net investment income
End of period	$	18,451,941		$	21,306,719

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		17,510,414		$	234,790,027			431,646		$	5,060,048
Reinvestments		1,382,551			18,443,225			1,487,920			17,587,214
Redemptions		(5,565,557	)		(76,610,373	)		(23,217,031	)		(280,691,731	)
Net increase (decrease)		13,327,408		$	176,622,879			(21,297,465	)	$	(258,044,469	)
Class B
Sales		1,020,336		$	13,664,118			967,341		$	11,333,315
Reinvestments		230,070			3,023,120			297,794			3,469,294
Redemptions		(2,425,330	)		(32,420,119	)		(6,445,066	)		(75,960,334	)
Net decrease		(1,174,924	)	$	(15,732,881	)		(5,179,931	)	$	(61,157,725	)
Class E
Sales		64,368		$	866,395			85,936		$	979,935
Reinvestments		14,911			196,972			19,874			232,526
Redemptions		(217,442	)		(2,916,741	)		(324,586	)		(3,848,506	)
Net decrease		(138,163	)	$	(1,853,374	)		(218,776	)	$	(2,636,045	)
Increase (decrease) derived from capital shares transactions				$	159,036,624					$	(321,838,239	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	13.43		$	10.06		$	9.71		$	10.07		$	10.54		$	9.28
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.15			0.15	(b)		0.16			0.16			0.16
Net realized and unrealized gain (loss) on investments		(0.57	)		3.37			0.36			(0.34	)		(0.48	)		1.26
Total from investment operations		(0.43	)		3.52			0.51			(0.18	)		(0.32	)		1.42
Less Distributions
Distributions from net investment income		(0.15	)		(0.15	)		(0.16	)		(0.18	)		(0.15	)		(0.16	)
Total distributions		(0.15	)		(0.15	)		(0.16	)		(0.18	)		(0.15	)		(0.16	)
Net Asset Value, End of Period	$	12.85		$	13.43		$	10.06		$	9.71		$	10.07		$	10.54
Total Return (%) (c)		(3.23	)(d)		35.15			5.38			(1.97	)		(3.10	)		15.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.85			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (f)		0.73	(e)		0.73			0.73			0.74			0.75			0.77
Ratio of net investment income to average net assets (%)		2.08	(e)		1.24			1.49	(b)		1.56			1.58			1.70
Portfolio turnover rate (%)		16	(d)		8			11			12			8			19
Net assets, end of period (in millions)	$	1,577.1		$	1,469.7		$	1,315.2		$	1,361.8		$	1,490.0		$	1,680.7
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	13.22		$	9.90		$	9.56		$	9.91		$	10.38		$	9.15
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.12			0.12	(b)		0.13			0.14			0.13	(g)
Net realized and unrealized gain (loss) on investments		(0.56	)		3.32			0.35			(0.33	)		(0.48	)		1.23
Total from investment operations		(0.44	)		3.44			0.47			(0.20	)		(0.34	)		1.36
Less Distributions
Distributions from net investment income		(0.12	)		(0.12	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)
Total distributions		(0.12	)		(0.12	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)
Net Asset Value, End of Period	$	12.66		$	13.22		$	9.90		$	9.56		$	9.91		$	10.38
Total Return (%) (c)		(3.38	)(d)		34.89			5.05			(2.17	)		(3.34	)		15.14
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(e)		1.10			1.10			1.12			1.12			1.13
Net ratio of expenses to average net assets (%) (f)		0.98	(e)		0.98			0.98			0.99			1.00			1.03
Ratio of net investment income to average net assets (%)		1.82	(e)		0.99			1.25	(b)		1.31			1.32			1.34	(g)
Portfolio turnover rate (%)		16	(d)		8			11			12			8			19
Net assets, end of period (in millions)	$	326.8		$	356.7		$	318.6		$	336.0		$	387.3		$	434.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	13.29		$	9.96		$	9.61		$	9.97		$	10.43		$	9.19
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.13			0.13	(b)		0.14			0.15			0.15
Net realized and unrealized gain (loss) on investments		(0.57	)		3.33			0.36			(0.34	)		(0.48	)		1.23
Total from investment operations		(0.44	)		3.46			0.49			(0.20	)		(0.33	)		1.38
Less Distributions
Distributions from net investment income		(0.13	)		(0.13	)		(0.14	)		(0.16	)		(0.13	)		(0.14	)
Total distributions		(0.13	)		(0.13	)		(0.14	)		(0.16	)		(0.13	)		(0.14	)
Net Asset Value, End of Period	$	12.72		$	13.29		$	9.96		$	9.61		$	9.97		$	10.43
Total Return (%) (c)		(3.34	)(d)		34.92			5.24			(2.15	)		(3.19	)		15.30
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(e)		1.00			1.00			1.02			1.02			1.02
Net ratio of expenses to average net assets (%) (f)		0.88	(e)		0.88			0.88			0.89			0.90			0.92
Ratio of net investment income to average net assets (%)		1.92	(e)		1.08			1.34	(b)		1.42			1.43			1.56
Portfolio turnover rate (%)		16	(d)		8			11			12			8			19
Net assets, end of period (in millions)	$	19.2		$	21.9		$	18.6		$	19.8		$	22.8		$	26.8

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

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

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

BHFTII-13

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

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

BHFTII-14

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $27,537,771. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $29,625,665. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

BHFTII-15

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	425,516,646	$	0	$	284,412,021

BHFTII-16

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$7,336,366		0.860	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

BHFTII-17

Brighthouse Funds Trust II

Baillie Gifford International Stock Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,492,733,635
Gross unrealized appreciation		521,412,082
Gross unrealized depreciation		(47,160,783	)
Net unrealized appreciation (depreciation)	$	474,251,299

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$21,289,034	$	26,806,348	$	—	$	—	$	21,289,034	$	26,806,348

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses		Total
$21,452,290	$	—	$	635,438,180	$	—	$	—	$	656,890,470

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

During the year ended December 31, 2017, the Portfolio utilized capital loss carryforwards of $110,177,360.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the BlackRock Bond Income Portfolio returned -1.38%, -1.51%, and -1.46%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned -1.62%.

MARKET ENVIRONMENT / CONDITIONS

The first half of 2018 was characterized by solid U.S. growth and less accommodative monetary policy from developed market central banks, rising market volatility, elevated geopolitical risk abroad, and fears around trade-related tensions. Global economic activity indicators continued to point to above-trend growth, albeit largely driven by the U.S. as the Eurozone published mixed data, and emerging markets continued to be rocked by the market’s risk off sentiment, tighter global funding conditions and a strengthening U.S. dollar.

10-year U.S. Treasury yields started the year at 2.4% and steadily drifted higher to a high of 2.95% in the middle of February before gradually moving lower for the second half of the first quarter to end March at 2.81%. We then saw rates sell off early in the second quarter, moving above 3.1% for the first time in over four years in May, before reversing trend as safe-haven bids increased around the political uncertainty regarding the Italian elections and ended the period at 2.86%. The main drivers of higher rates stemmed from optimism around growth as a result of fiscal stimulus in the U.S., the market pricing in the higher issuance in the Treasury market that would be a result of increasing deficits (both fiscal and budget) and higher inflation down the pipeline as a result of declining slack in the economy and rising wages. However, growing concerns around trade tensions with China, continued turnover in President Trump’s cabinet and elevated geopolitical uncertainties were the drivers of a “safe haven” rally in the Treasury market.

In the U.S., as widely expected for both times, the Federal Open Market Committee (the “FOMC”) raised the target range for the Federal Funds rate by 25 basis points (“bps”) twice this year, in March and in June. On the back of firm domestic growth (2.8% real Gross Domestic Product forecast at year-end) and continued improvements in the labor market (3.6% unemployment rate projected by the end of 2018), the Federal Reserve signaled a convergence towards its 2% symmetric inflation target and upgraded its overall economic outlook.

Turning to Europe, headlines from Italy in May shook the global markets, as political uncertainty in its government formation spawned a crisis in Italian bonds. Political angst eventually dampened and Italian bond yields began to recover towards quarter end. In terms of monetary policy, the European Central Bank (“ECB”) announced that it will end its Quantitative Easing program in December this year, with the final pace of asset purchases being tapered down to €15bn per month for the final quarter (from the current €30bn monthly pace). In addition, ECB President Draghi stated that interest rates will remain at present levels “at least through the summer of 2019 and in any case for as long as necessary to ensure that the evolution of inflation remains aligned with the current expectations of a sustained adjustment path”.

PORTFOLIO REVIEW / PERIOD END POSITIONING

We began 2018 positioned with a preference for the front end of the yield curve given the attractive risk versus reward profile relative to longer-dated Treasuries. We also emphasized carry-oriented opportunities within high quality assets with less interest rate risk by holding overweight exposure to securitized assets (non-agency mortgages and collateralized loan obligations, in particular).

The Portfolio’s out-of-index allocations to non-agency mortgages and collateralized loan obligations, and our overweights to municipal bonds contributed positively to performance during the period, while our overweight to emerging markets was the primary detractor to performance.

During the first quarter of 2018, while maintaining an underweight, we tactically increased duration as a hedge, mostly concentrated on the front end of the yield curve. We also remained convicted on emerging markets debt and ended the first quarter with an overweight in the sector, as synchronized developed market growth bodes well for the asset class. Fundamentals and technicals remained extremely supportive, while valuations resembled broader market richness. We maintained the Portfolio’s allocation to emerging Asia with a preference for Indonesia and China, and select countries in Latin America.

BHFTII-1

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

Into the second quarter of 2018, we maintained our underweight duration posture relative to the benchmark. While firming inflation and growth in the U.S. this year alongside increased Treasury issuance needs have put upward pressure on rates, geopolitical risk and dovish ECB rhetoric places a meaningful cap on how high they can go in the near term. At period end, we remained very tactical in our duration management given these crosscurrents. Meanwhile, we reduced the Portfolio’s overweight to emerging markets across countries given the broad-based selling pressure in the sector during the second quarter amidst tightening financial conditions from a stronger U.S. dollar and higher developed market rates. At the end of the period, we held long U.S. dollar exposure versus other developed market currencies as a hedge in the Portfolio.

Throughout the period, we gradually reduced the Portfolio’s exposures to corporate credit as we turned more cautious on corporate credit in the near-term with a preference for banks and technology. In high yield, we maintained the Portfolio’s small allocation to the sector and continued to favor the issuers we selected for their idiosyncratic stories, mainly on the front end of the credit curve given how little investors are compensated for holding longer-dated bonds, rather than holding common index names. While keeping the overall risk level low for the period, we utilized exposures to derivatives, including options with upside convexity in our macro strategies and emerging market foreign currency allocations to provide diversified sources of alpha generation while protecting downside in the Portfolio. The Portfolio’s derivative positions performed as expected during the reporting period. Lastly, at period end, we continued to hold an overweight exposure to securitized assets, as we believe the sector should continue to be supported by strong demand, healthy fundamentals, and attractive relative valuations.

Rick Rieder

Bob Miller

David Rogal

Portfolio Managers

BlackRock Advisors, LLC

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

BHFTII-2

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

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

SIX MONTH RETURN & SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
BlackRock Bond Income Portfolio
Class A		-1.38		-0.13		2.89		4.06
Class B		-1.51		-0.39		2.63		3.80
Class E		-1.46		-0.29		2.73		3.91
Bloomberg Barclays U.S. Aggregate Bond Index		-1.62		-0.40		2.27		3.72

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		41.8
Corporate Bonds & Notes		29.9
Asset-Backed Securities		13.5
Municipals		6.3
Mortgage-Backed Securities		5.7
Foreign Government		3.3
Floating Rate Loans		2.0
Preferred Stocks		0.2
Purchased Options		0.2

BHFTII-3

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Bond Income Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A	Actual		0.48	%	$	1,000.00	$	986.20	$	2.36
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B	Actual		0.73	%	$	1,000.00	$	984.90	$	3.59
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E	Actual		0.63	%	$	1,000.00	$	985.40	$	3.10
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

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

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

BHFTII-4

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

U.S. Treasury & Government Agencies—41.8% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—30.5%
Fannie Mae 15 Yr. Pool 2.000%, 10/01/31		274,254	$	259,860
2.000%, 11/01/31		3,391,420		3,213,393
2.000%, 12/01/31		359,920		341,028
2.000%, 03/01/32		2,151,701		2,038,761
2.500%, 09/01/27		322,806		316,149
2.500%, 02/01/28		38,171		37,378
2.500%, 04/01/28		94,613		92,646
2.500%, 08/01/28		256,274		250,950
2.500%, 01/01/30		1,380,772		1,347,442
2.500%, 02/01/30		168,993		165,247
2.500%, 03/01/30		285,997		279,254
2.500%, 07/01/30		961,441		938,553
2.500%, 08/01/30		3,283,144		3,206,349
2.500%, 09/01/30		1,623,052		1,584,768
2.500%, 11/01/30		3,272,579		3,195,337
2.500%, 03/01/31		191,642		187,660
2.500%, 06/01/31		915,040		891,172
2.500%, 07/01/31		515,148		501,712
2.500%, 08/01/31		90,409		88,051
2.500%, 10/01/31		4,371,934		4,257,892
2.500%, 11/01/31		2,737,417		2,665,588
2.500%, 01/01/32		8,204,505		7,997,162
2.500%, 02/01/32		128,967		125,405
2.500%, 03/01/32		419,124		407,550
2.500%, 08/01/32		3,122,032		3,036,539
2.500%, 02/01/33		5,648,498		5,515,237
3.000%, 04/01/28		199,683		199,653
3.000%, 05/01/28		253,685		253,645
3.000%, 10/01/28		435,045		434,530
3.000%, 11/01/28		3,302,434		3,301,921
3.000%, 12/01/28		974,796		971,840
3.000%, 01/01/29		323,843		323,184
3.000%, 04/01/29		1,394,366		1,394,148
3.000%, 05/01/29		1,949,124		1,946,603
3.000%, 08/01/29		2,369,922		2,369,477
3.000%, 10/01/29		587,048		586,957
3.000%, 03/01/30		1,151,394		1,151,215
3.000%, 04/01/30		993,065		990,775
3.000%, 05/01/30		1,471,907		1,468,511
3.000%, 07/01/30		1,183,812		1,180,735
3.000%, 08/01/30		5,446,485		5,433,910
3.000%, 09/01/30		2,321,486		2,315,670
3.000%, 08/01/31		5,580,757		5,559,086
3.000%, 09/01/31		546,072		543,633
3.000%, 09/01/32		1,032,844		1,031,649
3.000%, TBA (a)		2,399,000		2,384,917
3.500%, 08/01/28		582,103		591,411
3.500%, 10/01/28		3,288,267		3,340,802
3.500%, 11/01/28		3,626,398		3,681,452
3.500%, 02/01/29		5,334,246		5,410,625
3.500%, 04/01/29		1,350,493		1,367,798
3.500%, 05/01/29		3,268,977		3,316,463
3.500%, 06/01/29		2,413,054		2,451,575
3.500%, 07/01/29		1,671,695		1,694,800
3.500%, 09/01/29		209,022		212,382
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool 3.500%, 08/01/30		1,034,594		1,049,297
3.500%, 11/01/32		235,277		238,411
3.500%, 01/01/33		160,190		162,327
4.000%, 02/01/25		2,430,452		2,494,868
4.000%, 09/01/25		469,030		481,613
4.000%, 10/01/25		1,357,505		1,393,839
4.000%, 01/01/26		434,018		445,578
4.000%, 04/01/26		312,299		321,478
4.000%, 07/01/26		1,244,967		1,279,042
4.000%, 08/01/26		643,070		660,770
4.500%, 12/01/20		270,937		272,961
4.500%, 02/01/25		378,908		391,584
4.500%, 04/01/25		77,920		80,518
4.500%, 07/01/25		290,807		300,571
4.500%, 06/01/26		1,924,790		1,988,950
Fannie Mae 20 Yr. Pool 3.000%, 10/01/36		120,548		118,975
3.000%, 11/01/36		1,218,108		1,202,207
3.000%, 12/01/36		1,849,978		1,825,828
5.000%, 05/01/23		1,995		2,115
Fannie Mae 30 Yr. Pool 3.000%, 12/01/42		7,736,612		7,564,510
3.000%, 01/01/43		5,205,118		5,087,579
3.000%, 02/01/43		2,451,741		2,396,023
3.000%, 03/01/43		20,174,909		19,713,680
3.000%, 04/01/43		13,378,070		13,071,926
3.000%, 05/01/43		18,249,382		17,835,517
3.000%, 06/01/43		2,345,303		2,291,842
3.000%, 07/01/43		1,309,699		1,279,451
3.000%, 08/01/43		1,074,175		1,049,456
3.000%, 06/01/46		830,523		808,971
3.000%, 08/01/46		89,021		86,781
3.000%, 09/01/46		1,278,171		1,245,179
3.000%, 11/01/46		4,468,870		4,345,845
3.000%, 01/01/47		421,634		410,534
3.000%, 02/01/47		1,016,673		988,737
3.000%, 03/01/47		3,325,509		3,231,857
3.000%, TBA (a)		16,627,058		16,106,812
3.500%, 01/01/42		792,736		795,855
3.500%, 04/01/42		547,252		548,722
3.500%, 05/01/42		342,815		343,787
3.500%, 06/01/42		946,793		950,556
3.500%, 07/01/42		120,240		120,667
3.500%, 08/01/42		205,903		206,636
3.500%, 10/01/42		1,461,935		1,466,381
3.500%, 11/01/42		2,564,508		2,570,849
3.500%, 12/01/42		1,418,565		1,424,009
3.500%, 01/01/43		863,118		866,562
3.500%, 02/01/43		1,497,107		1,501,323
3.500%, 03/01/43		3,937,593		3,954,907
3.500%, 04/01/43		125,078		125,661
3.500%, 05/01/43		295,460		295,943
3.500%, 06/01/43		1,289,240		1,291,027
3.500%, 07/01/43		14,077,652		14,133,405
3.500%, 08/01/43		7,748,024		7,764,477
3.500%, 09/01/43		131,691		132,210

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, 10/01/43		142,939	$	143,802
3.500%, 11/01/43		1,271,929		1,273,695
3.500%, 01/01/44		4,318,915		4,342,304
3.500%, 05/01/44		2,113,850		2,126,590
3.500%, 06/01/44		10,817,592		10,855,891
3.500%, 07/01/44		55,386		55,463
3.500%, 02/01/45		1,104,413		1,106,120
3.500%, 07/01/45		3,420,750		3,423,665
3.500%, 10/01/45		1,721,727		1,718,784
3.500%, 11/01/45		3,625,655		3,638,703
3.500%, 12/01/45		859,962		864,932
3.500%, 03/01/46		1,256,527		1,255,125
3.500%, 04/01/46		1,916,435		1,914,943
3.500%, 05/01/46		789,876		788,856
3.500%, 06/01/46		3,469,039		3,464,334
3.500%, 08/01/46		1,631,533		1,629,140
3.500%, 09/01/46		1,729,164		1,728,259
3.500%, 11/01/46		3,152,409		3,156,879
3.500%, 12/01/46		3,680,561		3,679,243
3.500%, 01/01/47		8,022,941		8,040,597
3.500%, 02/01/47		640,675		641,467
3.500%, 05/01/47		2,122,432		2,122,186
3.500%, 06/01/47		1,297,943		1,296,071
3.500%, 07/01/47		927,155		926,720
3.500%, 09/01/47		901,215		901,361
3.500%, 10/01/47		281,742		282,090
3.500%, 11/01/47		1,520,943		1,524,645
3.500%, 12/01/47		10,435,184		10,437,892
3.500%, 01/01/48		6,722,059		6,722,881
3.500%, TBA (a)		213,842		212,836
4.000%, 08/01/33		1,242,685		1,267,543
4.000%, 06/01/39		911,954		936,474
4.000%, 12/01/39		84,650		86,920
4.000%, 07/01/40		1,106,595		1,136,277
4.000%, 08/01/40		2,017,347		2,071,934
4.000%, 10/01/40		5,452,718		5,607,408
4.000%, 11/01/40		359,134		368,851
4.000%, 12/01/40		1,859,695		1,910,000
4.000%, 04/01/41		179,346		184,193
4.000%, 09/01/41		4,654,830		4,780,669
4.000%, 10/01/41		302,537		310,732
4.000%, 12/01/41		1,234,736		1,275,779
4.000%, 01/01/42		1,230,205		1,263,524
4.000%, 02/01/42		3,008,681		3,090,144
4.000%, 05/01/42		1,187,928		1,224,007
4.000%, 06/01/42		654,383		672,068
4.000%, 07/01/42		4,531,730		4,679,375
4.000%, 08/01/42		336,620		345,731
4.000%, 09/01/42		846,732		869,627
4.000%, 12/01/42		2,427,920		2,502,644
4.000%, 01/01/43		1,042,995		1,071,217
4.000%, 03/01/43		213,535		219,568
4.000%, 10/01/43		775,319		796,288
4.000%, 11/01/43		3,728,069		3,851,974
4.000%, 01/01/44		2,684,600		2,773,818
4.000%, 02/01/44		2,584,457		2,670,313
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.000%, 05/01/44		3,868,507		3,995,361
4.000%, 07/01/44		241,704		247,617
4.000%, 08/01/44		861,104		889,720
4.000%, 12/01/44		2,341,893		2,413,753
4.000%, 01/01/45		389,880		402,029
4.000%, 02/01/45		1,205,901		1,241,784
4.000%, 03/01/45		1,047,808		1,076,073
4.000%, 04/01/45		955,806		985,648
4.000%, 05/01/45		976,183		1,005,653
4.000%, 10/01/45		6,333,949		6,527,345
4.000%, 11/01/45		2,393,996		2,465,772
4.000%, 12/01/45		4,909,631		5,044,177
4.000%, 01/01/46		5,115,829		5,230,310
4.000%, 02/01/46		1,729,989		1,775,854
4.000%, 06/01/46		3,989,617		4,090,531
4.000%, 11/01/46		300,138		308,940
4.000%, 12/01/46		1,400,023		1,439,501
4.000%, 01/01/47		1,630,725		1,677,331
4.000%, 03/01/47		2,614,559		2,682,304
4.000%, 08/01/47		1,045,212		1,071,092
4.000%, 03/01/48		2,711,280		2,793,122
4.000%, 04/01/48		1,696,301		1,747,019
4.500%, 08/01/39		1,355,303		1,424,934
4.500%, 11/01/39		381,618		401,280
4.500%, 01/01/40		42,354		44,559
4.500%, 04/01/40		96,146		101,155
4.500%, 05/01/40		253,094		266,274
4.500%, 06/01/40		230,306		242,260
4.500%, 07/01/40		479,243		504,214
4.500%, 08/01/40		3,175,636		3,340,338
4.500%, 11/01/40		904,897		952,074
4.500%, 07/01/41		271,416		285,571
4.500%, 08/01/41		36,200		37,721
4.500%, 09/01/41		975,402		1,023,864
4.500%, 10/01/41		195,220		205,237
4.500%, 01/01/42		188,142		197,922
4.500%, 06/01/42		160,885		167,645
4.500%, 08/01/42		1,055,261		1,104,963
4.500%, 09/01/42		2,908,812		3,060,200
4.500%, 09/01/43		1,101,111		1,152,906
4.500%, 10/01/43		1,449,521		1,517,666
4.500%, 12/01/43		1,734,544		1,816,445
4.500%, 01/01/44		1,800,001		1,890,709
4.500%, 09/01/45		815,755		860,207
4.500%, 11/01/45		518,085		545,603
4.500%, 12/01/45		1,326,414		1,390,263
4.500%, 09/01/46		690,684		731,284
4.500%, TBA (a)		8,837,000		9,201,602
5.000%, 11/01/32		4,659		4,978
5.000%, 09/01/35		224,095		239,993
5.000%, 06/01/39 (b)		9,673,066		10,357,628
5.000%, 04/01/41		36,561		39,219
5.000%, 07/01/41		448,060		480,678
5.000%, 08/01/41		409,555		437,755
5.000%, 01/01/42		51,746		54,862
5.000%, TBA (a)		2,460,000		2,605,905

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 11/01/32		1,094,688	$	1,185,032
5.500%, 12/01/32		187,895		203,469
5.500%, 01/01/33		725,263		784,605
5.500%, 12/01/33		247,674		269,053
5.500%, 05/01/34		1,965,953		2,138,587
5.500%, 08/01/37		2,026,277		2,204,336
5.500%, 02/01/38		347,700		379,265
5.500%, 03/01/38		220,175		240,359
5.500%, 04/01/38		112,901		121,001
5.500%, 06/01/38		405,667		441,963
5.500%, 12/01/38		118,471		126,970
5.500%, 01/01/39		344,446		372,294
5.500%, 08/01/39		278,173		303,424
5.500%, 12/01/39		459,270		494,603
5.500%, 04/01/40		70,670		75,958
5.500%, 04/01/41		290,353		313,793
5.500%, TBA (a)		3,696,000		3,963,094
6.000%, 02/01/34		227,776		251,021
6.000%, 08/01/34		169,245		186,538
6.000%, 04/01/35		2,707,094		2,983,565
6.000%, 06/01/36		309,865		339,972
6.000%, 02/01/38		533,086		587,601
6.000%, 03/01/38		177,186		195,810
6.000%, 05/01/38		559,808		618,611
6.000%, 10/01/38		673,343		741,758
6.000%, 12/01/38		200,082		221,027
6.000%, 04/01/40		2,227,618		2,454,152
6.000%, 09/01/40		217,685		239,171
6.000%, 06/01/41		511,014		563,572
6.500%, 05/01/40		3,239,579		3,605,785
Fannie Mae Connecticut Avenue Securities (CMO) 4.291%, 1M LIBOR + 2.200%, 01/25/30 (c)		795,826		809,792
5.091%, 1M LIBOR + 3.000%, 10/25/29 (c)		246,328		262,067
5.641%, 1M LIBOR + 3.550%, 07/25/29 (c)		1,289,928		1,401,265
5.691%, 1M LIBOR + 3.600%, 01/25/30 (c)		1,350,000		1,383,751
6.091%, 1M LIBOR + 4.000%, 05/25/30 (c)		1,140,000		1,184,641
6.341%, 1M LIBOR + 4.250%, 04/25/29 (c)		1,620,000		1,840,514
7.841%, 1M LIBOR + 5.750%, 07/25/29 (c)		683,032		814,946
Fannie Mae Pool 4.000%, 01/01/41		453,371		464,666
Fannie Mae REMICS (CMO) 5.000%, 04/25/35		59,472		61,584
Fannie Mae-ACES (CMO) 0.227%, 08/25/24 (c) (d)		108,461,074		805,877
2.676%, 01/25/39 (c) (d)		2,988,781		309,188
3.086%, 12/25/27 (c)		507,000		488,987
Freddie Mac 15 Yr. Gold Pool 2.500%, 04/01/27		140,409		137,334
2.500%, 10/01/28		467,796		457,545
2.500%, 08/01/29		1,189,858		1,161,673
2.500%, 12/01/29		308,389		300,137
2.500%, 05/01/30		1,177,039		1,144,713
2.500%, 07/01/30		799,740		777,783
2.500%, 08/01/30		2,681,174		2,607,534
2.500%, 09/01/30		2,953,800		2,872,682
2.500%, 04/01/31		2,064,978		2,008,250
2.500%, TBA (a)		9,133,000		8,865,513
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool 3.000%, 01/01/30		895,307	$	893,364
3.000%, 04/01/30		4,404,033		4,392,472
3.000%, 05/01/30		703,442		702,075
3.000%, 06/01/30		31,171		31,075
3.000%, 07/01/30		1,637,138		1,631,307
3.000%, 08/01/30		536,386		533,860
3.000%, TBA (a)		11,359,000		11,278,644
3.500%, TBA (a)		6,274,000		6,344,275
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/42		2,762,146		2,698,247
3.000%, 01/01/43		1,835,787		1,793,116
3.000%, 03/01/43		4,019,276		3,924,454
3.000%, 07/01/43 (b)		11,619,023		11,341,330
3.000%, 12/01/46		3,170,600		3,080,930
3.000%, TBA (a)		43,292,779		41,901,972
3.500%, 04/01/42		2,363,309		2,371,166
3.500%, 05/01/42		116,492		116,843
3.500%, 08/01/42		2,960,899		2,972,586
3.500%, 10/01/42		151,553		151,380
3.500%, 11/01/42		1,141,659		1,145,109
3.500%, 01/01/43		1,299,163		1,303,089
3.500%, 06/01/43		325,064		326,047
3.500%, 12/01/43		5,328,517		5,344,584
3.500%, 01/01/44		24,213,566		24,287,054
3.500%, 04/01/44		2,391,373		2,399,510
3.500%, 05/01/44		604,244		606,592
3.500%, 06/01/44		411,857		413,099
3.500%, 07/01/44		116,576		117,217
3.500%, 08/01/44		449,591		451,123
3.500%, 09/01/44		945,002		948,608
3.500%, 11/01/44		25,002		25,045
3.500%, 01/01/45		181,867		182,118
3.500%, 05/01/45		277,263		277,191
3.500%, 06/01/45		236,419		236,237
3.500%, 07/01/45		6,373		6,368
3.500%, 08/01/45		6,955,915		6,979,637
3.500%, 09/01/45		200,551		201,654
3.500%, 10/01/45		25,359		25,339
3.500%, 01/01/46		1,159,541		1,158,377
3.500%, 02/01/46		80,277		80,180
3.500%, 03/01/46		840,870		839,852
3.500%, 05/01/46		928,323		927,391
3.500%, 07/01/46		8,538,156		8,553,388
3.500%, 03/01/47		2,391,786		2,382,832
3.500%, 07/01/47		364,687		365,931
3.500%, 10/01/47		1,453,046		1,456,090
3.500%, 12/01/47		1,749,615		1,753,281
3.500%, 01/01/48		584,840		584,891
3.500%, TBA (a)		14,767,164		14,689,648
4.000%, 08/01/40		312,689		321,454
4.000%, 09/01/40		360,028		370,046
4.000%, 10/01/40		150,559		154,922
4.000%, 11/01/40		651,372		670,008
4.000%, 04/01/41		17,460		17,950
4.000%, 10/01/41		618,356		636,288
4.000%, 09/01/43		465,534		479,966
4.000%, 04/01/44		1,008,216		1,037,439

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.000%, 07/01/44		375,192	$	385,258
4.000%, 08/01/44		3,465,944		3,573,193
4.000%, 02/01/45		319,934		327,947
4.000%, 09/01/45		1,457,531		1,493,996
4.000%, 10/01/45		1,907,442		1,957,330
4.000%, 12/01/45 (b)		13,590,333		13,908,703
4.000%, 01/01/47		6,290,989		6,452,696
4.000%, 08/01/47		2,445,992		2,513,800
4.000%, TBA (a)		18,488,000		18,844,279
4.500%, 02/01/39		1,248,847		1,302,226
4.500%, 08/01/39		1,128,252		1,186,407
4.500%, 12/01/39		272,916		286,966
4.500%, 07/01/40		86,449		90,917
4.500%, 05/01/41		1,658,185		1,743,968
4.500%, 05/01/42		1,617,511		1,700,815
4.500%, 10/01/43		806,931		841,123
4.500%, 12/01/43		2,082,840		2,183,470
4.500%, TBA (a)		9,803,000		10,200,157
5.000%, 10/01/41		686,894		733,389
5.000%, 11/01/41 (b)		5,871,336		6,268,258
5.500%, 02/01/35		171,224		185,741
5.500%, 09/01/39		187,220		201,822
5.500%, 01/01/40		162,938		174,307
5.500%, 07/01/40		33,918		36,278
5.500%, 06/01/41		2,425,590		2,624,299
Freddie Mac Gold Pool 3.000%, 09/01/27		641,876		638,263
3.000%, 07/01/28		346,307		344,359
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.744%, 03/25/27 (c) (d)		9,682,458		438,121
0.815%, 04/25/27 (c) (d)		9,069,562		457,354
0.985%, 06/25/27 (c) (d)		2,634,940		149,453
1.223%, 03/25/26 (c) (d)		3,002,520		197,429
2.653%, 08/25/26		400,000		381,205
2.770%, 05/25/25		1,110,000		1,078,284
3.120%, 09/25/26 (c)		1,080,000		1,063,970
3.187%, 09/25/27 (c)		390,000		382,005
3.224%, 03/25/27		3,940,000		3,896,563
3.347%, 11/25/26 (c)		490,000		489,840
3.444%, 12/25/27		210,000		210,056
3.531%, 07/25/23 (c)		500,000		509,454
3.590%, 01/25/25		291,000		297,274
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO) 3.820%, 05/25/48 (144A) (c)		560,000		512,741
3.891%, 1M LIBOR + 1.800%, 07/25/30 (c)		870,000		855,570
4.207%, 3M LIBOR + 2.150%, 12/25/30 (c)		950,000		944,817
4.591%, 1M LIBOR + 2.500%, 03/25/30 (c)		2,600,000		2,678,416
5.241%, 3M LIBOR + 3.150%, 07/25/30 (c)		1,340,000		1,281,488
5.341%, 1M LIBOR + 3.250%, 07/25/29 (c)		1,320,000		1,422,526
5.541%, 1M LIBOR + 3.450%, 10/25/29 (c)		1,516,843		1,658,278
5.891%, 1M LIBOR + 3.800%, 03/25/29 (c)		1,310,000		1,458,183
6.541%, 1M LIBOR + 4.450%, 03/25/30 (c)		1,290,000		1,392,503
7.241%, 1M LIBOR + 5.150%, 10/25/29 (c)		880,000		1,005,820
FREMF Mortgage Trust (CMO) 3.985%, 01/25/28 (144A) (c)		600,000		579,658
4.055%, 05/25/25 (c)		530,000		518,118
4.117%, 03/25/27 (144A) (c)		275,556		272,670
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 3.000%, 02/15/45		1,463,672		1,437,665
3.500%, 01/15/42		450,951		454,592
3.500%, 02/15/42		170,441		171,883
3.500%, 04/15/42		324,760		326,979
3.500%, 05/15/42		348,843		351,658
3.500%, 08/15/42		509,088		513,830
3.500%, 11/15/42		338,673		340,782
3.500%, 12/15/42		1,186,369		1,197,407
3.500%, 01/15/43		532,406		535,719
3.500%, 02/15/43		765,606		770,581
3.500%, 03/15/43		411,029		413,548
3.500%, 04/15/43		2,285,229		2,303,781
3.500%, 05/15/43		2,717,399		2,738,906
3.500%, 06/15/43		693,489		699,943
3.500%, 07/15/43		2,425,673		2,448,234
4.000%, 03/15/41		903,264		930,463
4.000%, 12/15/41		25,638		26,286
4.500%, 02/15/42 (b)		10,948,903		11,522,468
5.000%, 12/15/38		309,266		329,569
5.000%, 07/15/39		767,941		811,069
5.000%, 10/15/39		386,481		411,806
5.000%, 09/15/40		29,164		31,078
5.000%, 12/15/40		1,009,000		1,075,236
5.500%, 04/15/33		27,799		30,378
6.500%, 04/15/33		46,983		51,812
8.500%, 05/15/22		491		492
Ginnie Mae II 30 Yr. Pool 3.000%, 12/20/44		179,456		176,937
3.000%, 04/20/45		3,484,514		3,442,132
3.000%, 06/20/45		191,273		188,206
3.000%, 07/20/45		93,698		92,196
3.000%, 08/20/45		93,583		92,198
3.000%, 10/20/45		1,121,141		1,103,160
3.000%, 12/20/45		98,155		96,581
3.000%, 04/20/46		19,995,458		19,676,823
3.000%, 05/20/46		141,151		138,822
3.000%, 06/20/46		3,228,322		3,169,147
3.000%, 07/20/46		6,338,988		6,222,941
3.000%, 08/20/46		1,249,937		1,227,055
3.000%, 09/20/46		12,136,606		11,918,431
3.000%, 11/20/46		312,224		306,243
3.000%, 12/20/46		466,363		457,297
3.000%, 01/20/47		614,349		602,326
3.000%, 03/20/47		1,400,914		1,374,185
3.000%, 04/20/47		854,050		837,121
3.000%, 06/20/47		87,463		85,707
3.000%, 07/20/47		595,141		583,031
3.000%, TBA (a)		25,570,500		25,016,638
3.500%, 12/20/41		4,047,035		4,095,215
3.500%, 03/20/42		47,540		48,106
3.500%, 04/20/42		38,035		38,488
3.500%, 06/20/42		185,695		188,076
3.500%, 08/20/42		1,053,032		1,065,570
3.500%, 09/20/42		109,358		110,661
3.500%, 10/20/42		528,408		534,699
3.500%, 11/20/42		105,376		106,630

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 3.500%, 12/20/42		379,490	$	384,009
3.500%, 01/20/43		4,075,586		4,124,139
3.500%, 02/20/43		94,553		95,679
3.500%, 03/20/43		284,617		288,006
3.500%, 04/20/43		2,294,209		2,321,527
3.500%, 05/20/43		1,230,067		1,244,714
3.500%, 07/20/43		96,218		97,364
3.500%, 02/20/44		2,868,272		2,902,431
3.500%, 05/20/45		815,116		820,303
3.500%, 04/20/46		9,192,693		9,245,521
3.500%, 05/20/46		1,759,374		1,769,214
3.500%, 06/20/46		20,020,328		20,126,126
3.500%, 07/20/46		3,401,783		3,419,236
3.500%, 09/20/46		646,820		650,040
3.500%, 10/20/46		2,593,332		2,607,960
3.500%, TBA (a)		54,241,496		54,450,196
4.000%, 04/20/39		51,637		53,397
4.000%, 07/20/39		387,130		400,343
4.000%, 09/20/40		104,143		107,701
4.000%, 10/20/40		1,162,620		1,202,297
4.000%, 11/20/40		650,618		672,807
4.000%, 12/20/40		2,433,886		2,516,879
4.000%, 01/20/41		2,131,385		2,204,135
4.000%, 02/20/41		37,891		39,183
4.000%, 07/20/43		200,860		207,610
4.000%, 08/20/44		856,714		885,614
4.000%, 10/20/46		200,830		205,841
4.000%, TBA (a)		87,200,500		89,373,702
4.500%, 12/20/39		86,631		91,048
4.500%, 01/20/40		108,276		113,795
4.500%, 02/20/40		85,143		89,482
4.500%, 05/20/40		5,807		6,102
4.500%, 05/20/41		9,900,223		10,404,713
4.500%, 11/20/41		104,482		109,932
4.500%, TBA (a)		5,000,500		5,197,438
5.000%, 10/20/33		907,189		980,476
5.000%, 10/20/39		306,334		328,826
5.000%, 07/20/42		395,661		421,799
Government National Mortgage Association (CMO) 0.587%, 06/16/53 (c) (d)		1,327,473		33,644
0.675%, 02/16/50 (c) (d)		1,869,157		90,180
0.733%, 03/16/55 (c) (d)		3,586,208		194,360
0.753%, 11/16/53 (c) (d)		1,077,098		39,117
0.773%, 05/16/59 (c) (d)		2,171,257		143,490
0.783%, 02/16/53 (c) (d)		16,807,297		769,090
0.808%, 05/16/59 (c) (d)		3,089,337		209,129
0.825%, 08/16/41 (d)		3,764,900		55,180
0.891%, 09/16/55 (c) (d)		2,191,130		146,360
0.892%, 11/16/55 (c) (d)		3,426,829		215,832
0.908%, 06/16/58 (c) (d)		2,724,223		205,307
0.936%, 09/16/56 (c) (d)		1,417,698		109,524
0.970%, 02/16/58 (c) (d)		5,394,553		380,738
0.984%, 08/15/58 (c) (d)		7,405,051		573,554
1.000%, 02/16/39 (d)		4,325,079		45,808
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 1.004%, 08/16/58 (c) (d)		3,832,563		297,919
1.033%, 05/16/58 (c) (d)		2,607,719		209,176
1.062%, 12/16/57 (c) (d)		3,771,197		300,087
1.125%, 04/16/58 (c) (d)		6,941,418		581,335
				1,148,303,908
U.S. Treasury—11.3%
U.S. Treasury Bonds 2.750%, 11/15/47 (e)		35,500,000		33,874,766
2.875%, 05/15/43		29,381,000		28,869,128
2.875%, 11/15/46		7,929,000		7,763,296
3.000%, 02/15/47		5,257,000		5,275,892
3.000%, 02/15/48		5,648,000		5,666,974
3.125%, 02/15/43		7,953,000		8,164,562
3.625%, 08/15/43		27,595,000		30,759,802
3.750%, 11/15/43 (e)		8,055,000		9,157,214
4.250%, 05/15/39		7,463,000		9,002,535
4.375%, 11/15/39		7,270,000		8,929,037
4.500%, 08/15/39		7,242,000		9,030,152
U.S. Treasury Notes 1.500%, 03/31/23		11,475,000		10,852,392
1.625%, 04/30/23		11,164,000		10,606,672
2.000%, 04/30/24 (f)		42,025,000		40,255,353
2.000%, 05/31/24		41,570,000		39,787,037
2.000%, 02/15/25		14,197,000		13,502,123
2.000%, 08/15/25		15,044,000		14,250,664
2.000%, 11/15/26		30,652,000		28,725,474
2.125%, 05/15/25		13,761,000		13,168,094
2.250%, 12/31/24		12,203,000		11,801,159
2.250%, 11/15/25		14,751,000		14,186,889
2.250%, 02/15/27		30,003,000		28,630,597
2.250%, 11/15/27		31,599,000		30,037,565
2.500%, 01/31/25		1,434,000		1,407,841
2.625%, 02/28/23		930,000		926,258
2.750%, 02/28/25		10,011,000		9,975,414
				424,606,890
Total U.S. Treasury & Government Agencies (Cost $1,603,453,261)				1,572,910,798
Corporate Bonds & Notes—29.9%
Advertising—0.1%
ACE03 MH1 B2 1.000%, 08/15/30		683,459		522,972
Interpublic Group of Cos., Inc. (The) 4.000%, 03/15/22		1,468,000		1,479,741
				2,002,713
Aerospace/Defense—0.7%
BAE Systems Holdings, Inc. 2.850%, 12/15/20 (144A)		699,000		690,366
4.750%, 10/07/44 (144A)		132,000		135,861

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Aerospace/Defense—(Continued)
General Dynamics Corp. 3.750%, 05/15/28		2,965,000	$	2,992,080
Harris Corp. 2.700%, 04/27/20		706,000		699,750
4.400%, 06/15/28		2,865,000		2,887,397
L3 Technologies, Inc. 3.850%, 06/15/23		1,745,000		1,741,371
3.850%, 12/15/26		1,885,000		1,813,871
Lockheed Martin Corp. 2.900%, 03/01/25		670,000		637,485
3.550%, 01/15/26		815,000		800,964
3.600%, 03/01/35		1,475,000		1,371,987
3.800%, 03/01/45		410,000		376,547
4.070%, 12/15/42		380,000		365,603
4.090%, 09/15/52		594,000		559,142
4.700%, 05/15/46		910,000		967,439
Northrop Grumman Corp. 2.550%, 10/15/22		1,850,000		1,781,962
2.930%, 01/15/25		3,065,000		2,909,799
3.250%, 01/15/28		3,106,000		2,917,971
3.850%, 04/15/45		690,000		626,000
United Technologies Corp. 4.050%, 05/04/47 (b)		2,095,000		1,917,291
4.150%, 05/15/45		696,000		646,465
				26,839,351
Agriculture—0.2%
BAT Capital Corp. 2.297%, 08/14/20 (144A)		2,540,000		2,482,153
Reynolds American, Inc. 3.250%, 06/12/20 (b)		561,000		560,424
4.450%, 06/12/25		5,615,000		5,650,954
				8,693,531
Airlines—0.5%
American Airlines Group, Inc. 4.625%, 03/01/20 (144A)		2,214,000		2,202,930
American Airlines Pass-Through Trust 3.375%, 05/01/27		2,459,364		2,372,180
Avianca Holdings S.A. / Avianca Leasing LLC / Grupo Taca Holdings, Ltd. 8.375%, 05/10/20		681,000		686,107
Delta Air Lines, Inc. 2.600%, 12/04/20		3,005,000		2,939,816
2.875%, 03/13/20		8,220,000		8,165,860
Gol Finance, Inc. 7.000%, 01/31/25 (144A) (b)		994,000		797,884
Turkish Airlines Pass-Through Trust 4.200%, 03/15/27 (144A)		1,096,337		1,022,335
United Airlines Pass-Through Trust 4.600%, 03/01/26		595,000		597,952
4.750%, 04/11/22		303,683		305,353
				19,090,417
Auto Manufacturers—1.4%
BMW U.S. Capital LLC 3.100%, 04/12/21 (144A)		2,910,000		2,891,842
Daimler Finance North America LLC 2.300%, 02/12/21 (144A)		1,015,000		985,929
3.100%, 05/04/20 (144A)		3,130,000		3,123,639
3.350%, 05/04/21 (144A) (b)		3,770,000		3,755,359
Ford Motor Credit Co. LLC 3.219%, 01/09/22		9,970,000		9,753,592
5.750%, 02/01/21 (b)		1,388,000		1,456,408
General Motors Co. 5.400%, 04/01/48		920,000		874,041
General Motors Financial Co., Inc. 3.100%, 01/15/19		814,000		814,765
3.150%, 06/30/22		4,710,000		4,577,508
3.200%, 07/06/21		6,650,000		6,563,475
3.550%, 04/09/21 (b)		1,420,000		1,415,396
3.700%, 11/24/20		4,830,000		4,856,296
4.000%, 01/15/25		1,821,000		1,765,330
4.200%, 03/01/21		815,000		826,361
Hyundai Capital America 2.550%, 04/03/20 (144A)		8,645,000		8,495,708
Volkswagen Group of America Finance LLC 2.400%, 05/22/20 (144A)		2,000,000		1,967,325
				54,122,974
Auto Parts & Equipment—0.1%
Aptiv plc 4.250%, 01/15/26		1,145,000		1,141,252
4.400%, 10/01/46		1,052,000		988,350
ZF North America Capital, Inc. 4.750%, 04/29/25 (144A)		1,303,000		1,302,829
				3,432,431
Banks—9.8%
ABN AMRO Bank NV 2.650%, 01/19/21 (144A)		2,590,000		2,543,481
Banco Espirito Santo S.A. 4.000%, 01/21/19 (EUR) (g)		200,000		67,732
Banco Santander S.A. 3.848%, 04/12/23		2,000,000		1,955,985
Bank of America Corp. 2.250%, 04/21/20		2,535,000		2,500,220
2.328%, 3M LIBOR + 0.630%, 10/01/21 (c)		16,130,000		15,768,796
2.369%, 3M LIBOR + 0.660%, 07/21/21 (c)		9,445,000		9,258,879
2.625%, 10/19/20		6,385,000		6,306,464
3.300%, 01/11/23		2,475,000		2,438,692
3.499%, 3M LIBOR + 0.630%, 05/17/22 (c)		4,730,000		4,728,376
3.500%, 04/19/26		510,000		493,307
3.875%, 08/01/25		3,970,000		3,950,126
4.183%, 11/25/27		3,030,000		2,950,911
Bank of Montreal 3.100%, 04/13/21 (b)		4,000,000		3,984,023
Bank of New York Mellon Corp. (The) 4.625%, 3M LIBOR + 3.131%, 09/20/26 (c)		2,405,000		2,275,731

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Barclays plc 4.338%, 3M LIBOR + 1.356%, 05/16/24 (c)		1,045,000	$	1,032,081
4.375%, 09/11/24		1,600,000		1,555,167
4.950%, 01/10/47		2,031,000		1,904,070
4.972%, 3M LIBOR + 1.902%, 05/16/29 (c)		3,060,000		3,031,592
BB&T Corp. 2.450%, 01/15/20		1,530,000		1,515,053
BNP Paribas S.A. 2.950%, 05/23/22 (144A)		6,010,000		5,801,608
3.800%, 01/10/24 (144A)		808,000		789,830
BPCE S.A. 3.000%, 05/22/22 (144A)		3,500,000		3,380,506
Branch Banking & Trust Co. 2.300%, 10/15/18		2,160,000		2,158,730
Capital One Financial Corp. 2.400%, 10/30/20		2,166,000		2,112,686
3.450%, 04/30/21		2,870,000		2,863,379
Citigroup, Inc. 2.500%, 07/29/19		3,634,000		3,617,698
2.900%, 12/08/21		5,235,000		5,128,336
3.500%, 05/15/23		1,535,000		1,501,089
3.875%, 03/26/25		1,530,000		1,483,898
3.887%, 3M LIBOR + 1.563%, 01/10/28 (c)		760,000		736,087
4.125%, 07/25/28		500,000		478,694
Citizens Bank N.A. 2.250%, 03/02/20		6,026,000		5,927,459
2.300%, 12/03/18		1,395,000		1,393,064
2.650%, 05/26/22		4,875,000		4,714,191
Cooperative Rabobank UA 2.250%, 01/14/20		3,773,000		3,726,250
Credit Suisse AG 3.000%, 10/29/21 (b)		1,015,000		1,001,419
Credit Suisse Group AG 4.207%, 3M LIBOR + 1.240%, 06/12/24 (144A) (c)		2,265,000		2,266,648
Credit Suisse Group Funding Guernsey, Ltd. 2.750%, 03/26/20		4,269,000		4,222,331
Danske Bank A/S 3.875%, 09/12/23 (144A)		1,495,000		1,483,394
Deutsche Bank AG 2.950%, 08/20/20 (b)		1,549,000		1,506,133
4.875%, 5Y USD ICE Swap + 2.553%, 12/01/32 (c)		600,000		513,312
Fifth Third Bank 2.250%, 06/14/21		3,062,000		2,983,227
Gilex Holding S.a.r.l. 8.500%, 05/02/23 (144A)		994,000		1,022,081
Goldman Sachs Bank USA 3.200%, 06/05/20		525,000		526,528
Goldman Sachs Group, Inc. (The) 2.593%, 3M LIBOR + 0.250%, 08/13/18 (144A) (c)		7,000,000		7,024,500
2.692%, 3M LIBOR + 0.350%, 11/13/18 (144A) (c)		11,000,000		11,033,000
2.782%, 3M LIBOR + 0.440%, 02/08/19 (144A) (c)		22,000,000		22,055,000
2.000%, 04/25/19		950,000		943,429
2.350%, 11/15/21		4,120,000		3,962,167
2.600%, 04/23/20		1,174,000		1,162,922
2.625%, 01/31/19		3,624,000		3,621,081
2.625%, 04/25/21		2,055,000		2,009,641
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.750%, 09/15/20		1,326,000		1,310,189
3.491%, 3M LIBOR + 1.170%, 05/15/26 (c)		1,310,000		1,294,035
4.017%, 3M LIBOR + 1.373%, 10/31/38 (c)		1,370,000		1,248,270
HSBC Holdings plc 2.650%, 01/05/22		8,160,000		7,900,770
3.950%, 3M LIBOR + 0.987%, 05/18/24 (c)		1,525,000		1,519,540
5.100%, 04/05/21		1,600,000		1,672,483
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (c)		3,575,000		3,315,813
HSBC USA, Inc. 2.350%, 03/05/20		5,625,000		5,559,303
2.750%, 08/07/20		800,000		792,639
Huntington National Bank (The) 3.250%, 05/14/21 (b)		2,635,000		2,628,812
ING Bank NV 5.800%, 09/25/23 (144A)		1,460,000		1,547,063
Intesa Sanpaolo S.p.A. 5.017%, 06/26/24 (144A)		4,675,000		4,243,337
6.500%, 02/24/21 (144A)		800,000		828,876
Inversiones Atlantida S.A. 8.250%, 07/28/22 (144A)		289,000		296,922
JPMorgan Chase & Co. 2.972%, 01/15/23		9,375,000		9,130,879
3.514%, 3M LIBOR + 0.610%, 06/18/22 (c)		5,470,000		5,474,212
3.540%, 3M LIBOR + 1.380%, 05/01/28 (c)		2,200,000		2,106,264
3.882%, 3M LIBOR + 1.360%, 07/24/38 (c)		3,100,000		2,863,141
3.900%, 07/15/25		1,343,000		1,337,959
4.625%, 05/10/21		3,788,000		3,918,283
KeyBank N.A. 3.350%, 06/15/21		440,000		440,639
Lloyds Banking Group plc 3.750%, 01/11/27		1,715,000		1,621,106
4.450%, 05/08/25		1,820,000		1,831,002
4.650%, 03/24/26		4,530,000		4,457,155
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		4,056,000		3,982,012
3.455%, 03/02/23		8,320,000		8,248,435
Mizuho Financial Group, Inc. 2.273%, 09/13/21		942,000		904,047
2.953%, 02/28/22 (b)		11,295,000		11,023,928
Morgan Stanley 2.750%, 05/19/22 (b)		10,880,000		10,540,003
2.800%, 06/16/20		3,889,000		3,857,618
3.591%, 3M LIBOR + 1.340%, 07/22/28 (c)		5,530,000		5,255,972
3.700%, 10/23/24		290,000		286,301
3.750%, 02/25/23		1,545,000		1,546,752
Northern Trust Corp. 3.375%, 3M LIBOR + 1.131%, 05/08/32 (c)		1,630,000		1,531,251
Royal Bank of Scotland Group plc 3.498%, 3M LIBOR + 1.480%, 05/15/23 (c)		1,370,000		1,327,130
4.892%, 3M LIBOR + 1.754%, 05/18/29 (c)		310,000		308,620
Santander UK Group Holdings plc 2.875%, 08/05/21		4,355,000		4,218,697
Santander UK plc 5.000%, 11/07/23 (144A)		3,760,000		3,817,103

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
State Street Corp. 2.650%, 05/19/26 (b)		1,246,000	$	1,169,859
Sumitomo Mitsui Trust Bank, Ltd. 1.950%, 09/19/19 (144A)		5,465,000		5,391,756
2.050%, 03/06/19 (144A)		15,092,000		15,010,646
SunTrust Banks, Inc. 4.000%, 05/01/25		610,000		612,907
Svenska Handelsbanken AB 3.350%, 05/24/21		1,165,000		1,166,702
Synchrony Bank 3.650%, 05/24/21		3,380,000		3,381,959
U.S. Bancorp 2.950%, 07/15/22		1,825,000		1,783,225
3.150%, 04/27/27		975,000		931,996
U.S. Bank N.A. 3.104%, 3M LIBOR + 0.290%, 05/21/21 (c)		1,050,000		1,049,921
UBS AG 2.350%, 03/26/20		1,750,000		1,730,304
UBS Group Funding Switzerland AG 2.859%, 3M LIBOR + 0.954%, 08/15/23 (144A) (c)		3,575,000		3,421,688
2.950%, 09/24/20 (144A)		7,000,000		6,926,226
4.125%, 09/24/25 (144A)		650,000		645,458
UniCredit S.p.A. 5.861%, 5Y USD ICE Swap + 3.703%, 06/19/32 (144A) (b) (c)		4,706,000		4,178,316
Wells Fargo & Co. 2.500%, 03/04/21		4,185,000		4,091,604
2.600%, 07/22/20		1,285,000		1,268,683
2.625%, 07/22/22		5,265,000		5,071,162
Westpac Banking Corp. 2.600%, 11/23/20		3,025,000		2,977,181
3.650%, 05/15/23		3,345,000		3,348,223
				369,755,381
Beverages—0.4%
Anheuser-Busch InBev Finance, Inc. 2.650%, 02/01/21		3,844,000		3,791,020
3.300%, 02/01/23		2,335,000		2,315,476
4.700%, 02/01/36		1,275,000		1,292,272
Anheuser-Busch InBev Worldwide, Inc. 4.375%, 04/15/38		3,770,000		3,659,932
Maple Escrow Subsidiary, Inc. 3.551%, 05/25/21 (144A)		1,990,000		1,991,758
4.057%, 05/25/23 (144A) (b)		1,925,000		1,929,694
				14,980,152
Biotechnology—0.3%
Amgen, Inc. 2.125%, 05/01/20		2,559,000		2,490,200
4.400%, 05/01/45		1,818,000		1,732,687
Baxalta, Inc. 4.000%, 06/23/25		2,460,000		2,408,273
5.250%, 06/23/45		1,180,000		1,217,549

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Gilead Sciences, Inc. 2.350%, 02/01/20		589,000	$	583,235
2.500%, 09/01/23		1,047,000		998,097
4.000%, 09/01/36		755,000		726,474
4.150%, 03/01/47		862,000		823,967
4.500%, 02/01/45		547,000		546,749
4.600%, 09/01/35		419,000		431,232
				11,958,463
Building Materials—0.1%
CRH America Finance, Inc. 3.400%, 05/09/27 (144A)		2,255,000		2,122,483
Johnson Controls International plc 5.125%, 09/14/45		1,450,000		1,502,172
LafargeHolcim Finance U.S. LLC 4.750%, 09/22/46 (144A)		1,290,000		1,208,144
				4,832,799
Chemicals—0.1%
Cydsa S.A.B. de C.V. 6.250%, 10/04/27 (144A) (b)		840,000		757,260
Dow Chemical Co. (The) 4.375%, 11/15/42		280,000		263,742
4.625%, 10/01/44		755,000		742,635
E.I. du Pont de Nemours & Co. 2.200%, 05/01/20		1,100,000		1,084,253
Monsanto Co. 3.600%, 07/15/42		570,000		467,220
Petkim Petrokimya Holding 5.875%, 01/26/23 (144A)		526,000		477,951
Sherwin-Williams Co. (The) 4.000%, 12/15/42		240,000		213,807
4.500%, 06/01/47 (b)		815,000		777,847
				4,784,715
Commercial Services—0.3%
George Washington University (The) 4.126%, 09/15/48		1,605,000		1,623,215
Moody’s Corp. 2.750%, 12/15/21		1,394,000		1,361,495
Northwestern University 3.662%, 12/01/57		553,000		539,565
Total System Services, Inc. 3.750%, 06/01/23		1,410,000		1,397,339
3.800%, 04/01/21		550,000		553,760
4.800%, 04/01/26		2,815,000		2,885,748
University of Notre Dame du Lac 3.394%, 02/15/48		890,000		838,015
University of Southern California 3.028%, 10/01/39		2,101,000		1,905,266
Wesleyan University 4.781%, 07/01/2116		1,088,000		1,110,524
				12,214,927

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Computers—0.4%
Apple, Inc. 2.850%, 05/11/24		5,275,000	$	5,107,064
3.000%, 02/09/24		1,525,000		1,493,633
3.450%, 02/09/45		683,000		610,414
4.650%, 02/23/46		4,181,000		4,504,192
Dell International LLC / EMC Corp. 8.350%, 07/15/46 (144A)		326,000		392,608
DXC Technology Co. 2.875%, 03/27/20		1,369,000		1,359,194
Hewlett Packard Enterprise Co. 2.850%, 10/05/18		1,072,000		1,073,556
HP, Inc. 3.750%, 12/01/20		357,000		359,810
				14,900,471
Diversified Financial Services—0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.500%, 05/15/21		2,605,000		2,654,171
4.625%, 10/30/20		3,530,000		3,596,403
Air Lease Corp. 2.625%, 07/01/22		1,535,000		1,470,879
American Express Co. 3.375%, 05/17/21 (b)		2,440,000		2,442,909
American Express Credit Corp. 2.250%, 08/15/19		1,959,000		1,946,986
3.300%, 05/03/27 (b)		1,010,000		973,263
Blackstone Holdings Finance Co. LLC 4.000%, 10/02/47 (144A)		1,490,000		1,339,725
CME Group, Inc. 3.750%, 06/15/28		85,000		85,671
Credivalores-Crediservicios SAS 9.750%, 07/27/22 (144A)		655,000		641,900
Discover Financial Services 4.100%, 02/09/27		1,108,000		1,062,775
Docuformas SAPI de C.V. 9.250%, 10/11/22 (144A)		320,000		289,600
GE Capital International Funding Co. 4.418%, 11/15/35		3,335,000		3,230,880
ORIX Corp. 2.900%, 07/18/22		1,555,000		1,512,830
Synchrony Financial 2.600%, 01/15/19		1,706,000		1,702,721
2.700%, 02/03/20		1,079,000		1,067,623
4.500%, 07/23/25 (b)		1,243,000		1,220,763
Tarjeta Naranja S.A. 36.063%, BADLAR + 3.500%, 04/11/22 (144A) (c)		1,016,000		538,480
Unifin Financiera S.A.B. de C.V. 8.875%, 5Y CMT + 6.308%, 01/29/25 (144A) (c)		384,000		342,916
Visa, Inc. 3.150%, 12/14/25		590,000		570,753
4.150%, 12/14/35		1,771,000		1,835,073
				28,526,321
Electric—1.7%
AEP Texas, Inc. 3.950%, 06/01/28 (144A)		2,280,000		2,272,830
Electric—(Continued)
AES Panama SRL 6.000%, 06/25/22 (144A)		213,000		219,454
Alabama Power Co. 4.150%, 08/15/44		240,000		236,871
4.300%, 07/15/48		1,335,000		1,355,714
Alliant Energy Finance LLC 3.750%, 06/15/23 (144A)		525,000		524,904
Ameren Illinois Co. 3.800%, 05/15/28		1,090,000		1,100,636
Baltimore Gas & Electric Co. 3.500%, 08/15/46		805,000		720,281
CenterPoint Energy Houston Electric LLC 3.950%, 03/01/48		1,240,000		1,217,144
Consumers Energy Co. 4.050%, 05/15/48		390,000		389,298
Dominion Energy, Inc. 2.579%, 07/01/20		2,615,000		2,576,648
DTE Electric Co. 4.050%, 05/15/48		1,745,000		1,732,893
Duke Energy Corp. 3.750%, 09/01/46		2,280,000		2,008,244
4.800%, 12/15/45 (b)		1,815,000		1,898,688
Duke Energy Florida LLC 3.800%, 07/15/28		815,000		819,413
Emera U.S. Finance L.P. 2.150%, 06/15/19		2,058,000		2,036,518
2.700%, 06/15/21		2,106,000		2,049,796
Enel Finance International NV 2.875%, 05/25/22 (144A)		3,610,000		3,439,706
3.625%, 05/25/27 (144A)		1,935,000		1,769,974
Entergy Corp. 2.950%, 09/01/26		2,000,000		1,824,791
Eversource Energy 2.900%, 10/01/24		1,095,000		1,039,351
Exelon Corp. 2.450%, 04/15/21		549,000		533,544
2.850%, 06/15/20		965,000		956,410
4.450%, 04/15/46		2,800,000		2,720,320
4.950%, 06/15/35		501,000		527,404
Florida Power & Light Co. 4.125%, 06/01/48		1,320,000		1,334,248
Generacion Mediterranea S.A. / Generacion Frias S.A. / Central Termica Roca S.A. 9.625%, 07/27/23 (144A)		1,182,000		1,179,033
Genneia S.A. 8.750%, 01/20/22 (144A) (b)		1,182,000		1,140,228
Inkia Energy, Ltd. 5.875%, 11/09/27 (144A)		349,000		325,442
ITC Holdings Corp. 2.700%, 11/15/22		1,580,000		1,521,591
Kansas City Power & Light Co. 4.200%, 03/15/48		2,095,000		2,059,310
Mid-Atlantic Interstate Transmission LLC 4.100%, 05/15/28 (144A)		575,000		574,918
MidAmerican Energy Co. 4.400%, 10/15/44		837,000		862,783

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Northern States Power Co. 3.400%, 08/15/42 (b)		1,370,000
			$	1,239,293
Ohio Power Co. 6.600%, 02/15/33		280,000		358,356
Oncor Electric Delivery Co. LLC 4.550%, 12/01/41		970,000		1,030,902
Orazul Energy Egenor S. en C. por A. 5.625%, 04/28/27 (144A)		549,000		483,230
Pacific Gas & Electric Co. 3.300%, 12/01/27		1,770,000		1,589,361
3.950%, 12/01/47 (b)		745,000		637,312
Southern Co. (The) 4.400%, 07/01/46		2,085,000		2,035,519
Stoneway Capital Corp. 10.000%, 03/01/27 (144A)		1,692,000		1,691,137
10.000%, 03/01/27		659,000		658,664
Tampa Electric Co. 4.300%, 06/15/48		260,000		257,364
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		1,975,000		1,968,579
Virginia Electric & Power Co. 2.750%, 03/15/23		1,690,000		1,637,946
3.500%, 03/15/27		2,495,000		2,449,691
4.000%, 01/15/43		1,650,000		1,576,575
4.000%, 11/15/46 (b)		1,050,000		1,008,934
4.200%, 05/15/45		895,000		880,053
4.450%, 02/15/44		287,000		291,563
WEC Energy Group, Inc. 3.375%, 06/15/21		390,000		391,109
				63,153,973
Electronics—0.1%
Corning, Inc. 4.375%, 11/15/57		2,760,000		2,406,126
Honeywell International, Inc. 3.812%, 11/21/47		495,000		484,639
Tyco Electronics Group S.A. 3.125%, 08/15/27		645,000		601,683
3.450%, 08/01/24		300,000		293,763
				3,786,211
Engineering & Construction—0.0%
Aeropuerto Internacional de Tocumen S.A. 5.625%, 05/18/36 (144A)		276,000		288,420
Aeropuertos Argentina S.A. 6.875%, 02/01/27 (144A)		279,000		267,701
Aeropuertos Dominicanos Siglo S.A. 6.750%, 03/30/29 (144A)		279,000		290,160
Cia Latinoamericana de Infraestructura & Servicios S.A. 9.500%, 07/20/23 (144A)		170,000		137,955
				984,236
Environmental Control—0.1%
Republic Services, Inc. 3.950%, 05/15/28		1,890,000		1,864,428
Environmental Control—(Continued)
Waste Management, Inc. 3.900%, 03/01/35		967,000		940,458
				2,804,886
Food—0.2%
Arcor SAIC 6.000%, 07/06/23 (144A)		281,000		280,859
Campbell Soup Co. 8.875%, 05/01/21		680,000		767,561
General Mills, Inc. 3.200%, 04/16/21		890,000		885,384
Kroger Co. (The) 2.650%, 10/15/26		2,415,000		2,137,900
MARB BondCo plc 6.875%, 01/19/25 (144A)		1,218,000		1,157,100
Tyson Foods, Inc. 3.950%, 08/15/24		1,745,000		1,741,497
				6,970,301
Forest Products & Paper—0.1%
Eldorado Intl. Finance GmbH 8.625%, 06/16/21 (144A)		609,000		626,813
Georgia-Pacific LLC 7.375%, 12/01/25		935,000		1,138,873
International Paper Co. 4.350%, 08/15/48		450,000		403,665
				2,169,351
Gas—0.0%
NiSource Finance Corp. 3.490%, 05/15/27		1,825,000		1,745,082
Healthcare-Products—0.6%
Abbott Laboratories 3.400%, 11/30/23		500,000		493,313
3.750%, 11/30/26		5,260,000		5,170,170
Becton Dickinson & Co. 2.133%, 06/06/19		1,630,000		1,622,039
2.675%, 12/15/19		2,345,000		2,327,413
2.894%, 06/06/22		3,240,000		3,133,836
4.685%, 12/15/44		367,000		355,725
Edwards Lifesciences Corp. 4.300%, 06/15/28		485,000		484,216
Medtronic, Inc. 3.150%, 03/15/22		985,000		977,110
3.500%, 03/15/25		445,000		440,334
4.375%, 03/15/35		2,180,000		2,254,554
Stryker Corp. 4.625%, 03/15/46		590,000		601,092
Thermo Fisher Scientific, Inc. 3.650%, 12/15/25		3,105,000		3,031,426
				20,891,228

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—0.9%
Aetna, Inc. 4.125%, 11/15/42		475,000	$	439,554
4.500%, 05/15/42		881,000		864,012
4.750%, 03/15/44		690,000		688,830
AHS Hospital Corp. 5.024%, 07/01/45		490,000		557,665
Anthem, Inc. 2.300%, 07/15/18		7,006,000		7,005,113
4.101%, 03/01/28		905,000		885,303
Baylor Scott & White Holdings 4.185%, 11/15/45		775,000		788,133
Catholic Health Initiatives 4.350%, 11/01/42		550,000		520,455
Cigna Corp. 3.250%, 04/15/25		1,947,000		1,830,773
Dignity Health 2.637%, 11/01/19		1,319,000		1,316,482
HCA, Inc. 3.750%, 03/15/19 (b)		2,260,000		2,268,475
Kaiser Foundation Hospitals 3.500%, 04/01/22		1,288,000		1,299,477
4.150%, 05/01/47		1,403,000		1,420,742
Laboratory Corp. of America Holdings 2.625%, 02/01/20		1,583,000		1,570,379
New York and Presbyterian Hospital (The) 3.563%, 08/01/36		547,000		518,771
Ochsner Clinic Foundation 5.897%, 05/15/45		685,000		847,649
Providence St Joseph Health Obligated Group 3.930%, 10/01/48		887,000		850,028
Rede D’or Finance S.a.r.l. 4.950%, 01/17/28 (144A)		370,000		329,762
Southern Baptist Hospital of Florida, Inc. 4.857%, 07/15/45		650,000		727,679
SSM Health Care Corp. 3.823%, 06/01/27		1,044,000		1,040,025
Sutter Health 3.695%, 08/15/28		1,045,000		1,036,644
Trinity Health Corp. 4.125%, 12/01/45		1,136,000		1,111,948
UnitedHealth Group, Inc. 2.700%, 07/15/20		944,000		938,362
3.750%, 07/15/25		1,730,000		1,730,288
3.750%, 10/15/47		1,050,000		965,090
3.850%, 06/15/28		450,000		450,699
4.200%, 01/15/47		790,000		773,947
4.625%, 07/15/35		377,000		396,502
				33,172,787
Holding Companies-Diversified—0.0%
Grupo KUO S.A.B. de C.V. 5.750%, 07/07/27 (144A) (b)		1,068,000		977,220

Security Description	Principal Amount*		Value
Housewares—0.0%
Newell Brands, Inc. 2.875%, 12/01/19		906,000	$	902,664
5.375%, 04/01/36		870,000		865,909
				1,768,573
Insurance—0.2%
Ambac Assurance Corp. 5.100%, 06/07/20 (144A)		162,922		218,315
Ambac LSNI LLC 7.337%, 3M LIBOR + 5.000%, 02/12/23 (144A) (c)		1,054,606		1,070,478
Aon plc 4.750%, 05/15/45		485,000		478,916
AXA Equitable Holdings, Inc. 3.900%, 04/20/23 (144A)		475,000		471,258
5.000%, 04/20/48 (144A)		780,000		719,635
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26		359,000		355,488
4.350%, 01/30/47		191,000		189,991
Principal Financial Group, Inc. 4.300%, 11/15/46		360,000		342,268
Prudential Financial, Inc. 3.878%, 03/27/28		2,120,000		2,095,383
Travelers Cos., Inc. (The) 4.600%, 08/01/43		945,000		991,797
Willis North America, Inc. 3.600%, 05/15/24		1,871,000		1,808,129
				8,741,658
Iron/Steel—0.1%
Nucor Corp. 5.200%, 08/01/43		585,000		646,465
Samarco Mineracao S.A. 4.125%, 11/01/22		602,000		436,450
Steel Dynamics, Inc. 5.125%, 10/01/21		1,086,000		1,095,503
				2,178,418
Media—1.2%
Cablevision S.A. 6.500%, 06/15/21 (144A)		277,000		275,219
CBS Corp. 2.300%, 08/15/19		2,077,000		2,057,864
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.579%, 07/23/20		4,185,000		4,179,685
4.464%, 07/23/22		1,856,000		1,878,804
4.500%, 02/01/24		2,885,000		2,882,160
4.908%, 07/23/25		2,902,000		2,930,684
5.375%, 05/01/47		1,715,000		1,557,388
5.750%, 04/01/48		1,145,000		1,108,496
6.384%, 10/23/35		1,407,000		1,470,324
6.484%, 10/23/45		323,000		340,453
Comcast Corp. 3.200%, 07/15/36		2,770,000		2,304,499
3.400%, 07/15/46		425,000		344,641

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Comcast Corp. 4.250%, 01/15/33		355,000	$	346,675
4.400%, 08/15/35		2,001,000		1,946,958
COX Communications, Inc. 3.150%, 08/15/24 (144A)		2,780,000		2,633,682
CSC Holdings LLC 7.625%, 07/15/18		2,060,000		2,061,030
Discovery Communications LLC 3.800%, 03/13/24		1,616,000		1,590,438
3.950%, 06/15/25 (144A)		1,230,000		1,199,051
5.200%, 09/20/47		435,000		421,926
NBCUniversal Enterprise, Inc. 5.250%, 12/31/49 (144A)		1,290,000		1,302,900
NBCUniversal Media LLC 4.450%, 01/15/43		915,000		864,975
Time Warner Cable LLC 4.125%, 02/15/21		2,130,000		2,140,842
4.500%, 09/15/42		161,000		132,286
5.000%, 02/01/20		1,055,000		1,077,026
5.500%, 09/01/41		588,000		547,053
Time Warner, Inc. 3.600%, 07/15/25		820,000		779,671
4.650%, 06/01/44		440,000		390,528
4.850%, 07/15/45		1,980,000		1,803,623
Viacom, Inc. 2.750%, 12/15/19		705,000		698,606
5.850%, 09/01/43		850,000		849,617
Warner Media LLC 2.100%, 06/01/19		3,352,000		3,328,615
				45,445,719
Mining—0.2%
Anglo American Capital plc 3.625%, 09/11/24 (144A) (b)		2,075,000		1,964,631
Barrick Gold Corp. 5.250%, 04/01/42		720,000		753,012
BHP Billiton Finance USA, Ltd. 5.000%, 09/30/43		760,000		852,728
Largo Resources, Ltd. 9.250%, 06/01/21 (144A)		107,000		107,000
Newmont Mining Corp. 3.500%, 03/15/22		2,740,000		2,724,609
				6,401,980
Miscellaneous Manufacturing—0.1%
Eaton Corp. 2.750%, 11/02/22		1,285,000		1,247,608
General Electric Co. 4.500%, 03/11/44 (b)		1,749,000		1,714,744
5.000%, 3M LIBOR + 3.330%, 01/21/21 (b) (c)		2,240,000		2,206,400
Ingersoll-Rand Luxembourg Finance S.A. 4.650%, 11/01/44		131,000		133,302
				5,302,054
Office/Business Equipment—0.0%
Xerox Corp. 3.625%, 03/15/23		615,000		590,089
Oil & Gas—1.6%
Anadarko Petroleum Corp. 3.450%, 07/15/24 (b)		2,430,000		2,334,971
6.200%, 03/15/40		1,690,000		1,904,050
Andeavor 4.750%, 12/15/23		820,000		850,931
Apache Corp. 2.625%, 01/15/23 (b)		1,713,000		1,625,821
4.250%, 01/15/44 (b)		3,505,000		3,098,769
BP Capital Markets plc 2.315%, 02/13/20		10,035,000		9,938,699
3.224%, 04/14/24		985,000		966,475
Cenovus Energy, Inc. 4.250%, 04/15/27 (b)		2,490,000		2,398,353
Cimarex Energy Co. 3.900%, 05/15/27 (b)		1,790,000		1,718,774
4.375%, 06/01/24		1,390,000		1,401,473
Concho Resources, Inc. 3.750%, 10/01/27		3,130,000		3,010,886
Continental Resources, Inc. 4.500%, 04/15/23		5,340,000		5,418,940
Devon Energy Corp. 4.000%, 07/15/21		885,000		896,181
EOG Resources, Inc. 3.900%, 04/01/35		275,000		266,798
4.150%, 01/15/26 (b)		537,000		549,239
Exxon Mobil Corp. 1.819%, 03/15/19		3,300,000		3,283,378
Frontera Energy Corp. 9.700%, 06/25/23		803,000		795,974
Hess Corp. 5.800%, 04/01/47		1,930,000		1,994,349
Marathon Petroleum Corp. 5.850%, 12/15/45		660,000		698,713
Odebrecht Drilling Norbe VIII/IX, Ltd. 6.350%, 12/01/21 (144A)		442,380		415,837
Odebrecht Offshore Drilling Finance, Ltd. 6.720%, 12/01/22 (144A)		401,345		361,210
7.720%, 12/01/26 (144A) (h)		11,747		3,054
Petroleos Mexicanos 5.350%, 02/12/28 (144A) (b)		2,626,000		2,486,297
6.500%, 03/13/27		2,466,000		2,528,686
6.750%, 09/21/47		541,000		510,109
Pioneer Natural Resources Co. 4.450%, 01/15/26		220,000		226,222
Puma International Financing S.A. 5.000%, 01/24/26 (144A)		806,000		737,654
Resolute Energy Corp. 8.500%, 05/01/20 (b)		2,260,000		2,254,350
Shell International Finance B.V. 3.625%, 08/21/42		640,000		584,242
4.125%, 05/11/35		1,056,000		1,071,161

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Tecpetrol S.A. 4.875%, 12/12/22 (144A)		588,000	$	542,254
Valero Energy Corp. 3.650%, 03/15/25		2,410,000		2,353,896
YPF S.A. 8.500%, 03/23/21 (144A)		730,000		742,045
8.750%, 04/04/24 (144A)		655,000		647,140
8.750%, 04/04/24		802,000		792,376
8.875%, 12/19/18 (144A) (b)		1,082,000		1,098,230
				60,507,537
Oil & Gas Services—0.2%
Halliburton Co. 3.800%, 11/15/25 (b)		5,625,000		5,584,771
5.000%, 11/15/45 (b)		234,000		249,312
Odebrecht Oil & Gas Finance, Ltd.
Zero Coupon, 07/30/18 (144A)		63,301		779
Schlumberger Holdings Corp. 3.000%, 12/21/20 (144A)		1,832,000		1,821,014
				7,655,876
Packaging & Containers—0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		2,190,183		2,198,397
Pharmaceuticals—1.2%
AbbVie, Inc. 2.500%, 05/14/20		3,448,000		3,406,452
2.900%, 11/06/22		946,000		917,970
4.400%, 11/06/42		200,000		189,974
4.500%, 05/14/35		4,615,000		4,491,656
Allergan Finance LLC 3.250%, 10/01/22		1,015,000		986,123
Allergan Funding SCS 3.000%, 03/12/20		7,025,000		6,991,711
3.800%, 03/15/25 (b)		4,928,000		4,785,311
Bayer U.S. Finance LLC 3.500%, 06/25/21		950,000		951,890
CVS Health Corp. 4.000%, 12/05/23		2,205,000		2,214,176
4.100%, 03/25/25		2,945,000		2,929,395
4.780%, 03/25/38		740,000		727,843
5.050%, 03/25/48 (b)		2,250,000		2,289,817
5.125%, 07/20/45		3,480,000		3,526,215
GlaxoSmithKline Capital plc 2.850%, 05/08/22		1,930,000		1,897,337
GlaxoSmithKline Capital, Inc. 3.875%, 05/15/28 (b)		840,000		846,620
Merck & Co., Inc. 3.600%, 09/15/42		245,000		228,830
Pfizer, Inc. 4.000%, 12/15/36		1,685,000		1,685,753
Shire Acquisitions Investments Ireland DAC 1.900%, 09/23/19		6,480,000		6,378,178
				45,445,251
Pipelines—1.2%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 3.500%, 12/01/22		1,560,000		1,524,240
4.250%, 12/01/27		535,000		512,475
5.200%, 12/01/47		1,240,000		1,196,033
5.500%, 10/15/19		2,260,000		2,316,500
Buckeye Partners L.P. 4.875%, 02/01/21		3,110,000		3,164,439
Enbridge, Inc. 2.900%, 07/15/22		2,120,000		2,059,116
3.700%, 07/15/27 (b)		1,690,000		1,601,460
5.500%, 3M LIBOR + 3.418%, 07/15/77 (c)		1,510,000		1,375,988
Energy Transfer Partners L.P. 6.500%, 02/01/42		2,650,000		2,730,296
Enterprise Products Operating LLC 4.900%, 05/15/46		1,429,000		1,431,801
5.100%, 02/15/45		501,000		515,780
Kinder Morgan Energy Partners L.P. 4.300%, 05/01/24		1,339,000		1,337,532
Kinder Morgan, Inc. 5.050%, 02/15/46 (b)		4,515,000		4,189,839
MPLX L.P. 5.200%, 03/01/47		754,000		749,193
Plains All American Pipeline L.P. / PAA Finance Corp. 3.650%, 06/01/22		280,000		274,468
Sabine Pass Liquefaction LLC 5.750%, 05/15/24		3,120,000		3,327,963
5.875%, 06/30/26		1,160,000		1,244,094
Spectra Energy Partners L.P. 4.500%, 03/15/45		2,060,000		1,908,350
Sunoco Logistics Partners Operations L.P. 5.400%, 10/01/47		2,610,000		2,399,874
TransCanada PipeLines, Ltd. 2.500%, 08/01/22		4,412,000		4,238,742
4.875%, 05/15/48		715,000		721,968
Transcontinental Gas Pipe Line Co. LLC 7.850%, 02/01/26		791,000		958,643
Williams Partners L.P. 4.000%, 09/15/25		2,410,000		2,355,480
5.400%, 03/04/44		1,480,000		1,525,021
				43,659,295
Real Estate Investment Trusts—0.5%
American Tower Corp. 3.000%, 06/15/23		5,890,000		5,647,805
3.300%, 02/15/21 (b)		1,342,000		1,340,546
3.450%, 09/15/21		500,000		497,929
CC Holdings GS V LLC / Crown Castle GS III Corp. 3.849%, 04/15/23		850,000		842,302
Crown Castle International Corp. 2.250%, 09/01/21		2,481,000		2,378,306
3.200%, 09/01/24		3,660,000		3,454,194
3.400%, 02/15/21		668,000		667,218
Simon Property Group L.P. 2.500%, 09/01/20		2,400,000		2,365,508

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
Trust F/1401 6.950%, 01/30/44		280,000	$	274,400
				17,468,208
Retail—0.2%
Home Depot, Inc. (The) 5.875%, 12/16/36		405,000		491,523
Lowe’s Cos., Inc. 4.375%, 09/15/45		1,405,000		1,399,835
McDonald’s Corp. 4.450%, 03/01/47		1,055,000		1,041,106
4.700%, 12/09/35		1,035,000		1,078,581
4.875%, 12/09/45		170,000		178,480
Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		114,000		104,768
Walmart, Inc. 3.550%, 06/26/25		1,370,000		1,378,687
4.050%, 06/29/48		650,000		654,544
				6,327,524
Semiconductors—1.0%
Analog Devices, Inc. 2.500%, 12/05/21		1,895,000		1,836,082
3.500%, 12/05/26		1,920,000		1,831,202
3.900%, 12/15/25		347,000		343,763
5.300%, 12/15/45		113,000		120,367
Applied Materials, Inc. 4.350%, 04/01/47		567,000		566,811
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.375%, 01/15/20		12,247,000		12,087,421
3.000%, 01/15/22		11,717,000		11,396,664
Lam Research Corp. 2.750%, 03/15/20		1,335,000		1,327,193
2.800%, 06/15/21		1,643,000		1,614,974
QUALCOMM, Inc. 2.600%, 01/30/23 (b)		3,105,000		2,969,112
4.300%, 05/20/47 (b)		1,260,000		1,172,207
4.800%, 05/20/45		571,000		571,025
Texas Instruments, Inc. 4.150%, 05/15/48		660,000		669,822
Xilinx, Inc. 2.950%, 06/01/24		620,000		589,722
				37,096,365
Software—0.8%
Autodesk, Inc. 3.500%, 06/15/27		2,130,000		1,993,128
Fidelity National Information Services, Inc. 4.500%, 08/15/46		15,000		13,932
4.750%, 05/15/48		1,560,000		1,507,016
Microsoft Corp. 3.450%, 08/08/36		4,100,000		3,925,234
3.500%, 02/12/35		1,449,000		1,404,074
4.250%, 02/06/47		4,390,000		4,656,734
Software—(Continued)
Oracle Corp. 2.650%, 07/15/26		1,710,000		1,577,018
3.250%, 05/15/30		1,379,000		1,291,769
3.900%, 05/15/35		1,422,000		1,378,668
4.000%, 07/15/46		1,364,000		1,287,044
VMware, Inc. 2.300%, 08/21/20		11,254,000		11,017,919
				30,052,536
Telecommunications—1.9%
AT&T, Inc. 4.250%, 03/01/27		3,005,000		2,941,038
4.300%, 02/15/30 (144A)		5,550,000		5,238,680
4.350%, 06/15/45		2,040,000		1,728,160
4.500%, 03/09/48		4,380,000		3,775,952
5.250%, 03/01/37		1,953,000		1,920,880
Axtel S.A.B. de CV 6.375%, 11/14/24 (144A)		620,000		587,450
6.375%, 11/14/24		200,000		189,500
Deutsche Telekom International Finance B.V. 4.375%, 06/21/28 (144A)		1,100,000		1,091,297
Digicel Group, Ltd. 7.125%, 04/01/22 (144A) (b)		594,000		389,070
8.250%, 09/30/20 (144A)		543,000		409,965
Juniper Networks, Inc. 3.300%, 06/15/20		1,478,000		1,476,253
Rogers Communications, Inc. 5.000%, 03/15/44		214,000		222,255
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 3.360%, 09/20/21 (144A)		2,987,563		2,953,952
4.738%, 03/20/25 (144A)		9,605,000		9,531,042
Telefonica Emisiones S.A.U. 4.665%, 03/06/38		2,285,000		2,137,310
TELUS Corp. 4.600%, 11/16/48		235,000		229,768
Verizon Communications, Inc. 2.879%, 3M LIBOR + 0.550%, 05/22/20 (c)		9,150,000		9,216,740
3.450%, 03/15/21		745,000		749,745
4.125%, 08/15/46		1,160,000		995,115
4.329%, 09/21/28		11,893,000		11,787,163
4.400%, 11/01/34 (b)		760,000		708,801
4.500%, 08/10/33		3,260,000		3,156,924
4.522%, 09/15/48		4,200,000		3,829,186
Vodafone Group plc 3.750%, 01/16/24		2,940,000		2,914,875
4.125%, 05/30/25		1,250,000		1,245,246
5.250%, 05/30/48		2,985,000		2,976,740
				72,403,107
Transportation—0.3%
Burlington Northern Santa Fe LLC 4.125%, 06/15/47		970,000		948,732
4.150%, 04/01/45		490,000		477,797
4.700%, 09/01/45		665,000		701,623

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
CSX Corp. 4.250%, 11/01/66		635,000	$	549,006
FedEx Corp. 3.900%, 02/01/35		1,975,000		1,846,949
4.050%, 02/15/48		1,270,000		1,140,790
4.900%, 01/15/34		190,000		200,108
Hidrovias International Finance S.a.r.l. 5.950%, 01/24/25 (144A)		588,000		527,736
Norfolk Southern Corp. 4.050%, 08/15/52		995,000		907,417
Rumo Luxembourg S.a.r.l. 7.375%, 02/09/24 (144A) (b)		1,004,000		1,014,050
Rumo Luxembourg S.a.r.l. 5.875%, 01/18/25 (144A)		679,000		621,292
Ryder System, Inc. 3.750%, 06/09/23		135,000		134,894
Union Pacific Corp. 3.375%, 02/01/35		668,000		597,328
3.600%, 09/15/37		1,475,000		1,353,099
3.875%, 02/01/55		1,196,000		1,046,249
Union Pacific Railroad Co. Pass-Through Trust 3.227%, 05/14/26		735,629		712,670
				12,779,740
Trucking & Leasing—0.2%
Aviation Capital Group LLC 2.875%, 09/17/18 (144A)		3,355,000		3,355,629
GATX Corp. 2.600%, 03/30/20		1,747,000		1,725,757
3.850%, 03/30/27		650,000		622,887
Penske Truck Leasing Co. L.P. / PTL Finance Corp. 3.400%, 11/15/26 (144A)		2,690,000		2,508,422
				8,212,695
Total Corporate Bonds & Notes (Cost $1,154,998,995)				1,127,024,943
Asset-Backed Securities—13.5%
Asset-Backed - Credit Card—0.0%
World Financial Network Credit Card Master Trust 4.550%, 08/15/22		1,600,000		1,606,699
Asset-Backed - Home Equity—1.0%
ACE Securities Corp. Home Equity Loan Trust 2.221%, 1M LIBOR + 0.130%, 05/25/37 (c)		1,207,558		382,679
Bayview Financial Revolving Asset Trust 2.968%, 1M LIBOR + 0.500%, 05/28/39 (144A) (c)		7,870,301		6,965,216
3.102%, 1M LIBOR + 1.000%, 12/28/40 (144A) (c)		571,267		544,944
Bear Stearns Asset-Backed Securities Trust 2.441%, 1M LIBOR + 0.350%, 04/25/37 (c)		2,614,607		2,061,339
3.291%, 1M LIBOR + 1.200%, 01/25/36 (c)		108,799		107,252
3.816%, 1M LIBOR + 1.725%, 08/25/34 (c)		97,523		94,019
Citigroup Mortgage Loan Trust 2.291%, 1M LIBOR + 0.200%, 05/25/37 (c)		2,777,998		2,019,479
2.361%, 1M LIBOR + 0.270%, 05/25/37 (c)		1,261,888		925,483
Asset-Backed - Home Equity—(Continued)
Citigroup Mortgage Loan Trust, Inc. 2.341%, 1M LIBOR + 0.250%, 08/25/36 (c)		1,810,000		1,756,148
Countrywide Asset-Backed Certificates 2.411%, 1M LIBOR + 0.320%, 10/25/36 (c)		1,436,479		1,360,411
Countrywide Home Equity Loan Trust 5.842%, 06/25/35		194,716		240,006
6.155%, 06/25/35		405,584		441,435
Home Equity Mortgage Loan Asset-Backed Trust 4.116%, 1M LIBOR + 2.025%, 07/25/34 (c)		285,285		287,029
Home Equity Mortgage Trust 5.867%, 07/25/36		767,197		285,023
Home Loan Mortgage Loan Trust 2.793%, 1M LIBOR + 0.720%, 04/15/36 (c)		941,651		866,152
Irwin Home Equity Loan Trust 6.030%, 09/25/37 (144A)		288,709		280,579
JPMorgan Mortgage Acquisition Trust 6.000%, 07/25/36		325,571		163,429
6.410%, 07/25/36		441,480		221,473
MASTR Asset-Backed Securities Trust 2.241%, 1M LIBOR + 0.150%, 06/25/36 (c)		984,322		564,870
2.351%, 1M LIBOR + 0.260%, 06/25/36 (144A) (c)		665,000		530,594
2.371%, 1M LIBOR + 0.280%, 05/25/37 (c)		621,846		520,295
Mill City Mortgage Trust 1.000%, 06/01/57		3,560,000		870,420
4.000%, 06/01/57		2,130,000		2,130,000
Morgan Stanley ABS Capital I, Inc. Trust 2.221%, 1M LIBOR + 0.130%, 11/25/36 (c)		4,877,992		3,058,805
Nationstar Home Equity Loan Trust 2.271%, 1M LIBOR + 0.180%, 06/25/37 (c)		134,835		133,971
Option One Mortgage Loan Trust 2.301%, 1M LIBOR + 0.210%, 03/25/37 (c)		930,000		637,555
5.820%, 03/25/37		4,753,593		4,676,266
5.866%, 01/25/37		2,641,085		2,485,081
Securitized Asset Backed Receivables LLC Trust 2.281%, 1M LIBOR + 0.190%, 11/25/36 (144A) (c)		1,068,917		660,288
Security National Mortgage Loan Trust 2.441%, 1M LIBOR + 0.350%, 04/25/37 (144A) (c)		377,300		373,561
WaMu Asset-Backed Certificates WaMu Trust 2.341%, 1M LIBOR + 0.250%, 04/25/37 (c)		3,389,095		1,841,786
2.451%, 1M LIBOR + 0.360%, 04/25/37 (c)		360,091		197,902
Yale Mortgage Loan Trust 2.491%, 1M LIBOR + 0.400%, 06/25/37 (144A) (c)		921,781		405,772
				38,089,262
Asset-Backed - Manufactured Housing—0.5%
Bank of America Manufactured Housing Contract Trust 7.930%, 12/10/25 (c)		4,000,000		2,802,567
BCMSC Trust 7.575%, 06/15/30 (c)		1,270,292		484,851
7.830%, 06/15/30 (c)		1,178,847		465,094
8.290%, 06/15/30 (c)		2,018,917		843,325
Conseco Finance Corp. 6.280%, 09/01/30		533,298		568,955
6.830%, 04/01/30 (c)		139,687		124,810
6.980%, 09/01/30 (c)		1,072,042		924,945

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Manufactured Housing—(Continued)
Conseco Finance Corp. 7.500%, 03/01/30 (c)		485,366	$	349,261
7.860%, 03/01/30 (c)		663,811		493,384
Conseco Finance Securitizations Corp. 7.960%, 05/01/31		982,363		618,829
7.970%, 05/01/32		2,298,832		1,112,589
8.060%, 09/01/29 (c)		660,809		339,183
8.200%, 05/01/31		1,795,043		1,161,066
Credit Suisse First Boston Mortgage Securities Corp. 8.100%, 09/25/31 (c)		720,000		769,759
Credit-Based Asset Servicing & Securitization LLC 6.250%, 10/25/36 (144A)		344,000		347,470
Greenpoint Manufactured Housing 8.290%, 12/15/29 (c)		440,000		470,722
9.230%, 12/15/29 (c)		547,844		449,378
Lehman ABS Manufactured Housing Contract Trust 6.630%, 04/15/40 (c)		2,430,000		2,569,699
Oakwood Mortgage Investors, Inc. 6.930%, 09/15/31 (c)		277,412		242,636
7.620%, 06/15/32 (c)		825,432		689,763
Origen Manufactured Housing Contract Trust 3.273%, 1M LIBOR + 1.200%, 10/15/37 (144A) (c)		966,354		969,785
7.820%, 03/15/32 (c)		345,049		339,679
				17,137,750
Asset-Backed - Other—11.5%
Ajax Mortgage Loan Trust Zero Coupon, 12/25/57 (144A) (c)		1,735,185		1,071,477
Zero Coupon, 04/25/58 (144A) (c) (d)		800,461		478,916
3.470%, 04/25/57 (144A)		3,319,650		3,296,312
3.750%, 12/25/57 (144A)		3,830,556		3,816,383
3.850%, 04/25/58 (144A)		3,564,559		3,565,012
4.000%, 10/25/57 (144A)		765,712		767,506
4.000%, 09/25/65 (144A)		1,140,369		1,142,644
Allegro CLO, Ltd. 2.861%, 3M LIBOR + 1.130%, 01/17/31 (144A) (c)		1,270,000		1,270,884
3.588%, 3M LIBOR + 1.240%, 10/16/30 (144A) (c)		400,000		400,456
3.672%, 3M LIBOR + 1.310%, 01/21/27 (144A) (c)		940,000		940,248
ALM, Ltd. Zero Coupon, 3M LIBOR + 1.900%, 07/15/27 (144A) (c)		2,530,000		2,530,000
2.604%, 3M LIBOR + 1.250%, 10/18/27 (144A) (c)		900,000		899,868
2.976%, 3M LIBOR + 0.890%, 04/16/27 (144A) (c)		2,780,000		2,775,324
3.265%, 3M LIBOR + 0.910%, 10/18/27 (144A) (c)		1,450,000		1,449,632
3.736%, 3M LIBOR + 1.650%, 04/16/27 (144A) (c)		1,385,000		1,378,248
3.748%, 3M LIBOR + 1.400%, 07/15/26 (144A) (c)		459,000		459,000
AMMC CLO, Ltd. 3.553%, 3M LIBOR + 1.200%, 11/10/30 (144A) (c)		500,000		502,428
AMSR Trust 5.235%, 1M LIBOR + 3.150%, 11/17/33 (144A) (c)		340,000		342,120
5.985%, 1M LIBOR + 3.900%, 11/17/33 (144A) (c)		130,000		131,203
7.185%, 1M LIBOR + 5.100%, 11/17/33 (144A) (c)		460,000		466,271
Anchorage Capital CLO, Ltd. 3.308%, 3M LIBOR + 0.960%, 10/15/27 (144A) (c)		7,290,000		7,292,719
3.332%, 3M LIBOR + 0.990%, 04/13/31 (144A) (c)		2,760,000		2,738,014
3.592%, 3M LIBOR + 1.250%, 10/13/30 (144A) (c)		835,000		835,104
3.618%, 3M LIBOR + 1.270%, 07/15/30 (144A) (c)		710,000		711,386
Asset-Backed - Other—(Continued)
Anchorage Capital CLO, Ltd. 3.648%, 3M LIBOR + 1.300%, 10/15/27 (144A) (c)		1,130,000		1,121,909
3.798%, 3M LIBOR + 1.450%, 01/15/30 (144A) (c)		2,410,000		2,397,222
3.859%, 3M LIBOR + 1.500%, 01/28/31 (144A) (c)		1,270,000		1,262,852
4.048%, 3M LIBOR + 1.700%, 10/15/27 (144A) (c)		250,000		249,996
4.198%, 3M LIBOR + 1.850%, 01/15/30 (144A) (c)		1,010,000		1,006,844
4.209%, 3M LIBOR + 1.850%, 01/28/31 (144A) (c)		1,390,000		1,381,269
4.492%, 3M LIBOR + 2.150%, 10/13/30 (144A) (c)		590,000		591,191
Apidos CLO 3.118%, 3M LIBOR + 1.080%, 04/15/31 (144A) (c)		3,204,000		3,199,755
3.335%, 3M LIBOR + 0.980%, 01/19/25 (144A) (c)		446,734		446,498
3.678%, 3M LIBOR + 1.330%, 01/16/27 (144A) (c)		750,000		750,143
4.159%, 3M LIBOR + 1.800%, 10/20/28 (144A) (c)		960,000		960,588
Arbor Realty Collateralized Loan Obligation, Ltd. 3.063%, 1M LIBOR + 0.990%, 12/15/27 (144A) (c)		1,200,000		1,201,801
Arbor Realty Commercial Real Estate Notes, Ltd. 3.063%, 1M LIBOR + 0.990%, 08/15/27 (144A) (c)		570,000		570,856
3.773%, 1M LIBOR + 1.700%, 09/15/26 (144A) (c)		1,590,000		1,599,429
Ares CLO, Ltd. 3.518%, 3M LIBOR + 1.170%, 10/15/30 (144A) (c)		390,000		391,143
3.853%, 3M LIBOR + 1.500%, 10/17/24 (144A) (c)		860,000		859,297
4.453%, 3M LIBOR + 2.100%, 10/17/24 (144A) (c)		730,000		728,728
ArrowMark Colorado Holdings 3.088%, 3M LIBOR + 1.160%, 10/25/30 (144A) (c)		750,000		750,094
3.978%, 3M LIBOR + 2.050%, 10/25/30 (144A) (c)		1,125,000		1,113,272
Atlas Senior Loan Fund IV, Ltd. 3.023%, 3M LIBOR + 0.680%, 02/17/26 (144A) (c)		2,920,000		2,914,572
Atrium 3.502%, 3M LIBOR + 1.140%, 10/23/25 (144A) (c)		380,000		380,058
3.798%, 3M LIBOR + 1.450%, 07/16/25 (144A) (c)		1,550,000		1,548,461
4.012%, 3M LIBOR + 1.650%, 04/22/27 (144A) (c)		1,119,000		1,121,943
4.298%, 3M LIBOR + 1.950%, 07/16/25 (144A) (c)		630,000		626,297
Avery Point CLO, Ltd. 3.333%, 3M LIBOR + 0.980%, 07/17/26 (144A) (c)		1,220,000		1,219,389
3.848%, 3M LIBOR + 1.500%, 01/15/28 (144A) (c)		2,820,000		2,824,506
B2R Mortgage Trust 2.524%, 05/15/48 (144A)		427,407		421,660
3.336%, 11/15/48 (144A)		444,444		441,912
Babson CLO, Ltd. 3.349%, 3M LIBOR + 0.990%, 01/20/31 (144A) (c)		680,000		678,159
3.549%, 3M LIBOR + 1.190%, 10/20/30 (144A) (c)		870,000		871,453
3.759%, 3M LIBOR + 1.400%, 01/20/31 (144A) (c)		250,000		249,423
4.959%, 3M LIBOR + 2.600%, 07/20/28 (144A) (c)		350,000		351,065
Benefit Street Partners CLO, Ltd. 3.135%, 3M LIBOR + 0.780%, 07/18/27 (144A) (c)		820,000		818,509
3.207%, 3M LIBOR + 1.090%, 04/20/31 (144A) (c)		440,000		438,568
3.459%, 3M LIBOR + 1.100%, 01/20/31 (144A) (c)		2,000,000		1,996,082
3.595%, 3M LIBOR + 1.240%, 10/18/29 (144A) (c)		3,800,000		3,806,741
BlueMountain CLO, Ltd. 3.358%, 3M LIBOR + 1.010%, 04/15/25 (144A) (c)		2,778,634		2,779,234
3.542%, 3M LIBOR + 1.180%, 10/22/30 (144A) (c)		760,000		760,973
Bowman Park CLO, Ltd. 3.510%, 3M LIBOR + 1.180%, 11/23/25 (144A) (c)		1,100,000		1,100,465
BSPRT Issuer, Ltd. 3.123%, 1M LIBOR + 1.050%, 03/15/28 (144A) (c)		1,380,000		1,377,415
3.423%, 1M LIBOR + 1.350%, 06/15/27 (144A) (c)		1,350,000		1,351,593

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
C-BASS Trust 2.251%, 1M LIBOR + 0.160%, 10/25/36 (c)		282,758	$	205,171
2.261%, 1M LIBOR + 0.170%, 04/25/37 (c)		430,681		326,072
3.674%, 01/25/37		2,513,614		1,196,653
Carlyle Global Market Strategies CLO, Ltd. 3.138%, 3M LIBOR + 1.050%, 07/27/31 (144A) (c)		4,100,000		4,093,264
3.245%, 3M LIBOR + 0.890%, 01/18/29 (144A) (c)		510,000		508,962
3.311%, 3M LIBOR + 0.970%, 04/17/31 (c)		970,000		964,768
3.809%, 3M LIBOR + 1.450%, 01/20/29 (144A) (c)		7,485,000		7,512,081
Carlyle U.S. CLO, Ltd. 3.528%, 3M LIBOR + 1.180%, 01/15/30 (144A) (c)		1,550,000		1,555,766
Carrington Mortgage Loan Trust 2.211%, 1M LIBOR + 0.120%, 10/25/36 (c)		507,420		384,335
2.241%, 1M LIBOR + 0.150%, 06/25/37 (c)		325,192		322,438
2.251%, 1M LIBOR + 0.160%, 10/25/36 (c)		660,858		584,651
2.311%, 1M LIBOR + 0.220%, 10/25/36 (c)		730,000		494,103
2.331%, 1M LIBOR + 0.240%, 08/25/36 (c)		4,800,000		3,672,052
2.561%, 1M LIBOR + 0.470%, 12/25/35 (c)		834,000		830,605
CBAM, Ltd. 3.609%, 3M LIBOR + 1.250%, 07/20/30 (144A) (c)		2,000,000		2,014,738
4.103%, 3M LIBOR + 1.750%, 10/17/29 (144A) (c)		1,020,000		1,021,552
Cedar Funding CLO, Ltd. 3.217%, 3M LIBOR + 0.980%, 04/20/31 (144A) (c)		1,480,000		1,468,910
3.603%, 3M LIBOR + 1.250%, 10/17/30 (144A) (c)		5,150,000		5,157,854
3.963%, 3M LIBOR + 1.610%, 07/17/28 (144A) (c)		770,000		770,026
Chase Funding Trust 6.333%, 04/25/32		362,584		367,196
CIFC Funding, Ltd. 3.157%, 3M LIBOR + 1.000%, 04/18/31 (144A) (c)		1,520,000		1,509,130
3.455%, 3M LIBOR + 1.100%, 01/18/31 (144A) (c)		730,000		729,993
3.565%, 3M LIBOR + 1.210%, 10/18/30 (144A) (c)		2,130,000		2,137,374
3.753%, 3M LIBOR + 1.400%, 01/17/27 (144A) (c)		11,285,000		11,287,336
3.862%, 3M LIBOR + 1.500%, 07/22/26 (144A) (c)		290,000		289,479
4.098%, 3M LIBOR + 1.750%, 07/16/30 (144A) (c)		250,000		250,565
4.262%, 3M LIBOR + 1.900%, 07/22/26 (144A) (c)		470,000		470,100
5.053%, 3M LIBOR + 2.700%, 01/17/27 (144A) (c)		290,000		290,152
Citicorp Residential Mortgage Trust 5.190%, 06/25/37		1,030,000		981,345
Citigroup Mortgage Loan Trust, Inc. 2.411%, 1M LIBOR + 0.320%, 11/25/36 (c)		990,000		840,493
Colony American Homes 3.246%, 1M LIBOR + 1.200%, 07/17/32 (144A) (c)		1,589,180		1,588,455
Countrywide Asset-Backed Certificates 2.251%, 1M LIBOR + 0.160%, 01/25/46 (c)		2,044,280		2,027,235
2.311%, 1M LIBOR + 0.220%, 12/25/25 (c)		80,193		85,766
Countrywide Asset-Backed Certificates Trust 2.251%, 1M LIBOR + 0.160%, 09/25/46 (c)		128,574		126,417
Countrywide Revolving Home Equity Loan Resecuritization Trust 2.373%, 1M LIBOR + 0.300%, 12/15/33 (144A) (c)		644,079		603,974
Countrywide Revolving Home Equity Loan Trust 2.253%, 1M LIBOR + 0.180%, 05/15/35 (c)		442,905		426,351
Credit Suisse Mortgage Trust 4.500%, 03/25/21		5,939,155		5,978,309
Credit-Based Asset Servicing & Securitization LLC 3.454%, 12/25/36		216,853		185,665
Asset-Backed - Other—(Continued)
CWABS Asset-Backed Certificates Trust 4.553%, 05/25/36 (c)		434,992		424,540
4.997%, 05/25/36 (c)		1,500,136		1,469,976
CWHEQ Revolving Home Equity Loan Resuritization Trust 2.313%, 1M LIBOR + 0.240%, 12/15/35 (144A) (c)		533,897		513,362
CWHEQ Revolving Home Equity Loan Trust 2.223%, 1M LIBOR + 0.150%, 11/15/36 (c)		860,313		701,630
DCP Rights LLC 5.463%, 10/25/44 (144A)		6,721,565		6,712,963
Dorchester Park CLO, Ltd. 3.534%, 3M LIBOR + 1.450%, 04/20/28 (c)		934,000		934,000
Dryden 41 Senior Loan Fund 3.318%, 3M LIBOR + 0.970%, 04/15/31 (144A) (c)		250,000		248,503
Dryden CLO, Ltd. 3.468%, 3M LIBOR + 1.120%, 01/15/31 (144A) (c)		6,020,000		6,040,588
Dryden Senior Loan Fund 3.248%, 3M LIBOR + 0.900%, 10/15/27 (144A) (c)		1,630,000		1,629,265
3.543%, 3M LIBOR + 1.200%, 08/15/30 (144A) (c)		2,205,000		2,208,246
4.198%, 3M LIBOR + 1.850%, 10/15/27 (144A) (c)		660,000		658,213
First Franklin Mortgage Loan Trust 2.231%, 1M LIBOR + 0.140%, 12/25/36 (c)		5,644,204		3,472,857
2.241%, 1M LIBOR + 0.150%, 12/25/36 (c)		3,250,612		2,889,349
2.251%, 1M LIBOR + 0.160%, 04/25/36 (c)		458,897		433,811
2.301%, 1M LIBOR + 0.210%, 12/25/36 (c)		10,382,867		6,463,388
Flatiron CLO, Ltd. 3.238%, 3M LIBOR + 0.890%, 04/15/27 (144A) (c)		970,000		969,753
Fremont Home Loan Trust 2.231%, 1M LIBOR + 0.140%, 02/25/37 (c)		2,586,115		2,090,629
Galaxy CLO, Ltd. 3.928%, 3M LIBOR + 1.580%, 07/16/28 (144A) (c)		340,000		339,922
4.010%, 3M LIBOR + 1.680%, 11/15/26 (144A) (c)		430,000		428,523
GE-WMC Asset-Backed Pass-Through Certificates 2.341%, 1M LIBOR + 0.250%, 12/25/35 (c)		216,825		215,908
GE-WMC Mortgage Securities Trust 2.241%, 1M LIBOR + 0.150%, 08/25/36 (c)		7,364,610		4,732,755
Greystone Commercial Real Estate Notes, Ltd. 3.623%, 1M LIBOR + 1.550%, 03/15/27 (144A) (c)		400,000		403,021
Greywolf CLO, Ltd. 4.703%, 3M LIBOR + 2.350%, 01/17/27 (144A) (c)		320,000		320,057
GT Loan Financing, Ltd. 3.629%, 3M LIBOR + 1.270%, 10/28/24 (144A) (c)		621,997		622,157
Highbridge Loan Management, Ltd. 3.363%, 3M LIBOR + 1.000%, 02/05/31 (144A) (c)		1,390,000		1,388,194
4.459%, 3M LIBOR + 2.100%, 01/29/26 (144A) (c)		670,000		670,456
Home Equity Mortgage Loan Asset-Backed Trust 2.291%, 1M LIBOR + 0.200%, 07/25/37 (c)		1,173,412		771,474
Invitation Homes Trust 3.373%, 1M LIBOR + 1.300%, 08/17/32 (144A) (c)		1,976,891		1,979,350
4.000%, 1M LIBOR + 2.000%, 07/17/37 (c)		840,000		840,000
4.085%, 1M LIBOR + 2.000%, 03/17/37 (144A) (c)		520,000		521,505
4.585%, 1M LIBOR + 2.500%, 03/17/37 (144A) (c)		410,000		411,282
KKR CLO, Ltd. 3.398%, 3M LIBOR + 1.050%, 07/15/27 (144A) (c)		1,540,000		1,539,384
Knollwood CDO, Ltd. 4.355%, 3M LIBOR + 3.200%, 01/10/39 (144A) (c) (i) (j) (k)		874,636		0

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
LCM, Ltd. 2.996%, 3M LIBOR + 1.070%, 01/20/31 (144A) (c)		2,590,000	$	2,593,401
Lehman ABS Mortgage Loan Trust 2.181%, 1M LIBOR + 0.090%, 06/25/37 (144A) (c)		224,889		157,552
Lendmark Funding Trust 2.830%, 12/22/25 (144A)		5,270,000		5,217,216
Litigation Fee Residual Funding LLC 3.500%, 10/30/27		2,881,210		2,868,821
LoanCore Issuer, Ltd. 3.203%, 1M LIBOR + 1.130%, 05/15/28 (144A) (c)		2,210,000		2,210,674
Long Beach Mortgage Loan Trust 2.201%, 1M LIBOR + 0.110%, 10/25/36 (c)		567,261		247,302
2.241%, 1M LIBOR + 0.150%, 06/25/36 (c)		637,861		373,663
2.251%, 1M LIBOR + 0.160%, 05/25/36 (c)		3,696,225		1,694,225
2.251%, 1M LIBOR + 0.160%, 10/25/36 (c)		2,254,064		988,725
2.251%, 1M LIBOR + 0.160%, 11/25/36 (c)		2,765,913		1,257,283
2.271%, 1M LIBOR + 0.180%, 05/25/46 (c)		2,068,833		891,830
2.281%, 1M LIBOR + 0.190%, 03/25/46 (c)		2,564,924		1,267,103
2.311%, 1M LIBOR + 0.220%, 02/25/36 (c)		2,041,832		1,978,858
2.311%, 1M LIBOR + 0.220%, 11/25/36 (c)		813,878		373,288
2.351%, 1M LIBOR + 0.260%, 05/25/36 (c)		2,566,820		1,199,313
2.381%, 1M LIBOR + 0.290%, 03/25/46 (c)		2,641,834		1,320,582
Madison Park Funding, Ltd. Zero Coupon, 3M LIBOR + 1.200%, 07/29/30 (144A) (c)		2,450,000		2,455,434
3.305%, 3M LIBOR + 0.950%, 04/19/30 (144A) (c)		1,330,000		1,325,635
3.479%, 3M LIBOR + 1.120%, 07/20/26 (144A) (c)		11,135,000		11,134,432
3.552%, 3M LIBOR + 1.190%, 10/21/30 (144A) (c)		5,000,000		5,006,970
Marathon CLO, Ltd. Zero Coupon, 1M LIBOR + 1.150%, 06/15/28 (144A) (c)		510,000		509,987
Marble Point CLO, Ltd. 3.535%, 12/18/30 (144A) (c)		830,000		829,070
Merrill Lynch First Franklin Mortgage Loan Trust 2.331%, 1M LIBOR + 0.240%, 05/25/37 (c)		11,270,412		7,822,077
Morgan Stanley IXIS Real Estate Capital Trust 2.201%, 1M LIBOR + 0.110%, 11/25/36 (c)		498,186		248,101
Mountain Hawk CLO, Ltd. 3.519%, 3M LIBOR + 1.160%, 07/22/24 (144A) (c)		371,447		371,708
4.539%, 3M LIBOR + 2.180%, 01/20/24 (144A) (c)		1,250,000		1,250,396
MP CLO, Ltd. 3.609%, 3M LIBOR + 1.250%, 10/20/30 (144A) (c)		1,010,000		1,013,123
Neuberger Berman Loan Advisers CLO, Ltd. 3.525%, 3M LIBOR + 1.170%, 10/18/30 (144A) (c)		1,770,000		1,770,901
Nomura Asset Acceptance Corp. Alternative Loan Trust 2.491%, 1M LIBOR + 0.400%, 10/25/36 (144A) (c)		391,259		349,507
Northwoods Capital XVII, Ltd. 3.308%, 3M LIBOR + 1.060%, 04/22/31 (144A) (c)		3,360,000		3,355,024
OCP CLO, Ltd. 3.182%, 3M LIBOR + 0.820%, 10/26/27 (144A) (c)		270,000		269,857
3.203%, 3M LIBOR + 0.850%, 04/17/27 (144A) (c)		1,263,000		1,259,368
3.442%, 3M LIBOR + 1.080%, 04/26/31 (144A) (c)		360,000		358,921
3.608%, 3M LIBOR + 1.260%, 07/15/30 (144A) (c)		3,270,000		3,276,511
3.925%, 3M LIBOR + 1.570%, 10/18/28 (144A) (c)		540,000		540,767
4.281%, 3M LIBOR + 1.950%, 11/20/30 (144A) (c)		250,000		250,163
Octagon Investment Partners, Ltd.
Zero Coupon, 3M LIBOR + 1.020%, 07/17/30 (c) (i) (j)		5,600,000		5,600,000
2.984%, 3M LIBOR + 1.000%, 01/25/31 (144A) (c)		3,420,000		3,417,507
Asset-Backed - Other—(Continued)
Octagon Investment Partners, Ltd.
3.231%, 3M LIBOR + 0.900%, 05/21/27 (144A) (c)		4,670,000		4,667,333
3.315%, 3M LIBOR + 0.960%, 04/16/31 (144A) (c)		2,210,000		2,200,468
3.473%, 3M LIBOR + 1.120%, 07/17/25 (144A) (c)		2,644,903		2,644,982
3.549%, 3M LIBOR + 1.190%, 01/20/31 (144A) (c)		430,000		430,258
3.681%, 3M LIBOR + 1.350%, 05/21/27 (144A) (c)		3,090,000		3,090,547
OFSI Fund, Ltd. 3.478%, 3M LIBOR + 1.130%, 03/20/25 (144A) (c)		4,190,000		4,189,015
OHA Credit Partners, Ltd. 3.479%, 3M LIBOR + 1.120%, 04/20/25 (144A) (c)		352,751		352,773
OHA Loan Funding, Ltd. 3.280%, 07/23/25 (144A)		490,000		488,245
3.370%, 3M LIBOR + 1.040%, 05/23/31 (144A) (c) (i) (j)		5,670,000		5,670,000
OneMain Financial Issuance Trust 4.100%, 03/20/28 (144A)		470,227		473,047
4.320%, 07/18/25 (144A)		3,100,000		3,093,133
5.310%, 09/18/24 (144A)		500,000		504,120
OZLM Funding, Ltd. 3.612%, 3M LIBOR + 1.250%, 10/22/30 (144A) (c)		10,705,000		10,721,518
3.799%, 3M LIBOR + 1.440%, 10/30/27 (144A) (c)		12,103,000		12,108,386
5.362%, 3M LIBOR + 3.000%, 01/22/29 (144A) (c)		3,950,000		3,976,686
OZLM, Ltd. 3.568%, 3M LIBOR + 1.220%, 11/22/30 (144A) (c)		690,000		694,030
3.701%, 3M LIBOR + 1.700%, 01/15/29 (144A) (c)		2,570,000		2,560,640
3.849%, 3M LIBOR + 1.490%, 01/20/29 (144A) (c)		1,950,000		1,953,284
3.968%, 3M LIBOR + 1.900%, 01/20/31 (144A) (c)		320,000		320,038
4.459%, 3M LIBOR + 2.100%, 01/20/29 (144A) (c)		810,000		812,367
5.909%, 3M LIBOR + 3.550%, 01/20/27 (144A) (c)		1,720,000		1,720,234
Palmer Square CLO, Ltd.
Zero Coupon, 3M LIBOR + 1.350%, 08/15/26 (144A) (c)		945,000		938,623
3.208%, 3M LIBOR + 1.030%, 04/18/31 (144A) (c)		1,040,000		1,035,367
3.483%, 3M LIBOR + 1.130%, 01/17/31 (144A) (c)		1,312,000		1,312,383
3.573%, 3M LIBOR + 1.220%, 10/17/27 (144A) (c)		780,000		780,217
4.603%, 3M LIBOR + 2.250%, 10/17/27 (144A) (c)		360,000		360,490
Palmer Square Loan Funding, Ltd. 3.088%, 3M LIBOR + 0.740%, 10/15/25 (144A) (c)		3,303,792		3,303,759
Parallel Ltd. 4.109%, 3M LIBOR + 1.750%, 07/20/27 (144A) (c)		350,000		349,973
Pretium Mortgage Credit Partners LLC 3.250%, 03/28/57 (144A)		1,218,044		1,213,446
Progress Residential Trust 2.740%, 06/12/32 (144A)		1,110,732		1,095,199
2.768%, 08/17/34 (144A)		927,022		896,720
3.565%, 08/17/34 (144A)		120,000		117,108
3.585%, 1M LIBOR + 1.500%, 09/17/33 (144A) (c)		1,739,210		1,741,861
4.261%, 08/17/34 (144A)		180,000		178,486
4.380%, 03/17/35 (144A)		250,000		248,906
4.778%, 03/17/35 (144A)		120,000		119,732
5.635%, 1M LIBOR + 3.550%, 01/17/34 (144A) (c)		650,000		660,456
5.935%, 1M LIBOR + 3.850%, 09/17/33 (144A) (c)		1,190,000		1,203,041
6.643%, 11/12/32 (144A)		250,000		259,697
PRPM LLC 4.250%, 01/25/22 (144A)		175,979		175,910
Race Point CLO, Ltd. 3.558%, 3M LIBOR + 1.210%, 10/15/30 (144A) (c)		1,170,000		1,178,330

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
RAMP Trust 2.261%, 1M LIBOR + 0.170%, 02/25/37 (c)		740,395	$	405,813
2.361%, 1M LIBOR + 0.270%, 11/25/36 (c)		2,351,368		1,973,792
Rockford Tower CLO, Ltd. 3.154%, 3M LIBOR + 1.190%, 10/20/30 (144A) (c)		2,590,000		2,590,228
3.718%, 3M LIBOR + 1.370%, 04/15/29 (144A) (c)		3,550,000		3,552,758
4.098%, 3M LIBOR + 1.750%, 10/15/29 (144A) (c)		1,590,000		1,593,008
4.148%, 3M LIBOR + 1.800%, 04/15/29 (144A) (c)		1,500,000		1,502,341
4.648%, 3M LIBOR + 2.300%, 10/15/29 (144A) (c)		310,000		312,557
RR 3, Ltd. 3.438%, 3M LIBOR + 1.090%, 01/15/30 (144A) (c)		3,630,000		3,634,726
SG Mortgage Securities Trust 2.301%, 1M LIBOR + 0.210%, 10/25/36 (c)		570,000		399,469
Silver Creek CLO, Ltd. 3.599%, 3M LIBOR + 1.240%, 07/20/30 (144A) (c)		1,330,000		1,334,046
Sound Point CLO II, Ltd. 3.432%, 3M LIBOR + 1.070%, 01/26/31 (144A) (c)		500,000		498,512
Sound Point CLO, Ltd. 3.651%, 3M LIBOR + 1.150%, 04/18/31 (144A) (c)		370,000		368,068
3.892%, 3M LIBOR + 1.530%, 01/23/29 (144A) (c)		3,080,000		3,085,205
4.019%, 3M LIBOR + 1.660%, 10/20/28 (144A) (c)		1,240,000		1,240,565
Soundview Home Loan Trust 2.886%, 1M LIBOR + 0.795%, 01/25/35 (c)		24,775		23,246
SpringCastle America Funding LLC 3.050%, 04/25/29 (144A)		3,370,350		3,357,887
Springleaf Funding Trust 3.620%, 11/15/24 (144A)		2,062,000		2,058,422
Stanwich Mortgage Loan Co. LLC 3.598%, 05/17/22 (144A)		4,566,908		4,566,086
3.721%, 08/16/46 (144A)		967,584		967,834
Steele Creek CLO, Ltd. 2.884%, 3M LIBOR + 1.250%, 01/15/30 (144A) (c)		670,000		670,159
Symphony CLO, Ltd. 3.378%, 3M LIBOR + 1.030%, 10/15/25 (144A) (c)		8,667,860		8,667,921
TCI-Flatiron CLO,Ltd. 3.521%, 3M LIBOR + 1.200%, 11/17/30 (144A) (c)		1,080,000		1,081,159
TIAA CLO, Ltd. 3.498%, 3M LIBOR + 1.150%, 01/16/31 (144A) (c)		1,110,000		1,108,315
3.639%, 3M LIBOR + 1.280%, 04/20/29 (144A) (c)		900,000		902,996
Tricon American Homes Trust 4.564%, 05/17/37 (144A)		260,000		258,189
4.960%, 05/17/37 (144A)		180,000		179,279
Velocity Commercial Capital Loan Trust 3.341%, 1M LIBOR + 1.250%, 05/25/47 (144A) (c)		1,212,015		1,218,654
3.550%, 05/25/47 (144A) (c)		150,000		146,620
3.661%, 10/25/46 (c)		150,000		150,756
3.891%, 1M LIBOR + 1.800%, 10/25/46 (c)		438,089		443,926
4.240%, 11/25/47 (144A) (c)		243,968		238,913
4.450%, 05/25/47 (144A) (c)		150,000		149,332
4.458%, 10/25/46 (c)		100,000		100,673
5.000%, 11/25/47 (144A) (c)		142,472		139,271
5.350%, 05/25/47 (144A) (c)		150,000		152,038
5.498%, 10/25/46 (c)		140,000		142,650
7.226%, 10/25/46 (c)		160,000		166,249
Asset-Backed - Other—(Continued)
Venture CLO, Ltd.
Zero Coupon, 3M LIBOR + 1.070%, 07/15/31 (c) (i) (j)		420,000		420,000
3.718%, 3M LIBOR + 1.370%, 01/15/27 (144A) (c)		890,000		889,658
Vibrant CLO, Ltd. 3.839%, 3M LIBOR + 1.480%, 04/20/26 (144A) (c)		570,000		570,184
3.909%, 3M LIBOR + 1.550%, 01/20/29 (144A) (c)		1,020,000		1,024,277
4.409%, 3M LIBOR + 2.050%, 04/20/26 (144A) (c)		290,000		290,061
Voya CLO, Ltd. 3.314%, 3M LIBOR + 0.970%, 04/25/31 (144A) (c)		1,780,000		1,774,222
3.405%, 3M LIBOR + 1.050%, 01/18/26 (144A) (c)		2,870,879		2,871,072
3.478%, 3M LIBOR + 1.130%, 10/15/30 (144A) (c)		1,020,000		1,017,904
3.855%, 3M LIBOR + 1.500%, 01/18/26 (144A) (c)		1,285,000		1,284,945
4.348%, 3M LIBOR + 2.000%, 10/14/26 (144A) (c)		500,000		499,083
Washington Mutual Asset-Backed Certificates Trust 2.246%, 1M LIBOR + 0.155%, 10/25/36 (c)		953,445		823,225
2.271%, 1M LIBOR + 0.180%, 09/25/36 (c)		2,261,834		1,131,248
2.311%, 1M LIBOR + 0.220%, 02/25/37 (c)		2,262,231		1,034,851
Wellfleet CLO, Ltd. 3.679%, 3M LIBOR + 1.320%, 04/20/29 (144A) (c)		850,000		851,019
West CLO, Ltd. 3.523%, 3M LIBOR + 1.160%, 11/07/25 (144A) (c)		3,440,638		3,439,657
WestVue Mortgage Loan Trust 7.500%, 09/25/20 (144A)		46,231		46,273
York CLO, Ltd. 3.512%, 3M LIBOR + 1.150%, 01/22/31 (144A) (c)		1,520,000		1,517,720
3.609%, 3M LIBOR + 1.250%, 10/20/29 (144A) (c)		630,000		630,890
4.109%, 3M LIBOR + 1.750%, 10/20/29 (144A) (c)		850,000		852,399
4.712%, 3M LIBOR + 2.350%, 01/22/27 (144A) (c)		250,000		250,205
				431,723,576
Asset-Backed - Student Loan—0.5%
Navient Private Education Loan Trust 3.500%, 12/16/58 (144A) (c)		970,000		944,987
3.823%, 1M LIBOR + 1.750%, 10/17/44 (144A) (c)		4,595,000		4,668,621
Scholar Funding Trust 2.752%, 1M LIBOR + 0.650%, 01/30/45 (144A) (c)		4,644,227		4,620,549
SLM Private Credit Student Loan Trust 2.671%, 3M LIBOR + 0.330%, 03/15/24 (c)		3,463,334		3,454,148
SLM Private Education Loan Trust 2.500%, 03/15/47 (144A)		720,000		714,129
3.000%, 05/16/44 (144A)		970,000		964,557
3.473%, 1M LIBOR + 1.400%, 10/15/31 (144A) (c)		1,692,430		1,704,645
SMB Private Education Loan Trust 3.500%, 12/17/40 (144A)		1,340,000		1,303,094
				18,374,730
Total Asset-Backed Securities (Cost $500,022,520)				506,932,017
Municipals—6.3%
American Municipal Power, Inc., Build America Bond 6.449%, 02/15/44		355,000		464,482
Anne Arundel County 5.000%, 10/01/47		500,000		581,065

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Municipals—(Continued)

Security Description	Principal Amount*		Value
Arizona Health Facilities Authority 2.359%, 01/01/37 (c)		780,000	$	737,279
Arizona State University 5.000%, 07/01/43		330,000		380,566
Atlanta GA Water & Wastewater Revenue 5.000%, 11/01/41		760,000		880,832
Aurora, CO Water Revenue 5.000%, 08/01/41		1,020,000		1,163,779
5.000%, 08/01/46		1,190,000		1,353,173
Austin TX Water & Wastewater System Rev. 5.000%, 11/15/43		500,000		557,110
Bay Area Toll Bridge Authority, Build America Bonds 6.918%, 04/01/40		1,575,000		2,170,460
7.043%, 04/01/50		1,865,000		2,727,413
Berks County Industrial Development Authority 5.000%, 11/01/47		510,000		564,417
5.000%, 11/01/50		480,000		529,219
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		2,100,000		2,108,967
Buena Park School District 5.000%, 08/01/47		260,000		299,710
California Health Facilities Financing Authority 5.000%, 08/15/33		495,000		575,512
Series A 5.000%, 08/15/47		500,000		556,440
California Infrastructure & Economic Development Bank 5.000%, 05/15/47		220,000		254,683
5.000%, 05/15/52		220,000		254,481
California Pollution Control Financing Authority 5.000%, 11/21/45 (144A)		450,000		477,545
California State Public Works Board, Build America Bond 8.361%, 10/01/34		760,000		1,126,206
Central Puget Sound Regional Transit Authority 5.000%, 11/01/50		510,000		570,578
Central Texas Regional Mobility Authority 5.000%, 01/01/45		350,000		381,868
5.000%, 01/01/46		350,000		382,655
Chesapeake Bay Bridge & Tunnel District 5.000%, 07/01/41		360,000		402,696
5.000%, 07/01/51		275,000		301,540
City & County of Denver 5.000%, 08/01/44		850,000		964,606
City of Cartersville GA 5.000%, 06/01/48		510,000		589,774
City of Columbia SC Waterworks & Sewer System Revenue 5.000%, 02/01/42		390,000		455,922
5.000%, 02/01/48		420,000		488,708
City of New York NY 5.000%, 04/01/40		740,000		858,111
5.000%, 04/01/45		1,050,000		1,211,857
Clark County School District 5.000%, 06/15/30		540,000		628,765
5.000%, 06/15/31		570,000		662,106
5.000%, 06/15/33		630,000		727,133
Colorado Health Facilities Authority 5.250%, 02/01/31		325,000		342,670
Colorado Springs CO Utilities System Revenue 5.000%, 11/15/42		260,000		301,488
Commonwealth Financing Authority 4.144%, 06/01/38		730,000		736,183
Series A 3.864%, 06/01/38		720,000		704,822
Commonwealth of Massachusetts 5.000%, 11/01/42		620,000		714,761
5.000%, 11/01/45		540,000		621,119
Series A 5.000%, 01/01/45		700,000		806,799
Commonwealth of Puerto Rico 8.000%, 07/01/35 (g)		5,000,000		2,025,000
Connecticut State Health & Educational Facility Authority 5.000%, 07/01/45		1,640,000		1,791,649
County of Clark NV 5.000%, 06/01/43		960,000		1,111,046
5.000%, 05/01/48		1,905,000		2,195,970
County of Franklin OH Sales Tax Revenue 5.000%, 06/01/43		460,000		539,221
5.000%, 06/01/48		900,000		1,050,795
County of King WA Sewer Revenue 5.000%, 07/01/42		320,000		369,306
5.000%, 07/01/47		520,000		578,360
Dallas Area Rapid Transit 5.000%, 12/01/41		680,000		768,305
5.000%, 12/01/46		920,000		1,036,224
Denver City & County, CO Airport System Revenue 5.000%, 11/15/28		340,000		392,754
5.000%, 11/15/29		380,000		437,623
5.000%, 11/15/30		305,000		350,448
District of Columbia Water & Sewer Authority 5.000%, 10/01/49		420,000		487,418
Dutchess County Local Development Corp. 5.000%, 07/01/46		1,025,000		1,131,405
Golden State Tobacco Securitization Corp. 5.125%, 06/01/47		1,820,000		1,820,018
Grant County Public Utility District No. 2 4.584%, 01/01/40		315,000		329,811
Great Lakes Water Authority Water Supply System Revenue 5.250%, 07/01/33		150,000		174,179
JobsOhio Beverage System 3.985%, 01/01/29		835,000		858,614
Kentucky Economic Development Finance Authority 5.250%, 06/01/50		330,000		353,447
Lexington County Health Services District, Inc. 5.000%, 11/01/41		300,000		329,058
Los Angeles County Metropolitan Transportation Authority 5.000%, 07/01/42		850,000		990,429
Los Angeles Department of Airports 5.000%, 05/15/44		260,000		297,427
Los Angeles, CA Community College District, Build America Bond 6.600%, 08/01/42		2,280,000		3,186,049
Los Angeles, CA Department of Water & Power Revenue, Build America Bond 6.603%, 07/01/50		565,000		817,854

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Municipals—(Continued)

Security Description	Principal Amount*		Value
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		640,000	$	846,464
Maryland Stadium Authority 5.000%, 05/01/41		460,000		518,609
Massachusetts Bay Transportation Authority 5.000%, 07/01/39		320,000		368,490
5.000%, 07/01/40		340,000		390,946
5.000%, 07/01/41		360,000		413,330
5.000%, 07/01/42		370,000		424,501
5.000%, 07/01/43		300,000		343,935
Massachusetts Development Finance Agency 5.000%, 07/01/43		260,000		288,714
5.000%, 09/01/45		290,000		328,445
5.000%, 07/01/47		500,000		554,480
5.000%, 07/01/48		1,280,000		1,414,592
5.000%, 07/01/53		510,000		560,051
Massachusetts Educational Financing Authority 5.000%, 01/01/22		500,000		543,850
Massachusetts Housing Finance Agency 4.500%, 12/01/39		300,000		311,961
4.500%, 12/01/48		340,000		353,811
4.600%, 12/01/44		320,000		333,040
Massachusetts Port Authority 5.000%, 07/01/43		460,000		514,556
Massachusetts School Building Authority 5.250%, 02/15/48		770,000		911,657
Massachusetts Water Resources Authority 5.000%, 08/01/40		270,000		309,936
Mesquite, TX Independent School District 5.000%, 08/15/42		570,000		649,806
Metropolitan Atlanta Rapid Transit Authority
Series A 5.000%, 07/01/41		510,000		574,954
5.000%, 07/01/42		510,000		574,612
Series B 5.000%, 07/01/45		400,000		456,184
Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board 5.000%, 07/01/46		690,000		763,658
Metropolitan St. Louis Sewer District 5.000%, 05/01/42		710,000		822,365
Series A 5.000%, 05/01/47		650,000		750,685
Metropolitan Transportation Authority 5.000%, 11/15/42		670,000		766,889
5.250%, 11/15/57		820,000		933,234
Metropolitan Transportation Authority, Build America Bonds 6.668%, 11/15/39		170,000		226,625
6.687%, 11/15/40		590,000		785,396
6.814%, 11/15/40		1,005,000		1,348,821
Metropolitan Washington Airports Authority 5.000%, 10/01/32		890,000		1,015,624
5.000%, 10/01/43		790,000		906,636
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Build America Bond 7.462%, 10/01/46		560,000		822,741
Miami-Dade County, FL 5.000%, 07/01/35		345,000		393,721
Miami-Dade County, FL Aviation Revenue 2.504%, 10/01/24		1,000,000		953,070
3.354%, 10/01/29		195,000		188,421
3.454%, 10/01/30		355,000		344,439
3.504%, 10/01/31		330,000		320,410
5.000%, 10/01/38		1,025,000		1,124,640
5.000%, 10/01/40		500,000		565,095
Miami-Dade County, FL Educational Facilities Authority 5.000%, 04/01/53		1,070,000		1,197,747
5.073%, 04/01/50		655,000		735,093
Series A 5.000%, 04/01/48		530,000		596,997
Michigan Finance Authority 5.000%, 11/15/41		330,000		365,369
5.000%, 12/01/47		1,810,000		1,957,696
Michigan State Housing Development Authority 3.550%, 10/01/33		300,000		300,693
4.000%, 10/01/43		290,000		291,322
4.050%, 10/01/48		140,000		140,637
4.150%, 10/01/53		690,000		693,126
Mississippi State Hospital Equipment & Facilities Authority, Baptist Memorial Health Care 5.000%, 09/01/46		630,000		676,185
Missouri State Health & Educational Facilities Authority Revenue 3.652%, 08/15/57		1,495,000		1,412,805
5.000%, 11/15/29		340,000		388,090
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		1,000,000		1,264,390
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40		1,451,000		2,110,233
New Jersey Transportation Trust Fund Authority 5.000%, 06/15/29		380,000		415,667
New Orleans Aviation Board 5.000%, 01/01/40		530,000		577,112
New York City Housing Development Corp
3.700%, 11/01/38		320,000		321,504
3.850%, 11/01/43		950,000		953,791
3.950%, 11/01/48		320,000		321,702
4.000%, 11/01/53		1,010,000		1,015,353
New York City Transitional Finance Authority Building Aid Revenue 5.000%, 07/15/40		370,000		416,106
New York City Transitional Finance Authority Future Tax Secured Revenue 3.050%, 05/01/27		1,670,000		1,603,417
3.550%, 05/01/25		1,475,000		1,481,711
5.000%, 08/01/31		190,000		220,028
5.000%, 02/01/35		410,000		465,502
5.000%, 05/01/36		390,000		444,042
New York City Water & Sewer System 5.000%, 06/15/39		1,070,000		1,247,887
5.000%, 06/15/40		770,000		897,296
5.000%, 06/15/47		985,000		1,119,255
5.375%, 06/15/43		2,360,000		2,559,538
5.500%, 06/15/43		2,825,000		3,073,685
5.882%, 06/15/44		1,150,000		1,496,633

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Municipals—(Continued)

Security Description	Principal Amount*		Value
New York City Water & Sewer System, Build America Bond 5.750%, 06/15/41		675,000	$	851,465
New York Convention Center Development Corp. 5.000%, 11/15/40		370,000		416,750
5.000%, 11/15/46		920,000		1,042,121
New York Liberty Development Corp. 5.250%, 10/01/35		340,000		422,049
New York State Dormitory Authority 5.000%, 02/15/31		330,000		383,675
5.000%, 03/15/32		580,000		665,915
5.000%, 02/15/36		620,000		715,573
5.000%, 02/15/37		360,000		415,184
5.000%, 02/15/38		330,000		380,302
5.000%, 02/15/39		330,000		379,170
5.000%, 03/15/39		810,000		941,730
5.000%, 02/15/40		380,000		436,293
5.000%, 02/15/41		620,000		710,260
5.000%, 02/15/42		840,000		961,573
5.000%, 02/15/43		540,000		617,695
Series A 5.000%, 03/15/43		1,050,000		1,209,930
5.000%, 03/15/41		530,000		615,229
5.000%, 03/15/42		530,000		614,742
5.000%, 10/01/48		335,000		444,984
Series B 5.000%, 10/01/38		830,000		983,973
New York State Dormitory Authority, Build America Bond 5.389%, 03/15/40		1,075,000		1,282,357
New York State Urban Development Corp. 2.860%, 03/15/24		2,030,000		1,991,268
3.120%, 03/15/25		980,000		965,398
3.320%, 03/15/29		1,285,000		1,228,871
New York Transportation Development Corp. 5.000%, 07/01/46		340,000		366,598
5.250%, 01/01/50		2,060,000		2,241,795
North Carolina Department of Transportation 5.000%, 06/30/54		1,000,000		1,070,540
Ohio Turnpike & Infrastructure Commission 5.000%, 02/15/48		550,000		597,570
Omaha Public Power District 5.000%, 02/01/42		600,000		695,076
Orange County Local Transportation Authority, Build America Bond 6.908%, 02/15/41		1,420,000		1,922,623
Oregon School Boards Association 4.759%, 06/30/28		1,740,000		1,874,067
5.490%, 06/30/23		2,350,000		2,592,543
Pennsylvania Economic Development Financing Authority 5.000%, 12/31/38		510,000		558,093
Pennsylvania State University 5.000%, 09/01/43		360,000		419,558
5.000%, 09/01/48		420,000		487,099
Pennsylvania Turnpike Commission
Series B 5.000%, 12/01/48		3,970,000		4,514,132
5.000%, 12/01/43		1,010,000		1,137,442
Permanent University Fund - University of Texas System 3.376%, 07/01/47		1,290,000		1,194,566
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,435,000		1,524,070
4.810%, 10/15/65		720,000		810,302
4.960%, 08/01/46		1,910,000		2,257,429
5.000%, 11/15/47		290,000		326,694
Public Power Generation Agency Revenue 5.000%, 01/01/35		360,000		404,849
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds 6.583%, 05/15/49		1,455,000		1,950,471
Series L 5.000%, 05/15/47		910,000		1,029,165
Riverside, CA, Electric Revenue, Buld America Bond 7.605%, 10/01/40		525,000		767,398
Royal Oak Hospital Finance Authority 5.000%, 09/01/39		450,000		492,840
Sacramento County Sanitation Districts Financing Authority 2.071%, 12/01/35 (NATL) (c)		560,000		541,890
Salt Lake City Corp. Airport Revenue 5.000%, 07/01/47		1,510,000		1,704,362
Salt River Arizona Project Agricultural Improvement & Power District 5.000%, 12/01/45		1,870,000		2,110,538
San Antonio TX Electric & Gas Systems Revenue 5.000%, 02/01/48		250,000		272,125
San Antonio Water System 5.000%, 05/15/39		1,300,000		1,460,212
San Antonio, TX Electric & Gas Systems Revenue, Build Amereica Bond 5.808%, 02/01/41		470,000		586,950
San Diego County Regional Airport Authority 5.000%, 07/01/47		470,000		540,025
San Diego Public Facilities Financing Authority Sewer Revenue 5.000%, 05/15/39		475,000		551,584
San Diego Unified School District 5.000%, 07/01/41		780,000		914,254
San Francisco City & County Airport Comm-San Francisco International Airport 5.000%, 05/01/41		420,000		470,728
5.000%, 05/01/46		980,000		1,094,778
5.000%, 05/01/47		620,000		700,123
San Jose Redevelopment Agency Successor Agency 2.958%, 08/01/24		1,195,000		1,175,521
South Carolina Public Service Authority 2.388%, 12/01/23		1,085,000		1,010,949
5.000%, 12/01/49		700,000		742,175
5.000%, 12/01/50		700,000		747,978
State Board of Administration Finance Corp. 2.995%, 07/01/20		1,315,000		1,318,708
State of California 2.250%, 10/01/23		2,315,000		2,212,052
4.600%, 04/01/38		3,690,000		3,865,201
State of California General Obligation Unlimited, Build America Bonds 7.300%, 10/01/39		860,000		1,218,448
7.350%, 11/01/39		550,000		782,909
7.500%, 04/01/34		1,125,000		1,580,051
7.550%, 04/01/39		1,375,000		2,027,630

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Municipals—(Continued)

Security Description	Principal Amount*		Value
State of Connecticut 3.310%, 01/15/26		1,445,000	$	1,406,115
State of District of Columbia 5.000%, 06/01/42		500,000		575,565
State of Illinois
Series A 5.000%, 05/01/20		400,000		412,956
5.000%, 12/01/24		250,000		266,043
Series D 5.000%, 11/01/22		490,000		518,048
5.000%, 11/01/24		1,280,000		1,361,907
5.000%, 11/01/25		3,450,000		3,671,593
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		4,320,000		4,088,275
State of Missouri 3.086%, 09/15/51		1,450,000		1,238,938
3.651%, 01/15/46		330,000		318,773
State of Ohio 5.000%, 05/01/30		460,000		528,025
5.000%, 03/15/32		930,000		1,051,188
5.000%, 05/01/34		420,000		477,884
5.000%, 05/01/35		420,000		477,049
5.000%, 05/01/36		1,015,000		1,151,517
5.000%, 05/01/37		760,000		861,209
State of Texas 5.000%, 04/01/40		380,000		432,436
5.000%, 04/01/43		610,000		692,820
State of Virginia 5.000%, 06/01/40		700,000		816,627
5.000%, 12/01/40		720,000		839,959
5.000%, 12/01/41		690,000		804,319
State of Washington General Obligation Unlimited 5.000%, 07/01/30		1,440,000		1,641,600
5.000%, 08/01/30		415,000		482,869
5.000%, 08/01/40		1,300,000		1,475,815
5.000%, 02/01/41		610,000		698,176
5.000%, 08/01/41		400,000		460,748
5.000%, 08/01/42		420,000		483,428
State of Wisconsin 3.154%, 05/01/27		1,220,000		1,192,648
5.000%, 05/01/32		340,000		389,592
5.000%, 05/01/33		310,000		354,175
5.000%, 11/01/33		420,000		490,022
5.000%, 05/01/34		400,000		455,396
5.000%, 05/01/36		490,000		555,253
5.000%, 05/01/38		500,000		564,265
Sumter Landing Community Development District 4.172%, 10/01/47		385,000		405,020
Texas Municipal Gas Acquisition & Supply Corp. I 6.250%, 12/15/26		280,000		325,923
Texas Private Activity Bond Surface Transportation Corp. 5.000%, 12/31/55		170,000		182,852
Texas Transportation Commission State Highway Fund 5.000%, 10/01/19		940,000		979,912
Texas Water Development Board 5.000%, 10/15/43		750,000		869,430
5.000%, 10/15/47		300,000		345,141
Tobacco Settlement Finance Authority 7.467%, 06/01/47		1,205,000		1,200,770
Tobacco Settlement Financing Corp. 6.706%, 06/01/46		280,000		276,671
TSASC, Inc. 5.000%, 06/01/41		560,000		605,976
University of California CA, Revenue 3.063%, 07/01/25		665,000		647,145
4.601%, 05/15/31		650,000		701,201
4.858%, 05/15/12		980,000		1,039,006
University of Houston 5.000%, 02/15/33		390,000		445,314
5.000%, 02/15/34		350,000		398,104
5.000%, 02/15/35		800,000		907,616
5.000%, 02/15/36		1,040,000		1,176,874
University of Oregon 5.000%, 04/01/46		380,000		432,436
University of Texas 2.756%, 05/15/26		1,810,000		1,744,786
2.836%, 05/15/27		805,000		773,428
Upper Arlington City School District 5.000%, 12/01/48		670,000		775,572
Virginia Small Business Financing Authority 5.000%, 12/31/56		720,000		784,714
Water Revenue Authority of Georgia, Build America Bond 5.000%, 11/01/40		250,000		281,310
Weld County School District No. 2 5.250%, 12/01/41		560,000		654,399
West Virginia Hospital Finance Authority 5.000%, 06/01/19		365,000		376,074
5.000%, 06/01/20		390,000		411,750
5.000%, 06/01/21		390,000		420,393
5.000%, 06/01/22		425,000		467,509
5.000%, 06/01/23		355,000		396,989
5.000%, 06/01/24		375,000		424,669
Wisconsin Health & Educational Facilities Authority 5.000%, 12/15/44		310,000		333,851
Total Municipals (Cost $236,878,083)				235,380,602
Mortgage-Backed Securities—5.7%
Collateralized Mortgage Obligations—2.2%
Ajax Mortgage Loan Trust 1.000%, 02/26/57		1,180,000		514,931
4.250%, 08/25/64 (144A)		1,491,132		1,507,069
Alternative Loan Trust 6.000%, 04/25/37		158,534		118,661
American Home Mortgage Assets Trust 2.478%, 12M MTA + 0.920%, 11/25/46 (c)		312,893		171,792
2.498%, 12M MTA + 0.940%, 10/25/46 (c)		554,984		504,422
APS Resecuritization Trust 4.691%, 1M LIBOR + 2.600%, 04/27/47 (144A) (c)		822,167		840,282
4.941%, 1M LIBOR + 2.850%, 09/27/46 (144A) (c)		3,064,009		3,177,944
Ari Investments LLC 4.480%, 01/06/25		1,097,774		1,097,774

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Banc of America Alternative Loan Trust 5.500%, 10/25/35		1,277,855	$	1,271,887
Bear Stearns Asset-Backed Securities Trust 6.250%, 12/25/35		2,613,876		2,572,942
6.250%, 02/25/36		3,066,627		2,728,308
Chase Mortgage Finance Trust 6.000%, 12/25/37		9,962,634		7,723,173
CIM Trust 3.015%, 06/25/57 (144A) (c)		6,005,221		5,883,209
COLT Funding LLC 5.091%, 1M LIBOR + 3.000%, 12/26/45 (144A) (c)		66,949		67,069
Countrywide Alternative Loan Trust 2.231%, 1M LIBOR + 0.140%, 04/25/47 (c)		860,450		817,697
2.274%, 1M LIBOR + 0.190%, 03/20/47 (c)		1,947,497		1,637,261
2.281%, 1M LIBOR + 0.190%, 10/25/46 (c)		1,235,687		1,187,747
2.284%, 1M LIBOR + 0.200%, 07/20/46 (c)		3,201,684		2,341,068
2.301%, 1M LIBOR + 0.210%, 07/25/46 (c)		1,621,064		1,595,337
2.321%, 1M LIBOR + 0.230%, 11/25/36 (c)		566,214		445,104
2.441%, 1M LIBOR + 0.350%, 06/25/35 (c)		1,657,949		1,500,325
2.691%, 1M LIBOR + 0.600%, 01/25/36 (c)		673,519		585,596
3.288%, 12M MTA + 1.730%, 11/25/46 (c)		3,512,027		3,011,511
5.500%, 04/25/37		950,170		773,121
6.000%, 05/25/37		3,507,463		2,581,412
Countrywide Home Loan Mortgage Pass-Through Trust 2.518%, 12M MTA + 0.960%, 04/25/46 (c)		4,161,281		2,119,029
Credit Suisse Mortgage Capital Certificates 2.140%, 1M LIBOR + 0.180%, 03/27/36 (144A) (c)		2,258,150		1,990,883
6.500%, 10/27/37 (144A)		2,615,084		1,633,271
CSFB Mortgage-Backed Pass-Through Certificates 3.441%, 1M LIBOR + 1.350%, 11/25/35 (c)		503,574		195,983
Deephaven Residential Mortgage Trust 4.000%, 07/25/46 (144A)		739,954		743,966
Deutsche ALT-A Securities Mortgage Loan Trust 2.241%, 1M LIBOR + 0.150%, 12/25/36 (c)		3,454,683		3,184,217
2.261%, 1M LIBOR + 0.170%, 08/25/47 (c)		633,353		421,278
Deutsche ALT-A Securities, Inc. Alternate Loan Trust 2.476%, 1M LIBOR + 0.500%, 01/27/37 (144A) (c)		186,747		115,837
GreenPoint Mortgage Funding Trust 3.558%, 12M MTA + 2.000%, 03/25/36 (c)		208,204		195,051
GSMPS Mortgage Loan Trust 2.441%, 1M LIBOR + 0.350%, 01/25/35 (144A) (c)		710,307		664,347
2.441%, 1M LIBOR + 0.350%, 03/25/35 (144A) (c)		856,243		800,535
2.441%, 1M LIBOR + 0.350%, 01/25/36 (144A) (c)		649,669		578,159
GSR Mortgage Loan Trust 6.000%, 07/25/37		790,864		719,706
IndyMac IMJA Mortgage Loan Trust 7.000%, 10/25/37		1,409,730		939,420
IndyMac INDX Mortgage Loan Trust 3.484%, 09/25/37 (c)		900,073		636,141
JPMorgan Alternative Loan Trust 2.301%, 1M LIBOR + 0.210%, 03/25/37 (c)		1,352,892		1,237,442
3.942%, 05/25/37 (c)		345,990		312,394
JPMorgan Mortgage Trust 3.000%, 05/25/47 (144A) (c)		803,376		783,355
6.500%, 08/25/36		301,128		232,213
LSTAR Securities Investment, Ltd. 3.533%, 1M LIBOR + 1.550%, 02/01/23 (144A) (c)		3,420,600		3,382,221
Collateralized Mortgage Obligations—(Continued)
MASTR Resecuritization Trust 2.395%, 08/25/37 (144A) (c)		530,485		369,107
Merrill Lynch Mortgage Investors Trust 3.736%, 05/25/36 (c)		1,799,190		1,660,906
Mortgage Loan Resecuritization Trust 2.259%, 1M LIBOR + 0.340%, 04/16/36 (144A) (c)		4,066,837		3,465,756
Nomura Asset Acceptance Corp. Alternative Loan Trust 6.634%, 05/25/36		272,434		110,295
Nomura Resecuritization Trust 2.480%, 11/26/35 (144A) (c)		662,616		649,492
Residential Accredit Loans, Inc. Trust 2.251%, 1M LIBOR + 0.160%, 02/25/37 (c)		318,812		304,316
2.281%, 1M LIBOR + 0.190%, 07/25/37 (c)		814,734		790,063
Seasoned Credit Risk Transfer Trust Zero Coupon, 07/25/56 (144A) (l)		838,121		67,237
1.194%, 07/25/56 (144A) (c) (d)		1,108,540		107,017
4.750%, 07/25/56 (144A) (c) (k)		540,000		523,778
4.750%, 05/25/57 (c)		150,000		148,042
6.412%, 05/25/57 (c)		170,000		93,131
STACR Trust 2018-HRP1 3.741%, 1M LIBOR + 1.650%, 04/25/43 (144A) (c)		1,315,000		1,322,332
Structured Adjustable Rate Mortgage Loan Trust 3.688%, 04/25/36 (c)		424,888		376,087
3.827%, 04/25/47 (c)		1,172,576		927,292
Structured Asset Mortgage Investments Trust 2.281%, 1M LIBOR + 0.190%, 06/25/36 (c)		1,575,028		1,474,885
2.301%, 1M LIBOR + 0.210%, 05/25/46 (c)		286,254		240,765
2.321%, 1M LIBOR + 0.230%, 02/25/36 (c)		2,155,661		2,043,751
Structured Asset Securities Corp. Mortgage Loan Trust 6.000%, 10/25/36 (144A)		618,890		523,764
				80,739,106
Commercial Mortgage-Backed Securities—3.5%
AOA Mortgage Trust 3.110%, 12/13/29 (144A) (c)		460,000		446,823
AREIT Trust 2.923%, 1M LIBOR + 0.850%, 02/15/35 (144A) (c)		990,000		987,533
Ashford Hospitality Trust, Inc. 4.173%, 1M LIBOR + 2.100%, 04/15/35 (144A) (c)		640,000		640,485
Atrium Hotel Portfolio Trust 4.023%, 1M LIBOR + 1.950%, 12/15/36 (144A) (c)		1,810,000		1,807,720
5.123%, 1M LIBOR + 3.050%, 12/15/36 (144A) (c)		790,000		789,005
Aventura Mall Trust 3.867%, 12/05/32 (144A) (c)		1,030,000		1,047,729
BAMLL Commercial Mortgage Securities Trust 3.123%, 1M LIBOR + 1.050%, 09/15/26 (144A) (c)		1,389,000		1,388,665
3.573%, 1M LIBOR + 1.500%, 11/15/32 (144A) (c)		300,000		300,000
3.716%, 04/14/33 (144A) (c)		850,000		790,133
3.727%, 08/14/34 (144A) (c)		2,470,000		2,238,228
4.073%, 1M LIBOR + 2.000%, 11/15/32 (144A) (c)		630,000		630,000
4.673%, 1M LIBOR + 2.600%, 09/15/26 (144A) (c)		260,000		259,884
5.573%, 1M LIBOR + 3.500%, 09/15/26 (144A) (c)		947,000		945,519
Banc of America Commercial Mortgage Trust 0.782%, 02/15/50 (c) (d)		8,000,000		380,640
1.438%, 02/15/50 (144A) (c) (d)		2,000,000		180,600
5.482%, 01/15/49 (c)		167,714		168,238

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Bancorp Commercial Mortgage Trust (The) 2.923%, 1M LIBOR + 0.850%, 01/15/33 (144A) (c)		730,000	$	729,736
Bayview Commercial Asset Trust 2.341%, 1M LIBOR + 0.250%, 10/25/36 (144A) (c)		263,053		250,532
2.391%, 1M LIBOR + 0.300%, 01/25/36 (144A) (c)		145,875		136,168
2.391%, 1M LIBOR + 0.300%, 10/25/36 (144A) (c)		267,668		255,525
2.451%, 1M LIBOR + 0.360%, 04/25/36 (144A) (c)		178,554		169,819
2.541%, 1M LIBOR + 0.450%, 01/25/36 (144A) (c)		108,596		101,227
2.541%, 1M LIBOR + 0.450%, 09/25/37 (144A) (c)		692,411		661,821
3.091%, 1M LIBOR + 1.000%, 10/25/37 (144A) (c)		142,665		142,591
3.591%, 1M LIBOR + 1.500%, 12/25/37 (144A) (c)		720,000		537,237
BB-UBS Trust 0.730%, 11/05/36 (144A) (c) (d)		85,480,000		3,046,370
4.160%, 11/05/36 (144A) (c)		330,000		310,176
BBCMS Mortgage Trust 2.795%, 1M LIBOR + 0.722%, 03/15/37 (144A) (c)		280,000		279,559
BHMS Mortgage Trust 3.483%, 1M LIBOR + 1.500%, 07/05/33 (144A) (c)		8,333,700		8,338,475
BSPRT Issuer, Ltd. 2.893%, 1M LIBOR + 0.820%, 10/15/34 (144A) (c)		210,000		209,922
BWAY Mortgage Trust 3.446%, 03/10/33 (144A)		1,495,000		1,440,240
3.454%, 03/10/33 (144A)		2,690,000		2,662,140
3.633%, 03/10/33 (144A)		600,000		580,155
4.058%, 03/10/33 (144A) (c)		1,210,000		1,151,507
BXP Trust 3.670%, 08/13/37 (144A) (c)		1,640,000		1,491,555
Caesars Palace Las Vegas Trust 4.499%, 10/15/34 (144A) (c)		410,000		412,524
CCRESG Commercial Mortgage Trust 5.671%, 04/10/29 (144A) (c)		230,000		234,860
CD Mortgage Trust 3.631%, 02/10/50		350,000		348,517
5.648%, 10/15/48		422,795		437,149
CFCRE Commercial Mortgage Trust 0.891%, 05/10/58 (c) (d)		2,370,000		118,069
1.905%, 05/10/58 (c) (d)		2,531,073		255,488
CGDBB Commercial Mortgage Trust 2.863%, 1M LIBOR + 0.790%, 07/15/32 (144A) (c)		1,490,000		1,490,464
3.673%, 1M LIBOR + 1.600%, 07/15/32 (144A) (c)		1,110,000		1,111,391
4.223%, 1M LIBOR + 2.150%, 07/15/32 (144A) (c)		1,680,000		1,676,878
Citigroup Commercial Mortgage Trust 1.073%, 09/15/50 (c) (d)		2,452,314		162,715
2.788%, 04/10/49 (144A)		930,000		715,930
3.520%, 09/10/31 (144A)		130,000		127,726
4.509%, 09/10/31 (144A)		250,000		246,978
4.996%, 04/15/49 (c)		40,000		40,839
CLNS Trust 5.546%, 1M LIBOR + 3.500%, 06/11/32 (144A) (c)		665,000		666,873
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.168%, 02/10/35 (144A) (c) (d)		60,958,000		362,091
1.225%, 03/10/46 (c) (d)		26,658,713		843,650
2.846%, 1M LIBOR + 0.800%, 08/13/27 (144A) (c)		700,000		699,558
3.183%, 02/10/48		513,000		500,754
3.285%, 10/10/36 (144A) (c)		270,000		245,847
3.550%, 07/15/47		550,000		551,077
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.646%, 1M LIBOR + 1.600%, 02/13/32 (144A) (c)		1,280,000		1,281,038
3.796%, 08/10/47		540,000		547,345
3.977%, 05/10/47		1,394,000		1,428,218
4.006%, 04/10/47		400,000		409,942
4.051%, 04/10/47		1,896,000		1,949,155
4.236%, 02/10/47 (c)		320,000		331,903
4.296%, 1M LIBOR + 2.250%, 02/13/32 (144A) (c)		550,000		552,706
4.454%, 07/10/48 (c)		1,600,000		1,567,615
4.562%, 12/10/47 (c)		420,000		407,844
4.696%, 08/10/48 (c)		1,256,000		1,243,672
5.296%, 1M LIBOR + 3.250%, 02/13/32 (144A) (c)		50,000		50,648
5.849%, 06/10/44 (144A) (c)		190,000		192,780
Commercial Mortgage Trust 1.334%, 09/10/50 (c) (d)		2,671,920		229,128
3.807%, 05/10/48 (144A) (c)		1,740,000		1,723,263
4.037%, 1M LIBOR + 1.964%, 08/15/35 (144A) (c)		690,000		683,079
4.654%, 1M LIBOR + 2.581%, 08/15/35 (144A) (c)		630,000		622,793
Core Industrial Trust 3.077%, 02/10/34 (144A)		1,990,000		1,977,067
3.977%, 02/10/34 (144A) (c)		2,360,000		2,270,276
Credit Suisse First Boston Mortgage Securities Corp. 4.952%, 07/15/37 (c)		70,000		71,685
5.234%, 10/15/39 (144A) (c)		250,000		251,636
Credit Suisse Mortgage Capital Certificates 3.023%, 1M LIBOR + 0.950%, 12/15/30 (144A) (c)		280,000		280,133
Credit Suisse Mortgage Capital Certificates Trust 3.673%, 1M LIBOR + 1.600%, 11/15/33 (144A) (c)		201,070		202,011
CSAIL Commercial Mortgage Trust 0.220%, 11/15/50 (c) (d)		3,940,000		66,731
DBJPM Mortgage Trust 1.000%, 06/10/50 (c) (d)		2,060,000		135,321
3.635%, 09/10/49 (144A) (c)		698,000		583,939
DBUBS Mortgage Trust 3.452%, 10/10/34 (144A)		850,000		844,056
3.648%, 10/10/34 (144A) (c)		1,710,000		1,567,773
Eleven Madison Trust Mortgage Trust 3.673%, 09/10/35 (144A) (c)		440,000		437,697
GAHR Commercial Mortgage Trust 3.469%, 1M LIBOR + 1.300%, 12/15/34 (144A) (c)		149,089		149,136
3.495%, 12/15/34 (144A) (c)		980,000		967,517
GPMT, Ltd. 2.985%, 1M LIBOR + 0.900%, 11/21/35 (144A) (c)		869,000		867,371
GS Mortgage Securities Corp. 3.550%, 12/10/27 (144A) (c)		11,042,358		10,872,966
GS Mortgage Securities Corp. II 4.423%, 1M LIBOR + 2.350%, 02/15/37 (144A) (c)		230,000		229,729
5.366%, 05/03/32 (144A)		840,000		929,321
GS Mortgage Securities Corp. Trust 2.856%, 05/10/34 (144A)		710,000		696,077
3.373%, 1M LIBOR + 1.300%, 07/15/32 (144A) (c)		80,000		79,950
3.573%, 1M LIBOR + 1.500%, 07/15/32 (144A) (c)		170,000		169,947
3.873%, 1M LIBOR + 1.800%, 07/15/32 (144A) (c)		70,000		70,000
4.573%, 1M LIBOR + 2.500%, 07/15/32 (144A) (c)		40,000		40,013
GS Mortgage Securities Trust 3.000%, 08/10/50 (144A)		240,000		195,711

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
GS Mortgage Securities Trust 3.345%, 07/10/48		300,000	$	242,712
3.931%, 09/10/47		800,000		819,026
4.529%, 04/10/47 (c)		50,000		49,670
4.559%, 07/10/48 (c)		500,000		493,840
4.800%, 06/10/47 (144A) (c)		100,000		85,121
Hilton Orlando Trust 4.723%, 1M LIBOR + 2.650%, 12/15/34 (144A) (c)		780,000		781,950
HMH Trust 3.062%, 07/05/31 (144A)		1,210,000		1,174,460
IMT Trust 3.478%, 06/15/34 (144A)		540,000		531,564
3.613%, 06/15/34 (144A) (c)		570,000		541,136
JPMBB Commercial Mortgage Securities Trust 0.967%, 05/15/48 (c) (d)		1,179,332		38,056
1.046%, 09/15/47 (c) (d)		2,810,922		118,450
3.775%, 08/15/47		550,000		557,623
3.801%, 09/15/47		220,000		223,282
4.272%, 12/15/48 (144A) (c)		300,000		286,369
JPMCC Commercial Mortgage Securities Trust 4.050%, 09/15/50		110,000		109,356
4.802%, 03/15/50 (144A) (c)		650,000		617,603
JPMDB Commercial Mortgage Securities Trust 0.750%, 12/15/49 (144A) (c) (d)		2,067,000		106,025
JPMorgan Chase Commercial Mortgage Securities Trust 0.643%, 04/15/46 (c) (d)		4,900,000		114,277
0.750%, 08/15/49 (144A) (c) (d)		5,300,000		260,356
0.944%, 12/15/49 (c) (d)		988,761		41,371
2.949%, 10/06/38 (144A) (c)		1,670,000		1,572,080
3.373%, 1M LIBOR + 1.300%, 06/15/45 (144A) (c)		130,000		133,365
3.429%, 06/10/27 (144A)		1,140,000		1,138,347
3.773%, 1M LIBOR + 1.700%, 07/15/36 (144A) (c)		1,343,423		1,348,059
4.400%, 01/15/49 (c)		970,000		907,852
4.900%, 01/15/49 (c)		1,785,000		1,813,095
5.073%, 1M LIBOR + 3.000%, 02/15/35 (144A) (c)		480,000		480,453
5.923%, 1M LIBOR + 3.850%, 10/15/29 (144A) (c)		470,000		470,000
6.326%, 08/12/40 (144A) (c)		301,304		304,549
Lehman Brothers Small Balance Commercial Mortgage Trust 2.341%, 1M LIBOR + 0.250%, 03/25/37 (144A) (c)		647,353		619,983
Lone Star Portfolio Trust 3.873%, 1M LIBOR + 1.800%, 09/15/28 (144A) (c)		82,159		82,267
LSTAR Commercial Mortgage Trust 1.389%, 03/10/50 (144A) (c) (d)		892,406		42,774
Madison Avenue Trust 4.169%, 10/12/32 (144A) (c)		998,000		997,700
Merrill Lynch Mortgage Trust 6.527%, 09/12/42 (144A) (c)		490,000		507,849
Morgan Stanley Bank of America Merrill Lynch Trust 1.336%, 12/15/47 (144A) (c) (d)		1,810,000		110,958
1.591%, 11/15/49 (c) (d)		1,100,993		93,741
3.060%, 10/15/48 (144A)		820,000		656,442
3.068%, 10/15/48		1,300,000		1,072,444
3.892%, 06/15/47		3,000,000		3,052,401
4.270%, 07/15/50 (144A) (c)		700,000		614,100
4.558%, 05/15/50 (c)		300,000		298,427
4.679%, 10/15/48 (c)		170,000		170,138
Commercial Mortgage-Backed Securities—(Continued)
Morgan Stanley Capital Trust 2.361%, 06/15/50 (144A) (c) (d)		1,190,000		189,379
2.546%, 06/15/50 (144A)		1,510,000		1,212,018
3.560%, 07/13/29 (144A) (c)		540,000		520,111
4.023%, 1M LIBOR + 1.950%, 11/15/34 (144A) (c)		330,000		330,935
4.165%, 05/15/48 (144A) (c)		110,000		93,453
4.165%, 05/15/48 (c)		150,000		143,758
4.177%, 07/15/51		470,000		484,072
4.281%, 06/15/50 (c)		339,000		330,666
4.673%, 1M LIBOR + 2.600%, 11/15/34 (144A) (c)		1,977,000		1,977,622
5.123%, 1M LIBOR + 3.050%, 11/15/34 (144A) (c)		610,000		612,882
Natixis Commercial Mortgage Securities Trust 2.869%, 1M LIBOR + 0.950%, 06/15/35 (144A) (c)		240,000		240,000
Olympic Tower Mortgage Trust 0.511%, 05/10/39 (144A) (c) (d)		13,300,000		406,714
4.077%, 05/10/39 (144A) (c)		1,345,000		1,233,633
One Market Plaza Trust
Zero Coupon, 02/10/32 (144A) (c) (d)		4,222,000		4
0.218%, 02/10/32 (144A) (c) (d)		21,110,000		105,761
Park Avenue Mortgage Trust 4.192%, 1M LIBOR + 2.119%, 09/15/34 (144A) (c)		3,510,000		3,486,899
Park Avenue Trust 0.271%, 06/05/37 (144A) (c) (d)		5,000,000		75,134
3.779%, 06/05/37 (144A) (c)		2,460,000		2,213,237
Prima Capital CRE Securitization, Ltd. 4.000%, 08/24/49 (144A)		260,000		252,330
RAIT Trust 3.023%, 1M LIBOR + 0.950%, 06/15/37 (144A) (c)		1,249,254		1,249,794
Resource Capital Corp., Ltd. 2.873%, 1M LIBOR + 0.800%, 07/15/34 (144A) (c)		940,770		940,770
4.073%, 1M LIBOR + 2.000%, 07/15/34 (144A) (c)		331,911		332,151
UBS Commercial Mortgage Trust 1.766%, 06/15/50 (c) (d)		2,126,199		221,515
Velocity Commercial Capital Loan Trust 4.521%, 1M LIBOR + 2.430%, 06/25/45 (144A) (c)		300,564		303,269
Waldorf Astoria Boca Raton Trust 3.423%, 1M LIBOR + 1.350%, 06/15/29 (144A) (c)		1,590,000		1,590,472
Wells Fargo Commercial Mortgage Trust 0.928%, 05/15/51 (c) (d)		9,196,397		530,902
1.050%, 02/15/48 (c) (d)		8,347,051		391,254
1.076%, 12/15/48 (c) (d)		1,314,894		68,040
1.225%, 12/15/59 (c) (d)		2,395,822		141,591
1.387%, 11/15/50 (c) (d)		5,677,034		495,079
1.408%, 08/15/49 (144A) (c) (d)		1,430,000		113,328
1.482%, 08/15/49 (c) (d)		2,800,000		260,120
2.897%, 1M LIBOR + 0.850%, 12/13/31 (144A) (c)		490,000		489,821
3.453%, 07/15/50		449,000		439,209
3.718%, 12/15/48		190,000		191,176
3.753%, 12/15/48 (c)		80,000		70,453
3.809%, 12/15/48		630,000		636,816
3.874%, 06/15/36 (144A) (c)		270,000		271,450
4.230%, 1M LIBOR + 2.157%, 12/15/36 (144A) (c)		270,000		268,811
4.501%, 09/15/50 (144A) (c)		150,000		138,089
WF-RBS Commercial Mortgage Trust 3.023%, 1M LIBOR + 0.950%, 03/15/44 (144A) (c)		39,199		39,351

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
WF-RBS Commercial Mortgage Trust 3.678%, 08/15/47		595,000	$	600,227
3.915%, 09/15/57 (c)		1,540,000		1,453,021
				132,747,115
Total Mortgage-Backed Securities (Cost $215,079,947)				213,486,221
Foreign Government—3.3%
Municipal—0.0%
Provincia de Rio Negro 7.750%, 12/07/25 (144A) (m)		600,000		468,738
Sovereign—3.3%
Argentina Bonar Bonds 8.000%, 10/08/20		1,485,697		1,582,154
8.750%, 05/07/24 (m)		1,981,056		2,071,214
Argentine Republic Government International Bonds 5.625%, 01/26/22 (b)		4,039,000		3,774,445
5.875%, 01/11/28 (b)		2,226,000		1,808,625
6.250%, 04/22/19 (b)		2,131,000		2,139,545
6.875%, 04/22/21		4,587,000		4,518,195
Bahrain Government International Bond 6.750%, 09/20/29 (144A)		212,000		184,440
Bonos de la Nacion Argentina con Ajuste por CER 4.000%, 03/06/20 (ARS) (m)		12,117,000		422,262
Brazilian Government International Bond 4.625%, 01/13/28 (b)		2,374,000		2,142,535
Colombia Government International Bonds 3.875%, 04/25/27 (b)		11,304,000		10,930,968
4.375%, 07/12/21		1,858,000		1,896,089
Dominican Republic International Bond 5.950%, 01/25/27		2,050,000		2,024,375
Ecuador Government International Bond 7.875%, 01/23/28		1,280,000		1,072,256
Egypt Government International Bonds 4.750%, 04/16/26 (144A) (EUR)		502,000		537,871
5.577%, 02/21/23 (144A)		1,548,000		1,466,730
5.750%, 04/29/20		1,380,000		1,396,960
6.125%, 01/31/22		592,000		581,967
Hungary Government International Bond 5.375%, 03/25/24		3,500,000		3,717,966
Indonesia Government International Bond 4.100%, 04/24/28		3,111,000		3,006,144
Indonesia Treasury Bonds 7.000%, 05/15/27 (IDR)		41,780,000,000		2,736,255
8.375%, 09/15/26 (IDR)		36,137,000,000		2,565,904
Lebanon Government International Bonds 6.100%, 10/04/22		1,043,000		894,498
6.250%, 11/04/24		803,000		649,948
6.850%, 03/23/27		265,000		209,133
Mexico Government International Bonds 3.750%, 01/11/28 (b)		6,464,000		6,111,712
4.150%, 03/28/27		23,125,000		22,766,562

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Panama Government International Bond 3.750%, 03/16/25		3,490,000	$	3,446,375
Peruvian Government International Bonds 4.125%, 08/25/27		2,175,000		2,223,937
7.350%, 07/21/25		2,900,000		3,538,000
Philippine Government International Bond 3.000%, 02/01/28		7,887,000		7,282,122
Republic of South Africa Government Bonds 6.250%, 03/31/36 (ZAR)		46,557,500		2,453,366
6.500%, 02/28/41 (ZAR)		49,549,468		2,576,208
8.500%, 01/31/37 (ZAR)		25,425,000		1,679,609
Republic of South Africa Government International Bonds 4.850%, 09/27/27		1,754,000		1,657,537
5.500%, 03/09/20		4,890,000		5,013,561
5.875%, 05/30/22		849,000		888,271
Russian Foreign Bond - Eurobond 4.250%, 06/23/27		2,800,000		2,698,276
Saudi Government International Bond 4.500%, 04/17/30 (144A)		1,241,000		1,239,553
Turkey Government International Bonds 5.125%, 02/17/28		2,324,000		2,045,771
6.250%, 09/26/22		1,749,000		1,753,971
Uruguay Government International Bond 4.375%, 10/27/27 (m)		4,486,000		4,542,075
				124,247,385
Total Foreign Government (Cost $131,306,794)				124,716,123
Floating Rate Loans (n)—2.0%
Aerospace/Defense—0.1%
TransDigm, Inc.
Term Loan G, 4.594%, 1M LIBOR + 2.500%, 08/22/24		1,904,432		1,895,759
Auto Manufacturers—0.1%
Caliber Home Loans, Inc.
Revolver, 5.474%, 3M LIBOR + 3.140%, 04/24/21		4,290,700		4,290,700
Building Materials—0.1%
Jeld-Wen, Inc. 1st Lien Term Loan, 4.334%, 3M LIBOR + 2.000%, 12/14/24		960,547		958,295
Pisces Midco, Inc. Term Loan, 6.089%, 3M LIBOR + 3.750%, 04/12/25		2,270,000		2,270,708
Summit Materials Cos. I LLC
Term Loan B, 4.094%, 1M LIBOR + 2.000%, 11/21/24		2,660,798		2,658,803
				5,887,806
Distribution/Wholesale—0.3%
Beacon Roofing Supply, Inc.
Term Loan B, 4.285%, 1M LIBOR + 2.250%, 01/02/25		1,533,158		1,527,647
Chimera Special Holding LLC
Term Loan, 4.005%, 1M LIBOR + 2.000%, 11/01/20		11,649,260		11,649,260
				13,176,907

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Floating Rate Loans (n)—(Continued)

Security Description	Principal Amount*		Value
Distributors—0.0%
American Builders & Contractors Supply Co., Inc.
Term Loan B, 4.094%, 1M LIBOR + 2.000%, 10/31/23		558,312	$	554,759
Diversified Financial Services—0.4%
LSF9 Cypress Holdings LLC
Term Loan B, 05/10/25 (o)		1,175,000		1,172,797
LSTAR Securities Financing Vehicle:LPN
Term Loan, 3.983%, 1M LIBOR + 2.000%, 04/01/21		12,492,115		12,448,392
				13,621,189
Electric—0.1%
Vistra Energy Corp. 1st Lien Term Loan B3, 4.067%, 1M LIBOR + 2.000%, 12/31/25		1,290,000		1,282,442
Vistra Operations Co. LLC
Term Loan B2, 12/14/23 (o)		1,129,514		1,125,753
				2,408,195
Entertainment—0.2%
Scientific Games International, Inc.
Term Loan B5, 4.906%, 2M LIBOR + 2.750%, 08/14/24		1,699,439		1,694,978
Stars Group Holdings B.V. (The)
Incremental Term Loan, 07/28/25 (o)		4,677,019		4,653,634
				6,348,612
Environmental Control—0.1%
Robertshaw U.S. Holding Corp. 1st Lien Term Loan, 5.625%, 1M LIBOR + 3.500%, 02/28/25		2,284,711		2,284,711
Iron/Steel—0.0%
Samarco Mineracao S.A.
Delayed Draw Term Loan, 12/02/18 (o) (p)		543,000		371,955
Lodging—0.2%
MGM Growth Properties Operating Partnership L.P.
Term Loan B, 4.094%, 1M LIBOR + 2.000%, 04/25/23		2,290,284		2,290,760
Shutter Casa Del Mar
Term Loan, 4.416%, 1M LIBOR + 2.369%, 06/09/24		5,000,000		5,000,000
				7,290,760
Miscellaneous Manufacturing—0.0%
Gates Global LLC
Term Loan B, 5.084%, 3M LIBOR + 2.750%, 04/01/24		1,699,417		1,701,188
Packaging & Containers—0.1%
Reynolds Group Holdings, Inc.
Term Loan, 4.844%, 1M LIBOR + 2.750%, 02/05/23		2,672,992		2,672,620
Pipelines—0.0%
AL Midcoast Holdings LLC
Term Loan B, 06/28/25 (o)		1,100,000		1,101,375

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—0.1%
VICI Properties 1 LLC
Replacement Term Loan B, 4.084%, 1M LIBOR + 2.000%, 12/20/24		2,678,565	$	2,665,729
Retail—0.0%
SRS Distribution, Inc. 1st Lien Term Loan, 5.580%, 3M LIBOR + 3.250%, 05/23/25		840,000		833,280
Software—0.1%
First Data Corp. Term Loan, 4.091%, 1M LIBOR + 2.000%, 04/26/24		2,686,084		2,673,325
Telecommunications—0.1%
Level 3 Financing, Inc. Term Loan B, 4.334%, 1M LIBOR + 2.250%, 02/22/24		2,688,501		2,685,560
Transportation—0.0%
XPO Logistics, Inc.
Term Loan B, 4.091%, 1M LIBOR + 2.000%, 02/24/25		1,703,698		1,694,006
Total Floating Rate Loans (Cost $74,390,010)				74,158,436
Preferred Stock—0.2%
Banks—0.2%
Citigroup Capital, 8.729%, 3M LIBOR + 6.370%, 10/30/40 (c) (Cost $7,956,785)		292,339		7,922,387
Escrow Shares—0.0%
Savings & Loans—0.0%
Washington Mutual Bank (i) (j) (p)		5,027,000		1
Washington Mutual Bank (i) (j) (p)		1,310,000		0
Washington Mutual Bank (i) (j) (p)		2,440,000		0
				1
Total Escrow Shares (Cost $0)				1
Short-Term Investments—5.0%
Certificate of Deposit—1.3%
BNP Paribas 2.660%, 04/18/19		7,790,000		7,793,116
Canadian Imperial Bank 2.660%, 04/17/19		7,790,000		7,790,990
MUFG Bank Ltd. 2.680%, 04/17/19		7,780,000		7,785,315
Royal Bank of Canada 2.535%, 3M LIBOR + 0.180%, 04/18/19 (c)		7,790,000		7,791,805
Toronto-Dominion Bank 2.525%, 3M LIBOR + 0.170%, 04/17/19 (c)		7,790,000		7,794,228

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Certificate of Deposit—(Continued)
Wells Fargo Bank N.A. 2.563%, 3M LIBOR + 0.210%, 04/16/19 (c)		7,780,000	$	7,784,812
2.700%, 04/16/19		3,770,000		3,772,079
				50,512,345
Commercial Paper—0.9%
AT&T, Inc. 2.856%, 12/06/18		5,030,000		4,969,707
2.989%, 03/07/19		5,060,000		4,961,676
JP Morgan Securities LLC 2.533%, 3M LIBOR + 0.180%, 04/15/19 (144A) (c)		7,780,000		7,781,788
Societe Generale 2.735%, 04/12/19		7,790,000		7,628,220
Sumitomo Mistbushi Banking Corp. 2.694%, 04/17/19		7,790,000		7,627,487
				32,968,878
Repurchase Agreement—2.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $107,166,214; collateralized by U.S. Treasury Notes with rates ranging from 1.625% - 2.375%, maturity dates ranging from 11/15/22 - 01/31/23, and an aggregate market value of $109,305,967.		107,159,071		107,159,071
Total Short-Term Investments (Cost $190,608,544)				190,640,294
Securities Lending Reinvestments (q)—3.4%
Certificates of Deposit—1.7%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (c)		3,000,000		3,000,162
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (c)		3,500,000		3,504,900
Barclays Bank plc 2.430%, 08/01/18		1,500,000		1,500,446
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (c)		3,500,000		3,499,671
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (c)		1,000,000		1,000,375
China Construction Bank 2.550%, 09/17/18		3,000,000		2,999,949
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (c)		2,000,000		1,999,858
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (c)		1,000,000		999,849
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (c)		3,500,000		3,502,723
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		1,987,990		1,997,200
Credit Suisse AG New York 2.460%, FEDEFF PRV + 0.550%, 09/07/18 (c)		3,500,000		3,500,000
Certificates of Deposit—(Continued)
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		2,000,000		1,999,918
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		1,987,854		1,994,860
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (c)		3,000,000		3,000,012
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (c)		1,000,000		1,000,052
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (c)		3,500,000		3,499,128
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (c)		2,500,000		2,499,975
2.525%, 1M LIBOR + 0.440%, 09/17/18 (c)		2,000,000		2,001,602
Standard Chartered plc 2.250%, 08/21/18		2,000,000		2,000,306
2.384%, 1M LIBOR + 0.300%, 08/22/18 (c)		1,500,000		1,500,036
2.466%, 1M LIBOR + 0.420%, 10/11/18 (c)		2,000,000		2,000,422
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (c)		5,000,000		5,000,440
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (c)		3,000,000		3,000,000
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (c)		4,000,000		4,000,048
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (c)		3,000,000		2,999,802
				64,001,734
Commercial Paper—0.4%
Bank of China, Ltd. 2.500%, 07/23/18		993,681		998,743
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (c)		1,500,000		1,500,659
ING Funding LLC 2.236%, 1M LIBOR + 0.190%, 08/10/18 (c)		2,500,000		2,499,977
Macquarie Bank, Ltd. 2.280%, 09/04/18		2,982,520		2,987,802
Starbird Funding Corp. 2.300%, 08/10/18		994,378		997,505
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (c)		4,000,000		3,999,232
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (c)		2,000,000		2,000,000
				14,983,918
Repurchase Agreements—1.1%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $3,513,564; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $3,690,007.		3,500,000		3,500,000

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Securities Lending Reinvestments (q)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $606,670; collateralized by various Common Stock with an aggregate market value of $669,725.		600,000	$	600,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $1,277,789; collateralized by various Common Stock with an aggregate market value of $1,395,261.		1,250,000		1,250,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $802,044; collateralized by various Common Stock with an aggregate market value of $889,756.		800,000		800,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $6,291,073; collateralized by U.S. Government Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $6,418,751.		6,290,025		6,290,025
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $5,555,328; collateralized by various Common Stock with an aggregate market value of $5,830,000.		5,300,000		5,300,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $3,087,330; collateralized by various Common Stock with an aggregate market value of $3,300,000.		3,000,000		3,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,911,856; collateralized by various Common Stock with an aggregate market value of $2,114,493.		1,900,000		1,900,000
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $2,024,729; collateralized by various Common Stock with an aggregate market value of $2,225,782.		2,000,000		2,000,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $2,013,129; collateralized by various Common Stock with an aggregate market value of $2,225,782.		2,000,000		2,000,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $2,415,853; collateralized by various Common Stock with an aggregate market value of $2,670,845.		2,400,000		2,400,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,811,070; collateralized by various Common Stock with an aggregate market value of $2,003,133.		1,800,000		1,800,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $5,029,326; collateralized by various Common Stock with an aggregate market value of $5,564,259.		5,000,000		5,000,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,407,653; collateralized by various Common Stock with an aggregate market value of $1,557,993.		1,400,000		1,400,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $2,009,129; collateralized by various Common Stock with an aggregate market value of $2,225,704.		2,000,000		2,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $4,013,173; collateralized by various Common Stock with an aggregate market value of $4,451,408.		4,000,000		4,000,000
				43,240,025
Time Deposits—0.2%
Credit Industriel et Commercial (NY) 1.950%, 07/02/18		1,000,000		1,000,000
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
1.870%, 07/02/18		2,000,000		2,000,000
DZ Bank AG 1.890%, 07/02/18		1,000,000		1,000,000
Nordea Bank New York 1.880%, 07/02/18		1,000,000		1,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000		1,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		1,000,000		1,000,000
				8,000,000
Total Securities Lending Reinvestments (Cost $130,215,584)				130,225,677
Total Purchased Options—0.2% (r) (Cost $8,440,100)				7,715,575
Total Investments—111.3% (Cost $4,253,350,623)				4,191,113,074
Other assets and liabilities (net)—(11.3)%				(426,080,750	)
Net Assets—100.0%			$	3,765,032,324

*	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)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $125,834,459 and the collateral received consisted of cash in the amount of $130,186,448. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

(d)	Interest only security.
(e)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2018, the market value of securities pledged was $6,523,539.
(f)	All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2018, the market value of securities pledged was $31,610.
(g)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(h)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(j)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent 0.3% of net assets.
(k)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2018, the market value of restricted securities was $523,778, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(l)	Principal only security.
(m)	Principal amount of security is adjusted for inflation.
(n)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(o)	This loan will settle after June 30, 2018, at which time the interest rate will be determined.
(p)	Illiquid security. As of June 30, 2018, these securities represent 0.0% of net assets.
(q)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(r)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $736,117,291, which is 19.6% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Knollwood CDO, Ltd., 4.355%, 01/10/39		02/10/04	$	874,636	$	874,636	$	0
Seasoned Credit Risk Transfer Trust, 4.750%, 07/25/56		10/04/17		540,000		520,446		523,778
							$	523,778

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.000	%		TBA	$	(6,077,000	)	$	(5,730,421	)	$	(5,754,886	)
Fannie Mae 15 Yr. Pool		2.500	%		TBA		(6,326,200	)		(6,117,168	)		(6,148,291	)
Fannie Mae 15 Yr. Pool		3.500	%		TBA		(9,132,000	)		(9,215,542	)		(9,241,156	)
Fannie Mae 15 Yr. Pool		4.000	%		TBA		(2,559,000	)		(2,622,575	)		(2,625,174	)
Fannie Mae 30 Yr. Pool		3.500	%		TBA		(20,200,000	)		(20,052,307	)		(20,079,729	)
Fannie Mae 30 Yr. Pool		4.000	%		TBA		(12,082,000	)		(12,315,344	)		(12,317,621	)
Fannie Mae 30 Yr. Pool		6.000	%		TBA		(2,002,000	)		(2,201,574	)		(2,189,688	)
Ginnie Mae I 30 Yr. Pool		4.500	%		TBA		(3,100,000	)		(3,213,344	)		(3,222,089	)
Totals									$	(61,468,275	)	$	(61,578,634	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	24,920,280	BNP		07/02/18		USD	894,316	$	(32,767	)
ARS	29,997,832	BNP		07/02/18		USD	1,160,000		(122,910	)
ARS	50,349,662	BNP		07/31/18		USD	1,890,002		(200,992	)
ARS	3,855,200	BNP		08/08/18		USD	162,667		(34,342	)
ARS	7,710,400	BNP		08/08/18		USD	325,333		(68,684	)
ARS	3,806,400	JPMC		08/08/18		USD	162,667		(35,966	)
ARS	7,580,267	JPMC		08/08/18		USD	325,333		(73,015	)

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	15,851,325	BNP		09/14/18		USD	581,700	$	(72,048	)
ARS	17,028,900	CBNA		09/14/18		USD	630,000		(82,486	)
ARS	19,658,919	JPMC		09/14/18		USD	727,300		(95,226	)
ARS	7,435,950	BNP		09/17/18		USD	267,000		(28,648	)
AUD	3,857,000	GSI		09/19/18		USD	2,844,858		10,194
AUD	2,023,000	MSIP		09/19/18		USD	1,492,246		5,231
BRL	2,650,236	BNP		07/03/18		USD	705,000		(21,200	)
BRL	2,669,712	BNP		07/03/18		USD	704,800		(15,975	)
BRL	2,698,639	BNP		07/03/18		USD	710,000		(13,712	)
BRL	5,372,589	BNP		07/03/18		USD	1,464,200		(77,994	)
BRL	6,306,267	BNP		07/03/18		USD	1,731,920		(104,811	)
BRL	1,639,699	BBP		07/03/18		USD	438,800		(15,734	)
BRL	2,784,750	DBAG		07/03/18		USD	722,224		(3,718	)
BRL	2,526,489	GSI		07/03/18		USD	655,244		(3,373	)
BRL	2,546,776	GSI		07/03/18		USD	660,505		(3,400	)
BRL	2,650,190	GSI		07/03/18		USD	687,325		(3,538	)
BRL	7,223,931	GSI		07/03/18		USD	1,873,523		(9,644	)
BRL	2,496,553	UBSA		07/03/18		USD	658,200		(14,053	)
BRL	2,773,160	UBSA		07/03/18		USD	719,218		(3,702	)
BRL	4,070,967	UBSA		07/03/18		USD	1,055,803		(5,435	)
BRL	3,490,025	BNP		07/12/18		USD	925,000		(25,490	)
BRL	12,015,848	UBSA		08/02/18		USD	3,224,000		(134,729	)
CAD	5,116,823	BBP		09/19/18		USD	3,853,000		44,272
CHF	954,251	DBAG		09/19/18		USD	964,000		6,048
CHF	1,072,887	MSIP		09/19/18		USD	1,086,000		4,648
CLP	765,236,700	JPMC		07/03/18		USD	1,181,012		(9,842	)
CLP	773,618,400	JPMC		07/03/18		USD	1,251,000		(67,002	)
CLP	1,514,835,000	DBAG		07/05/18		USD	2,404,500		(86,094	)
CLP	755,662,215	BOA		07/31/18		USD	1,202,250		(45,637	)
CLP	353,378,000	JPMC		09/05/18		USD	545,000		(4,137	)
CLP	334,801,500	UBSA		09/05/18		USD	515,000		(2,570	)
CNY	6,573,069	DBAG		08/03/18		USD	1,025,920		(34,440	)
COP	2,548,881,000	GSI		08/10/18		USD	900,000		(31,719	)
EUR	2,289,000	BOA		07/03/18		USD	2,667,723		5,371
EUR	269,961	UBSA		07/18/18		USD	317,287		(1,688	)
EUR	790,000	BBP		09/19/18		USD	924,063		3,883
EUR	420,000	SSBT		09/19/18		USD	489,340		3,999
GBP	1,932,000	JPMC		09/19/18		USD	2,545,138		13,409
GBP	191,000	RBC		09/19/18		USD	252,517		424
IDR	63,498,474,414	UBSA		08/20/18		USD	4,440,763		(38,646	)
IDR	43,875,516,000	DBAG		08/31/18		USD	3,138,000		(100,975	)
JPY	125,005,196	SCB		07/27/18		USD	1,139,600		(8,733	)
JPY	98,001,605	BOA		09/19/18		USD	895,000		(5,055	)
MXN	14,106,579	BBP		07/13/18		USD	706,000		3,165
MXN	14,387,214	BBP		07/13/18		USD	706,000		17,273
MXN	29,846,768	GSI		07/17/18		USD	1,502,000		(2,475	)
MXN	49,277,760	DBAG		07/19/18		USD	2,400,000		74,986
MXN	42,520,008	MSIP		08/02/18		USD	2,119,800		11,153
MXN	14,134,480	BBP		08/10/18		USD	706,000		1,487
MXN	28,490,123	RBS		08/10/18		USD	1,412,000		14,043
MXN	75,800,000	BBP		08/22/18		USD	3,611,133		175,859
MXN	2,564,545	GSI		08/22/18		USD	124,739		3,387
MXN	86,179,089	HSBC		11/26/18		USD	4,426,000		(184,310	)
NOK	7,878,375	BOA		09/19/18		USD	967,000		3,323
NOK	16,322,335	JPMC		09/19/18		USD	2,007,000		3,305
NZD	256,000	RBS		09/19/18		USD	174,554		(1,152	)
RUB	498,441,120	JPMC		07/09/18		USD	7,984,000		(52,177	)

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
RUB	88,242,895	BOA		07/12/18		USD	1,418,924	$	(15,133	)
RUB	34,750,156	CBNA		07/12/18		USD	555,825		(3,010	)
RUB	88,242,895	CBNA		07/12/18		USD	1,421,438		(17,647	)
RUB	181,549,800	MSIP		07/12/18		USD	2,839,822		48,320
RUB	39,156,474	UBSA		07/12/18		USD	611,295		11,617
RUB	59,141,435	GSI		07/13/18		USD	940,000		739
RUB	217,973,200	BNP		08/07/18		USD	3,482,000		(23,858	)
RUB	177,160,141	BOA		08/21/18		USD	2,823,089		(16,595	)
RUB	116,284,357	CSI		08/21/18		USD	1,854,911		(12,784	)
RUB	9,939,984	BBP		09/12/18		USD	157,000		121
SEK	7,951,750	BOA		09/19/18		USD	890,000		3,050
SEK	654,991	DBAG		09/19/18		USD	74,000		(439	)
SGD	925,095	SCB		07/25/18		USD	693,750		(14,502	)
SGD	1,884,128	SCB		07/25/18		USD	1,387,500		(4,084	)
SGD	1,890,390	SCB		07/25/18		USD	1,387,500		514
TRY	2,647,602	BNP		07/02/18		USD	565,280		11,056
TRY	3,286,185	BNP		07/02/18		USD	706,600		8,744
TRY	3,314,452	BBP		07/02/18		USD	706,600		14,898
TRY	1,748,865	CBNA		07/16/18		USD	375,000		3,458
TRY	5,409,115	JPMC		07/16/18		USD	1,160,000		10,543
TRY	3,661,240	RBS		07/16/18		USD	785,000		7,299
TRY	452,000	BNP		08/20/18		USD	119,476		(23,082	)
TRY	41,046,000	BNP		08/20/18		USD	10,558,049		(1,804,608	)
TWD	28,157,925	BBP		07/12/18		USD	925,000		(975	)
TWD	27,990,500	JPMC		07/12/18		USD	925,000		(6,469	)
TWD	28,046,925	BNP		08/10/18		USD	925,000		(2,861	)
ZAR	13,579,863	BNP		07/05/18		USD	1,059,900		(70,181	)
ZAR	13,577,234	GSI		07/05/18		USD	1,059,900		(70,373	)
ZAR	10,831,007	BNP		07/10/18		USD	815,200		(26,314	)
ZAR	11,702,902	BNP		07/10/18		USD	923,000		(70,609	)
ZAR	10,485,476	DBAG		07/10/18		USD	768,987		(5,268	)
ZAR	3,399,114	GSI		07/10/18		USD	250,013		(2,436	)
ZAR	24,770,417	GSI		07/10/18		USD	1,968,000		(163,825	)
ZAR	12,513,331	MSIP		07/10/18		USD	984,000		(72,581	)
ZAR	10,376,588	DBAG		07/31/18		USD	768,750		(14,982	)
ZAR	2,883,503	RBS		08/03/18		USD	211,980		(2,599	)
ZAR	25,975,044	BBP		08/10/18		USD	1,907,800		(23,370	)
ZAR	32,011,096	BOA		08/16/18		USD	2,338,283		(17,752	)
ZAR	21,171,883	HSBC		08/16/18		USD	1,528,097		6,684
Contracts to Deliver
ARS	29,997,832	BNP		07/02/18		USD	1,076,534		39,444
ARS	24,920,280	BNP		07/02/18		USD	1,160,000		298,452
ARS	13,608,050	BNP		07/31/18		USD	635,000		178,510
ARS	13,500,900	CBNA		07/31/18		USD	630,000		177,104
ARS	26,238,273	JPMC		07/31/18		USD	1,207,000		326,821
ARS	7,326,480	BNP		08/08/18		USD	267,000		23,129
ARS	39,998,063	JPMC		08/08/18		USD	1,514,000		182,617
ARS	43,437,866	BNP		09/14/18		USD	1,939,000		542,385
ARS	8,076,750	CBNA		09/17/18		USD	267,000		8,108
AUD	3,857,000	CBNA		09/19/18		USD	2,851,904		(3,147	)
AUD	2,023,000	RBC		09/19/18		USD	1,491,821		(5,656	)
BRL	6,306,267	BNP		07/03/18		USD	1,635,528		8,419
BRL	5,372,589	BNP		07/03/18		USD	1,393,379		7,172
BRL	2,698,639	BNP		07/03/18		USD	699,891		3,603
BRL	2,669,712	BNP		07/03/18		USD	692,389		3,564

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	2,650,236	BNP		07/03/18		USD	687,337	$	3,538
BRL	1,639,699	BBP		07/03/18		USD	425,255		2,189
BRL	2,784,750	DBAG		07/03/18		USD	705,000		(13,506	)
BRL	7,223,931	GSI		07/03/18		USD	1,848,120		(15,760	)
BRL	2,650,190	GSI		07/03/18		USD	707,000		23,212
BRL	2,546,776	GSI		07/03/18		USD	674,000		16,895
BRL	2,526,489	GSI		07/03/18		USD	674,000		22,129
BRL	4,070,967	UBSA		07/03/18		USD	1,097,000		46,631
BRL	2,773,160	UBSA		07/03/18		USD	707,800		(7,716	)
BRL	2,496,553	UBSA		07/03/18		USD	647,480		3,333
BRL	3,480,775	GSI		07/12/18		USD	925,000		27,874
BRL	11,866,899	GSI		08/02/18		USD	3,224,000		173,024
BRL	8,131,553	GSI		08/02/18		USD	2,119,800		29,180
CAD	5,117,721	GSI		09/19/18		USD	3,853,000		(44,956	)
CHF	1,072,864	GSI		09/19/18		USD	1,086,000		(4,625	)
CHF	951,674	MSIP		09/19/18		USD	964,000		(3,429	)
CLP	773,618,400	JPMC		07/03/18		USD	1,193,948		9,950
CLP	765,236,700	JPMC		07/03/18		USD	1,251,000		79,830
CLP	985,845,000	DBAG		07/05/18		USD	1,603,000		94,196
CLP	755,469,855	CSI		07/31/18		USD	1,202,250		45,932
CNY	6,559,280	SCB		08/03/18		USD	1,025,920		36,519
COP	2,591,100,000	UBSA		07/23/18		USD	900,000		16,720
COP	1,661,968,000	BNP		08/27/18		USD	560,000		(5,695	)
COP	1,479,370,000	GSI		08/27/18		USD	500,000		(3,543	)
EUR	2,289,000	GSI		07/03/18		USD	2,812,327		139,233
EUR	2,000,000	GSI		07/05/18		USD	2,363,360		27,434
EUR	278,371	TDB		07/18/18		USD	329,956		4,526
EUR	2,289,000	BOA		08/03/18		USD	2,673,921		(5,171	)
EUR	534,000	SSBT		08/06/18		USD	623,033		(2,111	)
EUR	1,780,200	BBP		08/08/18		USD	2,087,885		3,526
EUR	211,478	NIP		08/17/18		USD	250,551		2,774
EUR	277,993	SSBT		08/17/18		USD	329,377		3,668
EUR	790,000	MSIP		09/19/18		USD	921,213		(6,732	)
GBP	191,000	BOA		09/19/18		USD	253,379		438
GBP	1,932,000	UBSA		09/19/18		USD	2,533,853		(24,694	)
IDR	16,773,600,000	JPMC		08/09/18		USD	1,160,000		(4,656	)
IDR	18,748,612,715	BNP		08/20/18		USD	1,338,517		38,745
IDR	39,782,280,915	DBAG		08/20/18		USD	2,839,969		82,009
IDR	19,750,447,043	DBAG		08/20/18		USD	1,409,437		40,211
IDR	47,111,671,420	JPMC		08/20/18		USD	3,306,778		40,698
IDR	18,748,612,804	JPMC		08/20/18		USD	1,338,709		38,936
IDR	53,199,676,600	DBAG		08/31/18		USD	3,722,600		40,165
JPY	98,273,774	GSI		09/19/18		USD	895,000		2,583
KRW	2,493,120,000	JPMC		07/30/18		USD	2,226,000		(12,441	)
MXN	28,363,234	RBS		07/13/18		USD	1,412,000		(13,875	)
MXN	88,460,350	MSIP		07/17/18		USD	4,452,000		7,683
MXN	43,953,600	UBSA		07/19/18		USD	2,400,000		192,421
MXN	91,543,785	CBNA		07/23/18		USD	4,584,800		(10,158	)
MXN	13,934,879	GSI		08/10/18		USD	706,000		8,504
MXN	78,364,545	DBAG		08/22/18		USD	3,912,007		(3,110	)
NOK	5,957,375	BNP		09/19/18		USD	735,660		1,933
NOK	1,873,438	BNP		09/19/18		USD	231,340		602
NOK	16,407,751	BBP		09/19/18		USD	2,007,000		(13,825	)
NZD	256,000	BBP		09/19/18		USD	176,544		3,142
RUB	497,339,328	JPMC		07/09/18		USD	7,984,000		69,710
RUB	431,942,220	BNP		07/12/18		USD	7,409,021		537,571
RUB	49,219,380	BNP		07/13/18		USD	783,000		87

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
RUB	9,878,471	BBP		07/13/18		USD	157,000	$	(133	)
RUB	499,934,128	JPMC		08/07/18		USD	7,984,000		52,551
SEK	651,767	BOA		09/19/18		USD	74,000		801
SEK	7,909,943	GSI		09/19/18		USD	890,000		1,645
SGD	924,587	SCB		07/25/18		USD	693,750		14,874
TRY	6,455,724	BNP		07/02/18		USD	1,413,200		7,903
TRY	2,582,289	BNP		07/02/18		USD	565,280		3,161
TRY	3,313,350	DBAG		07/16/18		USD	752,009		34,993
TRY	6,902,235	MSIP		07/16/18		USD	1,567,991		74,334
TRY	2,093,869	DBAG		07/27/18		USD	440,400		(10,639	)
TRY	2,090,989	DBAG		07/27/18		USD	440,400		(10,018	)
TRY	3,356,989	BBP		08/02/18		USD	706,600		(14,722	)
TRY	17,507,799	BNP		08/20/18		USD	4,309,612		575,911
TRY	13,485,522	CBNA		08/20/18		USD	3,346,865		470,952
TRY	10,504,679	CBNA		08/20/18		USD	2,605,650		365,430
TWD	28,087,625	BNP		07/12/18		USD	925,000		3,282
ZAR	13,495,177	BNP		07/05/18		USD	1,059,900		76,353
ZAR	11,433,578	RBS		07/05/18		USD	847,920		14,625
ZAR	2,872,810	RBS		07/05/18		USD	211,980		2,606
ZAR	12,528,022	BNP		07/10/18		USD	984,000		71,511
ZAR	25,872,076	BBP		07/10/18		USD	1,907,800		23,385
ZAR	8,532,779	BBP		07/10/18		USD	664,400		42,908
ZAR	15,577,950	GSI		07/10/18		USD	1,230,000		95,367
ZAR	12,176,308	MSIP		07/10/18		USD	923,000		36,128
ZAR	3,915,521	BOA		07/31/18		USD	307,500		23,072
ZAR	9,776,732	BBP		07/31/18		USD	768,750		58,556
ZAR	1,565,689	JPMC		07/31/18		USD	123,000		9,266
ZAR	9,780,540	RBS		07/31/18		USD	768,750		58,280
ZAR	17,119,143	CBNA		08/03/18		USD	1,376,181		133,101
ZAR	100,675,663	BBP		08/16/18		USD	7,927,049		628,924
ZAR	46,119,659	BBP		08/16/18		USD	3,337,627		(5,654	)
ZAR	13,267,835	GSI		08/27/18		USD	953,900		(6,539	)
Cross Currency Contracts to Buy
CAD	7,160,146	JPMC		09/19/18		EUR	4,629,000		16,294
CAD	3,086,000	BOA		09/19/18		MXN	49,528,757		(113,299	)
CHF	1,928,500	MSIP		09/19/18		SEK	17,192,886		29,516
CHF	1,928,500	MSIP		09/19/18		SEK	17,197,707		28,975
MXN	50,098,124	BNP		09/19/18		CAD	3,086,000		141,622
SEK	34,738,911	DBAG		09/19/18		CHF	3,857,000		(19,372	)
Net Unrealized Appreciation									$2,494,145

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		09/28/18		4,201		USD	889,889,957	$	254,168
U.S. Treasury Note 5 Year Futures		09/28/18		3,979		USD	452,082,791		(2,182,401	)
U.S. Treasury Note Ultra 10 Year Futures		09/19/18		12		USD	1,538,813		(1,403	)
U.S. Treasury Ultra Long Bond Futures		09/19/18		617		USD	98,450,063		1,282,986

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/14/20		(20	)		USD	(4,851,000	)	$	1,975
Euro-Bund Futures		09/06/18		(917	)		EUR	(149,058,350	)		(1,886,715	)
U.S. Treasury Long Bond Futures		09/19/18		(112	)		USD	(16,240,000	)		(37,548	)
U.S. Treasury Note 10 Year Futures		09/19/18		(3,796	)		USD	(456,231,750	)		(1,399,929	)
Net Unrealized Depreciation										$	(3,968,867	)

Purchased Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount		Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
EUR Call/ZAR Put	ZAR	15.000	CBNA		07/03/18		635,940	EUR	635,940	$	23,378	$	47,883	$	24,505
EUR Put/PLN Call	PLN	4.250	BNP		07/23/18		2,826,400	EUR	2,826,400		11,879		452		(11,427	)
EUR Put/ZAR Call	ZAR	14.600	CBNA		07/03/18		635,940	EUR	635,940		878		—		(878	)
JPY Call/KRW Put	KRW	10.300	BNP		07/25/18		185,000,000	JPY	185,000,000		14,150		6,154		(7,996	)
JPY Call/KRW Put	KRW	10.450	JPMC		08/24/18		317,950,000	JPY	317,950,000		27,084		17,116		(9,968	)
USD Call/BRL Put	BRL	3.750	DBAG		08/09/18		1,603,000	USD	1,603,000		44,211		68,870		24,659
USD Call/BRL Put	BRL	3.500	DBAG		08/20/18		101,760	USD	101,760		14,755		10,362		(4,393	)
USD Call/CAD Put	CAD	1.300	BBP		07/27/18		1,628,000	USD	1,628,000		14,408		23,323		8,915
USD Call/CAD Put	CAD	1.340	BBP		07/27/18		1,628,000	USD	1,628,000		10,468		3,549		(6,919	)
USD Call/MXN Put	MXN	20.000	JPMC		07/19/18		1,412,000	USD	1,412,000		67,458		21,633		(45,825	)
USD Call/MXN Put	MXN	21.500	DBAG		07/19/18		847,200	USD	847,200		2,338		934		(1,404	)
USD Call/MXN Put	MXN	21.000	DBAG		08/13/18		4,000,000	USD	4,000,000		83,640		27,344		(56,296	)
USD Call/MXN Put	MXN	21.000	DBAG		08/16/18		4,000,000	USD	4,000,000		87,320		30,332		(56,988	)
USD Call/SGD Put	SGD	1.348	BOA		07/23/18		2,775,000	USD	2,775,000		16,380		32,492		16,112
USD Call/TRY Put	TRY	4.300	DBAG		07/20/18		105,990	USD	105,990		12,273		2,158		(10,115	)
USD Call/TWD Put	TWD	30.150	DBAG		07/09/18		1,850,000	USD	1,850,000		8,751		18,531		9,780
USD Call/TWD Put	TWD	30.270	JPMC		07/20/18		1,628,000	USD	1,628,000		4,705		13,141		8,436
USD Call/ZAR Put	ZAR	13.100	MSIP		07/06/18		2,038,000	USD	2,038,000		26,392		96,202		69,810
USD Call/ZAR Put	ZAR	12.700	JPMC		07/19/18		1,835,600	USD	1,835,600		124,307		142,826		18,519
USD Call/ZAR Put	ZAR	11.600	BNP		07/20/18		169,600	USD	169,600		21,030		12		(21,018	)
USD Put/BRL Call	BRL	3.680	DBAG		07/19/18		2,119,000	USD	2,119,000		6,039		1,085		(4,954	)
USD Put/BRL Call	BRL	3.500	GSI		07/20/18		10,599,000	USD	10,599,000		51,481		212		(51,269	)
USD Put/BRL Call	BRL	3.600	DBAG		07/23/18		2,119,800	USD	2,119,800		30,101		553		(29,548	)
USD Put/IDR Call	IDR	14,000.000	DBAG		07/05/18		1,038,000	USD	1,038,000		5,512		114		(5,398	)
USD Put/IDR Call	IDR	14,020.000	JPMC		07/20/18		3,533,000	USD	3,533,000		18,301		4,141		(14,160	)
USD Put/IDR Call	IDR	13,800.000	JPMC		09/13/18		1,668,000	USD	1,668,000		17,998		2,575		(15,423	)
USD Put/INR Call	INR	68.000	DBAG		08/16/18		2,038,000	USD	2,038,000		15,183		7,555		(7,628	)
USD Put/KRW Call	KRW	1,095.000	JPMC		08/01/18		1,850,000	USD	1,850,000		8,140		8,140		—
USD Put/MXN Call	MXN	20.000	MSIP		07/24/18		3,179,500	USD	3,179,500		43,750		59,864		16,114
USD Put/MXN Call	MXN	19.500	MSIP		08/03/18		6,359,000	USD	6,359,000		49,734		61,218		11,484
USD Put/MXN Call	MXN	18.500	DBAG		08/13/18		4,000,000	USD	4,000,000		98,600		7,064		(91,536	)
USD Put/MXN Call	MXN	18.500	DBAG		08/16/18		4,000,000	USD	4,000,000		86,840		7,832		(79,008	)
USD Put/MXN Call	MXN	19.500	MSIP		08/20/18		76,869,000	USD	76,869,000		531,857		865,237		333,380
USD Put/MXN Call	MXN	19.500	DBAG		09/13/18		1,398,000	USD	1,398,000		9,940		18,651		8,711
USD Put/MXN Call	MXN	19.500	CBNA		09/13/18		1,398,000	USD	1,398,000		9,978		18,651		8,673
USD Put/MXN Call	MXN	20.500	GSI		09/18/18		2,226,000	USD	2,226,000		44,714		86,092		41,378
USD Put/MXN Call	MXN	18.000	MSIP		10/04/18		6,359,000	USD	6,359,000		10,467		12,158		1,691
USD Put/MXN Call	MXN	16.500	MSIP		10/25/18		212,000	USD	212,000		20,673		48		(20,625	)
USD Put/RUB Call	RUB	61.000	DBAG		07/20/18		3,533,000	USD	3,533,000		61,651		6,840		(54,811	)
USD Put/TRY Call	TRY	4.750	MSIP		07/24/18		1,413,200	USD	1,413,200		45,470		46,439		969
USD Put/TRY Call	TRY	4.300	MSIP		07/24/18		169,600	USD	169,600		19,334		4,182		(15,152	)
USD Put/TRY Call	TRY	4.700	DBAG		07/27/18		1,367,520	USD	1,367,520		34,940		35,088		148
USD Put/TRY Call	TRY	4.650	MSIP		08/10/18		1,696,000	USD	1,696,000		16,960		34,451		17,491

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Purchased Options—(Continued)

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Put/TRY Call	TRY	4.480	GSI		09/12/18		1,412,000		USD	1,412,000	$	26,704	$	10,632	$	(16,072	)
USD Put/TRY Call	TRY	4.515	MSIP		09/26/18		13,754,000		USD	13,754,000		124,474		135,106		10,632
USD Put/TRY Call	TRY	4.497	CBNA		10/19/18		17,435,000		USD	17,435,000		127,624		157,856		30,232
USD Put/ZAR Call	ZAR	12.450	BNP		08/22/18		3,533,000		USD	3,533,000		73,910		2,724		(71,186	)
USD Put/ZAR Call	ZAR	12.450	JPMC		08/27/18		3,533,000		USD	3,533,000		86,700		3,201		(83,499	)
USD Put/ZAR Call	ZAR	12.550	DBAG		09/04/18		2,119,800		USD	2,119,800		48,946		3,502		(45,444	)
USD Put/ZAR Call	ZAR	12.904	MSIP		09/26/18		13,464,000		USD	13,464,000		118,820		85,739		(33,081	)
USD Put/ZAR Call	ZAR	12.630	JPMC		10/18/18		13,080,000		USD	13,080,000		77,332		61,633		(15,699	)
USD Put/ZAR Call	ZAR	12.630	JPMC		10/18/18		9,444,000		USD	9,444,000		55,436		44,500		(10,936	)
Totals											$	2,593,414	$	2,356,397	$	(237,017	)

OTC Interest Rate Caps	Strike Rate	Counterparty	Expiration Date	Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Depreciation
2 Yr. - 10 Yr. Constant Maturity Index Cap	0.440%	CBNA	07/23/18		1,215,710,000		USD	1,215,710,000	$	607,855	$	—	$	(607,855	)
2 Yr. - 10 Yr. Constant Maturity Index Cap	0.339%	CBNA	08/28/18		301,690,000		USD	301,690,000		197,607		2,281		(195,326	)
Totals									$	805,462	$	2,281	$	(803,181	)

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - OTC - 10 Yr. IRS		3.041	%	JPMC	3M LIBOR	Pay		04/27/38		52,790,000		USD	52,790,000	$	2,520,612	$	2,966,714	$	446,102
Put - OTC - 10 Yr. IRS		3.041	%	JPMC	3M LIBOR	Receive		04/27/38		52,790,000		USD	52,790,000		2,520,612		2,390,183		(130,429	)
Totals														$	5,041,224	$	5,356,897	$	315,673

Written Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
EUR Call/ZAR Put	ZAR	15.000	DBAG		07/03/18		(635,940	)		EUR	(635,940	)	$	(6,709	)	$	(47,883	)	$	(41,174	)
EUR Put/ZAR Call	ZAR	14.600	DBAG		07/03/18		(635,940	)		EUR	(635,940	)		(7,260	)		—			7,260
JPY Call/ KRW Put	KRW	10.600	BNP		07/25/18		(185,000,000	)		JPY	(185,000,000	)		(4,380	)		(1,797	)		2,583
USD Call/BRL Put	BRL	3.950	DBAG		08/09/18		(2,404,500	)		USD	(2,404,500	)		(26,906	)		(37,558	)		(10,652	)
USD Call/CAD Put	CAD	1.360	BBP		07/27/18		(2,442,000	)		USD	(2,442,000	)		(6,740	)		(1,643	)		5,097
USD Call/CAD Put	CAD	1.300	BBP		07/27/18		(1,628,000	)		USD	(1,628,000	)		(37,851	)		(23,323	)		14,528
USD Call/MXN Put	MXN	22.500	JPMC		07/19/18		(1,412,000	)		USD	(1,412,000	)		(23,862	)		(169	)		23,693
USD Call/MXN Put	MXN	20.000	JPMC		07/19/18		(706,000	)		USD	(706,000	)		(13,732	)		(10,817	)		2,915
USD Call/MXN Put	MXN	21.000	DBAG		08/13/18		(4,000,000	)		USD	(4,000,000	)		(46,840	)		(27,344	)		19,496
USD Call/MXN Put	MXN	21.000	DBAG		08/16/18		(4,000,000	)		USD	(4,000,000	)		(53,000	)		(30,332	)		22,668
USD Call/MXN Put	MXN	22.000	GSI		09/18/18		(2,226,000	)		USD	(2,226,000	)		(30,055	)		(12,643	)		17,412
USD Call/TWD Put	TWD	30.850	DBAG		07/09/18		(2,775,000	)		USD	(2,775,000	)		(3,691	)		(1,365	)		2,326
USD Call/ZAR Put	ZAR	12.700	JPMC		07/19/18		(1,835,600	)		USD	(1,835,600	)		(42,971	)		(142,826	)		(99,855	)
USD Call/ZAR Put	ZAR	13.700	JPMC		08/23/18		(1,835,600	)		USD	(1,835,600	)		(47,579	)		(56,351	)		(8,772	)
USD Put/KRW Call	KRW	1,060.000	JPMC		08/01/18		(2,775,000	)		USD	(2,775,000	)		(722	)		(722	)		—
USD Put/MXN Call	MXN	19.500	DBAG		07/12/18		(1,398,000	)		USD	(1,398,000	)		(4,432	)		(9,152	)		(4,720	)
USD Put/MXN Call	MXN	19.000	MSIP		08/03/18		(9,538,500	)		USD	(9,538,500	)		(35,684	)		(37,382	)		(1,698	)
USD Put/MXN Call	MXN	19.200	CBNA		08/13/18		(1,398,000	)		USD	(1,398,000	)		(4,895	)		(9,085	)		(4,190	)
USD Put/MXN Call	MXN	18.500	MSIP		08/20/18		(76,869,000	)		USD	(76,869,000	)		(100,314	)		(161,579	)		(61,265	)
USD Put/RUB Call	RUB	59.500	DBAG		07/20/18		(5,299,500	)		USD	(5,299,500	)		(38,686	)		(1,505	)		37,181
USD Put/TRY Call	TRY	4.420	GSI		07/12/18		(1,412,000	)		USD	(1,412,000	)		(21,197	)		(1,371	)		19,826
USD Put/TRY Call	TRY	4.450	MSIP		07/24/18		(1,413,200	)		USD	(1,413,200	)		(12,683	)		(4,065	)		8,618
USD Put/ZAR Call	ZAR	12.200	MSIP		07/06/18		(2,038,000	)		USD	(2,038,000	)		(13,145	)		—			13,145
Totals													$	(583,334	)	$	(618,912	)	$	(35,578	)

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Written Options—(Continued)

Forward Volatility Agreements	Currency Price	Strike Volatility		Counterparty	Expiration Date		Number of Contracts			Notional Amount				Premiums Received		Market Value			Unrealized Depreciation
USD Put/JPY Call	USD		8.900	DBAG		04/03/19		(6,233,000	)		USD	(6,233,000	)	$	—	$	(16,268	)	$	(16,268	)
USD Put/JPY Call	USD		8.900	DBAG		04/03/19		(6,233,000	)		USD	(6,233,000	)		—		(16,268	)		(16,268	)
USD Put/JPY Call	USD		8.725	DBAG		04/03/19		(12,736,000	)		USD	(12,736,000	)		—		(20,913	)		(20,913	)
USD Put/JPY Call	USD		8.900	DBAG		02/26/19		(6,399,000	)		USD	(6,399,000	)		—		(21,160	)		(21,160	)
USD Put/JPY Call	USD		8.900	DBAG		02/26/19		(12,736,000	)		USD	(12,736,000	)		—		(42,118	)		(42,118	)
Totals														$	—	$	(116,727	)	$	(116,727	)

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 2 Yr. IRS	2.740%	JPMC	3M LIBOR	Receive		12/27/18		(484,987,000	)		USD	(484,987,000	)	$	(757,792	)	$	(825,399	)	$	(67,607	)
Put - OTC - 2 Yr. IRS	3.140%	JPMC	3M LIBOR	Pay		12/27/18		(484,987,000	)		USD	(484,987,000	)		(678,982	)		(626,458	)		52,524
Totals														$	(1,436,774	)	$	(1,451,857	)	$	(15,083	)

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay	28-Day TIIE		Monthly	6.270%	Monthly		12/05/25	BOA		MXN	2,209,451	$	(10,783	)	$	—	$	(10,783	)
Pay	28-Day TIIE		Monthly	6.325%	Monthly		07/17/25	CBNA		MXN	19,973,500		(89,736	)		—		(89,736	)
Pay	28-Day TIIE		Monthly	6.330%	Monthly		08/06/25	CBNA		MXN	59,593,000		(268,480	)		—		(268,480	)
Pay	28-Day TIIE		Monthly	6.980%	Monthly		11/28/18	JPMC		MXN	92,466,976		(23,598	)		—		(23,598	)
Pay	28-Day TIIE		Monthly	6.980%	Monthly		11/28/18	CBNA		MXN	163,000,000		(41,598	)		—		(41,598	)
Pay	28-Day TIIE		Monthly	7.060%	Monthly		11/21/18	JPMC		MXN	114,610,942		(26,190	)		—		(26,190	)
Pay	28-Day TIIE		Monthly	7.070%	Monthly		11/21/18	CBNA		MXN	95,509,119		(21,635	)		—		(21,635	)
Receive	28-Day TIIE		Monthly	4.700%	Monthly		12/06/18	BOA		MXN	8,147,763		6,259			—		6,259
Receive	28-Day TIIE		Monthly	4.760%	Monthly		12/06/18	CBNA		MXN	8,147,763		6,152			—		6,152
Receive	28-Day TIIE		Monthly	4.770%	Monthly		12/05/18	CBNA		MXN	8,147,763		6,096			—		6,096
Receive	28-Day TIIE		Monthly	4.850%	Monthly		11/01/18	BOA		MXN	22,482,829		12,855			—		12,855
Receive	28-Day TIIE		Monthly	6.307%	Monthly		08/11/25	DBAG		MXN	74,533,884		341,522			—		341,522
Receive	28-Day TIIE		Monthly	6.310%	Monthly		08/11/25	BOA		MXN	20,079,000		91,845			—		91,845
Receive	28-Day TIIE		Monthly	6.310%	Monthly		08/11/25	BOA		MXN	20,079,000		91,845			—		91,845
Totals												$	74,554		$	—	$	74,554

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date		Notional Amount		Market Value			Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Pay	28-Day TIIE	Monthly	6.320%	Monthly		07/17/25	MXN	40,086,000	$	(179,967	)	$	—	$	(179,967	)
Pay	28-Day TIIE	Monthly	7.658%	Monthly		02/22/21	MXN	105,625,200		(46,024	)		96		(46,120	)
Pay	28-Day TIIE	Monthly	7.940%	Monthly		06/19/23	MXN	90,850,500		11,583			80		11,503
Pay	3M LIBOR	Quarterly	2.131%	Semi-Annually		08/25/25	USD	1,285,000		(66,085	)		—		(66,085	)
Pay	6M EURIBOR	Semi-Annually	0.944%	Annually		08/15/27	EUR	92,060,000		1,272,405			2,405		1,270,000
Pay	12M CFTFE	Maturity	1.631%	Maturity		06/15/28	EUR	14,890,000		10,863			716		10,147
Receive	28-Day TIIE	Monthly	7.105%	Monthly		10/14/22	MXN	48,327,742		70,850			46		70,804
Receive	28-Day TIIE	Monthly	7.110%	Monthly		10/14/22	MXN	36,666,258		53,412			35		53,377
Receive	28-Day TIIE	Monthly	7.361%	Monthly		01/28/19	MXN	300,263,934		75,430			—		75,430
Receive	3M JIBAR	Quarterly	7.895%	Quarterly		06/20/28	ZAR	21,468,000		42,103			40		42,063
Receive	3M JIBAR	Quarterly	7.918%	Quarterly		06/20/28	ZAR	25,635,000		47,339			48		47,291
Receive	3M JIBAR	Quarterly	7.925%	Quarterly		06/20/28	ZAR	25,840,000		46,816			47		46,769

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Receive	3M JIBAR		Quarterly	7.935%	Quarterly		06/20/28		ZAR	25,835,000	$	45,520		$	48	$	45,472
Receive	3M JIBAR		Quarterly	7.940%	Quarterly		06/20/28		ZAR	37,160,000		64,549			68		64,481
Receive	3M LIBOR		Semi-Annually	2.272%	Quarterly		09/11/25		USD	955,000		40,581			—		40,581
Receive	3M LIBOR		Semi-Annually	2.889%	Quarterly		03/19/28		USD	280,000		1,622			6		1,616
Receive	3M LIBOR		Semi-Annually	2.938%	Quarterly		03/14/28		USD	610,000		1,015			13		1,002
Receive	3M JIBAR		Quarterly	7.640%	Quarterly		03/06/28		ZAR	31,075,900		95,682			59		95,623
Receive	3M JIBAR		Quarterly	7.660%	Quarterly		03/06/28		ZAR	31,549,550		94,056			60		93,996
Receive	6M WIBOR		Annually	2.955%	Semi-Annually		03/06/28		PLN	7,428,000		(8,634	)		45		(8,679	)
Totals											$	1,673,116		$	3,812	$	1,669,304

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 June 30, 2018(b)			Notional Amount(c)			Market Value			Upfront Premiums (Received)			Unrealized Appreciation
CDX.NA.IG.30.V1		1.000	%		Quarterly	06/20/23		0.676	%		USD	24,469,000	$	(361,994	)	$	(432,111	)	$	70,117

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date	Counterparty	Implied Credit Spread at June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Bahrain Government International Bond, 5.500%, due 03/31/20		(1.000%)		Quarterly	06/20/23	JPMC		3.979%		USD	230,000	$	28,764	$	16,533	$	12,231
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	BBP		2.683%		USD	478,000		35,285		14,685		20,600
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	500,000		36,909		14,952		21,957
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	DBAG		2.683%		USD	382,000		28,199		11,021		17,178
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	DBAG		1.337%		USD	940,000		14,392		4,845		9,547
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	BNP		2.683%		USD	749,000		55,290		30,876		24,414
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	BNP		2.683%		USD	748,000		55,216		30,834		24,382
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	680,000		50,197		28,629		21,568
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	CBNA		1.337%		USD	713,000		10,917		5,781		5,136
Mexico Government International Bond 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	CBNA		1.337%		USD	649,000		9,937		6,307		3,630
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	JPMC		2.683%		USD	3,414,000		252,015		131,916		120,099
Republic of Turkey, 11.875%, due 01/15/30		(1.000%)		Quarterly	06/20/23	MSIP		2.951%		USD	580,000		48,889		41,289		7,600
Republic of Turkey, 11.875%, due 01/15/30		(1.000%)		Quarterly	06/20/23	GSI		2.951%		USD	295,000		24,866		20,878		3,988
Republic of Turkey, 11.875%, due 01/15/30		(1.000%)		Quarterly	06/20/23	DBAG		2.951%		USD	445,000		37,509		33,122		4,387
Republic of Turkey, 11.875%, due 01/15/30		(1.000%)		Quarterly	06/20/23	MSIP		2.951%		USD	422,000		35,571		32,282		3,289

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

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

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date	Counterparty	Implied Credit Spread at June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
Republic of Turkey, 11.875%, due 01/15/30		(1.000%)		Quarterly	06/20/23	MSIP		2.951%		USD	50,000	$	4,214	$	3,529	$	685
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	GSI		2.683%		USD	824,000		60,825		47,790		13,035
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	795,791		58,744		46,830		11,914
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	810,000		59,793		48,009		11,784
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	810,000		59,793		48,009		11,784
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	724,000		11,085		13,207		(2,122)
Brazil Government International Bond, 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	887,209		65,491		54,083		11,408
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	723,000		11,069		14,164		(3,095)
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	724,000		11,084		13,858		(2,774)
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	724,000		11,085		14,346		(3,261)
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	578,000		8,850		11,454		(2,604)
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	CBNA		1.337%		USD	745,000		11,406		14,595		(3,189)
Argentina Government International Bond 7.500%, due 04/22/26		(5.000%)		Quarterly	06/20/23	BOA		4.623%		USD	2,163,000		(33,750)		(87,914)		54,164
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	731,000		53,961		58,125		(4,164)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	731,000		53,961		57,829		(3,868)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	730,000		53,887		57,602		(3,715)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	731,000		53,962		57,534		(3,572)
Brazil Government International Bond 4.250%, due 01/07/25		(1.000%)		Quarterly	06/20/23	CBNA		2.683%		USD	1,149,000		84,817		90,432		(5,615)
Argentina Government International Bond 7.500%, due 04/22/26		(5.000%)		Quarterly	06/20/23	JPMC		4.623%		USD	1,069,000		(16,680)		(46,548)		29,868
Republic of Colombia, 10.375%, due 01/23/33		(1.000%)		Quarterly	06/20/23	CBNA		1.237%		USD	589,000		6,353		8,222		(1,869)
Mexico Government International Bond, 7.500%, due 04/08/33		(1.000%)		Quarterly	06/20/20	JPMC		0.658%		USD	3,824,276		(25,227)		33,406		(58,633)
Mexico Government International Bond, 7.500%, due 04/08/33		(1.000%)		Quarterly	09/20/20	BOA		0.721%		USD	3,824,276		(23,149)		50,241		(73,390)
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	1,161,000		17,775		9,762		8,013
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	BBP		1.337%		USD	552,000		8,452		4,766		3,686
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	CBNA		1.337%		USD	1,342,000		20,547		11,709		8,838
Mexico Government International Bond, 4.150%, due 03/28/27		(1.000%)		Quarterly	06/20/23	CBNA		1.337%		USD	1,072,000		16,413		9,302		7,111
Philippines Government International Bond, 10.625%, due 03/16/25		(1.000%)		Quarterly	06/20/23	JPMC		0.922%		USD	5,670,000		(20,114)		(70,948)		50,834
South Africa Government International Bond, 5.500%, due 03/09/20		(1.000%)		Quarterly	06/20/23	MSIP		2.149%		USD	2,922,810		149,249		79,635		69,614
Totals												$	1,497,852	$	1,076,979	$	420,873

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation
Mexico Government International Bond 7.500%, due 04/08/33		1.000%		Quarterly	06/20/20	BOA		0.658%		USD	3,824,276	$	25,227	$	(38,756)	$	63,983
Mexico Government International Bond 7.500%, due 04/08/33		1.000%		Quarterly	09/20/20	JPMC		0.721%		USD	3,824,276		23,149		(43,741)		66,890
Totals												$	48,376	$	(82,497)	$	130,873

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.A.V9		(2.000%)		Monthly	09/17/58	CBNA		0.000%		USD	510,000	$	10,176	$	10,212	$	(36)
CMBX.NA.A.V9		(2.000%)		Monthly	09/17/58	CSI		0.000%		USD	1,516,000		30,249		25,758		4,491
CMBX.NA.A.V9		(2.000%)		Monthly	09/17/58	CSI		0.000%		USD	600,000		11,972		10,952		1,020
CMBX.NA.A.V9		(2.000%)		Monthly	09/17/58	CSI		0.000%		USD	510,000		10,176		9,582		594
CMBX.NA.A.V9		(2.000%)		Monthly	09/17/58	GSI		0.000%		USD	260,000		5,188		5,203		(15)
CMBX.NA.AAA.V6		(0.500%)		Monthly	05/11/63	DBAG		0.000%		USD	1,670,000		(10,849)		242		(11,091)
CMBX.NA.AAA.V6		(0.500%)		Monthly	05/11/63	DBAG		0.000%		USD	2,340,000		(15,201)		(883)		(14,318)
CMBX.NA.AAA.V6		(0.500%)		Monthly	05/11/63	DBAG		0.000%		USD	2,680,000		(17,410)		744		(18,154)
CMBX.NA.AAA.V9		(0.500%)		Monthly	09/17/58	MSIP		0.000%		USD	1,960,000		871		26,423		(25,552)
CMBX.NA.AAA.V9		(0.500%)		Monthly	09/17/58	CSI		0.000%		USD	1,610,000		716		19,806		(19,090)
CMBX.NA.AAA.V9		(0.500%)		Monthly	09/17/58	DBAG		0.000%		USD	1,280,000		569		15,972		(15,403)
CMBX.NA.AAA.V9		(0.500%)		Monthly	09/17/58	MSIP		0.000%		USD	1,090,000		485		13,409		(12,924)
CMBX.NA.AAA.V9		(0.500%)		Monthly	09/17/58	MSIP		0.000%		USD	900,000		400		11,071		(10,671)
CMBX.NA.BBB-.V6		(3.000%)		Monthly	05/11/63	JPMC		0.000%		USD	340,000		35,271		34,298		973
Totals												$	62,613	$	182,789		$(120,176)

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	CSI		0.000%		USD	1,260,000	$	(130,446)	$	(112,944)	$	(17,502)
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	DBAG		0.000%		USD	718,000		(74,333)		(88,116)		13,783
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	DBAG		0.000%		USD	860,000		(89,034)		(94,403)		5,369
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	MSIP		0.000%		USD	250,000		(25,882)		(24,040)		(1,842)
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	MSIP		0.000%		USD	320,000		(33,129)		(32,777)		(352)
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	MSIP		0.000%		USD	280,000		(28,988)		(34,918)		5,930
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	MSIP		0.000%		USD	290,000		(30,023)		(37,644)		7,621
CMBX.NA.A.V10		2.000%		Monthly	11/17/59	DBAG		0.000%		USD	660,000		(13,829)		(30,600)		16,771
CMBX.NA.A.V10		2.000%		Monthly	11/17/59	DBAG		0.000%		USD	1,310,000		(27,449)		(59,736)		32,287
CMBX.NA.A.V8		2.000%		Monthly	10/17/57	GSI		0.000%		USD	670,000		(15,714)		(38,377)		22,663
CMBX.NA.A.V8		2.000%		Monthly	10/17/57	MSIP		0.000%		USD	190,000		(4,456)		(22,074)		17,618
CMBX.NA.AAA.V7		0.500%		Monthly	01/17/47	CSI		0.000%		USD	5,000,000		28,308		(156,398)		184,706
CMBX.NA.AM.V4		0.500%		Monthly	02/17/51	DBAG		0.000%		USD	2,370,000		(14,072)		(359,977)		345,905
CMBX.NA.BBB-.V10		3.000%		Monthly	11/17/59	JPMC		0.000%		USD	40,000		(3,616)		(3,575)		(41)
CMBX.NA.BBB-.V6		3.000%		Monthly	05/11/63	CSI		0.000%		USD	340,000		(35,271)		(28,925)		(6,346)
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	CSI		0.000%		USD	303,000		(31,369)		(32,193)		824
CMBX.NA.BBB-.V9		3.000%		Monthly	09/17/58	MSIP		0.000%		USD	500,000		(51,765)		(53,964)		2,199
Totals												$	(581,068)	$	(1,210,661)	$	629,593

See accompanying notes to financial statements.

BHFTII-45

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Securities in the amount of $23,664 have been received at the custodian bank as collateral for OTC swap contracts.

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

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(CSI)—	Credit Suisse International
(DBAG)—	Deutsche Bank AG
(GSI)—	Goldman Sachs International
(HSBC)—	HSBC Bank plc
(JPMC)—	JPMorgan Chase Bank N.A.
(MSIP)—	Morgan Stanley & Co. International plc
(NIP)—	Nomura International plc
(RBC)—	Royal Bank of Canada
(RBS)—	Royal Bank of Scotland plc
(SCB)—	Standard Chartered Bank
(SSBT)—	State Street Bank and Trust
(TDB)—	Toronto Dominion Bank
(UBSA)—	UBS AG

Currencies

(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(CLP)—	Chilean Peso
(CNY)—	Chinese Yuan
(COP)—	Colombian Peso
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(PLN)—	Polish Zloty
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(TRY)—	Turkish Lira
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(ZAR)—	South African Rand

Index Abbreviations

(BADLAR)—	Buenos Aires Deposits of Large Amount Rate Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CMBX)—	Commercial Mortgage-Backed Index
(CMBX.NA.A)—	Markit North America A Rated CMBS Index
(CMBX.NA.AAA)—	Markit North America AAA Rated CMBS Index
(CMBX.NA.AM)—	Markit North America Mezzanine AAA Rated CMBS Index
(CMBX.NA.BBB-)—	Markit North America BBB- Rated CMBS Index
(CMT)—	Constant Maturity Treasury Index
(CPTFE)—	Eurozone Harmonized Index of Consumer Prices ex-Tobacco
(EURIBOR)—	Euro InterBank Offered Rate
(ICE)—	Intercontinental Exchange, Inc.
(IRS)—	Interest Rate Swap
(JIBAR)—	Johannesburg Interbank Agreed Rate
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(TIIE)—	Mexican Interbank Equilibrium Interest Rate
(WIBOR)—	Warsaw Interbank Offered Rate

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(REMICS)—	Real Estate Mortgage Investment Conduits

See accompanying notes to financial statements.

BHFTII-46

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,572,910,798		$	—	$	1,572,910,798
Total Corporate Bonds & Notes*		—			1,127,024,943			—		1,127,024,943
Asset-Backed Securities
Asset-Backed - Credit Card		—			1,606,699			—		1,606,699
Asset-Backed - Home Equity		—			38,089,262			—		38,089,262
Asset-Backed - Manufactured Housing		—			17,137,750			—		17,137,750
Asset-Backed - Other		—			420,033,576			11,690,000		431,723,576
Asset-Backed - Student Loan		—			18,374,730			—		18,374,730
Total Asset-Backed Securities		—			495,242,017			11,690,000		506,932,017
Total Municipals		—			235,380,602			—		235,380,602
Total Mortgage-Backed Securities*		—			213,486,221			—		213,486,221
Total Foreign Government*		—			124,716,123			—		124,716,123
Total Floating Rate Loans*		—			74,158,436			—		74,158,436
Total Preferred Stock*		7,922,387			—			—		7,922,387
Total Escrow Shares*		—			—			1		1
Total Short-Term Investments*		—			190,640,294			—		190,640,294
Total Securities Lending Reinvestments*		—			130,225,677			—		130,225,677
Total Purchased Options*		—			7,715,575			—		7,715,575
Total Investments	$	7,922,387		$	4,171,500,686		$	11,690,001	$	4,191,113,074
Collateral for Securities Loaned (Liability)	$	—		$	(130,186,448	)	$	—	$	(130,186,448	)
TBA Forward Sales Commitments	$	—		$	(61,578,634	)	$	—	$	(61,578,634	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	7,345,908		$	—	$	7,345,908
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(4,851,763	)		—		(4,851,763	)
Total Forward Contracts	$	—		$	2,494,145		$	—	$	2,494,145
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,539,129		$	—		$	—	$	1,539,129
Futures Contracts (Unrealized Depreciation)		(5,507,996	)		—			—		(5,507,996	)
Total Futures Contracts	$	(3,968,867	)	$	—		$	—	$	(3,968,867	)
Written Options
Foreign Currency Options at Value	$	—		$	(618,912	)	$	—	$	(618,912	)
Forward Volatility Agreements		—			(116,727	)		—		(116,727	)
Interest Rate Swaptions at Value		—			(1,451,857	)		—		(1,451,857	)
Total Written Options	$	—		$	(2,187,496	)	$	—	$	(2,187,496	)

See accompanying notes to financial statements.

BHFTII-47

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Schedule of Investments as of June 30, 2018

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	2,040,272		$	—	$	2,040,272
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(300,851	)		—		(300,851	)
Total Centrally Cleared Swap Contracts	$	—	$	1,739,421		$	—	$	1,739,421
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	2,356,103		$	—	$	2,356,103
OTC Swap Contracts at Value (Liabilities)		—		(1,253,776	)		—		(1,253,776	)
Total OTC Swap Contracts	$	—	$	1,102,327		$	—	$	1,102,327

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

Transfers from Level 3 to Level 2 in the amount of $930,082 were due to the resumption of trading activity which resulted in the availability of significant observable inputs.

See accompanying notes to financial statements.

BHFTII-48

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statement of Assets and Liabilities

June 30, 2018

Assets
Investments at value (a) (b)	$	4,191,113,074
Cash		488,797
Cash denominated in foreign currencies (c)		6,982,881
Cash collateral (d)		4,174,520
OTC swap contracts at market value (e)		2,356,103
Unrealized appreciation on forward foreign currency exchange contracts		7,345,908
Receivable for:
Investments sold		21,965,939
TBA securities sold (f)		313,470,909
Fund shares sold		563,210
Interest		23,650,537
Interest on OTC swap contracts		142,334
Other assets		5,917
Total Assets		4,572,260,129
Liabilities
Written options at value (g)		2,187,496
Forward sales commitments, at value		61,578,634
Cash collateral for OTC swap contracts		8,329,198
OTC swap contracts at market value (h)		1,253,776
Unrealized depreciation on forward foreign currency exchange contracts		4,851,763
Collateral for securities loaned		130,186,448
Payables for:
Investments purchased		23,326,386
TBA securities purchased (f)		571,402,396
Fund shares redeemed		1,494,159
Variation margin on futures contracts		205,522
Variation margin on centrally cleared swap contracts		74,312
Premium on purchased options		8,140
Interest on forward sales commitments		88,438
Interest on OTC swap contracts		157,046
Accrued Expenses:
Management fees		1,019,578
Distribution and service fees		113,132
Deferred trustees’ fees		113,315
Other expenses		838,066
Total Liabilities		807,227,805
Net Assets	$	3,765,032,324
Net Assets Consist of:
Paid in surplus	$	3,883,973,445
Undistributed net investment income		59,637,386
Accumulated net realized loss		(117,457,266	)
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(61,121,241	)
Net Assets	$	3,765,032,324
Net Assets
Class A	$	3,173,866,769
Class B		487,142,213
Class E		104,023,342
Capital Shares Outstanding*
Class A		31,152,486
Class B		4,866,393
Class E		1,029,993
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	101.88
Class B		100.10
Class E		100.99

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $4,253,350,623.
(b)	Includes securities loaned at value of $125,834,459.
(c)	Identified cost of cash denominated in foreign currencies was $6,989,858.
(d)	Includes collateral of $220,000 for OTC swap contracts and $3,954,520 for centrally cleared swap contracts.
(e)	Net premium paid on OTC swap contracts was $1,142,533.
(f)	Included within TBA securities sold is $185,163,393 related to TBA forward sale commitments and included within TBA securities purchased is $123,365,071 related to TBA forward sale commitments.
(g)	Premiums received on written options were $2,020,108.
(h)	Net premium received on OTC swap contracts was $1,175,923.

Statement of Operations

Six Months Ended June 30, 2018

Investment Income
Dividends	$	293,381
Interest (a)		68,604,599
Securities lending income		210,815
Total investment income		69,108,795
Expenses
Management fees		6,221,788
Administration fees		60,484
Custodian and accounting fees		396,627
Distribution and service fees—Class B		620,684
Distribution and service fees—Class E		79,151
Interest expense		2,187,209
Audit and tax services		62,719
Legal		21,433
Trustees’ fees and expenses		20,716
Shareholder reporting		127,610
Insurance		12,338
Miscellaneous		35,009
Total expenses		9,845,768
Net Investment Income		59,263,027
Net Realized and Unrealized Loss
Net realized gain (loss) on:
Investments (b)		(55,008,741	)
Purchased options		(6,237,887	)
Futures contracts		12,509,056
Written options		8,245,800
Swap contracts		(2,564,483	)
Foreign currency transactions		787,575
Forward foreign currency transactions		(1,981,274	)
Net realized loss		(44,249,954	)
Net change in unrealized appreciation (depreciation) on:
Investments		(75,248,188	)
Purchased options		4,168,177
Futures contracts		(4,380,463	)
Written options		(3,055,720	)
Swap contracts		4,325,332
Foreign currency transactions		(172,809	)
Forward foreign currency transactions		4,232,082
Net change in unrealized depreciation		(70,131,589	)
Net realized and unrealized loss		(114,381,543	)
Net Decrease in Net Assets From Operations	$	(55,118,516	)

(a)	Net of foreign withholding taxes of $71,279.
(b)	Net of foreign capital gains tax of $133,628.

See accompanying notes to financial statements.

BHFTII-49

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	59,263,027		$	113,865,262
Net realized loss		(44,249,954	)		(18,825,284	)
Net change in unrealized appreciation (depreciation)		(70,131,589	)		59,037,227
Increase (decrease) in net assets from operations		(55,118,516	)		154,077,205
From Distributions to Shareholders
Net investment income
Class A		(107,235,041	)		(100,635,202	)
Class B		(15,497,327	)		(15,212,013	)
Class E		(3,386,449	)		(3,438,021	)
Total distributions		(126,118,817	)		(119,285,236	)
Increase in net assets from capital share transactions		65,403,635			25,210,294
Total increase (decrease) in net assets		(115,833,698	)		60,002,263
Net Assets
Beginning of period		3,880,866,022			3,820,863,759
End of period	$	3,765,032,324		$	3,880,866,022
Undistributed net investment income
End of period	$	59,637,386		$	126,493,176

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		650,430		$	68,997,225			719,265		$	76,744,253
Reinvestments		1,058,171			107,235,041			950,734			100,635,202
Redemptions		(1,005,335	)		(105,465,741	)		(1,289,986	)		(137,935,585	)
Net increase		703,266		$	70,766,525			380,013		$	39,443,870
Class B
Sales		176,546		$	18,235,614			366,024		$	38,383,912
Reinvestments		155,627			15,497,327			146,185			15,212,013
Redemptions		(366,659	)		(37,755,697	)		(571,544	)		(59,986,157	)
Net decrease		(34,486	)	$	(4,022,756	)		(59,335	)	$	(6,390,232	)
Class E
Sales		26,596		$	2,777,173			61,074		$	6,459,645
Reinvestments		33,709			3,386,449			32,756			3,438,021
Redemptions		(72,146	)		(7,503,756	)		(167,697	)		(17,741,010	)
Net decrease		(11,841	)	$	(1,340,134	)		(73,867	)	$	(7,843,344	)
Increase derived from capital shares transactions				$	65,403,635					$	25,210,294

See accompanying notes to financial statements.

BHFTII-50

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	106.93		$	106.00		$	106.14		$	110.97		$	107.33		$	115.27
Income (Loss) from Investment Operations
Net investment income (a)		1.65			3.18			2.76	(b)		2.73			3.18			3.36
Net realized and unrealized gain (loss) on investments		(3.15	)		1.13			0.61			(2.08	)		4.28			(4.07	)
Total from investment operations		(1.50	)		4.31			3.37			0.65			7.46			(0.71	)
Less Distributions
Distributions from net investment income		(3.55	)		(3.38	)		(3.51	)		(4.24	)		(3.82	)		(4.49	)
Distributions from net realized capital gains		0.00			0.00			0.00			(1.24	)		0.00			(2.74	)
Total distributions		(3.55	)		(3.38	)		(3.51	)		(5.48	)		(3.82	)		(7.23	)
Net Asset Value, End of Period	$	101.88		$	106.93		$	106.00		$	106.14		$	110.97		$	107.33
Total Return (%) (c)		(1.38	)(d)		4.10			3.12			0.59			7.08			(0.77	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.48	(e)		0.51			0.37			0.36			0.35			0.35
Gross ratio of expenses to average net assets excluding interest expense (%)		0.37	(e)		0.37			0.36			0.36			0.35			0.35
Net ratio of expenses to average net assets (%) (f)		0.48	(e)		0.51			0.37			0.36			0.35			0.35
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.37	(e)		0.37			0.36			0.36			0.35			0.35
Ratio of net investment income to average net assets (%)		3.17	(e)		2.98			2.56	(b)		2.50			2.91			3.07
Portfolio turnover rate (%)		207	(d)(g)		615	(g)		571	(g)		824	(g)		679	(g)		801	(g)
Net assets, end of period (in millions)	$	3,173.9		$	3,256.0		$	3,187.2		$	3,178.0		$	3,686.9		$	3,213.0
	Class B
	Six Months Ended June 30, 2018			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	104.98		$	104.12		$	104.31		$	109.16		$	105.64		$	113.56
Income (Loss) from Investment Operations
Net investment income (a)		1.49			2.86			2.45	(b)		2.42			2.87			3.05
Net realized and unrealized gain (loss) on investments		(3.09	)		1.11			0.59			(2.05	)		4.20			(4.01	)
Total from investment operations		(1.60	)		3.97			3.04			0.37			7.07			(0.96	)
Less Distributions
Distributions from net investment income		(3.28	)		(3.11	)		(3.23	)		(3.98	)		(3.55	)		(4.22	)
Distributions from net realized capital gains		0.00			0.00			0.00			(1.24	)		0.00			(2.74	)
Total distributions		(3.28	)		(3.11	)		(3.23	)		(5.22	)		(3.55	)		(6.96	)
Net Asset Value, End of Period	$	100.10		$	104.98		$	104.12		$	104.31		$	109.16		$	105.64
Total Return (%) (c)		(1.51	)(d)		3.85			2.86			0.34			6.81			(1.01	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73	(e)		0.76			0.62			0.61			0.60			0.60
Gross ratio of expenses to average net assets excluding interest expense (%)		0.62	(e)		0.62			0.61			0.61			0.60			0.60
Net ratio of expenses to average net assets (%) (f)		0.73	(e)		0.76			0.62			0.61			0.60			0.60
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.62	(e)		0.62			0.61			0.61			0.60			0.60
Ratio of net investment income to average net assets (%)		2.92	(e)		2.73			2.31	(b)		2.26			2.67			2.82
Portfolio turnover rate (%)		207	(d)(g)		615	(g)		571	(g)		824	(g)		679	(g)		801	(g)
Net assets, end of period (in millions)	$	487.1		$	514.5		$	516.4		$	514.1		$	519.5		$	488.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-51

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	105.94		$	105.03		$	105.18		$	110.00		$	106.41		$	114.32
Income (Loss) from Investment Operations
Net investment income (a)		1.56			2.99			2.57	(b)		2.55			3.00			3.18
Net realized and unrealized gain (loss) on investments		(3.13	)		1.12			0.60			(2.07	)		4.23			(4.04	)
Total from investment operations		(1.57	)		4.11			3.17			0.48			7.23			(0.86	)
Less Distributions
Distributions from net investment income		(3.38	)		(3.20	)		(3.32	)		(4.06	)		(3.64	)		(4.31	)
Distributions from net realized capital gains		0.00			0.00			0.00			(1.24	)		0.00			(2.74	)
Total distributions		(3.38	)		(3.20	)		(3.32	)		(5.30	)		(3.64	)		(7.05	)
Net Asset Value, End of Period	$	100.99		$	105.94		$	105.03		$	105.18		$	110.00		$	106.41
Total Return (%) (c)		(1.46	)(d)		3.95			2.98			0.44			6.92			(0.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(e)		0.65			0.52			0.51			0.50			0.50
Gross ratio of expenses to average net assets excluding interest expense (%)		0.52	(e)		0.52			0.51			0.51			0.50			0.50
Net ratio of expenses to average net assets (%) (f)		0.63	(e)		0.65			0.52			0.51			0.50			0.50
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.52	(e)		0.52			0.51			0.51			0.50			0.50
Ratio of net investment income to average net assets (%)		3.02	(e)		2.82			2.40	(b)		2.35			2.78			2.92
Portfolio turnover rate (%)		207	(d)(g)		615	(g)		571	(g)		824	(g)		679	(g)		801	(g)
Net assets, end of period (in millions)	$	104.0		$	110.4		$	117.2		$	126.2		$	143.8		$	150.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 46%, 168%, 178%, 278%, 276%, and 267% for the six months ended June 30, 2018 and for the years ended December 31, 2017, 2016, 2015, 2014, and 2013 respectively.

See accompanying notes to financial statements.

BHFTII-52

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

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

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

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or

BHFTII-53

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

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

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

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

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

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

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

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

BHFTII-54

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

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

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the

BHFTII-55

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

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

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

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

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

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

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

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

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

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

BHFTII-56

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $107,159,071. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $43,240,025. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

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

For the six month period ended June 30, 2018 the Portfolio had an outstanding reverse repurchase agreement balance for 87 days. The average amount of borrowings was $653,247,182 and the annualized weighted average interest rate was 1.23% during the 87 day period. There were no outstanding reverse repurchase agreements as of June 30, 2018.

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

BHFTII-57

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(36,751,507	)	$	—	$	—	$	—	$	(36,751,507	)
Foreign Government		(13,952,015	)		—		—		—		(13,952,015	)
U.S. Treasury & Government Agencies		(79,482,926	)		—		—		—		(79,482,926	)
Total	$	(130,186,448	)	$	—	$	—	$	—	$	(130,186,448	)
Total Borrowings	$	(130,186,448	)	$	—	$	—	$	—	$	(130,186,448	)
Gross amount of recognized liabilities for securities lending transactions										$	(130,186,448	)

3. Investments in Derivative Instruments

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

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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

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

BHFTII-58

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

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

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

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

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

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

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

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

BHFTII-59

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

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

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

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio

BHFTII-60

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

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

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2018, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

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

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

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

BHFTII-61

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	5,359,178
	OTC swap contracts at market value (b)		556,574	OTC swap contracts at market value (b)	$	482,020
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		1,970,155	Unrealized depreciation on centrally cleared swap contracts (c) (e)		300,851
	Unrealized appreciation on futures contracts (d) (e)		1,539,129	Unrealized depreciation on futures contracts (d) (e)		5,507,996
				Written Options at value		1,451,857
Credit	OTC swap contracts at market value (b)		1,799,529	OTC swap contracts at market value (b)		771,756
	Unrealized depreciation on centrally cleared swap contracts (c) (e)		70,117
Foreign Exchange	Investments at market value (a)		2,356,397
	Unrealized appreciation on forward foreign currency exchange contracts		7,345,908	Unrealized depreciation on forward foreign currency exchange contracts		4,851,763
				Written options at value		735,639
Total		$	20,996,987		$	14,101,882

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest receivable of $142,334 and OTC swap interest payable of $154,816.
(c)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(d)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(e)	Financial instrument not subject to a master netting agreement.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under an MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2018.

Counterparty	Derivative Assets subject to MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	296,578	$	(286,324	)	$	(10,254	)	$	—
Barclays Bank plc		1,165,145		(99,379	)		(23,664	)		1,042,102
BNP Paribas S.A.		2,706,545		(2,706,545	)		—			—
Citibank N.A.		2,114,336		(546,982	)		(582,198	)		985,156
Credit Suisse International		127,353		(127,353	)		—			—
Deutsche Bank AG		1,041,614		(836,604	)		(170,000	)		35,010
Goldman Sachs International		769,215		(395,934	)		(373,281	)		—
HSBC Bank plc		6,684		(6,684	)		—			—
JPMorgan Chase Bank N.A.		6,868,932		(2,139,098	)		(4,710,000	)		19,834
Morgan Stanley & Co. International plc		1,886,311		(460,011	)		(1,317,000	)		109,300
Nomura International plc		2,774		—			—			2,774
Royal Bank of Canada		424		(424	)		—			—
Royal Bank of Scotland plc		96,853		(17,626	)		—			79,227
Standard Chartered Bank		51,907		(27,319	)		—			24,588
State Street Bank and Trust		7,667		(2,111	)		—			5,556
Toronto Dominion Bank		4,526		—			—			4,526
UBS AG		270,722		(233,233	)		—			37,489
	$	17,417,586	$	(7,885,627	)	$	(7,186,397	)	$	2,345,562

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2018.

Counterparty	Derivative Liabilities subject to MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	286,324	$	(286,324	)	$	—	$	—
Barclays Bank plc		99,379		(99,379	)		—		—
BNP Paribas S.A.		2,848,578		(2,706,545	)		—		142,033

BHFTII-62

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Counterparty	Derivative Liabilities subject to MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Citibank N.A.	$	546,982	$	(546,982	)	$	—		$	—
Credit Suisse International		209,870		(127,353	)		(82,517	)		—
Deutsche Bank AG		836,604		(836,604	)		—			—
Goldman Sachs International		395,934		(395,934	)		—			—
HSBC Bank plc		184,310		(6,684	)		—			177,626
JPMorgan Chase Bank N.A.		2,139,098		(2,139,098	)		—			—
Morgan Stanley & Co. International plc		460,011		(460,011	)		—			—
Royal Bank of Canada		5,656		(424	)		—			5,232
Royal Bank of Scotland plc		17,626		(17,626	)		—			—
Standard Chartered Bank		27,319		(27,319	)		—			—
State Street Bank and Trust		2,111		(2,111	)		—			—
UBS AG		233,233		(233,233	)		—			—
	$	8,293,035	$	(7,885,627	)	$	(82,517	)	$	324,891

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit		Foreign Exchange			Total
Purchased options	$	(921,472	)	$	—	$	(5,316,415	)	$	(6,237,887	)
Forward foreign currency transactions		—			—		(1,981,274	)		(1,981,274	)
Futures contracts		12,509,056			—		—			12,509,056
Swap contracts		(3,048,503	)		484,020		—			(2,564,483	)
Written options		4,777,245			—		3,468,555			8,245,800
	$	13,316,326		$	484,020	$	(3,829,134	)	$	9,971,212
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Foreign Exchange			Total
Purchased options	$	1,946,106		$	—	$	2,222,071		$	4,168,177
Forward foreign currency transactions		—			—		4,232,082			4,232,082
Futures contracts		(4,380,463	)		—		—			(4,380,463	)
Swap contracts		3,959,977			365,355		—			4,325,332
Written options		(1,384,866	)		—		(1,670,854	)		(3,055,720	)
	$	140,754		$	365,355	$	4,783,299		$	5,289,408

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	3,383,150,255
Forward foreign currency transactions		591,434,548
Futures contracts long		994,950,755
Futures contracts short		(519,208,659	)
Swap contracts		511,694,297
Written options		(1,230,558,072	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

BHFTII-63

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

4. Certain Risks

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

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

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

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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

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

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

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or

BHFTII-64

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$7,777,390,185	$	956,092,948	$	8,726,982,358	$	900,653,864

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2018 were as follows:

Purchases	Sales
$6,911,905,493	$	6,840,504,517

The Portfolio engaged in security transactions with other accounts managed by BlackRock Advisors, LLC, the subadviser to the Portfolio, that amounted to $441,815 in purchases and $776,693 in sales of investments, which are included above, and resulted in realized losses of $9,185.

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$6,221,788		0.400	%	Of the first $1 billion
		0.350	%	Of the next $1 billion
		0.300	%	Of the next $1 billion
		0.250	%	On amounts in excess of $3 billion

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

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

BHFTII-65

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018, if any, are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	4,194,554,776
Gross unrealized appreciation		45,258,202
Gross unrealized depreciation		(107,923,359	)
Net unrealized appreciation (depreciation)	$	(62,665,157	)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$119,285,236	$	122,255,897	$	—	$	—	$	119,285,236	$	122,255,897

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$125,841,386	$	—	$	5,175,611	$	(68,604,339	)	$	62,412,658

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

BHFTII-66

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

As of December 31, 2017, the Portfolio had post-enactment short-term accumulated capital losses of $31,009,184 and accumulated long term capital losses of $37,595,155, and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-67

Brighthouse Funds Trust II

BlackRock Bond Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Bond Income Portfolio and the Board of Trustees of Brighthouse Funds Trust II:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BlackRock Bond Income Portfolio (the “Portfolio”), one of the portfolios constituting the Brighthouse Funds Trust II, as of June 30, 2018, the related statement of operations for the six months then ended, the statements of changes in net assets for the six months then ended and the year ended December 31, 2017, and the financial highlights for the six months then ended and each of the five years in the period then ended December 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the BlackRock Bond Income Portfolio of the Brighthouse Funds Trust II as of June 30, 2018, the results of its operations for the six month period then ended, the changes in its net assets for the six months then ended and the year ended December 31, 2017, and the financial highlights for the six months then ended and each of the five years in the period then ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 24, 2018

We have served as the auditor of one or more of the Brighthouse investment companies since 1983.

BHFTII-68

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B and E shares of the BlackRock Capital Appreciation Portfolio returned 14.43%, 14.29%, and 14.33%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 7.25%.

MARKET ENVIRONMENT / CONDITIONS

After a strong start to the year, U.S. equities experienced a large pullback in early February as realized volatility spiked amid expectations for rising interest rates and inflation, in addition to trade-related concerns. The second quarter ended in positive territory, as the market was supported by continued improvement in economic data and strong corporate earnings. However, the end of the second quarter bore witness to a moderate increase in volatility, driven primarily by continued geopolitical tensions. As widely anticipated, the U.S. Federal Reserve (the “Fed”) raised its benchmark interest rate by 25 basis points and signaled the potential for two additional increases in 2018. The Fed also lifted its economic growth forecast for 2018 to 2.8%, and lowered its expectation for unemployment to 3.6%, from 3.8% in March.

All told, the broad market S&P 500 Index gained 2.65% for the six months ended June 30, 2018. Consumer Discretionary and Information Technology were the top-performing sectors, while Consumer Staples and Telecommunication Services finished in the negative territory. Small- and mid-cap stocks outperformed large-cap stocks, as measured by the Russell 2000, S&P MidCap 400, and S&P 500 Indices, respectively.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index during the six-month period.

In sector terms, Consumer Discretionary was the most significant contributor for the period. Internet & direct marketing retail holdings had the greatest positive impact within the sector, followed by selection to hotels, restaurants & leisure and zero exposure to media names. The Industrials and Health Care sectors were an additional source of strength. An underweight to machinery and selection in industrial conglomerates added value in Industrials, while an underweight to biotechnology and selection in pharmaceuticals drove gains in Health Care. Elsewhere, positioning in Consumer Staples proved advantageous. Conversely, Financials was a marginal detractor from performance, specifically banks and diversified financial services holdings.

Netflix, Inc. and Amazon.com, Inc. were the largest individual contributors for the six-month period. Netflix continued to outperform after a series of strong earnings reports. Overall, our thesis is playing out as the flywheel of content and subscriber additions is benefiting Netflix as it gains scale. We continued to believe the stock is far from pricing in the company’s long-term growth and profitability potential. Amazon continued to perform well after a series of solid earnings reports and the company experienced acceleration in several of its key segments. Our view remains that Amazon has many years of growth ahead and, accordingly, we maintained the Portfolio’s overweight position. Additional contributors included Domino’s Pizza Inc. and Adobe Systems Inc.

The largest individual detractor was Tencent Holdings, Ltd. The company had a strong 2017, however the stock pulled back after it reported fourth quarter earnings amid fears of a slowdown in PC gaming and near-term margin contraction. We maintained our bullish view of the company’s growth opportunities, especially in payments, mobile gaming and advertising and accordingly remained overweight the stock.

An underweight to Apple, Inc. also detracted from performance as the company outperformed during the period. While Apple remains a great company, a mature smartphone market, increasing competitive dynamics and a lack of new innovative products suggest that growth may be limited after the iPhone 8 and X cycles. As such, we maintained the Portfolio’s underweight in the shares and believe we can invest in other companies that have superior long-term growth profiles. Additional detractors included Constellation Brands, Inc. and MercadoLibre, Inc.

From a positioning standpoint, the largest Portfolio sector overweight at period-end was in Consumer Discretionary names. The sector remained a key overweight for the Portfolio, driven by our favorable view on internet & direct market retailers. In addition, the Portfolio remained overweight the Financials sector, where we believe our holdings are likely to benefit from a combination of rising short-term interest rates, relief in the regulatory environment, potential for accelerating economic growth and corporate tax reform. Additionally, these holdings have a low correlation to other “Superior Growth” companies held in the Portfolio. Elsewhere, the Information Technology sector remained a key allocation given our positive view on internet, payment processing and software-as-a-service (SaaS) companies that we believe are harnessing key structural trends such as e-commerce, big data, cloud computing and mobility, and that are continuing to gain significant market share from the incumbents. We believe the adoption of best-in-class cloud based solutions is still in the early stages, which supports our confidence that U.S. corporate earnings will stay at high levels. Thus, during the reporting period, we

BHFTII-1

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Managed By BlackRock Advisors, LLC

Portfolio Manager Commentary*—(Continued)

continued to look for business models that were early adopters of new user-friendly digital cloud-based applications. At period end, the largest Portfolio sector underweight is Industrials, followed by Consumer Staples and Health Care.

Lawrence Kemp

Portfolio Manager

BlackRock Advisors, LLC

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

BHFTII-2

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
BlackRock Capital Appreciation Portfolio
Class A		14.43		30.27		17.06		10.50
Class B		14.29		29.96		16.77		10.22
Class E		14.33		30.05		16.89		10.33
Russell 1000 Growth Index		7.25		22.51		16.36		11.83

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Amazon.com, Inc.		9.1
Microsoft Corp.		5.8
Alphabet, Inc. - Class A		5.1
Visa, Inc. - Class A		4.8
UnitedHealth Group, Inc.		4.6
Netflix, Inc.		3.5
Tencent Holdings, Ltd.		3.5
Facebook, Inc. - Class A		3.2
Booking Holdings, Inc.		3.1
Adobe Systems, Inc.		2.3

Top Sectors

	% of Net Assets
Information Technology		41.3
Consumer Discretionary		22.9
Health Care		11.9
Industrials		8.3
Financials		6.2
Consumer Staples		3.6
Materials		3.0
Real Estate		1.4
Energy		1.0
Telecommunication Services		0.4

BHFTII-3

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Capital Appreciation Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.63	%	$	1,000.00	$	1,144.30	$	3.35
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class B (a)	Actual		0.88	%	$	1,000.00	$	1,142.90	$	4.68
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41
Class E (a)	Actual		0.78	%	$	1,000.00	$	1,143.30	$	4.15
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

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

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

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

BHFTII-4

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—99.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
TransDigm Group, Inc. (a)		55,350	$	19,103,499
Automobiles—1.1%
Tesla, Inc. (a) (b)		58,965		20,222,047
Banks—1.9%
Bank of America Corp.		648,867		18,291,561
First Republic Bank (a)		176,440		17,077,627
				35,369,188
Beverages—2.8%
Constellation Brands, Inc. - Class A		158,095		34,602,253
Dr Pepper Snapple Group, Inc.		131,874		16,088,628
				50,690,881
Biotechnology—0.9%
Vertex Pharmaceuticals, Inc. (b)		99,008		16,827,400
Capital Markets—3.1%
E*Trade Financial Corp. (b)		468,002		28,623,002
S&P Global, Inc.		135,253		27,576,734
				56,199,736
Chemicals—1.8%
DowDuPont, Inc.		161,037		10,615,559
Sherwin-Williams Co. (The)		54,574		22,242,725
				32,858,284
Construction Materials—1.2%
Vulcan Materials Co.		164,866		21,277,606
Diversified Financial Services—1.2%
Berkshire Hathaway, Inc. - Class B (b)		120,956		22,576,437
Diversified Telecommunication Services—0.4%
Zayo Group Holdings, Inc. (b)		203,057		7,407,519
Electrical Equipment—0.4%
Rockwell Automation, Inc.		49,073		8,157,405
Equity Real Estate Investment Trusts—1.4%
SBA Communications Corp. (a) (b)		158,531		26,176,639
Food Products—0.8%
Bunge, Ltd.		214,221		14,933,346
Health Care Equipment & Supplies—3.9%
Becton Dickinson & Co.		155,604		37,276,494
Boston Scientific Corp. (b)		1,061,372		34,706,865
				71,983,359
Health Care Providers & Services—4.6%
UnitedHealth Group, Inc.		340,047		83,427,131
Hotels, Restaurants & Leisure—1.1%
Domino’s Pizza, Inc. (a)		74,161		20,926,009
Household Durables—0.8%
Mohawk Industries, Inc. (a) (b)		64,184		13,752,706
Industrial Conglomerates—1.8%
Honeywell International, Inc.		110,982		15,986,957
Roper Technologies, Inc.		62,306		17,190,849
				33,177,806
Internet & Direct Marketing Retail—15.7%
Amazon.com, Inc. (b)		97,443		165,633,611
Booking Holdings, Inc. (a) (b)		27,668		56,085,526
Netflix, Inc. (b)		164,125		64,243,449
				285,962,586
Internet Software & Services—13.8%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		69,364		12,869,103
Alphabet, Inc. - Class A (b)		82,038		92,636,489
Facebook, Inc. - Class A (b)		300,786		58,448,736
MercadoLibre, Inc. (a)		82,824		24,758,578
Tencent Holdings, Ltd.		1,268,800		63,183,908
				251,896,814
IT Services—8.6%
MasterCard, Inc. - Class A		201,957		39,688,590
PayPal Holdings, Inc. (b)		359,041		29,897,344
Visa, Inc. - Class A		656,898		87,006,140
				156,592,074
Life Sciences Tools & Services—1.5%
Illumina, Inc. (b)		99,121		27,683,504
Machinery—0.2%
Xylem, Inc.		41,108		2,769,857
Oil, Gas & Consumable Fuels—1.0%
Pioneer Natural Resources Co.		94,330		17,851,009
Pharmaceuticals—1.0%
Zoetis, Inc.		204,560		17,426,466
Professional Services—3.1%
CoStar Group, Inc. (a) (b)		78,448		32,369,998
Equifax, Inc.		186,240		23,300,487
				55,670,485
Road & Rail—1.8%
Union Pacific Corp.		231,390		32,783,335
Semiconductors & Semiconductor Equipment—3.6%
ASML Holding NV (a)		136,617		27,046,068
Broadcom, Inc.		36,687		8,901,734
NVIDIA Corp.		122,066		28,917,435
				64,865,237

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—15.0%
Activision Blizzard, Inc.		301,433	$	23,005,367
Adobe Systems, Inc. (b)		173,773		42,367,595
Autodesk, Inc. (b)		209,474		27,459,947
Electronic Arts, Inc. (b)		246,889		34,816,287
Intuit, Inc.		45,736		9,344,093
Microsoft Corp.		1,069,871		105,499,979
Salesforce.com, Inc. (a) (b)		225,649		30,778,524
				273,271,792
Specialty Retail—3.1%
Home Depot, Inc. (The)		108,746		21,216,344
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		150,091		35,040,245
				56,256,589
Textiles, Apparel & Luxury Goods—1.1%
NIKE, Inc. - Class B		251,940		20,074,579
Total Common Stocks (Cost $1,222,226,274)				1,818,171,325
Preferred Stock—0.3%
Software—0.3%
Palantir Technologies, Inc. - Series I , (b) (c) (d) (e) (Cost $15,555,194)		2,537,552		6,318,505
Short-Term Investment—0.4%
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $7,960,772; collateralized by U.S. Treasury Note at 2.000%, maturing 10/31/22, with a market value of $8,121,249.		7,960,241		7,960,241
Total Short-Term Investments (Cost $7,960,241)				7,960,241
Securities Lending Reinvestments (f)—6.8%
Bank Note—0.2%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (g)		4,000,000		4,000,000
Certificates of Deposit—3.5%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (g)		3,500,000		3,500,189
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (g)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (g)		2,000,000		2,002,800
Barclays Bank plc 2.430%, 08/01/18		3,000,000		3,000,891

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (g)		2,000,000	$	2,001,860
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (g)		1,000,000		1,000,375
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (g)		2,500,000		2,499,822
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (g)		1,500,000		1,499,774
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (g)		4,000,000		4,003,112
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (g)		3,000,000		3,000,138
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		4,969,974		4,993,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		2,500,000		2,499,897
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (g)		4,000,000		4,000,016
Natixis New York 2.525%, 1M LIBOR + 0.440%, 09/17/18 (g)		3,000,000		3,001,380
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (g)		2,000,000		1,999,966
Standard Chartered plc 2.250%, 08/21/18		1,500,000		1,500,230
2.384%, 1M LIBOR + 0.300%, 08/22/18 (g)		1,500,000		1,500,036
Sumitomo Mitsui Banking Corp., New York 2.374%, 1M LIBOR + 0.280%, 07/30/18 (g)		4,000,000		4,000,280
Sumitomo Mitsui Trust Bank, Ltd. 2.445%, 3M LIBOR + 0.090%, 10/18/18 (g)		3,002,347		3,000,105
2.447%, 3M LIBOR + 0.110%, 10/11/18 (g)		1,500,000		1,500,164
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (g)		4,000,000		4,000,048
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (g)		3,500,000		3,500,080
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (g)		3,000,000		2,999,802
				63,003,849
Commercial Paper—1.3%
Bank of China, Ltd. 2.500%, 07/23/18		2,484,201		2,496,857
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (g)		3,000,000		3,001,317
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (g)		4,000,000		4,001,168
Sheffield Receivables Co. 2.490%, 11/26/18		2,467,319		2,474,083
Starbird Funding Corp. 2.300%, 08/10/18		2,485,944		2,493,763
Toyota Motor Credit Corp. 2.320%, 07/26/18		1,986,338		1,997,238
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (g)		5,000,000		4,999,040

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Westpac Banking Corp.
2.371%, 1M LIBOR + 0.280%, 05/24/19 (g)		3,000,000	$	3,000,000
				24,463,466
Repurchase Agreements—1.4%
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $104,196; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $102,000.		100,000		100,000
Deutsche Bank AG, London
Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $404,447; collateralized by various Common Stock with an aggregate market value of $446,483.		400,000		400,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $3,577,809; collateralized by various Common Stock with an aggregate market value of $3,906,730.		3,500,000		3,500,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $601,533; collateralized by various Common Stock with an aggregate market value of $667,317.		600,000		600,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $1,821,884; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $1,858,859.		1,821,580		1,821,580
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $1,257,810; collateralized by various Common Stock with an aggregate market value of $1,320,000.		1,200,000		1,200,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $7,203,770; collateralized by various Common Stock with an aggregate market value of $7,700,001.		7,000,000		7,000,000
NBC Global Finance, Ltd
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $1,619,783; collateralized by various Common Stock with an aggregate market value of $1,780,626.		1,600,000		1,600,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,408,736; collateralized by various Common Stock with an aggregate market value of $1,558,048.		1,400,000		1,400,000
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $2,113,872; collateralized by various Common Stock with an aggregate market value of $2,336,989.		2,100,000		2,100,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,509,225; collateralized by various Common Stock with an aggregate market value of $1,669,278.		1,500,000		1,500,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $2,313,490; collateralized by various Common Stock with an aggregate market value of $2,559,559.		2,300,000		2,300,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,206,560; collateralized by various Common Stock with an aggregate market value of $1,335,422.		1,200,000		1,200,000
				24,721,580
Time Deposits—0.4%
DNB Bank ASA 1.870%, 07/02/18		2,000,000		2,000,000
DZ Bank AG 1.890%, 07/02/18		2,000,000		2,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000		1,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		2,000,000		2,000,000
				7,000,000
Total Securities Lending Reinvestments (Cost $123,176,376)				123,188,895
Total Investments—107.2% (Cost $1,368,918,085)				1,955,638,966
Other assets and liabilities (net)—(7.2)%				(131,418,571	)
Net Assets—100.0%			$	1,824,220,395

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $120,578,099 and the collateral received consisted of cash in the amount of $123,117,704. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent 0.3% of net assets.
(e)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2018, the market value of restricted securities was $6,318,505 which is 0.3% of net assets. See details shown in the Restricted Securities table that follows.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(FEDEFF PRV)—	Effective Federal Funds Rate
(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	$	6,318,505

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	19,103,499	$	—		$	—	$	19,103,499
Automobiles		20,222,047		—			—		20,222,047
Banks		35,369,188		—			—		35,369,188
Beverages		50,690,881		—			—		50,690,881
Biotechnology		16,827,400		—			—		16,827,400
Capital Markets		56,199,736		—			—		56,199,736
Chemicals		32,858,284		—			—		32,858,284
Construction Materials		21,277,606		—			—		21,277,606
Diversified Financial Services		22,576,437		—			—		22,576,437
Diversified Telecommunication Services		7,407,519		—			—		7,407,519
Electrical Equipment		8,157,405		—			—		8,157,405
Equity Real Estate Investment Trusts		26,176,639		—			—		26,176,639
Food Products		14,933,346		—			—		14,933,346
Health Care Equipment & Supplies		71,983,359		—			—		71,983,359
Health Care Providers & Services		83,427,131		—			—		83,427,131
Hotels, Restaurants & Leisure		20,926,009		—			—		20,926,009
Household Durables		13,752,706		—			—		13,752,706
Industrial Conglomerates		33,177,806		—			—		33,177,806
Internet & Direct Marketing Retail		285,962,586		—			—		285,962,586
Internet Software & Services		188,712,906		63,183,908			—		251,896,814
IT Services		156,592,074		—			—		156,592,074
Life Sciences Tools & Services		27,683,504		—			—		27,683,504
Machinery		2,769,857		—			—		2,769,857
Oil, Gas & Consumable Fuels		17,851,009		—			—		17,851,009
Pharmaceuticals		17,426,466		—			—		17,426,466
Professional Services		55,670,485		—			—		55,670,485
Road & Rail		32,783,335		—			—		32,783,335
Semiconductors & Semiconductor Equipment		64,865,237		—			—		64,865,237
Software		273,271,792		—			—		273,271,792
Specialty Retail		56,256,589		—			—		56,256,589
Textiles, Apparel & Luxury Goods		20,074,579		—			—		20,074,579
Total Common Stocks		1,754,987,417		63,183,908			—		1,818,171,325
Total Preferred Stock*		—		—			6,318,505		6,318,505
Total Short-Term Investment*		—		7,960,241			—		7,960,241
Total Securities Lending Reinvestments*		—		123,188,895			—		123,188,895
Total Investments	$	1,754,987,417	$	194,333,044		$	6,318,505	$	1,955,638,966
Collateral for Securities Loaned (Liability)	$	—	$	(123,117,704	)	$	—	$	(123,117,704	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,955,638,966
Cash denominated in foreign currencies (c)		122
Receivable for:
Investments sold		5,834,947
Fund shares sold		228,566
Dividends and interest		8,443
Total Assets		1,961,711,044
Liabilities
Collateral for securities loaned		123,117,704
Payables for:
Investments purchased		11,417,255
Fund shares redeemed		1,656,437
Accrued Expenses:
Management fees		917,236
Distribution and service fees		45,803
Deferred trustees’ fees		115,490
Other expenses		220,724
Total Liabilities		137,490,649
Net Assets	$	1,824,220,395
Net Assets Consist of:
Paid in surplus	$	1,056,862,245
Undistributed net investment income		1,174,574
Accumulated net realized gain		179,462,695
Unrealized appreciation on investments		586,720,881
Net Assets	$	1,824,220,395
Net Assets
Class A	$	1,586,374,210
Class B		192,694,068
Class E		45,152,117
Capital Shares Outstanding*
Class A		36,566,685
Class B		4,619,875
Class E		1,061,061
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	43.38
Class B		41.71
Class E		42.55

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,368,918,085.
(b)	Includes securities loaned at value of $120,578,099.
(c)	Identified cost of cash denominated in foreign currencies was $122.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	5,988,203
Interest		26,541
Securities lending income		326,802
Total investment income		6,341,546
Expenses
Management fees		6,521,756
Administration fees		29,781
Custodian and accounting fees		74,768
Distribution and service fees—Class B		236,796
Distribution and service fees—Class E		32,769
Audit and tax services		21,770
Legal		21,432
Trustees’ fees and expenses		20,718
Shareholder reporting		63,662
Insurance		5,910
Miscellaneous		11,065
Total expenses		7,040,427
Less management fee waiver		(872,877	)
Less broker commission recapture		(52	)
Net expenses		6,167,498
Net Investment Income		174,048
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		180,541,840
Foreign currency transactions		(582	)
Net realized gain		180,541,258
Net change in unrealized appreciation on investments		77,716,806
Net realized and unrealized gain		258,258,064
Net Increase in Net Assets From Operations	$	258,432,112

(a) Net of foreign withholding taxes of $37,212.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	174,048		$	3,140,550
Net realized gain		180,541,258			237,065,755
Net change in unrealized appreciation		77,716,806			293,564,173
Increase in net assets from operations		258,432,112			533,770,478
From Distributions to Shareholders
Net investment income
Class A		(1,941,284	)		(1,710,196	)
Net realized capital gains
Class A		(205,743,738	)		(37,749,442	)
Class B		(25,627,882	)		(4,251,821	)
Class E		(5,905,674	)		(902,466	)
Total distributions		(239,218,578	)		(44,613,925	)
Decrease in net assets from capital share transactions		(81,103,969	)		(304,649,608	)
Total increase (decrease) in net assets		(61,890,435	)		184,506,945
Net Assets
Beginning of period		1,886,110,830			1,701,603,885
End of period	$	1,824,220,395		$	1,886,110,830
Undistributed net investment income
End of period	$	1,174,574		$	2,941,810

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		288,719		$	13,491,335			407,722		$	15,832,740
Reinvestments		4,701,948			207,685,022			1,041,701			39,459,638
Redemptions		(6,678,696	)		(315,531,848	)		(8,505,197	)		(332,501,185	)
Net decrease		(1,688,029	)	$	(94,355,491	)		(7,055,774	)	$	(277,208,807	)
Class B
Sales		197,450		$	8,898,896			181,939		$	6,746,572
Reinvestments		603,435			25,627,882			115,980			4,251,821
Redemptions		(558,587	)		(25,264,906	)		(942,060	)		(35,531,615	)
Net increase (decrease)		242,298		$	9,261,872			(644,141	)	$	(24,533,222	)
Class E
Sales		123,575		$	5,715,533			170,692		$	6,603,842
Reinvestments		136,295			5,905,674			24,221			902,466
Redemptions		(167,087	)		(7,631,557	)		(271,074	)		(10,413,887	)
Net increase (decrease)		92,783		$	3,989,650			(76,161	)	$	(2,907,579	)
Decrease derived from capital shares transactions				$	(81,103,969	)				$	(304,649,608	)

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	43.42		$	33.23		$	36.50		$	41.19		$	37.85		$	28.45
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.08			0.04	(b)		0.01			0.01			0.03
Net realized and unrealized gain (loss) on investments		6.37			11.06			(0.15	)		2.69			3.35			9.63
Total from investment operations		6.38			11.14			(0.11	)		2.70			3.36			9.66
Less Distributions
Distributions from net investment income		(0.06	)		(0.04	)		0.00			0.00			(0.02	)		(0.26	)
Distributions from net realized capital gains		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00			0.00
Total distributions		(6.42	)		(0.95	)		(3.16	)		(7.39	)		(0.02	)		(0.26	)
Net Asset Value, End of Period	$	43.38		$	43.42		$	33.23		$	36.50		$	41.19		$	37.85
Total Return (%) (c)		14.43	(d)		33.93			0.09			6.28			8.90			34.22	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(f)		0.72			0.72			0.71			0.71			0.71
Net ratio of expenses to average net assets (%) (g)		0.63	(f)		0.63			0.66			0.66			0.71			0.70
Ratio of net investment income to average net assets (%)		0.05	(f)		0.20			0.13	(b)		0.03			0.02			0.10
Portfolio turnover rate (%)		22	(d)		48			87			70			99			160
Net assets, end of period (in millions)	$	1,586.4		$	1,661.1		$	1,505.8		$	1,609.7		$	1,781.3		$	1,917.9

	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	41.96		$	32.19		$	35.54		$	40.38		$	37.17		$	27.94
Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.02	)		(0.04	)(b)		(0.08	)		(0.09	)		(0.05	)
Net realized and unrealized gain (loss) on investments		6.15			10.70			(0.15	)		2.63			3.30			9.47
Total from investment operations		6.11			10.68			(0.19	)		2.55			3.21			9.42
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.19	)
Distributions from net realized capital gains		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00			0.00
Total distributions		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00			(0.19	)
Net Asset Value, End of Period	$	41.71		$	41.96		$	32.19		$	35.54		$	40.38		$	37.17
Total Return (%) (c)		14.29	(d)		33.57			(0.15	)		6.01			8.64			33.90	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(f)		0.97			0.97			0.96			0.96			0.96
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.88			0.91			0.91			0.96			0.95
Ratio of net investment loss to average net assets (%)		(0.20	)(f)		(0.05	)		(0.12	)(b)		(0.22	)		(0.23	)		(0.16	)
Portfolio turnover rate (%)		22	(d)		48			87			70			99			160
Net assets, end of period (in millions)	$	192.7		$	183.7		$	161.6		$	177.9		$	184.6		$	190.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	42.68		$	32.69		$	36.01		$	40.79		$	37.51		$	28.19
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		0.02			(0.01	)(b)		(0.05	)		(0.05	)		(0.02	)
Net realized and unrealized gain (loss) on investments		6.25			10.88			(0.15	)		2.66			3.33			9.56
Total from investment operations		6.23			10.90			(0.16	)		2.61			3.28			9.54
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.22	)
Distributions from net realized capital gains		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00			0.00
Total distributions		(6.36	)		(0.91	)		(3.16	)		(7.39	)		0.00			(0.22	)
Net Asset Value, End of Period	$	42.55		$	42.68		$	32.69		$	36.01		$	40.79		$	37.51
Total Return (%) (c)		14.33	(d)		33.73			(0.06	)		6.11			8.74			34.04	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(f)		0.87			0.87			0.86			0.86			0.86
Net ratio of expenses to average net assets (%) (g)		0.78	(f)		0.78			0.81			0.81			0.86			0.85
Ratio of net investment income (loss) to average net assets (%)		(0.10	)(f)		0.05			(0.02	)(b)		(0.12	)		(0.13	)		(0.06	)
Portfolio turnover rate (%)		22	(d)		48			87			70			99			160
Net assets, end of period (in millions)	$	45.2		$	41.3		$	34.1		$	40.8		$	41.5		$	45.7

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

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

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

BHFTII-14

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-15

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $7,960,241. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $24,721,580. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-16

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	405,884,555	$	0	$	717,901,032

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$6,521,756		0.730	%	Of the first $1 billion
		0.650	%	On amounts in excess of $1 billion

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

BHFTII-17

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,369,648,301
Gross unrealized appreciation		601,596,601
Gross unrealized depreciation		(15,605,936	)
Net unrealized appreciation (depreciation)	$	585,990,665

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$1,710,196	$	26,232,560	$	42,903,729	$	130,815,025	$	44,613,925	$	157,047,585

BHFTII-18

Brighthouse Funds Trust II

BlackRock Capital Appreciation Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$61,320,514	$	178,669,060	$	508,273,859	$	—	$	748,263,433

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-19

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Managed by BlackRock Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the BlackRock Ultra-Short Term Bond Portfolio returned 0.78%, 0.67%, and 0.72%, respectively. The Portfolio’s benchmark, the Bank of America/Merrill Lynch 3-month T-Bill Index¹, returned 0.81%.

MARKET ENVIRONMENT/ CONDITIONS

The Federal Open Market Committee continued their path of removing monetary policy accommodation with rate hikes at their March and June meetings. The U.S. Treasury increased net bill supply by $330 billion during February and March, and the short-term credit market felt pressures stemming from repatriation of offshore U.S. dollar assets. As we moved through the first quarter, these factors pressured yields, credit premiums and spreads higher. Beginning in early February, we saw offered levels on fixed rate securities move higher and spreads on floating rate paper move wider. This widening persisted through the March Federal Open Market Committee meeting and into the end of the first quarter, negatively impacting asset valuations. As we moved through the second quarter, higher than anticipated tax receipts during this year’s tax season led to a $130 billion reduction in U.S. Treasury bill supply. Non-traditional buyers, drawn to the front end of the yield curve by high relative yields, provided significant demand for short-term credit assets. This increased demand for investment in short-term credit and the decrease in Treasury bill supply exerted downward pressure on credit premiums and spreads, leading these spreads and premiums to decline from their highs reached in early May. This tightening continued through June and factored into asset price increases.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio ended June with a weighted average maturity of 25 days. Our strategy towards floating rate product resulted in a decline in the Portfolio’s weighted average life from 75 days at the end of December 2017 to 53 days at the end of June. Over the first half of the year, the Portfolio selectively added floating rate instruments indexed to 1-month and 3-month LIBOR, with final maturities of 3 months to 12 months. Spreads ranged from 0.18% to 0.42% over 1-month LIBOR, and 0.02% to 0.33% over 3-month LIBOR. Select investments were made in instruments with fixed-rate coupons with maturities of 3 months to 6 months at yields of 1.73% to 2.57%, and spreads of 0.05% to 0.67% to relevant overnight levels.

On June 30^th, approximately 36% of the Portfolio was comprised of floating rate securities, indexed off of 1-month LIBOR (30%) and 3-month LIBOR (6%). These contributed 0.85% to gross yield while fixed rate investments contributed the balance. We continued to invest with the top 2 to 5 systemically important issuers domiciled in each of a select group of countries, consistent with our philosophy.

Rich Mejzak

Eric Hiatt

Edward Ingold

Portfolio Managers

BlackRock Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
BlackRock Ultra-Short Term Bond Portfolio
Class A		0.78		1.28		0.40		0.36
Class B		0.67		1.03		0.28		0.27
Class E		0.72		1.13		0.33		0.31
Bank of America/Merrill Lynch 3-Month T-Bill Index		0.81		1.36		0.42		0.35

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Issuers

	% of Net Assets
JPMorgan Chase Bank N.A.		12.5
Starbird Funding Corp.		4.2
Bank of America Securities, Inc.		3.4
Norinchukin Bank (NY)		3.3
Toronto-Dominion Bank		3.1
Royal Bank of Canada (NY)		3.0
Crown Point Capital LLC		3.0
Cancara Asset Securitisation LLC		2.9
National Australia Bank, Ltd.		2.9
Antalis S.A.		2.7

BHFTII-2

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Ultra-Short Term Bond Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.37	%	$	1,000.00	$	1,007.80	$	1.84
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86
Class B (a)	Actual		0.62	%	$	1,000.00	$	1,006.70	$	3.08
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class E (a)	Actual		0.52	%	$	1,000.00	$	1,007.20	$	2.59
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61

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

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

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

BHFTII-3

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Short-Term Investments—101.7% of Net Assets

Security Description	Principal Amount*		Value
Certificate of Deposit—28.2%
Bank of Montreal (Chicago) 2.270%, 08/28/18		7,000,000	$	7,001,463
Bank of Nova Scotia (Houston) 2.315%, 1M LIBOR + 0.230%, 09/17/18 (a)		9,400,000		9,403,158
BNP Paribas S.A. (NY) 2.285%, 1M LIBOR + 0.200%, 07/16/18 (a)		7,250,000		7,250,950
Canadian Imperial Bank of Commerce (NY) 2.295%, 1M LIBOR + 0.210%, 07/16/18 (a)		7,500,000		7,500,975
Citibank N.A. (NY) 2.210%, 1M LIBOR + 0.180%, 08/08/18 (a)		12,000,000		12,002,556
Credit Agricole CIB (NY) 2.256%, 1M LIBOR + 0.210%, 07/11/18 (a)		7,500,000		7,500,652
Credit Industriel et Commercial (NY) 2.336%, 08/23/18		10,000,000		9,968,280
2.274%, 1M LIBOR + 0.180%, 07/30/18 (a)		7,000,000		7,000,805
KBC Bank NV 2.270%, 07/30/18		12,000,000		12,002,552
Mitsubishi UFJ Trust & Banking Corp. (NY) 2.384%, 1M LIBOR + 0.300%, 08/22/18 (a)		7,000,000		7,003,003
Mizuho Bank, Ltd. (NY) 2.231%, 1M LIBOR + 0.230%, 07/02/18 (a)		4,500,000		4,500,095
2.394%, 1M LIBOR + 0.300%, 08/31/18 (a)		10,000,000		10,002,850
MUFG Bank, Ltd. 2.400%, 08/20/18		3,000,000		3,001,186
Natixis S.A. 2.458%, 3M LIBOR + 0.100%, 11/01/18 (a)		12,000,000		12,000,737
Norinchukin Bank (NY) 1.980%, 07/05/18		15,000,000		15,000,048
2.392%, 1M LIBOR + 0.300%, 09/04/18 (a)		11,500,000		11,505,347
Rabobank Nederland (NY) 2.226%, 1M LIBOR + 0.180%, 11/13/18 (a)		7,000,000		6,999,979
Royal Bank of Canada (NY) 2.263%, 1M LIBOR + 0.250%, 11/06/18 (a)		5,500,000		5,501,204
2.285%, 1M LIBOR + 0.200%, 07/16/18 (a)		12,000,000		12,001,572
2.476%, 3M LIBOR + 0.150%, 05/20/19 (a)		6,500,000		6,499,397
Skandinaviska Enskilda Banken AB 2.375%, 3M LIBOR + 0.020%, 10/19/18 (a)		6,000,000		6,000,924
Sumitomo Mitsui Banking Corp. (NY) 2.320%, 07/06/18		5,000,000		5,000,366
2.388%, 1M LIBOR + 0.300%, 08/21/18 (a)		10,000,000		10,002,290
Sumitomo Mitsui Trust Bank, Ltd. (NY) 2.223%, 1M LIBOR + 0.210%, 08/06/18 (a)		10,000,000		10,001,160
2.441%, 3M LIBOR + 0.120%, 10/05/18 (a)		7,000,000		7,001,420
Svenska Handelsbanken AB 2.278%, 1M LIBOR + 0.180%, 10/26/18 (a)		8,000,000		8,000,632
Wells Fargo Bank N.A. 2.335%, 1M LIBOR + 0.250%, 11/19/18 (a)		7,000,000		7,001,386
				226,654,987
Commercial Paper—57.7%
Albion Capital Corp. 1.665%, 07/06/18 (b)		10,000,000		9,996,247
2.073%, 07/20/18 (b)		7,000,000		6,991,940
Antalis S.A. 1.602%, 07/05/18 (b)		16,482,000		16,476,605
1.780%, 07/10/18 (b)		5,000,000		4,996,952
Commercial Paper—(Continued)
ASB Finance, Ltd.
2.318%, 1M LIBOR + 0.230%, 09/21/18 (a)		4,000,000	$	3,999,456
2.322%, 1M LIBOR + 0.220%, 08/28/18 (a)		14,500,000		14,504,814
Bank of Nova Scotia (The) 1.378%, 07/06/18 (b)		5,000,000		4,998,231
Barclays Bank plc 2.430%, 08/01/18 (b)		5,000,000		5,001,808
Bayeriche Landesbank (NY) 2.249%, 07/27/18 (b)		13,000,000		12,978,302
Bennington Sark Capital Co. LLC 2.282%, 07/23/18 (b)		8,000,000		7,988,907
2.287%, 07/24/18 (b)		6,000,000		5,991,321
BPCE 1.803%, 07/09/18 (b)		6,740,000		6,736,405
2.140%, 07/11/18 (b)		7,000,000		6,995,501
2.577%, 10/31/18 (b)		4,000,000		3,967,195
Cancara Asset Securitisation LLC 2.249%, 07/30/18 (b)		15,500,000		15,472,331
2.297%, 09/05/18 (b)		8,000,000		7,966,091
Collateralized Commercial Paper Co. LLC 1.988%, 08/01/18 (b)		7,000,000		6,986,653
2.305%, 1M LIBOR + 0.220%, 07/18/18 (a)		8,000,000		8,001,240
Commonwealth Bank of Australia 2.195%, 1M LIBOR + 0.190%, 10/05/18 (a)		3,000,000		3,000,492
Crown Point Capital LLC 2.119%, 07/09/18 (b)		7,000,000		6,996,006
2.310%, 07/31/18 (b)		8,000,000		7,985,031
2.450%, 11/05/18 (144A) (b)		9,000,000		8,999,847
DZ Bank AG 0.958%, 07/02/18 (b)		15,380,000		15,377,565
Erste Abwicklungsanstalt 1.826%, 07/11/18 (b)		19,000,000		18,987,827
European Investment Bank 1.682%, 07/06/18 (b)		10,000,000		9,996,199
Federation des Caisses Desjardins du Quebec 1.881%, 07/11/18 (b)		5,000,000		4,996,780
2.288%, 09/07/18 (b)		10,000,000		9,958,525
HSBC Bank plc 2.577%, 3M LIBOR + 0.240%, 03/27/19 (a)		5,000,000		5,002,181
ING U.S. Funding LLC 2.225%, 1M LIBOR + 0.200%, 08/07/18 (a)		11,000,000		11,001,122
2.515%, 3M LIBOR + 0.160%, 01/07/19 (a)		5,000,000		5,000,251
Landesbank Baden-Wuettertemberg 2.326%, 09/04/18 (b)		10,000,000		9,959,670
LMA S.A. & LMA Americas 1.958%, 08/01/18 (b)		5,000,000		4,990,467
2.512%, 11/21/18 (b)		8,000,000		7,921,603
Matchpoint Finance plc 0.989%, 07/02/18 (b)		12,935,000		12,932,817
National Australia Bank, Ltd. 1.771%, 07/19/18 (144A) (b)		14,949,000		14,932,249
2.297%, 1M LIBOR + 0.250%, 11/13/18 (a)		8,000,000		8,002,016
Nieuw Amsterdam Receivables Corp. 2.301%, 09/11/18 (b)		13,500,000		13,437,923
Old Line Funding LLC 2.434%, 1M LIBOR + 0.340%, 10/29/18 (144A) (a)		8,500,000		8,504,522

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Oversea-Chinese Banking Corp., Ltd. 2.251%, 1M LIBOR + 0.160%, 07/24/18 (a)		9,000,000	$	9,000,981
Regency Markets No. 1 LLC 1.950%, 07/16/18 (b)		5,000,000		4,995,214
Starbird Funding Corp.
0.989%, 07/02/18 (b)		10,000,000		9,998,379
2.119%, 07/09/18 (b)		11,943,000		11,936,402
2.516%, 09/17/18 (b)		12,000,000		11,939,280
Sumitomo Mitsui Banking Corp. 2.316%, 09/20/18 (b)		12,000,000		11,937,805
Suncorp Group, Ltd. 1.758%, 07/09/18 (b)		7,200,000		7,195,788
Toronto-Dominion Bank 2.230%, 11/30/18 (144A) (b)		10,000,000		10,002,210
2.260%, 1M LIBOR + 0.230%, 11/08/18 (144A) (a)		7,000,000		7,001,225
2.285%, 1M LIBOR + 0.280%, 11/05/18 (a)		8,000,000		8,002,760
UBS AG 2.253%, 1M LIBOR + 0.240%, 08/06/18 (a)		3,000,000		3,000,810
2.514%, 1M LIBOR + 0.420%, 05/31/19 (a)		7,000,000		7,002,653
2.655%, 3M LIBOR + 0.330%, 04/04/19 (a)		5,000,000		5,004,830
United Overseas Bank, Ltd. 2.474%, 12/03/18 (b)		8,000,000		7,914,697
Victory Receivables Corp 2.278%, 08/08/18 (b)		10,000,000		9,977,000
				462,943,126
Repurchase Agreements—15.8%
Bank of America Securities, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $27,004,725; collateralized by U.S. Treasury Note at 4.000%, maturing 08/15/18, with a market value of $27,540,068.		27,000,000		27,000,000
Repurchase Agreements—(Continued)
JPMorgan Chase Bank N.A. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $100,017,500; collateralized by U.S. Treasury Note at 2.000%, maturing 11/30/22, with a market value of $102,003,057.		100,000,000		100,000,000
				127,000,000
Total Short-Term Investments (Cost $816,534,902)				816,598,113
Total Investments—101.7% (Cost $816,534,902)				816,598,113
Other assets and liabilities (net)—(1.7)%				(13,997,293	)
Net Assets—100.0%			$	802,600,820

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $57,944,575, which is 6.7% of net assets.
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Total Short-Term Investments*	$	—	$	816,598,113	$	—	$	816,598,113
Total Investments	$	—	$	816,598,113	$	—	$	816,598,113

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a)	$	689,598,113
Repurchase Agreement at value which equals cost		127,000,000
Cash		49,536
Receivable for:
Fund shares sold		1,100,929
Interest		590,693
Total Assets		818,339,271
Liabilities
Payables for:
Investments purchased		14,935,234
Fund shares redeemed		199,949
Accrued Expenses:
Management fees		244,501
Distribution and service fees		93,561
Deferred trustees’ fees		113,308
Other expenses		151,898
Total Liabilities		15,738,451
Net Assets	$	802,600,820
Net Assets Consist of:
Paid in surplus	$	797,031,460
Undistributed net investment income		5,526,646
Accumulated net realized loss		(20,497	)
Unrealized appreciation on investments		63,211
Net Assets	$	802,600,820
Net Assets
Class A	$	308,228,673
Class B		388,690,420
Class E		105,681,727
Capital Shares Outstanding*
Class A		3,065,002
Class B		3,864,552
Class E		1,050,615
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	100.56
Class B		100.58
Class E		100.59

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement, was $689,534,902.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Interest	$	7,843,421
Total investment income		7,843,421
Expenses
Management fees		1,431,979
Administration fees		13,001
Custodian and accounting fees		26,963
Distribution and service fees—Class B		503,481
Distribution and service fees—Class E		82,630
Audit and tax services		15,784
Legal		21,432
Trustees’ fees and expenses		20,718
Shareholder reporting		77,817
Insurance		2,812
Miscellaneous		5,932
Total expenses		2,202,549
Less management fee waiver		(102,284	)
Net expenses		2,100,265
Net Investment Income		5,743,156
Net Realized and Unrealized Gain
Net realized gain on investments		3,999
Net change in unrealized appreciation on investments		107,534
Net realized and unrealized gain		111,533
Net Increase in Net Assets From Operations	$	5,854,689

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,743,156		$	6,961,274
Net realized gain		3,999			38,219
Net change in unrealized appreciation (depreciation)		107,534			(321,313	)
Increase in net assets from operations		5,854,689			6,678,180
From Distributions to Shareholders
Net investment income
Class A		(3,145,092	)		(1,172,909	)
Class B		(2,936,542	)		(329,579	)
Class E		(910,607	)		(214,780	)
Net realized capital gains
Class A		(18,075	)		(6,780	)
Class B		(23,306	)		(9,030	)
Class E		(6,324	)		(2,512	)
Total distributions		(7,039,946	)		(1,735,590	)
Decrease in net assets from capital share transactions		(40,102,560	)		(133,229,625	)
Total decrease in net assets		(41,287,817	)		(128,287,035	)
Net Assets
Beginning of period		843,888,637			972,175,672
End of period	$	802,600,820		$	843,888,637
Undistributed net investment income
End of period	$	5,526,646		$	6,775,731

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		697,021		$	70,432,729			1,151,677		$	115,741,452
Reinvestments		31,481			3,163,167			11,762			1,179,689
Redemptions		(724,298	)		(73,209,856	)		(1,644,910	)		(165,301,654	)
Net increase (decrease)		4,204		$	386,040			(481,471	)	$	(48,380,513	)
Class B
Sales		733,682		$	74,022,136			1,165,911		$	117,009,779
Reinvestments		29,448			2,959,848			3,376			338,609
Redemptions		(1,048,229	)		(105,763,797	)		(1,809,709	)		(181,623,509	)
Net decrease		(285,099	)	$	(28,781,813	)		(640,422	)	$	(64,275,121	)
Class E
Sales		89,722		$	9,061,017			167,051		$	16,780,356
Reinvestments		9,123			916,931			2,166			217,292
Redemptions		(214,776	)		(21,684,735	)		(374,119	)		(37,571,639	)
Net decrease		(115,931	)	$	(11,706,787	)		(204,902	)	$	(20,573,991	)
Decrease derived from capital shares transactions				$	(40,102,560	)				$	(133,229,625	)

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014		2013
Net Asset Value, Beginning of Period	$	100.82		$	100.28		$	100.00		$	100.00		$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.78			0.92			0.32	(b)		0.00	(c)		0.00		0.00
Net realized and unrealized gain (loss) on investments		0.01			(0.03	)		0.03			0.00			0.00		0.00
Total from investment operations		0.79			0.89			0.35			0.00			0.00		0.00
Less Distributions
Distributions from net investment income		(1.04	)		(0.35	)		(0.07	)		(0.00	)(d)		0.00		0.00
Distributions from net realized capital gains		(0.01	)		(0.00	)(e)		(0.00	)(e)		0.00			0.00		0.00
Total distributions		(1.05	)		(0.35	)		(0.07	)		(0.00	)		0.00		0.00
Net Asset Value, End of Period	$	100.56		$	100.82		$	100.28		$	100.00		$	100.00	$	100.00
Total Return (%) (f)		0.78	(g)		0.89			0.35			0.00			0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.40	(h)		0.39			0.38			0.37			0.37		0.35
Net ratio of expenses to average net assets (%) (i)		0.37	(h)		0.36			0.35			0.25			0.20		0.23
Ratio of net investment income to average net assets (%)		1.55	(h)		0.91			0.32	(b)		0.00	(j)		0.00		0.00
Portfolio turnover rate (%)		0	(k)		0	(k)		0	(k)		N/A			N/A		N/A
Net assets, end of period (in millions)	$	308.2		$	308.6		$	355.2		$	406.8		$	483.7	$	536.4
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014		2013
Net Asset Value, Beginning of Period	$	100.68		$	100.11		$	100.00		$	100.00		$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.65			0.66			0.08	(b)		0.00			0.00		0.00
Net realized and unrealized gain (loss) on investments		0.02			(0.02	)		0.03			0.00			0.00		0.00
Total from investment operations		0.67			0.64			0.11			0.00			0.00		0.00
Less Distributions
Distributions from net investment income		(0.76	)		(0.07	)		(0.00	)(d)		0.00			0.00		0.00
Distributions from net realized capital gains		(0.01	)		(0.00	)(e)		(0.00	)(e)		0.00			0.00		0.00
Total distributions		(0.77	)		(0.07	)		(0.00	)		0.00			0.00		0.00
Net Asset Value, End of Period	$	100.58		$	100.68		$	100.11		$	100.00		$	100.00	$	100.00
Total Return (%) (f)		0.67	(g)		0.63			0.11			0.00			0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(h)		0.64			0.63			0.62			0.62		0.60
Net ratio of expenses to average net assets (%) (i)		0.62	(h)		0.61			0.59			0.25			0.20		0.23
Ratio of net investment income to average net assets (%)		1.30	(h)		0.66			0.08	(b)		0.00			0.00		0.00
Portfolio turnover rate (%)		0	(k)		0	(k)		0	(k)		N/A			N/A		N/A
Net assets, end of period (in millions)	$	388.7		$	417.8		$	479.6		$	547.0		$	554.2	$	651.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015		2014		2013
Net Asset Value, Beginning of Period	$	100.74		$	100.18		$	100.00		$	100.00	$	100.00	$	100.00
Income (Loss) from Investment Operations
Net investment income (a)		0.70			0.76			0.17	(b)		0.00		0.00		0.00
Net realized and unrealized gain (loss) on investments		0.02			(0.03	)		0.03			0.00		0.00		0.00
Total from investment operations		0.72			0.73			0.20			0.00		0.00		0.00
Less Distributions
Distributions from net investment income		(0.86	)		(0.17	)		(0.02	)		0.00		0.00		0.00
Distributions from net realized capital gains		(0.01	)		(0.00	)(e)		(0.00	)(e)		0.00		0.00		0.00
Total distributions		(0.87	)		(0.17	)		(0.02	)		0.00		0.00		0.00
Net Asset Value, End of Period	$	100.59		$	100.74		$	100.18		$	100.00	$	100.00	$	100.00
Total Return (%) (f)		0.72	(g)		0.73			0.20			0.00		0.00		0.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(h)		0.54			0.53			0.52		0.52		0.50
Net ratio of expenses to average net assets (%) (i)		0.52	(h)		0.51			0.50			0.25		0.20		0.23
Ratio of net investment income to average net assets (%)		1.39	(h)		0.76			0.17	(b)		0.00		0.00		0.00
Portfolio turnover rate (%)		0	(k)		0	(k)		0	(k)		N/A		N/A		N/A
Net assets, end of period (in millions)	$	105.7		$	117.5		$	137.4		$	154.2	$	175.5	$	237.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.01% of average net assets, respectively.
(c)	Net investment income was less than $0.01.
(d)	Distributions from net investment income were less than $0.01.
(e)	Distributions from net realized capital gains were less than $0.01.
(f)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(g)	Periods less than one year are not computed on an annualized basis.
(h)	Computed on an annualized basis.
(i)	Includes the effects of the management fee waivers and voluntary distribution & service fee waiver (see Note 4 of the Notes to Financial Statements).
(j)	Ratio of net investment income to average net assets was less than 0.01%.
(k)	There were no long term transactions during the six months ended June 30, 2018 and the years ended December 31, 2017 and 2016.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the 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.

BHFTII-11

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. The Portfolio had no permanent book-tax differences at December 31, 2017.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At June 30, 2018, the Portfolio had investments in repurchase agreements with a gross value of $127,000,000, which is reflected as repurchase agreement on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

3. Certain Risks

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

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

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

BHFTII-12

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2018	% per annum			Average Daily Net Assets
$1,431,979		0.350	%	Of the first $1 billion
		0.300	%	Of amount in excess of $1 billion

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” as follows:

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

For the period May 1, 2017 to April 30, 2018, an identical expense agreement was in place. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTII-13

Brighthouse Funds Trust II

BlackRock Ultra-Short Term Bond Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

5. Contractual Obligations

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

6. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	816,534,902
Gross unrealized appreciation		86,428
Gross unrealized depreciation		(23,217	)
Net unrealized appreciation (depreciation)	$	63,211

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$1,735,590	$	324,900	$	—	$	—	$	1,735,590	$	324,900

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Other Accumulated Capital Losses		Total
$6,915,381	$	—	$	(44,323	)	$	—	$	—	$	6,871,058

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

7. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Brighthouse/Artisan Mid Cap Value Portfolio returned 1.31%, 1.19%, and 1.24%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned -0.16%.

MARKET ENVIRONMENT / CONDITIONS

In the first half of 2018, bouts of volatility were a notable shift for the U.S. equity markets, which had experienced relatively steady and uneventful growth for the past several years. Selling pressure kicked off the year amid higher-than-anticipated inflation, bond market concerns and historically high stock valuations. Although concerns about potential inflationary pressures eventually eased, markets proved vulnerable to headlines over trade wars, central bank tightening, and controversies surrounding mega-cap tech names.

Stocks weakened at quarter-end and volatility crept higher as second-quarter earnings expectations fell amid rising trade tensions and a potentially more hawkish Federal Reserve. Even though earnings expectations improved year-to-date, total returns were negative over the period for the Russell Midcap Value Index (the “Index”); growth stocks outpaced value. Sector returns in the Index were led by Telecommunications Services, Information Technology and Energy, while Industrials, Consumer Staples and Materials detracted.

PORTFOLIO REVIEW / CURRENT POSITIONING

The Portfolio outperformed its benchmark index over the first half of the year driven predominantly by stock selection in the Consumer Discretionary and Industrials sectors. Additionally, above-benchmark exposures to Energy and Information Technology also contributed to excess returns.

Hess Corporation was the top individual contributor as rising crude oil prices gave us an opportunity to trim the position on commodity strength. Hess benefited from more good news in their Liza development off Guyana with Exxon.

Another top contributor was fourth quarter 2017 purchase TripAdvisor (“TRIP”), a leading online travel research company. Better top-line trends, particularly in its non-hotel business, and reduced marketing spend in the hotel segment helped shares continue to recover from their November 2017 lows. While reduced marketing spend in any given quarter is no reason to get excited, TRIP’s reduction reflects the end of a spending surge that was meant to grow their mobile presence and fend off competition. We believe a return to normal levels of marketing could substantively increase cash earnings per share. TRIP’s balance sheet is solid and the company continues to generate ample free cash flow.

Among the Portfolio’s top individual contributors was InterActiveCorp (“IAC”). Shares of IAC, a diversified media and Internet company, continued to be a standout (the company operates sites such as HomeAdvisor, Match and Tinder). Its businesses were executing well—the merger of Angie’s List and HomeAdvisor is complete, and Match Group continues to grow and improve monetization. IAC meets our margin of safety criteria, and we like that it’s led by Barry Diller, who has a strong record of capital allocation from asset sales.

The Portfolio’s biggest detractors included Qurate, a video and internet commerce business that owns the QVC^® network, formerly known as Liberty Interactive (“QVC”), and Cimarex Energy, an exploration and production company.

In addition to the re-branding, Qurate is transitioning from a complicated tracking-stock structure to an asset-backed security, which had proven a headwind to its valuation. Business performance continues to improve as the company moves QVC toward an omni-channel model. In general, we believe the shares remain cheap and the business generates free-cash-flow that largely gets put back to shareholders and value-enhancing strategic moves. Furthermore, we believe aligning ourselves with good capital allocators (like Liberty Media’s Chairman John Malone) is good practice and can be an important differentiator.

In the first quarter, Cimarex communicated capex plans that were above expectations, but offered production guidance that was only in line, indicating worsening production efficiency from higher service costs. In our view, Cimarex is a high-quality company with an excellent balance sheet. We like the company’s management team, which is very conservative and returns-focused. Further, the company has attractive exposure to the Delaware Basin, South Central Oklahoma Oil Province and Sooner Trend Anadarko Basin Canadian and Kingfisher Counties plays. As with all the Portfolio’s energy-exposed holdings, we own what we believe are high-quality companies in an unloved area capable of delivering value by better weathering a sustained, weaker operating environment. Longer-term, we believe these businesses should benefit as fundamental supply and demand pressures in oil markets continue to rebalance.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Managed by Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

Our decisions are typically made from the bottom-up, without regard to Index construction. At period-end, the Portfolio maintained above-benchmark positions in the Consumer Discretionary, Energy, Industrials, Information Technology, Materials and Financials sectors. Real Estate, Utilities, Health Care, Consumer Staples and Telecommunication Services holdings were below the benchmark’s average weights for the period.

James C. Kieffer

Daniel L. Kane

Thomas Reynolds

Portfolio Managers

Artisan Partners Limited Partnership

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Artisan Mid Cap Value Portfolio
Class A		1.31		9.63		8.56		8.16
Class B		1.19		9.36		8.29		7.89
Class E		1.24		9.46		8.40		8.00
Russell Midcap Value Index		-0.16		7.60		11.27		10.07

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Celanese Corp.- Series A		3.6
Hess Corp.		3.6
Devon Energy Corp.		3.4
IAC/InterActiveCorp		3.1
AutoNation, Inc.		3.1
Air Lease Corp.		3.0
Kroger Co. (The)		3.0
Andeavor		2.9
Fifth Third Bancorp		2.6
Torchmark Corp.		2.6

Top Sectors

	% of Net Assets
Consumer Discretionary		21.6
Financials		19.3
Industrials		15.7
Energy		14.3
Information Technology		7.8
Materials		7.7
Consumer Staples		3.0
Real Estate		2.7
Health Care		1.0

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Artisan Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.81	%	$	1,000.00	$	1,013.10	$	4.04
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06
Class B (a)	Actual		1.06	%	$	1,000.00	$	1,011.90	$	5.29
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.54	$	5.31
Class E (a)	Actual		0.96	%	$	1,000.00	$	1,012.40	$	4.79
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.03	$	4.81

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—93.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.2%
Rockwell Collins, Inc.		92,495	$	12,457,227
Auto Components—2.5%
Gentex Corp. (a)		1,086,260		25,005,705
Banks—4.9%
Fifth Third Bancorp		926,883		26,601,542
M&T Bank Corp.		137,297		23,361,085
				49,962,627
Capital Markets—1.6%
Intercontinental Exchange, Inc.		217,234		15,977,561
Chemicals—7.7%
Axalta Coating Systems, Ltd. (b)		706,442		21,412,257
Celanese Corp. - Series A		333,620		37,051,837
Nutrien, Ltd.		360,957		19,628,842
				78,092,936
Construction & Engineering—4.5%
Fluor Corp.		481,205		23,473,180
Jacobs Engineering Group, Inc.		343,112		21,784,181
				45,257,361
Diversified Consumer Services—1.1%
H&R Block, Inc. (a)		475,153		10,823,985
Electronic Equipment, Instruments & Components—2.2%
Arrow Electronics, Inc. (b)		291,768		21,964,295
Equity Real Estate Investment Trusts—2.7%
Equity Commonwealth (b)		635,027		20,003,351
STORE Capital Corp.		281,171		7,704,085
				27,707,436
Food & Staples Retailing—3.0%
Kroger Co. (The)		1,062,895		30,239,363
Health Care Providers & Services—1.0%
AmerisourceBergen Corp.		123,395		10,521,892
Insurance—12.8%
Alleghany Corp.		20,387		11,721,913
Allstate Corp. (The)		109,382		9,983,295
Aon plc		153,828		21,100,587
Arch Capital Group, Ltd. (b)		760,698		20,128,069
Fairfax Financial Holdings, Ltd.		22,021		12,344,092
Loews Corp.		308,561		14,897,325
Progressive Corp. (The)		238,993		14,136,436
Torchmark Corp.		322,463		26,251,713
				130,563,430
Security Description	Shares		Value
Internet & Direct Marketing Retail—6.6%
Expedia Group, Inc.		92,057		11,064,331
Liberty Expedia Holdings, Inc. - Class A (b)		263,204		11,565,183
Qurate Retail, Inc. (b)		1,120,699		23,781,233
TripAdvisor, Inc. (a) (b)		369,573		20,588,912
				66,999,659
Internet Software & Services—3.1%
IAC/InterActiveCorp (b)		209,290		31,914,632
Marine—2.3%
Kirby Corp. (a) (b)		283,123		23,669,083
Media—8.4%
CBS Corp. - Class B		419,223		23,568,717
GCI Liberty, Inc. - Class A (b)		415,506		18,731,011
News Corp. - Class A		1,339,184		20,757,352
Omnicom Group, Inc. (a)		294,601		22,469,218
				85,526,298
Oil, Gas & Consumable Fuels—14.3%
Andeavor		224,273		29,420,132
Apache Corp. (a)		417,149		19,501,716
Cimarex Energy Co. (a)		202,748		20,627,582
Devon Energy Corp.		781,308		34,346,300
Hess Corp.		547,987		36,654,850
World Fuel Services Corp. (a)		254,113		5,186,446
				145,737,026
Road & Rail—4.6%
AMERCO (a)		71,095		25,320,484
Ryder System, Inc.		302,779		21,757,699
				47,078,183
Semiconductors & Semiconductor Equipment—2.5%
Analog Devices, Inc.		267,381		25,647,185
Specialty Retail—3.1%
AutoNation, Inc. (a) (b)		648,175		31,488,341
Trading Companies & Distributors—3.0%
Air Lease Corp. (a)		730,647		30,665,254
Total Common Stocks (Cost $658,345,986)				947,299,479

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Short-Term Investment—6.9%

Security Description	Principal Amount*		Value
Repurchase Agreement—6.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $70,516,723; collateralized by U.S. Treasury Note at 1.625%, maturing 11/15/22, with a market value of $71,922,851.		70,512,023	$	70,512,023
Total Short-Term Investments (Cost $70,512,023)				70,512,023
Securities Lending Reinvestments (c)—13.2%
Certificates of Deposit—8.2%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (d)		2,500,000		2,500,135
2.588%, 1M LIBOR + 0.500%, 09/21/18 (d)		2,000,000		2,001,192
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (d)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (d)		4,000,000		4,005,600
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (d)		6,000,000		5,999,436
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (d)		2,000,000		2,001,860
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (d)		4,000,000		4,001,500
China Construction Bank 2.550%, 09/17/18		3,000,000		2,999,949
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (d)		1,500,000		1,499,773
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (d)		3,500,000		3,502,723
2.525%, 3M LIBOR + 0.200%, 04/05/19 (d)		2,000,000		2,000,754
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (d)		2,500,000		2,500,115
Credit Industriel et Commercial (NY)
Zero Coupon, 07/24/18		4,969,974		4,993,000
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (d)		2,000,000		2,000,336
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		3,000,000		2,999,877
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (d)		2,000,000		2,000,008
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (d)		1,000,000		1,000,052
2.427%, 1M LIBOR + 0.370%, 02/14/19 (d)		4,000,000		4,001,692
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (d)		3,000,000		2,999,253
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (d)		2,000,000		1,999,966
Standard Chartered plc 2.250%, 08/21/18		2,000,000		2,000,306
2.384%, 1M LIBOR + 0.300%, 08/22/18 (d)		2,000,000		2,000,048
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (d)		2,500,000		2,500,220
2.374%, 1M LIBOR + 0.280%, 07/30/18 (d)		2,500,000		2,500,175
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (d)		5,000,000		5,000,000
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (d)		4,000,000		4,000,048
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (d)		5,000,000		5,000,115
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (d)		3,000,000		2,999,802
				83,007,819
Commercial Paper—1.7%
Bank of China, Ltd. 2.500%, 07/23/18		2,484,201		2,496,857
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (d)		1,000,000		1,000,439
Sheffield Receivables Co. 2.490%, 11/26/18		1,973,855		1,979,266
Starbird Funding Corp. 2.300%, 08/10/18		2,485,944		2,493,763
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (d)		5,000,000		4,999,040
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (d)		4,000,000		4,000,000
				16,969,365
Repurchase Agreements—2.9%
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $1,041,957; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London
Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $808,893; collateralized by various Common Stock with an aggregate market value of $892,967.		800,000		800,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $2,555,578; collateralized by various Common Stock with an aggregate market value of $2,790,522.		2,500,000		2,500,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $1,002,555; collateralized by various Common Stock with an aggregate market value of $1,112,195.		1,000,000		1,000,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $398,883; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $406,979.		398,817		398,817

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $8,747,435; collateralized by various Common Stock with an aggregate market value of $9,350,001.		8,500,000	$	8,500,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $2,733,384; collateralized by various Common Stock with an aggregate market value of $3,004,806.		2,700,000		2,700,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $2,515,600; collateralized by various Common Stock with an aggregate market value of $2,782,228.		2,500,000		2,500,000
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $3,120,477; collateralized by various Common Stock with an aggregate market value of $3,449,841.		3,100,000		3,100,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $2,314,145; collateralized by various Common Stock with an aggregate market value of $2,559,559.		2,300,000		2,300,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $3,419,942; collateralized by various Common Stock with an aggregate market value of $3,783,696.		3,400,000		3,400,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,809,840; collateralized by various Common Stock with an aggregate market value of $2,003,133.		1,800,000		1,800,000
				29,998,817
Time Deposits—0.4%
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
Time Deposits—(Continued)
DZ Bank AG 1.890%, 07/02/18		1,000,000		1,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000		1,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		1,000,000		1,000,000
				4,000,000
Total Securities Lending Reinvestments (Cost $133,961,348)				133,976,001
Total Investments—113.2% (Cost $862,819,357)				1,151,787,503
Other assets and liabilities (net)—(13.2)%				(134,283,315	)
Net Assets—100.0%			$	1,017,504,188

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $131,092,005 and the collateral received consisted of cash in the amount of $133,912,792. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	947,299,479	$	—		$	—	$	947,299,479
Total Short-Term Investment*		—		70,512,023			—		70,512,023
Total Securities Lending Reinvestments*		—		133,976,001			—		133,976,001
Total Investments	$	947,299,479	$	204,488,024		$	—	$	1,151,787,503
Collateral for Securities Loaned (Liability)	$	—	$	(133,912,792	)	$	—	$	(133,912,792	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,151,787,503
Receivable for:
Investments sold		441,395
Fund shares sold		1,467
Dividends and interest		1,010,346
Total Assets		1,153,240,711
Liabilities
Collateral for securities loaned		133,912,792
Payables for:
Fund shares redeemed		797,058
Accrued Expenses:
Management fees		653,906
Distribution and service fees		85,480
Deferred trustees’ fees		113,371
Other expenses		173,916
Total Liabilities		135,736,523
Net Assets	$	1,017,504,188
Net Assets Consist of:
Paid in surplus	$	671,997,203
Undistributed net investment income		2,924,747
Accumulated net realized gain		53,614,092
Unrealized appreciation on investments		288,968,146
Net Assets	$	1,017,504,188
Net Assets
Class A	$	576,397,844
Class B		365,381,687
Class E		75,724,657
Capital Shares Outstanding*
Class A		2,331,003
Class B		1,531,290
Class E		311,841
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	247.27
Class B		238.61
Class E		242.83

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $862,819,357.
(b)	Includes securities loaned at value of $131,092,005.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	6,940,722
Interest		209,309
Securities lending income		413,043
Total investment income		7,563,074
Expenses
Management fees		4,441,253
Administration fees		17,241
Custodian and accounting fees		41,473
Distribution and service fees—Class B		468,459
Distribution and service fees—Class E		58,039
Audit and tax services		21,770
Legal		21,433
Trustees’ fees and expenses		20,716
Shareholder reporting		72,860
Insurance		3,537
Miscellaneous		8,137
Total expenses		5,174,918
Less management fee waiver		(252,003	)
Less broker commission recapture		(11,200	)
Net expenses		4,911,715
Net Investment Income		2,651,359
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		54,327,355
Net change in unrealized depreciation on investments		(44,143,725	)
Net realized and unrealized gain		10,183,630
Net Increase in Net Assets From Operations	$	12,834,989

(a) Net of foreign withholding taxes of $80,812.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,651,359		$	6,094,958
Net realized gain		54,327,355			73,406,636
Net change in unrealized appreciation (depreciation)		(44,143,725	)		56,060,091
Increase in net assets from operations		12,834,989			135,561,685
From Distributions to Shareholders
Net investment income
Class A		(3,584,878	)		(4,618,720	)
Class B		(1,373,133	)		(1,950,478	)
Class E		(360,807	)		(461,275	)
Net realized capital gains
Class A		(30,271,568	)		0
Class B		(19,935,153	)		0
Class E		(4,063,157	)		0
Total distributions		(59,588,696	)		(7,030,473	)
Decrease in net assets from capital share transactions		(82,801,437	)		(120,097,285	)
Total increase (decrease) in net assets		(129,555,144	)		8,433,927
Net Assets
Beginning of period		1,147,059,332			1,138,625,405
End of period	$	1,017,504,188		$	1,147,059,332
Undistributed net investment income
End of period	$	2,924,747		$	5,592,206

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		14,477		$	3,758,317			51,236		$	12,312,536
Reinvestments		135,752			33,856,446			19,370			4,618,720
Redemptions		(429,168	)		(110,886,310	)		(279,672	)		(67,675,485	)
Net decrease		(278,939	)	$	(73,271,547	)		(209,066	)	$	(50,744,229	)
Class B
Sales		14,754		$	3,700,841			67,106		$	15,605,735
Reinvestments		88,530			21,308,286			8,460			1,950,478
Redemptions		(133,115	)		(33,362,256	)		(324,130	)		(75,831,622	)
Net decrease		(29,831	)	$	(8,353,129	)		(248,564	)	$	(58,275,409	)
Class E
Sales		4,257		$	1,082,047			7,456		$	1,758,107
Reinvestments		18,061			4,423,964			1,968			461,275
Redemptions		(26,241	)		(6,682,772	)		(56,110	)		(13,297,029	)
Net decrease		(3,923	)	$	(1,176,761	)		(46,686	)	$	(11,077,647	)
Decrease derived from capital shares transactions				$	(82,801,437	)				$	(120,097,285	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	259.07		$	231.28		$	213.79		$	271.79		$	268.60		$	198.30
Income (Loss) from Investment Operations
Net investment income (a)		0.75			1.54			1.74	(b)		2.26			2.89			1.98
Net realized and unrealized gain (loss) on investments		2.78			27.96			43.82			(23.66	)		2.25			70.60
Total from investment operations		3.53			29.50			45.56			(21.40	)		5.14			72.58
Less Distributions
Distributions from net investment income		(1.62	)		(1.71	)		(2.56	)		(3.17	)		(1.95	)		(2.28	)
Distributions from net realized capital gains		(13.71	)		0.00			(25.51	)		(33.43	)		0.00			0.00
Total distributions		(15.33	)		(1.71	)		(28.07	)		(36.60	)		(1.95	)		(2.28	)
Net Asset Value, End of Period	$	247.27		$	259.07		$	231.28		$	213.79		$	271.79		$	268.60
Total Return (%) (c)		1.31	(d)		12.82			22.96			(9.44	)		1.93			36.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.85			0.84			0.84			0.83
Net ratio of expenses to average net assets (%) (f)		0.81	(e)		0.85			0.85			0.84			0.84			0.83
Ratio of net investment income to average net assets (%)		0.58	(e)		0.64			0.80	(b)		0.91			1.07			0.84
Portfolio turnover rate (%)		8	(d)		21			31			31			25			22
Net assets, end of period (in millions)	$	576.4		$	676.2		$	652.0		$	739.1		$	853.7		$	970.0
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	250.17		$	223.41		$	207.30		$	264.50		$	261.50		$	193.14
Income (Loss) from Investment Operations
Net investment income (a)		0.42			0.90			1.16	(b)		1.59			2.15			1.36
Net realized and unrealized gain (loss) on investments		2.67			27.01			42.40			(22.95	)		2.21			68.77
Total from investment operations		3.09			27.91			43.56			(21.36	)		4.36			70.13
Less Distributions
Distributions from net investment income		(0.94	)		(1.15	)		(1.94	)		(2.41	)		(1.36	)		(1.77	)
Distributions from net realized capital gains		(13.71	)		0.00			(25.51	)		(33.43	)		0.00			0.00
Total distributions		(14.65	)		(1.15	)		(27.45	)		(35.84	)		(1.36	)		(1.77	)
Net Asset Value, End of Period	$	238.61		$	250.17		$	223.41		$	207.30		$	264.50		$	261.50
Total Return (%) (c)		1.19	(d)		12.54			22.65			(9.66	)		1.67			36.51
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(e)		1.10			1.10			1.09			1.09			1.08
Net ratio of expenses to average net assets (%) (f)		1.06	(e)		1.10			1.10			1.09			1.09			1.08
Ratio of net investment income to average net assets (%)		0.34	(e)		0.39			0.55	(b)		0.66			0.82			0.59
Portfolio turnover rate (%)		8	(d)		21			31			31			25			22
Net assets, end of period (in millions)	$	365.4		$	390.5		$	404.3		$	358.7		$	446.3		$	505.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	254.48		$	227.21		$	210.43		$	267.99		$	264.86		$	195.57
Income (Loss) from Investment Operations
Net investment income (a)		0.55			1.15			1.40	(b)		1.85			2.43			1.60
Net realized and unrealized gain (loss) on investments		2.73			27.48			43.07			(23.28	)		2.25			69.65
Total from investment operations		3.28			28.63			44.47			(21.43	)		4.68			71.25
Less Distributions
Distributions from net investment income		(1.22	)		(1.36	)		(2.18	)		(2.70	)		(1.55	)		(1.96	)
Distributions from net realized capital gains		(13.71	)		0.00			(25.51	)		(33.43	)		0.00			0.00
Total distributions		(14.93	)		(1.36	)		(27.69	)		(36.13	)		(1.55	)		(1.96	)
Net Asset Value, End of Period	$	242.83		$	254.48		$	227.21		$	210.43		$	267.99		$	264.86
Total Return (%) (c)		1.24	(d)		12.65			22.78			(9.58	)		1.78			36.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(e)		1.00			1.00			0.99			0.99			0.98
Net ratio of expenses to average net assets (%) (f)		0.96	(e)		1.00			1.00			0.99			0.99			0.98
Ratio of net investment income to average net assets (%)		0.44	(e)		0.49			0.65	(b)		0.76			0.91			0.68
Portfolio turnover rate (%)		8	(d)		21			31			31			25			22
Net assets, end of period (in millions)	$	75.7		$	80.4		$	82.4		$	75.8		$	95.1		$	110.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and less than 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effect of management fee waivers. (See Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

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

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $70,512,023. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $29,998,817. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	84,272,807	$	0	$	209,626,930

During the six months ended June 30, 2018, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $4,312,774 in sales of investments, which are included above, and resulted in realized gains of $598,792.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$4,441,253		0.820	%	Of the first $1 billion
		0.780	%	On amounts in excess of $1 billion

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

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.040%	On the first $500 million
0.050%	On the next $500 million
0.060%	On amounts in excess of $1 billion

An identical agreement was in place for the period January 1, 2018 through April 29, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	863,210,228
Gross unrealized appreciation		298,297,849
Gross unrealized depreciation		(9,720,574	)
Net unrealized appreciation (depreciation)	$	288,577,275

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$7,030,473	$	10,818,093	$	—	$	118,334,861	$	7,030,473	$	129,152,954

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Artisan Mid Cap Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$5,708,715	$	53,947,484	$	332,721,000	$	—	$	392,377,199

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

During the year ended December 31, 2017, the Portfolio utilized capital loss carryforwards of $19,269,516.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Managed by Dimensional Fund Advisors LP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A and B shares of the Brighthouse/Dimensional International Small Company Portfolio returned -2.89% and -3.00%, respectively. The Portfolio’s benchmark, the MSCI World ex-U.S. Small Cap Index¹, returned -1.44%.

MARKET ENVIRONMENT / CONDITIONS

In US dollar terms, developed ex-U.S. markets had negative performance for the six-month period, trailing the U.S. market but outperforming emerging markets. The MSCI World ex-USA IMI (net dividends) returned -2.6%, as compared to 3.2% for the Russell 3000 Index and -6.9% for the MSCI Emerging Markets IMI (net dividends). Most developed ex-U.S. market currencies, particularly the Swedish krona and the Australian dollar, depreciated relative to the U.S. dollar. Overall, currency movements had a negative impact on the U.S. dollar-denominated returns of the developed ex-U.S. market.

Theoretical and empirical research suggests that investors can systematically pursue higher expected returns by targeting the size, relative price, and profitability dimensions in equity markets. Dimensional integrates these dimensions to emphasize stocks with smaller market capitalizations, lower relative prices, and higher profitability. Along the market capitalization dimension, small caps (MSCI World ex-U.S. Small Cap Index, net dividends) outperformed large caps (MSCI World ex-U.S. Index, net dividends) by 1.3% for the six-month period. Midcaps (MSCI World ex-U.S. Mid Cap Index, net dividends) outperformed large caps by 0.6% but underperformed small caps by 0.7%. Micro caps (MSCI World ex-U.S. Micro Cap Index, net dividends) underperformed small caps by 1.3%.

Along the relative price dimension, large cap value stocks (MSCI World ex-U.S. Value Index, net dividends) underperformed large cap growth stocks (MSCI World ex-U.S. Growth Index, net dividends) by 3.5%, and small cap value stocks (MSCI World ex-U.S. Small Cap Value Index, net dividends) underperformed small cap growth stocks (MSCI World ex-U.S. Small Cap Growth Index, net dividends) by 5.0%.

It is important to consider the interactions between size, value and profitability when reviewing the performance of the dimensions. Considering all three dimensions simultaneously, stocks with lower relative prices and higher profitability underperformed stocks with higher relative prices and lower profitability among both large and small caps. Performance of the premiums may vary depending on the particular segment of the market under analysis.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the six months ended June 30, 2018, the Portfolio underperformed its benchmark, the MSCI World ex-U.S. Small Cap Index (net dividends), by 145 basis points net of fees.

With micro cap stocks underperforming other small cap stocks for the period, the Portfolio’s greater allocation to micro caps and lesser allocation to small caps with larger market capitalizations detracted from relative performance. The Portfolio’s general exclusion of Real Estate Investment Trusts (“REITs”) had a negative impact on relative performance, as REITs outperformed the overall index.

The Portfolio held over 3,700 securities as of June 30, 2018 and is well diversified across both countries and sectors. Dimensional designs the Portfolio to provide broad exposure to small cap securities within non-U.S. developed markets. As a result of the Portfolio’s diversified investment approach, performance is determined principally by broad trends in non-U.S. developed equity markets rather than by the behavior of a limited group of securities in a particular industry, country, or asset class. Dimensional will continue to pursue a disciplined approach to identify securities for purchase or sale in the Portfolio.

Joseph Chi

Jed Fogdall

Arun Keswani

Bhanu Singh

Portfolio Managers

Dimensional Fund Advisors LP

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

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		Since Inception2
Brighthouse/Dimensional International Small Company Portfolio
Class A		-2.89		8.76		10.43		12.16
Class B		-3.00		8.48		10.15		11.88
MSCI World ex-U.S. Small Cap Index		-1.44		11.87		10.29		12.75

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

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
GN Store Nord A/S		0.3
BBA Aviation plc		0.3
Inchcape plc		0.2
Aalberts Industries NV		0.2
Edenred		0.2
Rubis SCA		0.2
Ambu A/S		0.2
LANXESS AG		0.2
LEG Immobilien AG		0.2
Georg Fischer AG		0.2

Top Countries

	% of Net Assets
Japan		25.2
United Kingdom		15.0
Canada		8.2
Australia		6.9
Germany		6.1
Switzerland		4.9
Italy		4.4
France		4.3
Hong Kong		2.9
Netherlands		2.7

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Dimensional International Small Company Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.92	%	$	1,000.00	$	971.10	$	4.50
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.23	$	4.61
Class B (a)	Actual		1.17	%	$	1,000.00	$	970.00	$	5.71
	Hypothetical*		1.17	%	$	1,000.00	$	1,018.99	$	5.86

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

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

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

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Australia—6.9%
Accent Group, Ltd.		90,942	$	110,933
Adairs, Ltd.		12,167		20,072
Adelaide Brighton, Ltd.		134,783		696,091
AED Oil, Ltd. (a) (b) (c) (d)		93,946		0
Ainsworth Game Technology, Ltd.		51,616		39,706
Alkane Resources, Ltd. (c)		120,355		20,486
ALS, Ltd.		82,785		464,178
Altium, Ltd.		31,832		534,516
AMA Group, Ltd.		111,029		86,026
Amaysim Australia, Ltd.		21,060		16,493
Ansell, Ltd.		39,937		805,912
AP Eagers, Ltd.		7,774		49,039
APN Outdoor Group, Ltd.		34,469		160,817
Appen, Ltd.		19,037		188,130
ARB Corp., Ltd.		27,756		470,927
Ardent Leisure Group		85,605		125,410
ARQ Group, Ltd.		41,278		100,785
Asaleo Care, Ltd.		51,178		52,993
Atlas Arteria, Ltd.		108,901		518,178
AUB Group, Ltd.		25,969		260,882
Aurelia Metals, Ltd. (c)		84,341		35,569
Ausdrill, Ltd.		126,869		172,194
Austal, Ltd.		81,889		112,736
Australian Agricultural Co., Ltd. (c)		192,359		179,316
Australian Pharmaceutical Industries, Ltd.		174,311		220,302
Auswide Bank, Ltd.		9,275		38,587
Automotive Holdings Group, Ltd.		101,744		214,338
Aveo Group		113,281		203,939
AVJennings, Ltd.		10,332		5,388
Bapcor, Ltd.		39,977		194,532
Beach Energy, Ltd.		902,659		1,180,640
Beadell Resources, Ltd. (c)		102,327		5,068
Bega Cheese, Ltd.		67,325		371,270
Bellamy’s Australia, Ltd. (c)		19,257		221,115
Blackmores, Ltd.		4,835		510,502
Blue Sky Alternative Investments, Ltd.		6,725		8,492
Bravura Solutions, Ltd.		32,185		76,384
Breville Group, Ltd.		34,410		297,137
Brickworks, Ltd.		5,923		68,760
Buru Energy, Ltd. (c)		72,570		16,898
BWX, Ltd.		2,270		9,601
Cabcharge Australia, Ltd.		55,813		99,140
Capral, Ltd.		136,176		15,152
Cardno, Ltd. (c)		69,333		68,206
Carnarvon Petroleum, Ltd. (c)		282,013		31,433
carsales.com, Ltd.		79,391		890,264
Cash Converters International, Ltd. (c)		152,939		34,964
Cedar Woods Properties, Ltd.		27,273		116,367
Cleanaway Waste Management, Ltd.		883,001		1,109,157
Clinuvel Pharmaceuticals, Ltd. (c)		2,186		17,913
Clover Corp., Ltd.		10,922		13,110
Codan, Ltd.		4,604		10,215
Collection House, Ltd.		19,217		21,191
Collins Foods, Ltd.		11,643		47,982
Cooper Energy, Ltd. (c)		552,999		157,254
Corporate Travel Management, Ltd.		21,828		442,670
Costa Group Holdings, Ltd.		57,589		353,110
Australia—(Continued)
Credit Corp. Group, Ltd.		13,415		180,310
CSG, Ltd. (c)		66,837		11,379
CSR, Ltd.		239,936		817,353
Cudeco, Ltd. (a) (b) (c) (d)		51,210		8,906
Data #3, Ltd.		55,471		65,650
Decmil Group, Ltd. (c)		56,744		40,734
Domain Holdings Australia, Ltd.		96,746		231,366
Domino’s Pizza Enterprises, Ltd.		5,908		228,181
Downer EDI, Ltd.		192,240		967,641
DuluxGroup, Ltd.		144,897		819,624
DWS, Ltd.		36,847		34,356
Eclipx Group, Ltd.		7,140		16,808
Elders, Ltd.		32,731		204,857
Energy Resources of Australia, Ltd. (c)		51,910		15,157
Energy World Corp., Ltd. (c)		325,379		40,757
EQT Holdings, Ltd.		3,062		47,097
ERM Power, Ltd.		49,991		54,956
Estia Health, Ltd.		8,310		20,215
Euroz, Ltd.		23,559		21,355
Event Hospitality and Entertainment, Ltd.		38,556		381,976
Fairfax Media, Ltd.		967,464		536,715
FAR, Ltd. (c)		653,097		50,701
Finbar Group, Ltd.		6,909		4,830
Fleetwood Corp., Ltd.		22,683		38,224
FlexiGroup, Ltd.		60,577		99,471
G8 Education, Ltd.		158,694		273,450
Galaxy Resources, Ltd. (c)		98,235		221,407
Gateway Lifestyle		49,118		84,704
Genworth Mortgage Insurance Australia, Ltd.		42,575		80,919
Global Construction Services, Ltd.		9,380		4,924
Gold Road Resources, Ltd. (c)		132,712		72,944
GrainCorp, Ltd. - Class A		83,590		474,733
Grange Resources, Ltd.		120,000		15,598
Greencross, Ltd.		21,736		71,938
GUD Holdings, Ltd.		39,734		417,994
GWA Group, Ltd.		92,856		233,439
Hansen Technologies, Ltd.		50,238		117,541
Healthscope, Ltd.		16,123		26,370
Hills, Ltd. (c)		80,453		13,663
Horizon Oil, Ltd. (c)		652,736		73,009
HT&E, Ltd.		109,386		204,069
IDM International, Ltd. (a) (b) (c) (d)		1,969		0
IDP Education, Ltd.		1,987		15,448
Iluka Resources, Ltd.		56,068		466,272
Imdex, Ltd. (c)		100,165		91,470
IMF Bentham, Ltd.		49,173		109,204
Independence Group NL		112,057		428,210
Infigen Energy, Ltd. (c)		343,467		167,686
Infomedia, Ltd.		131,353		93,278
Inghams Group, Ltd.		53,946		152,458
Integral Diagnostics, Ltd.		6,767		15,110
Integrated Research, Ltd.		28,972		66,656
International Ferro Metals, Ltd. (a) (b) (c) (d)		82,765		0
Invocare, Ltd.		38,500		392,171
IOOF Holdings, Ltd.		118,246		784,606
IPH, Ltd.		19,041		62,999
Iress, Ltd.		54,057		482,848

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
iSelect, Ltd.		46,213	$	27,860
iSentia Group, Ltd.		28,120		14,670
Japara Healthcare, Ltd.		32,040		42,793
JB Hi-Fi, Ltd.		46,350		773,584
Jupiter Mines, Ltd. (c)		53,689		15,294
K&S Corp., Ltd.		1,802		2,135
Karoon Gas Australia, Ltd. (c)		75,600		63,146
Kingsgate Consolidated, Ltd. (c)		121,238		25,323
Kingsrose Mining, Ltd. (c)		102,961		5,039
Kogan.com, Ltd.		3,903		19,670
Lifestyle Communities, Ltd.		7,615		32,987
Link Administration Holdings, Ltd.		107,971		586,769
Lovisa Holdings, Ltd.		1,709		14,784
Lynas Corp., Ltd. (c)		50,144		87,195
MACA, Ltd.		56,351		50,038
Macmahon Holdings, Ltd. (c)		380,170		60,393
Magellan Financial Group, Ltd.		21,247		368,848
MaxiTRANS Industries, Ltd.		59,013		22,052
Mayne Pharma Group, Ltd. (c)		452,144		290,805
MC Mining, Ltd. (c)		6,676		1,779
McMillan Shakespeare, Ltd.		29,453		350,570
McPherson’s, Ltd.		34,460		43,462
Medusa Mining, Ltd. (c)		60,972		22,743
Metals X, Ltd.		75,358		44,572
Metcash, Ltd.		385,184		746,447
Mincor Resources NL (c)		105,687		29,718
Mineral Resources, Ltd.		41,091		485,524
MMA Offshore, Ltd. (c)		200,470		37,664
Moelis Australia, Ltd.		4,454		19,812
Monadelphous Group, Ltd.		40,177		447,141
Monash IVF Group, Ltd.		21,931		17,528
Money3 Corp., Ltd.		25,929		37,332
Morning Star Gold NL (a) (b) (c) (d)		33,455		0
Mortgage Choice, Ltd.		48,689		51,014
Mount Gibson Iron, Ltd.		382,742		123,199
Myer Holdings, Ltd.		355,143		97,197
MYOB Group, Ltd.		110,434		236,526
MyState, Ltd.		3,899		14,453
Navigator Global Investments, Ltd.		45,623		180,542
Navitas, Ltd.		85,117		280,757
NetComm Wireless, Ltd. (c)		18,166		14,866
New Hope Corp., Ltd.		12,312		27,236
nib holdings, Ltd.		171,993		732,226
Nick Scali, Ltd.		16,348		81,374
Nine Entertainment Co. Holdings, Ltd.		178,126		328,497
Northern Star Resources, Ltd.		195,936		1,058,299
NRW Holdings, Ltd. (c)		62,111		77,817
Nufarm, Ltd.		96,965		637,116
OceanaGold Corp.		166,811		463,135
OFX Group, Ltd.		99,303		128,159
oOh!media, Ltd. (c)		13,427		49,186
oOh!media, Ltd.		30,883		113,617
Orora, Ltd.		317,910		841,444
OZ Minerals, Ltd.		134,369		936,177
Pacific Current Group, Ltd.		5,535		26,856
Pacific Niugini, Ltd. (c)		55,979		12,432
Pacific Smiles Group, Ltd.		13,431		15,592
Australia—(Continued)
Pact Group Holdings, Ltd.		5,137		20,025
Panoramic Resources, Ltd. (c)		167,563		76,842
Paragon Care, Ltd.		17,137		10,470
Peet, Ltd.		88,199		86,098
Pendal Group, Ltd.		30,505		224,648
Peninsula Energy, Ltd. (c)		11,352		1,965
Perpetual, Ltd.		17,753		548,024
Perseus Mining, Ltd. (c)		231,401		74,266
Platinum Asset Management, Ltd.		46,344		198,711
Pluton Resources, Ltd. (a) (b) (c) (d)		48,332		0
PMP, Ltd. (c)		158,703		27,583
Premier Investments, Ltd.		44,992		564,359
Primary Health Care, Ltd.		244,279		631,870
Prime Media Group, Ltd.		93,371		20,016
Pro Medicus, Ltd.		5,543		32,931
Qube Holdings, Ltd.		239,376		426,584
Quintis, Ltd. (a) (b) (c) (d)		106,522		10,386
RCR Tomlinson, Ltd.		70,865		156,215
Reckon, Ltd. (c)		36,898		26,521
Regis Healthcare, Ltd.		29,394		71,347
Regis Resources, Ltd.		180,703		688,137
Reject Shop, Ltd. (The)		12,421		52,204
Resolute Mining, Ltd.		277,334		264,910
Retail Food Group, Ltd.		64,643		25,828
Ridley Corp., Ltd.		123,003		125,296
RPMGlobal Holdings, Ltd. (c)		4,190		1,925
Ruralco Holdings, Ltd.		9,291		21,080
Salmat, Ltd.		45,807		22,246
Sandfire Resources NL		40,717		277,275
Saracen Mineral Holdings, Ltd. (c)		349,701		568,352
Select Harvests, Ltd.		35,131		179,470
Senex Energy, Ltd. (c)		311,194		100,604
Servcorp, Ltd.		21,215		65,270
Service Stream, Ltd.		62,705		70,134
Seven Group Holdings, Ltd.		17,494		247,649
Seven West Media, Ltd.		408,410		253,570
SG Fleet Group, Ltd.		11,131		30,485
Sigma Healthcare, Ltd.		560,969		338,423
Silver Chef, Ltd.		8,928		24,973
Silver Lake Resources, Ltd. (c)		112,092		50,221
Sino Gas & Energy Holdings, Ltd. (c)		114,636		19,045
Sirtex Medical, Ltd.		22,520		524,087
SmartGroup Corp., Ltd.		22,008		190,621
Southern Cross Media Group, Ltd.		229,061		221,930
Spark Infrastructure Group		444,329		751,496
SpeedCast International, Ltd.		60,891		278,802
St. Barbara, Ltd.		197,046		707,343
Stanmore Coal, Ltd. (c)		19,719		12,687
Steadfast Group, Ltd.		198,774		414,587
Strike Energy, Ltd. (c)		207,173		22,206
Sundance Energy Australia, Ltd. (c)		2,046,163		114,872
Sunland Group, Ltd.		40,150		53,928
Super Retail Group, Ltd.		65,652		395,443
Superloop, Ltd.		10,345		19,275
Syrah Resources, Ltd. (c)		47,149		101,389
Tassal Group, Ltd.		80,622		247,166
Technology One, Ltd.		85,252		268,994

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Australia—(Continued)
Thorn Group, Ltd.		62,916	$	27,932
Tiger Resources, Ltd. (a) (b) (c) (d)		591,241		4,434
Troy Resources, Ltd. (c)		106,145		11,430
Villa World, Ltd.		27,402		45,056
Village Roadshow, Ltd. (c)		32,709		55,877
Virgin Australia Holdings, Ltd. (c)		442,369		72,073
Virgin Australia International Holding, Ltd. (a) (b) (c) (d)		968,773		1
Virtus Health, Ltd.		37,091		157,769
Vista Group International, Ltd.		19,356		50,207
Vita Group, Ltd.		18,112		13,120
Vocus Group, Ltd. (c)		19,836		33,883
Watpac, Ltd. (c)		37,999		19,825
Webjet, Ltd.		30,172		301,377
Western Areas, Ltd.		118,029		312,588
Westgold Resources, Ltd. (c)		37,679		51,985
Whitehaven Coal, Ltd.		121,287		521,158
WorleyParsons, Ltd.		46,235		600,847
WPP AUNZ, Ltd.		131,382		98,129
				47,600,076
Austria—1.3%
A-TEC Industries AG (a) (b) (c)		1		0
Agrana Beteiligungs AG		1,453		149,581
ams AG (c)		12,841		951,076
Andritz AG		12,794		678,899
Austria Technologie & Systemtechnik AG		14,133		262,143
CA Immobilien Anlagen AG		20,949		698,332
DO & Co. AG		1,944		115,282
EVN AG		12,657		236,472
FACC AG (c)		3,288		61,358
Flughafen Wien AG		267		9,938
IMMOFINANZ AG		17,289		411,732
Kapsch TrafficCom AG		1,870		84,285
Lenzing AG		3,209		387,229
Mayr Melnhof Karton AG		3,211		433,528
Oberbank AG		198		20,348
Oesterreichische Post AG		10,088		460,362
Palfinger AG		5,204		197,051
POLYTEC Holding AG		8,428		120,177
Porr AG		2,048		68,838
Raiffeisen Bank International AG		13,074		400,481
Rosenbauer International AG		1,615		88,612
S IMMO AG		23,207		453,045
S&T AG (c)		2,615		67,360
Schoeller-Bleckmann Oilfield Equipment AG		3,509		422,623
Semperit AG Holding (c) (e)		5,443		101,027
Strabag SE		6,827		267,277
Telekom Austria AG (c)		25,615		213,444
UBM Development AG		219		10,432
UNIQA Insurance Group AG		36,921		339,342
Vienna Insurance Group AG Wiener Versicherung Gruppe		4,893		132,949
Wienerberger AG		39,101		976,199
Zumtobel Group AG		13,016		99,964
				8,919,386
Belgium—1.7%
Ackermans & van Haaren NV		8,887		1,529,546
AGFA-Gevaert NV (c)		67,517		283,491
Atenor		1,089		61,057
Banque Nationale de Belgique		88		279,537
Barco NV		4,866		593,409
Bekaert S.A.		11,685		378,866
Biocartis NV (c)		2,303		32,729
bpost S.A.		18,928		298,067
Cie d’Entreprises CFE		3,200		395,812
Cie Immobiliere de Belgique S.A.		1,276		78,375
D’ieteren S.A.		8,787		364,949
Deceuninck NV (d)		27,313		83,328
Econocom Group S.A.		39,556		217,974
Elia System Operator S.A.		10,586		657,722
Euronav NV		30,049		275,717
EVS Broadcast Equipment S.A.		4,761		109,173
Exmar NV (c)		10,339		73,270
Fagron		12,062		205,917
Galapagos NV (c)		16,401		1,511,945
GIMV NV		1,251		76,083
Ion Beam Applications (c)		6,507		173,143
Jensen-Group NV		738		29,725
Kinepolis Group NV		5,586		354,013
Lotus Bakeries NV		96		267,901
MDxHealth (c) (e)		5,915		26,649
Melexis NV		5,431		503,586
Nyrstar NV (c) (e)		26,926		144,364
Ontex Group NV		15,235		333,853
Orange Belgium S.A.		13,209		222,800
Picanol		1,096		113,112
Recticel S.A.		18,423		209,648
Resilux NV		229		38,091
Roularta Media Group NV (c)		1,629		40,859
Sioen Industries NV		3,002		95,155
Sipef S.A.		3,358		233,579
TER Beke S.A.		60		11,695
Tessenderlo Group S.A. (c)		13,457		524,505
ThromboGenics NV (c)		9,279		76,471
Umicore S.A.		3,516		200,834
Van de Velde NV		1,970		71,491
Viohalco S.A. (c)		45,397		180,391
				11,358,832
Cambodia—0.0%
NagaCorp, Ltd.		164,000		148,851
Canada—8.2%
5N Plus, Inc. (c)		33,732		85,956
Absolute Software Corp.		18,754		98,859
Acadian Timber Corp.		3,800		57,521
Advantage Oil & Gas, Ltd. (c)		91,030		284,588
Aecon Group, Inc.		30,622		360,108
AG Growth International, Inc.		5,820		245,081
AGF Management, Ltd. - Class B		32,280		170,896
AGT Food & Ingredients, Inc. (e)		7,901		92,073
Aimia, Inc. (c)		40,971		72,303

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
AirBoss of America Corp.		3,761	$	44,343
AKITA Drilling, Ltd. - Class A		2,003		8,441
Alamos Gold, Inc. - Class A		124,119		707,147
Alaris Royalty Corp.		16,654		201,928
Alcanna, Inc.		12,660		88,018
Alexco Resource Corp. (c)		22,734		29,917
Algoma Central Corp.		4,410		49,714
Alio Gold, Inc. (c)		5,966		8,668
Altius Minerals Corp.		11,560		115,631
Altus Group, Ltd.		14,488		323,009
Americas Silver Corp. (c)		4,400		13,756
Amerigo Resources, Ltd. (c)		20,000		15,061
Andrew Peller, Ltd. - Class A		7,417		96,193
Aritzia, Inc. (c)		1,600		18,986
Asanko Gold, Inc. (c)		23,027		24,872
Athabasca Oil Corp. (c)		129,224		176,932
ATS Automation Tooling Systems, Inc. (c)		36,533		543,000
AutoCanada, Inc.		8,428		109,048
B2Gold Corp. (c)		223,949		580,889
Badger Daylighting, Ltd. (e)		11,862		285,756
Baytex Energy Corp. (c) (e)		74,505		247,660
Bellatrix Exploration, Ltd. (c)		12,053		12,102
Birchcliff Energy, Ltd.		64,952		238,138
Bird Construction, Inc.		18,612		102,783
Black Diamond Group, Ltd.		19,812		53,650
BlackPearl Resources, Inc. (c)		117,817		130,843
BMTC Group, Inc.		5,387		60,236
BNK Petroleum, Inc. (c)		17,500		7,055
Bonavista Energy Corp.		62,296		70,605
Bonterra Energy Corp. (e)		12,499		162,388
Boralex, Inc. - Class A		18,354		294,021
Brookfield Real Estate Services, Inc.		1,700		25,216
BSM Technologies, Inc. (c)		15,600		15,663
Calfrac Well Services, Ltd. (c)		35,593		151,074
Calian Group, Ltd.		2,846		67,651
Callidus Capital Corp.		4,100		16,997
Canaccord Genuity Group, Inc.		54,653		301,815
Canacol Energy, Ltd. (c)		37,461		121,389
Canadian Western Bank		32,028		844,156
Canfor Corp. (c)		17,141		412,537
Canfor Pulp Products, Inc.		15,297		293,455
CanWel Building Materials Group, Ltd.		19,304		101,024
Capital Power Corp.		41,208		790,840
Capstone Mining Corp. (c)		117,839		90,532
Cardinal Energy, Ltd. (e)		32,459		136,537
Cargojet, Inc.		1,200		58,574
Cascades, Inc.		35,836		320,838
Celestica, Inc. (c)		38,585		458,741
Celestica, Inc. (U.S. Listed Shares) (c)		223		2,647
Centerra Gold, Inc. (c)		62,285		346,330
Cervus Equipment Corp.		2,998		32,474
CES Energy Solutions Corp.		68,937		235,444
Chesswood Group, Ltd.		2,000		16,522
Chinook Energy, Inc. (c)		27,917		4,247
Cineplex, Inc. (e)		19,436		431,402
Clairvest Group, Inc.		200		7,188
Clearwater Seafoods, Inc. (e)		7,044		27,112
Canada—(Continued)
Cogeco Communications, Inc.		533		26,402
Cogeco, Inc.		2,309		102,080
Colliers International Group, Inc.		9,980		759,289
Computer Modelling Group, Ltd.		26,120		200,671
Conifex Timber, Inc. (c)		3,500		15,654
Continental Gold, Inc. (c)		41,400		119,352
Copper Mountain Mining Corp. (c) (e)		63,622		60,009
Corby Spirit and Wine, Ltd.		3,957		62,245
Corridor Resources, Inc. (c)		21,385		10,248
Corus Entertainment, Inc. - B Shares		31,990		120,694
Cott Corp.		44,379		735,233
Cott Corp. (U.S. Listed Shares)		2,000		33,100
Crew Energy, Inc. (c)		69,029		105,540
CRH Medical Corp. (c)		17,700		55,336
Delphi Energy Corp. (c) (e)		95,850		64,160
Denison Mines Corp. (c)		247,548		120,512
Descartes Systems Group, Inc. (The) (c)		21,986		716,282
Detour Gold Corp. (c)		21,700		195,104
DHX Media, Ltd. (e)		41,896		87,001
DIRTT Environmental Solutions (c)		12,000		58,510
Dorel Industries, Inc. - Class B		12,134		205,825
DREAM Unlimited Corp. - Class A (c)		7,822		57,892
Dundee Precious Metals, Inc. (c)		40,545		96,840
E-L Financial Corp., Ltd.		177		110,401
Echelon Financial Holdings, Inc. (c)		900		8,174
EcoSynthetix, Inc. (c)		800		1,016
Eldorado Gold Corp. (c)		112,292		113,603
Endeavour Silver Corp. (c) (e)		25,776		80,976
EnerCare, Inc.		31,725		433,892
Enerflex, Ltd.		29,289		315,024
Enerplus Corp.		53,164		670,490
Enghouse Systems, Ltd.		7,089		413,968
Ensign Energy Services, Inc.		51,526		230,067
Entertainment One, Ltd.		32,514		157,790
Epsilon Energy, Ltd. (c)		21,856		46,550
Equitable Group, Inc. (e)		3,909		177,097
Essential Energy Services Trust (c)		53,526		23,208
Evertz Technologies, Ltd.		9,149		111,209
Exchange Income Corp.		2,651		64,609
Exco Technologies, Ltd.		13,332		90,154
EXFO, Inc. (c)		85		292
Extendicare, Inc.		34,956		192,774
Fiera Capital Corp.		14,019		125,511
Firm Capital Mortgage Investment Corp.		9,574		95,984
First Majestic Silver Corp. (c)		37,960		289,612
First Mining Gold Corp. (c)		50,000		17,115
First National Financial Corp.		4,907		106,452
FirstService Corp.		10,880		827,514
Fission Uranium Corp. (c) (e)		114,725		58,469
Fortress Global Enterprises, Inc. (c)		7,338		18,978
Fortuna Silver Mines, Inc. (c)		60,121		342,072
Freehold Royalties, Ltd.		30,212		284,965
Gamehost, Inc.		4,952		44,900
GDI Integrated Facility Services, Inc. (c)		200		2,501
Gear Energy, Ltd. (c)		23,900		24,543
Genesis Land Development Corp.		14,348		41,800
Genworth MI Canada, Inc.		15,602		507,704

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Gibson Energy, Inc. (e)		29,744	$	396,617
Glacier Media, Inc. (c)		9,600		5,185
Gluskin Sheff & Associates, Inc.		10,533		131,557
GMP Capital, Inc.		28,336		61,860
Goeasy, Ltd.		2,875		88,044
Gran Tierra Energy, Inc. (c)		109,213		377,986
Granite Oil Corp.		10,252		23,707
Great Canadian Gaming Corp. (c)		18,608		658,884
Great Panther Silver, Ltd. (c)		67,206		78,215
Guardian Capital Group, Ltd. - Class A		600		10,511
Guyana Goldfields, Inc. (c)		48,247		180,195
Hanfeng Evergreen, Inc. (a) (b) (c) (d)		12,100		0
Heroux-Devtek, Inc. (c)		14,606		168,541
High Liner Foods, Inc.		4,807		37,186
Home Capital Group, Inc. (c)		20,814		237,644
Horizon North Logistics, Inc.		39,412		78,845
HudBay Minerals, Inc.		103,103		574,864
Hudson’s Bay Co.		26,774		238,688
IAMGOLD Corp. (c)		152,782		890,207
IBI Group, Inc. (c)		3,700		19,757
Imperial Metals Corp. (c) (e)		18,151		25,128
Indigo Books & Music, Inc. (c)		1,986		25,681
Information Services Corp.		800		10,363
Innergex Renewable Energy, Inc.		40,708		427,625
InPlay Oil Corp. (c)		7,800		10,976
Interfor Corp. (c)		31,992		614,459
International Tower Hill Mines, Ltd. (c)		21,604		10,682
Intertape Polymer Group, Inc.		20,313		279,204
Invesque, Inc.		7,700		63,448
Iron Bridge Resources, Inc. (c) (e)		72,808		41,537
Just Energy Group, Inc.		50,690		182,764
K-Bro Linen, Inc.		2,319		66,096
Kelt Exploration, Ltd. (c)		58,951		400,435
Kinaxis, Inc. (c)		4,410		296,874
Kingsway Financial Services, Inc. (c)		8,765		23,935
Kirkland Lake Gold, Ltd.		38,641		818,290
Klondex Mines, Ltd. (c)		48,447		113,134
Knight Therapeutics, Inc. (c)		33,205		203,324
KP Tissue, Inc.		1,400		11,022
Labrador Iron Ore Royalty Corp. (e)		20,600		377,480
Largo Resources, Ltd. (c) (e)		28,200		37,324
Lassonde Industries, Inc. - Class A		100		21,298
Laurentian Bank of Canada		13,206		450,630
Leagold Mining Corp. (c)		9,400		18,519
Leon’s Furniture, Ltd.		9,639		132,416
Lightstream Resources, Ltd. (a) (b) (c) (d)		108,373		0
Lucara Diamond Corp.		110,136		176,767
Lundin Gold, Inc. (c)		8,300		28,916
Magellan Aerospace Corp.		5,794		70,781
Mainstreet Equity Corp. (c)		2,561		81,760
Major Drilling Group International, Inc. (c)		36,670		193,580
Mandalay Resources Corp. (c)		87,627		12,998
Manitok Energy, Inc. (a) (b) (c) (d)		122		0
Maple Leaf Foods, Inc.		5,928		149,885
Martinrea International, Inc.		32,289		346,309
Maxim Power Corp. (c)		2,800		5,431
Mediagrif Interactive Technologies, Inc.		4,176		39,071
Canada—(Continued)
Medical Facilities Corp.		12,861		136,666
MedReleaf Corp. (c)		11,678		239,751
MEG Energy Corp. (c)		66,854		557,350
Melcor Developments, Ltd.		3,120		35,694
Morguard Corp.		1,200		152,792
Morneau Shepell, Inc.		17,185		355,295
Mountain Province Diamonds, Inc. (c)		1,600		4,016
MTY Food Group, Inc.		5,780		221,457
Mullen Group, Ltd. (e)		37,792		445,288
Nautilus Minerals, Inc. (c)		134,471		19,946
Nevsun Resources, Ltd.		96,711		336,188
New Gold, Inc. (c)		118,248		246,453
Newalta Corp. (c) (e)		23,919		22,925
NFI Group, Inc.		11,736		437,785
Norbord, Inc.		5,118		210,458
North American Construction Group, Ltd.		14,743		86,912
North West Co., Inc. (The)		15,971		356,193
Northland Power, Inc.		26,880		501,553
NuVista Energy, Ltd. (c)		59,117		410,107
Obsidian Energy, Ltd. (c)		163,188		184,954
Osisko Gold Royalties, Ltd.		22,106		209,348
Painted Pony Energy, Ltd. (c)		38,738		67,183
Pan American Silver Corp.		49,527		886,449
Paramount Resources, Ltd. - Class A (c) (e)		19,290		218,483
Parex Resources, Inc. (c)		55,359		1,045,153
Park Lawn Corp.		2,500		46,305
Parkland Fuel Corp.		22,563		554,357
Pason Systems, Inc.		22,516		368,573
Pengrowth Energy Corp. (c) (e)		183,295		131,059
Petrus Resources, Ltd. (c)		1,290		991
PHX Energy Services Corp. (c)		12,350		20,010
Pizza Pizza Royalty Corp.		6,998		65,208
Points International, Ltd. (c)		5,320		87,813
Polaris Infrastructure, Inc.		2,500		26,775
Pollard Banknote, Ltd.		700		11,469
Polymet Mining Corp. (c)		38,355		37,636
Precision Drilling Corp. (c)		103,898		343,784
Premium Brands Holdings Corp.		7,079		609,979
Pulse Seismic, Inc.		15,720		32,046
Quarterhill, Inc.		58,061		64,480
Questerre Energy Corp. - Class A (c)		83,569		34,962
Raging River Exploration, Inc. (c)		67,363		292,069
RB Energy, Inc. (c) (d)		76,741		38
Recipe Unlimited Corp.		1,150		24,904
Reitmans Canada, Ltd. - Class A		20,566		64,139
Richelieu Hardware, Ltd.		17,390		362,575
Rocky Mountain Dealerships, Inc.		3,738		31,305
Rogers Sugar, Inc. (e)		35,106		141,530
Roxgold, Inc. (c)		29,900		25,473
Russel Metals, Inc.		24,422		499,159
Sabina Gold & Silver Corp. (c)		57,206		66,142
Sandstorm Gold, Ltd. (c)		54,162		243,485
Savaria Corp.		7,700		93,889
Secure Energy Services, Inc.		55,376		305,807
SEMAFO, Inc. (c)		123,983		359,316
ShawCor, Ltd.		20,891		405,536
Sienna Senior Living, Inc.		14,276		180,045

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Canada—(Continued)
Sierra Wireless, Inc. (c)		16,910	$	270,503
Sleep Country Canada Holdings, Inc.		11,404		282,530
Solium Capital, Inc. (c)		8,517		74,568
Sprott Resource Holdings, Inc. (c)		112,715		9,431
Sprott, Inc.		60,427		139,732
SSR Mining, Inc. (c)		37,551		370,469
Stantec, Inc. (e)		17,392		447,285
Stars Group, Inc. (The) (c)		17,000		616,560
Stella-Jones, Inc.		10,990		400,343
STEP Energy Services, Ltd. (c)		4,800		40,090
Storm Resources, Ltd. (c)		5,500		13,053
Stornoway Diamond Corp. (c)		70,074		23,453
Strad Energy Services, Ltd. (c)		10,641		12,546
Street Capital Group, Inc. (c)		5,900		3,815
Stuart Olson, Inc.		11,157		65,347
SunOpta, Inc. (c) (e)		26,392		222,836
Superior Plus Corp.		44,558		430,786
Surge Energy, Inc.		85,275		154,379
Tamarack Valley Energy, Ltd. (c)		15,000		52,600
Taseko Mines, Ltd. (c)		108,786		115,849
Teranga Gold Corp. (c)		24,518		87,468
TFI International, Inc.		25,364		782,345
Theratechnologies, Inc. (c) (e)		11,600		111,884
Timbercreek Financial Corp.		3,349		23,284
TMX Group, Ltd.		7,727		506,532
TORC Oil & Gas, Ltd.		47,624		265,896
Torex Gold Resources, Inc. (c)		16,690		148,663
Toromont Industries, Ltd.		14,328		619,701
Torstar Corp. - Class B		21,453		21,214
Total Energy Services, Inc.		17,786		157,208
TransAlta Corp.		84,404		423,737
TransAlta Renewables, Inc.		28,608		270,706
Transcontinental, Inc. - Class A		26,130		606,815
TransGlobe Energy Corp. (c)		36,372		100,707
Trevali Mining Corp. (c)		90,600		62,024
Trican Well Service, Ltd. (c)		101,707		231,319
Tricon Capital Group, Inc.		38,994		327,162
Trinidad Drilling, Ltd. (c)		83,773		119,161
Trisura Group, Ltd. (c)		700		14,169
Uni-Select, Inc.		13,271		211,080
Valener, Inc.		16,303		250,749
Vecima Networks, Inc.		2,500		16,449
Vermilion Energy, Inc.		3,448		124,345
Wajax Corp.		7,885		149,345
Wesdome Gold Mines, Ltd. (c)		43,507		101,599
Western Energy Services Corp. (c) (e)		27,573		22,442
Western Forest Products, Inc.		145,247		296,095
WestJet Airlines, Ltd.		861		11,874
Westshore Terminals Investment Corp.		18,288		331,497
Whitecap Resources, Inc.		61,960		419,932
Winpak, Ltd.		8,852		296,267
Xtreme Drilling Corp. (c)		4,967		8,048
Yamana Gold, Inc.		78,062		227,420
Yangarra Resources, Ltd. (c)		24,087		101,504
Yellow Pages, Ltd. (c)		6,975		47,910
ZCL Composites, Inc.		9,681		63,698
Zenith Capital Corp. (a) (b) (c) (d)		12,830		790
				55,889,080
China—0.2%
APT Satellite Holdings, Ltd.		164,250		67,382
Asia Satellite Telecommunications Holdings, Ltd.		58,500		46,407
BeijingWest Industries International, Ltd. (c)		41,200		6,448
BOE Varitronix, Ltd.		137,000		46,634
Bund Center Investment, Ltd.		138,000		68,338
CGN Mining Co., Ltd.		145,000		8,214
China Chuanglian Education Financial Group, Ltd. (c)		336,000		3,512
China Display Optoelectronics Technology Holdings, Ltd.		136,000		11,684
China Gold International Resources Corp., Ltd. (c)		67,313		116,741
China Ludao Technology Co., Ltd. (c)		56,000		9,511
China Sunsine Chemical Holdings, Ltd.		35,000		39,692
Chong Hing Bank, Ltd.		16,000		30,981
CITIC Telecom International Holdings, Ltd.		467,000		122,643
FIH Mobile, Ltd. (c)		562,000		86,608
First Sponsor Group, Ltd.		9,490		8,638
Fountain SET Holdings, Ltd.		422,000		62,661
Goodbaby International Holdings, Ltd.		193,000		116,776
Guangnan Holdings, Ltd.		264,000		29,912
Guotai Junan International Holdings, Ltd.		617,600		133,360
Microport Scientific Corp.		56,000		67,322
Nanfang Communication Holdings, Ltd.		24,000		17,314
Neo-Neon Holdings, Ltd. (c)		322,500		34,515
New Sports Group, Ltd. (c)		221,500		25,632
Shenwan Hongyuan HK, Ltd.		172,500		45,870
Sino Grandness Food Industry Group, Ltd. (c)		199,272		29,965
SITC International Holdings Co., Ltd.		223,000		247,646
				1,484,406
Denmark—2.3%
ALK-Abello A/S (c)		1,708		285,164
Alm Brand A/S		28,684		281,674
Ambu A/S		47,740		1,608,541
Bang & Olufsen A/S (c)		10,209		221,593
Bavarian Nordic A/S (c) (e)		10,666		314,212
Brodrene Hartmann A/S		663		38,875
Columbus A/S		16,307		38,856
D/S Norden A/S (c)		6,460		114,469
DFDS A/S		11,185		713,704
FLSmidth & Co. A/S		15,133		905,016
GN Store Nord A/S		44,270		2,016,566
H+H International A/S - Class B (c)		4,578		72,228
Harboes Bryggeri A/S - Class B		1,454		19,504
IC Group A/S		3,209		80,547
ISS A/S		7,203		247,370
Jeudan A/S		410		63,317
Jyske Bank A/S		15,265		836,814
Matas A/S		2,350		19,068
Nilfisk Holding A/S (c)		6,820		332,548
NKT A/S (c) (e)		6,820		186,395
NNIT A/S		1,555		38,703
Parken Sport & Entertainment A/S		2,351		29,299
PER Aarsleff Holding A/S		8,472		299,340
Ringkjoebing Landbobank A/S		9,911		554,147
Rockwool International A/S - B Shares		2,187		853,184
Royal Unibrew A/S		15,546		1,238,631
RTX A/S		2,568		76,749

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
Santa Fe Group A/S (c)		7,121	$	31,987
Scandinavian Tobacco Group A/S		1,236		18,654
Schouw & Co. A/S		5,566		491,196
SimCorp A/S		12,900		1,044,445
Solar A/S - B Shares		2,435		151,905
Spar Nord Bank A/S		32,428		346,949
Sydbank A/S		26,018		893,931
TK Development A/S (c) (e)		37,491		40,426
Topdanmark A/S		22,026		963,939
United International Enterprises		850		196,448
Vestjysk Bank A/S (c)		3,300		1,241
Zealand Pharma A/S (c)		5,580		73,407
				15,741,042
Finland—2.7%
Aktia Bank Oyj		9,111		87,207
Alma Media Oyj		22,695		174,569
Amer Sports Oyj (c)		47,651		1,501,558
Apetit Oyj		1,205		18,787
Aspo Oyj		8,414		90,117
Atria Oyj		2,604		31,609
BasWare Oyj (c)		3,525		148,073
Bittium Oyj (e)		5,254		30,489
Cargotec Oyj - B Shares		12,591		636,685
Caverion Oyj (c)		36,589		259,978
Citycon Oyj (e)		146,997		318,112
Cramo Oyj		9,503		220,783
Elisa Oyj		14,986		693,983
F-Secure Oyj		35,820		157,173
Ferratum Oyj		2,093		39,575
Finnair Oyj		24,728		267,080
Fiskars Oyj Abp		17,515		395,989
HKScan Oyj - A Shares		6,704		22,503
Huhtamaki Oyj (e)		34,101		1,259,025
Ilkka-Yhtyma Oyj		2,976		10,776
Kemira Oyj		41,153		546,944
Kesko Oyj - A Shares		933		53,051
Kesko Oyj - B Shares		24,862		1,520,552
Konecranes Oyj		16,662		686,428
Lassila & Tikanoja Oyj		12,398		238,003
Metsa Board Oyj		86,501		977,803
Metso Oyj		25,057		838,689
Nokian Renkaat Oyj		38,871		1,532,107
Olvi Oyj - A Shares		6,303		233,236
Oriola-KD Oyj - B Shares		53,692		191,406
Orion Oyj - Class A		8,256		243,108
Outokumpu Oyj		102,277		634,187
Outotec Oyj (c)		52,402		415,665
Ponsse Oyj		3,208		112,438
Poyry Oyj		14,295		100,724
Raisio Oyj - V Shares		55,399		235,057
Ramirent Oyj		31,090		329,948
Rapala VMC Oyj		8,902		35,391
Raute Oyj - A Shares		72		2,668
Sanoma Oyj		31,912		323,632
Stockmann Oyj Abp - B Shares (c)		11,956		55,921
Finland—(Continued)
Technopolis Oyj		66,184		297,715
Teleste Oyj		2,149		18,017
Tieto Oyj		21,736		702,557
Tikkurila Oyj		12,873		220,920
Tokmanni Group Corp.		2,649		21,954
Uponor Oyj		19,661		315,400
Vaisala Oyj - A Shares		6,772		170,724
Valmet Oyj		28,977		558,255
YIT Oyj (e)		51,511		306,603
				18,283,174
France—4.3%
ABC Arbitrage		10,025		83,223
Actia Group		4,338		36,520
Air France-KLM (c)		48,793		397,849
Akka Technologies S.A.		1,890		135,220
Albioma S.A.		13,155		296,645
Altamir Amboise		9,152		176,879
Alten S.A.		7,312		753,420
Altran Technologies S.A.		66,322		959,058
APRIL S.A.		8,341		122,230
Assystem		4,398		139,909
Aubay		1,785		74,583
Axway Software S.A.		2,132		48,294
Bastide le Confort Medical		590		34,012
Beneteau S.A.		15,076		282,264
Bigben Interactive (e)		3,463		49,993
Boiron S.A.		2,586		219,358
Bonduelle SCA		6,799		245,328
Bourbon S.A. (c) (e)		1,528		8,468
Burelle S.A.		117		174,203
Casino Guichard Perrachon S.A. (e)		6,523		252,825
Catering International Services		541		11,815
Cegedim S.A. (c)		2,643		103,671
Chargeurs S.A.		7,605		226,812
Cie des Alpes		3,241		111,112
Cie Plastic Omnium S.A.		11,953		504,405
Coface S.A.		11,856		131,679
Derichebourg S.A.		31,305		197,545
Devoteam S.A.		1,639		186,339
Edenred		51,980		1,640,448
Electricite de Strasbourg S.A.		160		22,974
Elior Group S.A.		20,121		289,795
Elis S.A.		7,311		167,456
Eramet		3,022		395,165
Esso S.A. Francaise (c)		1,341		75,444
Etablissements Maurel et Prom (c)		5,328		38,810
Europcar Groupe S.A.		14,331		149,107
Eutelsat Communications S.A.		19,120		395,977
Exel Industries - A Shares		618		69,272
Fleury Michon S.A.		461		26,382
Fnac Darty S.A. (c)		1,367		129,891
Fnac Darty S.A. (c)		5,410		517,270
Gaztransport Et Technigaz S.A.		5,461		334,605
GEA		165		19,452
Getlink SE		23,306		319,530

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
France—(Continued)
GL Events		3,794	$	102,096
Groupe Crit		1,062		99,563
Groupe Gorge		1,266		21,049
Groupe Open		1,130		41,699
Guerbet		2,188		146,162
Haulotte Group S.A.		5,337		91,196
HERIGE SADCS		235		9,765
HiPay Group S.A. (c)		1,527		26,135
ID Logistics Group (c)		428		69,245
Imerys S.A.		6,716		541,102
Ingenico Group S.A.		12,615		1,132,147
Interparfums S.A.		1,334		56,136
IPSOS (e)		12,134		414,645
Jacquet Metal Service		7,099		225,492
Kaufman & Broad S.A.		3,556		167,621
Korian S.A.		21,040		710,058
Lagardere SCA		36,064		951,515
Lanson-BCC		15		564
Laurent-Perrier		1,367		153,266
Le Belier		299		20,338
Lectra		8,150		187,298
Linedata Services		855		35,109
LISI		8,732		330,553
LNA Sante S.A.		1,488		93,788
Maisons du Monde S.A.		4,328		159,294
Maisons France Confort S.A.		1,526		75,913
Manitou BF S.A.		3,893		146,289
Manutan International		589		50,870
Mersen S.A.		8,483		337,101
METabolic EXplorer S.A. (c)		6,035		15,701
Metropole Television S.A.		7,193		143,809
MGI Coutier		3,301		100,597
Mr. Bricolage		601		9,967
Naturex (c)		2,045		321,744
Neopost S.A.		12,528		336,842
Nexans S.A.		10,974		376,585
Nexity S.A.		12,502		789,484
NRJ Group		9,690		90,478
Oeneo S.A.		4,362		51,730
Onxeo S.A. (c) (e)		4,566		5,836
Onxeo S.A. (c) (e)		8,671		10,955
Orpea		3,443		459,120
Parrot S.A. (c)		2,647		17,399
Pierre & Vacances S.A. (c)		2,596		89,138
Plastivaloire		1,576		27,998
Rallye S.A. (e)		9,791		111,834
Recylex S.A. (c)		3,335		33,678
Rexel S.A.		65,431		940,185
Robertet S.A.		66		38,823
Rothschild & Co.		488		16,474
Rubis SCA		25,894		1,615,865
Samse S.A.		107		20,119
Sartorius Stedim Biotech		4,904		512,162
Savencia S.A.		2,303		201,676
Seche Environnement S.A.		1,555		53,755
Sequana S.A. (c)		10,224		5,502
Societe BIC S.A.		1,538		142,558
France—(Continued)
Societe des Bains de Mer et du Cercle des Etrangers a Monaco (c)		16		965
Societe Marseillaise du Tunnel Prado-Carenage S.A.		293		7,575
Societe pour l’Informatique Industrielle		713		22,792
Societe Television Francaise 1		21,284		224,249
SOITEC (c)		5,935		498,604
Solocal Group (c)		140,462		179,270
Somfy S.A.		2,203		204,463
Sopra Steria Group		5,161		1,051,458
SPIE S.A.		12,516		253,535
Ste Industrielle d’Aviation Latecoere S.A. (c)		26,469		141,453
STEF S.A.		1,145		137,922
Sword Group		2,775		114,954
Synergie S.A.		3,366		165,865
Tarkett S.A.		3,785		108,460
Technicolor S.A. (c) (e)		88,305		108,550
Tessi S.A. (c)		678		151,238
TFF Group		1,232		58,228
Thermador Groupe		2,162		144,902
Total Gabon		324		57,597
Touax S.A. (c)		1,706		18,478
Trigano S.A.		3,132		556,235
UBISOFT Entertainment S.A. (c)		1,718		187,971
Union Financiere de France BQE S.A.		1,257		40,328
Vallourec S.A. (c)		67,733		400,657
Valneva SE (c)		15,386		63,653
Vetoquinol S.A.		1,341		80,776
Vicat S.A.		5,373		352,415
VIEL & Cie S.A.		4,205		26,304
Vilmorin & Cie S.A.		2,414		162,334
Virbac S.A. (c)		1,270		173,243
Vranken-Pommery Monopole S.A.		958		25,614
				29,211,348
Georgia—0.0%
Bank of Georgia Group plc		7,105		176,753
Germany—5.9%
Aareal Bank AG		26,928		1,183,835
Adler Modemaerkte AG		2,828		11,816
ADLER Real Estate AG (c)		4,349		73,111
ADO Properties S.A.		4,598		250,277
ADVA Optical Networking SE (c)		13,833		98,856
AIXTRON SE (c)		21,680		279,325
Allgeier SE		2,942		94,775
Amadeus Fire AG		1,986		214,203
Aurubis AG		14,317		1,092,390
Basler AG		287		55,409
Bauer AG		4,696		103,684
BayWa AG		5,731		193,857
BayWa AG		305		11,003
Bechtle AG		10,952		844,952
Bertrandt AG		1,677		159,245
Bijou Brigitte AG		1,603		81,430
Bilfinger SE		10,033		510,115
Borussia Dortmund GmbH & Co. KGaA (Xetra Exchange)		26,420		165,782
CANCOM SE		6,787		693,038

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Carl Zeiss Meditec AG		7,610	$	518,568
CECONOMY AG		18,151		150,892
CENIT AG		3,413		69,396
CENTROTEC Sustainable AG		1,930		29,738
Cewe Stiftung & Co. KGaA		2,303		212,803
Comdirect Bank AG		13,399		193,373
CompuGroup Medical SE		7,545		387,390
CropEnergies AG		9,235		54,406
CTS Eventim AG & Co. KGaA		14,485		710,582
Data Modul AG		138		10,505
DEAG Deutsche Entertainment AG (c)		3,066		12,763
Delticom AG		1,562		16,103
Deutsche Beteiligungs AG		2,815		111,717
Deutsche Euroshop AG		11,450		404,493
Deutsche Pfandbriefbank AG		23,307		326,664
Deutz AG		35,346		272,118
DIC Asset AG		13,867		155,563
DMG Mori AG		8,384		456,776
Dr. Hoenle AG		2,084		205,239
Draegerwerk AG & Co. KGaA		1,062		63,340
Duerr AG		15,350		712,947
Eckert & Ziegler AG		1,458		63,485
Elmos Semiconductor AG		5,394		142,266
ElringKlinger AG		11,206		143,695
Energiekontor AG		1,301		23,091
Euromicron AG (c)		2,048		16,091
Fielmann AG		2,862		198,005
First Sensor AG		1,526		32,724
Francotyp-Postalia Holding AG		3,300		12,740
Freenet AG		49,368		1,309,898
FUCHS Petrolub SE		843		39,810
Gerresheimer AG		9,821		796,556
Gerry Weber International AG (c)		9,842		63,060
Gesco AG		4,563		143,048
GFT Technologies SE		5,932		77,300
Grammer AG		5,154		358,681
Grand City Properties S.A.		11,674		303,066
GRENKE AG		3,342		381,073
H&R GmbH & Co. KGaA		4,195		49,935
Hamburger Hafen und Logistik AG		8,624		187,159
Heidelberger Druckmaschinen AG (c)		100,140		274,984
Hella GmbH & Co. KGaA		4,694		262,995
HolidayCheck Group AG (c)		4,890		17,975
Hornbach Baumarkt AG		1,543		47,656
Hugo Boss AG		14,220		1,289,627
Indus Holding AG		9,327		581,463
Isra Vision AG		7,065		433,703
Jenoptik AG		15,954		624,485
K&S AG		59,335		1,464,322
Kloeckner & Co. SE		34,891		367,719
Koenig & Bauer AG		4,373		315,905
Krones AG		5,091		657,812
KSB SE & Co. KGaA		82		33,564
KWS Saat SE		745		263,944
LANXESS AG		20,291		1,581,289
LEG Immobilien AG		14,527		1,578,334
Leifheit AG		1,890		47,550
Germany—(Continued)
Leoni AG		12,471		632,111
LPKF Laser & Electronics AG (c)		4,316		35,226
Manz AG (c)		1,272		52,217
Medigene AG (c)		3,423		46,248
MLP SE		20,985		130,626
Nemetschek SE		6,154		740,602
Nexus AG		3,634		116,737
Nordex SE (c)		23,261		236,315
Norma Group SE		10,781		739,271
OHB SE		2,315		75,468
OSRAM Licht AG		12,909		527,265
Paragon AG		357		21,022
Patrizia Immobilien AG		19,307		372,434
Pfeiffer Vacuum Technology AG		2,392		393,303
PNE Wind AG		24,548		65,158
Progress-Werk Oberkirch AG		822		38,224
PSI Software AG		2,118		39,600
Puma SE		549		320,553
PVA TePla AG (c)		3,358		66,478
QSC AG		26,632		43,591
R Stahl AG (c)		1,594		51,503
Rational AG		390		254,090
Rheinmetall AG		12,940		1,428,969
Rhoen Klinikum AG		15,358		447,767
RIB Software SE		8,127		188,762
Rocket Internet SE (c)		8,160		261,759
SAF-Holland S.A.		22,056		331,516
Salzgitter AG		12,083		526,455
Schaltbau Holding AG (c)		2,824		83,356
Scout24 AG		1,493		79,226
SHW AG		2,013		82,207
Siltronic AG		4,744		678,289
Sixt SE		4,968		555,359
SMA Solar Technology AG		3,992		165,241
SMT Scharf AG (c)		831		14,794
Softing AG		1,971		17,596
Software AG		18,372		855,746
Stabilus S.A.		4,114		370,174
STRATEC Biomedical AG		364		28,386
Stroeer SE & Co. KGaA		8,451		511,296
Suedzucker AG		26,310		419,068
Surteco SE		1,501		44,051
Suss Microtec AG (c)		6,216		92,987
TAG Immobilien AG		39,448		867,830
Takkt AG		11,656		213,407
Technotrans AG		2,427		105,397
Tele Columbus AG (c)		1,323		9,190
TLG Immobilien AG		12,331		328,821
Tom Tailor Holding SE (c)		8,518		69,928
Traffic Systems SE		1,794		35,939
VERBIO Vereinigte BioEnergie AG		4,145		25,942
Vossloh AG		4,712		229,359
VTG AG		4,846		274,004
Wacker Neuson SE		10,071		255,208
Washtec AG		3,431		303,266
Wuestenrot & Wuerttembergische AG		515		10,566
XING SE		988		318,486

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Zeal Network SE		1,934	$	60,111
				40,665,989
Ghana—0.2%
Tullow Oil plc (c)		457,293		1,471,823
Greenland—0.0%
Gronlandsbanken A/S		17		1,604
Guernsey, Channel Islands—0.0%
Raven Russia, Ltd. (c)		72,992		42,775
Hong Kong—2.9%
Agritrade Resources, Ltd.		630,000		119,518
Alco Holdings, Ltd.		136,000		22,631
Allan International Holdings		20,000		5,251
Allied Group, Ltd.		22,000		137,402
Allied Properties HK, Ltd.		944,024		202,619
APAC Resources, Ltd.		47,217		7,327
Applied Development Holdings, Ltd. (c)		390,000		32,799
Arts Optical International Holdings, Ltd.		16,000		4,201
Asia Financial Holdings, Ltd.		254,000		165,510
Asia Standard International Group, Ltd.		296,000		67,512
Associated International Hotels, Ltd.		14,000		43,183
Auto Italia Holdings (c)		175,000		1,807
Ban Loong Holdings, Ltd. (c)		438,000		10,822
Bel Global Resources Holdings, Ltd. (a) (b) (c) (d)		520,000		0
Best Food Holding Co., Ltd. (c)		112,000		19,395
Bison Finance Group, Ltd. (c)		74,000		12,168
Bonjour Holdings, Ltd. (c)		615,000		29,745
Bossini International Holdings, Ltd.		302,000		13,450
Bright Smart Securities & Commodities Group, Ltd.		176,000		51,180
Brightoil Petroleum Holdings, Ltd. (a) (b) (c) (d)		664,000		47,606
Brockman Mining, Ltd. (c)		2,516,770		58,834
Burwill Holdings, Ltd. (c)		1,566,000		61,622
Cafe de Coral Holdings, Ltd.		116,000		280,197
Camsing International Holding, Ltd. (c)		94,000		83,725
Cash Financial Services Group, Ltd. (c)		288,000		5,111
Century City International Holdings, Ltd.		616,000		57,163
Chen Hsong Holdings		150,000		38,238
Cheuk Nang Holdings, Ltd.		95,574		54,305
Chevalier International Holdings, Ltd.		75,139		113,969
China Baoli Technologies Holdings, Ltd. (c)		2,850,000		30,514
China Energy Development Holdings, Ltd. (c)		3,670,000		36,426
China Flavors & Fragrances Co., Ltd.		71,446		22,238
China Goldjoy Group, Ltd.		1,184,000		64,710
China LNG Group, Ltd. (c)		184,000		26,403
China Medical & HealthCare Group, Ltd. (c)		400,000		12,591
China Motor Bus Co., Ltd.		1,200		14,822
China Soft Power Technology Holdings, Ltd. (c)		48,435		555
China Solar Energy Holdings, Ltd. (a) (b) (c) (d)		162,000		697
China Star Entertainment, Ltd. (c)		126,000		4,492
China Strategic Holdings, Ltd. (c)		3,402,500		36,346
China Ting Group Holdings, Ltd.		318,550		14,790
China Tonghai International Financial, Ltd. (c)		180,000		19,254
Chinese Estates Holdings, Ltd.		68,000		88,367
Hong Kong—(Continued)
Chinney Investment, Ltd.		8,000		3,229
Chow Sang Sang Holdings International, Ltd.		119,000		227,454
Chuang’s China Investments, Ltd.		511,500		35,268
Chuang’s Consortium International, Ltd.		382,357		82,095
CK Life Sciences International Holdings, Inc.		1,594,000		109,568
CNT Group, Ltd.		246,000		11,601
Common Splendor International Health Industry Group, Ltd. (c)		342,000		33,081
Continental Holdings, Ltd. (c)		220,000		2,957
Convoy Global Holdings, Ltd. (a) (b) (c) (d)		1,314,000		20,986
Cowell e Holdings, Inc.		120,000		25,684
CP Lotus Corp. (c)		1,750,000		24,536
Crocodile Garments (c)		216,000		21,733
Cross-Harbour Holdings, Ltd. (The)		119,000		198,718
CSI Properties, Ltd.		2,574,023		150,554
CST Group, Ltd. (c)		8,984,000		40,021
Dah Sing Banking Group, Ltd.		172,671		361,247
Dah Sing Financial Holdings, Ltd.		66,260		385,918
Dan Form Holdings Co., Ltd.		36,000		14,584
Dickson Concepts International, Ltd.		131,000		62,351
Digital Domain Holdings, Ltd. (c)		1,500,000		23,200
DMX Technologies Group, Ltd. (a) (b) (c) (d)		186,000		2,785
Dynamic Holdings, Ltd.		20,000		19,253
Eagle Nice International Holdings, Ltd.		120,000		58,639
EcoGreen International Group, Ltd.		118,800		25,641
eForce Holdings, Ltd. (c)		128,000		3,291
Emperor Capital Group, Ltd.		540,000		34,265
Emperor Entertainment Hotel, Ltd.		235,000		50,898
Emperor International Holdings, Ltd.		529,250		153,737
Emperor Watch & Jewellery, Ltd.		1,520,000		92,612
Enerchina Holdings, Ltd.		705,000		40,859
ENM Holdings, Ltd. (c)		556,000		70,921
Esprit Holdings, Ltd. (c) (e)		833,950		258,487
eSun Holdings, Ltd. (c)		400,000		63,334
Fairwood Holdings, Ltd.		26,500		101,237
Far East Consortium International, Ltd.		535,269		317,852
Far East Holdings International, Ltd. (c)		150,000		11,022
First Pacific Co., Ltd.		188,000		90,568
Freeman FinTech Corp., Ltd. (c)		1,800,000		20,072
Future Bright Holdings, Ltd.		156,000		21,467
Future World Financial Holdings, Ltd. (c)		12,575		205
G-Resources Group, Ltd. (c)		10,474,800		118,601
GCL New Energy Holdings, Ltd. (c)		1,206,000		49,115
Get Nice Financial Group, Ltd.		64,350		8,457
Get Nice Holdings, Ltd.		2,574,000		91,650
Giordano International, Ltd.		482,000		302,439
Global Brands Group Holding, Ltd. (c)		1,260,000		75,397
Glorious Sun Enterprises, Ltd.		393,000		40,939
Gold Peak Industries Holdings, Ltd. (a) (b)		277,714		31,504
Gold-Finance Holdings, Ltd. (c)		136,000		46,092
Golden Resources Development International, Ltd.		370,000		21,174
Good Resources Holdings, Ltd. (c)		420,000		11,045
GR Properties, Ltd. (c)		150,000		15,885
Great Eagle Holdings, Ltd.		44,571		217,372
Greentech Technology International, Ltd. (c)		360,000		4,815
Group Sense International, Ltd. (c)		500,000		32,422
Haitong International Securities Group, Ltd.		498,448		227,103
Hang Lung Group, Ltd.		36,000		100,762

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
Hanison Construction Holdings, Ltd.		148,009	$	27,153
Hao Tian Development Group, Ltd. (c)		1,001,000		34,473
Harbour Centre Development, Ltd.		88,000		171,675
HKBN, Ltd.		203,500		312,655
HKR International, Ltd.		332,800		203,817
Hon Kwok Land Investment Co., Ltd.		140,000		78,050
Hong Kong Aircraft Engineering Co., Ltd.		8,800		76,549
Hong Kong Ferry Holdings Co., Ltd.		22,000		24,620
Hong Kong International Construction Investment Management Group Co., Ltd.		98,000		23,575
Hong Kong Television Network, Ltd. (c)		165,000		61,290
Hongkong & Shanghai Hotels (The)		109,500		156,211
Hongkong Chinese, Ltd.		866,000		145,680
Hopewell Holdings, Ltd.		81,500		279,282
Hsin Chong Group Holdings, Ltd. (a) (b) (c) (d)		918,000		7,676
Huarong Investment Stock Corp., Ltd. (c)		175,000		9,917
Hung Hing Printing Group, Ltd.		252,000		55,865
Hutchison Telecommunications Hong Kong Holdings, Ltd.		526,000		185,621
Imagi International Holdings, Ltd. (c)		90,112		10,470
International Housewares Retail Co., Ltd.		57,000		12,399
IPE Group, Ltd.		285,000		48,316
IRC, Ltd. (c)		760,000		12,965
IT, Ltd.		220,000		156,744
ITC Properties Group, Ltd.		163,857		54,054
Jacobson Pharma Corp., Ltd.		44,000		10,349
Johnson Electric Holdings, Ltd.		106,875		310,914
Kader Holdings Co., Ltd.		224,000		38,193
Kam Hing International Holdings, Ltd.		196,000		18,473
Karrie International Holdings, Ltd.		140,000		20,491
Keck Seng Investments		72,000		59,723
Kerry Logistics Network, Ltd.		107,000		149,093
Kin Yat Holdings, Ltd.		46,000		15,012
Kingmaker Footwear Holdings, Ltd.		102,000		25,844
Kingston Financial Group, Ltd.		162,000		45,913
Kowloon Development Co., Ltd.		159,000		178,657
Kwan On Holdings, Ltd. (c)		50,000		5,541
Lai Sun Development Co., Ltd.		109,413		182,101
Lai Sun Garment International, Ltd.		99,760		149,670
Lam Soon Hong Kong, Ltd.		15,000		27,938
Landing International Development, Ltd. (c)		6,720,000		102,595
Landsea Green Group Co., Ltd. (c)		268,000		33,115
Lifestyle International Holdings, Ltd.		181,500		383,348
Lippo China Resources, Ltd.		2,106,000		55,417
Lippo, Ltd.		122,000		58,678
Liu Chong Hing Investment, Ltd.		86,000		135,747
Luk Fook Holdings International, Ltd.		135,000		557,466
Luks Group Vietnam Holdings Co., Ltd.		68,000		20,359
Lung Kee Bermuda Holdings		90,000		45,762
Magnificent Hotel Investment, Ltd.		1,310,000		32,555
Man Sang International, Ltd. (c)		150,000		8,521
Man Wah Holdings, Ltd. (e)		382,400		299,612
Mandarin Oriental International, Ltd.		21,200		49,339
Mason Group Holdings, Ltd. (c)		5,445,000		90,829
Matrix Holdings, Ltd.		36,000		10,324
Midland Holdings, Ltd.		246,000		66,539
Midland IC&I, Ltd. (c)		151,000		6,255
Ming Fai International Holdings, Ltd.		145,000		19,733
Hong Kong—(Continued)
Miramar Hotel & Investment		19,000		35,767
Mongolian Mining Corp. (c)		661,000		10,732
Nameson Holdings, Ltd.		130,000		19,500
National Electronic Holdings, Ltd.		182,600		26,977
New Century Group Hong Kong, Ltd. (c)		912,000		15,458
New Times Energy Corp., Ltd. (c)		459,450		8,789
Newocean Energy Holdings, Ltd. (c)		398,000		80,991
Next Digital, Ltd. (c)		414,000		11,122
Noble Century Investment Holdings, Ltd. (c)		240,000		20,353
OP Financial, Ltd.		208,000		82,512
Orange Sky Golden Harvest Entertainment Holdings, Ltd.		375,882		22,950
Orient Overseas International, Ltd.		45,000		438,005
Oriental Watch Holdings		215,600		69,182
Pacific Andes International Holdings, Ltd. (a) (b) (c) (d)		1,819,984		6,356
Pacific Basin Shipping, Ltd. (c)		1,138,000		310,908
Pacific Textiles Holdings, Ltd.		240,000		203,732
Paliburg Holdings, Ltd.		208,000		88,569
Paradise Entertainment, Ltd. (c)		168,000		19,413
PC Partner Group, Ltd.		24,000		19,172
Pearl Oriental Oil, Ltd. (c)		404,000		6,395
Perfect Shape Beauty Technology, Ltd.		108,000		21,868
Pico Far East Holdings, Ltd.		318,000		128,726
Playmates Holdings, Ltd.		460,000		62,576
Playmates Toys, Ltd.		236,000		24,252
Polytec Asset Holdings, Ltd.		565,000		47,476
Public Financial Holdings, Ltd.		166,000		70,848
PYI Corp., Ltd. (c)		2,140,366		40,346
Realord Group Holdings, Ltd. (c)		116,000		69,472
Regal Hotels International Holdings, Ltd.		126,000		78,239
Regina Miracle International Holdings, Ltd.		22,000		17,096
Sa Sa International Holdings, Ltd.		261,776		165,905
SAS Dragon Holdings, Ltd.		140,000		46,358
SEA Holdings, Ltd.		103,896		144,496
Shun Ho Property Investments, Ltd.		21,615		7,675
Shun Tak Holdings, Ltd.		659,500		269,621
Silver Base Group Holdings, Ltd. (c)		474,000		34,442
Sincere Watch Hong Kong, Ltd. (c)		250,000		3,563
Sing Tao News Corp., Ltd.		276,000		34,108
Singamas Container Holdings, Ltd.		724,000		101,042
SIS International Holdings		16,000		8,871
Sitoy Group Holdings, Ltd.		111,000		24,449
SmarTone Telecommunications Holdings, Ltd.		142,388		146,830
SOCAM Development, Ltd. (c)		179,876		50,390
Solartech International Holdings, Ltd. (c)		660,000		105,729
Solomon Systech International, Ltd. (c)		920,000		38,067
Soundwill Holdings, Ltd.		41,500		68,375
South China Holdings Co., Ltd. (c)		1,240,000		38,248
Stella International Holdings, Ltd.		161,500		199,010
Stelux Holdings International, Ltd.		260,500		13,089
Styland Holdings, Ltd.		460,000		5,865
Success Universe Group, Ltd. (c)		240,000		9,130
Summit Ascent Holdings, Ltd. (c)		126,000		12,007
Sun Hing Vision Group Holdings, Ltd.		42,000		17,005
Sun Hung Kai & Co., Ltd.		270,440		151,669
SUNeVision Holdings, Ltd.		24,000		14,157
Sunwah Kingsway Capital Holdings, Ltd.		387,500		4,735
Synergy Group Holdings International, Ltd. (c)		112,000		24,791

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Hong Kong—(Continued)
TAI Cheung Holdings, Ltd.		206,000	$	232,981
Talent Property Group, Ltd. (c)		420,000		5,834
Tan Chong International, Ltd.		63,000		22,484
Tao Heung Holdings, Ltd.		204,000		34,609
Television Broadcasts, Ltd.		123,500		390,919
Texwinca Holdings, Ltd.		300,000		127,835
TK Group Holdings, Ltd.		62,000		52,958
Tom Group, Ltd. (c)		118,000		31,548
Town Health International Medical Group, Ltd. (a) (b) (d)		230,000		7,587
Tradelink Electronic Commerce, Ltd.		256,000		40,077
Transport International Holdings, Ltd.		99,764		286,086
Trinity, Ltd. (c)		466,000		50,899
TSC Group Holdings, Ltd. (c)		216,000		15,890
Tsui Wah Holdings, Ltd.		136,000		17,125
Union Medical Healthcare, Ltd.		32,000		22,008
United Laboratories International Holdings, Ltd. (The)		241,000		248,930
Universal Technologies Holdings, Ltd. (c)		120,000		4,287
Up Energy Development Group, Ltd. (a) (b) (c) (d)		92,000		284
Upbest Group, Ltd.		16,000		2,069
Value Convergence Holdings, Ltd. (c)		204,000		34,559
Value Partners Group, Ltd.		206,000		162,485
Valuetronics Holdings, Ltd.		89,790		43,666
Vedan International Holdings, Ltd.		296,000		28,662
Victory City International Holdings, Ltd. (c)		839,449		14,131
Vitasoy International Holdings, Ltd.		236,000		753,914
VPower Group International Holdings, Ltd.		78,000		31,988
VS International Group, Ltd. (c)		200,000		4,028
VSTECS Holdings, Ltd.		307,200		152,789
VTech Holdings, Ltd.		30,800		354,564
Wai Kee Holdings, Ltd.		54,000		27,360
We Solutions, Ltd. (c)		268,000		40,050
Win Hanverky Holdings, Ltd.		332,000		28,722
Winfull Group Holdings, Ltd. (c)		528,000		9,542
Wing On Co. International, Ltd.		46,000		167,686
Wing Tai Properties, Ltd.		232,000		195,656
Wonderful Sky Financial Group Holdings, Ltd.		44,000		6,670
Yat Sing Holdings, Ltd. (c)		410,000		14,851
Yeebo International Holdings, Ltd.		158,000		36,382
YGM Trading, Ltd.		46,000		36,914
Yugang International, Ltd.		1,466,000		40,097
Yunfeng Financial Group, Ltd. (c)		82,000		49,934
				19,775,829
India—0.0%
Vedanta Resources plc		15,940		135,322
Ireland—0.6%
C&C Group plc		95,793		363,516
FBD Holdings plc		10,350		127,731
Glanbia plc		33,226		615,579
Greencore Group plc		314,156		768,932
Hostelworld Group plc		2,650		11,051
IFG Group plc		44,002		77,204
Independent News & Media plc (c)		35,056		4,020
Irish Continental Group plc		22,664		134,062
Kingspan Group plc		16,938		846,906
Ireland—(Continued)
Smurfit Kappa Group plc		13,745		553,066
Tarsus Group plc		6,119		23,018
UDG Healthcare plc		22,358		243,499
				3,768,584
Isle of Man—0.0%
Hansard Global plc		2,566		2,048
Israel—0.9%
ADO Group, Ltd. (c)		3,904		78,293
Afcon Holdings, Ltd.		240		9,523
Africa Israel Properties, Ltd. (c)		4,653		105,691
Africa Israel Residences, Ltd.		880		15,398
Airport City, Ltd. (c)		30,492		338,576
Allot Communications, Ltd. (c)		10,216		54,118
Alony Hetz Properties & Investments, Ltd.		4,664		42,937
Alrov Properties and Lodgings, Ltd.		3,141		98,508
Amot Investments, Ltd.		25,066		125,825
Arad, Ltd.		1,152		10,938
Arko Holdings, Ltd. (c)		71,123		38,944
Ashtrom Group, Ltd.		3,487		12,410
Ashtrom Properties, Ltd.		8,909		39,120
AudioCodes, Ltd. (c)		5,709		44,192
Avgol Industries 1953, Ltd.		9,099		9,410
Azorim-Investment Development & Construction Co., Ltd. (c)		23,712		21,743
Bayside Land Corp.		205		88,236
Big Shopping Centers, Ltd.		1,031		69,816
BioLine RX, Ltd. (c)		2,565		2,264
Blue Square Real Estate, Ltd.		767		26,405
Camtek, Ltd.		2,064		15,306
Cellcom Israel, Ltd. (c)		13,058		74,534
Ceragon Networks, Ltd. (c)		14,799		52,832
Clal Biotechnology Industries, Ltd. (c)		17,579		15,934
Clal Insurance Enterprises Holdings, Ltd. (c)		7,114		99,336
Cohen Development & Industrial Buildings, Ltd.		305		5,836
Compugen, Ltd. (c)		14,846		48,977
Danel Adir Yeoshua, Ltd.		721		31,980
Delek Automotive Systems, Ltd.		10,535		57,829
Delta-Galil Industries, Ltd.		4,030		117,033
Direct Insurance Financial Investments, Ltd.		4,805		53,467
El Al Israel Airlines		77,291		16,486
Electra Consumer Products 1970, Ltd.		1,236		14,399
Electra, Ltd.		652		162,262
Elron Electronic Industries, Ltd. (c)		7,585		31,316
Energix-Renewable Energies, Ltd. (c)		36,656		38,314
Enlight Renewable Energy, Ltd. (c)		95,911		48,913
Evogene, Ltd. (c)		5,090		14,415
First International Bank of Israel, Ltd.		8,900		186,244
FMS Enterprises Migun, Ltd.		910		24,629
Formula Systems 1985, Ltd.		2,591		94,097
Fox Wizel, Ltd.		2,272		46,969
Gilat Satellite Networks, Ltd. (c)		7,707		71,499
Hadera Paper, Ltd.		1,104		79,942
Hamlet Israel-Canada, Ltd.		1,610		41,443
Harel Insurance Investments & Financial Services, Ltd.		43,597		327,161
Hilan, Ltd.		2,993		65,729

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
IDI Insurance Co., Ltd.		986	$	59,139
Industrial Buildings Corp., Ltd. (c)		39,465		50,271
Inrom Construction Industries, Ltd.		7,350		27,544
Israel Canada T.R., Ltd.		12,271		11,762
Israel Discount Bank, Ltd. - Class A		18,106		52,956
Israel Land Development Co., Ltd. (The) (c)		3,950		37,266
Issta Lines, Ltd.		550		10,126
Jerusalem Oil Exploration (c)		4,199		213,492
Kamada, Ltd. (c)		11,729		60,500
Kerur Holdings, Ltd.		931		24,329
Klil Industries, Ltd.		175		15,270
Maabarot Products, Ltd.		3,435		36,175
Magic Software Enterprises, Ltd.		9,462		78,163
Matrix IT, Ltd.		10,787		115,029
Maytronics, Ltd.		10,248		55,105
Mazor Robotics, Ltd. (c)		11,491		318,739
Mega Or Holdings, Ltd.		3,085		34,632
Meitav Dash Investments, Ltd.		5,193		15,262
Melisron, Ltd.		4,351		180,572
Menora Mivtachim Holdings, Ltd.		11,310		121,708
Migdal Insurance & Financial Holding, Ltd. (c)		55,471		48,025
Mivtach Shamir Holdings, Ltd.		1,401		25,697
Naphtha Israel Petroleum Corp., Ltd.		14,775		86,593
Nawi Brothers, Ltd.		4,888		24,566
Neto ME Holdings, Ltd.		788		63,931
Nova Measuring Instruments, Ltd. (c)		8,789		241,658
NR Spuntech Industries, Ltd. (c)		3,848		12,420
Oil Refineries, Ltd.		418,554		176,374
One Software Technologies, Ltd.		555		20,385
Partner Communications Co., Ltd. (c)		21,648		81,143
Paz Oil Co., Ltd.		1,481		194,681
Perion Network, Ltd. (c)		3,246		3,793
Phoenix Holdings, Ltd. (The)		20,176		105,639
Plasson Industries, Ltd.		1,729		73,529
Rami Levi Chain Stores Hashikma Marketing, Ltd.		1,803		87,620
Redhill Biopharma, Ltd. (c)		14,917		11,868
Scope Metals Group, Ltd.		1,419		38,288
Shapir Engineering & Industry, Ltd.		13,184		38,487
Shikun & Binui, Ltd.		73,332		129,775
Shufersal, Ltd.		23,137		141,975
SodaStream International, Ltd. (c)		100		8,406
Space Communication, Ltd. (c)		2,951		9,872
Strauss Group, Ltd.		1,727		34,769
Summit Real Estate Holdings, Ltd.		4,127		35,058
Suny Cellular Communication, Ltd. (c)		16,495		9,044
Tadiran Holdings, Ltd.		568		13,835
Union Bank of Israel (c)		7,545		32,554
				6,337,254
Italy—4.4%
A2A S.p.A.		481,411		834,587
ACEA S.p.A.		23,394		347,424
Aeffe S.p.A. (c)		11,359		34,131
Amplifon S.p.A.		30,504		631,389
Anima Holding S.p.A.		58,335		312,263
Ansaldo STS S.p.A. (c)		25,429		363,973
Italy—(Continued)
Arnoldo Mondadori Editore S.p.A. (c)		63,913		97,229
Ascopiave S.p.A.		28,294		98,791
Astaldi S.p.A. (e)		20,559		48,047
Autogrill S.p.A.		41,121		509,824
Avio S.p.A.		2,974		50,417
Azimut Holding S.p.A.		39,680		612,729
B&C Speakers S.p.A.		1,431		21,494
Banca Carige S.p.A. (c)		156,432		1,495
Banca Farmafactoring S.p.A.		3,350		19,613
Banca Finnat Euramerica S.p.A.		50,851		21,881
Banca Generali S.p.A.		18,858		468,473
Banca IFIS S.p.A.		7,714		231,942
Banca Mediolanum S.p.A.		51,915		351,088
Banca Popolare dell’Emilia Romagna SC (e)		202,667		1,110,159
Banca Popolare di Sondrio Scarl		173,614		697,409
Banca Profilo S.p.A.		117,883		27,196
Banca Sistema S.p.A.		9,271		21,908
Banco BPM S.p.A. (c)		390,373		1,139,828
Banco di Desio e della Brianza S.p.A.		20,306		50,639
BasicNet S.p.A.		13,493		59,485
BE		9,564		10,019
Biesse S.p.A.		6,021		234,957
Brembo S.p.A.		45,165		610,627
Brunello Cucinelli S.p.A.		8,151		363,703
Buzzi Unicem S.p.A.		27,815		681,020
Cairo Communication S.p.A.		24,474		97,665
Caltagirone Editore S.p.A. (c)		6,273		9,443
Cembre S.p.A.		875		26,983
Cementir Holding S.p.A.		21,979		173,686
Cerved Information Solutions S.p.A.		44,102		472,651
CIR-Compagnie Industriali Riunite S.p.A.		157,057		192,132
Credito Emiliano S.p.A.		35,381		261,831
Credito Valtellinese S.p.A. (c)		2,927,424		329,086
d’Amico International Shipping S.A. (c)		60,320		12,615
Danieli & C Officine Meccaniche S.p.A.		4,846		120,174
Datalogic S.p.A.		8,028		296,214
De’Longhi S.p.A.		16,896		478,150
DeA Capital S.p.A.		18,071		27,009
DiaSorin S.p.A.		6,863		782,312
Digital Bros S.p.A.		1,166		12,578
Ei Towers S.p.A.		7,035		388,594
El.En. S.p.A.		2,505		81,642
Emak S.p.A.		8,807		12,522
Enav S.p.A.		30,037		150,295
ERG S.p.A.		21,603		470,742
Esprinet S.p.A.		14,507		65,670
Eurotech S.p.A. (c)		13,076		44,797
Falck Renewables S.p.A.		34,815		83,882
Fila S.p.A.		1,813		37,074
Fincantieri S.p.A. (c)		93,136		126,839
FinecoBank Banca Fineco S.p.A.		78,350		882,091
FNM S.p.A.		55,327		38,375
Geox S.p.A. (e)		34,378		96,887
Gruppo Editoriale L’Espresso S.p.A. (c)		52,528		20,012
Gruppo MutuiOnline S.p.A.		5,404		89,854
Hera S.p.A.		231,619		721,706
IMMSI S.p.A. (c)		100,436		55,721

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Italy—(Continued)
Industria Macchine Automatiche S.p.A.		5,461	$	474,257
Infrastrutture Wireless Italiane S.p.A.		27,392		210,725
Intek Group S.p.A. (c)		80,757		33,447
Interpump Group S.p.A.		22,700		705,468
Iren S.p.A.		231,134		589,702
Italgas S.p.A.		95,428		525,629
Italmobiliare S.p.A.		3,185		78,117
Juventus Football Club S.p.A. (c) (e)		147,435		113,724
La Doria S.p.A.		3,877		47,863
Leonardo S.p.A.		46,426		458,403
Maire Tecnimont S.p.A.		35,567		159,382
MARR S.p.A.		13,428		353,496
Mediaset S.p.A. (c) (e)		192,042		613,784
Moncler S.p.A.		27,092		1,232,370
Nice S.p.A.		9,890		37,627
Openjobmetis S.p.A. agenzia per il lavoro (c)		1,209		13,579
OVS S.p.A.		23,352		76,091
Parmalat S.p.A.		10,144		34,238
Piaggio & C S.p.A.		71,430		179,209
Prima Industrie S.p.A.		1,853		79,431
Prysmian S.p.A.		29,824		741,040
RAI Way S.p.A.		12,094		56,631
Reno de Medici S.p.A.		46,743		52,291
Reply S.p.A.		6,572		445,827
Retelit S.p.A.		36,769		69,450
Rizzoli Corriere Della Sera Mediagroup S.p.A. (c)		19,560		24,669
Sabaf S.p.A.		3,059		61,183
SAES Getters S.p.A.		1,416		36,138
Safilo Group S.p.A. (c)		12,212		64,005
Saipem S.p.A. (c)		154,136		709,136
Salini Impregilo S.p.A. (e)		70,140		182,656
Salvatore Ferragamo S.p.A.		16,352		398,619
Saras S.p.A.		134,526		325,883
Servizi Italia S.p.A.		1,701		9,134
Sesa S.p.A.		1,672		54,860
Snaitech S.p.A. (c)		21,135		54,131
Societa Cattolica di Assicurazioni SC		61,974		515,900
Societa Iniziative Autostradali e Servizi S.p.A.		25,981		390,608
Sogefi S.p.A. (c)		24,822		74,762
SOL S.p.A.		11,001		134,657
Tamburi Investment Partners S.p.A.		24,357		167,655
Technogym S.p.A.		13,407		158,525
Tecnoinvestimenti S.p.A.		462		2,982
Tiscali S.p.A. (c)		802,477		21,107
Tod’s S.p.A.		3,954		246,066
Trevi Finanziaria Industriale S.p.A. (c)		31,414		10,981
Uni Land S.p.A. (a) (b) (c) (d)		4,937		0
Unieuro S.p.A.		902		11,956
Unione di Banche Italiane S.p.A. (e)		325,151		1,245,412
Unipol Gruppo Finanziario S.p.A.		126,457		487,096
UnipolSai Assicurazioni S.p.A. (e)		127,672		281,599
Vittoria Assicurazioni S.p.A.		11,087		180,498
Zignago Vetro S.p.A.		11,476		106,914
				30,061,885
Japan—25.2%
77 Bank, Ltd. (The)		12,800		278,965
A&A Material Corp.		1,200		12,891
A&D Co., Ltd.		3,000		27,716
A/S One Corp.		3,500		242,807
Abist Co., Ltd.		600		26,211
Achilles Corp.		6,500		127,697
Adastria Co., Ltd. (e)		9,240		116,986
ADEKA Corp.		34,600		553,403
Adtec Plasma Technology Co., Ltd.		600		8,587
Advan Co., Ltd.		6,700		58,420
Advanex, Inc.		900		15,115
Adventure, Inc.		600		39,900
Aeon Delight Co., Ltd.		3,900		132,636
Aeon Fantasy Co., Ltd.		2,400		140,103
Aeon Hokkaido Corp.		2,600		19,035
Aeria, Inc.		800		10,176
AGORA Hospitality Group Co., Ltd. (c)		27,000		8,038
Agro-Kanesho Co., Ltd.		2,900		76,945
Ahresty Corp.		9,200		81,893
Ai Holdings Corp.		12,200		263,957
Aica Kogyo Co., Ltd.		2,600		91,184
Aichi Bank, Ltd. (The)		2,600		112,729
Aichi Corp.		10,800		63,235
Aichi Steel Corp.		4,300		165,465
Aichi Tokei Denki Co., Ltd.		1,900		72,360
Aida Engineering, Ltd.		20,700		200,954
Ain Holdings, Inc.		1,000		73,774
Aiphone Co., Ltd.		4,600		71,598
Airport Facilities Co., Ltd.		7,500		41,694
Aisan Industry Co., Ltd.		10,400		87,593
AIT Corp.		900		9,548
Aizawa Securities Co., Ltd.		13,800		96,796
Akatsuki, Inc.		500		18,854
Akebono Brake Industry Co., Ltd. (c) (e)		32,600		78,819
Akita Bank, Ltd. (The)		6,200		172,562
Albis Co., Ltd.		800		23,097
Alconix Corp.		6,400		91,837
Alinco, Inc.		5,800		55,995
Allied Telesis Holdings KK (c)		13,900		16,990
Alpen Co., Ltd.		7,000		150,574
Alpha Corp.		2,200		31,139
Alpha Systems, Inc.		3,140		65,133
Alpine Electronics, Inc.		16,600		342,121
Alps Logistics Co., Ltd.		6,000		48,265
Altech Corp.		5,200		113,446
Amano Corp.		19,600		462,886
Amiyaki Tei Co., Ltd.		1,100		45,512
Amuse, Inc.		3,600		96,720
Anabuki Kosan, Inc.		400		11,426
Anest Iwata Corp.		10,400		112,052
Anicom Holdings, Inc.		3,400		127,898
AOI Electronics Co., Ltd.		1,100		35,565
AOI TYO Holdings, Inc.		6,428		90,381
AOKI Holdings, Inc.		15,900		231,604
Aomori Bank, Ltd. (The)		6,900		208,231
Aoyama Trading Co., Ltd.		17,900		597,642
Aoyama Zaisan Networks Co., Ltd.		800		16,360

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Apaman Co., Ltd.		2,100	$	23,152
Arakawa Chemical Industries, Ltd.		6,600		105,919
Arata Corp.		4,200		253,688
Araya Industrial Co., Ltd.		2,600		48,887
Arcland Sakamoto Co., Ltd.		10,600		159,158
Arcland Service Holdings Co., Ltd.		2,200		46,662
Arcs Co., Ltd.		13,364		364,163
Ardepro Co., Ltd.		18,900		10,583
Arealink Co., Ltd.		800		22,102
Argo Graphics, Inc.		2,800		90,398
Ariake Japan Co., Ltd.		700		60,212
Arisawa Manufacturing Co., Ltd.		14,300		144,202
Arrk Corp. (c)		22,600		24,454
Artnature, Inc.		5,000		30,909
Asahi Broadcasting Corp.		2,400		18,044
Asahi Co., Ltd.		4,500		63,395
Asahi Diamond Industrial Co., Ltd.		21,200		149,522
Asahi Holdings, Inc.		9,000		167,650
Asahi Kogyosha Co., Ltd.		1,700		53,865
Asahi Net, Inc.		5,000		23,551
Asahi Printing Co., Ltd.		400		4,476
ASAHI YUKIZAI Corp.		5,000		102,833
Asahipen Corp.		4,000		6,646
Asanuma Corp.		24,000		85,727
Asax Co., Ltd.		5,400		30,810
Ashimori Industry Co., Ltd.		1,600		34,564
ASKA Pharmaceutical Co., Ltd.		7,500		97,491
Asukanet Co., Ltd.		1,300		17,691
Asunaro Aoki Construction Co., Ltd.		5,800		49,065
Ateam, Inc.		1,300		27,699
Atom Corp.		11,100		107,798
Atrae, Inc. (c)		700		15,190
Atsugi Co., Ltd.		6,100		64,256
Autobacs Seven Co., Ltd.		22,700		402,214
Avex, Inc.		12,000		166,505
Awa Bank, Ltd. (The)		73,000		448,965
Axell Corp.		3,800		27,957
Axial Retailing, Inc.		5,100		193,814
Azia Co., Ltd.		1,500		20,422
Bando Chemical Industries, Ltd.		15,400		169,812
Bank of Iwate, Ltd. (The)		6,000		230,934
Bank of Kochi, Ltd. (The)		1,600		17,196
Bank of Nagoya, Ltd. (The)		5,400		187,553
Bank of Okinawa, Ltd. (The)		9,160		335,115
Bank of Saga, Ltd. (The)		6,100		136,732
Bank of the Ryukyus, Ltd.		15,800		232,915
Baroque Japan, Ltd.		1,100		9,823
BayCurrent Consulting, Inc.		1,800		60,055
Beenos, Inc.		1,400		22,416
Belc Co., Ltd.		2,800		148,043
Bell System24 Holdings, Inc.		4,300		74,965
Belluna Co., Ltd.		13,800		173,837
Benefit One, Inc.		4,300		121,379
Bengo4.com, Inc. (c)		1,200		28,530
Biofermin Pharmaceutical Co., Ltd.		500		13,039
BML, Inc.		7,600		195,760
Bookoff Corp.		4,700		33,224
Japan—(Continued)
BP Castrol KK		2,600		37,978
Br Holdings Corp.		4,000		17,354
Broadleaf Co., Ltd.		20,400		123,208
BRONCO BILLY Co., Ltd.		2,400		99,668
Bull-Dog Sauce Co., Ltd.		600		11,760
Bunka Shutter Co., Ltd.		19,000		161,066
C Uyemura & Co., Ltd.		2,800		196,427
C.I. Takiron Corp.		18,000		101,321
CAC Holdings Corp.		6,200		60,709
Can Do Co., Ltd.		3,500		55,296
Canare Electric Co., Ltd.		800		15,976
Canon Electronics, Inc.		7,400		148,728
Career Design Center Co., Ltd.		600		10,919
Carlit Holdings Co., Ltd.		7,300		62,021
Cawachi, Ltd.		5,700		116,629
Central Glass Co., Ltd.		15,000		314,276
Central Security Patrols Co., Ltd.		600		27,976
Central Sports Co., Ltd.		1,600		60,939
Ceres, Inc.		1,100		16,610
Chiba Kogyo Bank, Ltd. (The)		16,000		69,712
Chilled & Frozen Logistics Holdings Co., Ltd.		2,800		33,596
CHIMNEY Co., Ltd.		1,400		37,274
Chino Corp.		2,700		41,241
Chiyoda Co., Ltd.		5,800		133,824
Chiyoda Corp.		6,000		51,968
Chiyoda Integre Co., Ltd.		4,600		100,814
Chofu Seisakusho Co., Ltd.		5,700		123,464
Chori Co., Ltd.		5,000		88,351
Chubu Shiryo Co., Ltd.		7,900		138,299
Chudenko Corp.		8,600		214,852
Chuetsu Pulp & Paper Co., Ltd.		3,500		53,868
Chugai Mining Co., Ltd. (c)		68,200		12,933
Chugai Ro Co., Ltd.		2,900		73,448
Chugoku Marine Paints, Ltd.		22,000		219,130
Chukyo Bank, Ltd. (The)		3,900		82,011
Chuo Gyorui Co., Ltd.		200		5,121
Chuo Spring Co., Ltd.		1,400		48,168
Citizen Watch Co., Ltd.		37,300		244,680
CKD Corp.		17,300		283,796
Clarion Co., Ltd.		34,000		91,366
Cleanup Corp.		7,300		57,303
CMIC Holdings Co., Ltd.		3,900		80,746
CMK Corp.		18,200		115,780
Cocokara fine, Inc.		5,700		349,823
COLOPL, Inc.		11,000		74,437
Colowide Co., Ltd.		13,800		369,003
Computer Engineering & Consulting, Ltd.		4,800		176,843
Computer Institute of Japan, Ltd.		2,000		12,342
Comture Corp.		1,900		46,882
CONEXIO Corp.		4,600		79,952
COOKPAD, Inc.		6,300		29,044
Corona Corp.		5,600		61,298
Cosel Co., Ltd.		9,900		125,197
Cosmo Energy Holdings Co., Ltd.		3,200		112,159
Cosmos Initia Co., Ltd.		3,500		23,315
Cota Co., Ltd.		1,600		21,629
Create Medic Co., Ltd.		1,800		22,627

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Create Restaurants Holdings, Inc.		4,700	$	68,756
Create SD Holdings Co., Ltd.		8,300		238,499
Creek & River Co., Ltd.		1,300		12,211
Cresco, Ltd.		2,000		58,676
CTI Engineering Co., Ltd.		4,800		64,435
CTS Co., Ltd.		1,700		18,776
Cyberstep, Inc. (c)		1,200		22,014
Cybozu, Inc.		2,500		12,146
D.A. Consortium Holdings, Inc.		5,900		164,292
Dai Nippon Toryo Co., Ltd.		9,400		121,325
Dai-Dan Co., Ltd.		6,000		124,268
Dai-ichi Seiko Co., Ltd.		3,100		50,186
Daibiru Corp.		19,800		201,224
Daido Kogyo Co., Ltd.		2,000		26,940
Daido Metal Co., Ltd.		11,200		114,039
Daido Steel Co., Ltd.		1,400		64,636
Daidoh, Ltd.		10,800		43,194
Daihatsu Diesel Manufacturing Co., Ltd.		9,000		66,381
Daihen Corp.		36,000		216,441
Daiho Corp.		25,000		148,764
Daiichi Jitsugyo Co., Ltd.		2,800		82,101
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		5,000		53,609
Daiken Corp.		4,800		110,668
Daiken Medical Co., Ltd.		4,400		30,342
Daiki Aluminium Industry Co., Ltd.		9,000		55,725
Daiko Denshi Tsushin, Ltd.		1,300		7,715
Daikoku Denki Co., Ltd.		2,700		45,483
Daikokutenbussan Co., Ltd.		1,900		88,947
Daikyo, Inc.		11,500		251,629
Daikyonishikawa Corp.		4,100		60,022
Dainichi Co., Ltd.		4,100		30,420
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		5,000		155,511
Daio Paper Corp.		25,300		352,007
Daiseki Co., Ltd.		10,700		314,034
Daiseki Eco. Solution Co., Ltd.		2,400		23,712
Daishi Bank, Ltd. (The)		11,100		441,007
Daishinku Corp.		2,600		30,583
Daisue Construction Co., Ltd.		2,300		29,316
Daisyo Corp.		3,100		49,915
Daito Bank, Ltd. (The)		5,200		58,291
Daito Pharmaceutical Co., Ltd.		3,960		122,893
Daitron Co., Ltd.		800		15,762
Daiwa Industries, Ltd.		11,000		127,559
Daiwabo Holdings Co., Ltd.		6,100		324,572
DCM Holdings Co., Ltd.		37,900		354,117
DD Holdings Co., Ltd.		600		15,197
Dear Life Co., Ltd.		4,700		21,633
Denki Kogyo Co., Ltd.		4,200		135,045
Denyo Co., Ltd.		4,800		74,373
Descente, Ltd.		13,700		242,489
Dexerials Corp.		7,800		77,759
Digital Arts, Inc.		1,600		86,531
Digital Information Technologies Corp.		1,300		12,844
Dip Corp.		4,800		123,266
DKS Co., Ltd.		18,000		121,955
DMG Mori Co., Ltd.		11,900		164,132
DMW Corp.		700		15,401
Japan—(Continued)
Doshisha Co., Ltd.		8,200		185,449
Doutor Nichires Holdings Co., Ltd.		11,500		228,341
DSB Co., Ltd.		5,300		28,351
DTS Corp.		6,600		244,948
Duskin Co., Ltd.		13,700		341,524
DyDo Group Holdings, Inc.		2,700		160,360
Dynic Corp.		3,200		29,810
E-Guardian, Inc.		1,400		36,386
Eagle Industry Co., Ltd.		7,800		125,028
Earth Corp.		2,700		137,410
Ebara Jitsugyo Co., Ltd.		2,500		52,464
EDION Corp.		28,900		290,498
EF-ON, Inc.		1,200		14,527
eGuarantee, Inc.		2,400		43,570
Ehime Bank, Ltd. (The)		11,400		132,373
Eidai Co., Ltd.		10,000		48,453
Eighteenth Bank, Ltd. (The)		70,000		182,500
Eiken Chemical Co., Ltd.		9,200		195,556
Eizo Corp.		6,300		273,499
Elan Corp.		600		14,753
Elecom Co., Ltd.		5,100		119,053
Elematec Corp.		4,000		94,721
EM Systems Co., Ltd.		3,600		36,602
en-japan, Inc.		2,200		110,820
Endo Lighting Corp.		2,600		20,670
Eneres Co., Ltd. (c)		3,400		13,401
Enigmo, Inc. (c)		1,300		20,805
Enplas Corp.		3,400		94,661
Enshu, Ltd. (c)		23,000		28,815
EPS Holdings, Inc.		7,900		169,529
eRex Co., Ltd.		6,100		64,032
ES-Con Japan, Ltd.		4,900		28,710
Escrow Agent Japan Co., Ltd.		5,100		20,310
ESPEC Corp.		7,100		139,206
Evolable Asia Corp.		1,100		26,314
Excel Co., Ltd.		2,500		61,070
Exedy Corp.		11,600		358,795
F-Tech, Inc.		3,600		41,987
F@N Communications, Inc.		9,600		64,766
Faith, Inc.		2,680		34,794
FALCO HOLDINGS Co., Ltd.		3,100		54,165
FCC Co., Ltd.		12,600		355,099
FDK Corp. (c)		25,000		43,162
Feed One Co., Ltd.		41,380		85,950
Ferrotec Holdings Corp.		10,400		160,180
FIDEA Holdings Co., Ltd.		62,510		97,006
Fields Corp.		6,000		56,646
Financial Products Group Co., Ltd.		20,000		257,648
FINDEX, Inc.		3,900		28,644
First Juken Co., Ltd.		3,400		42,806
Fixstars Corp.		2,700		35,548
Foster Electric Co., Ltd.		8,800		126,131
France Bed Holdings Co., Ltd.		9,300		81,576
Freebit Co., Ltd.		2,100		22,202
Freund Corp.		2,400		20,910
FTGroup Co., Ltd.		1,500		17,967
Fudo Tetra Corp.		60,300		112,630

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Fuji Co., Ltd.		6,700	$	140,029
Fuji Corp., Ltd.		8,600		76,786
Fuji Kyuko Co., Ltd. (e)		6,500		194,102
Fuji Machine Manufacturing Co., Ltd.		12,100		216,593
Fuji Oil Co., Ltd.		21,100		79,138
Fuji Oil Holdings, Inc.		13,000		466,736
Fuji Pharma Co., Ltd.		4,600		78,967
Fuji Seal International, Inc.		7,400		261,729
Fuji Soft, Inc.		7,300		307,769
Fujibo Holdings, Inc.		3,700		120,198
Fujicco Co., Ltd.		7,100		181,537
Fujikura Kasei Co., Ltd.		9,500		54,878
Fujikura Rubber, Ltd.		5,800		32,516
Fujikura, Ltd.		69,700		442,796
Fujimi, Inc.		7,000		154,852
Fujimori Kogyo Co., Ltd.		4,800		158,034
Fujio Food System Co., Ltd.		600		10,821
Fujisash Co., Ltd.		24,500		26,098
Fujishoji Co., Ltd.		1,300		14,487
Fujita Kanko, Inc.		800		23,676
Fujitec Co., Ltd.		19,500		240,027
Fujitsu Frontech, Ltd.		4,500		61,135
Fujitsu General, Ltd.		6,700		104,652
Fujiya Co., Ltd.		500		11,433
FuKoKu Co., Ltd.		5,100		44,370
Fukuda Corp.		1,600		96,454
Fukui Bank, Ltd. (The)		9,200		201,078
Fukui Computer Holdings, Inc.		1,300		21,431
Fukushima Bank, Ltd. (The) (c)		11,200		70,672
Fukushima Industries Corp.		4,200		192,433
Fukuyama Transporting Co., Ltd.		8,100		413,531
FULLCAST Holdings Co., Ltd.		4,300		109,609
Fumakilla, Ltd.		2,500		46,249
Funai Electric Co., Ltd. (c) (e)		7,900		45,307
Funai Soken Holdings, Inc.		10,770		239,728
Furukawa Battery Co., Ltd. (The)		5,000		38,619
Furukawa Co., Ltd.		10,500		155,496
Furuno Electric Co., Ltd.		10,500		82,565
Furusato Industries, Ltd.		3,700		60,770
Fuso Chemical Co., Ltd.		4,000		103,104
Fuso Pharmaceutical Industries, Ltd.		2,600		68,330
Futaba Corp.		10,200		178,722
Futaba Industrial Co., Ltd.		19,600		122,952
Future Corp.		8,400		103,076
Fuyo General Lease Co., Ltd.		5,600		383,834
G-Tekt Corp.		7,700		130,250
Gakken Holdings Co., Ltd.		1,600		71,436
Gakkyusha Co., Ltd.		700		11,783
Gecoss Corp.		4,600		44,241
Genki Sushi Co., Ltd.		1,600		50,588
Genky DrugStores Co., Ltd.		2,400		97,893
Geo Holdings Corp.		12,300		164,765
Giken, Ltd.		2,800		65,030
GLOBERIDE, Inc.		3,500		126,913
Glory, Ltd.		7,900		220,846
GMO Click Holdings, Inc.		1,800		13,866
GMO Cloud K.K.		700		20,111
Japan—(Continued)
GMO internet, Inc.		8,300		197,385
Godo Steel, Ltd.		4,100		77,612
Goldcrest Co., Ltd.		7,230		117,406
Golf Digest Online, Inc. (e)		900		8,922
Grandy House Corp.		3,600		15,979
Gree, Inc.		26,400		141,237
GS Yuasa Corp.		70,000		318,712
GSI Creos Corp.		2,800		37,867
Gumi, Inc. (c)		2,900		19,060
Gun-Ei Chemical Industry Co., Ltd.		1,800		56,961
Gunosy, Inc. (c)		2,000		25,705
Gunze, Ltd.		6,900		441,644
Gurunavi, Inc.		8,500		69,603
H-One Co., Ltd.		6,000		65,842
H2O Retailing Corp.		7,600		121,233
HABA Laboratories, Inc.		200		21,059
Hagihara Industries, Inc.		4,000		68,581
Hakudo Co., Ltd.		500		10,567
Hakuto Co., Ltd.		5,900		87,647
Hakuyosha Co., Ltd.		800		24,114
Hamakyorex Co., Ltd.		5,600		163,665
Hanwa Co., Ltd.		12,800		487,462
Happinet Corp.		5,000		63,264
Hard Off Corp. Co., Ltd.		3,700		33,186
Harima Chemicals Group, Inc.		7,100		54,441
Haruyama Holdings, Inc.		5,400		50,052
Hazama Ando Corp.		54,490		494,558
Hearts United Group Co., Ltd.		1,300		18,409
Heiwa Corp.		12,200		294,365
Heiwa Real Estate Co., Ltd.		14,400		256,437
Heiwado Co., Ltd.		11,200		278,954
Helios Techno Holding Co., Ltd.		1,900		11,919
HI-LEX Corp.		7,700		194,933
Hibiya Engineering, Ltd.		7,800		155,350
Hiday Hidaka Corp.		5,815		130,134
Himaraya Co., Ltd.		2,600		24,838
Hinokiya Group Co., Ltd.		700		19,207
Hioki EE Corp.		2,300		96,429
Hiramatsu, Inc.		8,300		38,061
Hirano Tecseed Co., Ltd.		500		11,964
Hirata Corp.		1,700		121,639
Hiroshima Gas Co., Ltd.		3,600		12,402
HIS Co., Ltd.		6,000		180,794
Hisaka Works, Ltd.		9,600		90,813
Hitachi Maxell, Ltd.		3,200		53,840
Hitachi Zosen Corp.		61,600		290,058
Hito Communications, Inc.		600		10,792
Hochiki Corp.		4,600		91,933
Hodogaya Chemical Co., Ltd.		1,800		54,051
Hogy Medical Co., Ltd.		7,100		317,787
Hokkaido Electric Power Co., Inc.		40,100		272,938
Hokkaido Gas Co., Ltd.		27,000		76,793
Hokkan Holdings, Ltd.		25,000		84,160
Hokko Chemical Industry Co., Ltd.		8,000		44,213
Hokkoku Bank, Ltd. (The)		10,100		397,265
Hokuetsu Bank, Ltd. (The)		8,000		159,277
Hokuetsu Industries Co., Ltd.		7,000		68,030

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Hokuetsu Kishu Paper Co., Ltd.		47,900	$	246,262
Hokuhoku Financial Group, Inc.		3,300		43,894
Hokuriku Electric Industry Co., Ltd.		2,800		31,234
Hokuriku Electric Power Co. (c)		30,100		302,355
Hokuriku Electrical Construction Co., Ltd.		3,000		31,520
Hokuriku Gas Co., Ltd.		1,000		27,358
Hokuto Corp.		7,100		126,569
Honda Tsushin Kogyo Co., Ltd.		1,200		9,646
Honeys Holdings Co., Ltd.		6,930		59,556
Honma Golf, Ltd.		27,000		27,663
Hoosiers Holdings Co., Ltd.		8,000		57,414
Hosiden Corp.		20,000		167,730
Hosokawa Micron Corp.		2,200		136,126
Hotland Co., Ltd.		900		10,666
House Do Co., Ltd.		600		13,932
Howa Machinery, Ltd.		5,700		48,535
Hyakugo Bank, Ltd. (The)		88,000		345,182
Hyakujushi Bank, Ltd. (The)		98,000		321,828
I’rom Group Co., Ltd.		1,100		20,263
I-Net Corp.		3,520		56,362
Ibiden Co., Ltd.		27,300		436,851
IBJ Leasing Co., Ltd.		7,200		190,357
IBJ, Inc.		3,500		21,500
Ichibanya Co., Ltd.		1,700		74,252
Ichigo, Inc. (e)		42,800		200,715
Ichiken Co., Ltd.		2,400		55,191
Ichikoh Industries, Ltd.		9,000		107,143
ICHINEN HOLDINGS Co., Ltd.		7,400		91,835
Ichiyoshi Securities Co., Ltd.		12,600		136,348
Icom, Inc.		3,800		92,766
Idec Corp.		7,500		174,850
IDOM, Inc.		20,400		112,766
Ihara Science Corp.		900		18,746
Iino Kaiun Kaisha, Ltd.		32,200		145,969
IJT Technology Holdings Co., Ltd.		9,000		72,247
Ikegami Tsushinki Co., Ltd.		26,000		34,706
Imagica Robot Holdings, Inc.		4,500		37,483
Imasen Electric Industrial		7,200		76,277
Imuraya Group Co., Ltd.		400		12,839
Inaba Denki Sangyo Co., Ltd.		8,100		331,001
Inaba Seisakusho Co., Ltd.		2,100		27,348
Inabata & Co., Ltd.		17,700		245,540
Inageya Co., Ltd.		9,700		159,065
Ines Corp.		9,500		90,748
Infocom Corp.		4,000		109,727
Infomart Corp.		15,400		204,295
Information Services International-Dentsu, Ltd.		4,300		129,370
Innotech Corp.		8,200		104,894
Intage Holdings, Inc.		11,600		131,151
Intelligent Wave, Inc.		3,400		22,547
Inter Action Corp.		1,700		22,902
Internet Initiative Japan, Inc.		9,800		196,878
Inui Global Logistics Co., Ltd.		5,355		54,763
Investors Cloud Co., Ltd.		2,000		32,961
Iriso Electronics Co., Ltd.		5,000		301,534
Ise Chemicals Corp.		1,000		27,662
Iseki & Co., Ltd.		7,400		131,947
Japan—(Continued)
Ishihara Sangyo Kaisha, Ltd. (c)		12,200		114,811
Ishii Iron Works Co., Ltd.		900		16,083
Ishizuka Glass Co., Ltd.		500		10,763
Isolite Insulating Products Co., Ltd.		2,900		17,347
Istyle, Inc. (e)		9,800		107,509
ITbook Co., Ltd. (c)		3,900		22,264
Itochu Enex Co., Ltd.		19,400		189,176
Itochu-Shokuhin Co., Ltd.		2,400		132,167
Itoki Corp.		15,600		90,840
Itokuro, Inc. (c)		400		25,448
IwaiCosmo Holdings, Inc.		7,900		102,017
Iwaki & Co., Ltd.		9,000		35,288
Iwasaki Electric Co., Ltd.		2,500		36,201
Iwatani Corp.		11,600		403,998
Iwatsuka Confectionery Co., Ltd.		500		23,030
Izutsuya Co., Ltd. (c)		4,700		14,931
J Trust Co., Ltd. (e)		3,300		27,239
J-Oil Mills, Inc.		4,000		143,718
JAC Recruitment Co., Ltd.		1,600		34,463
Jaccs Co., Ltd.		1,500		32,425
Jafco Co., Ltd.		6,400		259,891
Jalux, Inc.		2,400		64,570
Jamco Corp.		3,400		77,357
Janome Sewing Machine Co., Ltd.		7,099		45,278
Japan Asia Investment Co., Ltd. (c)		4,900		14,980
Japan Asset Marketing Co., Ltd. (c)		10,000		11,361
Japan Aviation Electronics Industry, Ltd.		8,000		125,793
Japan Best Rescue System Co., Ltd.		2,900		23,130
Japan Display, Inc. (c) (e)		71,600		92,988
Japan Foundation Engineering Co., Ltd.		10,200		34,683
Japan Investment Adviser Co., Ltd.		800		39,101
Japan Material Co., Ltd.		5,400		83,365
Japan Medical Dynamic Marketing, Inc.		3,000		31,795
Japan Oil Transportation Co., Ltd.		700		20,435
Japan Petroleum Exploration Co., Ltd.		7,000		182,450
Japan Property Management Center Co., Ltd.		2,000		23,533
Japan Pulp & Paper Co., Ltd.		3,700		168,268
Japan Securities Finance Co., Ltd.		5,400		29,562
Japan Steel Works, Ltd. (The)		13,000		326,652
Japan Transcity Corp.		12,000		58,334
Japan Wool Textile Co., Ltd. (The)		19,700		182,933
Jastec Co., Ltd.		5,100		54,113
JBCC Holdings, Inc.		7,000		74,350
JCU Corp.		6,400		148,671
Jeol, Ltd.		22,000		226,309
Jimoto Holdings, Inc.		67,900		102,952
JINS, Inc.		4,200		239,930
JK Holdings Co., Ltd.		5,600		43,031
JMS Co., Ltd.		7,500		45,539
Joban Kosan Co., Ltd.		1,700		28,180
Joshin Denki Co., Ltd.		7,000		218,461
JP-Holdings, Inc.		17,900		56,959
JSP Corp.		5,100		153,878
Juki Corp.		11,200		112,571
Juroku Bank, Ltd. (The)		12,200		321,947
Justsystems Corp.		9,700		198,938
JVC Kenwood Corp.		53,300		150,905

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
K&O Energy Group, Inc.		5,400	$	91,089
kabu.com Securities Co., Ltd.		47,800		154,772
Kadokawa Dwango (c)		12,508		138,242
Kaga Electronics Co., Ltd.		7,200		170,294
Kakiyasu Honten Co., Ltd.		3,800		96,154
Kamakura Shinsho, Ltd.		600		20,845
Kameda Seika Co., Ltd.		4,100		219,043
Kamei Corp.		8,700		119,797
Kanaden Corp.		7,200		89,482
Kanagawa Chuo Kotsu Co., Ltd.		2,400		80,743
Kanamoto Co., Ltd.		8,800		278,036
Kandenko Co., Ltd.		35,500		389,390
Kanematsu Corp.		29,800		430,050
Kanematsu Electronics, Ltd.		3,900		142,587
Kanemi Co., Ltd.		100		2,741
Kansai Mirai Financial Group, Inc. (c)		23,031		174,387
Kanto Denka Kogyo Co., Ltd.		15,000		124,748
Kappa Create Co., Ltd.		3,400		44,288
Kasai Kogyo Co., Ltd.		8,600		106,254
Katakura & Co-op Agri Corp.		1,600		16,785
Katakura Industries Co., Ltd.		9,500		111,489
Kato Sangyo Co., Ltd.		7,100		242,752
Kato Works Co., Ltd.		3,800		95,297
Kawada Technologies, Inc.		1,500		96,980
Kawai Musical Instruments Manufacturing Co., Ltd.		2,600		120,735
Kawasaki Kinkai Kisen Kaisha, Ltd.		700		23,554
Kawasaki Kisen Kaisha, Ltd. (c) (e)		12,200		225,011
Kawasumi Laboratories, Inc.		4,900		34,461
Keihanshin Building Co., Ltd.		14,500		119,568
Keihin Co., Ltd./Minato-Ku Tokyo Japan		2,300		33,237
Keihin Corp.		15,600		316,109
Keiyo Bank, Ltd. (The)		89,000		381,231
Keiyo Co., Ltd.		14,400		71,464
Kenko Mayonnaise Co., Ltd.		3,200		117,435
KEY Coffee, Inc.		6,700		133,256
KFC Holdings Japan, Ltd.		4,000		71,995
KH Neochem Co., Ltd.		400		12,108
Ki-Star Real Estate Co., Ltd.		600		14,231
Kimoto Co., Ltd.		14,900		38,797
Kimura Chemical Plants Co., Ltd.		3,300		12,290
King Jim Co., Ltd.		5,800		57,393
Kinki Sharyo Co., Ltd. (The) (c)		1,200		26,077
Kintetsu Department Store Co., Ltd. (c)		1,900		68,762
Kintetsu World Express, Inc.		10,800		222,669
Kirindo Holdings Co., Ltd.		800		20,131
Kissei Pharmaceutical Co., Ltd.		8,100		219,492
Kita-Nippon Bank, Ltd. (The)		2,900		69,853
Kitagawa Iron Works Co., Ltd.		3,100		73,103
Kitano Construction Corp.		14,000		58,138
Kito Corp.		5,900		113,017
Kitz Corp.		31,200		255,598
Kiyo Bank, Ltd. (The)		25,000		411,943
KLab, Inc.		10,600		140,712
KNT-CT Holdings Co., Ltd. (c)		3,300		46,221
Koa Corp.		10,200		254,785
Koatsu Gas Kogyo Co., Ltd.		11,100		97,218
Kobe Bussan Co., Ltd.		2,400		118,220
Japan—(Continued)
Kobe Electric Railway Co., Ltd. (c)		500		18,035
Kobelco Eco-Solutions Co., Ltd.		1,200		20,415
Kohnan Shoji Co., Ltd.		10,400		241,963
Kohsoku Corp.		4,000		48,665
Koike Sanso Kogyo Co., Ltd.		700		17,993
Kojima Co., Ltd. (c)		12,000		57,821
Kokusai Co., Ltd.		3,400		28,549
Kokuyo Co., Ltd.		26,700		473,846
KOMAIHALTEC, Inc.		1,800		36,717
Komatsu Seiren Co., Ltd.		10,200		89,496
Komatsu Wall Industry Co., Ltd.		2,700		49,797
KOMEDA Holdings Co., Ltd.		6,900		135,710
Komeri Co., Ltd.		12,300		312,175
Komori Corp.		18,900		219,816
Konaka Co., Ltd.		7,300		34,317
Kondotec, Inc.		7,900		72,894
Konishi Co., Ltd.		9,900		160,362
Konoike Transport Co., Ltd.		3,200		48,258
Kosaido Co., Ltd.		3,700		16,919
Koshidaka Holdings Co., Ltd.		10,000		146,983
Kotobuki Spirits Co., Ltd.		6,000		313,505
Kourakuen Holdings Corp.		2,900		44,294
Kozo Keikaku Engineering, Inc.		700		13,701
Krosaki Harima Corp.		1,900		108,326
KRS Corp.		2,200		54,895
KU Holdings Co., Ltd.		8,000		68,926
Kumagai Gumi Co., Ltd.		9,100		319,087
Kumiai Chemical Industry Co., Ltd.		21,195		166,133
Kura Corp.		3,300		219,027
Kurabo Industries, Ltd.		76,000		239,889
Kureha Corp.		5,200		370,644
Kurimoto, Ltd.		3,500		61,661
Kusuri No. Aoki Holdings Co., Ltd.		3,600		239,488
KYB Corp.		7,400		336,251
Kyodo Printing Co., Ltd.		3,000		77,673
Kyoei Steel, Ltd.		6,100		115,279
Kyokuto Boeki Kaisha, Ltd.		9,000		35,048
Kyokuto Kaihatsu Kogyo Co., Ltd.		11,400		174,018
Kyokuto Securities Co., Ltd.		7,600		99,343
Kyokuyo Co., Ltd.		3,500		113,538
KYORIN Holdings, Inc.		15,500		321,694
Kyoritsu Maintenance Co., Ltd.		6,518		357,020
Kyoritsu Printing Co., Ltd.		6,800		22,892
Kyosan Electric Manufacturing Co., Ltd.		16,000		98,760
Kyowa Electronic Instruments Co., Ltd.		8,000		30,321
Kyowa Leather Cloth Co., Ltd.		3,300		30,203
Kyushu Financial Group, Inc.		4,000		19,299
LAC Co., Ltd.		5,900		91,397
Lasertec Corp.		12,200		342,617
LEC, Inc.		4,400		183,596
Leopalace21 Corp.		82,400		451,095
Life Corp.		4,400		109,328
LIFULL Co., Ltd.		17,000		112,337
Like Co., Ltd.		1,200		18,759
Linical Co., Ltd.		1,700		38,203
Link And Motivation, Inc.		8,900		107,099
Lintec Corp.		13,700		397,340

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Look Holdings, Inc.		2,200	$	27,041
M&A Capital Partners Co., Ltd. (c)		1,200		106,963
Macnica Fuji Electronics Holdings, Inc.		14,550		243,756
Maeda Corp.		37,300		427,799
Maeda Kosen Co., Ltd.		5,700		97,866
Maeda Road Construction Co., Ltd.		21,000		399,039
Maezawa Kasei Industries Co., Ltd.		5,700		63,895
Maezawa Kyuso Industries Co., Ltd.		3,900		68,572
Makino Milling Machine Co., Ltd.		40,000		310,555
Mamezou Holdings Co., Ltd.		2,200		19,185
Mamiya-Op Co., Ltd.		1,900		19,553
Mandom Corp.		8,000		248,883
Mani, Inc.		5,700		256,095
MarkLines Co., Ltd.		1,600		35,909
Mars Engineering Corp.		3,600		84,716
Marubun Corp.		8,200		61,436
Marudai Food Co., Ltd.		38,000		172,876
Marufuji Sheet Piling Co., Ltd.		1,300		30,861
Maruha Nichiro Corp.		13,900		558,788
Maruka Machinery Co., Ltd.		900		15,569
Marusan Securities Co., Ltd.		7,600		69,792
Maruwa Co., Ltd.		3,700		295,893
Maruyama Manufacturing Co., Inc.		1,500		24,604
Maruzen CHI Holdings Co., Ltd. (c)		11,900		42,547
Maruzen Showa Unyu Co., Ltd.		23,000		105,057
Marvelous, Inc.		9,500		78,188
Matsuda Sangyo Co., Ltd.		5,900		86,961
Matsui Construction Co., Ltd.		7,800		67,066
Matsui Securities Co., Ltd.		2,000		19,100
Matsuya Foods Co., Ltd.		2,500		85,090
Max Co., Ltd.		11,000		139,126
Maxvalu Nishinihon Co., Ltd.		2,400		39,137
Maxvalu Tokai Co., Ltd.		3,500		77,492
MCJ Co., Ltd.		14,000		106,857
MEC Co., Ltd.		5,800		109,716
Media Do Holdings Co., Ltd.		1,000		22,838
Medical Data Vision Co., Ltd. (c)		1,900		27,070
Medical System Network Co., Ltd.		5,300		22,695
Megachips Corp. (e)		2,500		66,623
Megmilk Snow Brand Co., Ltd.		8,000		213,340
Meidensha Corp.		58,000		209,164
Meiji Shipping Co., Ltd.		8,500		30,077
Meiko Electronics Co., Ltd.		7,500		153,943
Meiko Network Japan Co., Ltd.		7,200		82,926
Meisei Industrial Co., Ltd.		13,500		98,217
Meitec Corp.		7,700		369,381
Meito Sangyo Co., Ltd.		3,000		47,873
Meiwa Corp.		8,100		35,009
Meiwa Estate Co., Ltd.		5,200		30,966
Melco Holdings, Inc.		1,400		51,858
Menicon Co., Ltd.		2,700		72,413
Mercuria Investment Co., Ltd.		2,100		20,229
METAWATER Co., Ltd.		600		17,428
Michinoku Bank, Ltd. (The)		5,700		93,447
Mikuni Corp.		3,000		14,940
Milbon Co., Ltd.		7,320		327,846
MIMAKI ENGINEERING Co., Ltd.		1,900		15,329
Japan—(Continued)
Mimasu Semiconductor Industry Co., Ltd.		6,800		109,164
Ministop Co., Ltd.		5,400		108,901
Miraca Holdings, Inc.		8,100		241,168
Miraial Co., Ltd.		2,900		31,912
Mirait Holdings Corp.		22,200		343,671
Miroku Jyoho Service Co., Ltd.		5,900		148,281
Misawa Homes Co., Ltd.		6,700		55,611
Mitani Corp.		6,900		307,738
Mitani Sekisan Co., Ltd.		4,100		96,747
Mito Securities Co., Ltd.		24,000		86,785
Mitsuba Corp.		12,300		98,488
Mitsubishi Logisnext Co., Ltd.		8,000		91,399
Mitsubishi Paper Mills, Ltd.		12,000		68,329
Mitsubishi Pencil Co., Ltd.		6,400		132,780
Mitsubishi Research Institute, Inc.		2,000		91,403
Mitsubishi Shokuhin Co., Ltd.		4,800		127,899
Mitsubishi Steel Manufacturing Co., Ltd.		5,900		114,448
Mitsuboshi Belting, Ltd.		17,000		213,406
Mitsui Engineering & Shipbuilding Co., Ltd. (c)		30,000		392,051
Mitsui High-Tec, Inc. (e)		9,500		120,531
Mitsui Home Co., Ltd.		9,000		54,254
Mitsui Matsushima Co., Ltd.		5,200		77,458
Mitsui Sugar Co., Ltd.		6,100		189,127
Mitsui-Soko Holdings Co., Ltd. (c)		37,000		115,099
Mitsumura Printing Co., Ltd.		500		10,000
Mitsuuroko Group Holdings Co., Ltd.		12,900		103,246
Miyaji Engineering Group, Inc.		1,800		33,857
Miyazaki Bank, Ltd. (The)		6,000		182,936
Miyoshi Oil & Fat Co., Ltd.		2,800		34,018
Mizuno Corp.		6,600		246,460
Mochida Pharmaceutical Co., Ltd.		3,500		254,951
Modec, Inc.		3,000		83,036
Monex Group, Inc. (e)		65,600		378,700
Money Partners Group Co., Ltd.		7,100		24,853
Monogatari Corp. (The)		1,700		173,149
MORESCO Corp.		2,500		39,483
Morinaga Milk Industry Co., Ltd.		10,400		388,498
Morita Holdings Corp.		11,200		226,003
Morozoff, Ltd.		900		55,177
Mory Industries, Inc.		2,800		78,595
Mr. Max Holdings, Ltd.		10,500		64,590
MTI, Ltd.		9,200		51,377
Mugen Estate Co., Ltd.		400		3,811
Murakami Corp.		3,000		78,889
Musashi Seimitsu Industry Co., Ltd.		7,900		261,159
Musashino Bank, Ltd. (The)		11,200		332,277
Mutoh Holdings Co., Ltd.		900		19,328
N Field Co., Ltd.		1,300		20,510
NAC Co., Ltd.		3,600		30,902
Nachi-Fujikoshi Corp.		6,000		267,771
Nafco Co., Ltd.		1,400		23,311
Nagaileben Co., Ltd.		5,600		142,320
Nagano Bank, Ltd. (The)		3,500		58,392
Nagano Keiki Co., Ltd.		4,200		46,186
Nagase & Co., Ltd.		10,300		160,553
Nagatanien Holdings Co., Ltd.		8,000		108,473
Nagawa Co., Ltd.		2,800		121,016

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nakabayashi Co., Ltd.		5,500	$	34,684
Nakamura Choukou Co., Ltd. (c)		500		10,535
Nakamuraya Co., Ltd.		1,600		69,499
Nakanishi, Inc.		12,300		278,578
Nakano Corp.		4,000		23,606
Nakayama Steel Works, Ltd.		6,300		38,080
Nakayamafuku Co., Ltd.		2,000		13,415
Namura Shipbuilding Co., Ltd.		18,956		79,984
Nanto Bank, Ltd. (The)		9,200		234,428
Narasaki Sangyo Co., Ltd.		4,000		15,082
Natori Co., Ltd.		2,600		44,611
NDS Co., Ltd.		2,200		119,051
NEC Capital Solutions, Ltd.		3,800		66,153
NEC Networks & System Integration Corp.		7,800		175,444
NET One Systems Co., Ltd.		26,800		460,270
Neturen Co., Ltd.		9,800		85,388
New Japan Chemical Co., Ltd. (c)		9,900		21,946
New Japan Radio Co., Ltd. (c)		6,000		41,594
Nextage Co., Ltd.		5,900		67,298
Nexyz Group Corp.		1,300		19,922
Nice Holdings, Inc.		3,100		37,494
Nichi-iko Pharmaceutical Co., Ltd.		13,200		194,631
Nichia Steel Works, Ltd.		13,000		40,729
Nichias Corp.		33,000		412,836
Nichiban Co., Ltd.		4,000		108,921
Nichicon Corp.		20,100		252,576
Nichiden Corp.		5,200		100,250
Nichiha Corp.		9,000		340,007
NichiiGakkan Co., Ltd.		11,800		133,884
Nichimo Co., Ltd.		1,600		24,367
Nichireki Co., Ltd.		9,000		97,576
Nihon Chouzai Co., Ltd.		1,660		44,044
Nihon Dempa Kogyo Co., Ltd.		7,600		36,601
Nihon Eslead Corp.		2,700		46,358
Nihon Flush Co., Ltd.		400		9,329
Nihon House Holdings Co., Ltd.		15,000		75,949
Nihon Kagaku Sangyo Co., Ltd.		3,000		35,972
Nihon Kohden Corp.		2,300		64,019
Nihon Nohyaku Co., Ltd.		14,000		89,904
Nihon Parkerizing Co., Ltd.		24,800		356,773
Nihon Plast Co., Ltd.		2,500		21,188
Nihon Tokushu Toryo Co., Ltd.		2,200		46,633
Nihon Unisys, Ltd.		16,900		424,083
Nihon Yamamura Glass Co., Ltd.		38,000		64,482
Nikkato Corp.		300		3,692
Nikkiso Co., Ltd.		18,600		188,394
Nikko Co., Ltd.		1,800		40,470
Nikkon Holdings Co., Ltd.		22,600		592,796
Nippon Air Conditioning Services Co., Ltd.		9,600		72,331
Nippon Beet Sugar Manufacturing Co., Ltd.		4,500		97,472
Nippon Carbide Industries Co., Inc.		2,300		40,452
Nippon Ceramic Co., Ltd.		5,200		135,396
Nippon Chemi-Con Corp.		5,900		229,320
Nippon Chemical Industrial Co., Ltd.		3,000		133,930
Nippon Chemiphar Co., Ltd.		800		33,760
Nippon Coke & Engineering Co., Ltd.		71,000		75,586
Nippon Commercial Development Co., Ltd.		1,400		23,157
Japan—(Continued)
Nippon Computer Dynamics Co., Ltd.		1,700		17,938
Nippon Concrete Industries Co., Ltd.		14,000		41,773
Nippon Denko Co., Ltd. (e)		43,865		124,303
Nippon Densetsu Kogyo Co., Ltd.		12,500		275,039
Nippon Felt Co., Ltd.		8,600		39,987
Nippon Filcon Co., Ltd.		5,200		28,455
Nippon Fine Chemical Co., Ltd.		4,300		49,391
Nippon Flour Mills Co., Ltd.		22,500		391,112
Nippon Gas Co., Ltd.		5,400		314,678
Nippon Hume Corp.		8,200		65,835
Nippon Kanzai Co., Ltd.		4,800		95,327
Nippon Kinzoku Co., Ltd.		1,900		31,512
Nippon Kodoshi Corp. (e)		1,600		42,039
Nippon Koei Co., Ltd.		5,000		123,951
Nippon Koshuha Steel Co., Ltd.		3,100		21,984
Nippon Light Metal Holdings Co., Ltd.		198,000		444,465
Nippon Paper Industries Co., Ltd.		18,500		294,598
Nippon Parking Development Co., Ltd.		65,100		111,523
Nippon Pillar Packing Co., Ltd.		6,500		86,262
Nippon Piston Ring Co., Ltd.		3,200		65,540
Nippon Rietec Co., Ltd.		5,800		83,795
Nippon Road Co., Ltd. (The)		2,700		138,650
Nippon Seiki Co., Ltd.		15,000		282,278
Nippon Seisen Co., Ltd.		1,200		45,843
Nippon Sharyo, Ltd. (c)		26,000		65,665
Nippon Sheet Glass Co., Ltd.		33,000		316,965
Nippon Signal Co., Ltd.		18,700		181,425
Nippon Soda Co., Ltd.		46,000		254,250
Nippon Steel & Sumikin Bussan Corp.		5,196		257,712
Nippon Suisan Kaisha, Ltd.		80,500		396,491
Nippon Systemware Co., Ltd.		1,300		25,645
Nippon Thompson Co., Ltd.		23,200		181,737
Nippon Valqua Industries, Ltd.		6,000		170,571
Nippon Yakin Kogyo Co., Ltd.		54,000		155,647
Nipro Corp.		23,800		274,705
Nishi-Nippon Financial Holdings, Inc.		17,300		201,945
Nishi-Nippon Railroad Co., Ltd.		12,200		331,872
Nishikawa Rubber Co., Ltd.		1,200		26,097
Nishimatsu Construction Co., Ltd.		19,400		556,188
Nishimatsuya Chain Co., Ltd.		8,800		101,155
Nishio Rent All Co., Ltd.		4,400		140,938
Nissan Shatai Co., Ltd.		1,300		11,830
Nissan Tokyo Sales Holdings Co., Ltd.		11,000		35,652
Nissei ASB Machine Co., Ltd.		2,100		109,193
Nissei Build Kogyo Co., Ltd.		9,000		92,522
Nissei Corp.		3,700		44,073
Nissei Plastic Industrial Co., Ltd.		6,000		67,867
Nissha Co., Ltd. (e)		7,200		148,364
Nisshin Fudosan Co.		12,300		76,645
Nisshin Oillio Group, Ltd. (The)		10,200		306,509
Nisshin Steel Co., Ltd.		6,196		85,410
Nisshinbo Holdings, Inc.		42,220		452,703
Nissin Corp.		6,000		139,145
Nissin Electric Co., Ltd.		14,800		136,241
Nissin Kogyo Co., Ltd.		15,200		268,432
Nissui Pharmaceutical Co., Ltd.		5,100		65,192
Nitta Corp.		6,800		266,672

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Nitta Gelatin, Inc.		4,500	$	33,249
Nittan Valve Co., Ltd.		6,300		20,243
Nittetsu Mining Co., Ltd.		2,200		103,819
Nitto Boseki Co., Ltd.		9,800		234,059
Nitto FC Co., Ltd.		4,500		30,919
Nitto Fuji Flour Milling Co., Ltd.		400		18,061
Nitto Kogyo Corp.		9,000		179,764
Nitto Kohki Co., Ltd.		4,100		95,982
Nitto Seiko Co., Ltd.		12,500		77,065
Nittoc Construction Co., Ltd.		11,050		67,476
Nittoku Engineering Co., Ltd.		5,200		135,803
NJS Co., Ltd.		3,300		51,933
NOF Corp.		17,900		577,922
Nohmi Bosai, Ltd.		7,000		149,573
Nojima Corp.		4,200		93,337
Nomura Co., Ltd.		12,000		264,710
Noritake Co., Ltd.		4,200		232,527
Noritsu Koki Co., Ltd.		4,000		68,629
Noritz Corp.		11,400		185,636
North Pacific Bank, Ltd.		122,400		409,371
NS Solutions Corp.		1,100		27,651
NS Tool Co., Ltd.		800		18,024
NS United Kaiun Kaisha, Ltd.		4,100		79,545
NSD Co., Ltd.		10,670		243,026
Nuflare Technology, Inc.		800		49,131
OAK Capital Corp.		15,500		28,368
Obara Group, Inc.		3,500		199,462
Odelic Co., Ltd.		1,000		39,938
Oenon Holdings, Inc.		21,000		83,160
Ogaki Kyoritsu Bank, Ltd. (The)		12,500		317,242
Ohashi Technica, Inc.		4,600		75,643
Ohsho Food Service Corp.		3,600		205,338
Oiles Corp.		8,000		152,126
Oita Bank, Ltd. (The)		5,700		193,581
Okabe Co., Ltd.		14,000		121,779
Okada Aiyon Corp.		700		10,645
Okamoto Industries, Inc.		16,000		182,546
Okamoto Machine Tool Works, Ltd.		1,400		44,720
Okamura Corp.		21,800		319,753
Okasan Securities Group, Inc.		29,000		142,522
Okaya Electric Industries Co., Ltd.		5,800		27,019
Oki Electric Industry Co., Ltd.		22,700		253,897
Okinawa Cellular Telephone Co.		4,400		176,555
Okinawa Electric Power Co., Inc. (The)		16,883		351,777
OKK Corp.		3,100		31,904
OKUMA Corp.		7,200		379,932
Okumura Corp.		11,400		371,707
Okura Industrial Co., Ltd.		3,000		70,487
Okuwa Co., Ltd.		10,000		104,792
Olympic Group Corp.		4,900		36,572
ONO Sokki Co., Ltd.		4,200		31,032
Onoken Co., Ltd.		6,500		109,627
Onward Holdings Co., Ltd.		49,000		375,209
Open Door, Inc. (c)		1,300		26,741
OPT Holding, Inc.		3,300		70,262
Optex Group Co., Ltd.		9,400		262,062
Organo Corp.		2,800		79,705
Japan—(Continued)
Origin Electric Co., Ltd.		3,400		67,151
Osaka Organic Chemical Industry, Ltd.		5,900		77,255
Osaka Soda Co., Ltd.		5,000		142,333
Osaka Steel Co., Ltd.		5,900		112,451
OSAKA Titanium Technologies Co., Ltd.		2,600		38,726
Osaki Electric Co., Ltd.		11,000		84,405
OSG Corp.		14,800		304,545
OSJB Holdings Corp.		7,600		19,190
Otsuka Kagu, Ltd. (e)		5,500		18,496
OUG Holdings, Inc.		700		17,471
Outsourcing, Inc.		15,500		286,954
Oyo Corp.		7,400		94,240
Pacific Industrial Co., Ltd.		16,700		245,029
Pacific Metals Co., Ltd. (c)		6,100		223,614
Pack Corp. (The)		4,600		148,626
Pal Group Holdings Co., Ltd.		3,800		89,799
Paltac Corp.		6,850		394,129
Paramount Bed Holdings Co., Ltd.		6,000		257,155
Parco Co., Ltd.		8,100		88,200
Paris Miki Holdings, Inc.		10,600		47,907
Pasco Corp. (c)		6,000		16,574
Pasona Group, Inc.		6,200		100,747
PC Depot Corp.		1,900		9,939
Penta-Ocean Construction Co., Ltd.		90,500		605,471
Pepper Food Service Co., Ltd. (e)		2,700		111,076
PIA Corp.		700		39,307
Pilot Corp.		4,900		272,713
Piolax, Inc.		10,500		252,547
Pioneer Corp. (c) (e)		117,700		163,520
Plenus Co., Ltd.		7,800		127,829
Poletowin Pitcrew Holdings, Inc.		1,300		28,023
Press Kogyo Co., Ltd.		37,000		216,898
Pressance Corp.		10,400		160,501
Prestige International, Inc.		13,400		179,657
Prima Meat Packers, Ltd.		48,000		277,540
Pro-Ship, Inc.		700		16,325
Pronexus, Inc.		6,700		79,973
Proto Corp.		4,400		57,615
PS Mitsubishi Construction Co., Ltd.		8,800		49,625
Qol Co., Ltd.		3,400		63,525
Quick Co., Ltd.		900		14,092
Raccoon Co., Ltd.		2,300		11,683
Raito Kogyo Co., Ltd.		16,900		176,548
Rakus Co., Ltd.		1,400		24,124
Rasa Industries, Ltd.		2,600		67,929
Raysum Co., Ltd.		1,500		21,930
RECOMM Co., Ltd.		5,400		14,071
Renaissance, Inc.		2,800		63,738
Rengo Co., Ltd.		22,800		200,571
Renown, Inc. (c)		29,200		38,139
Resort Solution Co., Ltd.		400		15,828
Resorttrust, Inc.		1,700		30,007
Retail Partners Co., Ltd.		1,300		19,656
Rheon Automatic Machinery Co., Ltd.		5,000		87,018
Rhythm Watch Co., Ltd.		2,500		46,766
Riberesute Corp.		4,300		35,696
Ricoh Leasing Co., Ltd.		5,600		184,144

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Right On Co., Ltd.		5,900	$	56,879
Riken Corp.		3,500		183,137
Riken Keiki Co., Ltd.		6,000		135,457
Riken Technos Corp.		15,000		74,929
Riken Vitamin Co., Ltd.		2,700		107,279
Ringer Hut Co., Ltd.		4,200		98,344
Rion Co., Ltd.		2,200		46,647
Riso Kagaku Corp.		9,458		199,765
Riso Kyoiku Co., Ltd.		11,590		88,663
Rock Field Co., Ltd.		6,600		113,569
Rokko Butter Co., Ltd.		3,600		76,128
Roland DG Corp.		3,000		65,951
Rorze Corp.		1,900		36,661
Round One Corp.		22,000		345,643
Royal Holdings Co., Ltd.		8,300		227,285
RS Technologies Co., Ltd.		700		35,970
Ryobi, Ltd.		9,400		308,861
Ryoden Corp.		4,500		73,270
Ryosan Co., Ltd.		10,800		395,449
Ryoyo Electro Corp.		7,800		125,934
S Foods, Inc.		4,100		160,699
S&B Foods, Inc.		600		58,180
S-Pool, Inc.		700		8,884
Sac’s Bar Holdings, Inc.		6,850		61,398
Sagami Rubber Industries Co., Ltd.		1,000		21,479
Saibu Gas Co., Ltd.		12,200		330,121
Saizeriya Co., Ltd.		9,200		210,420
Sakai Chemical Industry Co., Ltd.		6,000		161,385
Sakai Heavy Industries, Ltd.		1,400		44,893
Sakai Moving Service Co., Ltd.		2,600		129,027
Sakai Ovex Co., Ltd.		1,600		34,110
Sakata INX Corp.		11,800		154,034
Sakura Internet, Inc.		4,400		32,381
Sala Corp.		12,900		81,127
SAMTY Co., Ltd.		2,600		47,592
San Holdings, Inc.		1,400		32,012
San ju San Financial Group, Inc. (c)		7,870		142,152
San-A Co., Ltd.		5,700		281,369
San-Ai Oil Co., Ltd.		20,000		246,408
San-In Godo Bank, Ltd. (The)		59,000		527,280
Sanden Holdings Corp. (c)		8,400		109,294
Sanei Architecture Planning Co., Ltd.		3,500		59,326
Sangetsu Corp.		17,200		348,220
Sanken Electric Co., Ltd.		37,000		196,051
Sanki Engineering Co., Ltd.		17,900		175,191
Sanko Metal Industrial Co., Ltd.		1,000		31,180
Sankyo Frontier Co., Ltd.		1,000		31,200
Sankyo Seiko Co., Ltd.		13,400		55,383
Sankyo Tateyama, Inc.		9,600		119,878
Sanoh Industrial Co., Ltd.		10,100		64,296
Sanshin Electronics Co., Ltd.		8,500		147,492
Sanyo Chemical Industries, Ltd.		4,200		181,817
Sanyo Denki Co., Ltd.		1,800		127,911
Sanyo Electric Railway Co., Ltd.		4,000		96,845
Sanyo Housing Nagoya Co., Ltd.		3,000		32,840
Sanyo Industries, Ltd.		1,300		25,356
Sanyo Shokai, Ltd.		5,100		102,173
Japan—(Continued)
Sanyo Special Steel Co., Ltd.		8,600		205,051
Sapporo Holdings, Ltd.		13,200		330,668
Sata Construction Co., Ltd.		2,600		11,313
Sato Holdings Corp.		6,900		206,282
Sato Shoji Corp.		6,500		75,432
Satori Electric Co., Ltd.		5,500		50,533
Sawada Holdings Co., Ltd.		10,300		96,021
Sawai Pharmaceutical Co., Ltd.		8,600		391,066
Saxa Holdings, Inc.		2,400		52,792
SBS Holdings, Inc.		6,900		75,643
Scala, Inc.		2,300		22,752
Scroll Corp.		13,100		67,767
SEC Carbon, Ltd.		700		83,097
Secom Joshinetsu Co., Ltd.		900		28,720
Seed Co., Ltd.		600		12,416
Seibu Electric Industry Co., Ltd.		2,400		80,372
Seika Corp.		4,200		91,504
Seikagaku Corp.		700		9,377
Seikitokyu Kogyo Co., Ltd.		12,500		81,657
Seiko Holdings Corp.		8,800		189,134
Seiren Co., Ltd.		19,100		296,631
Sekisui Jushi Corp.		10,200		213,792
Sekisui Plastics Co., Ltd.		10,300		102,980
Senko Group Holdings Co., Ltd.		31,000		244,865
Senshu Electric Co., Ltd.		2,400		68,190
Senshu Ikeda Holdings, Inc.		84,000		283,192
Senshukai Co., Ltd. (c)		11,000		51,315
Septeni Holdings Co., Ltd.		27,500		60,271
SFP Holdings Co., Ltd.		700		12,724
Shibaura Electronics Co., Ltd.		2,800		112,070
Shibaura Mechatronics Corp.		9,000		29,674
Shibusawa Warehouse Co., Ltd. (The)		4,200		65,506
Shibuya Corp.		4,800		146,700
Shidax Corp.		9,600		40,761
SHIFT, Inc. (c)		800		35,453
Shiga Bank, Ltd. (The)		89,000		455,204
Shikibo, Ltd.		4,700		54,296
Shikoku Bank, Ltd. (The)		14,000		172,601
Shikoku Chemicals Corp.		13,000		181,339
Shima Seiki Manufacturing, Ltd.		4,600		219,280
Shimachu Co., Ltd.		19,600		622,685
Shimane Bank, Ltd. (The)		2,500		28,442
Shimizu Bank, Ltd. (The)		3,400		65,028
Shimojima Co., Ltd.		6,300		63,416
Shin Nippon Air Technologies Co., Ltd.		4,600		69,379
Shin Nippon Biomedical Laboratories, Ltd. (c)		2,500		11,246
Shin-Etsu Polymer Co., Ltd.		16,900		157,479
Shin-Keisei Electric Railway Co., Ltd.		2,900		57,332
Shinagawa Refractories Co., Ltd.		2,000		63,928
Shindengen Electric Manufacturing Co., Ltd.		2,800		133,698
Shinkawa, Ltd. (c)		5,300		40,823
Shinko Electric Industries Co., Ltd.		27,600		246,497
Shinko Plantech Co., Ltd.		16,100		162,504
Shinko Shoji Co., Ltd.		7,700		120,553
Shinko Wire Co., Ltd.		1,200		15,852
Shinmaywa Industries, Ltd.		34,000		399,167
Shinnihon Corp.		10,200		117,652

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Shinoken Group Co., Ltd.		4,600	$	69,880
Shinsho Corp.		1,400		36,858
Shinwa Co., Ltd.		3,900		84,378
Ship Healthcare Holdings, Inc.		14,200		535,278
Shizuki Electric Co., Inc.		8,000		51,679
Shizuoka Gas Co., Ltd.		21,300		195,263
Shobunsha Publications, Inc.		4,800		33,484
Shoei Co., Ltd.		1,900		67,071
Shoei Foods Corp.		3,400		119,435
Shofu, Inc.		3,900		50,878
Shoko Co., Ltd. (c)		1,900		16,517
Showa Aircraft Industry Co., Ltd.		4,000		44,062
Showa Corp.		17,600		288,306
Showa Sangyo Co., Ltd.		6,600		172,351
Siix Corp.		9,600		210,266
Sinanen Holdings Co., Ltd.		2,900		73,185
Sinfonia Technology Co., Ltd.		42,000		149,069
Sinko Industries, Ltd.		6,400		114,446
Sintokogio, Ltd.		16,800		148,809
SKY Perfect JSAT Holdings, Inc.		29,800		141,987
SMK Corp.		23,000		78,607
SMS Co., Ltd.		14,600		266,445
SNT Corp.		15,600		62,586
Soda Nikka Co., Ltd.		7,000		46,412
Sodick Co., Ltd.		16,800		152,985
Soft99 Corp.		5,100		53,349
Softbank Technology Corp.		3,200		44,742
Softbrain Co., Ltd.		3,500		18,991
Softcreate Holdings Corp.		700		10,684
Software Service, Inc.		1,200		84,099
Sogo Medical Co., Ltd.		4,800		100,244
Solasto Corp.		8,400		93,667
Solxyz Co., Ltd.		1,600		16,533
Sotoh Co., Ltd.		3,100		28,508
Sourcenext Corp.		3,000		22,485
Space Co., Ltd.		5,060		66,476
Sparx Group Co., Ltd.		35,900		81,486
SPK Corp.		1,700		42,937
SRA Holdings		3,100		85,452
Srg Takamiya Co., Ltd.		5,200		34,606
St. Marc Holdings Co., Ltd.		5,100		125,868
Star Mica Co., Ltd.		1,600		32,008
Star Micronics Co., Ltd.		4,400		68,036
Starts Corp., Inc.		5,800		141,287
Starzen Co., Ltd.		2,500		131,829
Stella Chemifa Corp.		3,600		123,575
Step Co., Ltd.		4,100		61,044
Studio Alice Co., Ltd.		2,900		68,716
Subaru Enterprise Co., Ltd.		100		5,866
Sugimoto & Co., Ltd.		3,800		64,473
Sumida Corp.		6,300		70,843
Suminoe Textile Co., Ltd.		2,300		56,199
Sumitomo Densetsu Co., Ltd.		5,400		96,665
Sumitomo Mitsui Construction Co., Ltd.		52,060		362,110
Sumitomo Osaka Cement Co., Ltd.		125,000		585,283
Sumitomo Precision Products Co., Ltd.		12,000		39,618
Sumitomo Riko Co., Ltd.		15,300		156,565
Japan—(Continued)
Sumitomo Seika Chemicals Co., Ltd.		3,200		159,600
Sumitomo Warehouse Co., Ltd. (The)		53,000		321,306
Sun Frontier Fudousan Co., Ltd.		7,600		89,834
Sun-Wa Technos Corp.		3,900		55,703
Suncall Corp.		8,300		53,234
SWCC Showa Holdings Co., Ltd.		7,600		49,272
Systena Corp.		20,000		204,121
Syuppin Co., Ltd.		2,600		39,759
T Hasegawa Co., Ltd.		8,400		183,209
T RAD Co., Ltd.		2,900		89,778
T&K Toka Co., Ltd.		8,600		92,591
T-Gaia Corp.		6,500		165,974
Tachi-S Co., Ltd.		10,300		172,254
Tachibana Eletech Co., Ltd.		5,640		103,030
Tadano, Ltd.		22,800		278,879
Taihei Dengyo Kaisha, Ltd.		6,000		151,860
Taiheiyo Kouhatsu, Inc.		2,100		18,492
Taiho Kogyo Co., Ltd.		6,400		73,757
Taikisha, Ltd.		9,100		276,182
Taiko Bank, Ltd. (The)		3,100		60,889
Taisei Lamick Co., Ltd.		2,200		61,868
Taiyo Holdings Co., Ltd.		5,300		217,111
Taiyo Yuden Co., Ltd.		24,100		671,754
Takachiho Koheki Co., Ltd.		400		4,277
Takamatsu Construction Group Co., Ltd.		5,400		162,018
Takano Co., Ltd.		4,600		42,516
Takaoka Toko Co., Ltd.		4,365		77,271
Takara Holdings, Inc.		26,000		343,163
Takara Leben Co., Ltd.		28,600		106,877
Takara Printing Co., Ltd.		1,300		21,521
Takara Standard Co., Ltd.		14,400		239,774
Takasago International Corp.		5,400		172,722
Takasago Thermal Engineering Co., Ltd.		16,800		311,713
Takashima & Co., Ltd.		2,500		48,203
Take And Give Needs Co., Ltd.		4,010		73,489
Takeei Corp.		8,200		88,790
Takeuchi Manufacturing Co., Ltd.		10,000		209,895
Takihyo Co., Ltd.		2,000		43,759
Takisawa Machine Tool Co., Ltd.		2,200		34,911
Takuma Co., Ltd.		25,000		304,206
Tama Home Co., Ltd.		5,900		54,698
Tamron Co., Ltd.		6,000		106,593
Tamura Corp.		26,000		164,470
Tanseisha Co., Ltd.		11,750		148,787
Tatsuta Electric Wire and Cable Co., Ltd.		17,000		86,446
Tayca Corp.		6,000		121,438
Tazmo Co., Ltd.		900		12,593
TBK Co., Ltd.		8,000		35,219
Teac Corp. (c)		40,000		15,881
TechMatrix Corp.		1,700		35,010
TECHNO ASSOCIE Co., Ltd.		300		3,587
Techno Medica Co., Ltd.		2,400		43,042
Techno Ryowa, Ltd.		4,800		37,786
TechnoPro Holdings, Inc.		6,700		411,052
Tecnos Japan, Inc.		2,000		17,696
Teikoku Electric Manufacturing Co., Ltd.		6,800		83,212
Teikoku Sen-I Co., Ltd.		6,900		144,165

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Teikoku Tsushin Kogyo Co., Ltd.		3,000	$	33,959
Tenma Corp.		6,200		111,115
Teraoka Seisakusho Co., Ltd.		200		1,014
Tigers Polymer Corp.		2,200		15,223
TKC Corp.		6,700		249,611
Toa Corp.		9,600		105,610
Toa Corp.		5,800		149,052
Toa Oil Co., Ltd.		32,000		65,274
TOA ROAD Corp.		1,800		61,570
Toabo Corp.		3,400		17,312
Toagosei Co., Ltd.		37,000		427,104
Tobishima Corp.		55,600		97,281
Tobu Store Co., Ltd.		1,100		30,545
TOC Co., Ltd.		15,800		114,968
Tocalo Co., Ltd.		19,200		200,441
Tochigi Bank, Ltd. (The)		38,200		132,282
Toda Corp.		54,000		469,414
Toda Kogyo Corp.		1,100		28,275
Toei Animation Co., Ltd.		4,300		150,127
Toei Co., Ltd.		2,500		256,016
Toell Co., Ltd.		1,400		11,477
Toenec Corp.		3,200		96,030
Toho Bank, Ltd. (The)		83,000		300,251
Toho Co., Ltd.		2,700		64,711
Toho Holdings Co., Ltd.		19,600		477,950
Toho Titanium Co., Ltd.		4,500		41,293
Toho Zinc Co., Ltd.		5,000		184,725
Tohoku Bank, Ltd. (The)		4,700		58,503
Tohokushinsha Film Corp.		4,800		33,845
Tohto Suisan Co., Ltd.		1,400		23,854
Tokai Corp.		7,800		167,931
TOKAI Holdings Corp.		23,700		229,027
Tokai Lease Co., Ltd.		1,600		29,935
Tokai Rika Co., Ltd.		8,800		166,882
Tokai Tokyo Financial Holdings, Inc.		45,600		290,377
Token Corp.		2,460		216,887
Tokushu Tokai Paper Co., Ltd.		3,300		129,670
Tokuyama Corp.		15,600		499,795
Tokyo Base Co., Ltd. (c)		2,200		16,809
Tokyo Dome Corp.		31,000		276,861
Tokyo Electron Device, Ltd.		2,400		43,839
Tokyo Energy & Systems, Inc.		8,000		91,837
Tokyo Individualized Educational Institute, Inc.		1,400		12,347
Tokyo Keiki, Inc.		4,200		47,106
Tokyo Ohka Kogyo Co., Ltd.		13,100		505,047
Tokyo Rakutenchi Co., Ltd.		1,300		67,488
Tokyo Rope Manufacturing Co., Ltd.		4,600		73,333
Tokyo Sangyo Co., Ltd.		12,000		66,667
Tokyo Seimitsu Co., Ltd.		13,800		455,741
Tokyo Steel Manufacturing Co., Ltd.		36,800		326,449
Tokyo Tekko Co., Ltd.		3,400		48,747
Tokyo Theatres Co., Inc.		2,900		37,228
Tokyo TY Financial Group, Inc.		9,724		233,380
Tokyotokeiba Co., Ltd.		3,100		133,858
Tokyu Construction Co., Ltd.		2,900		28,138
Tokyu Recreation Co., Ltd.		1,200		53,151
Toli Corp.		20,000		59,893
Japan—(Continued)
Tomato Bank, Ltd.		4,200		57,824
Tomen Devices Corp.		1,500		37,945
Tomoe Corp.		12,500		51,843
Tomoe Engineering Co., Ltd.		2,100		43,596
Tomoegawa Co., Ltd.		12,000		27,500
Tomoku Co., Ltd.		5,400		99,253
TOMONY Holdings, Inc.		56,900		243,736
Tomy Co., Ltd.		22,400		185,825
Tonami Holdings Co., Ltd.		2,200		130,547
Topcon Corp.		19,200		328,714
Toppan Forms Co., Ltd.		19,800		200,219
Topre Corp.		11,900		299,201
Topy Industries, Ltd.		6,800		188,588
Toridolll Holdings Corp.		6,900		162,941
Torigoe Co., Ltd. (The)		7,100		63,517
Torii Pharmaceutical Co., Ltd.		3,600		87,470
Torikizoku Co., Ltd.		900		21,069
Torishima Pump Manufacturing Co., Ltd.		7,700		72,100
Tosei Corp.		13,200		139,502
Toshiba Machine Co., Ltd.		42,000		200,150
Toshiba Plant Systems & Services Corp.		14,100		321,925
Toshiba TEC Corp.		18,000		109,559
Tosho Co., Ltd.		4,800		183,216
Tosho Printing Co., Ltd.		7,000		62,553
Totetsu Kogyo Co., Ltd.		8,400		267,431
Tottori Bank, Ltd. (The)		3,700		56,759
Toukei Computer Co., Ltd.		1,400		38,398
Tow Co., Ltd.		3,600		26,443
Towa Bank, Ltd. (The)		11,500		117,826
Towa Corp.		8,000		80,488
Towa Pharmaceutical Co., Ltd.		2,800		149,947
Toyo Construction Co., Ltd.		25,499		113,153
Toyo Corp.		9,600		78,122
Toyo Denki Seizo KK		3,200		53,913
Toyo Engineering Corp. (c) (e)		7,600		52,034
Toyo Ink SC Holdings Co., Ltd.		15,200		396,169
Toyo Kanetsu KK		3,800		138,483
Toyo Machinery & Metal Co., Ltd.		6,000		36,516
Toyo Securities Co., Ltd.		23,000		54,303
Toyo Sugar Refining Co., Ltd.		900		10,045
Toyo Tanso Co., Ltd.		4,600		134,038
Toyo Tire & Rubber Co., Ltd.		12,100		176,783
Toyo Wharf & Warehouse Co., Ltd.		2,500		38,517
Toyobo Co., Ltd.		33,200		552,034
TPR Co., Ltd.		7,300		169,874
Trancom Co., Ltd.		2,300		157,800
Transaction Co., Ltd.		1,400		12,896
Transcosmos, Inc.		2,800		67,086
Tri Chemical Laboratories, Inc.		1,000		39,729
Trusco Nakayama Corp.		12,600		314,524
Trust Tech, Inc.		3,000		105,339
TS Tech Co., Ltd.		2,600		108,411
TSI Holdings Co., Ltd.		28,205		199,223
Tsubaki Nakashima Co., Ltd.		3,700		86,928
Tsubakimoto Chain Co.		45,000		356,977
Tsubakimoto Kogyo Co., Ltd.		1,600		55,530
Tsudakoma Corp. (c)		1,600		25,253

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Tsugami Corp.		17,000	$	150,442
Tsukada Global Holdings, Inc.		7,200		41,567
Tsukamoto Corp. Co., Ltd.		2,100		23,296
Tsukishima Kikai Co., Ltd.		8,600		122,558
Tsukuba Bank, Ltd.		34,500		80,593
Tsukui Corp.		18,800		169,607
Tsurumi Manufacturing Co., Ltd.		6,100		102,587
Tsutsumi Jewelry Co., Ltd.		3,200		53,059
TTK Co., Ltd.		4,000		28,897
TV Asahi Holdings Corp.		600		13,144
TV Tokyo Holdings Corp.		3,700		113,026
TYK Corp.		6,000		20,670
U-Shin, Ltd. (c)		8,400		53,680
UACJ Corp.		10,685		229,968
Uchida Yoko Co., Ltd.		4,200		145,880
Ueki Corp.		1,100		26,336
UKC Holdings Corp.		5,000		101,832
Ulvac, Inc.		4,700		178,979
UMC Electronics Co., Ltd.		400		8,763
Uniden Holdings Corp.		25,000		70,712
Union Tool Co.		3,400		106,211
Unipres Corp.		13,900		271,981
United Arrows, Ltd.		6,000		223,763
United Super Markets Holdings, Inc.		20,700		267,752
UNITED, Inc.		2,200		52,978
Unitika, Ltd. (c)		15,600		88,744
Unizo Holdings Co., Ltd.		6,000		111,716
Usen-Next Holdings Co., Ltd. (c)		2,700		30,004
Ushio, Inc.		39,000		494,502
UT Group Co., Ltd. (c)		7,600		284,006
Utoc Corp.		5,100		23,706
Uzabase, Inc. (c)		1,200		35,445
V Technology Co., Ltd.		800		147,664
Valor Holdings Co., Ltd.		11,800		269,115
ValueCommerce Co., Ltd.		3,200		53,293
Vector, Inc.		4,800		99,073
VeriServe Corp.		500		16,224
VIA Holdings, Inc. (c)		1,600		10,599
Village Vanguard Co., Ltd.		2,300		21,138
Vision, Inc. (c)		700		23,488
Vital KSK Holdings, Inc.		14,200		147,920
Vitec Holdings Co., Ltd.		3,700		74,437
Voyage Group, Inc.		1,500		16,075
VT Holdings Co., Ltd.		24,300		127,790
Wacoal Holdings Corp.		14,500		422,427
Wacom Co., Ltd.		12,400		70,365
Wakachiku Construction Co., Ltd.		4,600		68,214
Wakamoto Pharmaceutical Co., Ltd.		9,000		24,130
Wakita & Co., Ltd.		15,300		160,451
Warabeya Nichiyo Holdings Co., Ltd.		5,000		114,672
Watahan & Co., Ltd.		600		17,938
WATAMI Co., Ltd.		7,600		99,654
WDB Holdings Co., Ltd.		900		27,042
Weathernews, Inc.		2,100		63,765
West Holdings Corp.		7,200		48,098
Will Group, Inc.		2,200		21,122
WIN-Partners Co., Ltd.		1,600		21,690
Japan—(Continued)
WirelessGate, Inc.		1,000		11,770
Wood One Co., Ltd.		2,600		33,449
World Holdings Co., Ltd.		500		15,191
Wowow, Inc.		2,200		69,782
Xebio Holdings Co., Ltd.		8,700		138,546
Y.A.C. Holdings Co., Ltd.		3,900		31,812
YA-MAN, Ltd.		2,900		48,510
Yachiyo Industry Co., Ltd.		3,900		42,094
Yahagi Construction Co., Ltd.		10,900		87,132
Yaizu Suisankagaku Industry Co., Ltd.		4,400		49,252
Yakuodo Co., Ltd.		1,600		57,654
YAMABIKO Corp.		12,800		152,873
YAMADA Consulting Group Co., Ltd.		800		23,038
Yamagata Bank, Ltd. (The)		10,400		220,893
Yamaichi Electronics Co., Ltd.		8,200		111,814
Yamanashi Chuo Bank, Ltd. (The)		59,000		224,018
Yamashin-Filter Corp.		4,000		38,888
Yamatane Corp.		3,400		70,481
Yamato Corp.		6,600		41,122
Yamato International, Inc.		6,700		37,401
Yamato Kogyo Co., Ltd.		10,500		317,081
Yamaya Corp.		1,150		34,422
Yamazawa Co., Ltd.		1,000		16,839
Yamazen Corp.		19,500		186,227
Yaoko Co., Ltd.		4,300		237,003
Yashima Denki Co., Ltd.		7,500		64,723
Yasuda Logistics Corp.		7,400		60,146
Yasunaga Corp.		900		14,651
Yellow Hat, Ltd.		5,800		170,975
Yodogawa Steel Works, Ltd.		7,600		193,884
Yokogawa Bridge Holdings Corp.		12,800		303,427
Yokohama Reito Co., Ltd.		16,800		153,009
Yokowo Co., Ltd.		5,200		87,522
Yomeishu Seizo Co., Ltd.		3,000		67,019
Yomiuri Land Co., Ltd.		1,300		54,335
Yondenko Corp.		1,600		38,638
Yondoshi Holdings, Inc.		4,600		112,494
Yorozu Corp.		7,900		121,091
Yoshinoya Holdings Co., Ltd.		4,900		97,675
Yuasa Funashoku Co., Ltd.		1,300		41,140
Yuasa Trading Co., Ltd.		5,800		184,892
Yuken Kogyo Co., Ltd.		1,700		38,688
Yuki Gosei Kogyo Co., Ltd.		6,000		14,826
Yume No. Machi Souzou Iinkai Co., Ltd.		3,500		72,725
Yumeshin Holdings Co., Ltd.		10,100		105,609
Yurtec Corp.		12,000		98,372
Yushiro Chemical Industry Co., Ltd.		3,700		56,548
Yutaka Giken Co., Ltd.		600		14,152
Zappallas, Inc. (c)		4,900		16,579
Zenrin Co., Ltd.		10,950		264,746
ZERIA Pharmaceutical Co., Ltd.		5,700		123,265
ZIGExN Co., Ltd. (c)		8,400		66,967
Zojirushi Corp.		9,800		119,646
Zuiko Corp.		1,000		29,328
Zuken, Inc.		5,400		87,737
				172,513,080

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Jersey, Channel Islands—0.1%
Centamin plc		342,133	$	537,172
Jordan—0.0%
Hikma Pharmaceuticals plc		5,114		101,200
Kazakhstan—0.1%
KAZ Minerals plc (c)		42,164		465,602
Liechtenstein—0.0%
Liechtensteinische Landesbank AG		2,973		182,974
VP Bank AG		358		68,186
				251,160
Luxembourg—0.1%
APERAM S.A.		21,182		908,846
L’Occitane International S.A.		42,750		70,527
				979,373
Macau—0.0%
Macau Legend Development, Ltd.		359,000		58,993
Malaysia—0.0%
Nam Cheong, Ltd. (a) (b) (c) (d)		321,000		895
Malta—0.1%
Kindred Group plc		49,057		617,146
Monaco—0.0%
Endeavour Mining Corp. (c)		16,215		290,961
Netherlands—2.7%
Aalberts Industries NV		34,547		1,653,030
Accell Group		11,127		237,598
AMG Advanced Metallurgical Group NV		11,371		636,741
Amsterdam Commodities NV		6,535		178,923
Arcadis NV		35,066		630,110
Argenx SE (c)		1,303		109,080
ASM International NV		19,662		1,083,832
Atrium European Real Estate, Ltd.		66,764		302,590
Basic-Fit NV (c)		1,627		54,881
BE Semiconductor Industries NV		37,120		1,000,091
Beter Bed Holding NV		5,373		43,368
BinckBank NV		28,201		159,569
Boskalis Westminster		23,702		689,776
Brack Capital Properties NV (c)		716		78,320
Brunel International NV		9,034		152,814
Corbion NV		20,382		649,183
Euronext NV		13,262		841,656
Flow Traders		7,457		290,233
ForFarmers NV		2,039		26,483
Fugro NV (c)		22,630		327,495
Funcom NV (c)		7,964		19,170
Gemalto NV (c)		19,133		1,112,926
GrandVision NV		2,702		60,648
Heijmans NV (c)		11,179		147,370
Hunter Douglas NV		2,423		178,261
Netherlands—(Continued)
IMCD Group NV		8,084		541,837
Intertrust NV		9,340		165,720
KAS Bank NV		6,580		75,081
Kendrion NV		4,048		165,330
Koninklijke BAM Groep NV		112,237		471,973
Koninklijke Vopak NV		17,682		816,206
Nederland Apparatenfabriek		2,241		119,248
New World Resources plc - A Shares (a) (b) (c) (d)		11,898		7
OCI NV (c)		16,061		432,906
Ordina NV		44,115		98,501
Philips Lighting NV		6,547		169,899
PostNL NV		176,338		660,393
Rhi Magnesita NV (e)		8,355		502,099
SBM Offshore NV		72,035		1,116,657
Sligro Food Group NV		10,629		557,085
SNS REAAL NV (a) (b) (c) (d)		105,329		0
Takeaway.com NV (c)		206		13,750
TKH Group NV		13,932		884,235
TomTom NV (c)		51,405		464,137
Van Lanschot Kempen NV		2,558		72,162
Wessanen		31,675		665,257
				18,656,631
New Zealand—0.7%
Abano Healthcare Group, Ltd.		880		5,246
Air New Zealand, Ltd.		155,053		333,327
Briscoe Group, Ltd.		13,123		31,549
Chorus, Ltd.		129,598		367,166
Ebos Group, Ltd.		22,764		276,645
Eroad, Ltd. (c)		4,808		11,638
Freightways, Ltd.		38,693		204,930
Genesis Energy, Ltd.		71,444		118,042
Gentrack Group, Ltd.		6,656		32,095
Hallenstein Glasson Holdings, Ltd.		19,012		61,154
Heartland Bank, Ltd.		72,313		83,248
Infratil, Ltd.		173,171		396,266
Investore Property, Ltd.		15,456		15,604
Kathmandu Holdings, Ltd.		24,348		47,950
Mainfreight, Ltd.		21,023		395,727
Methven, Ltd.		19,898		13,745
Metlifecare, Ltd.		34,148		144,754
Metro Performance Glass, Ltd.		8,816		5,551
Michael Hill International, Ltd.		82,929		60,653
New Zealand Oil & Gas, Ltd. (c)		4,881		1,983
New Zealand Refining Co., Ltd. (The)		27,432		45,369
NZME, Ltd.		71,247		41,375
NZX, Ltd.		83,876		64,187
Pacific Edge, Ltd. (c)		17,353		3,408
PGG Wrightson, Ltd.		58,545		26,172
Port of Tauranga, Ltd.		74,736		258,084
Pushpay Holdings, Ltd. (c)		3,934		11,159
Restaurant Brands New Zealand, Ltd.		33,397		176,403
Rubicon, Ltd. (c)		9,922		1,952
Sanford, Ltd.		314		1,633
Scales Corp., Ltd.		11,331		35,600
Skellerup Holdings, Ltd.		29,759		40,094

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
New Zealand—(Continued)
SKY Network Television, Ltd.		114,579	$	200,760
SKYCITY Entertainment Group, Ltd.		173,489		474,272
Summerset Group Holdings, Ltd.		32,970		170,763
Synlait Milk, Ltd. (c)		6,855		53,091
Tilt Renewables, Ltd.		13,980		19,586
Tourism Holdings, Ltd.		21,653		97,504
TOWER, Ltd. (c)		59,836		31,238
Trade Me Group, Ltd.		106,241		335,159
Trustpower, Ltd.		13,980		53,536
Vector, Ltd.		36,949		84,812
Warehouse Group, Ltd. (The)		39,693		55,346
Z Energy, Ltd.		8,722		44,706
				4,933,482
Norway—0.8%
ABG Sundal Collier Holding ASA		112,462		82,377
AF Gruppen ASA		945		15,249
Akastor ASA (c)		29,737		65,349
Aker Solutions ASA (c)		27,627		193,340
American Shipping Co. ASA (c)		12,027		43,432
Archer, Ltd. (c)		19,287		25,315
Atea ASA		19,449		280,250
Austevoll Seafood ASA		22,546		270,819
Avance Gas Holding, Ltd. (c)		10,307		25,819
Axactor AB (c)		33,599		100,105
B2Holding ASA		10,283		21,432
Bonheur ASA		10,311		139,788
Borregaard ASA		18,087		195,043
BW Offshore, Ltd. (c)		29,311		149,646
DNO ASA (c)		140,550		258,636
DOF ASA (c)		27,347		28,015
Ekornes ASA		7,857		132,995
Fred Olsen Energy ASA (c) (e)		4,442		4,930
Frontline, Ltd. (c)		16,616		96,827
Grieg Seafood ASA		11,731		123,553
Hexagon Composites ASA		24,991		84,296
Hoegh LNG Holdings, Ltd.		13,626		75,259
Kongsberg Automotive ASA (c)		176,177		202,210
Kvaerner ASA (c)		60,872		128,357
NEL ASA (c) (e)		160,388		62,615
Nordic Nanovector ASA (c)		3,239		24,101
Nordic Semiconductor ASA (c)		36,041		230,374
Norway Royal Salmon ASA		3,880		86,597
Norwegian Air Shuttle ASA (c)		8,756		265,956
Norwegian Finans Holding ASA (c)		5,819		64,465
Norwegian Property ASA		19,699		26,113
Ocean Yield ASA		7,272		63,456
Odfjell Drilling, Ltd. (c)		15,318		63,307
Odfjell SE - A Shares		1,949		8,039
Otello Corp. ASA (c)		21,316		56,337
Petroleum Geo-Services ASA (c)		61,434		286,704
PhotoCure ASA (c)		5,477		20,932
ProSafe SE (c)		7,802		17,849
Protector Forsikring ASA (c)		13,480		109,651
Q-Free ASA (c)		24,256		23,821
Sbanken ASA		9,155		96,214
Norway—(Continued)
Scatec Solar ASA		20,796		140,511
Selvaag Bolig ASA		3,405		17,459
Sevan Marine ASA (c)		16,466		28,877
Solstad Farstad ASA (c) (e)		32,766		26,982
Stolt-Nielsen, Ltd.		7,397		115,069
Treasure ASA		21,003		33,474
Veidekke ASA		27,432		275,817
Wilh Wilhelmsen Holding ASA - Class A		4,777		119,492
XXL ASA (e)		17,225		139,532
				5,146,786
Peru—0.0%
Hochschild Mining plc		74,658		187,532
Philippines—0.0%
Del Monte Pacific, Ltd.		77,636		10,087
Portugal—0.4%
Altri SGPS S.A.		27,747		280,071
Banco Comercial Portugues S.A. - Class R (c)		2,143,248		643,246
Banco Espirito Santo S.A. (a) (b) (c) (d)		89,078		0
CTT-Correios de Portugal S.A. (e)		34,069		119,483
Mota-Engil SGPS S.A.		40,942		137,236
Navigator Co. S.A. (The)		71,289		424,187
NOS SGPS S.A.		73,113		400,510
Novabase SGPS S.A.		7,827		24,822
REN - Redes Energeticas Nacionais SGPS S.A.		118,370		331,595
Semapa-Sociedade de Investimento e Gestao		4,163		111,473
Sonae SGPS S.A.		280,308		336,726
Teixeira Duarte S.A.		59,382		17,393
				2,826,742
Russia—0.0%
Evraz plc		13,430		90,075
Petropavlovsk plc (c)		192,556		20,234
				110,309
Singapore—1.1%
Abterra, Ltd. (c) (d)		51,720		1,101
Accordia Golf Trust		74,500		33,648
AEM Holdings, Ltd.		19,200		15,814
Ascendas India Trust		171,500		127,146
ASL Marine Holdings, Ltd. (c)		52,500		3,661
Baker Technology, Ltd.		33,200		12,302
Banyan Tree Holdings, Ltd.		97,700		37,975
Best World International, Ltd.		56,100		51,064
Bonvests Holdings, Ltd.		18,000		17,572
Boustead Projects, Ltd.		24,607		14,639
Boustead Singapore, Ltd.		82,025		46,974
BreadTalk Group, Ltd.		54,200		47,278
Bukit Sembawang Estates, Ltd.		69,100		292,829
BW LPG, Ltd. (c)		20,180		80,538
Centurion Corp., Ltd.		38,000		12,115
China Aviation Oil Singapore Corp., Ltd.		94,800		102,767
Chip Eng Seng Corp., Ltd.		157,000		96,621

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Singapore—(Continued)
Chuan Hup Holdings, Ltd.		125,000	$	27,507
CITIC Envirotech, Ltd.		207,500		83,669
CNQC International Holdings, Ltd.		82,500		25,001
ComfortDelGro Corp., Ltd.		152,800		263,163
COSCO Shipping International Singapore Co., Ltd. (c)		272,500		74,685
Creative Technology, Ltd. (c)		16,300		66,505
CSE Global, Ltd.		197,000		62,071
CW Group Holdings, Ltd. (a) (b)		106,000		5,946
Delfi, Ltd.		66,000		60,551
Dyna-Mac Holdings, Ltd. (c)		98,000		8,858
Elec & Eltek International Co., Ltd.		23,000		32,162
Ezion Holdings, Ltd. (b) (c)		753,729		50,071
Ezra Holdings, Ltd. (a) (b) (c) (d)		1,000,703		15,198
Far East Orchard, Ltd.		74,044		72,311
First Resources, Ltd.		86,700		99,131
Food Empire Holdings, Ltd.		54,000		25,955
Fragrance Group, Ltd. (c)		752,800		80,688
Gallant Venture, Ltd. (c)		126,000		12,319
Geo Energy Resources, Ltd.		155,000		24,398
GK Goh Holdings, Ltd.		12,000		8,889
GL, Ltd.		188,000		108,271
Golden Agri-Resources, Ltd.		988,100		220,971
Golden Energy & Resources, Ltd.		69,000		17,700
GuocoLand, Ltd.		35,500		52,895
Halcyon Agri Corp., Ltd.		188,713		71,245
Hanwell Holdings, Ltd.		19,000		2,923
Haw Par Corp., Ltd.		15,900		156,525
Hi-P International, Ltd.		50,200		43,569
Hiap Hoe, Ltd.		58,000		37,712
Ho Bee Land, Ltd.		67,200		116,749
Hong Fok Corp., Ltd.		146,740		72,141
Hong Leong Asia, Ltd.		41,000		27,019
Hotel Grand Central, Ltd.		25,900		25,894
Hour Glass, Ltd. (The)		129,000		60,674
Hwa Hong Corp., Ltd.		138,000		33,424
Hyflux, Ltd. (a) (b) (c) (d)		179,500		8,975
iFAST Corp., Ltd.		25,500		19,809
IGG, Inc.		167,000		212,730
Indofood Agri Resources, Ltd.		152,000		23,958
Japfa, Ltd.		89,700		41,710
k1 Ventures, Ltd. (a) (b) (c) (d)		80,800		5,812
Kenon Holdings, Ltd.		2,312		35,149
Keppel Infrastructure Trust		549,659		209,913
Keppel Telecommunications & Transportation, Ltd.		44,000		47,099
Koh Brothers Group, Ltd.		97,000		20,253
KSH Holdings, Ltd.		25,700		12,239
Lian Beng Group, Ltd.		116,900		43,282
Low Keng Huat Singapore, Ltd.		122,600		54,919
Lum Chang Holdings, Ltd.		115,000		29,145
M1, Ltd.		89,500		105,206
Metro Holdings, Ltd.		141,600		118,281
Mewah International, Inc.		110,000		22,068
Midas Holdings, Ltd. (a) (b) (c) (d)		452,000		47,771
NSL, Ltd.		15,000		14,096
Overseas Union Enterprise, Ltd.		119,200		136,453
Oxley Holdings, Ltd.		142,164		43,223
Pan-United Corp., Ltd.		53,750		12,215
Singapore—(Continued)
Penguin International, Ltd.		64,333		16,452
Q&M Dental Group Singapore, Ltd.		41,800		15,656
QAF, Ltd.		74,167		49,763
Raffles Education Corp., Ltd. (c)		500,206		63,313
Raffles Medical Group, Ltd.		148,756		110,460
RHT Health Trust		84,400		48,000
Rickmers Maritime (a) (b) (c) (d)		110,000		0
Riverstone Holdings, Ltd.		59,300		43,552
Roxy-Pacific Holdings, Ltd.		94,325		33,592
SBS Transit, Ltd.		40,500		77,302
Sembcorp Marine, Ltd.		131,000		195,785
Sheng Siong Group, Ltd.		133,900		104,105
SHS Holdings, Ltd.		47,000		7,927
SIA Engineering Co., Ltd.		44,300		102,052
SIIC Environment Holdings, Ltd.		167,400		51,708
Sinarmas Land, Ltd.		618,500		138,278
Sing Holdings, Ltd.		82,000		25,532
Singapore Post, Ltd.		281,700		260,047
Singapore Press Holdings, Ltd.		218,200		415,643
Singapore Reinsurance Corp., Ltd.		1,000		231
Stamford Land Corp., Ltd.		278,000		97,866
StarHub, Ltd.		107,000		130,164
Sunningdale Tech, Ltd.		41,100		38,446
Swiber Holdings, Ltd. (a) (b) (c) (d)		117,749		1,763
Tuan Sing Holdings, Ltd.		169,000		50,830
UMS Holdings, Ltd.		116,250		70,442
United Engineers, Ltd.		138,000		284,598
United Industrial Corp., Ltd.		13,600		32,424
United Overseas Insurance, Ltd.		4,000		20,257
UOB-Kay Hian Holdings, Ltd.		136,495		127,288
UPP Holdings, Ltd.		46,000		7,279
Vibrant Group, Ltd.		47,600		11,179
Vicom, Ltd.		2,000		8,924
Wee Hur Holdings, Ltd.		85,000		13,786
Wheelock Properties Singapore, Ltd.		66,800		79,998
Wing Tai Holdings, Ltd.		159,621		232,802
Xinghua Port Holdings, Ltd.		53,750		6,572
XP Power, Ltd.		4,116		191,763
Yeo Hiap Seng, Ltd.		19,712		14,626
Yongnam Holdings, Ltd. (c)		241,875		47,991
				7,633,536
South Africa—0.0%
Petra Diamonds, Ltd. (c) (e)		279,686		206,415
Spain—2.6%
Acciona S.A. (e)		7,805		645,540
Acerinox S.A.		70,013		925,086
Adveo Group International S.A. (c)		6,292		10,532
Alantra Partners S.A.		4,852		88,535
Almirall S.A.		20,705		276,858
Amper S.A. (c)		196,048		67,836
Applus Services S.A.		20,814		277,551
Atresmedia Corp. de Medios de Comunicacion S.A.		21,362		179,533
Azkoyen S.A.		1,608		15,771
Baron de Ley (c)		1,039		139,862

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—(Continued)
Bolsas y Mercados Espanoles SHMSF S.A.		27,936	$	921,962
Caja de Ahorros del Mediterraneo (a) (b) (c) (d)		14,621		0
Cellnex Telecom S.A.		33,227		836,119
Cia de Distribucion Integral Logista Holdings S.A.		5,901		152,596
Cie Automotive S.A.		17,266		508,482
Construcciones y Auxiliar de Ferrocarriles S.A.		5,880		281,973
Distribuidora Internacional de Alimentacion S.A.		184,598		537,270
Duro Felguera S.A. (c) (e)		27,756		9,328
Ebro Foods S.A.		25,801		601,991
eDreams ODIGEO S.A. (c)		14,588		59,149
Elecnor S.A.		11,262		167,104
Enagas S.A.		50,570		1,477,496
Ence Energia y Celulosa S.A		61,968		549,080
Ercros S.A.		60,314		313,423
Euskaltel S.A.		4,675		42,248
Faes Farma S.A.		131,897		558,625
Fluidra S.A.		12,850		205,699
Global Dominion Access S.A. (c)		22,896		124,054
Grupo Catalana Occidente S.A.		20,412		908,722
Grupo Empresarial San Jose S.A. (c)		8,320		38,068
Grupo Ezentis S.A. (c)		39,717		33,830
Iberpapel Gestion S.A.		612		25,856
Indra Sistemas S.A. (c)		42,149		503,192
Laboratorios Farmaceuticos Rovi S.A.		3,511		64,297
Liberbank S.A. (c)		254,592		129,700
Mediaset Espana Comunicacion S.A.		49,361		415,415
Melia Hotels International S.A.		24,250		332,206
Miquel y Costas & Miquel S.A.		6,972		262,844
NH Hotel Group S.A.		69,951		516,704
Obrascon Huarte Lain S.A. (e)		35,775		114,321
Papeles y Cartones de Europa S.A.		22,293		440,907
Pharma Mar S.A. (c)		72,263		128,027
Prim S.A.		3,013		44,341
Promotora de Informaciones S.A. - Class A (c) (e)		87,762		164,561
Prosegur Cia de Seguridad S.A.		54,905		358,262
Quabit Inmobiliaria S.A. (c)		21,835		49,179
Realia Business S.A. (c)		112,366		140,059
Sacyr S.A.		113,378		309,362
Solaria Energia y Medio Ambiente S.A. (c)		19,439		153,330
Talgo S.A.		7,525		45,135
Tecnicas Reunidas S.A. (e)		11,115		357,827
Tubacex S.A. (c) (e)		28,250		93,758
Tubos Reunidos S.A. (c)		21,752		8,015
Vidrala S.A.		7,271		692,046
Viscofan S.A.		14,797		1,007,185
Vocento S.A. (c)		18,128		29,319
Zardoya Otis S.A.		22,375		213,493
				17,553,664
Sweden—2.5%
AAK AB		11,466		182,087
Acando AB		32,705		114,571
AddLife AB		8,064		171,118
AddNode Group AB		2,531		25,194
AddTech AB - B Shares		21,786		480,876
AF AB - B Shares		20,420		466,445
Sweden—(Continued)
Ahlsell AB		11,855		69,905
Ahlstrom-Munksjo Oyj		17,418		314,403
Alimak Group AB		5,926		90,708
Arise AB (c)		4,852		7,991
Atrium Ljungberg AB - B Shares		6,009		96,920
Avanza Bank Holding AB		7,660		393,085
BE Group AB (c)		1,962		10,988
Beijer Alma AB		15,250		211,332
Beijer Electronics Group AB (c)		7,843		34,935
Beijer Ref AB		20,376		368,952
Bergman & Beving AB - B Shares		12,796		135,054
Betsson AB (c)		30,653		185,981
Bilia AB - A Shares		34,008		265,422
BillerudKorsnas AB		8,804		124,333
BioGaia AB - B Shares		5,094		227,120
Biotage AB		15,339		196,375
Bjorn Borg AB (c)		9,936		25,273
Bonava AB		928		11,237
Bonava AB - B Shares		684		8,021
Bravida Holding AB		8,570		68,050
Bufab AB		5,735		72,536
Bulten AB		3,161		36,786
Bure Equity AB		17,448		196,986
Byggmax Group AB		18,326		79,730
Capio AB		3,843		18,387
Catena AB		4,388		85,594
Clas Ohlson AB - B Shares (e)		13,900		110,472
Cloetta AB - B Shares		92,493		280,548
Com Hem Holding AB		15,039		244,319
Concordia Maritime AB - B Shares (c)		4,217		4,828
Corem Property Group AB - B Shares		12,248		12,748
Dios Fastigheter AB		31,852		191,047
Dometic Group AB		13,336		130,905
Doro AB (c)		3,391		15,963
Duni AB		14,094		201,752
Dustin Group AB		14,210		127,944
Eastnine AB		7,088		74,058
Enea AB (c)		1,163		11,684
Fabege AB		17,479		208,374
Fagerhult AB		13,852		118,417
FastPartner AB		3,933		21,286
Granges AB		17,312		226,477
Gunnebo AB		12,816		38,162
Haldex AB		16,480		163,358
Hemfosa Fastigheter AB		20,056		234,531
HIQ International AB		21,790		150,652
HMS Networks AB		630		10,772
Hoist Finance AB		3,141		22,925
Holmen AB - B Shares		22,293		506,090
Indutrade AB		15,436		368,375
Inwido AB		3,779		27,030
ITAB Shop Concept AB - Class B		1,944		7,699
JM AB		23,748		423,740
KappAhl AB		29,980		107,678
Karo Pharma AB		16,177		53,430
Klovern AB - B Shares		131,906		146,254
Know It AB		9,489		182,503

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Sweden—(Continued)
Kungsleden AB		56,456	$	389,265
Lagercrantz Group AB - B Shares		19,997		217,855
Lindab International AB		21,316		156,044
Loomis AB - Class B		12,963		450,045
Medivir AB - B Shares (c) (e)		10,470		38,444
Mekonomen AB		9,225		127,467
Modern Times Group MTG AB - B Shares		7,406		309,686
Momentum Group AB - Class B (c)		12,796		157,789
MQ Holding AB		9,112		14,421
Mycronic AB (e)		25,742		287,669
NCC AB - B Shares		10,921		181,427
Nederman Holding AB		2,796		31,390
Net Insight AB - Class B (c)		74,697		34,914
NetEnt AB (c)		45,991		245,103
New Wave Group AB - B Shares		15,773		92,453
Nobia AB		40,224		309,393
Nobina AB		17,655		135,151
Nolato AB - B Shares		9,452		762,260
NP3 Fastigheter AB		4,031		25,252
OEM International AB - B Shares		498		10,065
Opus Group AB		46,122		33,355
Pandox AB		2,349		39,865
Peab AB		53,219		400,568
Platzer Fastigheter Holding AB		3,990		26,027
Pricer AB - B Shares (e)		32,212		31,618
Proact IT Group AB		2,832		53,099
Qliro Group AB (c)		5,924		8,808
Ratos AB - B Shares		40,725		135,978
RaySearch Laboratories AB (c)		4,401		51,531
Recipharm AB - B Shares (c)		6,307		94,306
Sagax AB - Class B		14,540		180,053
SAS AB (c)		30,409		58,294
Scandi Standard AB		11,334		72,482
Sectra AB - B Shares (c)		4,644		123,074
Semcon AB		5,540		35,112
Sensys Gatso Group AB (c)		188,953		26,397
SkiStar AB		9,076		189,045
Sweco AB - B Shares		14,540		342,546
Systemair AB		4,286		42,531
Thule Group AB		18,990		471,398
Troax Group AB		981		31,517
Vitrolife AB		19,145		280,397
Wallenstam AB - B Shares		45,243		406,656
Wihlborgs Fastigheter AB		53,876		622,897
				16,934,063
Switzerland—4.9%
Allreal Holding AG (c)		3,866		630,288
Alpiq Holding AG (c)		156		11,792
ALSO Holding AG (c)		645		77,155
APG SGA S.A.		468		175,412
Arbonia AG (c)		10,560		174,047
Aryzta AG (c) (e)		18,845		283,063
Ascom Holding AG		12,379		224,305
Autoneum Holding AG		1,187		277,756
Bachem Holding AG - Class B		1,074		141,722
Switzerland—(Continued)
Bank Cler AG		2,047		107,458
Banque Cantonale de Geneve		750		140,777
Banque Cantonale Vaudoise		538		413,674
Belimo Holding AG		131		569,787
Bell Food Group AG		880		282,094
Bellevue Group AG (c)		3,322		77,796
Berner Kantonalbank AG		1,950		359,498
BFW Liegenschaften AG (c)		528		22,754
BKW AG		4,798		310,057
Bobst Group S.A.		3,743		383,405
Bossard Holding AG - Class A		2,139		397,419
Bucher Industries AG		2,604		871,719
Burckhardt Compression Holding AG		1,124		399,098
Burkhalter Holding AG		1,291		109,301
Calida Holding AG (c)		2,002		72,563
Carlo Gavazzi Holding AG		48		16,090
Cembra Money Bank AG		6,042		475,535
Cham Group AG (c)		113		49,708
Cicor Technologies, Ltd.		644		45,108
Cie Financiere Tradition S.A.		579		61,047
Coltene Holding AG		971		99,587
Conzzeta AG		292		336,052
Daetwyler Holding AG		2,846		547,530
DKSH Holding AG		4,251		299,472
dormakaba Holding AG (c)		840		588,600
EDAG Engineering Group AG (c)		696		13,478
EFG International AG (c)		20,307		152,295
Emmi AG		773		658,341
Energiedienst Holding AG		3,017		88,729
Feintool International Holding AG		588		63,032
Fenix Outdoor International AG		883		107,420
Ferrexpo plc		57,307		138,508
Flughafen Zurich AG		3,138		640,433
Forbo Holding AG		313		467,682
GAM Holding AG		68,723		949,270
Georg Fischer AG		1,225		1,569,861
Gurit Holding AG		164		133,172
Helvetia Holding AG		2,402		1,372,646
Hiag Immobilien Holding AG		977		117,863
Highlight Communications AG (c) (e)		7,829		49,408
HOCHDORF Holding AG (c)		174		49,386
Huber & Suhner AG (e)		5,559		339,314
Implenia AG		6,413		488,105
Inficon Holding AG		568		288,903
Interroll Holding AG		220		386,001
Intershop Holding AG		395		201,356
IWG plc		206,169		866,047
Jungfraubahn Holding AG		85		12,612
Kardex AG (c)		2,247		311,373
Komax Holding AG		1,213		320,049
Kudelski S.A. (c) (e)		13,221		123,961
LEM Holding S.A.		246		367,356
Logitech International S.A.		14,073		619,604
Luzerner Kantonalbank AG		1,452		754,790
MCH Group AG (c)		831		41,341
Metall Zug AG - B Shares		66		209,126
Mikron Holding AG		474		4,681

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Switzerland—(Continued)
Mobilezone Holding AG		10,014	$	101,271
Mobimo Holding AG		2,761		682,795
OC Oerlikon Corp. AG		57,156		875,053
Orascom Development Holding AG (c)		5,250		78,611
Orell Fuessli Holding AG		428		46,659
Oriflame Holding AG		4,601		148,317
Orior AG		2,240		192,678
Panalpina Welttransport Holding AG		2,641		359,589
Phoenix Mecano AG		274		182,876
Plazza AG - Class A		292		66,901
PSP Swiss Property AG		9,856		914,955
Rieter Holding AG		1,344		232,446
Romande Energie Holding S.A.		111		132,937
Schaffner Holding AG (c)		238		78,196
Schmolz & Bickenbach AG (c)		161,565		126,286
Schweiter Technologies AG		381		397,647
SFS Group AG		2,693		284,717
Siegfried Holding AG		1,571		628,727
St. Galler Kantonalbank AG		1,123		584,398
Sulzer AG		4,412		535,172
Sunrise Communications Group AG		6,505		530,208
Swiss Prime Site AG		1,155		106,249
Swissquote Group Holding S.A.		3,968		219,803
Tamedia AG		904		136,925
Tecan Group AG		2,492		605,852
U-Blox Holding AG		2,262		449,067
Valiant Holding AG		5,102		577,544
Valora Holding AG		1,467		479,680
VAT Group AG (c)		4,428		591,879
Vaudoise Assurances Holding S.A.		423		220,135
Vetropack Holding AG		88		177,398
Von Roll Holding AG (c)		7,038		8,511
Vontobel Holding AG		9,780		709,751
VZ Holding AG		435		136,451
Walliser Kantonalbank		1,160		135,900
Walter Meier AG		872		26,225
Warteck Invest AG (c)		15		29,372
Ypsomed Holding AG (e)		1,361		198,279
Zehnder Group AG		3,984		165,143
Zug Estates Holding AG - B Shares		83		144,157
Zuger Kantonalbank AG		59		351,506
				33,588,078
United Arab Emirates—0.0%
Lamprell plc (c)		100,553		125,265
United Kingdom—15.0%
4imprint Group plc		7,338		166,695
888 Holdings plc		72,434		257,686
A.G. Barr plc		36,511		331,271
AA plc		96,328		157,753
Acacia Mining plc (c)		56,954		94,311
Afren plc (a) (b) (c) (d)		251,096		0
Aggreko plc		27,877		248,503
Air Partner plc		4,960		7,277
Anglo Pacific Group plc		35,633		67,233
United Kingdom—(Continued)
Anglo-Eastern Plantations plc		4,252		38,720
Arrow Global Group plc		27,741		88,590
Ascential plc		3,642		21,726
Ashmore Group plc		93,849		461,854
Auto Trader Group plc		221,621		1,245,490
AVEVA Group plc		4,501		159,439
Avon Rubber plc		10,973		207,132
B&M European Value Retail S.A.		78,714		419,694
Balfour Beatty plc		232,244		869,255
BBA Aviation plc		400,738		1,805,060
Beazley plc		180,462		1,395,446
Bellway plc		36,505		1,446,825
Bloomsbury Publishing plc		25,349		78,930
Bodycote plc		84,979		1,096,486
Bovis Homes Group plc		60,601		915,931
Braemar Shipping Services plc		7,120		24,442
Brewin Dolphin Holdings plc		93,719		439,213
Britvic plc		69,759		716,836
BTG plc (c)		60,182		409,910
Cairn Energy plc (c)		234,247		772,502
Cambian Group plc		11,987		24,076
Capita plc		25,195		53,105
Capital & Counties Properties plc		182,052		690,200
Carclo plc (c)		16,990		18,118
Card Factory plc		15,642		40,699
Carr’s Group plc		15,540		30,148
Castings plc		2,870		15,517
Centaur Media plc		92,526		58,326
Chemring Group plc		123,138		361,532
Chesnara plc		58,648		280,160
Cineworld Group plc		352,995		1,236,960
City of London Investment Group plc		2,966		16,050
Clarkson plc		4,757		144,290
Close Brothers Group plc		58,401		1,144,847
CLS Holdings plc		44,000		132,670
CMC Markets plc		27,108		71,389
Cobham plc (c)		641,178		1,087,773
Communisis plc		57,478		40,466
Computacenter plc		29,696		566,179
Concentric AB		16,079		275,895
Connect Group plc		80,499		32,850
Consort Medical plc		22,450		353,140
Costain Group plc		25,859		150,137
Countryside Properties plc		13,591		61,673
Countrywide plc (c)		2,910		1,447
Cranswick plc		19,204		853,484
Crest Nicholson Holdings plc		41,560		213,600
Daejan Holdings plc		1,597		123,890
Daily Mail & General Trust plc - Class A		92,436		902,782
Dairy Crest Group plc		51,743		334,960
De La Rue plc		32,774		240,344
Debenhams plc (e)		426,182		83,725
Dechra Pharmaceuticals plc		5,276		193,524
Devro plc		61,396		161,359
DFS Furniture plc		5,640		15,292
Dialight plc (c)		3,360		22,263
Dialog Semiconductor plc (c)		22,851		348,135

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Dignity plc		15,295	$	202,800
Diploma plc		36,236		625,191
DiscoverIE Group plc		17,866		102,678
Dixons Carphone plc		34,959		86,063
Domino’s Pizza Group plc		147,744		674,674
Drax Group plc		137,597		595,103
Dunelm Group plc		12,749		84,909
EI Group plc (c)		245,184		472,348
Electrocomponents plc		144,009		1,440,284
Elementis plc		161,864		539,692
EnQuest plc (c)		582,443		270,284
Equiniti Group plc		9,267		30,133
Essentra plc		78,989		500,673
esure Group plc		25,635		73,533
Euromoney Institutional Investor plc		14,736		260,815
FDM Group Holdings plc		4,133		53,431
Fidessa Group plc		13,891		708,568
Findel plc (c)		17,439		64,444
Firstgroup plc (c)		412,049		453,688
Foxtons Group plc		60,218		45,041
Fuller Smith & Turner plc - Class A		7,667		96,133
Galliford Try plc		49,848		574,494
Games Workshop Group plc		8,830		348,662
Gem Diamonds, Ltd. (c)		35,552		57,045
Genus plc		17,359		602,786
Georgia Capital plc (c)		7,105		96,581
Go-Ahead Group plc		12,021		251,873
Gocompare.Com Group plc		86,389		149,331
Goodwin plc		188		4,752
Grafton Group plc		88,160		925,349
Grainger plc		101,157		410,918
Greene King plc		121,167		919,845
Greggs plc		34,690		455,006
Gulf Keystone Petroleum, Ltd. (c)		37,844		124,747
Gym Group plc (The)		24,108		87,424
Halfords Group plc		89,687		410,299
Halma plc		18,259		329,699
Hays plc		446,829		1,100,062
Headlam Group plc		43,642		281,160
Helical plc		47,664		213,350
Henry Boot plc		8,542		33,008
Hill & Smith Holdings plc		29,060		567,026
Hilton Food Group plc		5,520		72,545
Hiscox, Ltd.		74,782		1,503,744
Hogg Robinson Group plc		72,262		113,983
HomeServe plc		83,112		983,524
Howden Joinery Group plc		199,363		1,410,010
Hunting plc (c)		52,837		540,129
Huntsworth plc		48,209		76,565
Ibstock plc		33,840		133,588
IG Group Holdings plc		127,101		1,444,105
IMI plc		59,234		884,502
Inchcape plc		161,511		1,663,278
Indivior plc (c)		173,858		871,749
Informa plc		112,818		1,242,974
Inmarsat plc		94,184		683,341
Intermediate Capital Group plc		55,504		806,046
United Kingdom—(Continued)
International Personal Finance plc		79,366		213,533
Interserve plc (c) (e)		69,361		58,107
IP Group plc (c)		139,902		234,065
ITE Group plc		82,799		87,402
J.D. Wetherspoon plc		28,929		480,725
Jackpotjoy plc (c)		10,090		127,713
James Fisher & Sons plc		20,005		461,279
Jardine Lloyd Thompson Group plc		40,916		690,587
JD Sports Fashion plc		136,152		791,429
John Menzies plc		24,573		203,307
John Wood Group plc		152,606		1,259,534
Jupiter Fund Management plc		117,655		691,812
Just Group plc		10,076		17,947
Kcom Group plc		172,562		220,501
Keller Group plc		25,571		342,043
Kier Group plc		30,426		385,180
Lancashire Holdings, Ltd.		67,933		508,275
Lonmin plc (c)		12,029		6,654
Lookers plc		131,372		187,936
Low & Bonar plc		37,972		24,333
LSL Property Services plc		11,741		41,277
Man Group plc		598,620		1,388,309
Marshalls plc		63,336		340,850
Marston’s plc		258,409		339,278
McBride plc (d)		63,975		112,645
McColl’s Retail Group plc		12,767		35,443
Mears Group plc		41,542		186,939
Meggitt plc		179,350		1,167,310
Melrose Industries plc		208,268		584,446
Merlin Entertainments plc		16,987		86,672
Metro Bank plc (c)		2,816		119,754
Millennium & Copthorne Hotels plc		54,328		380,701
Mitchells & Butlers plc		70,418		241,951
Mitie Group plc		119,662		246,709
MJ Gleeson plc		1,214		12,732
Moneysupermarket.com Group plc		143,669		596,920
Morgan Advanced Materials plc		105,477		454,543
Morgan Sindall Group plc		17,569		333,325
Mothercare plc (c)		51,119		20,140
Motorpoint group plc		3		9
N Brown Group plc (e)		73,957		165,164
National Express Group plc		203,273		1,076,737
NCC Group plc		76,130		205,700
NEX Group plc		114,424		1,549,372
Norcros plc		4,097		11,615
Northgate plc		48,315		259,297
Ocado Group plc (c)		115,812		1,569,666
On the Beach Group plc		11,188		74,081
OneSavings Bank plc		21,394		115,902
Ophir Energy plc (c)		165,965		110,634
Oxford Instruments plc		13,946		184,454
Pagegroup plc		105,272		781,724
Paragon Banking Group plc		65,689		415,239
PayPoint plc		19,490		240,401
Pendragon plc		345,188		111,423
Pennon Group plc		139,688		1,464,082
Petrofac, Ltd.		56,513		435,414

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Phoenix Group Holdings		95,666	$	854,544
Photo-Me International plc		65,132		87,526
Playtech plc		58,243		578,622
Polypipe Group plc		27,117		137,497
Porvair plc		4,494		28,898
Premier Foods plc (c)		334,879		167,495
Premier Oil plc (c)		229,230		388,640
PZ Cussons plc		102,110		303,630
QinetiQ Group plc		183,469		651,187
Rank Group plc		29,633		74,948
Rathbone Brothers plc		12,839		439,415
REA Holdings plc (c)		1,120		5,070
Redrow plc		98,104		689,831
Renewi plc		221,260		227,722
Renishaw plc		12,189		852,204
Renold plc (c) (e)		64,766		24,510
Restaurant Group plc (The)		51,945		192,859
Revolution Bars Group plc		5,460		10,448
Ricardo plc		13,452		170,091
Rightmove plc		10,373		726,818
RM plc		43,283		127,233
Robert Walters plc		14,599		134,846
Rotork plc		262,065		1,155,361
RPC Group plc (e)		140,988		1,391,679
RPS Group plc		100,537		339,063
S&U plc		343		11,596
Saga plc		79,549		131,469
Savills plc		62,765		719,959
SDL plc		33,826		192,187
Senior plc		166,890		668,473
Serco Group plc (c)		27,967		36,436
Severfield plc		100,890		114,240
SIG plc		252,797		465,430
Soco International plc		50,968		64,842
Softcat plc		30,909		312,427
Spectris plc		23,894		821,495
Speedy Hire plc		205,988		170,170
Spirax-Sarco Engineering plc		4,682		402,281
Spire Healthcare Group plc		6,876		22,734
Spirent Communications plc		217,958		333,265
Sportech plc (c)		20,264		21,762
Sports Direct International plc (c)		32,908		173,171
SSP Group plc		93,601		782,888
St. Ives plc		58,134		78,922
St. Modwen Properties plc		86,555		480,128
Stagecoach Group plc		127,734		238,611
Stallergenes Greer plc (c)		569		20,390
SThree plc		33,106		159,472
Stobart Group, Ltd.		41,589		126,206
Stock Spirits Group plc		15,585		46,837
STV Group plc		2,636		15,514
Superdry plc		18,185		269,274
Synthomer plc		88,503		612,735
TalkTalk Telecom Group plc (e)		151,305		208,677
Tate & Lyle plc		153,810		1,311,726
Ted Baker plc		8,726		247,966
Telecom Plus plc		20,692		307,440
United Kingdom—(Continued)
Thomas Cook Group plc		438,591		623,268
Topps Tiles plc		61,961		52,377
TP ICAP plc		203,445		1,130,641
Travis Perkins plc		39,968		750,141
Trifast plc		15,629		50,937
Trinity Mirror plc		157,693		159,627
TT electronics plc		79,682		254,955
U & I Group plc		54,856		166,969
Ultra Electronics Holdings plc		27,882		605,394
Vectura Group plc (c)		245,376		252,706
Vesuvius plc		95,731		755,300
Victrex plc		29,970		1,147,516
Virgin Money Holdings UK plc		10,680		51,703
Vitec Group plc (The)		10,351		178,933
Volex plc (c)		20,438		20,170
Vp plc		3,307		44,957
Weir Group plc (The)		247		6,516
WH Smith plc		35,182		927,950
William Hill plc		315,264		1,260,028
Wincanton plc		37,122		127,585
Xaar plc		18,088		56,988
ZPG plc		41,897		270,119
				102,756,060
United States—0.4%
Alacer Gold Corp. (c)		102,778		189,975
Argonaut Gold, Inc. (c)		57,325		100,727
Energy Fuels, Inc. (c)		19,715		44,689
Golden Star Resources, Ltd. (c)		93,633		64,101
HJ Capital International Holdings Co., Ltd. (c)		520,000		8,274
Hong Kong Finance Investment Holding Group, Ltd. (c)		262,000		33,709
Mitel Networks Corp. (c)		25,492		279,032
QIAGEN NV (c)		9,083		330,705
REC Silicon ASA (c) (e)		643,607		72,121
Reliance Worldwide Corp., Ltd. (d)		73,999		293,243
Sims Metal Management, Ltd.		81,887		981,878
YTO Express Holdings, Ltd.		18,000		9,523
				2,407,977
Total Common Stocks (Cost $537,274,100)				679,968,270
Preferred Stocks—0.2%
Germany—0.2%
Biotest AG ,		3,558		102,428
Draegerwerk AG & Co. KGaA ,		1,708		122,466
FUCHS Petrolub SE ,		912		44,950
Jungheinrich AG ,		13,710		508,287
Sartorius AG ,		447		66,776
Sixt SE ,		3,760		294,968
Sto SE & Co. KGaA ,		190		24,447
Villeroy & Boch AG ,		505		9,896
Total Preferred Stocks (Cost $910,402)				1,174,218

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Rights—0.0%

Security Description	Shares/ Principal Amount*		Value
Australia—0.0%
Centrebet International, Ltd. (Litigation Units) (c) (d)		9,600	$	0
Austria—0.0%
Intercell AG, Expires 05/16/13 (a) (b) (c) (d)		24,163		0
Cayman Islands—0.0%
Phoenix Group Holdings, Expires 07/10/18 (c)		44,644		97,263
Hong Kong—0.0%
Fortune Oil CVR (a) (b) (c)		575,627		0
Italy—0.0%
Caltagirone Editore S.p.A., Expires 07/24/18 (c)		6,273		0
Spain—0.0%
Sacyr S.A., Expires 07/09/18 (c)		113,378		6,475
United Kingdom—0.0%
ITE Group plc, Expires 07/10/18 (c)		144,898		45,704
United States—0.0%
Champion Technology Holdings, Ltd., Expires 07/11/18 (c)		30,827		161
Enerchina Holdings, Ltd., Expires 07/13/18 (c)		363,000		231
Odfjell Drilling, Ltd., Expires 07/04/18 (c)		278		0
				392
Total Rights (Cost $94,037)				149,834
Warrant—0.0%
Israel—0.0%
Space Communication, Ltd., Expires 07/23/18 (c)		1		0
Space Communication, Ltd., Expires 10/23/18 (c)		689		148
				148
Singapore—0.0%
Ezion Holdings, Ltd., Expires 04/16/23 (a) (b) (c) (d)		309,737		0
Total Warrants (Cost $1,578)				148
Short-Term Investment—0.3%
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $2,304,903; collateralized by U.S. Treasury Note at 1.375%, maturing 12/31/18, with a market value of $2,351,327.		2,304,750		2,304,750
Total Short-Term Investments (Cost $2,304,750)				2,304,750
Securities Lending Reinvestments (f)—2.2%
Security Description	Principal Amount*		Value
Certificates of Deposit—1.0%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (g)		500,000		500,027
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (g)		500,000		500,700
Barclays Bank plc 2.430%, 08/01/18		500,000		500,148
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (g)		500,000		499,953
China Construction Bank 2.550%, 09/17/18		500,000		499,992
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (g)		500,000		500,023
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		500,000		499,980
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (g)		500,000		500,002
Royal Bank of Canada New York 2.525%, 1M LIBOR + 0.440%, 09/17/18 (g)		500,000		500,400
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (g)		500,000		499,992
Standard Chartered plc 2.250%, 08/21/18		500,000		500,076
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (g)		500,000		500,044
Wells Fargo Bank N.A. 2.502%, 3M LIBOR + 0.140%, 10/26/18 (g)		500,000		500,636
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (g)		500,000		499,967
				7,001,940
Commercial Paper—0.2%
Starbird Funding Corp. 2.300%, 08/10/18		497,189		498,753
Toyota Motor Credit Corp. 2.310%, 09/18/18		496,214		497,461
				996,214
Repurchase Agreements—0.9%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $1,003,876; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $1,054,288.		1,000,000		1,000,000
Deutsche Bank AG, London
Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $101,112; collateralized by various Common Stock with an aggregate market value of $111,621.		100,000		100,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $306,669; collateralized by various Common Stock with an aggregate market value of $334,863.		300,000		300,000

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $100,256; collateralized by various Common Stock with an aggregate market value of $111,220.		100,000	$	100,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $25,620; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $26,140.		25,616		25,616
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $314,453; collateralized by various Common Stock with an aggregate market value of $330,000.		300,000		300,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $1,029,110; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $303,709; collateralized by various Common Stock with an aggregate market value of $333,867.		300,000		300,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $301,872; collateralized by various Common Stock with an aggregate market value of $333,867.		300,000		300,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $502,169; collateralized by various Common Stock with an aggregate market value of $556,446.		500,000		500,000
Societe Generale
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $301,640; collateralized by various Common Stock with an aggregate market value of $333,856.		300,000		300,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $301,845; collateralized by various Common Stock with an aggregate market value of $333,856.		300,000		300,000
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $402,642; collateralized by various Common Stock with an aggregate market value of $445,141.		400,000		400,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $402,346; collateralized by various Common Stock with an aggregate market value of $445,141.		400,000		400,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $601,976; collateralized by various Common Stock with an aggregate market value of $667,711.		600,000		600,000
				5,925,616
Time Deposits—0.1%
DNB Bank ASA 1.870%, 07/02/18		200,000		200,000
DZ Bank AG 1.890%, 07/02/18		200,000		200,000
Santander UK Group Holdings plc 1.900%, 07/02/18		200,000		200,000
Svenska Handelsbanken AB 1.870%, 07/02/18		200,000		200,000
				800,000
Total Securities Lending Reinvestments (Cost $14,721,868)				14,723,770
Total Investments—101.9% (Cost $555,306,735)				698,320,990
Other assets and liabilities (net)—(1.9)%				(12,748,484	)
Net Assets—100.0%			$	685,572,506

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent less than 0.05% of net assets.
(c)	Non-income producing security.
(d)	Illiquid security. As of June 30, 2018, these securities represent 0.1% of net assets.
(e)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $14,007,456 and the collateral received consisted of cash in the amount of $14,719,019. 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 June 30, 2018.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.

(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

Ten Largest Industries as of June 30, 2018 (Unaudited)	% of Net Assets
Machinery		6.5
Metals & Mining		4.9
Real Estate Management & Development		4.4
Banks		4.2
Capital Markets		3.7
Food Products		3.6
Construction & Engineering		3.5
Chemicals		3.4
Hotels, Restaurants & Leisure		3.3
Electronic Equipment, Instruments & Components		3.2

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	514,100	$	47,062,249	$	23,727	$	47,600,076
Austria		—		8,919,386		0		8,919,386
Belgium		1,511,945		9,846,887		—		11,358,832
Cambodia		—		148,851		—		148,851
Canada		55,671,926		216,364		790		55,889,080
China		134,055		1,350,351		—		1,484,406
Denmark		—		15,741,042		—		15,741,042
Finland		—		18,283,174		—		18,283,174
France		517,270		28,694,078		—		29,211,348
Georgia		176,753		—		—		176,753
Germany		—		40,665,989		—		40,665,989
Ghana		—		1,471,823		—		1,471,823
Greenland		—		1,604		—		1,604
Guernsey, Channel Islands		—		42,775		—		42,775
Hong Kong		631,829		19,018,519		125,481		19,775,829
India		—		135,322		—		135,322
Ireland		—		3,768,584		—		3,768,584
Isle of Man		—		2,048		—		2,048
Israel		52,832		6,284,422		—		6,337,254
Italy		11,956		30,049,929		0		30,061,885
Japan		—		172,513,080		—		172,513,080
Jersey, Channel Islands		—		537,172		—		537,172
Jordan		—		101,200		—		101,200
Kazakhstan		—		465,602		—		465,602
Liechtenstein		—		251,160		—		251,160
Luxembourg		—		979,373		—		979,373
Macau		—		58,993		—		58,993
Malaysia		—		—		895		895
Malta		—		617,146		—		617,146
Monaco		290,961		—		—		290,961
Netherlands		—		18,656,624		7		18,656,631
New Zealand		—		4,933,482		—		4,933,482
Norway		96,827		5,049,959		—		5,146,786
Peru		—		187,532		—		187,532
Philippines		—		10,087		—		10,087
Portugal		—		2,826,742		0		2,826,742
Russia		—		110,309		—		110,309
Singapore		118,994		7,429,077		85,465		7,633,536
South Africa		—		206,415		—		206,415
Spain		—		17,553,664		0		17,553,664

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Sweden	$	—	$	16,934,063		$	—	$	16,934,063
Switzerland		—		33,588,078			—		33,588,078
United Arab Emirates		—		125,265			—		125,265
United Kingdom		112,099		102,643,961			0		102,756,060
United States		678,524		1,729,453			—		2,407,977
Total Common Stocks		60,520,071		619,211,834			236,365		679,968,270
Total Preferred Stocks*		—		1,174,218			—		1,174,218
Rights
Australia		—		0			—		0
Austria		—		—			0		0
Cayman Islands		97,263		—			—		97,263
Hong Kong		—		—			0		0
Italy		—		0			—		0
Spain		6,475		—			—		6,475
United Kingdom		45,704		—			—		45,704
United States		161		231			—		392
Total Rights		149,603		231			0		149,834
Warrant
Israel		148		—			—		148
Singapore		—		—			0		0
Total Warrants		148		—			0		148
Total Short-Term Investment*		—		2,304,750			—		2,304,750
Total Securities Lending Reinvestments*		—		14,723,770			—		14,723,770
Total Investments	$	60,669,822	$	637,414,803		$	236,365	$	698,320,990
Collateral for Securities Loaned (Liability)	$	—	$	(14,719,019	)	$	—	$	(14,719,019	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

Transfers from Level 2 to Level 1 in the amount of $1,215,784 were due to the discontinuation of a systematic fair valuation model factor. Transfers from Level 1 to Level 2 in the amount of $985,439 were due to the application of a systematic fair valuation model factor.

Transfers from Level 3 to Level 2 and Level 1 in the amount of $224,057 were due to the resumption of trading activity which resulted in the availability of significant observable inputs. Transfers from Level 2 to Level 3 in the amount of $153,889 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	698,320,990
Cash denominated in foreign currencies (c)		1,535,263
Receivable for:
Investments sold		1,234,877
Fund shares sold		65,481
Dividends and interest		1,635,391
Total Assets		702,792,002
Liabilities
Collateral for securities loaned		14,719,019
Payables for:
Investments purchased		1,441,340
Fund shares redeemed		9,120
Accrued Expenses:
Management fees		459,644
Distribution and service fees		18,778
Deferred trustees’ fees		113,593
Other expenses		458,002
Total Liabilities		17,219,496
Net Assets	$	685,572,506
Net Assets Consist of:
Paid in surplus	$	506,858,092
Distributions in excess of net investment income		(5,540,666	)
Accumulated net realized gain		41,241,844
Unrealized appreciation on investments and foreign currency transactions		143,013,236
Net Assets	$	685,572,506
Net Assets
Class A	$	595,905,776
Class B		89,666,730
Capital Shares Outstanding*
Class A		44,149,577
Class B		6,683,533
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.50
Class B		13.42

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $555,306,735.
(b)	Includes securities loaned at value of $14,007,456.
(c)	Identified cost of cash denominated in foreign currencies was $1,533,870.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	10,767,608
Interest		2,771
Securities lending income		289,798
Total investment income		11,060,177
Expenses
Management fees		2,883,673
Administration fees		11,370
Custodian and accounting fees		214,500
Distribution and service fees—Class B		114,359
Audit and tax services		34,376
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		18,532
Insurance		2,290
Miscellaneous		101,772
Total expenses		3,423,023
Less management fee waiver		(24,795	)
Net expenses		3,398,228
Net Investment Income		7,661,949
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		41,835,204
Foreign currency transactions		(162,423	)
Net realized gain		41,672,781
Net change in unrealized depreciation on:
Investments		(69,396,460	)
Foreign currency transactions		(30,690	)
Net change in unrealized depreciation		(69,427,150	)
Net realized and unrealized loss		(27,754,369	)
Net Decrease in Net Assets From Operations	$	(20,092,420	)

(a) Net of foreign withholding taxes of $1,114,805.

See accompanying notes to financial statements.

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	7,661,949		$	10,892,070
Net realized gain		41,672,781			49,275,275
Net change in unrealized appreciation (depreciation)		(69,427,150	)		129,906,303
Increase (decrease) in net assets from operations		(20,092,420	)		190,073,648
From Distributions to Shareholders
Net investment income
Class A		(16,101,193	)		(13,999,221	)
Class B		(2,221,372	)		(1,667,583	)
Net realized capital gains
Class A		(41,374,458	)		(28,951,949	)
Class B		(6,252,525	)		(3,841,192	)
Total distributions		(65,949,548	)		(48,459,945	)
Increase (decrease) in net assets from capital share transactions		30,539,521			(62,478,294	)
Total increase (decrease) in net assets		(55,502,447	)		79,135,409
Net Assets
Beginning of period		741,074,953			661,939,544
End of period	$	685,572,506		$	741,074,953
Undistributed (distributions in excess of) net investment income
End of period	$	(5,540,666	)	$	5,119,950

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		424,124		$	6,532,372			4,079		$	54,040
Reinvestments		4,087,884			57,475,651			3,181,569			42,951,170
Redemptions		(2,640,332	)		(40,909,511	)		(7,480,223	)		(105,916,766	)
Net increase (decrease)		1,871,676		$	23,098,512			(4,294,575	)	$	(62,911,556	)
Class B
Sales		692,266		$	10,510,449			948,526		$	13,377,371
Reinvestments		606,144			8,473,897			410,184			5,508,775
Redemptions		(757,688	)		(11,543,337	)		(1,322,091	)		(18,452,884	)
Net increase		540,722		$	7,441,009			36,619		$	433,262
Increase (decrease) derived from capital shares transactions				$	30,539,521					$	(62,478,294	)

See accompanying notes to financial statements.

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	15.32		$	12.57		$	12.97		$	14.84		$	16.83		$	13.85
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.22			0.28	(b)		0.25			0.26			0.28
Net realized and unrealized gain (loss) on investments		(0.55	)		3.52			0.44			0.78			(1.28	)		3.42
Total from investment operations		(0.39	)		3.74			0.72			1.03			(1.02	)		3.70
Less Distributions
Distributions from net investment income		(0.40	)		(0.32	)		(0.29	)		(0.31	)		(0.38	)		(0.30	)
Distributions from net realized capital gains		(1.03	)		(0.67	)		(0.83	)		(2.59	)		(0.59	)		(0.42	)
Total distributions		(1.43	)		(0.99	)		(1.12	)		(2.90	)		(0.97	)		(0.72	)
Net Asset Value, End of Period	$	13.50		$	15.32		$	12.57		$	12.97		$	14.84		$	16.83
Total Return (%) (c)		(2.89	)(d)		30.82			6.00	(e)		6.08			(6.50	)		27.94
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93	(f)		0.92			0.93			0.95			0.98			0.95
Net ratio of expenses to average net assets (%) (g)		0.92	(f)		0.91			0.92			0.94			0.97			0.94
Ratio of net investment income to average net assets (%)		2.18	(f)		1.56			2.26	(b)		1.78			1.58			1.86
Portfolio turnover rate (%)		7	(d)		5			8			12			10			12
Net assets, end of period (in millions)	$	595.9		$	647.6		$	585.6		$	604.2		$	606.4		$	913.3
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	15.22		$	12.50		$	12.89		$	14.77		$	16.75		$	13.79
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.18			0.25	(b)		0.21			0.21			0.24
Net realized and unrealized gain (loss) on investments		(0.55	)		3.50			0.44			0.77			(1.26	)		3.41
Total from investment operations		(0.40	)		3.68			0.69			0.98			(1.05	)		3.65
Less Distributions
Distributions from net investment income		(0.37	)		(0.29	)		(0.25	)		(0.27	)		(0.34	)		(0.27	)
Distributions from net realized capital gains		(1.03	)		(0.67	)		(0.83	)		(2.59	)		(0.59	)		(0.42	)
Total distributions		(1.40	)		(0.96	)		(1.08	)		(2.86	)		(0.93	)		(0.69	)
Net Asset Value, End of Period	$	13.42		$	15.22		$	12.50		$	12.89		$	14.77		$	16.75
Total Return (%) (c)		(3.00	)(d)		30.45			5.83	(e)		5.76			(6.69	)		27.60
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.18	(f)		1.17			1.18			1.20			1.23			1.20
Net ratio of expenses to average net assets (%) (g)		1.17	(f)		1.16			1.17			1.19			1.22			1.19
Ratio of net investment income to average net assets (%)		1.93	(f)		1.29			2.01	(b)		1.50			1.32			1.58
Portfolio turnover rate (%)		7	(d)		5			8			12			10			12
Net assets, end of period (in millions)	$	89.7		$	93.5		$	76.3		$	81.2		$	74.5		$	81.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.02 per share and 0.14% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Includes the impact of the non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which enhanced the performance of the Portfolio. Excluding this item, total return would have been 5.91% for Class A and 5.66% for Class B.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

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

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

BHFTII-46

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $2,304,750. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $5,925,616. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

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

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	47,426,059	$	0	$	79,677,460

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$2,883,673		0.850	%	Of the first $100 million
		0.800	%	On amounts in excess of $100 million

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%		Of the first $100 million

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	568,471,202
Gross unrealized appreciation		228,320,373
Gross unrealized depreciation		(98,470,585	)
Net unrealized appreciation (depreciation)	$	129,849,788

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$18,121,381	$	14,816,351	$	30,338,564	$	40,638,699	$	48,459,945	$	55,455,050

BHFTII-49

Brighthouse Funds Trust II

Brighthouse/Dimensional International Small Company Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$19,674,583	$	45,922,631	$	199,275,919	$	—	$	264,873,133

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Brighthouse/Wellington Balanced Portfolio returned 1.48%, 1.36%, and 1.42%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg Barclays U.S. Aggregate Bond Index², returned 2.65% and -1.62%, respectively. The Portfolio’s custom benchmark, a blend of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%), returned 1.00%³.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities, as measured by the S&P 500 Index, rose 2.6% for the six-month period ending June 30, 2018. Bullish sentiment was exceptionally strong at the beginning of 2018, as better-than-expected corporate profits helped drive the S&P 500 Index to its largest monthly gain since March 2016. A sharp decline in equities at the end of January, accompanied by a substantial rise in volatility, appeared to be triggered by investors’ concerns about lofty equity valuations and the potential upside risks to inflation, bond yields, and Federal Reserve (the “Fed”) policy stemming from pro-growth deregulation, tax cuts, and increased government spending. President Trump sparked fears of a global trade war when he imposed stiff tariffs on imported steel and aluminum and announced plans for tariffs on approximately U.S. $50 billion worth of Chinese goods.

Earnings growth for the S&P 500 Index in the first quarter exceeded 20% for the first time since 2010, and 77% of companies in the Index reported actual earnings that exceeded estimates. Despite the underlying strength in the U.S. economy, there were concerns about the sustainability of growth in light of broader macroeconomic risks, including rising interest rates; signs of slowing growth globally, especially in Europe; ongoing trade tensions; and Eurozone political disruptions.

As widely anticipated, the Fed raised its benchmark interest rate by 25 basis points and signaled the potential for two additional increases in 2018. The Fed also lifted its economic growth forecast for 2018 to 2.8%, and lowered its expectation for unemployment to 3.6%, from 3.8% in March. Consumer sentiment weakened at the end of the period on concerns about rising inflation and the potential effects of tariffs on prices and economic growth.

Small- and mid-cap stocks outperformed large-cap stocks, as measured by the Russell 2000, S&P MidCap 400, and S&P 500 Indices, respectively. All three groups posted positive returns during the six-month period.

Over the period, global fixed income markets generated mixed returns. Sovereign yields outside of Europe generally moved higher, driven by continued global growth momentum and rising inflation expectations. Government bonds enjoyed short-lived periods of strength, however, amid escalating tensions between the U.S. and its trade partners and bouts of elevated political uncertainty in Europe. Elevated political uncertainty in Europe—including the formation of a populist Italian government and the ousting of Spanish Prime Minister Rajoy provided support for core European government yields at the expense of peripheral yields. Concerns over increased leverage and heavy supply from a pickup in mergers and acquisitions activity weighed on credit spreads. The U.S. dollar rallied vs. most currencies, as strong U.S. economic data releases reinforced expectations that policy rates are likely to continue to move higher. In the U.S., first quarter gross domestic product grew at a 2.0% annualized rate, labor market strength continued, and small business and consumer surveys painted an optimistic outlook for the economy. Low inventory and higher mortgage rates led to mixed housing market data.

Absolute returns in most fixed income spread sectors were mixed for the year-to-date period. On an excess return basis, Emerging Markets Debt and Investment Grade corporate bonds posted negative results as credit spreads widened; High Yield generated positive excess returns as coupon income offset spread widening—the sector also benefited from continued demand for income and a paucity of supply.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its custom benchmark, consisting of 60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index, for the period ended June 30, 2018.

The Equity Portfolio outperformed its benchmark, the S&P 500 Index, for the six-month period ended June 30, 2018. As a bottom-up research portfolio, we expect stock selection, rather than sector allocation, to typically drive the majority of performance. That was the case this period; strong stock selection was the primary driver of benchmark-relative outperformance. Security selection within the Industrials and Financials sectors contributed the most to relative performance. This was partially offset by weaker stock selection within the Energy and Consumer Staples sectors.

Among the Equity Portfolio’s largest individual contributors were an overweight to Wayfair (Consumer Discretionary), not having exposure to benchmark-held Johnson & Johnson (Health Care), and an overweight to Micron Technology (Information Technology). Top detractors included an underweight to Apple (Information Technology), an overweight to Coty (Consumer Staples), and a position in non-benchmark held British-American Tobacco (Consumer Staples).

The Fixed Income Portfolio outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the first six months of the 2018 calendar year. Sector allocation contributed positively to relative performance. The Portfolio’s allocations to structured finance sectors—Commercial Mortgage-Backed Securities (“CMBS”), Non-Agency Residential Mortgage-Backed Securities, and Collateralized Loan Obligations, all contributed positively to returns. The Portfolio was positioned for rising inflation expectations (i.e. long U.S. Treasury Inflation-Protected Securities (“TIPS”) vs. nominal Treasuries), which benefited performance following stronger inflation data and

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

rising expectations that inflation risks are skewed to the upside. An allocation to High Yield and Bank Loans had neutral impact overall, as a positive contribution from an allocation to Bank Loans offset a negative impact from European Contingent Convertible (“CoCo”) securities, given political concerns in Italy. We maintained the CoCo position, as we still have a strong fundamental view on the sector. The Portfolio’s duration/yield curve positioning had an overall modest negative impact on performance, primarily due to a tactical long position early in the first quarter.

During the period, the Fixed Income Portfolio used Treasury futures, swaps, and options to manage duration and yield curve positioning. The Portfolio also used currency forwards, futures, and options to implement non-U.S. rate and currency positions. Credit Default Swaps (“CDS”) were used to manage credit exposure, and Investment Grade and High Yield CDS index positions were used as a source of liquidity and to manage overall portfolio risk. These positions performed as expected during the period; the High Yield credit derivative long position was modestly additive to performance while the Investment Grade CDS hedges, implemented as both short and long positions, had an overall neutral impact on relative performance.

As a reminder, the Equity Portfolio is managed in an industry-neutral structure relative to the benchmark, which ensures stock selection is the primary driver of performance. However, the Portfolio’s absolute exposure to the Information Technology sector increased the most over the period while its exposure to the Consumer Staples sector decreased the most. On an absolute basis, the Equity Portfolio ended the period with the most exposure to the Information Technology, Health Care, and Financials sectors.

At period end, the Global Industry Analysts remained focused on fundamental, bottom-up stock selection with an eye on how the macro-economic outlook will affect the companies in which the Equity Portfolio invests. Within Health Care positioning, the team continued to seek companies dedicated to ground-breaking innovation or the provision of value, i.e., high-quality health care at a lower cost. The team believes that while some companies may thrive in this environment, others may struggle to meet ever-increasing standards of performance. Global brands and e-commerce continued to be themes in the Portfolio. The Portfolio added to its existing position in Amazon.com and established a new position in Coca-Cola during the period.

At the end of the period, the Fixed Income Portfolio team had a short duration bias, given our expectation that intermediate rates have room to rise further over the next 12 months. The Portfolio continued to be positioned for rising inflation expectations by maintaining an allocation to TIPS. The Portfolio was underweight Investment Grade Credit in favor of Bank Loans, CoCos, Structured Finance, and a small exposure to Emerging Markets. The Portfolio was overweight Agency MBS pass-throughs and favored Fannie Mae’s Delegated Underwriting and Servicing securities and CMOs for their superior income and convexity profiles.

At the end of the period, the Portfolio’s asset allocation breakdown was approximately a 61% allocation to the Equity Portfolio and a 39% allocation to the Fixed Income Portfolio. This is unchanged from the beginning of the period.

Mary Pryshlak

Mark D. Mandel

Jonathan White

Joseph F. Marvan

Robert D. Burn

Campe Goodman

Portfolio Managers

Wellington Management Company LLP

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX AND THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Balanced Portfolio
Class A		1.48		7.60		9.85		7.68
Class B		1.36		7.30		9.57		7.41
Class E		1.42		7.40		9.67		7.51
S&P 500 Index		2.65		14.37		13.42		10.17
Bloomberg Barclays U.S. Aggregate Bond Index		-1.62		-0.40		2.27		3.72

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

³ The Blended Index is a composite index consisting of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Equity Sectors

	% of Net Assets
Information Technology		14.9
Health Care		8.7
Financials		7.6
Consumer Discretionary		7.6
Industrials		5.9

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		22.1
Corporate Bonds & Notes		12.1
Asset-Backed Securities		8.2
Mortgage-Backed Securities		4.3
Floating Rate Loans		1.0

Top Equity Holdings

	% of Net Assets
Alphabet, Inc.		2.1
Amazon.com, Inc.		2.1
Bank of America Corp.		1.9
Facebook, Inc.		1.5
Microsoft Corp.		1.4

Top Fixed Income Issuers

	% of Net Assets
Fannie Mae 30 Yr. Pool		7.3
Freddie Mac 30 Yr. Gold Pool		5.1
Ginnie Mae II 30 Yr. Pool		3.7
U.S. Treasury Inflation Indexed Notes		0.9
Bayview Opportunity Master Fund Trust		0.8

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Balanced Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.51	%	$	1,000.00	$	1,014.80	$	2.55
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.27	$	2.56
Class B (a)	Actual		0.76	%	$	1,000.00	$	1,013.60	$	3.79
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class E (a)	Actual		0.66	%	$	1,000.00	$	1,014.20	$	3.30
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.52	$	3.31

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—61.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.8%
Boeing Co. (The)		40,630	$	13,631,771
Harris Corp.		24,263		3,506,974
Lockheed Martin Corp.		33,973		10,036,643
Northrop Grumman Corp.		27,024		8,315,285
				35,490,673
Air Freight & Logistics—0.1%
FedEx Corp.		4,488		1,019,045
HUB Group, Inc. - Class A (a)		2,300		114,540
				1,133,585
Airlines—0.2%
JetBlue Airways Corp. (a)		57,530		1,091,919
Spirit Airlines, Inc. (a) (b)		39,787		1,446,258
				2,538,177
Banks—2.8%
Bank of America Corp.		855,768		24,124,100
KeyCorp		208,809		4,080,128
Sterling Bancorp (b)		121,290		2,850,315
Zions Bancorp		75,075		3,955,701
				35,010,244
Beverages—1.2%
Coca-Cola Co. (The)		163,796		7,184,093
Constellation Brands, Inc. - Class A		22,480		4,920,198
Monster Beverage Corp. (a)		60,488		3,465,962
				15,570,253
Biotechnology—1.1%
Aduro Biotech, Inc. (a)		35,106		245,742
Alder Biopharmaceuticals, Inc. (a)		32,935		520,373
Alnylam Pharmaceuticals, Inc. (a) (b)		6,774		667,171
Aptinyx, Inc. (a)		10,900		263,453
Arcus Biosciences, Inc. (a) (b)		11,888		145,509
Audentes Therapeutics, Inc. (a)		9,048		345,724
Biogen, Inc. (a)		721		209,263
Biohaven Pharmaceutical Holding Co., Ltd. (a)		25,856		1,021,829
Bluebird Bio, Inc. (a)		3,482		546,500
Calithera Biosciences, Inc. (a)		14,741		73,705
Celgene Corp. (a)		8,080		641,714
Coherus Biosciences, Inc. (a)		38,405		537,670
Five Prime Therapeutics, Inc. (a) (b)		5,670		89,643
Forty Seven, Inc. (a)		25,145		402,320
G1 Therapeutics, Inc. (a) (b)		9,009		391,531
Global Blood Therapeutics, Inc. (a)		9,639		435,683
GlycoMimetics, Inc. (a)		40,306		650,136
Heron Therapeutics, Inc. (a)		7,966		309,479
Incyte Corp. (a)		6,954		465,918
Ironwood Pharmaceuticals, Inc. (a)		35,699		682,565
Jounce Therapeutics, Inc. (a)		8,043		61,609
Karyopharm Therapeutics, Inc. (a)		29,147		495,208
Loxo Oncology, Inc. (a)		6,040		1,047,819
Momenta Pharmaceuticals, Inc. (a)		27,582		564,052
Neon Therapeutics, Inc. (a)		6,879		86,675
Biotechnology—(Continued)
Ra Pharmaceuticals, Inc. (a)		20,912		208,074
Regeneron Pharmaceuticals, Inc. (a)		1,099		379,144
Rigel Pharmaceuticals, Inc. (a)		41,463		117,340
Seattle Genetics, Inc. (a)		16,178		1,074,058
Syndax Pharmaceuticals, Inc. (a) (b)		26,685		187,329
TESARO, Inc. (a) (b)		6,896		306,665
Trevena, Inc. (a)		63,243		91,070
				13,264,971
Capital Markets—1.6%
Cohen & Steers, Inc. (b)		63,877		2,664,310
Northern Trust Corp.		52,462		5,397,815
Raymond James Financial, Inc. (b)		62,827		5,613,593
TD Ameritrade Holding Corp.		109,899		6,019,168
				19,694,886
Chemicals—1.4%
Cabot Corp.		24,933		1,540,112
Celanese Corp. - Series A		24,689		2,741,960
DowDuPont, Inc.		64,410		4,245,907
FMC Corp. (b)		17,563		1,566,795
PPG Industries, Inc.		33,762		3,502,132
Praxair, Inc.		16,264		2,572,152
Westlake Chemical Corp.		10,795		1,161,866
				17,330,924
Construction & Engineering—0.0%
Jacobs Engineering Group, Inc.		3,595		228,247
Construction Materials—0.1%
Martin Marietta Materials, Inc.		3,052		681,603
Vulcan Materials Co.		5,584		720,671
				1,402,274
Consumer Finance—0.7%
American Express Co.		40,173		3,936,954
Capital One Financial Corp.		31,542		2,898,710
OneMain Holdings, Inc. (a)		70,300		2,340,287
				9,175,951
Containers & Packaging—0.5%
Ardagh Group S.A.		47,400		787,788
Ball Corp.		86,826		3,086,664
International Paper Co.		52,334		2,725,555
				6,600,007
Diversified Financial Services—0.3%
AXA Equitable Holdings, Inc. (a)		78,300		1,613,763
Voya Financial, Inc.		51,807		2,434,929
				4,048,692
Diversified Telecommunication Services—1.0%
Verizon Communications, Inc. (b)		248,144		12,484,125

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—1.5%
Avangrid, Inc.		43,409	$	2,297,638
Edison International		116,721		7,384,938
Exelon Corp.		88,907		3,787,438
NextEra Energy, Inc.		36,068		6,024,438
				19,494,452
Electrical Equipment—0.3%
AMETEK, Inc.		20,710		1,494,434
Eaton Corp. plc (b)		29,596		2,212,005
				3,706,439
Electronic Equipment, Instruments & Components—0.5%
Flex, Ltd. (a)		383,614		5,412,794
IPG Photonics Corp. (a)		3,877		855,382
				6,268,176
Energy Equipment & Services—0.5%
Baker Hughes a GE Co.		83,555		2,759,822
Halliburton Co.		80,155		3,611,784
				6,371,606
Equity Real Estate Investment Trusts—1.9%
Alexandria Real Estate Equities, Inc.		32,473		4,097,118
American Tower Corp.		52,290		7,538,649
Equinix, Inc. (b)		4,818		2,071,210
Host Hotels & Resorts, Inc.		62,916		1,325,640
Invitation Homes, Inc.		114,087		2,630,846
Outfront Media, Inc.		24,384		474,269
Public Storage		15,073		3,419,461
Simon Property Group, Inc.		16,099		2,739,889
				24,297,082
Food & Staples Retailing—0.9%
Costco Wholesale Corp. (b)		19,740		4,125,265
Sysco Corp.		49,229		3,361,849
U.S. Foods Holding Corp. (a)		85,088		3,218,028
				10,705,142
Food Products—1.2%
Archer-Daniels-Midland Co.		43,749		2,005,017
Fresh Del Monte Produce, Inc. (b)		38,847		1,730,634
Freshpet, Inc. (a)		31,918		876,149
Hormel Foods Corp. (b)		28,216		1,049,917
Hostess Brands, Inc. (a) (b)		145,846		1,983,505
McCormick & Co., Inc. (b)		16,675		1,935,801
Post Holdings, Inc. (a) (b)		59,898		5,152,426
				14,733,449
Health Care Equipment & Supplies—2.4%
Abbott Laboratories		90,384		5,512,520
Baxter International, Inc.		43,412		3,205,542
Boston Scientific Corp. (a)		239,500		7,831,650
Danaher Corp.		43,518		4,294,357
Health Care Equipment & Supplies—(Continued)
Medtronic plc		112,674		9,646,021
				30,490,090
Health Care Providers & Services—2.0%
Cardinal Health, Inc.		50,851		2,483,054
HCA Healthcare, Inc.		27,470		2,818,422
McKesson Corp.		25,050		3,341,670
UnitedHealth Group, Inc.		67,915		16,662,266
				25,305,412
Hotels, Restaurants & Leisure—0.8%
Chipotle Mexican Grill, Inc. (a)		2,690		1,160,386
Hilton Worldwide Holdings, Inc.		37,683		2,982,986
McDonald’s Corp.		36,222		5,675,625
MGM Resorts International		29,066		843,786
				10,662,783
Household Durables—0.4%
Installed Building Products, Inc. (a)		25,805		1,459,273
Lennar Corp. - Class A		65,782		3,453,555
				4,912,828
Independent Power and Renewable Electricity Producers—0.3%
NRG Energy, Inc.		129,990		3,990,693
Industrial Conglomerates—0.6%
3M Co.		18,891		3,716,238
General Electric Co.		274,912		3,741,552
				7,457,790
Insurance—2.2%
Allstate Corp. (The)		12,043		1,099,164
American International Group, Inc.		122,188		6,478,408
Assured Guaranty, Ltd.		122,567		4,379,319
Athene Holding, Ltd. - Class A (a)		66,778		2,927,547
Hartford Financial Services Group, Inc. (The)		43,830		2,241,028
Marsh & McLennan Cos., Inc.		64,809		5,312,394
Prudential Financial, Inc.		34,253		3,202,998
Trupanion, Inc. (a)		38,600		1,489,960
				27,130,818
Internet & Direct Marketing Retail—2.9%
Amazon.com, Inc. (a)		15,207		25,848,859
Netflix, Inc. (a)		11,370		4,450,559
Wayfair, Inc. - Class A (a) (b)		51,404		6,104,739
				36,404,157
Internet Software & Services—4.5%
Alphabet, Inc. - Class A (a)		23,725		26,790,033
Blucora, Inc. (a)		116,098		4,295,626
eBay, Inc. (a)		82,907		3,006,208
Facebook, Inc. - Class A (a)		100,123		19,455,901
GoDaddy, Inc. - Class A (a)		38,700		2,732,220

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—(Continued)
Spotify Technology S.A. (a)		4,603	$	774,409
				57,054,397
IT Services—2.3%
Accenture plc - Class A		7,993		1,307,575
Alliance Data Systems Corp.		6,920		1,613,744
FleetCor Technologies, Inc. (a) (b)		15,238		3,209,885
Genpact, Ltd.		51,606		1,492,961
Global Payments, Inc.		45,192		5,038,456
PayPal Holdings, Inc. (a)		48,658		4,051,752
Total System Services, Inc.		6,904		583,526
Visa, Inc. - Class A		71,560		9,478,122
WEX, Inc. (a)		9,968		1,898,705
				28,674,726
Life Sciences Tools & Services—0.5%
Thermo Fisher Scientific, Inc.		31,373		6,498,603
Machinery—0.9%
AGCO Corp.		6,104		370,635
Caterpillar, Inc.		17,920		2,431,206
Deere & Co.		14,162		1,979,848
Fortive Corp.		25,572		1,971,857
Greenbrier Cos., Inc. (The)		19,126		1,008,896
Illinois Tool Works, Inc.		15,376		2,130,191
Pentair plc		33,571		1,412,668
Wabtec Corp.		2,533		249,703
				11,555,004
Media—1.8%
Charter Communications, Inc. - Class A (a)		18,562		5,442,564
Cinemark Holdings, Inc. (b)		11,797		413,839
Comcast Corp. - Class A		298,197		9,783,844
Interpublic Group of Cos., Inc. (The) (b)		70,490		1,652,286
Liberty Media Corp.-Liberty Formula One - Class C (a)		31,725		1,177,949
New York Times Co. (The) - Class A (b)		17,845		462,186
Twenty-First Century Fox, Inc. - Class A		31,263		1,553,458
Viacom, Inc. - Class B		31,694		955,891
Walt Disney Co. (The)		10,119		1,060,572
				22,502,589
Metals & Mining—0.2%
Alcoa Corp. (a)		16,699		782,849
ArcelorMittal		2,665		76,699
Southern Copper Corp.		5,391		252,676
Steel Dynamics, Inc.		18,728		860,552
				1,972,776
Multi-Utilities—0.4%
Sempra Energy		48,235		5,600,566
Oil, Gas & Consumable Fuels—3.1%
Andeavor		16,878		2,214,056
BP plc (ADR)		61,114		2,790,465
Chevron Corp.		95,195		12,035,504
Oil, Gas & Consumable Fuels—(Continued)
Concho Resources, Inc. (a) (b)		13,860		1,917,531
EOG Resources, Inc.		23,151		2,880,679
Exxon Mobil Corp.		84,599		6,998,875
Marathon Petroleum Corp.		32,736		2,296,758
Newfield Exploration Co. (a) (b)		54,460		1,647,415
Noble Energy, Inc.		37,675		1,329,174
ONEOK, Inc. (b)		28,683		2,002,934
Paragon Offshore Finance Co. - Class A (a) (i)		162		197
Paragon Offshore Finance Co. - Class B (a) (i)		81		2,551
Templar Energy LLC (a) (c) (d) (i)		2,426		2,548
TransCanada Corp.		67,103		2,898,850
WPX Energy, Inc. (a)		8,737		157,528
				39,175,065
Personal Products—0.6%
Coty, Inc. - Class A (b)		269,288		3,796,961
Unilever NV		71,280		3,971,721
				7,768,682
Pharmaceuticals—2.7%
Aerie Pharmaceuticals, Inc. (a) (b)		13,052		881,663
Allergan plc		48,870		8,147,606
Amneal Pharmaceuticals, Inc. (a) (b)		66,842		1,096,877
AstraZeneca plc (ADR)		161,563		5,672,477
Bristol-Myers Squibb Co.		137,030		7,583,240
Clearside Biomedical, Inc. (a)		10,600		113,314
Dermira, Inc. (a)		60,417		555,836
Evolus, Inc. (a) (b)		12,158		340,302
Kala Pharmaceuticals, Inc. (a)		17,700		243,021
Mylan NV (a)		108,969		3,938,140
MyoKardia, Inc. (a) (b)		16,161		802,394
Nektar Therapeutics (a)		8,718		425,700
Otonomy, Inc. (a)		28,096		108,170
Revance Therapeutics, Inc. (a)		20,027		549,741
Teva Pharmaceutical Industries, Ltd. (ADR)		118,785		2,888,851
Tricida, Inc. (a)		16,500		493,350
				33,840,682
Professional Services—0.4%
Equifax, Inc. (b)		14,785		1,849,751
TransUnion		25,023		1,792,648
TriNet Group, Inc. (a)		29,073		1,626,344
				5,268,743
Road & Rail—0.5%
Knight-Swift Transportation Holdings, Inc.		3,884		148,408
Norfolk Southern Corp.		24,405		3,681,982
Union Pacific Corp.		17,939		2,541,597
				6,371,987
Semiconductors & Semiconductor Equipment—2.6%
Advanced Micro Devices, Inc. (a)		345,723		5,182,388
Broadcom, Inc.		17,563		4,261,486
Intel Corp.		83,900		4,170,669
KLA-Tencor Corp.		13,474		1,381,489

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Marvell Technology Group, Ltd. (b)		65,769	$	1,410,087
Microchip Technology, Inc. (b)		24,765		2,252,377
Micron Technology, Inc. (a)		74,804		3,922,722
NVIDIA Corp.		15,413		3,651,340
Teradyne, Inc.		88,907		3,384,689
Texas Instruments, Inc. (b)		31,211		3,441,013
				33,058,260
Software—3.7%
Adobe Systems, Inc. (a)		12,715		3,100,044
Atlassian Corp. plc - Class A (a)		15,879		992,755
Autodesk, Inc. (a)		9,012		1,181,383
Guidewire Software, Inc. (a) (b)		25,614		2,274,011
HubSpot, Inc. (a)		13,112		1,644,245
Microsoft Corp.		176,020		17,357,332
PTC, Inc. (a) (b)		9,766		916,148
Salesforce.com, Inc. (a)		47,769		6,515,692
ServiceNow, Inc. (a)		13,425		2,315,410
Splunk, Inc. (a)		6,192		613,689
SS&C Technologies Holdings, Inc.		124,623		6,467,934
Workday, Inc. - Class A (a)		22,053		2,671,059
				46,049,702
Specialty Retail—0.9%
National Vision Holdings, Inc. (a)		107,126		3,917,598
TJX Cos., Inc. (The)		74,160		7,058,549
				10,976,147
Technology Hardware, Storage & Peripherals—1.4%
Apple, Inc.		92,932		17,202,642
Textiles, Apparel & Luxury Goods—0.8%
NIKE, Inc. - Class B		70,319		5,603,018
Skechers USA, Inc. - Class A (a) (b)		27,096		813,151
Tapestry, Inc.		35,882		1,676,048
Under Armour, Inc. - Class A (a) (b)		54,488		1,224,890
Under Armour, Inc. - Class C (a)		39,564		834,009
				10,151,116
Thrifts & Mortgage Finance—0.1%
MGIC Investment Corp. (a)		114,804		1,230,699
Tobacco—1.4%
Altria Group, Inc.		128,085		7,273,947
British American Tobacco plc (ADR)		164,013		8,274,456
Philip Morris International, Inc.		21,753		1,756,337
				17,304,740
Total Common Stocks (Cost $658,620,832)				768,161,052
U.S. Treasury & Government Agencies—22.1%
Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—20.6%
Fannie Mae 15 Yr. Pool 3.000%, 07/01/28		1,601,318		1,601,070
3.000%, 02/01/31		194,671		193,623
3.000%, 03/01/31		22,327		22,207
3.500%, 07/01/28		237,195		240,998
4.000%, 04/01/26		40,930		42,133
4.000%, 02/01/29		973,895		1,000,038
4.500%, 06/01/24		216,576		223,803
4.500%, 02/01/25		54,054		55,862
4.500%, 04/01/25		8,658		8,946
4.500%, 07/01/25		42,409		43,833
4.500%, 06/01/26		922,133		952,871
5.000%, TBA (e)		500,000		507,891
Fannie Mae 20 Yr. Pool 3.000%, 03/01/37		908,278		895,008
5.000%, 06/01/47		789,082		836,602
Fannie Mae 30 Yr. Pool 3.000%, 02/01/43		776,536		759,317
3.000%, 03/01/43		997,212		974,647
3.000%, 04/01/43		908,534		887,894
3.000%, 05/01/43		2,520,499		2,463,444
3.000%, 06/01/43		295,970		289,215
3.000%, 04/01/47		8,869,155		8,604,575
3.500%, 03/01/43		49,632		49,717
3.500%, 05/01/43		98,255		98,407
3.500%, 07/01/43		223,233		223,636
3.500%, 08/01/43		413,909		414,910
3.500%, 10/01/44		400,019		400,388
3.500%, 02/01/45		495,105		494,258
3.500%, 09/01/46		945,883		944,266
3.500%, 10/01/46		400,150		399,466
3.500%, 11/01/46		266,786		266,578
3.500%, 09/01/47		372,014		370,699
3.500%, 12/01/47		199,624		198,971
3.500%, 01/01/48		1,380,278		1,374,467
3.500%, 02/01/48		294,191		293,544
3.500%, TBA (e)		59,076,000		58,798,106
4.000%, 10/01/40		855,514		878,424
4.000%, 11/01/40		388,591		399,100
4.000%, 12/01/40		276,085		283,545
4.000%, 02/01/41		133,985		137,686
4.000%, 03/01/41		311,396		319,783
4.000%, 08/01/42		177,743		182,556
4.000%, 09/01/42		283,157		290,825
4.000%, 03/01/45		48,796		49,834
4.000%, 07/01/45		246,942		253,957
4.000%, 05/01/46		150,476		153,527
4.000%, 06/01/46		321,587		328,106
4.000%, 04/01/47		347,511		356,598
4.000%, TBA (e)		1,510,000		1,539,448
4.500%, 10/01/40		773,300		813,562
4.500%, 09/01/41		93,040		97,663
4.500%, 10/01/41		334,539		351,889
4.500%, 08/01/42		109,165		114,307
4.500%, 09/01/43		1,833,353		1,920,681

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.500%, 10/01/43		247,440	$	259,019
4.500%, 12/01/43		201,691		211,215
4.500%, 01/01/44		587,072		617,067
5.000%, 04/01/33		3,490		3,739
5.000%, 07/01/33		10,619		11,358
5.000%, 09/01/33		170,001		182,090
5.000%, 11/01/33		44,047		47,318
5.000%, 12/01/33		17,748		19,012
5.000%, 02/01/34		7,951		8,516
5.000%, 03/01/34		3,756		4,022
5.000%, 04/01/34		3,569		3,822
5.000%, 06/01/34		3,755		4,020
5.000%, 07/01/34		52,270		55,975
5.000%, 10/01/34		132,125		141,550
5.000%, 07/01/35		90,261		96,667
5.000%, 10/01/35		98,677		105,688
5.000%, 12/01/35		79,119		84,723
5.000%, 08/01/36		72,742		77,893
5.000%, 07/01/37		39,883		42,735
5.000%, 07/01/41		74,677		80,113
5.000%, 08/01/41		39,005		41,691
5.500%, 08/01/28		25,572		27,406
5.500%, 04/01/33		47,881		51,913
5.500%, 08/01/37		278,846		303,349
5.500%, 04/01/41		22,335		24,138
6.000%, 03/01/28		2,267		2,478
6.000%, 05/01/28		4,903		5,358
6.000%, 02/01/34		193,265		212,988
6.000%, 08/01/34		102,084		112,515
6.000%, 04/01/35		875,020		964,385
6.000%, 02/01/38		66,636		73,450
6.000%, 03/01/38		22,148		24,476
6.000%, 05/01/38		69,973		77,323
6.000%, 10/01/38		19,591		21,606
6.000%, 12/01/38		24,500		27,064
6.000%, TBA (e)		1,000,000		1,093,750
6.500%, 05/01/40		503,627		560,558
Fannie Mae ARM Pool 3.538%, 12M LIBOR + 1.788%, 12/01/40 (f)		89,828		94,156
3.725%, 12M LIBOR + 1.750%, 03/01/41 (f)		66,088		68,735
3.776%, 12M LIBOR + 1.820%, 09/01/41 (f)		98,903		103,829
3.836%, 12M LIBOR + 1.820%, 03/01/41 (f)		28,778		30,255
4.110%, 12M LIBOR + 1.775%, 06/01/41 (f)		172,434		180,549
Fannie Mae Connecticut Avenue Securities (CMO) 5.641%, 1M LIBOR + 3.550%, 07/25/29 (f)		390,000		423,662
6.441%, 1M LIBOR + 4.350%, 05/25/29 (f)		780,142		867,907
6.991%, 1M LIBOR + 4.900%, 11/25/24 (f)		298,257		341,191
7.791%, 1M LIBOR + 5.700%, 04/25/28 (f)		163,193		189,945
8.091%, 1M LIBOR + 6.000%, 09/25/28 (f)		129,000		152,583
Fannie Mae Interest Strip (CMO) 2.000%, 09/25/39		454,684		424,766
4.000%, 05/25/27 (g)		357,712		32,610
Fannie Mae Pool 2.390%, 09/01/28		125,000		113,917
2.880%, 12/01/27		585,008		558,654
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool 3.025%, 11/01/29		400,000		380,487
3.070%, 09/01/29		1,600,000		1,528,542
3.140%, 11/01/27		669,683		655,963
3.170%, 11/01/29		300,000		289,165
3.170%, 02/01/30		1,300,000		1,252,103
3.175%, 01/01/30		1,400,000		1,351,354
3.180%, 12/01/29		1,000,000		964,545
3.240%, 12/01/26		81,839		81,125
3.370%, 04/01/28		1,400,000		1,387,305
3.410%, 08/01/27		479,642		479,271
3.890%, 05/01/30		100,542		103,141
3.960%, 05/01/34		42,369		43,310
Fannie Mae REMICS (CMO) Zero Coupon, 03/25/36 (h)		30,886		25,270
Zero Coupon, 06/25/36 (h)		255,704		216,331
1.310%, 05/25/46 (f) (g) (i)		863,467		40,739
1.383%, 04/25/55 (f) (g)		839,018		40,074
1.431%, 06/25/55 (f) (g) (i)		662,724		31,332
1.543%, 08/25/44 (f) (g) (i)		789,361		31,738
1.750%, 12/25/42		596,844		560,673
2.000%, 08/25/43		282,395		263,509
2.500%, 06/25/28 (g) (i)		196,468		15,075
3.000%, 02/25/27 (g) (i)		513,300		38,771
3.000%, 09/25/27 (g) (i)		179,563		17,415
3.000%, 01/25/28 (g) (i)		1,222,173		103,943
3.000%, 09/25/47		1,525,058		1,501,685
3.000%, 06/25/48		1,425,994		1,381,422
3.500%, 05/25/27 (g) (i)		514,194		52,529
3.500%, 10/25/27 (g) (i)		314,066		30,408
3.500%, 05/25/30 (g) (i)		323,276		38,636
3.500%, 08/25/30 (g) (i)		103,513		11,870
3.500%, 02/25/31 (g) (i)		248,410		22,431
3.500%, 09/25/35 (g) (i)		205,600		32,149
3.500%, 04/25/46		141,864		136,148
3.500%, 10/25/46 (g) (i)		170,146		39,565
3.500%, 11/25/47		1,281,276		1,288,574
3.500%, 04/25/48		816,586		822,866
4.000%, 03/25/42 (g) (i)		143,144		21,441
4.000%, 05/25/42 (g) (i)		875,987		118,906
4.000%, 11/25/42 (g) (i)		80,662		12,501
4.500%, 07/25/27 (g) (i)		165,172		17,444
5.462%, 05/25/42 (f) (g)		90,882		9,387
5.500%, 04/25/35 (i)		338,678		373,803
5.500%, 04/25/37		138,267		149,821
6.000%, 01/25/42 (g) (i)		654,098		126,137
6.000%, 09/25/47 (g) (i)		420,001		98,169
Fannie Mae-ACES (CMO) 2.313%, 01/25/22 (f) (g)		1,255,743		49,517
3.193%, 02/25/30 (f)		635,000		606,828
3.329%, 10/25/23 (f)		505,000		509,648
Freddie Mac 15 Yr. Gold Pool 3.000%, 07/01/28		657,683		657,037
3.000%, 08/01/29		401,199		400,419
3.000%, 04/01/33		3,984,601		3,958,463
3.000%, TBA (e)		575,000		570,932
3.500%, TBA (e)		1,500,000		1,516,801

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool 3.000%, 11/01/36		1,228,315	$	1,211,270
3.000%, 01/01/37		911,941		897,876
3.500%, 08/01/34		819,071		827,970
5.000%, 03/01/27		82,756		87,372
5.000%, 02/01/28		207,616		219,196
5.000%, 03/01/28		101,650		107,319
5.000%, 05/01/28		408,451		431,234
5.000%, 05/01/30		402,511		425,897
Freddie Mac 30 Yr. Gold Pool 3.000%, 12/01/44		19,017		18,517
3.000%, 08/01/46		1,779,761		1,725,507
3.000%, 10/01/46		1,805,325		1,750,016
3.000%, 11/01/46		2,754,325		2,672,515
3.000%, 12/01/46		861,477		835,748
3.000%, 01/01/47		972,945		942,342
3.000%, 01/01/48		8,362,925		8,100,104
3.500%, 08/01/42		128,161		128,863
3.500%, 11/01/42		189,244		189,815
3.500%, 06/01/46		299,695		298,960
3.500%, 10/01/47		1,347,774		1,341,616
3.500%, TBA (e)		15,065,000		14,985,921
4.000%, 05/01/42		837,339		860,821
4.000%, 08/01/42		227,117		233,498
4.000%, 09/01/42		321,287		330,015
4.000%, 07/01/44		72,986		75,014
4.000%, 02/01/46		318,536		325,999
4.000%, TBA (e)		18,520,000		18,876,895
4.500%, 09/01/43		134,418		140,483
4.500%, 11/01/43		1,090,951		1,136,468
4.500%, TBA (e)		7,505,000		7,804,557
5.000%, 03/01/38		74,019		78,972
5.000%, 05/01/39		8,250		8,807
5.000%, 06/01/41		433,455		461,733
5.000%, TBA (e)		580,000		612,227
5.500%, 07/01/33		125,414		134,175
5.500%, 04/01/39		50,427		54,563
5.500%, 06/01/41		192,126		207,865
Freddie Mac ARM Non-Gold Pool 3.895%, 12M LIBOR + 1.900%, 02/01/41 (f)		109,744		114,909
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.744%, 03/25/27 (f) (g)		4,378,025		198,101
1.590%, 06/25/22 (f) (g)		1,814,046		86,357
1.644%, 12/25/18 (f) (g)		2,976,476		8,556
1.805%, 03/25/22 (f) (g)		1,322,647		66,421
1.859%, 05/25/19 (f) (g)		2,253,771		22,698
Freddie Mac REMICS (CMO) Zero Coupon, 11/15/36 (h)		27,941		25,378
1.750%, 10/15/42		526,572		497,385
2.500%, 05/15/28 (g)		207,742		15,608
3.000%, 03/15/28 (g) (i)		610,576		48,099
3.000%, 05/15/32 (g)		273,208		20,092
3.000%, 03/15/33 (g) (i)		195,370		24,198
3.000%, 08/15/43		875,000		839,320
3.000%, 05/15/46		580,472		573,355
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac REMICS (CMO) 3.000%, 02/15/48		1,100,769		1,092,077
3.500%, 06/15/26 (g) (i)		325,548		21,667
3.500%, 09/15/26 (g)		112,664		10,223
3.500%, 03/15/27 (g)		190,261		16,682
3.500%, 03/15/41 (g) (i)		73,201		9,001
4.000%, 07/15/27 (g) (i)		737,907		69,987
4.000%, 03/15/28 (g)		341,216		34,515
4.000%, 06/15/28 (g)		182,511		19,106
4.000%, 07/15/30 (g)		498,113		53,368
4.750%, 07/15/39		541,719		576,126
5.000%, 09/15/33 (g)		258,011		49,803
5.500%, 08/15/33		66,690		71,998
5.500%, 07/15/36		145,965		158,015
5.500%, 06/15/46		193,533		211,763
6.500%, 07/15/36		191,794		211,347
FREMF Mortgage Trust (CMO) 3.071%, 10/25/47 (144A) (f)		770,000		765,622
3.801%, 11/25/49 (144A) (f)		165,000		161,120
3.882%, 11/25/50 (144A) (f)		290,000		277,261
5.444%, 09/25/43 (144A) (f)		855,000		888,259
Ginnie Mae I 30 Yr. Pool 3.000%, 12/15/44		24,901		24,414
3.000%, 02/15/45		71,723		70,238
3.000%, 04/15/45		990,532		970,023
3.000%, 05/15/45		1,284,977		1,258,372
3.000%, 07/15/45		34,445		33,732
4.000%, 09/15/42		902,920		929,965
4.500%, 04/15/41		628,315		664,503
4.500%, 02/15/42		1,366,392		1,437,971
5.000%, 12/15/38		47,319		50,426
5.000%, 04/15/39		906,534		966,095
5.000%, 07/15/39		90,702		95,796
5.000%, 12/15/40		130,474		139,039
5.500%, 12/15/40		457,474		498,802
Ginnie Mae II 30 Yr. Pool 3.000%, TBA (e)		3,935,000		3,849,767
3.500%, 08/20/47		377,165		378,959
3.500%, TBA (e)		19,903,000		19,979,579
4.000%, 10/20/47		1,139,978		1,169,430
4.000%, 11/20/47		1,435,985		1,474,761
4.000%, 03/20/48		1,090,481		1,121,105
4.000%, TBA (e)		5,937,000		6,084,961
4.500%, 01/20/46		142,539		150,015
4.500%, TBA (e)		8,095,000		8,413,810
5.000%, 10/20/39		21,443		23,018
5.000%, TBA (e)		3,670,000		3,852,835
Government National Mortgage Association (CMO) 0.783%, 02/16/53 (f) (g)		2,021,466		92,501
1.750%, 09/20/43		100,377		94,929
2.500%, 12/16/39		436,928		425,444
3.000%, 09/20/28 (g)		229,935		20,099
3.000%, 02/16/43 (g)		136,610		22,513
3.000%, 03/20/47		157,141		135,932
3.500%, 02/16/27 (g)		98,045		8,904
3.500%, 03/20/27 (g)		242,944		24,201

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 3.500%, 07/20/40 (g)		236,285	$	27,189
3.500%, 02/20/41 (g)		333,719		40,765
3.500%, 04/20/42 (g)		560,437		73,261
3.500%, 10/20/42 (g)		847,748		149,554
3.500%, 05/20/43 (g) (i)		119,268		20,437
3.500%, 07/20/43 (g) (i)		464,345		71,969
4.000%, 12/16/26 (g)		69,193		6,181
4.000%, 05/20/29 (g)		1,009,522		103,639
4.000%, 05/16/42 (g) (i)		101,847		14,447
4.000%, 03/20/43 (g)		157,840		34,207
4.000%, 01/20/44 (g) (i)		72,436		16,366
4.000%, 11/20/44 (g) (i)		1,180,737		209,518
4.000%, 03/20/47 (g)		563,429		108,811
4.000%, 07/20/47 (g)		848,421		157,821
4.500%, 04/20/45 (g) (i)		253,499		59,230
5.000%, 02/16/40 (g)		661,538		156,070
5.000%, 10/16/41 (g) (i)		391,440		66,907
5.000%, 01/16/47 (g)		171,193		41,837
5.500%, 03/20/39 (g) (i)		478,851		107,902
5.500%, 02/16/47 (g)		462,493		103,749
5.500%, 02/20/47 (g)		285,580		62,209
6.000%, 09/20/40 (g)		510,075		121,331
6.000%, 02/20/46 (g)		438,601		101,091
				259,218,545
U.S. Treasury—1.5%
U.S. Treasury Bonds 2.875%, 11/15/46 (j)		1,600,000		1,566,562
3.000%, 11/15/45 (j) (k)		1,980,000		1,986,961
3.000%, 02/15/47 (j) (k)		1,500,000		1,505,391
3.750%, 11/15/43 (j) (k)		2,540,000		2,887,563
U.S. Treasury Inflation Indexed Notes 0.250%, 01/15/25 (k) (l) (m)		8,485,686		8,253,223
0.625%, 01/15/26 (l)		2,793,895		2,778,696
				18,978,396
Total U.S. Treasury & Government Agencies (Cost $281,232,444)				278,196,941
Corporate Bonds & Notes—12.1%
Aerospace/Defense—0.1%
Lockheed Martin Corp. 4.090%, 09/15/52		920,000		866,011
United Technologies Corp. 2.800%, 05/04/24		25,000		23,695
				889,706
Agriculture—0.6%
Altria Group, Inc. 2.850%, 08/09/22		1,150,000		1,122,842
3.875%, 09/16/46		530,000		465,698
BAT Capital Corp. 2.297%, 08/14/20 (144A)		3,125,000		3,053,831
4.390%, 08/15/37 (144A)		500,000		469,071
Agriculture—(Continued)
BAT International Finance plc 2.750%, 06/15/20 (144A)		400,000		395,637
Imperial Brands Finance plc 2.050%, 07/20/18 (144A)		200,000		199,960
2.950%, 07/21/20 (144A)		550,000		544,331
3.750%, 07/21/22 (144A)		310,000		307,691
Reynolds American, Inc.
3.250%, 06/12/20		517,000		516,469
				7,075,530
Airlines—0.0%
Delta Air Lines, Inc. 3.625%, 03/15/22		295,000		291,671
3.800%, 04/19/23		280,000		276,696
				568,367
Auto Manufacturers—0.2%
BMW Finance NV 5.000%, 08/06/18 (EUR)		65,000		76,277
Ford Credit Canada Co. 3.700%, 08/02/18 (CAD)		130,000		99,029
Ford Motor Co. 5.291%, 12/08/46 (b)		250,000		231,683
General Motors Co. 5.400%, 04/01/48		460,000		437,020
6.250%, 10/02/43		195,000		202,080
6.750%, 04/01/46		250,000		276,960
General Motors Financial Co., Inc. 3.613%, 3M LIBOR + 1.270%, 10/04/19 (f)		100,000		101,017
3.700%, 05/09/23		300,000		294,317
3.908%, 3M LIBOR + 1.560%, 01/15/20 (f)		200,000		203,084
3.950%, 04/13/24		165,000		161,470
Toyota Credit Canada, Inc. 2.750%, 07/18/18 (CAD) (i)		200,000		152,211
Toyota Motor Credit Corp. 2.495%, 3M LIBOR + 0.140%, 11/14/19 (f)		100,000		99,931
Volkswagen International Finance NV
Zero Coupon, 3M EURIBOR + 0.300%, 07/16/18 (EUR) (f)		175,000		204,381
				2,539,460
Auto Parts & Equipment—0.0%
Goodyear Tire & Rubber Co. (The) 5.000%, 05/31/26		60,000		55,800
Banks—3.8%
Banco Bilbao Vizcaya Argentaria S.A. 6.125%, 5Y USD Swap + 3.870%, 11/16/27 (b) (f)		800,000		706,000
8.875%, 5Y EUR Swap + 9.177%, 04/14/21 (EUR) (f)		200,000		261,598
Banco de Sabadell S.A. 6.500%, 5Y EUR Swap + 6.414%, 05/18/22 (EUR) (f)		600,000		699,839
Banco Santander S.A. 3.800%, 02/23/28		600,000		548,029
3.848%, 04/12/23		400,000		391,197
Bank of America Corp. 2.250%, 04/21/20		1,910,000		1,883,795

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Bank of America Corp. 2.625%, 04/19/21		15,000	$	14,736
3.124%, 3M LIBOR + 1.160%, 01/20/23 (f)		805,000		791,704
3.366%, 3M LIBOR + 0.810%, 01/23/26 (f)		1,255,000		1,207,456
3.419%, 3M LIBOR + 1.040%, 12/20/28 (f)		118,000		111,118
3.705%, 3M LIBOR + 1.512%, 04/24/28 (f)		1,045,000		1,007,831
4.000%, 04/01/24		133,000		134,165
4.000%, 01/22/25		595,000		587,356
4.125%, 01/22/24		265,000		269,362
7.750%, 05/14/38		630,000		853,131
Bank of Nova Scotia (The) 2.938%, 3M LIBOR + 0.620%, 12/05/19 (f)		175,000		176,148
Barclays Bank plc 2.650%, 01/11/21		200,000		195,521
Barclays plc 8.000%, 5Y EUR Swap + 6.750%, 12/15/20 (EUR) (f)		325,000		420,335
BNP Paribas S.A. 2.950%, 05/23/22 (144A)		220,000		212,372
3.375%, 01/09/25 (144A)		615,000		580,980
5.125%, 5Y USD Swap + 2.838%, 11/15/27 (144A) (f)		325,000		286,286
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (b) (f)		390,000		407,062
BPCE S.A. 2.750%, 01/11/23 (144A)		270,000		257,994
3.000%, 05/22/22 (144A)		255,000		246,294
Branch Banking & Trust Co. 1.450%, 05/10/19		275,000		272,016
CaixaBank S.A. 6.750%, 5Y EUR Swap + 6.498%, 06/13/24 (EUR) (f)		200,000		248,157
Citigroup, Inc. 2.700%, 03/30/21		295,000		289,329
2.700%, 10/27/22		265,000		254,486
3.121%, 3M LIBOR + 0.790%, 01/10/20 (f)		200,000		201,376
3.200%, 10/21/26		140,000		130,190
3.421%, 3M LIBOR + 1.100%, 05/17/24 (f)		680,000		683,400
3.520%, 3M LIBOR + 1.151%, 10/27/28 (f)		230,000		216,094
4.075%, 3M LIBOR + 1.192%, 04/23/29 (f)		165,000		161,890
4.450%, 09/29/27		885,000		870,514
4.650%, 07/30/45		9,000		8,956
4.750%, 05/18/46		355,000		337,578
Credit Agricole S.A. 4.000%, 5Y USD Swap + 1.644%, 01/10/33 (144A) (f)		380,000		346,867
8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (f)		725,000		767,594
Credit Suisse Group AG 6.250%, 5Y USD Swap + 3.455%, 12/18/24 (144A) (f)		1,320,000		1,290,443
Goldman Sachs Group, Inc. (The) 2.350%, 11/15/21 (b)		560,000		538,547
2.600%, 04/23/20		1,605,000		1,589,854
2.750%, 09/15/20		1,087,000		1,074,039
2.875%, 02/25/21		520,000		513,236
2.876%, 3M LIBOR + 0.821%, 10/31/22 (f)		255,000		248,936
2.905%, 3M LIBOR + 0.990%, 07/24/23 (f)		640,000		616,429
3.133%, 3M LIBOR + 0.800%, 12/13/19 (f)		100,000		100,620
3.814%, 3M LIBOR + 1.158%, 04/23/29 (f)		735,000		699,086
4.017%, 3M LIBOR + 1.373%, 10/31/38 (f)		820,000		747,140
4.223%, 3M LIBOR + 1.301%, 05/01/29 (f)		45,000		44,321
6.250%, 02/01/41		430,000		502,051
6.750%, 10/01/37		410,000		486,605
Banks—(Continued)
HSBC Holdings plc 2.950%, 05/25/21 (b)		255,000		251,055
3.400%, 03/08/21		765,000		764,724
3.600%, 05/25/23		255,000		252,500
4.250%, 08/18/25		390,000		382,896
4.583%, 3M LIBOR + 1.535%, 06/19/29 (f)		260,000		262,609
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (f)		575,000		533,312
6.250%, 5Y USD ICE Swap + 3.453%, 03/23/23 (b) (f)		450,000		441,562
Intesa Sanpaolo S.p.A. 3.375%, 01/12/23 (144A)		215,000		197,627
3.875%, 01/12/28 (144A)		295,000		252,879
7.700%, 5Y USD Swap + 5.462%, 09/17/25 (144A) (b) (f)		450,000		420,300
7.750%, 5Y EUR Swap + 7.192%, 01/11/27 (EUR) (f)		400,000		503,322
JPMorgan Chase & Co. 2.295%, 08/15/21		315,000		304,325
2.400%, 06/07/21		565,000		550,458
2.550%, 10/29/20		690,000		679,528
2.700%, 05/18/23		480,000		460,801
3.220%, 3M LIBOR + 1.155%, 03/01/25 (f)		550,000		530,600
3.509%, 3M LIBOR + 0.945%, 01/23/29 (f)		525,000		497,414
3.589%, 3M LIBOR + 1.230%, 10/24/23 (f)		325,000		330,858
5.600%, 07/15/41		30,000		33,831
Landsbanki Islands Zero Coupon, 08/25/20 (c) (d) (i) (n)		320,000		0
Morgan Stanley 2.500%, 04/21/21		680,000		664,148
2.750%, 05/19/22		645,000		624,844
3.102%, 3M LIBOR + 0.740%, 07/23/19 (f)		100,000		100,504
3.125%, 07/27/26		180,000		167,441
3.209%, 3M LIBOR + 0.850%, 01/24/19 (f)		260,000		261,005
3.591%, 3M LIBOR + 1.340%, 07/22/28 (f)		1,250,000		1,188,059
3.625%, 01/20/27		685,000		657,755
4.000%, 07/23/25		280,000		279,148
4.350%, 09/08/26		95,000		93,703
5.000%, 11/24/25		322,000		333,794
Royal Bank of Canada 1.888%, 3M CDOR + 0.150%, 07/30/18 (CAD) (f)		100,000		76,085
2.150%, 10/26/20		1,020,000		996,543
Santander Holdings USA, Inc. 3.700%, 03/28/22		365,000		359,629
Societe Generale S.A. 7.375%, 5Y USD Swap + 6.238%, 09/13/21 (144A) (f)		650,000		661,375
7.875%, 5Y USD Swap + 4.979%, 12/18/23 (144A) (f)		200,000		204,500
Standard Chartered plc 7.500%, 5Y USD Swap + 6.301%, 04/02/22 (f)		400,000		410,000
UBS AG 2.450%, 12/01/20 (144A)		465,000		454,545
UBS Group AG 5.750%, 5Y EUR Swap + 5.287%, 02/19/22 (EUR) (f)		250,000		314,900
6.875%, 5Y USD ICE Swap + 5.497%, 03/22/21 (f)		450,000		461,128
7.000%, 5Y USD Swap + 4.866%, 02/19/25 (f)		200,000		202,768
7.125%, 5Y USD Swap + 5.464%, 02/19/20 (f)		270,000		277,103
UBS Group Funding Switzerland AG 2.650%, 02/01/22 (144A)		620,000		597,306
UniCredit S.p.A. 5.375%, 5Y EUR Swap + 4.925%, 06/03/25 (EUR) (f)		200,000		209,036
6.625%, 5Y EUR Swap + 6.387%, 06/03/23 (EUR) (f)		575,000		665,610

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Wells Fargo & Co. 2.625%, 07/22/22		595,000	$	573,094
3.000%, 04/22/26		310,000		287,384
3.000%, 10/23/26		200,000		184,667
3.069%, 01/24/23		960,000		933,538
3.584%, 3M LIBOR + 1.310%, 05/22/28 (b) (f)		930,000		891,055
4.400%, 06/14/46		290,000		265,497
4.900%, 11/17/45		765,000		755,556
				47,292,384
Beverages—0.3%
Anheuser-Busch InBev Finance, Inc. 3.300%, 02/01/23		675,000		669,356
4.700%, 02/01/36		50,000		50,677
4.900%, 02/01/46		85,000		87,412
Anheuser-Busch InBev Worldwide, Inc. 3.500%, 01/12/24		295,000		293,178
3.750%, 07/15/42		405,000		356,171
4.600%, 04/15/48		345,000		339,913
4.750%, 04/15/58		440,000		429,779
Constellation Brands, Inc. 2.650%, 11/07/22		475,000		455,244
2.700%, 05/09/22		80,000		77,323
3.600%, 02/15/28		320,000		302,474
4.500%, 05/09/47		50,000		47,586
4.750%, 12/01/25		433,000		448,242
Molson Coors International L.P. 2.250%, 09/18/18 (CAD) (i)		100,000		76,081
				3,633,436
Biotechnology—0.1%
Amgen, Inc. 2.650%, 05/11/22		350,000		338,949
Baxalta, Inc. 3.600%, 06/23/22		55,000		54,435
Celgene Corp. 4.625%, 05/15/44		195,000		181,004
Gilead Sciences, Inc. 3.250%, 09/01/22 (b)		165,000		164,049
4.150%, 03/01/47		1,110,000		1,061,024
				1,799,461
Building Materials—0.0%
Standard Industries, Inc. 5.000%, 02/15/27 (144A)		10,000		9,275
6.000%, 10/15/25 (144A)		220,000		220,550
				229,825
Chemicals—0.2%
CF Industries, Inc. 4.950%, 06/01/43		95,000		80,275
Chemours Co. (The) 5.375%, 05/15/27		60,000		58,050
LyondellBasell Industries NV 4.625%, 02/26/55		230,000		212,630
Chemicals—(Continued)
Methanex Corp. 4.250%, 12/01/24		325,000		319,273
5.650%, 12/01/44		145,000		140,884
Olin Corp. 5.125%, 09/15/27		60,000		58,350
Sherwin-Williams Co. (The) 3.125%, 06/01/24		180,000		171,923
3.450%, 06/01/27 (b)		395,000		373,184
Syngenta Finance NV 4.441%, 04/24/23 (144A)		450,000		447,481
4.892%, 04/24/25 (144A)		385,000		377,484
Versum Materials, Inc. 5.500%, 09/30/24 (144A)		60,000		60,834
				2,300,368
Commercial Services—0.1%
Acwa Power Management & Investments One, Ltd. 5.950%, 12/15/39 (144A)		1,269,000		1,239,660
Cardtronics, Inc. 5.125%, 08/01/22		95,000		90,725
United Rentals North America, Inc. 4.875%, 01/15/28		65,000		60,187
5.500%, 07/15/25		110,000		110,825
				1,501,397
Computers—0.1%
Apple, Inc. 3.350%, 02/09/27		175,000		170,887
3.450%, 02/09/45		375,000		335,147
3.850%, 08/04/46		95,000		89,604
Hewlett Packard Enterprise Co. 6.350%, 10/15/45		215,000		212,393
Western Digital Corp. 4.750%, 02/15/26		790,000		768,275
				1,576,306
Diversified Financial Services—0.2%
American Express Co. 3.400%, 02/27/23		500,000		494,196
GTP Acquisition Partners I LLC 3.482%, 06/15/50 (144A)		1,355,000		1,321,648
Navient Corp. 5.500%, 01/15/19		210,000		211,680
5.875%, 03/25/21		20,000		20,300
				2,047,824
Electric—0.6%
AES Corp. 4.000%, 03/15/21		235,000		233,825
4.500%, 03/15/23		45,000		44,606
4.875%, 05/15/23		20,000		19,950
5.125%, 09/01/27		10,000		9,975
Berkshire Hathaway Energy Co. 3.250%, 04/15/28		245,000		233,007

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
DTE Energy Co. 1.500%, 10/01/19 (b)		315,000	$	308,872
Duke Energy Carolinas LLC 4.250%, 12/15/41		275,000		280,222
Duke Energy Florida LLC 3.400%, 10/01/46		370,000		324,482
Duke Energy Progress LLC 4.375%, 03/30/44		320,000		331,366
Emera U.S. Finance L.P. 4.750%, 06/15/46		25,000		24,565
Exelon Corp. 2.450%, 04/15/21 (b)		80,000		77,748
2.850%, 06/15/20		530,000		525,282
FirstEnergy Corp. 4.250%, 03/15/23		110,000		111,765
Fortis, Inc. 2.100%, 10/04/21		135,000		128,822
Georgia Power Co. 2.000%, 09/08/20		1,263,000		1,233,754
IPALCO Enterprises, Inc. 3.700%, 09/01/24		335,000		324,836
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		110,000		125,312
Pacific Gas & Electric Co. 2.950%, 03/01/26		165,000		147,180
3.300%, 12/01/27		965,000		866,516
6.050%, 03/01/34		590,000		637,123
Sempra Energy 2.400%, 02/01/20		340,000		335,891
South Carolina Electric & Gas Co. 4.500%, 06/01/64		475,000		432,630
Southern California Edison Co. 4.125%, 03/01/48		55,000		52,037
Southern Co. (The) 1.850%, 07/01/19		270,000		267,315
2.750%, 06/15/20		525,000		520,486
2.950%, 07/01/23 (b)		130,000		125,399
				7,722,966
Electronics—0.0%
Fortive Corp. 2.350%, 06/15/21		275,000		266,522
Engineering & Construction—0.1%
Heathrow Funding, Ltd. 6.250%, 09/10/18 (GBP)		75,000		99,891
Mexico City Airport Trust 3.875%, 04/30/28 (144A)		255,000		231,489
SBA Tower Trust 3.168%, 04/09/47 (144A)		995,000		973,485
				1,304,865
Entertainment—0.0%
GLP Capital L.P. / GLP Financing II, Inc. 5.375%, 04/15/26		60,000		59,400
Entertainment—(Continued)
WMG Acquisition Corp. 4.875%, 11/01/24 (144A)		120,000		117,000
5.000%, 08/01/23 (144A)		40,000		39,800
				216,200
Food—0.1%
Kraft Heinz Foods Co. 4.375%, 06/01/46		320,000		276,833
4.625%, 01/30/29		330,000		326,828
Sysco Corp. 2.500%, 07/15/21		405,000		395,482
TreeHouse Foods, Inc. 6.000%, 02/15/24 (144A)		60,000		61,050
				1,060,193
Food Service—0.0%
Aramark Services, Inc. 5.000%, 02/01/28 (144A)		125,000		119,375
Gas—0.0%
AmeriGas Partners L.P. / AmeriGas Finance Corp. 5.875%, 08/20/26		95,000		92,625
Healthcare-Products—0.2%
Becton Dickinson and Co. 3.363%, 06/06/24		925,000		888,541
3.700%, 06/06/27		550,000		520,631
Boston Scientific Corp. 4.000%, 03/01/28		505,000		493,748
Thermo Fisher Scientific, Inc. 3.000%, 04/15/23		180,000		175,014
				2,077,934
Healthcare-Services—0.3%
Aetna, Inc. 2.800%, 06/15/23		175,000		166,745
Anthem, Inc. 3.500%, 08/15/24		695,000		677,306
3.650%, 12/01/27		525,000		497,327
4.625%, 05/15/42		170,000		164,787
CHS/Community Health Systems, Inc. 5.125%, 08/01/21		110,000		101,750
6.250%, 03/31/23		30,000		27,488
Dignity Health 2.637%, 11/01/19		1,525,000		1,522,088
Tenet Healthcare Corp. 6.000%, 10/01/20		75,000		77,063
UnitedHealth Group, Inc. 3.500%, 06/15/23		280,000		280,335
3.750%, 07/15/25		240,000		240,040
4.250%, 04/15/47 (b)		110,000		109,505
4.250%, 06/15/48		160,000		160,444
4.750%, 07/15/45		130,000		138,893
				4,163,771

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—0.0%
Lennar Corp. 4.750%, 11/29/27 (b)		125,000	$	117,225
PulteGroup, Inc. 5.500%, 03/01/26		60,000		59,400
Toll Brothers Finance Corp. 4.875%, 11/15/25 (b)		130,000		125,125
				301,750
Insurance—0.5%
American International Group, Inc. 3.375%, 08/15/20		1,138,000		1,140,022
4.700%, 07/10/35		305,000		296,710
Assurant, Inc. 3.589%, 3M LIBOR + 1.250%, 03/26/21 (f)		3,285,000		3,293,256
CNO Financial Group, Inc. 5.250%, 05/30/25		175,000		173,687
Genworth Holdings, Inc. 4.900%, 08/15/23		90,000		78,750
Massachusetts Mutual Life Insurance Co. 8.875%, 06/01/39 (144A)		67,000		104,880
MGIC Investment Corp. 5.750%, 08/15/23		90,000		91,800
Principal Life Global Funding II 2.200%, 04/08/20 (144A)		530,000		521,642
Willis North America, Inc. 3.600%, 05/15/24		210,000		202,943
				5,903,690
Internet—0.2%
Alibaba Group Holding, Ltd. 3.400%, 12/06/27		810,000		754,708
4.200%, 12/06/47		200,000		182,065
Amazon.com, Inc. 2.800%, 08/22/24		155,000		149,348
3.875%, 08/22/37		600,000		585,668
Tencent Holdings, Ltd. 2.985%, 01/19/23 (144A)		530,000		515,314
3.595%, 01/19/28 (144A)		250,000		236,505
				2,423,608
Iron/Steel—0.1%
ArcelorMittal 6.125%, 06/01/25		110,000		118,525
Commercial Metals Co. 5.375%, 07/15/27		60,000		57,000
Steel Dynamics, Inc. 4.125%, 09/15/25		165,000		158,194
5.500%, 10/01/24		65,000		66,219
Vale Overseas, Ltd. 6.250%, 08/10/26		845,000		915,135
6.875%, 11/10/39		75,000		84,937
				1,400,010
Leisure Time—0.0%
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A)		30,000		28,341
Machinery-Construction & Mining—0.0%
BWX Technologies, Inc. 5.375%, 07/15/26 (144A)		30,000		30,375
Oshkosh Corp. 5.375%, 03/01/25		75,000		76,875
				107,250
Machinery-Diversified—0.0%
John Deere Canada Funding, Inc. 2.650%, 07/16/18 (CAD)		265,000		201,659
Media—0.9%
21st Century Fox America, Inc. 6.150%, 03/01/37		505,000		592,322
CCO Holdings LLC / CCO Holdings Capital Corp. 5.125%, 05/01/27 (144A)		15,000		14,034
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.579%, 07/23/20		270,000		269,657
4.464%, 07/23/22		815,000		825,014
4.908%, 07/23/25		50,000		50,494
5.750%, 04/01/48		480,000		464,697
6.484%, 10/23/45		1,245,000		1,312,274
Comcast Corp. 2.350%, 01/15/27		65,000		56,929
3.150%, 03/01/26		520,000		488,299
3.200%, 07/15/36		100,000		83,195
3.400%, 07/15/46		205,000		166,239
4.049%, 11/01/52		395,000		344,534
COX Communications, Inc. 3.150%, 08/15/24 (144A)		725,000		686,841
3.350%, 09/15/26 (144A)		95,000		87,831
3.850%, 02/01/25 (144A)		25,000		24,490
4.800%, 02/01/35 (144A)		25,000		23,021
Discovery Communications LLC 3.800%, 03/13/24		364,000		358,242
3.950%, 06/15/25 (144A)		217,000		211,540
4.900%, 03/11/26 (b)		190,000		194,875
DISH DBS Corp. 5.875%, 11/15/24 (b)		130,000		110,012
Liberty Interactive LLC 8.250%, 02/01/30 (b)		130,000		137,884
TEGNA, Inc. 6.375%, 10/15/23		5,000		5,138
Time Warner Cable LLC 4.500%, 09/15/42		400,000		328,660
7.300%, 07/01/38		45,000		51,008
8.250%, 04/01/19		231,000		239,602
8.750%, 02/14/19		759,000		784,326
Time Warner, Inc. 2.950%, 07/15/26		70,000		62,927
3.800%, 02/15/27		520,000		491,075

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Time Warner, Inc. 3.875%, 01/15/26		70,000	$	67,250
4.875%, 03/15/20		796,000		817,249
Viacom, Inc. 4.250%, 09/01/23		1,190,000		1,183,207
4.375%, 03/15/43		173,000		145,155
5.875%, 3M LIBOR + 3.895%, 02/28/57 (f)		10,000		9,450
6.250%, 3M LIBOR + 3.899%, 02/28/57 (f)		15,000		14,212
Videotron, Ltd. 5.375%, 06/15/24 (144A)		145,000		148,444
				10,850,127
Mining—0.1%
Anglo American Capital plc 3.750%, 04/10/22 (144A) (b)		200,000		198,562
4.125%, 09/27/22 (144A)		600,000		603,278
Corp. Nacional del Cobre de Chile 3.625%, 08/01/27 (144A)		200,000		190,506
FMG Resources August 2006 Pty, Ltd. 5.125%, 05/15/24 (144A)		60,000		57,075
Glencore Funding LLC 3.708%, 3M LIBOR + 1.360%, 01/15/19 (f)		50,000		50,184
3.875%, 10/27/27 (144A)		225,000		207,916
Kaiser Aluminum Corp. 5.875%, 05/15/24		140,000		142,800
				1,450,321
Miscellaneous Manufacturing—0.0%
Ingersoll-Rand Global Holding Co., Ltd. 2.900%, 02/21/21		275,000		272,309
Office/Business Equipment—0.0%
Pitney Bowes, Inc. 4.700%, 04/01/23		405,000		364,500
Oil & Gas—0.5%
Anadarko Petroleum Corp. 3.450%, 07/15/24		425,000		408,380
4.500%, 07/15/44		5,000		4,656
6.600%, 03/15/46		55,000		66,102
Andeavor 3.800%, 04/01/28		220,000		207,783
Antero Resources Corp. 5.625%, 06/01/23		60,000		60,750
Canadian Natural Resources, Ltd. 3.850%, 06/01/27 (b)		715,000		697,597
Continental Resources, Inc. 4.900%, 06/01/44		10,000		9,794
5.000%, 09/15/22		55,000		55,727
Encana Corp. 3.900%, 11/15/21		300,000		302,408
Hess Corp. 4.300%, 04/01/27		365,000		352,527
6.000%, 01/15/40		10,000		10,303
Oil & Gas—(Continued)
Kerr-McGee Corp. 6.950%, 07/01/24		400,000		453,856
Marathon Oil Corp. 3.850%, 06/01/25		190,000		186,916
MEG Energy Corp. 6.500%, 01/15/25 (144A)		65,000		64,837
Petroleos Mexicanos 6.350%, 02/12/48 (144A)		196,000		176,890
6.375%, 02/04/21		40,000		42,100
6.750%, 09/21/47		586,000		552,539
Phillips 66 3.900%, 03/15/28		470,000		458,711
QEP Resources, Inc. 5.250%, 05/01/23 (b)		80,000		78,200
Shell International Finance B.V. 4.375%, 05/11/45		390,000		399,705
SM Energy Co. 6.125%, 11/15/22		55,000		56,375
6.750%, 09/15/26		15,000		15,038
Sunoco LP / Sunoco Finance Corp. 5.500%, 02/15/26 (144A)		60,000		56,850
Tullow Oil plc 7.000%, 03/01/25 (144A)		500,000		473,125
Valero Energy Corp. 3.400%, 09/15/26		350,000		331,391
WPX Energy, Inc. 5.250%, 09/15/24		125,000		122,969
YPF S.A. 16.500%, 05/09/22 (144A) (ARS) (o)		19,392,845		506,192
				6,151,721
Packaging & Containers—0.0%
Owens-Brockway Glass Container, Inc. 5.875%, 08/15/23 (144A)		150,000		151,687
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, 07/15/23 (144A)		75,000		74,063
				225,750
Pharmaceuticals—0.9%
Allergan Funding SCS 3.450%, 03/15/22		245,000		241,077
3.800%, 03/15/25		205,000		199,064
Bayer U.S. Finance LLC 4.250%, 12/15/25 (144A) (b)		850,000		854,548
Cardinal Health, Inc. 2.616%, 06/15/22		440,000		421,790
CVS Health Corp. 2.800%, 07/20/20		3,856,000		3,819,591
3.125%, 03/09/20		1,585,000		1,582,953
3.875%, 07/20/25		324,000		313,935
4.100%, 03/25/25		815,000		810,681
5.050%, 03/25/48 (b)		345,000		351,105
5.125%, 07/20/45		315,000		319,183
GlaxoSmithKline Capital plc 3.125%, 05/14/21		730,000		731,225

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
GlaxoSmithKline Capital, Inc. 3.625%, 05/15/25		620,000	$	618,933
Mylan NV 3.150%, 06/15/21		220,000		217,584
3.750%, 12/15/20		325,000		327,030
3.950%, 06/15/26		65,000		62,075
Mylan, Inc. 5.200%, 04/15/48 (144A)		125,000		120,193
Shire Acquisitions Investments Ireland DAC 2.400%, 09/23/21		520,000		497,829
Valeant Pharmaceuticals International, Inc. 6.500%, 03/15/22 (144A)		65,000		67,275
7.000%, 03/15/24 (144A)		30,000		31,454
				11,587,525
Pipelines—0.4%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 4.250%, 12/01/27		415,000		397,527
6.250%, 10/15/22		41,000		42,471
DCP Midstream Operating L.P. 3.875%, 03/15/23		20,000		19,325
4.950%, 04/01/22		26,000		26,293
5.600%, 04/01/44		50,000		47,187
Enbridge, Inc. 3.700%, 07/15/27 (b)		205,000		194,260
Energy Transfer Equity L.P. 5.500%, 06/01/27 (b)		120,000		120,000
Energy Transfer Partners L.P. 4.200%, 09/15/23		175,000		174,914
5.950%, 10/01/43		20,000		19,553
EQT Midstream Partners L.P. 4.750%, 07/15/23		215,000		214,654
5.500%, 07/15/28		270,000		269,954
Kinder Morgan, Inc. 5.550%, 06/01/45		270,000		271,791
MPLX L.P. 4.000%, 03/15/28		180,000		171,194
4.125%, 03/01/27		375,000		357,714
4.700%, 04/15/48		105,000		97,357
5.200%, 03/01/47		65,000		64,586
Sabine Pass Liquefaction LLC 4.200%, 03/15/28		160,000		154,897
Sunoco Logistics Partners Operations L.P. 5.300%, 04/01/44		35,000		31,725
5.350%, 05/15/45		35,000		31,861
Texas Eastern Transmission L.P. 2.800%, 10/15/22 (144A)		420,000		401,565
3.500%, 01/15/28 (144A)		100,000		94,160
TransCanada PipeLines, Ltd. 4.750%, 05/15/38		140,000		139,947
Transcontinental Gas Pipe Line Co. LLC 4.000%, 03/15/28 (144A)		105,000		102,045
Valero Energy Partners L.P. 4.500%, 03/15/28		455,000		447,335
Pipelines—(Continued)
Western Gas Partners L.P. 4.500%, 03/01/28		360,000		346,448
Williams Cos., Inc. (The) 3.700%, 01/15/23		70,000		67,725
4.550%, 06/24/24		21,000		21,000
5.750%, 06/24/44		10,000		10,338
7.875%, 09/01/21		25,000		27,812
Williams Partners L.P. 4.300%, 03/04/24		105,000		105,376
				4,471,014
Real Estate Investment Trusts—0.0%
Crown Castle International Corp. 3.150%, 07/15/23		315,000		301,542
3.200%, 09/01/24		110,000		103,815
Equinix, Inc. 5.875%, 01/15/26		135,000		136,755
Starwood Property Trust, Inc. 4.750%, 03/15/25 (144A)		65,000		62,400
				604,512
Retail—0.2%
Dollar Tree, Inc. 3.055%, 3M LIBOR + 0.700%, 04/17/20 (f)		90,000		90,184
Home Depot, Inc. (The) 3.500%, 09/15/56		220,000		188,992
Lowe’s Cos., Inc. 3.700%, 04/15/46		60,000		53,496
McDonald’s Corp. 3.350%, 04/01/23		380,000		378,805
Suburban Propane Partners L.P. / Suburban Energy Finance Corp. 5.875%, 03/01/27		75,000		70,125
Walmart, Inc. 3.400%, 06/26/23		1,220,000		1,229,080
				2,010,682
Semiconductors—0.2%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.375%, 01/15/20		960,000		947,491
3.000%, 01/15/22		440,000		427,971
3.125%, 01/15/25		155,000		143,788
3.625%, 01/15/24		770,000		745,366
Intel Corp. 4.100%, 05/19/46		185,000		185,906
Microchip Technology, Inc. 4.333%, 06/01/23 (144A)		380,000		380,646
Sensata Technologies B.V. 5.000%, 10/01/25 (144A)		120,000		120,900
				2,952,068
Software—0.2%
CDK Global, Inc. 5.875%, 06/15/26		5,000		5,095

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Fidelity National Information Services, Inc. 4.250%, 05/15/28		195,000	$	194,200
First Data Corp. 5.000%, 01/15/24 (144A)		40,000		39,700
5.375%, 08/15/23 (144A)		90,000		90,832
Microsoft Corp. 3.700%, 08/08/46 (b)		330,000		320,921
3.950%, 08/08/56		400,000		391,023
MSCI, Inc. 5.250%, 11/15/24 (144A)		75,000		75,750
5.750%, 08/15/25 (144A)		65,000		66,950
Open Text Corp. 5.875%, 06/01/26 (144A)		15,000		15,300
Oracle Corp. 4.000%, 11/15/47 (b)		195,000		183,548
Quintiles IMS, Inc. 4.875%, 05/15/23 (144A)		95,000		95,950
salesforce.com, Inc. 3.250%, 04/11/23		250,000		248,534
3.700%, 04/11/28		170,000		168,784
				1,896,587
Telecommunications—0.7%
AT&T, Inc. 2.998%, 3M LIBOR + 0.650%, 01/15/20 (f)		155,000		155,798
4.100%, 02/15/28 (144A)		260,000		248,449
4.250%, 03/01/27		150,000		146,807
4.300%, 02/15/30 (144A)		801,000		756,069
4.750%, 05/15/46		545,000		486,836
5.150%, 03/15/42		164,000		155,343
Nokia Oyj 4.375%, 06/12/27		260,000		244,400
6.625%, 05/15/39		110,000		114,675
Sprint Communications, Inc. 7.000%, 03/01/20 (144A) (b)		90,000		93,375
Sprint Corp. 7.125%, 06/15/24		100,000		100,959
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 5.152%, 03/20/28 (144A)		1,040,000		1,019,200
Telecom Italia Capital S.A. 6.000%, 09/30/34		45,000		42,885
7.721%, 06/04/38		50,000		53,750
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A)		925,000		912,281
Telefonica Emisiones S.A.U. 4.665%, 03/06/38		150,000		140,305
4.895%, 03/06/48		335,000		308,788
Verizon Communications, Inc. 4.400%, 11/01/34		535,000		498,958
4.500%, 08/10/33		675,000		653,658
4.522%, 09/15/48		635,000		578,937
4.862%, 08/21/46		165,000		157,669
5.012%, 08/21/54		523,000		491,440
5.250%, 03/16/37		475,000		487,824
Telecommunications—(Continued)
Vodafone Group plc 4.375%, 05/30/28 (b)		815,000	$	805,312
				8,653,718
Transportation—0.2%
CSX Corp. 3.250%, 06/01/27		620,000		582,619
FedEx Corp. 4.050%, 02/15/48		600,000		538,956
4.550%, 04/01/46		145,000		140,702
4.750%, 11/15/45		125,000		124,483
Norfolk Southern Corp. 2.900%, 06/15/26		360,000		335,895
Union Pacific Corp. 4.375%, 09/10/38		700,000		707,820
				2,430,475
Trucking & Leasing—0.0%
DAE Funding LLC 4.500%, 08/01/22 (144A)		15,000		14,550
5.000%, 08/01/24 (144A)		15,000		14,408
				28,958
Total Corporate Bonds & Notes (Cost $157,407,520)				152,850,890
Asset-Backed Securities—8.2%
Asset-Backed - Automobile—0.2%
CIG Auto Receivables Trust 2.710%, 05/15/23 (144A)		233,203		231,697
Credit Acceptance Auto Loan Trust 2.650%, 06/15/26 (144A)		545,000		538,399
First Investors Auto Owner Trust 2.390%, 11/16/20 (144A)		157,871		157,794
Honor Automobile Trust Securitization 2.940%, 11/15/19 (144A)		153,401		153,420
Skopos Auto Receivables Trust 3.190%, 09/15/21 (144A) (o)		801,708		801,890
Westlake Automobile Receivables Trust 3.280%, 12/15/22 (144A)		1,015,000		1,008,693
				2,891,893
Asset-Backed - Home Equity—0.3%
GSAA Home Equity Trust 2.141%, 1M LIBOR + 0.050%, 12/25/46 (f) (i)		92,963		67,792
2.191%, 1M LIBOR + 0.100%, 03/25/37 (f) (i)		963,626		479,088
2.331%, 1M LIBOR + 0.240%, 11/25/36 (f) (i)		278,004		165,278
2.391%, 1M LIBOR + 0.300%, 03/25/36 (f) (i)		1,028,057		756,421
5.985%, 06/25/36 (f) (i)		575,081		281,615
Legacy Mortgage Asset Trust 4.000%, 03/25/58 (144A)		1,683,215		1,688,255
Morgan Stanley ABS Capital, Inc. Trust 2.241%, 1M LIBOR + 0.150%, 06/25/36 (f) (i)		24,186		20,671

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—(Continued)
Renaissance Home Equity Loan Trust 6.120%, 11/25/36 (i)		252,275	$	158,040
Soundview Home Loan Trust 2.341%, 1M LIBOR + 0.250%, 11/25/36 (f) (i)		485,000		438,479
				4,055,639
Asset-Backed - Other—7.7%
AMMC CLO, Ltd. 3.610%, 3M LIBOR + 1.250%, 07/25/29 (144A) (f)		1,340,000		1,340,717
Anchorage Capital CLO, Ltd. 3.858%, 3M LIBOR + 1.510%, 01/15/29 (144A) (f)		760,744		761,983
Apex Credit CLO, Ltd. 3.829%, 3M LIBOR + 1.470%, 04/24/29 (144A) (f)		1,315,000		1,319,833
Apidos CLO 3.335%, 3M LIBOR + 0.980%, 01/19/25 (144A) (f)		666,378		666,026
3.678%, 3M LIBOR + 1.330%, 01/16/27 (144A) (f)		480,000		480,092
Atlas Senior Loan Fund, Ltd. 3.438%, 3M LIBOR + 1.090%, 01/15/31 (144A) (f)		705,000		704,003
Avery Point CLO, Ltd. 3.460%, 3M LIBOR + 1.100%, 04/25/26 (144A) (f)		1,460,000		1,459,438
3.475%, 3M LIBOR + 1.120%, 01/18/25 (144A) (f)		1,038,791		1,038,400
Babson CLO, Ltd. 3.509%, 3M LIBOR + 1.150%, 07/20/25 (144A) (f)		340,000		339,849
Bain Capital Credit CLO, Ltd. 3.609%, 3M LIBOR + 1.250%, 07/20/30 (144A) (f)		815,000		818,412
Bayview Opportunity Master Fund Trust 2.981%, 10/28/32 (144A)		725,010		721,170
3.105%, 09/28/32 (144A)		104,663		104,249
3.352%, 11/28/32 (144A)		795,275		791,298
3.500%, 01/28/55 (144A) (f)		682,063		680,797
3.500%, 06/28/57 (144A) (f)		798,962		797,370
3.500%, 07/28/57 (144A) (f)		1,565,830		1,561,750
3.500%, 10/28/57 (144A) (f)		1,502,298		1,496,878
3.500%, 01/28/58 (144A) (f)		1,045,337		1,043,589
3.598%, 02/25/33 (144A)		681,856		679,342
4.000%, 11/28/53 (144A) (f)		589,543		595,067
4.000%, 10/28/64 (144A) (f)		1,116,850		1,126,611
Benefit Street Partners CLO, Ltd. 3.155%, 3M LIBOR + 0.800%, 10/18/29 (144A) (f)		187,500		187,406
3.598%, 3M LIBOR + 1.250%, 07/15/29 (144A) (f)		320,000		320,492
BlueMountain CLO, Ltd. 3.619%, 3M LIBOR + 1.260%, 04/30/26 (144A) (f)		1,014,397		1,013,971
Carlyle Global Market Strategies CLO, Ltd. 2.722%, 3M LIBOR + 1.000%, 01/15/31 (144A) (f)		1,395,000		1,392,765
3.146%, 3M LIBOR + 0.780%, 04/27/27 (144A) (f)		1,425,000		1,418,817
CBAM, Ltd. 3.583%, 3M LIBOR + 1.230%, 10/17/29 (144A) (f)		1,215,000		1,216,230
Cent CLO, Ltd. 3.576%, 3M LIBOR + 1.210%, 07/27/26 (144A) (f)		930,000		929,533
3.773%, 3M LIBOR + 1.410%, 11/07/26 (144A) (f)		755,000		755,400
CIFC Funding, Ltd. 3.164%, 3M LIBOR + 1.050%, 04/24/30 (144A) (f)		1,580,000		1,570,945
3.198%, 3M LIBOR + 0.850%, 07/16/30 (144A) (f)		275,367		275,742
CLUB Credit Trust 2.610%, 01/15/24 (144A) (o)		766,337		763,433
Asset-Backed - Other—(Continued)
Conn Funding L.P. 2.730%, 07/15/20 (144A) (o)		107,940		107,923
Covenant Credit Partners CLO, Ltd. 4.198%, 3M LIBOR + 1.850%, 10/15/29 (144A) (f)		445,000		447,362
Domino’s Pizza Master Issuer LLC 4.116%, 07/25/48 (144A) (o)		700,000		707,357
Dryden Senior Loan Fund 3.148%, 3M LIBOR + 0.800%, 07/15/30 (144A) (f)		616,500		616,192
3.565%, 3M LIBOR + 1.210%, 07/18/30 (144A) (f)		1,280,000		1,281,856
3.778%, 3M LIBOR + 1.430%, 07/15/27 (144A) (f)		1,215,000		1,214,626
3.778%, 3M LIBOR + 1.430%, 10/15/28 (144A) (f)		1,604,000		1,608,642
Finance America Mortgage Loan Trust 3.141%, 1M LIBOR + 1.050%, 09/25/33 (f) (i)		76,719		74,624
Flatiron CLO, Ltd. 3.593%, 3M LIBOR + 1.250%, 05/15/30 (144A) (f)		810,000		812,232
Fremont Home Loan Trust 3.141%, 1M LIBOR + 1.050%, 12/25/33 (f) (i)		71,837		70,472
GMACM Home Equity Loan Trust 2.591%, 1M LIBOR + 0.500%, 10/25/34 (144A) (f)		45,949		45,911
GreatAmerica Leasing Receivables Funding LLC 1.720%, 04/22/19 (144A)		52,189		52,114
Highbridge Loan Management, Ltd. 3.363%, 3M LIBOR + 1.000%, 02/05/31 (144A) (f)		415,000		414,461
KKR CLO, Ltd. 3.688%, 3M LIBOR + 1.340%, 04/15/29 (144A) (f)		1,260,000		1,261,876
KKR Financial CLO, Ltd. 3.638%, 3M LIBOR + 1.290%, 04/15/29 (144A) (f)		565,000		568,948
Knollwood CDO, Ltd. 4.355%, 3M LIBOR + 3.200%, 01/10/39 (144A) (c) (d) (f)		641,819		0
Lendmark Funding Trust 2.830%, 12/22/25 (144A) (o)		680,000		673,189
3.260%, 04/21/25 (144A) (o)		875,000		876,082
Madison Park Funding, Ltd. 3.522%, 3M LIBOR + 1.160%, 07/23/29 (144A) (f)		1,341,000		1,340,536
3.619%, 3M LIBOR + 1.260%, 07/20/26 (144A) (f)		1,485,000		1,484,543
Magnetite, Ltd. 3.072%, 3M LIBOR + 0.980%, 04/15/31 (144A) (f)		795,000		791,457
3.360%, 3M LIBOR + 1.000%, 07/25/26 (144A) (f)		1,255,000		1,253,446
3.678%, 3M LIBOR + 1.330%, 04/15/27 (144A) (f)		955,000		954,870
3.743%, 3M LIBOR + 1.400%, 11/15/28 (144A) (f)		1,522,000		1,522,839
3.860%, 3M LIBOR + 1.500%, 07/25/26 (144A) (f)		995,000		994,294
Marlette Funding Trust 2.360%, 12/15/24 (144A) (o)		373,703		372,204
MFRA Trust 3.352%, 11/25/47 (144A)		1,169,812		1,160,506
Nationstar HECM Loan Trust 1.968%, 05/25/27 (144A)		138,598		138,127
2.038%, 09/25/27 (144A) (f)		271,419		270,359
2.942%, 05/25/27 (144A)		100,000		99,217
New Residential Advance Receivables Trust 2.575%, 10/15/49 (144A)		1,249,000		1,237,330
3.214%, 02/15/51 (144A)		1,065,000		1,057,290
NRZ Advance Receivables Trust 3.107%, 12/15/50 (144A)		1,195,000		1,184,317
NRZ Excess Spread-Collateralized Notes 3.193%, 01/25/23 (144A)		1,086,804		1,079,438
3.265%, 02/25/23 (144A)		671,824		668,977

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Oak Hill Advisors Residential Loan Trust 3.000%, 06/25/57 (144A)		462,423	$	458,120
Oak Hill Credit Partners, Ltd. 3.489%, 3M LIBOR + 1.130%, 07/20/26 (144A) (f)		455,000		454,763
OCP CLO, Ltd. 3.203%, 3M LIBOR + 0.850%, 04/17/27 (144A) (f)		1,230,000		1,226,463
3.729%, 3M LIBOR + 1.400%, 11/22/25 (144A) (f)		1,435,000		1,437,117
Octagon Investment Partners, Ltd. 3.231%, 3M LIBOR + 0.900%, 05/21/27 (144A) (f)		489,000		488,721
3.473%, 3M LIBOR + 1.120%, 07/17/25 (144A) (f)		340,059		340,069
3.679%, 3M LIBOR + 1.320%, 03/17/30 (144A) (f)		725,000		728,760
OHA Loan Funding, Ltd. 3.370%, 3M LIBOR + 1.040%, 05/23/31 (144A) (c) (d) (f)		695,000		695,000
OneMain Financial Issuance Trust 2.370%, 09/14/32 (144A)		1,648,000		1,615,787
4.100%, 03/20/28 (144A)		1,246,916		1,254,396
OZLM Funding, Ltd. 3.262%, 3M LIBOR + 0.900%, 07/22/29 (144A) (f)		156,250		156,424
3.612%, 3M LIBOR + 1.250%, 10/22/30 (144A) (f)		1,205,000		1,206,859
OZLM, Ltd. 3.809%, 3M LIBOR + 1.450%, 04/30/27 (144A) (f)		1,360,000		1,360,265
Pretium Mortgage Credit Partners LLC 3.327%, 12/30/32 (144A) (f)		201,265		200,384
3.375%, 01/27/33 (144A)		269,847		267,578
Prosper Marketplace Issuance Trust 2.360%, 11/15/23 (144A)		370,721		369,182
Regional Management Issuance Trust 3.830%, 07/15/27 (144A) (o)		950,000		949,804
SBA Tower Trust 2.898%, 10/15/44 (144A)		845,000		839,645
Seneca Park CLO, Ltd. 3.473%, 3M LIBOR + 1.120%, 07/17/26 (144A) (f)		1,095,000		1,094,424
Shackleton CLO, Ltd. 3.513%, 3M LIBOR + 1.160%, 07/17/26 (144A) (f)		1,100,000		1,099,680
SoFi Consumer Loan Program LLC 2.500%, 05/26/26 (144A)		377,360		372,584
2.770%, 05/25/26 (144A)		192,239		190,695
3.090%, 10/27/25 (144A) (o)		369,879		369,216
3.280%, 01/26/26 (144A) (o)		317,711		317,443
Sound Point CLO, Ltd. 3.249%, 3M LIBOR + 0.890%, 01/20/28 (144A) (f)		1,440,000		1,440,000
3.354%, 3M LIBOR + 1.000%, 04/15/31 (144A) (f)		1,435,000		1,423,190
3.651%, 3M LIBOR + 1.150%, 04/18/31 (144A) (f)		1,125,000		1,119,126
3.752%, 3M LIBOR + 1.390%, 01/23/29 (144A) (f)		505,000		506,320
Springleaf Funding Trust 2.680%, 07/15/30 (144A)		1,705,000		1,676,953
2.900%, 11/15/29 (144A)		1,225,000		1,218,688
SPS Servicer Advance Receivables Trust 2.750%, 11/15/49 (144A)		1,020,000		1,029,287
Symphony CLO, Ltd. 3.628%, 3M LIBOR + 1.280%, 07/14/26 (144A) (f)		1,295,000		1,294,599
3.645%, 1M LIBOR + 1.750%, 01/09/23 (144A) (f)		1,280,000		1,280,262
Towd Point Mortgage Trust 2.691%, 1M LIBOR + 0.600%, 02/25/57 (144A) (f)		1,311,434		1,312,649
2.750%, 02/25/55 (144A) (f)		186,214		183,943
2.750%, 08/25/55 (144A) (f)		668,515		655,859
Asset-Backed - Other—(Continued)
Towd Point Mortgage Trust 2.750%, 04/25/57 (144A) (f)		479,635		471,762
2.750%, 06/25/57 (144A) (f)		1,297,832		1,266,595
3.000%, 03/25/54 (144A) (f)		44,898		44,575
Treman Park CLO, Ltd. 3.729%, 3M LIBOR + 1.370%, 04/20/27 (144A) (f)		1,300,000		1,299,672
U.S. Residential Opportunity Fund Trust 3.352%, 11/27/37 (144A)		570,759		568,157
Vericrest Opportunity Loan Trust LLC 3.000%, 10/25/47 (144A)		536,654		531,054
3.125%, 09/25/47 (144A)		292,121		289,719
3.250%, 06/25/47 (144A)		337,485		335,601
3.375%, 10/25/47 (144A)		1,469,263		1,462,511
4.336%, 05/25/48 (144A)		862,837		862,470
Vibrant CLO, Ltd. 3.565%, 3M LIBOR + 1.240%, 06/20/29 (144A) (f)		1,515,000		1,518,436
Voya CLO, Ltd. 3.255%, 3M LIBOR + 0.900%, 01/18/29 (144A) (f)		1,265,000		1,262,631
3.605%, 3M LIBOR + 1.250%, 01/18/29 (144A) (f)		440,000		434,864
Wendys Funding LLC 3.884%, 03/15/48 (144A) (o)		432,825		423,498
Willowbrook Dus 3.660%, 07/01/30		500,000		501,699
				96,722,724
Total Asset-Backed Securities (Cost $104,806,295)				103,670,256
Mortgage-Backed Securities—4.3%
Collateralized Mortgage Obligations—2.1%
Adjustable Rate Mortgage Trust 2.591%, 1M LIBOR + 0.500%, 01/25/36 (f)		178,321		170,836
2.631%, 1M LIBOR + 0.540%, 11/25/35 (f)		190,759		189,295
Angel Oak Mortgage Trust LLC 2.478%, 07/25/47 (144A) (f)		546,228		541,061
2.708%, 11/25/47 (144A) (f)		433,031		430,138
2.810%, 01/25/47 (144A) (f)		138,026		137,257
Bear Stearns Adjustable Rate Mortgage Trust 3.993%, 07/25/36 (f)		396,314		356,876
Bear Stearns ALT-A Trust 2.571%, 1M LIBOR + 0.480%, 02/25/36 (f)		711,268		675,726
Bear Stearns Mortgage Funding Trust 2.271%, 1M LIBOR + 0.180%, 10/25/36 (f)		205,117		191,593
2.291%, 1M LIBOR + 0.200%, 02/25/37 (f)		644,631		653,962
CIM Trust 3.000%, 04/25/57 (144A) (f)		1,463,218		1,447,219
Civic Mortgage LLC 3.892%, 06/25/22 (144A)		394,043		393,952
COLT Mortgage Loan Trust 2.415%, 10/25/47 (144A) (f)		1,077,865		1,070,164
2.614%, 05/27/47 (144A) (f)		403,149		401,667
2.800%, 12/26/46 (144A) (f)		207,223		205,650
2.930%, 02/25/48 (144A) (f)		587,574		584,865

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust 2.541%, 1M LIBOR + 0.450%, 04/25/35 (f)		271,281	$	250,160
2.631%, 1M LIBOR + 0.540%, 01/25/36 (f)		140,245		135,013
2.891%, 1M LIBOR + 0.800%, 12/25/35 (f)		189,294		166,103
2.908%, 12M MTA + 1.350%, 08/25/35 (f)		341,100		303,539
5.500%, 11/25/35		716,250		628,743
Countrywide Home Loan Mortgage Pass-Through Trust 2.291%, 1M LIBOR + 0.200%, 04/25/46 (f)		334,290		286,910
2.771%, 1M LIBOR + 0.680%, 02/25/35 (f)		145,347		140,427
3.466%, 09/25/47 (f)		543,072		507,829
3.728%, 06/20/35 (f)		20,387		20,517
Credit Suisse Mortgage Capital Certificates Trust 3.250%, 04/25/47 (144A) (f)		569,418		556,058
Deephaven Residential Mortgage Trust 2.453%, 06/25/47 (144A) (f)		382,095		376,577
2.577%, 10/25/47 (144A) (f)		486,977		483,960
2.725%, 12/26/46 (144A) (f)		226,465		225,506
Deutsche ALT-A Securities Mortgage Loan Trust 2.241%, 1M LIBOR + 0.150%, 12/25/36 (f)		415,434		382,910
Galton Funding Mortgage Trust 3.500%, 11/25/57 (144A) (f)		473,075		472,631
GreenPoint Mortgage Funding Trust 2.958%, 12M MTA + 1.400%, 10/25/45 (f)		250,959		213,556
GSR Mortgage Loan Trust 2.391%, 1M LIBOR + 0.300%, 01/25/37 (f)		774,413		454,697
3.729%, 01/25/36 (f)		561,352		554,403
6.000%, 07/25/37		290,759		264,598
IndyMac INDX Mortgage Loan Trust 3.677%, 10/25/35 (f)		48,308		46,284
JPMorgan Mortgage Trust 3.604%, 05/25/36 (f)		37,230		37,073
LSTAR Securities Investment, Ltd. 3.642%, 1M LIBOR + 1.550%, 02/01/23 (144A) (f)		582,427		575,892
3.742%, 1M LIBOR + 1.650%, 11/01/22 (144A) (f)		396,536		396,704
3.842%, 1M LIBOR + 1.750%, 09/01/22 (144A) (f)		371,404		371,404
3.842%, 1M LIBOR + 1.750%, 10/01/22 (144A) (f)		625,551		623,119
MASTR Adjustable Rate Mortgages Trust 3.180%, 09/25/33 (f)		86,793		85,733
3.915%, 11/21/34 (f)		133,276		136,826
MFA Trust 2.588%, 02/25/57 (144A) (f)		377,456		370,231
Morgan Stanley Mortgage Loan Trust 3.716%, 05/25/36 (f)		234,216		182,718
New Residential Mortgage Loan Trust 3.750%, 11/26/35 (144A) (f)		972,684		975,726
4.000%, 02/25/57 (144A) (f)		1,736,039		1,750,427
4.000%, 03/25/57 (144A) (f)		1,748,259		1,772,702
4.000%, 04/25/57 (144A) (f)		1,433,663		1,447,524
4.000%, 05/25/57 (144A) (f)		1,174,819		1,188,741
Residential Accredit Loans, Inc. Trust 2.391%, 1M LIBOR + 0.300%, 04/25/36 (f)		573,117		527,936
6.000%, 12/25/35		279,840		269,261
RFMSI Trust 3.841%, 08/25/35 (f)		105,315		82,527
Structured Adjustable Rate Mortgage Loan Trust 0.490%, 1M LIBOR + 0.300%, 09/25/34 (f)		62,847		58,549
Collateralized Mortgage Obligations—(Continued)
WaMu Mortgage Pass-Through Certificates Trust 2.438%, 12M MTA + 0.880%, 10/25/46 (f)		269,487		243,260
3.568%, 06/25/37 (f)		159,446		149,356
Washington Mutual Mortgage Pass-Through Certificates 2.691%, 1M LIBOR + 0.600%, 07/25/36 (f)		117,622		82,746
Wells Fargo Mortgage-Backed Securities Trust 3.682%, 09/25/36 (f)		192,290		191,526
3.749%, 10/25/36 (f)		223,531		219,443
4.093%, 10/25/35 (f)		1,541,000		1,568,069
				27,228,175
Commercial Mortgage-Backed Securities—2.2%
BANK 0.888%, 11/15/50 (f) (g)		8,308,915		468,210
0.964%, 11/15/54 (f) (g)		997,275		59,867
3.488%, 11/15/50		1,125,000		1,103,327
Benchmark Mortgage Trust 0.667%, 01/15/51 (f) (g)		2,493,185		99,024
0.697%, 07/15/51 (i)		4,474,000		177,747
CFCRE Commercial Mortgage Trust 3.839%, 12/10/54		465,000		466,025
Citigroup Commercial Mortgage Trust 1.189%, 07/10/47 (f) (g)		4,328,556		208,761
1.248%, 04/10/48 (f) (g)		4,879,546		257,622
3.458%, 08/15/50		675,000		662,312
3.616%, 02/10/49		310,000		309,445
3.818%, 11/10/48		220,000		222,599
Commercial Mortgage Pass-Through Certificates Mortgage Trust 0.876%, 02/10/47 (f) (g)		3,639,733		88,233
0.946%, 08/10/46 (f) (g)		975,531		28,061
1.944%, 10/15/45 (f) (g)		399,149		22,440
2.540%, 12/10/45		250,000		242,734
2.853%, 10/15/45		180,000		175,280
3.101%, 03/10/46		145,000		143,529
3.213%, 03/10/46		280,000		278,278
3.350%, 02/10/48		320,000		316,326
3.424%, 03/10/31 (144A)		1,065,000		1,072,437
3.612%, 06/10/46 (f)		260,000		262,752
3.620%, 07/10/50		130,000		129,323
3.694%, 08/10/47		395,000		397,940
3.765%, 02/10/49		295,000		295,057
3.796%, 08/10/47		225,000		228,060
3.902%, 07/10/50		210,000		212,173
3.961%, 03/10/47		235,125		240,274
4.074%, 02/10/47 (f)		115,000		118,388
4.205%, 08/10/46		100,035		103,675
4.210%, 08/10/46 (f)		175,000		181,644
4.236%, 02/10/47 (f)		190,000		197,067
4.726%, 10/15/45 (144A) (f) (o)		210,000		38,426
4.750%, 10/15/45 (144A) (f) (o)		355,000		168,944
Credit Suisse First Boston Mortgage Securities Corp. 4.877%, 04/15/37		20,444		20,298
CSAIL Commercial Mortgage Trust 0.968%, 06/15/57 (f) (g)		12,934,246		536,135
1.188%, 11/15/48 (f) (g)		1,147,149		58,702

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
CSAIL Commercial Mortgage Trust 1.962%, 01/15/49 (f) (g)		2,402,909	$	232,090
3.447%, 08/15/48		80,000		79,153
3.544%, 11/15/48		280,000		278,364
3.808%, 11/15/48		445,000		448,576
GS Mortgage Securities Corp. Trust 2.954%, 11/05/34 (144A)		1,200,000		1,170,589
3.633%, 06/05/31 (144A)		130,000		129,138
GS Mortgage Securities Trust 0.122%, 07/10/46 (f) (g)		11,322,809		47,779
1.516%, 08/10/44 (144A) (f) (g)		1,007,115		33,585
3.629%, 11/10/47		230,000		230,798
3.674%, 04/10/47 (144A) (o)		235,000		62,154
3.674%, 03/10/50		395,000		393,671
5.021%, 04/10/47 (144A) (f)		465,000		381,685
JPMBB Commercial Mortgage Securities Trust 0.943%, 09/15/47 (f) (g)		4,623,767		124,019
3.363%, 07/15/45		475,000		474,915
3.611%, 05/15/48		150,000		150,107
JPMorgan Chase Commercial Mortgage Securities Trust 2.733%, 10/15/45 (144A) (f) (o)		400,000		215,465
4.518%, 12/15/47 (144A) (f) (o)		130,000		103,560
LB-UBS Commercial Mortgage Trust 6.319%, 04/15/41 (f)		118		118
Morgan Stanley Bank of America Merrill Lynch Trust 1.231%, 10/15/48 (f) (g)		893,774		52,673
1.261%, 12/15/47 (f) (g)		2,885,862		122,367
2.918%, 02/15/46		130,000		127,630
3.134%, 12/15/48		480,000		474,660
3.176%, 08/15/45		245,000		243,150
3.766%, 11/15/46		180,000		183,841
4.259%, 10/15/46 (f)		115,000		119,088
Morgan Stanley Capital Trust 1.613%, 06/15/50 (f) (g)		1,717,943		151,700
2.782%, 08/15/49		210,000		196,639
3.337%, 12/15/49		175,000		170,227
3.596%, 12/15/49		320,000		316,578
5.307%, 10/12/52 (144A) (f) (o)		55,000		3,445
5.307%, 10/12/52 (144A) (f) (o)		80,000		7,991
5.327%, 07/15/49 (144A) (f) (o)		265,000		228,763
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (f)		150,000		142,055
UBS Commercial Mortgage Trust 1.302%, 08/15/50 (f) (g)		1,043,517		79,249
3.426%, 08/15/50		225,000		218,882
UBS-Barclays Commercial Mortgage Trust 1.685%, 02/15/50 (f) (g)		5,711,209		558,186
2.850%, 12/10/45		325,000		318,201
2.923%, 1M LIBOR + 0.850%, 08/15/36 (144A) (f)		1,802,000		1,801,983
3.091%, 08/10/49		645,000		639,113
3.185%, 03/10/46		240,000		238,007
3.244%, 04/10/46		300,119		298,190
3.674%, 02/15/50		300,000		297,117
VNDO Mortgage Trust 2.996%, 11/15/30 (144A)		1,105,000		1,089,419
Wells Fargo Commercial Mortgage Trust 1.303%, 05/15/48 (f) (g)		3,860,208		200,962

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Wells Fargo Commercial Mortgage Trust 1.309%, 09/15/57 (f) (g)		8,344,663	$	414,173
2.918%, 10/15/45		317,711		312,950
2.942%, 10/15/49		70,000		66,344
3.290%, 05/15/48		230,000		226,350
3.453%, 07/15/50		245,000		239,657
3.560%, 01/15/59		160,000		159,055
3.617%, 09/15/57		355,000		354,703
3.789%, 09/15/48		315,000		317,681
3.839%, 09/15/58		225,000		227,928
4.238%, 05/15/48 (f)		80,000		69,468
WF-RBS Commercial Mortgage Trust 1.461%, 03/15/47 (f) (g)		2,304,565		101,796
2.870%, 11/15/45		397,749		390,685
2.875%, 12/15/45		175,000		171,634
3.016%, 11/15/47 (144A) (o)		550,000		247,295
3.071%, 03/15/45		185,000		182,914
3.345%, 05/15/45		100,000		98,226
3.607%, 11/15/47		225,000		225,390
3.723%, 05/15/47		190,000		192,446
3.995%, 05/15/47		160,281		164,537
4.045%, 03/15/47		40,000		41,174
4.101%, 03/15/47		335,000		346,001
5.000%, 06/15/44 (144A) (f) (o)		105,000		71,408
5.768%, 04/15/45 (144A) (f)		255,000		259,481
				27,308,293
Total Mortgage-Backed Securities (Cost $56,517,352)				54,536,468
Floating Rate Loans (p)—1.0%
Aerospace & Defense—0.0%
TransDigm, Inc. Term Loan E, 4.594%, 1M LIBOR + 2.500%, 05/30/25		150,629		150,131
Auto Manufacturers—0.0%
Navistar International Corp. 1st Lien Term Loan B, 5.530%, 1M LIBOR + 3.500%, 11/06/24		99,750		100,186
Building Materials—0.0%
Pisces Midco, Inc. Term Loan, 6.089%, 3M LIBOR + 3.750%, 04/12/25		100,000		100,031
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.844%, 1M LIBOR + 2.750%, 11/15/23		125,000		124,653
				224,684
Chemicals—0.0%
HB Fuller Co. Term Loan B, 4.084%, 1M LIBOR + 2.000%, 10/20/24		98,802		98,285
Univar, Inc. Term Loan B, 4.594%, 1M LIBOR + 2.500%, 07/01/24		91,159		91,102
				189,387

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Floating Rate Loans (p)—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—0.1%
Acosta Holdco, Inc. Term Loan, 5.344%, 1M LIBOR + 3.250%, 09/26/21		153,678	$	118,085
Brickman Group, Ltd. LLC 1st Lien Term Loan, 5.465%, 1M LIBOR + 3.000%, 12/18/20		288,606		289,268
Jaguar Holding Co. II Term Loan, 4.594%, 1M LIBOR + 2.500%, 08/18/22		130,668		130,042
Nets Holding A/S Term Loan B1E, 3.250%, EURIBOR + 3.250%, 02/06/25 (EUR)		88,194		101,384
PSAV Holdings LLC 1st Lien Term Loan, 5.241%, 1M LIBOR + 3.250%, 03/01/25		99,750		98,877
WEX, Inc. Term Loan B2, 4.344%, 1M LIBOR + 2.250%, 06/30/23		411,600		412,286
				1,149,942
Computers—0.0%
Tempo Acquisition LLC Term Loan, 5.094%, 1M LIBOR + 3.000%, 05/01/24		207,900		207,445
Cosmetics/Personal Care—0.0%
Coty, Inc. Term Loan B, 4.280%, 1M LIBOR + 2.250%, 04/07/25		189,775		185,742
Revlon Consumer Products Corp. Term Loan B, 5.594%, 1M LIBOR + 3.500%, 09/07/23		240,713		187,799
				373,541
Diversified Financial Services—0.0%
AlixPartners LLP Term Loan B, 4.844%, 1M LIBOR + 2.750%, 04/04/24		177,750		177,861
Electric—0.0%
Helix Gen Funding LLC Term Loan B, 5.844%, 1M LIBOR + 3.750%, 06/02/24		96,168		96,439
Energy Equipment & Services—0.0%
Seadrill Partners Finco LLC Term Loan B, 8.334%, 3M LIBOR + 6.000%, 02/21/21		109,143		98,115
Entertainment—0.0%
Golden Entertainment, Inc. 1st Lien Term Loan, 5.100%, 1M LIBOR + 3.000%, 10/20/24		169,150		169,573
Food—0.0%
Albertson’s LLC Term Loan B4, 4.844%, 1M LIBOR + 2.750%, 08/25/21		174,258		172,692
Post Holdings, Inc. Incremental Term Loan, 4.100%, 1M LIBOR + 2.000%, 05/24/24		163,350		163,001
				335,693
Food Products—0.0%
Hostess Brands LLC Term Loan, 4.344%, 1M LIBOR + 2.250%, 08/03/22		108,353		107,789
Healthcare-Products—0.0%
Lifescan Global Corp. 1st Lien Term Loan, 05/23/25 (q)		100,000		97,250
Healthcare-Services—0.1%
Envision Healthcare Corp. Term Loan B, 5.100%, 1M LIBOR + 3.000%, 12/01/23		89,659		89,728
MPH Acquisition Holdings LLC Term Loan B, 5.084%, 3M LIBOR + 2.750%, 06/07/23		151,470		150,890
U.S. Renal Care, Inc. Term Loan B, 6.552%, 3M LIBOR + 4.250%, 12/31/22		253,500		251,155
				491,773
Insurance—0.1%
Asurion LLC Term Loan B4, 4.844%, 1M LIBOR + 2.750%, 08/04/22		309,428		309,274
Camelot UK Holdco, Ltd. Term Loan, 5.344%, 1M LIBOR + 3.250%, 10/03/23		108,086		107,973
Hub International, Ltd. Term Loan B, 5.360%, 3M LIBOR + 3.000%, 04/25/25		120,000		119,371
Sedgwick Claims Management Services, Inc. 1st Lien Term Loan, 4.844%, 1M LIBOR + 2.750%, 03/01/21		258,093		257,093
2nd Lien Term Loan, 7.892%, 1M LIBOR + 5.750%, 02/28/22		205,000		206,281
USI, Inc. Term Loan, 5.334%, 3M LIBOR + 3.000%, 05/16/24		104,213		103,730
				1,103,722
Internet—0.0%
Zayo Group LLC Incremental Term Loan, 4.344%, 1M LIBOR + 2.250%, 01/19/24		75,071		75,205
Internet & Direct Marketing Retail—0.0%
Lands’ End, Inc. Term Loan B, 5.344%, 1M LIBOR + 3.250%, 04/04/21		156,186		150,866
IT Services—0.0%
Blackhawk Network Holdings, Inc. 1st Lien Term Loan, 5.073%, 1M LIBOR + 3.000%, 06/15/25		100,000		99,891
Leisure Time—0.0%
Aristocrat Technologies, Inc. 1st Lien Term Loan, 4.105%, 3M LIBOR + 1.750%, 10/19/24		99,501		99,022
Delta 2 (LUX) S.a.r.l. Term Loan, 4.594%, 1M LIBOR + 2.500%, 02/01/24		241,686		238,917
				337,939

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Floating Rate Loans (p)—(Continued)

Security Description	Principal Amount*		Value
Life Sciences Tools & Services—0.0%
Syneos Health, Inc. Term Loan B, 4.094%, 1M LIBOR + 2.000%, 08/01/24		91,563	$	91,309
Lodging—0.1%
Boyd Gaming Corp. Term Loan B3, 4.488%, 1W LIBOR + 2.500%, 09/15/23		119,154		119,654
Caesars Entertainment Operating Co. Term Loan, 4.094%, 1M LIBOR + 2.000%, 10/06/24		159,200		158,222
Caesars Resort Collection LLC 1st Lien Term Loan B, 4.844%, 1M LIBOR + 2.750%, 12/22/24		110,734		110,674
Crown Finance U.S., Inc. Term Loan, 4.594%, 1M LIBOR + 2.500%, 02/28/25		99,750		99,245
				487,795
Machinery—0.0%
Circor International, Inc. 1st Lien Term Loan, 5.557%, 1M LIBOR + 3.500%, 12/11/24		104,475		104,475
Machinery-Diversified—0.0%
Gardner Denver, Inc. Term Loan B, 4.844%, 1M LIBOR + 2.750%, 07/30/24		221,719		222,329
Media—0.0%
Mission Broadcasting, Inc. Term Loan B2, 4.483%, 1M LIBOR + 2.500%, 01/17/24		9,320		9,325
Nexstar Broadcasting, Inc. Term Loan B2, 4.483%, 1M LIBOR + 2.500%, 01/17/24		71,762		71,807
Numericable Group S.A. Term Loan B12, 5.348%, 3M LIBOR + 3.000%, 01/31/26		99,500		98,070
Sinclair Television Group, Inc. Term Loan B, 12/12/24 (q)		100,000		99,975
Univision Communications, Inc. Term Loan C5, 4.844%, 1M LIBOR + 2.750%, 03/15/24		147,586		142,895
				422,072
Miscellaneous Manufacturing—0.0%
CTC AcquiCo GmbH Term Loan B1, 3.000%, EURIBOR + 3.000%, 03/07/25 (EUR)		100,000		115,612
Office/Business Equipment—0.0%
Brand Energy & Infrastructure Services, Inc. Term Loan, 6.611%, 3M LIBOR + 4.250%, 06/21/24		148,500		148,947
Oil & Gas—0.1%
California Resources Corp. Second Out Term Loan, 12.466%, 1M LIBOR + 10.375%, 12/31/21		130,000		144,787
Chesapeake Energy Corp. Term Loan, 9.594%, 1M LIBOR + 7.500%, 08/23/21		110,000		115,294
Fieldwood Energy LLC 1st Lien TL, 7.344%, 1M LIBOR + 5.250%, 04/11/22		249,780		250,613

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Foresight Energy LLC 1st Lien Term Loan, 8.109%, 3M LIBOR + 5.750%, 03/28/22		189,117	$	188,251
Paragon Offshore Finance Co. Term Loan B, 07/18/21 (c) (d) (q)		706		0
				698,945
Packaging & Containers—0.1%
Berry Global, Inc. Term Loan S, 3.921%, 3M LIBOR + 1.750%, 02/08/20		172,724		172,508
Flex Acquisition Co., Inc. 1st Lien Term Loan, 5.308%, 3M LIBOR + 3.000%, 12/29/23		99,000		98,832
Reynolds Group Holdings, Inc. Term Loan, 4.844%, 1M LIBOR + 2.750%, 02/05/23		254,348		254,313
				525,653
Pharmaceuticals—0.1%
Change Healthcare Holdings LLC Term Loan B, 4.844%, 1M LIBOR + 2.750%, 03/01/24		172,813		172,456
Endo Luxembourg Finance Co. I S.a.r.l. Term Loan B, 6.375%, 1M LIBOR + 4.250%, 04/29/24		168,300		167,511
Valeant Pharmaceuticals International, Inc. Term Loan B, 4.983%, 1M LIBOR + 3.000%, 06/01/25		171,631		171,289
				511,256
Pipelines—0.0%
Energy Transfer Equity L.P. Term Loan B, 4.091%, 1M LIBOR + 2.000%, 02/02/24		277,617		275,578
Real Estate—0.0%
DTZ U.S. Borrower LLC 1st Lien Term Loan, 5.574%, 3M LIBOR + 3.250%, 11/04/21		246,750		246,750
Real Estate Investment Trusts—0.0%
VICI Properties 1 LLC Replacement Term Loan B, 4.084%, 1M LIBOR + 2.000%, 12/20/24		95,455		94,997
Retail—0.1%
Bass Pro Group LLC Term Loan B, 7.094%, 1M LIBOR + 5.000%, 09/25/24		148,875		149,480
Harbor Freight Tools USA, Inc. Term Loan B, 4.594%, 1M LIBOR + 2.500%, 08/18/23		117,311		116,934
J. Crew Group, Inc. Term Loan B, 5.222%, 1M LIBOR + 3.000%, 03/05/21 (c) (d) (i)		308,367		230,905
Neiman Marcus Group, Ltd. LLC Term Loan, 5.263%, 1M LIBOR + 3.250%, 10/25/20		223,250		198,413
Staples, Inc. Term Loan B, 6.358%, 3M LIBOR + 4.000%, 09/12/24		129,350		127,688
				823,420

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Floating Rate Loans (p)—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—0.0%
Entegris, Inc. Term Loan B, 4.344%, 1M LIBOR + 2.250%, 04/30/21		115,949	$	116,529
Semiconductors & Semiconductor Equipment—0.0%
Microchip Technology, Inc. Term Loan B, 4.100%, 1M LIBOR + 2.000%, 05/29/25		100,000		100,250
Software—0.1%
Almonde, Inc. 1st Lien Term Loan, 5.807%, 3M LIBOR + 3.500%, 06/13/24		124,063		122,062
First Data Corp. Term Loan, 4.091%, 1M LIBOR + 2.000%, 07/08/22		483,856		481,558
Infor (U.S.), Inc. Term Loan B6, 4.844%, 1M LIBOR + 2.750%, 02/01/22		244,304		243,480
				847,100
Telecommunications—0.1%
CSC Holdings LLC 1st Lien Term Loan, 4.323%, 1M LIBOR + 2.250%, 07/17/25		107,198		106,554
Sprint Communications, Inc. 1st Lien Term Loan B, 4.625%, 1M LIBOR + 2.500%, 02/02/24		335,750		334,386
				440,940
Total Floating Rate Loans (Cost $12,213,985)				12,011,389
Foreign Government—0.7%
Sovereign—0.7%
Abu Dhabi Government International Bonds 3.125%, 10/11/27 (144A)		290,000		269,874
4.125%, 10/11/47 (144A)		1,510,000		1,381,840
Argentine Republic Government International Bond 5.250%, 01/15/28 (EUR)		370,000		369,434
Egypt Government International Bond 8.500%, 01/31/47		200,000		193,524
Ghana Government International Bond 8.627%, 06/16/49 (144A) (l)		400,000		389,208
Italy Buoni Ordinari del Tesoro BOT Zero Coupon, 07/31/18 (EUR)		420,000		490,559
Italy Buoni Poliennali Del Tesoro 4.500%, 08/01/18 (EUR)		420,000		492,330
Oman Government International Bond 6.750%, 01/17/48 (144A)		200,000		181,000
Panama Government International Bonds 4.300%, 04/29/53 (l)		532,000		496,090
4.500%, 04/16/50 (l)		200,000		192,500
Qatar Government International Bond 5.103%, 04/23/48 (144A)		600,000		598,176
Romanian Government International Bond 6.125%, 01/22/44		842,000		944,050
Sovereign—(Continued)
Saudi Government International Bonds 4.500%, 10/26/46		624,000		575,968
4.625%, 10/04/47 (144A)		1,060,000		988,111
Spain Government Bond 4.100%, 07/30/18 (144A) (EUR)		310,000		363,088
Spain Letras del Tesoro Zero Coupon, 08/17/18 (EUR)		375,000		438,164
Total Foreign Government (Cost $8,766,473)				8,363,916
Municipals—0.4%
Chicago Board of Education, General Obligation Unlimited, Build America Bonds 6.138%, 12/01/39		155,000		148,958
6.319%, 11/01/29		345,000		340,732
Chicago Transit Authority Transfer Tax Receipts Revenue 6.899%, 12/01/40		490,000		637,598
City of Chicago IL, General Obligation Unlimited 7.045%, 01/01/29		190,000		206,207
7.375%, 01/01/33		775,000		861,699
Puerto Rico Commonwealth Government Employees Retirement System 6.150%, 07/01/38		1,990,000		796,000
State of California General Obligation Unlimited, Build America Bonds 7.350%, 11/01/39		270,000		384,337
7.600%, 11/01/40		245,000		368,473
State of Illinois, General Obligation Unlimited 5.877%, 03/01/19		655,000		666,607
State of Illinois, General Obligation Unlimited, Build America Bond 5.375%, 07/01/18		455,000		455,000
Total Municipals (Cost $5,099,099)				4,865,611
Short-Term Investments—2.0%
Commercial Paper—0.0%
AstraZeneca plc 2.453%, 08/06/18 (r)		250,000		249,422
Bank of Nova Scotia (The) 1.052%, 07/03/18 (r)		70,300		53,465
Canadian Imperial Bank of Commerce 1.234%, 07/05/18 (r)		135,000		102,663
Toronto-Dominion Bank 1.155%, 07/04/18 (r)		40,000		30,420
				435,970
Discount Note—0.5%
Federal Home Loan Bank 1.942%, 09/26/18 (r)		6,000,000		5,972,196

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Foreign Government—0.5%
Egypt Treasury Bills 15.601%, 10/16/18 (EGP) (r)		10,500,000	$	555,974
16.508%, 03/05/19 (EGP) (r)		3,950,000		195,269
Japan Treasury Bills 0.000%, 07/09/18 (JPY) (r)		74,950,000		676,975
0.000%, 07/23/18 (JPY) (r)		211,000,000		1,905,920
0.000%, 07/30/18 (JPY) (r)		20,600,000		186,081
0.000%, 08/13/18 (JPY) (r)		102,100,000		922,319
0.000%, 09/03/18 (JPY) (r)		33,350,000		301,289
0.000%, 09/18/18 (JPY) (r)		154,300,000		1,394,047
				6,137,874
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $12,789,088; collateralized by U.S. Treasury Note at 2.625%, maturing 02/28/23, with a market value of $13,046,458.		12,788,235		12,788,235
Total Short-Term Investments (Cost $25,454,386)				25,334,275
Securities Lending Reinvestments (s)—3.8%
Bank Note—0.2%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (f)		2,000,000		2,000,000
Certificates of Deposit—1.4%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (f)		2,000,000		2,000,108
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (f)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (f)		500,000		500,700
Barclays Bank plc 2.430%, 08/01/18		500,000		500,148
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (f)		500,000		499,965
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (f)		250,000		249,962
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (f)		500,000		500,023
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		1,500,000		1,499,938
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		2,981,781		2,992,290
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (f)		1,000,000		1,000,004
Natixis New York 2.427%, 1M LIBOR + 0.370%, 02/14/19 (f)		1,500,000		1,500,634
Norinchukin Bank New York 2.291%, 1M LIBOR + 0.200%, 07/23/18 (f)		500,000		499,959
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (f)		500,000		499,995

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (f)		500,000	$	499,992
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (f)		500,000		500,044
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (f)		2,000,000		2,000,000
Wells Fargo Bank N.A. 2.502%, 3M LIBOR + 0.140%, 10/26/18 (f)		500,000		500,636
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (f)		500,000		499,967
				18,244,249
Commercial Paper—0.7%
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (f)		2,500,000		2,500,730
Sheffield Receivables Co. 2.490%, 11/26/18		1,480,391		1,484,449
Starbird Funding Corp. 2.300%, 08/10/18		1,988,756		1,995,010
Toyota Motor Credit Corp. 2.310%, 09/18/18		1,488,643		1,492,383
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (f)		1,000,000		1,000,000
				8,472,572
Repurchase Agreements—1.0%
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $364,685; collateralized by U.S. Government Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $357,000.		350,000		350,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $303,335; collateralized by various Common Stock with an aggregate market value of $334,863.		300,000		300,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $401,022; collateralized by various Common Stock with an aggregate market value of $444,878.		400,000		400,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $3,116,011; collateralized by U.S. Government Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $3,179,251.		3,115,492		3,115,492
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $1,467,445; collateralized by various Common Stock with an aggregate market value of $1,540,000.		1,400,000		1,400,000

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (s)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $1,012,364; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000	$	1,000,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,006,240; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000		1,000,000
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $1,509,908; collateralized by various Common Stock with an aggregate market value of $1,669,278.		1,500,000		1,500,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,106,765; collateralized by various Common Stock with an aggregate market value of $1,224,137.		1,100,000		1,100,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $1,609,384; collateralized by various Common Stock with an aggregate market value of $1,780,563.		1,600,000		1,600,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $904,920; collateralized by various Common Stock with an aggregate market value of $1,001,567.		900,000		900,000
				12,665,492
Time Deposits—0.5%
Australia New Zealand Bank 1.900%, 07/02/18		2,000,000		2,000,000
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
1.870%, 07/02/18		1,000,000		1,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000		1,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		1,150,000		1,150,000
				6,150,000
Total Securities Lending Reinvestments (Cost $47,529,610)				47,532,313
Total Purchased Options—0.1% (t) (Cost $1,634,295)				1,413,000
Total Investments—115.7% (Cost $1,359,282,291)				1,456,936,111
Other assets and liabilities (net)—(15.7)%				(197,669,537	)
Net Assets—100.0%			$	1,259,266,574

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $45,032,316 and the collateral received consisted of cash in the amount of $47,505,063. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent 0.1% of net assets.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(f)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(g)	Interest only security.
(h)	Principal only security.
(i)	Illiquid security. As of June 30, 2018, these securities represent 0.4% of net assets.
(j)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of June 30, 2018, the market value of securities pledged was $4,531,426.
(k)	All or a portion of the security was pledged as collateral against open swap contracts. As of June 30, 2018, the market value of securities pledged was $2,001,797.
(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 June 30, 2018, the market value of securities pledged was $2,277,532.
(n)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(o)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2018, the market value of restricted securities was $8,007,691, which is 0.6% of net assets. See details shown in the Restricted Securities table that follows.
(p)	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.
(q)	This loan will settle after June 30, 2018, at which time the interest rate will be determined.
(r)	The rate shown represents current yield to maturity.
(s)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

(t)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $159,392,949, which is 12.7% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
CLUB Credit Trust, 2.610%, 01/15/24		11/29/17	$	766,337	$	766,317	$	763,433
Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.750%, 10/15/45		02/18/15 - 02/16/17		355,000		256,041		168,944
Commercial Mortgage Pass-Through Certificates Mortgage Trust, 4.726%, 10/15/45		12/05/14 - 03/29/17		210,000		149,074		38,426
Conn Funding L.P., 2.730%, 07/15/20		12/12/17		107,940		107,935		107,923
Domino’s Pizza Master Issuer LLC, 4.116%, 07/25/48		04/18/18		700,000		700,000		707,357
GS Mortgage Securities Trust, 3.674%, 04/10/47		04/03/14		235,000		147,173		62,154
JPMorgan Chase Commercial Mortgage Securities Trust, 2.733%, 10/15/45		05/19/15		400,000		269,984		215,465
JPMorgan Chase Commercial Mortgage Securities Trust, 4.518%, 12/15/47		03/17/14		130,000		105,300		103,560
Lendmark Funding Trust, 3.260%, 04/21/25		10/26/16		875,000		874,901		876,082
Lendmark Funding Trust, 2.830%, 12/22/25		06/22/17		680,000		679,861		673,189
Marlette Funding Trust, 2.360%, 12/15/24		10/17/17		373,703		373,683		372,204
Morgan Stanley Capital Trust, 5.327%, 07/15/49		03/13/15		265,000		242,868		228,763
Morgan Stanley Capital Trust, 5.307%, 10/12/52		05/02/14		55,000		55,106		3,445
Regional Management Issuance Trust, 3.830%, 07/15/27		06/20/18		950,000		949,804		949,804
Skopos Auto Receivables Trust, 3.190%, 09/15/21		03/14/18		801,708		801,655		801,890
SoFi Consumer Loan Program LLC, 3.090%, 10/27/25		07/27/16		369,879		369,821		369,216
SoFi Consumer Loan Program LLC, 3.280%, 01/26/26		01/20/17		317,711		317,684		317,443
WF-RBS Commercial Mortgage Trust, 5.000%, 06/15/44		03/27/14		105,000		94,365		71,408
WF-RBS Commercial Mortgage Trust, 3.016%, 11/15/47		11/05/14		550,000		362,270		247,295
Wendys Funding LLC, 3.884%, 03/15/48		12/06/17		432,825		432,825		423,498
YPF S.A., 16.500%, 05/09/22		05/04/17		19,392,845		1,264,168		506,192
							$	8,007,691

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 15 Yr. Pool		2.500	%		TBA	$	(241,000	)	$	(233,168	)	$	(234,222	)
Fannie Mae 15 Yr. Pool		3.000	%		TBA		(13,647,000	)		(13,496,237	)		(13,566,887	)
Fannie Mae 15 Yr. Pool		4.500	%		TBA		(1,300,000	)		(1,308,124	)		(1,308,125	)
Fannie Mae 30 Yr. Pool		3.000	%		TBA		(13,204,000	)		(12,704,724	)		(12,790,859	)
Fannie Mae 30 Yr. Pool		4.500	%		TBA		(4,900,000	)		(5,085,664	)		(5,092,980	)
Fannie Mae 30 Yr. Pool		4.500	%		TBA		(10,155,000	)		(10,553,390	)		(10,573,981	)
Fannie Mae 30 Yr. Pool		5.000	%		TBA		(2,345,000	)		(2,476,181	)		(2,484,084	)
Freddie Mac 30 Yr. Gold Pool		3.000	%		TBA		(1,075,000	)		(1,034,184	)		(1,040,465	)
Freddie Mac 30 Yr. Gold Pool		5.500	%		TBA		(200,000	)		(214,156	)		(213,914	)
Totals									$	(47,105,828	)	$	(47,305,517	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	64,000	CBNA		07/31/18		USD	74,860	$	31
Contracts to Deliver
CAD	25,000	SSBT		07/03/18		USD	19,302		286
CAD	45,000	WBC		07/03/18		USD	35,006		777

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	40,000	CBNA		07/05/18		USD	30,874	$	446
CAD	135,000	JPMC		07/05/18		USD	104,120		1,427
CAD	265,000	SSBT		07/16/18		USD	206,784		5,161
CAD	200,000	UBSA		07/18/18		USD	155,957		3,783
CAD	100,000	RBS		07/30/18		USD	77,102		1,000
CAD	130,000	CBNA		08/02/18		USD	103,495		4,558
CAD	100,000	SSBT		09/18/18		USD	78,074		1,909
EUR	110,000	BBP		07/16/18		USD	130,094		1,517
EUR	65,000	DBAG		07/16/18		USD	79,660		3,682
EUR	310,000	JPMC		07/30/18		USD	370,469		7,745
EUR	420,000	BBP		07/31/18		USD	521,789		30,320
EUR	228,000	GSI		07/31/18		USD	264,559		(2,238	)
EUR	224,000	GSI		07/31/18		USD	262,164		47
EUR	2,679,000	UBSA		07/31/18		USD	3,124,317		(10,551	)
EUR	420,000	GSI		08/01/18		USD	504,346		12,842
EUR	65,000	JPMC		08/06/18		USD	76,217		122
EUR	375,000	MSIP		08/17/18		USD	456,447		17,081
EUR	184,000	JPMC		09/19/18		USD	218,883		2,754
EUR	185,000	UBSA		09/19/18		USD	218,900		1,596
GBP	75,000	SCB		09/10/18		USD	102,345		3,063
JPY	74,950,000	CBNA		07/09/18		USD	705,038		27,810
JPY	211,000,000	MSIP		07/23/18		USD	1,976,564		68,248
JPY	20,600,000	BBP		07/30/18		USD	189,498		3,102
JPY	102,100,000	JPMC		08/13/18		USD	938,509		13,793
JPY	33,350,000	MSIP		09/04/18		USD	307,575		5,071
JPY	154,300,000	CBNA		09/18/18		USD	1,404,359		3,279
JPY	500,000,000	ANZ		09/19/18		USD	4,572,679		32,216
Net Unrealized Appreciation								$	240,877

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		03/18/19		199			USD	48,376,900		$	(6,120	)
U.S. Treasury Long Bond Futures		09/19/18		55			USD	7,975,000			141,916
U.S. Treasury Note 2 Year Futures		09/28/18		72			USD	15,251,625			(7,685	)
U.S. Treasury Note 5 Year Futures		09/28/18		484			USD	54,990,719			123,400
U.S. Treasury Ultra Long Bond Futures		09/19/18		113			USD	18,030,563			448,199
Futures Contracts—Short
90 Day Eurodollar Futures		03/16/20		(199	)		USD	(48,267,450	)		46,562
U.S. Treasury Note 10 Year Futures		09/19/18		(34	)		USD	(4,086,375	)		(11,746	)
U.S. Treasury Note Ultra 10 Year Futures		09/19/18		(6	)		USD	(769,406	)		(7,527	)
United Kingdom Long Gilt Bond Futures		09/26/18		(38	)		GBP	(4,676,280	)		(16,578	)
Net Unrealized Appreciation										$	710,421

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Purchased Options

Interest Rate Swaptions	Strike Rate	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Depreciation
Call - OTC - 30 Year Interest Rate Swap	2.450%	BBP	3M LIBOR	Pay		08/02/27		2,300,000		USD	2,300,000	$	331,634	$	243,747	$	(87,887	)
Call - OTC - 30 Year Interest Rate Swap	2.450%	JPMC	3M LIBOR	Pay		08/02/27		600,000		USD	600,000		70,200		63,586		(6,614	)
Put - OTC - 10 Year Interest Rate Swap	3.250%	BOA	3M LIBOR	Receive		05/13/19		12,785,000		USD	12,785,000		205,838		150,405		(55,433	)
Put - OTC - 10 Year Interest Rate Swap	3.250%	BOA	3M LIBOR	Receive		05/13/19		4,088,000		USD	4,088,000		64,233		47,671		(16,562	)
Put - OTC - 10 Year Interest Rate Swap	3.200%	BOA	3M LIBOR	Receive		05/30/19		12,935,000		USD	12,935,000		201,139		178,086		(23,053	)
Put - OTC - 10 Year Interest Rate Swap	3.200%	DBAG	3M LIBOR	Receive		05/30/19		12,605,000		USD	12,605,000		187,815		173,543		(14,272	)
Put - OTC - 30 Year Interest Rate Swap	2.450%	BBP	3M LIBOR	Receive		08/02/27		2,300,000		USD	2,300,000		452,896		440,935		(11,961	)
Put - OTC - 30 Year Interest Rate Swap	2.450%	JPMC	3M LIBOR	Receive		08/02/27		600,000		USD	600,000		120,540		115,027		(5,513	)
Totals												$	1,634,295	$	1,413,000	$	(221,295	)

Swap Agreements

OTC Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Counterparty	Notional Amount			Market Value		Upfront Premium Paid		Unrealized Appreciation
Receive	12M CPI		Maturity	2.004%	Maturity		01/15/23	DBAG		USD	7,825,000	$	116,641	$	3,081	$	113,560
Receive	CPI-U		Annually	1.810%	Annually		09/04/25	BOA		USD	3,803,000		141,430		—		141,430
Totals												$	258,071	$	3,081	$	254,990

OTC Total Return Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid		Unrealized Depreciation
Receive	3M LIBOR	Quarterly	12/20/18	GSI	iBoxx USD Liquid High Yield Index		USD	4,992,000	$	(51,567	)	$	11,045	$	(62,612	)
Receive	3M LIBOR	Quarterly	12/20/18	MSIP	iBoxx USD Liquid High Yield Index		USD	5,015,000		(602	)		9,963		(10,565	)
Totals									$	(52,169	)	$	21,008	$	(73,177	)

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	1D FEDRC	Annually	2.505%	Annually		11/15/24		USD	1,645,000	$	174	$	—		$	174
Pay	1D FEDRC	Annually	2.529%	Annually		11/15/24		USD	2,950,071		4,485		—			4,485
Pay	1D FEDRC	Annually	2.535%	Annually		11/15/24		USD	3,689,113		6,844		—			6,844
Pay	1D FEDRC	Annually	2.556%	Annually		11/15/24		USD	2,929,816		6,465		—			6,465
Pay	1D FEDRC	Annually	2.556%	Annually		11/15/24		USD	1,246,000		3,855		—			3,855
Receive	1D FEDRC	Annually	1.625%	Annually		11/14/26		USD	2,610,000		174,927		—			174,927
Receive	1D FEDRC	Annually	2.060%	Annually		11/15/24		USD	2,847,000		74,576		64,982			9,594
Receive	1D FEDRC	Annually	2.179%	Annually		11/15/24		USD	2,000,000		40,221		(2,103	)		42,324
Receive	1D FEDRC	Annually	2.179%	Annually		11/15/24		USD	2,020,000		38,729		—			38,729
Receive	1D FEDRC	Annually	2.250%	Annually		11/15/24		USD	955,000		14,292		11,764			2,528
Receive	1D FEDRC	Annually	2.250%	Annually		11/15/24		USD	260,000		4,135		3,207			928
Receive	1D FEDRC	Annually	2.453%	Annually		11/15/24		USD	1,235,000		3,684		—			3,684
Receive	1D FEDRC	Annually	2.454%	Annually		11/15/24		USD	1,410,000		4,144		—			4,144
Receive	1D FEDRC	Annually	2.459%	Annually		11/15/24		USD	1,405,000		3,713		—			3,713
Receive	1D FEDRC	Annually	2.500%	Annually		03/01/28		USD	3,400,000		5,957		11,288			(5,331	)
Receive	3M LIBOR	Semi-Annually	2.000%	Quarterly		03/21/23		USD	2,825,000		109,954		14,481			95,473
Receive	3M LIBOR	Semi-Annually	2.250%	Quarterly		06/20/28		USD	22,048,000		1,312,870		1,228,985			83,885

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	3M LIBOR	Semi-Annually	2.750%	Quarterly		12/20/47		USD	3,955,000	$	150,349		$	(89,207	)	$	239,556
Receive	3M LIBOR	Semi-Annually	3.000%	Quarterly		04/30/25		USD	9,115,000		(47,750	)		28,606			(76,356	)
Receive	3M LIBOR	Semi-Annually	3.002%	Quarterly		06/18/28		USD	2,679,000		(17,000	)		—			(17,000	)
Totals										$	1,894,624		$	1,272,003		$	622,621

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premiums Paid/(Received)		Unrealized Appreciation
ITRAXX.XO.29.V1		(5.000%)	Quarterly	06/20/23		3.190%		EUR	1,900,000	$	(177,628)	$	(198,076)	$	20,448
CDX.EM.29.V1		(1.000%)	Quarterly	06/20/23		1.910%		USD	2,127,000		85,429		57,083		28,346
ITRAXX.EUR.29.V1		(1.000%)	Quarterly	06/20/23		0.733%		EUR	5,150,000		(78,401)		(90,780)		12,379
Totals										$	(170,600)	$	(231,773)	$	61,173

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premiums Paid		Unrealized Depreciation
CDX.NA.HY.30.V1		5.000%	Quarterly	06/20/23		3.615%		USD	10,599,000	$	608,954	$	654,819	$	(45,865)

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 June 30, 2018(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	JPMC		0.000	%		USD	193,788	$	(18,567	)	$	26,860		$	(45,427	)
PRIMEX.ARM.2		(4.580	%)	Monthly	12/25/37	MSIP		0.000	%		USD	367,753		—			(796	)		796
Totals													$	(18,567	)	$	26,064		$	(44,631	)

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 June 30, 2018(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	BBP		0.000%		USD	193,788	$	(12,354)	$	(5,271)	$	(7,083)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	91,000		(17,479)		(15,473)		(2,006)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	265,000		(50,900)		(39,508)		(11,392)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	270,000		(51,861)		(53,314)		1,453
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	460,000		(88,355)		(85,670)		(2,685)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	465,000		(89,316)		(86,601)		(2,715)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	465,000		(89,316)		(86,601)		(2,715)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	465,000		(89,316)		(86,601)		(2,715)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	CSI		0.000%		USD	645,000		(123,890)		(135,820)		11,930
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	GSI		0.000%		USD	304,000		(58,391)		(50,355)		(8,036)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	GSI		0.000%		USD	530,000		(101,801)		(58,813)		(42,988)
CMBX.NA.BB.6		5.000%		Monthly		05/11/63	MSIP		0.000%		USD	190,000		(36,495)		(35,385)		(1,110)
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	CSI		0.000%		USD	550,000		(115,494)		(156,166)		40,672
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	GSI		0.000%		USD	241,000		(50,607)		(59,417)		8,810

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	GSI		0.000%		USD	580,000	$	(121,793)	$	(181,510)	$	59,717
CMBX.NA.BB.8		5.000%		Monthly		10/17/57	MSIP		0.000%		USD	1,289,000		(270,675)		(365,997)		95,322
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	CSI		0.000%		USD	185,000		(19,191)		(26,509)		7,318
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	CSI		0.000%		USD	430,000		(44,607)		(63,105)		18,498
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	DBAG		0.000%		USD	210,000		(21,785)		(35,822)		14,037
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	DBAG		0.000%		USD	515,000		(53,425)		(78,126)		24,701
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	GSI		0.000%		USD	260,000		(26,972)		(44,049)		17,077
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	GSI		0.000%		USD	660,000		(68,467)		(74,951)		6,484
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	MSIP		0.000%		USD	90,000		(9,336)		(8,031)		(1,305)
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	MSIP		0.000%		USD	125,000		(12,967)		(21,363)		8,396
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	MSIP		0.000%		USD	210,000		(21,785)		(35,876)		14,091
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	MSIP		0.000%		USD	235,000		(24,378)		(39,396)		15,018
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	MSIP		0.000%		USD	470,000		(48,757)		(77,506)		28,749
CMBX.NA.BBB-.6		3.000%		Monthly		05/11/63	MSIP		0.000%		USD	830,000		(86,102)		(124,759)		38,657
PRIMEX.ARM.2		4.580%		Monthly		12/25/37	JPMC		0.000%		USD	367,753		—		11,043		(11,043)
Totals													$	(1,805,815)	$	(2,120,952)	$	315,137

(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.

Glossary of Abbreviations

Counterparties

(ANZ)—	Australia & New Zealand Banking Corp.
(BBP)—	Barclays Bank plc
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(CSI)—	Credit Suisse International
(DBAG)—	Deutsche Bank AG
(GSI)—	Goldman Sachs International
(JPMC)—	JPMorgan Chase Bank N.A.
(MSIP)—	Morgan Stanley & Co. International plc
(RBS)—	Royal Bank of Scotland plc
(SCB)—	Standard Chartered Bank
(SSBT)—	State Street Bank and Trust
(UBSA)—	UBS AG
(WBC)—	Westpac Banking Corp.

Currencies

(ARS)—	Argentine Peso
(EGP)—	Egyptian Pound
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(USD)—	United States Dollar

Index Abbreviations

(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
(CMBX)—	Commercial Mortgage-Backed Index
(CMBX.NA.BB)—	Markit North America BB Rated CMBS Index
(CMBX.NA.BBB-)—	Markit North America BBB- Rated CMBS Index
(CPI)—	U.S. Consumer Price Index
(CPI-U)—	U.S. Consumer Price Index for All Urban Consumers
(EURIBOR)—	Euro Interbank Offered Rate
(FEDEFF PRV)—	Effective Federal Funds Rate
(FEDRC)—	U.S. Federal Funds Rate Compounded
(ICE)—	Intercontinental Exchange, Inc.
(ITRAXX.EUR)—	Markit iTraxx Europe Index
(ITRAXX.XO)—	Markit iTraxx Europe Crossover Index
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(PRIMEX.ARM)—	Markit PrimeX Adjustable RateMortgage Index

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Glossary of Abbreviations—(Continued)

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(ACES)—	Alternative Credit Enhancement Securities
(ADR)—	American Depositary Receipt
(CDO)—	Collateralized Debt Obligation
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	35,490,673	$	—	$	—	$	35,490,673
Air Freight & Logistics		1,133,585		—		—		1,133,585
Airlines		2,538,177		—		—		2,538,177
Banks		35,010,244		—		—		35,010,244
Beverages		15,570,253		—		—		15,570,253
Biotechnology		13,264,971		—		—		13,264,971
Capital Markets		19,694,886		—		—		19,694,886
Chemicals		17,330,924		—		—		17,330,924
Construction & Engineering		228,247		—		—		228,247
Construction Materials		1,402,274		—		—		1,402,274
Consumer Finance		9,175,951		—		—		9,175,951
Containers & Packaging		6,600,007		—		—		6,600,007
Diversified Financial Services		4,048,692		—		—		4,048,692
Diversified Telecommunication Services		12,484,125		—		—		12,484,125
Electric Utilities		19,494,452		—		—		19,494,452
Electrical Equipment		3,706,439		—		—		3,706,439
Electronic Equipment, Instruments & Components		6,268,176		—		—		6,268,176
Energy Equipment & Services		6,371,606		—		—		6,371,606
Equity Real Estate Investment Trusts		24,297,082		—		—		24,297,082
Food & Staples Retailing		10,705,142		—		—		10,705,142
Food Products		14,733,449		—		—		14,733,449
Health Care Equipment & Supplies		30,490,090		—		—		30,490,090
Health Care Providers & Services		25,305,412		—		—		25,305,412
Hotels, Restaurants & Leisure		10,662,783		—		—		10,662,783
Household Durables		4,912,828		—		—		4,912,828
Independent Power and Renewable Electricity Producers		3,990,693		—		—		3,990,693
Industrial Conglomerates		7,457,790		—		—		7,457,790
Insurance		27,130,818		—		—		27,130,818
Internet & Direct Marketing Retail		36,404,157		—		—		36,404,157
Internet Software & Services		57,054,397		—		—		57,054,397
IT Services		28,674,726		—		—		28,674,726
Life Sciences Tools & Services		6,498,603		—		—		6,498,603
Machinery		11,555,004		—		—		11,555,004

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Media	$	22,502,589	$	—	$	—	$	22,502,589
Metals & Mining		1,972,776		—		—		1,972,776
Multi-Utilities		5,600,566		—		—		5,600,566
Oil, Gas & Consumable Fuels		39,172,320		197		2,548		39,175,065
Personal Products		7,768,682		—		—		7,768,682
Pharmaceuticals		33,840,682		—		—		33,840,682
Professional Services		5,268,743		—		—		5,268,743
Road & Rail		6,371,987		—		—		6,371,987
Semiconductors & Semiconductor Equipment		33,058,260		—		—		33,058,260
Software		46,049,702		—		—		46,049,702
Specialty Retail		10,976,147		—		—		10,976,147
Technology Hardware, Storage & Peripherals		17,202,642		—		—		17,202,642
Textiles, Apparel & Luxury Goods		10,151,116		—		—		10,151,116
Thrifts & Mortgage Finance		1,230,699		—		—		1,230,699
Tobacco		17,304,740		—		—		17,304,740
Total Common Stocks		768,158,307		197		2,548		768,161,052
Total U.S. Treasury & Government Agencies*		—		278,196,941		—		278,196,941
Corporate Bonds & Notes
Aerospace/Defense		—		889,706		—		889,706
Agriculture		—		7,075,530		—		7,075,530
Airlines		—		568,367		—		568,367
Auto Manufacturers		—		2,539,460		—		2,539,460
Auto Parts & Equipment		—		55,800		—		55,800
Banks		—		47,292,384		0		47,292,384
Beverages		—		3,633,436		—		3,633,436
Biotechnology		—		1,799,461		—		1,799,461
Building Materials		—		229,825		—		229,825
Chemicals		—		2,300,368		—		2,300,368
Commercial Services		—		1,501,397		—		1,501,397
Computers		—		1,576,306		—		1,576,306
Diversified Financial Services		—		2,047,824		—		2,047,824
Electric		—		7,722,966		—		7,722,966
Electronics		—		266,522		—		266,522
Engineering & Construction		—		1,304,865		—		1,304,865
Entertainment		—		216,200		—		216,200
Food		—		1,060,193		—		1,060,193
Food Service		—		119,375		—		119,375
Gas		—		92,625		—		92,625
Healthcare-Products		—		2,077,934		—		2,077,934
Healthcare-Services		—		4,163,771		—		4,163,771
Home Builders		—		301,750		—		301,750
Insurance		—		5,903,690		—		5,903,690
Internet		—		2,423,608		—		2,423,608
Iron/Steel		—		1,400,010		—		1,400,010
Leisure Time		—		28,341		—		28,341
Machinery-Construction & Mining		—		107,250		—		107,250
Machinery-Diversified		—		201,659		—		201,659
Media		—		10,850,127		—		10,850,127
Mining		—		1,450,321		—		1,450,321
Miscellaneous Manufacturing		—		272,309		—		272,309
Office/Business Equipment		—		364,500		—		364,500
Oil & Gas		—		6,151,721		—		6,151,721
Packaging & Containers		—		225,750		—		225,750
Pharmaceuticals		—		11,587,525		—		11,587,525
Pipelines		—		4,471,014		—		4,471,014
Real Estate Investment Trusts		—		604,512		—		604,512
Retail		—		2,010,682		—		2,010,682
Semiconductors		—		2,952,068		—		2,952,068
Software		—		1,896,587		—		1,896,587

See accompanying notes to financial statements.

BHFTII-34

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Telecommunications	$	—	$	8,653,718	$	—	$	8,653,718
Transportation		—		2,430,475		—		2,430,475
Trucking & Leasing		—		28,958		—		28,958
Total Corporate Bonds & Notes		—		152,850,890		0		152,850,890
Asset-Backed Securities
Asset-Backed—Automobile		—		2,891,893		—		2,891,893
Asset-Backed—Home Equity		—		4,055,639		—		4,055,639
Asset-Backed—Other		—		96,027,724		695,000		96,722,724
Total Asset-Backed Securities		—		102,975,256		695,000		103,670,256
Total Mortgage-Backed Securities*		—		54,536,468		—		54,536,468
Floating Rate Loans
Aerospace & Defense		—		150,131		—		150,131
Auto Manufacturers		—		100,186		—		100,186
Building Materials		—		224,684		—		224,684
Chemicals		—		189,387		—		189,387
Commercial Services		—		1,149,942		—		1,149,942
Computers		—		207,445		—		207,445
Cosmetics/Personal Care		—		373,541		—		373,541
Diversified Financial Services		—		177,861		—		177,861
Electric		—		96,439		—		96,439
Energy Equipment & Services		—		98,115		—		98,115
Entertainment		—		169,573		—		169,573
Food		—		335,693		—		335,693
Food Products		—		107,789		—		107,789
Healthcare-Products		—		97,250		—		97,250
Healthcare-Services		—		491,773		—		491,773
Insurance		—		1,103,722		—		1,103,722
Internet		—		75,205		—		75,205
Internet & Direct Marketing Retail		—		150,866		—		150,866
IT Services		—		99,891		—		99,891
Leisure Time		—		337,939		—		337,939
Life Sciences Tools & Services		—		91,309		—		91,309
Lodging		—		487,795		—		487,795
Machinery		—		104,475		—		104,475
Machinery-Diversified		—		222,329		—		222,329
Media		—		422,072		—		422,072
Miscellaneous Manufacturing		—		115,612		—		115,612
Office/Business Equipment		—		148,947		—		148,947
Oil & Gas		—		698,945		0		698,945
Packaging & Containers		—		525,653		—		525,653
Pharmaceuticals		—		511,256		—		511,256
Pipelines		—		275,578		—		275,578
Real Estate		—		246,750		—		246,750
Real Estate Investment Trusts		—		94,997		—		94,997
Retail		—		592,515		230,905		823,420
Semiconductors		—		116,529		—		116,529
Semiconductors & Semiconductor Equipment		—		100,250		—		100,250
Software		—		847,100		—		847,100
Telecommunications		—		440,940		—		440,940
Total Floating Rate Loans		—		11,780,484		230,905		12,011,389
Total Foreign Government*		—		8,363,916		—		8,363,916
Total Municipals		—		4,865,611		—		4,865,611
Total Short-Term Investments*		—		25,334,275		—		25,334,275
Total Securities Lending Reinvestments*		—		47,532,313		—		47,532,313
Purchased Options	$	—	$	1,413,000	$	—	$	1,413,000
Total Investments	$	768,158,307	$	687,849,351	$	928,453	$	1,456,936,111

See accompanying notes to financial statements.

BHFTII-35

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3			Total
Collateral for Securities Loaned (Liability)	$	—		$	(47,505,063	)	$	—		$	(47,505,063	)
TBA Forward Sales Commitments	$	—		$	(47,305,517	)	$	—		$	(47,305,517	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	253,666		$	—		$	253,666
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(12,789	)		—			(12,789	)
Total Forward Contracts	$	—		$	240,877		$	—		$	240,877
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	760,077		$	—		$	—		$	760,077
Futures Contracts (Unrealized Depreciation)		(49,656	)		—			—			(49,656	)
Total Futures Contracts	$	710,421		$	—		$	—		$	710,421
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	782,481		$	—		$	782,481
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(144,552	)		—			(144,552	)
Total Centrally Cleared Swap Contracts	$	—		$	637,929		$	—		$	637,929
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	258,071		$	—		$	258,071
OTC Swap Contracts at Value (Liabilities)		—			(1,845,630	)		(30,921	)		(1,876,551	)
Total OTC Swap Contracts	$	—		$	(1,587,559	)	$	(30,921	)	$	(1,618,480	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

Transfers from Level 2 to Level 1 in the amount of $1,863 were due to the discontinuation of a systematic fair valuation model factor.

See accompanying notes to financial statements.

BHFTII-36

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,456,936,111
Cash denominated in foreign currencies (c)		4,543,251
Cash collateral for centrally cleared swaps		570
OTC swap contracts at market value (d)		258,071
Unrealized appreciation on forward foreign currency exchange contracts		253,666
Receivable for:
Investments sold		16,724,048
TBA securities sold (e)		78,851,048
Fund shares sold		65,806
Principal paydowns		9,540
Dividends and interest		3,614,641
Interest on OTC swap contracts		42,064
Total Assets		1,561,298,816
Liabilities
Due to custodian		128,096
Forward sales commitments, at value		47,305,517
OTC swap contracts at market value (f)		1,876,551
Cash collateral for OTC swap contracts		40,000
Unrealized depreciation on forward foreign currency exchange contracts		12,789
Collateral for securities loaned		47,505,063
Payables for:
Investments purchased		22,339,941
TBA securities purchased (e)		179,707,140
Fund shares redeemed		294,486
Variation margin on futures contracts		7,173
Variation margin on centrally cleared swap contracts		17,352
Premium on purchased options		1,634,295
Interest on OTC swap contracts		174
Accrued Expenses:
Management fees		446,506
Distribution and service fees		17,085
Deferred trustees’ fees		114,793
Other expenses		585,281
Total Liabilities		302,032,242
Net Assets	$	1,259,266,574
Net Assets Consist of:
Paid in surplus	$	1,102,710,685
Undistributed net investment income		12,118,067
Accumulated net realized gain		44,973,225
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		99,464,597
Net Assets	$	1,259,266,574
Net Assets
Class A	$	1,164,507,594
Class B		64,200,599
Class E		30,558,381
Capital Shares Outstanding*
Class A		61,981,286
Class B		3,437,289
Class E		1,629,836
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.79
Class B		18.68
Class E		18.75

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,359,282,291.
(b)	Includes securities loaned at value of $45,032,316.
(c)	Identified cost of cash denominated in foreign currencies was $4,566,545.
(d)	Net premium paid on OTC swap contracts was $3,081.
(e)	Included within TBA securities sold is $58,031,439 related to TBA forward sale commitments and included within TBA securities purchased is $10,952,188 related to TBA forward sale commitments.
(f)	Net premium received on OTC swap contracts was $2,073,880.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	5,993,974
Interest		8,961,958
Securities lending income		54,224
Total investment income		15,010,156
Expenses
Management fees		2,912,855
Administration fees		20,119
Custodian and accounting fees		229,225
Distribution and service fees—Class B		82,147
Distribution and service fees—Class E		23,566
Audit and tax services		56,218
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		137,447
Insurance		4,063
Miscellaneous		17,035
Total expenses		3,524,826
Less management fee waiver		(199,473	)
Less broker commission recapture		(2,166	)
Net expenses		3,323,187
Net Investment Income		11,686,969
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		51,117,890
Purchased options		91,360
Futures contracts		(4,252,728	)
Written options		107,590
Swap contracts		452,205
Foreign currency transactions		587,685
Forward foreign currency transactions		(617,035	)
Net realized gain		47,486,967
Net change in unrealized appreciation (depreciation) on:
Investments		(43,218,989	)
Purchased options		(42,271	)
Futures contracts		1,115,709
Swap contracts		1,168,649
Foreign currency transactions		(22,805	)
Forward foreign currency transactions		299,392
Net change in unrealized depreciation		(40,700,315	)
Net realized and unrealized gain		6,786,652
Net Increase in Net Assets From Operations	$	18,473,621

(a) Net of foreign withholding taxes of $30,473.

See accompanying notes to financial statements.

BHFTII-37

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,686,969		$	22,513,631
Net realized gain		47,486,967			95,158,203
Net change in unrealized appreciation (depreciation)		(40,700,315	)		61,754,743
Increase in net assets from operations		18,473,621			179,426,577
From Distributions to Shareholders
Net investment income
Class A		(20,480,173	)		(22,501,887	)
Class B		(963,018	)		(1,167,169	)
Class E		(493,778	)		(570,158	)
Net realized capital gains
Class A		(87,521,621	)		(28,230,714	)
Class B		(4,852,731	)		(1,670,380	)
Class E		(2,314,771	)		(774,249	)
Total distributions		(116,626,092	)		(54,914,557	)
Increase (decrease) in net assets from capital share transactions		60,169,164			(60,192,162	)
Total increase (decrease) in net assets		(37,983,307	)		64,319,858
Net Assets
Beginning of period		1,297,249,881			1,232,930,023
End of period	$	1,259,266,574		$	1,297,249,881
Undistributed net investment income
End of period	$	12,118,067		$	22,368,067

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		517,178		$	10,648,038			647,009		$	12,618,917
Reinvestments		5,693,294			108,001,794			2,635,460			50,732,601
Redemptions		(2,905,701	)		(59,071,269	)		(6,017,988	)		(117,837,726	)
Net increase (decrease)		3,304,771		$	59,578,563			(2,735,519	)	$	(54,486,208	)
Class B
Sales		88,633		$	1,784,024			217,028		$	4,181,628
Reinvestments		308,364			5,815,749			148,175			2,837,549
Redemptions		(359,725	)		(7,303,231	)		(580,492	)		(11,297,437	)
Net increase (decrease)		37,272		$	296,542			(215,289	)	$	(4,278,260	)
Class E
Sales		7,036		$	144,582			57,637		$	1,115,254
Reinvestments		148,365			2,808,549			69,948			1,344,407
Redemptions		(131,688	)		(2,659,072	)		(199,319	)		(3,887,355	)
Net increase (decrease)		23,713		$	294,059			(71,734	)	$	(1,427,694	)
Increase (decrease) derived from capital shares transactions				$	60,169,164					$	(60,192,162	)

See accompanying notes to financial statements.

BHFTII-38

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.38		$	18.49		$	18.66		$	22.29		$	20.59		$	17.52
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.35			0.37	(b)		0.38			0.39			0.36
Net realized and unrealized gain on investments		0.13			2.40			0.88			0.24			1.73			3.18
Total from investment operations		0.32			2.75			1.25			0.62			2.12			3.54
Less Distributions
Distributions from net investment income		(0.36	)		(0.38	)		(0.53	)		(0.45	)		(0.42	)		(0.47	)
Distributions from net realized capital gains		(1.55	)		(0.48	)		(0.89	)		(3.80	)		0.00			0.00
Total distributions		(1.91	)		(0.86	)		(1.42	)		(4.25	)		(0.42	)		(0.47	)
Net Asset Value, End of Period	$	18.79		$	20.38		$	18.49		$	18.66		$	22.29		$	20.59
Total Return (%) (c)		1.48	(d)		15.14			6.99			2.58			10.55			20.59	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.54	(f)		0.54			0.55			0.54			0.53			0.51
Gross ratio of expenses to average net assets excluding interest expense (%)		0.54	(f)		0.54			0.55			0.54			0.53			0.51
Net ratio of expenses to average net assets (%) (g) (h)		0.51	(f)		0.51			0.52			0.51			0.50			0.51
Net ratio of expenses to average net assets excluding interest expense (%) (g) (h)		0.51	(f)		0.51			0.52			0.51			0.50			0.51
Ratio of net investment income to average net assets (%)		1.86	(f)		1.78			2.02	(b)		1.87			1.81			1.89
Portfolio turnover rate (%)		181	(d)(i)		342	(i)		405	(i)		299	(i)		413	(i)		340	(i)
Net assets, end of period (in millions)	$	1,164.5		$	1,195.7		$	1,135.6		$	1,168.2		$	1,250.6		$	1,249.1
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.24		$	18.37		$	18.54		$	22.17		$	20.48		$	17.43
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.30			0.32	(b)		0.33			0.33			0.31
Net realized and unrealized gain on investments		0.14			2.38			0.88			0.23			1.73			3.16
Total from investment operations		0.30			2.68			1.20			0.56			2.06			3.47
Less Distributions
Distributions from net investment income		(0.31	)		(0.33	)		(0.48	)		(0.39	)		(0.37	)		(0.42	)
Distributions from net realized capital gains		(1.55	)		(0.48	)		(0.89	)		(3.80	)		0.00			0.00
Total distributions		(1.86	)		(0.81	)		(1.37	)		(4.19	)		(0.37	)		(0.42	)
Net Asset Value, End of Period	$	18.68		$	20.24		$	18.37		$	18.54		$	22.17		$	20.48
Total Return (%) (c)		1.36	(d)		14.85			6.74			2.29			10.28			20.28	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(f)		0.79			0.80			0.79			0.78			0.76
Gross ratio of expenses to average net assets excluding interest expense (%)		0.79	(f)		0.79			0.80			0.79			0.78			0.76
Net ratio of expenses to average net assets (%) (g) (h)		0.76	(f)		0.76			0.77			0.76			0.75			0.76
Net ratio of expenses to average net assets excluding interest expense (%) (g) (h)		0.76	(f)		0.76			0.77			0.76			0.75			0.76
Ratio of net investment income to average net assets (%)		1.60	(f)		1.53			1.77	(b)		1.62			1.56			1.64
Portfolio turnover rate (%)		181	(d)(i)		342	(i)		405	(i)		299	(i)		413	(i)		340	(i)
Net assets, end of period (in millions)	$	64.2		$	68.8		$	66.4		$	66.6		$	71.6		$	75.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-39

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.33		$	18.44		$	18.61		$	22.24		$	20.54		$	17.48
Income (Loss) from Investment Operations
Net investment income (a)		0.17			0.32			0.34	(b)		0.35			0.35			0.33
Net realized and unrealized gain on investments		0.13			2.40			0.87			0.23			1.74			3.17
Total from investment operations		0.30			2.72			1.21			0.58			2.09			3.50
Less Distributions
Distributions from net investment income		(0.33	)		(0.35	)		(0.49	)		(0.41	)		(0.39	)		(0.44	)
Distributions from net realized capital gains		(1.55	)		(0.48	)		(0.89	)		(3.80	)		0.00			0.00
Total distributions		(1.88	)		(0.83	)		(1.38	)		(4.21	)		(0.39	)		(0.44	)
Net Asset Value, End of Period	$	18.75		$	20.33		$	18.44		$	18.61		$	22.24		$	20.54
Total Return (%) (c)		1.42	(d)		14.95			6.83			2.41			10.41			20.39	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(f)		0.69			0.70			0.69			0.68			0.66
Gross ratio of expenses to average net assets excluding interest expense (%)		0.69	(f)		0.69			0.70			0.69			0.68			0.66
Net ratio of expenses to average net assets (%) (g) (h)		0.66	(f)		0.66			0.67			0.66			0.65			0.66
Net ratio of expenses to average net assets excluding interest expense (%) (g) (h)		0.66	(f)		0.66			0.67			0.66			0.65			0.66
Ratio of net investment income to average net assets (%)		1.70	(f)		1.63			1.87	(b)		1.72			1.66			1.74
Portfolio turnover rate (%)		181	(d)(i)		342	(i)		405	(i)		299	(i)		413	(i)		340	(i)
Net assets, end of period (in millions)	$	30.6		$	32.6		$	30.9		$	32.4		$	36.1		$	36.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.04% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	In 2013, 0.04%, 0.04% and 0.04% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadvisor for a realized loss. Excluding this item, total return would have been 20.55%, 20.24% and 20.35% for Class A, Class B and Class E, respectively.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(h)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2018 and for the years ended December 31, 2017, 2016, 2015, 2014 and 2013. (see Note 6 of the Notes to Financial Statements).
(i)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 36%, 74%, 58%, 71%, 163% and 139% for the six months ended June 30, 2018 and years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.

See accompanying notes to financial statements.

BHFTII-40

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or

BHFTII-41

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

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

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

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

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

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

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

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

BHFTII-42

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2018, the Portfolio had a payment of $128,096 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2018. The Portfolio’s average overdraft advances during the six months ended June 30, 2018 were not significant.

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The

BHFTII-43

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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

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

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

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

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

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

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

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

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

BHFTII-44

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of June 30, 2018, the Portfolio did not have any unfunded loan commitments.

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

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $12,788,235. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $12,665,492. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

BHFTII-45

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(40,235,591	)	$	—	$	—	$	—	$	(40,235,591	)
Corporate Bonds & Notes		(7,269,472	)		—		—		—		(7,269,472	)
Total	$	(47,505,063	)	$	—	$	—	$	—	$	(47,505,063	)
Total Borrowings	$	(47,505,063	)	$	—	$	—	$	—	$	(47,505,063	)
Gross amount of recognized liabilities for securities lending transactions										$	(47,505,063	)

3. Investments in Derivative Instruments

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

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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

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

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure

BHFTII-46

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

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

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

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

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

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

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

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated

BHFTII-47

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

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

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of

BHFTII-48

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2018, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

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

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When a Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when a Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	1,413,000
	OTC swap contracts at market value (b)		258,071
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		721,308	Unrealized depreciation on centrally cleared swap contracts (c) (e)	$	98,687
	Unrealized appreciation on futures contracts (d) (e)		760,077	Unrealized depreciation on futures contracts (d) (e)		49,656
Credit				OTC swap contracts at market value (b)		1,876,551
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		61,173	Unrealized depreciation on centrally cleared swap contracts (c) (e)		45,865
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		253,666	Unrealized depreciation on forward foreign currency exchange contracts		12,789
Total		$	3,467,295		$	2,083,548

BHFTII-49

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest receivable of $42,064 and OTC swap interest payable of $174.
(c)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(d)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(e)	Financial instrument not subject to a master netting agreement.

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2018.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Australia & New Zealand Banking Corp.	$	32,216	$	—		$	—		$	32,216
Bank of America N.A.		517,592		—			(40,000	)		477,592
Barclays Bank plc		719,621		(12,354	)		—			707,267
Citibank N.A.		36,124		—			—			36,124
Deutsche Bank AG		293,866		(75,210	)		—			218,656
Goldman Sachs International		12,889		(12,889	)		—			—
JPMorgan Chase Bank N.A.		204,454		(18,567	)		—			185,887
Morgan Stanley & Co. International plc		90,400		(90,400	)		—			—
Royal Bank of Scotland plc		1,000		—			—			1,000
Standard Chartered Bank		3,063		—			—			3,063
State Street Bank and Trust		7,356		—			—			7,356
UBS AG		5,379		(5,379	)		—			—
Westpac Banking Corp.		777		—			—			777
	$	1,924,737	$	(214,799	)	$	(40,000	)	$	1,669,938

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2018.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	12,354	$	(12,354	)	$	—		$	—
Credit Suisse International		779,725		—			(779,725	)		—
Deutsche Bank AG		75,210		(75,210	)		—			—
Goldman Sachs International		481,836		(12,889	)		(468,947	)		—
JPMorgan Chase Bank N.A.		18,567		(18,567	)		—			—
Morgan Stanley & Co. International plc		511,097		(90,400	)		(420,697	)		—
UBS AG		10,551		(5,379	)		—			5,172
	$	1,889,340	$	(214,799	)	$	(1,669,369	)	$	5,172

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity		Foreign Exchange			Total
Purchased options	$	91,360		$	—		$	—	$	—		$	91,360
Forward foreign currency transactions		—			—			—		(617,035	)		(617,035	)
Futures contracts		(4,308,491	)		—			55,763		—			(4,252,728	)
Swap contracts		696,751			(244,546	)		—		—			452,205
Written options		(77,983	)		185,573			—		—			107,590
	$	(3,598,363	)	$	(58,973	)	$	55,763	$	(617,035	)	$	(4,218,608	)

BHFTII-50

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Equity		Foreign Exchange		Total
Purchased options	$	(42,271	)	$	—	$	—	$	—	$	(42,271	)
Forward foreign currency transactions		—			—		—		299,392		299,392
Futures contracts		1,115,709			—		—		—		1,115,709
Swap contracts		623,072			545,577		—		—		1,168,649
	$	1,696,510		$	545,577	$	—	$	299,392	$	2,541,479

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	37,332,667
Forward foreign currency transactions		22,664,265
Futures contracts long		123,471,407
Futures contracts short		(53,001,926	)
Swap contracts		119,962,408
Written options		(148,884,000	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

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

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

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

BHFTII-51

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$2,095,788,156	$	395,902,532	$	1,982,096,210	$	414,307,318

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $5,226,540 in purchases, which are included above.

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2018 were as follows:

Purchases	Sales
$2,039,625,876	$	1,910,579,560

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2018	% per annum			Average daily net assets
$2,912,855		0.500	%	Of the first $500 million
		0.450	%	Of the next $500 million
		0.400	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-52

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	On the first $	500 million

Any reductions in total advisory fees paid by the Portfolio due to these waivers may be reduced or eliminated by changes in the advisory fee structure at higher asset levels. Brighthouse Investment Advisers will receive advisory fees equal to 0.480% of the Portfolio’s average daily net assets for amounts over $500 million but less than $750 million (0.030% over the contractual advisory fee rate) and 0.460% for amounts over $750 million but less than $1 billion (0.010% over the contractual advisory fee rate). As a result, the dollar amount of the waiver will be reduced as assets grow beyond $500 million up to $1 billion, but the advisory fee net of waivers will never exceed the contractual dollar amount that would otherwise be payable under the advisory fee. An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee agreement, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $199,473 was waived in the aggregate for the six months ended June 30, 2018 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

BHFTII-53

Brighthouse Funds Trust II

Brighthouse/Wellington Balanced Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,252,998,586
Gross unrealized appreciation		199,262,547
Gross unrealized depreciation		(40,539,214	)
Net unrealized appreciation (depreciation)	$	158,723,333

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$30,592,475	$	33,838,553	$	24,322,082	$	57,379,727	$	54,914,557	$	91,218,280

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$42,806,915	$	73,742,352	$	138,277,158	$	—	$	254,826,425

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-54

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B and E shares of the Brighthouse/Wellington Core Equity Opportunities Portfolio returned 1.71%, 1.60%, and 1.63%, respectively. The Portfolio’s benchmark, the Russell 1000 Index¹, returned 2.85%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities, as measured by the S&P 500 Index, rose 2.6% for the six-month period ending June 30, 2018. Bullish sentiment was exceptionally strong at the beginning of 2018, as better-than-expected corporate profits helped drive the S&P 500 Index to its largest monthly gain since March 2016. A sharp decline in equities at the end of January, accompanied by a substantial rise in volatility, appeared to be triggered by investors’ concerns about lofty equity valuations and the potential upside risks to inflation, bond yields, and Federal Reserve (the “Fed”) policy stemming from pro-growth deregulation, tax cuts, and increased government spending. President Trump sparked fears of a global trade war when he imposed stiff tariffs on imported steel and aluminum and announced plans for tariffs on approximately U.S. $50 billion worth of Chinese goods.

Earnings growth for the S&P 500 Index in the first quarter exceeded 20% for the first time since 2010, and 77% of companies in the Index reported actual earnings that exceeded estimates. Despite the underlying strength in the U.S. economy, there were concerns about the sustainability of growth in light of broader macroeconomic risks, including rising interest rates; signs of slowing growth globally, especially in Europe; ongoing trade tensions; and Eurozone political disruptions.

As widely anticipated, the Fed raised its benchmark interest rate by 25 basis points and signaled the potential for two additional increases in 2018. The Fed also lifted its economic growth forecast for 2018 to 2.8%, and lowered its expectation for unemployment to 3.6%, from 3.8% in March. Consumer sentiment weakened at the end of the period on concerns about rising inflation and the potential effects of tariffs on prices and economic growth.

Small- and mid-cap stocks outperformed large-cap stocks, as measured by the Russell 2000, S&P Mid Cap 400, and S&P 500 Indices, respectively. All three groups posted positive returns during the six-month period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark for the six-month period ended June 30, 2018. Sector allocation, a result of the bottom-up stock selection process, was the driver of the Portfolio’s relative underperformance, primarily due to the Portfolio’s underweight allocation to Information Technology and overweight allocations to Consumer Staples and Industrials. This was partially offset by positive stock selection, as strong selection in Consumer Staples, Industrials, and Materials more than offset weaker security selection in Health Care and Energy.

The Portfolio’s exposure to Chubb, Cardinal Health and Colgate-Palmolive detracted from relative performance, as did the decision not to hold benchmark constituents Amazon and Netflix.    

Shares of Colgate-Palmolive, one of the world’s largest consumer product companies, were weak over the period. While earnings were in line with expectations, investors were disappointed by the company’s growth in emerging markets which was suppressed by increased local competition.

The Portfolio’s positions in Nike, TJX Companies, and Costco Wholesale were among the top relative contributors during the period.

Nike, a provider of athletic footwear, apparel and accessories, is the largest position within the Portfolio. During the period, shares of Nike surged after the company reported strong quarterly results. Details of the quarterly report revealed that new innovation platforms at the company were working, sales were accelerating across all regions and channels (including the U.S.), gross margins are exceeding analyst estimates and inventory issues were in the rearview mirror.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Managed by Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

We expect that management’s strategic focus and understanding of the future of the retail industry is helping the company to successfully make the transformation to a more nimble, digitally focused, customer-centric, global, and innovative company.

At the end of the period the Portfolio was most overweight Industrials, Consumer Staples, and Health Care, and most underweight Information Technology, Energy, and Utilities.

Donald J. Kilbride

Portfolio Manager

Wellington Management Company LLP

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse/Wellington Core Equity Opportunities Portfolio
Class A		1.71		10.28		11.26		8.03
Class B		1.60		10.02		10.99		7.76
Class E		1.63		10.10		11.10		7.87
Russell 1000 Index		2.85		14.54		13.37		10.20

¹ The Russell 1000 Index is an unmanaged measure of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investable U.S. equity market.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
NIKE, Inc. - Class B		4.5
TJX Cos., Inc. (The)		4.0
Microsoft Corp.		3.6
Canadian National Railway Co.		3.2
Union Pacific Corp.		3.0
American Tower Corp.		2.9
Costco Wholesale Corp.		2.9
PepsiCo, Inc.		2.8
Visa, Inc. - Class A		2.8
Accenture plc - Class A		2.7

Top Sectors

	% of Net Assets
Industrials		19.2
Health Care		15.4
Consumer Staples		15.3
Consumer Discretionary		13.7
Financials		11.6
Information Technology		10.4
Real Estate		5.5
Materials		4.2
Energy		3.2

BHFTII-3

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Core Equity Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.58	%	$	1,000.00	$	1,017.10	$	2.90
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91
Class B (a)	Actual		0.82	%	$	1,000.00	$	1,016.00	$	4.10
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11
Class E (a)	Actual		0.72	%	$	1,000.00	$	1,016.30	$	3.60
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—8.6%
General Dynamics Corp. (a)		498,802	$	92,981,681
Lockheed Martin Corp. (a)		313,222		92,535,175
Northrop Grumman Corp. (a)		311,739		95,922,090
United Technologies Corp. (a)		481,858		60,246,706
				341,685,652
Air Freight & Logistics—2.1%
United Parcel Service, Inc. - Class B		774,715		82,297,974
Banks—2.3%
PNC Financial Services Group, Inc. (The)		667,893		90,232,344
Beverages—7.7%
Coca-Cola Co. (The) (a)		2,406,492		105,548,739
Diageo plc		2,462,704		88,400,471
PepsiCo, Inc. (a)		1,025,842		111,683,419
				305,632,629
Biotechnology—1.9%
Amgen, Inc.		403,197		74,426,134
Capital Markets—1.9%
BlackRock, Inc. (a)		149,950		74,831,048
Chemicals—4.2%
Ecolab, Inc. (a)		542,531		76,133,375
Praxair, Inc. (a)		576,037		91,100,252
				167,233,627
Consumer Finance—2.5%
American Express Co.		995,423		97,551,454
Energy Equipment & Services—1.6%
Schlumberger, Ltd.		957,939		64,210,651
Equity Real Estate Investment Trusts—5.5%
American Tower Corp.		807,206		116,374,889
Public Storage (a)		438,388		99,452,702
				215,827,591
Food & Staples Retailing—4.1%
Costco Wholesale Corp. (a)		554,406		115,859,766
Walgreens Boots Alliance, Inc. (a)		761,239		45,685,759
				161,545,525
Health Care Equipment & Supplies—4.5%
Danaher Corp.		788,121		77,771,780
Medtronic plc		1,169,835		100,149,575
				177,921,355
Health Care Providers & Services—5.2%
Cardinal Health, Inc. (a)		911,818		44,524,073
McKesson Corp. (a)		459,724		61,327,182
Health Care Providers & Services—(Continued)
UnitedHealth Group, Inc. (a)		414,163		101,610,750
				207,462,005
Hotels, Restaurants & Leisure—3.7%
McDonald’s Corp. (a)		552,930		86,638,602
Starbucks Corp. (a)		1,220,789		59,635,542
				146,274,144
Household Products—3.5%
Colgate-Palmolive Co.		1,449,301		93,929,198
Procter & Gamble Co. (The)		544,042		42,467,918
				136,397,116
Industrial Conglomerates—2.2%
Honeywell International, Inc.		610,765		87,980,698
Insurance—4.9%
Chubb, Ltd.		818,437		103,957,868
Marsh & McLennan Cos., Inc. (a)		1,116,631		91,530,243
				195,488,111
IT Services—6.8%
Accenture plc - Class A (a)		650,396		106,398,282
Automatic Data Processing, Inc.		391,218		52,477,982
Visa, Inc. - Class A		841,851		111,503,165
				270,379,429
Oil, Gas & Consumable Fuels—1.5%
Exxon Mobil Corp. (a)		732,070		60,564,151
Pharmaceuticals—3.8%
Johnson & Johnson		718,804		87,219,678
Merck & Co., Inc.		1,004,346		60,963,802
				148,183,480
Road & Rail—6.3%
Canadian National Railway Co.		1,562,928		127,837,559
Union Pacific Corp.		849,557		120,365,236
				248,202,795
Software—3.6%
Microsoft Corp.		1,444,391		142,431,397
Specialty Retail—4.0%
TJX Cos., Inc. (The) (a)		1,645,560		156,624,401
Textiles, Apparel & Luxury Goods—6.1%
NIKE, Inc. - Class B		2,244,213		178,818,892
VF Corp. (a)		755,141		61,559,094
				240,377,986
Total Common Stocks (Cost $3,127,178,671)				3,893,761,697

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Escrow Shares—0.0%

Security Description	Shares/ Principal Amount*		Value
Forest Products & Paper—0.0%
Sino-Forest Corp. (b) (Cost $0)		5,844,000	$	0
Short-Term Investment—1.5%
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $57,833,606; collateralized by U.S. Treasury Note at 2.000%, maturing 10/31/22, with a market value of $58,987,452.	$	57,829,751		57,829,751
Total Short-Term Investments (Cost $57,829,751)				57,829,751
Securities Lending Reinvestments (c)—5.1%
Certificates of Deposit—2.5%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (d)		7,000,000		7,000,378
2.588%, 1M LIBOR + 0.500%, 09/21/18 (d)		2,000,000		2,001,192
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (d)		3,000,000		2,999,826
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (d)		6,000,000		6,008,400
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (d)		7,000,000		7,006,510
Chiba Bank, Ltd., New York 2.240%, 07/18/18		5,500,000		5,499,742
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (d)		3,000,000		2,999,787
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (d)		2,000,000		1,999,698
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (d)		5,000,000		5,003,890
2.525%, 3M LIBOR + 0.200%, 04/05/19 (d)		2,000,000		2,000,754
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		4,969,974		4,993,000
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (d)		4,000,000		4,000,672
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		6,500,000		6,499,733
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (d)		4,000,000		4,000,208
2.525%, 1M LIBOR + 0.440%, 09/17/18 (d)		3,000,000		3,001,380
Royal Bank of Canada New York 2.525%, 1M LIBOR + 0.440%, 09/17/18 (d)		1,000,000		1,000,801
Standard Chartered plc 2.250%, 08/21/18		2,000,000		2,000,306
2.384%, 1M LIBOR + 0.300%, 08/22/18 (d)		2,000,000		2,000,048
2.466%, 1M LIBOR + 0.420%, 10/11/18 (d)		3,000,000		3,000,633
Sumitomo Mitsui Banking Corp., New York 2.374%, 1M LIBOR + 0.280%, 07/30/18 (d)		2,500,000		2,500,175
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (d)		6,000,000		6,000,000
Svenska Handelsbanken AB 2.451%, 1M LIBOR + 0.450%, 04/03/19 (d)		5,000,000		5,004,510
2.459%, 3M LIBOR + 0.100%, 04/30/19 (d)		3,500,000		3,500,042
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (d)		4,000,000		4,000,092
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (d)		4,000,000		3,999,736
				98,021,513
Commercial Paper—1.6%
Bank of China, Ltd. 2.490%, 09/05/18		4,969,221		4,976,920
2.500%, 07/23/18		3,974,722		3,994,972
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (d)		12,500,000		12,505,488
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (d)		12,000,000		12,003,504
Sheffield Receivables Co. 2.490%, 11/26/18		8,882,348		8,906,697
Starbird Funding Corp. 2.300%, 08/10/18		994,378		997,505
Toyota Motor Credit Corp. 2.320%, 07/26/18		9,931,689		9,986,190
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (d)		12,000,000		11,997,696
				65,368,972
Repurchase Agreements—1.0%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $7,529,067; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $7,907,157.		7,500,000		7,500,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $677,272; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $663,000.		650,000		650,000
Deutsche Bank AG, London Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $3,577,809; collateralized by various Common Stock with an aggregate market value of $3,906,730.		3,500,000		3,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $3,792,204; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $3,869,167.		3,791,572		3,791,572

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $7,718,325; collateralized by various Common Stock with an aggregate market value of $8,250,001.	$	7,500,000	$	7,500,000
NBC Global Finance, Ltd. Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $10,043,372; collateralized by various Common Stock with an aggregate market value of $11,128,912.		10,000,000		10,000,000
Societe Generale Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $1,005,865; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $8,026,347; collateralized by various Common Stock with an aggregate market value of $8,902,815.		8,000,000		8,000,000
				41,941,572
Total Securities Lending Reinvestments (Cost $205,296,535)				205,332,057
Total Investments—105.1% (Cost $3,390,304,957)				4,156,923,505
Other assets and liabilities (net)—(5.1)%				(203,381,615	)
Net Assets—100.0%			$	3,953,541,890

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $201,042,945 and the collateral received consisted of cash in the amount of $205,163,904. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(FEDEFF PRV) —	Effective Federal Funds Rate
(LIBOR) —	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	341,685,652	$	—		$	—	$	341,685,652
Air Freight & Logistics		82,297,974		—			—		82,297,974
Banks		90,232,344		—			—		90,232,344
Beverages		217,232,158		88,400,471			—		305,632,629
Biotechnology		74,426,134		—			—		74,426,134
Capital Markets		74,831,048		—			—		74,831,048
Chemicals		167,233,627		—			—		167,233,627
Consumer Finance		97,551,454		—			—		97,551,454
Energy Equipment & Services		64,210,651		—			—		64,210,651
Equity Real Estate Investment Trusts		215,827,591		—			—		215,827,591
Food & Staples Retailing		161,545,525		—			—		161,545,525
Health Care Equipment & Supplies		177,921,355		—			—		177,921,355
Health Care Providers & Services		207,462,005		—			—		207,462,005
Hotels, Restaurants & Leisure		146,274,144		—			—		146,274,144
Household Products		136,397,116		—			—		136,397,116
Industrial Conglomerates		87,980,698		—			—		87,980,698
Insurance		195,488,111		—			—		195,488,111
IT Services		270,379,429		—			—		270,379,429
Oil, Gas & Consumable Fuels		60,564,151		—			—		60,564,151
Pharmaceuticals		148,183,480		—			—		148,183,480
Road & Rail		248,202,795		—			—		248,202,795
Software		142,431,397		—			—		142,431,397
Specialty Retail		156,624,401		—			—		156,624,401
Textiles, Apparel & Luxury Goods		240,377,986		—			—		240,377,986
Total Common Stocks		3,805,361,226		88,400,471			—		3,893,761,697
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		57,829,751			—		57,829,751
Total Securities Lending Reinvestments*		—		205,332,057			—		205,332,057
Total Investments	$	3,805,361,226	$	351,562,279		$	0	$	4,156,923,505
Collateral for Securities Loaned (Liability)	$	—	$	(205,163,904	)	$	—	$	(205,163,904	)

* 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 six months ended June 30, 2018 is not presented.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	4,156,923,505
Cash denominated in foreign currencies (c)		459,790
Receivable for:
Fund shares sold		99,370
Dividends and interest		5,859,518
Total Assets		4,163,342,183
Liabilities
Collateral for securities loaned		205,163,904
Payables for:
Fund shares redeemed		1,963,945
Accrued Expenses:
Management fees		1,826,648
Distribution and service fees		235,165
Deferred trustees’ fees		191,557
Other expenses		419,074
Total Liabilities		209,800,293
Net Assets	$	3,953,541,890
Net Assets Consist of:
Paid in surplus	$	3,043,013,533
Undistributed net investment income		28,398,281
Accumulated net realized gain		115,514,106
Unrealized appreciation on investments and foreign currency transactions		766,615,970
Net Assets	$	3,953,541,890
Net Assets
Class A	$	2,531,351,560
Class B		682,867,033
Class E		739,323,297
Capital Shares Outstanding*
Class A		82,852,246
Class B		22,629,990
Class E		24,424,346
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	30.55
Class B		30.18
Class E		30.27

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $201,042,945.
(b)	Identified cost of investments was $3,390,304,957.
(c)	Identified cost of cash denominated in foreign currencies was $455,682.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	41,275,685
Interest		139,529
Securities lending income		429,345
Total investment income		41,844,559
Expenses
Management fees		14,133,800
Administration fees		63,756
Custodian and accounting fees		118,400
Distribution and service fees—Class B		873,377
Distribution and service fees—Class E		571,911
Audit and tax services		21,770
Legal		20,314
Trustees’ fees and expenses		20,507
Shareholder reporting		159,081
Insurance		13,076
Miscellaneous		17,508
Total expenses		16,013,500
Less management fee waiver		(2,943,165	)
Less broker commission recapture		(984	)
Net expenses		13,069,351
Net Investment Income		28,775,208
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		132,344,038
Foreign currency transactions		(21,672	)
Net realized gain		132,322,366
Net change in unrealized depreciation on:
Investments		(92,409,551	)
Foreign currency transactions		(16,341	)
Net change in unrealized depreciation		(92,425,892	)
Net realized and unrealized gain		39,896,474
Net Increase in Net Assets From Operations	$	68,671,682

(a) Net of foreign withholding taxes of $319,105.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	28,775,208		$	67,661,079
Net realized gain		132,322,366			214,532,706
Net change in unrealized appreciation (depreciation)		(92,425,892	)		433,409,235
Increase in net assets from operations		68,671,682			715,603,020
From Distributions to Shareholders
Net investment income
Class A		(44,997,268	)		(40,775,492	)
Class B		(10,551,593	)		(9,546,738	)
Class E		(12,161,562	)		(11,201,278	)
Net realized capital gains
Class A		(136,540,764	)		(96,233,518	)
Class B		(37,429,493	)		(26,449,537	)
Class E		(40,454,403	)		(29,266,208	)
Total distributions		(282,135,083	)		(213,472,771	)
Decrease in net assets from capital share transactions		(5,410,986	)		(335,525,943	)
Total increase (decrease) in net assets		(218,874,387	)		166,604,306
Net Assets
Beginning of period		4,172,416,277			4,005,811,971
End of period	$	3,953,541,890		$	4,172,416,277
Undistributed net investment income
End of period	$	28,398,281		$	67,333,496

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		179,557		$	5,824,693			399,266		$	12,080,551
Reinvestments		5,837,236			181,538,032			4,585,308			137,009,010
Redemptions		(5,302,150	)		(172,584,354	)		(11,570,564	)		(353,806,274	)
Net increase (decrease)		714,643		$	14,778,371			(6,585,990	)	$	(204,716,713	)
Class B
Sales		302,182		$	9,650,784			781,128		$	23,357,931
Reinvestments		1,561,884			47,981,086			1,218,560			35,996,275
Redemptions		(1,966,225	)		(63,107,808	)		(3,745,281	)		(112,544,024	)
Net decrease		(102,159	)	$	(5,475,938	)		(1,745,593	)	$	(53,189,818	)
Class E
Sales		61,287		$	1,968,270			171,709		$	5,133,476
Reinvestments		1,707,202			52,615,965			1,366,222			40,467,486
Redemptions		(2,155,358	)		(69,297,654	)		(4,090,639	)		(123,220,374	)
Net decrease		(386,869	)	$	(14,713,419	)		(2,552,708	)	$	(77,619,412	)
Decrease derived from capital shares transactions				$	(5,410,986	)				$	(335,525,943	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	32.30		$	28.61		$	28.38		$	43.13		$	42.97		$	33.21
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.52			0.48			0.58			0.72			0.28
Net realized and unrealized gain on investments		0.35			4.81			1.53			0.31			3.41			10.64
Total from investment operations		0.59			5.33			2.01			0.89			4.13			10.92
Less Distributions
Distributions from net investment income		(0.58	)		(0.49	)		(0.48	)		(0.77	)		(0.31	)		(0.53	)
Distributions from net realized capital gains		(1.76	)		(1.15	)		(1.30	)		(14.87	)		(3.66	)		(0.63	)
Total distributions		(2.34	)		(1.64	)		(1.78	)		(15.64	)		(3.97	)		(1.16	)
Net Asset Value, End of Period	$	30.55		$	32.30		$	28.61		$	28.38		$	43.13		$	42.97
Total Return (%) (b)		1.71	(c)		19.07			7.34			2.40			10.63			33.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72	(d)		0.72			0.72			0.72			0.73			0.72
Net ratio of expenses to average net assets (%) (e)(f)		0.58	(d)		0.57			0.58			0.58			0.59			0.67
Ratio of net investment income to average net assets (%)		1.50	(d)		1.72			1.70			1.72			1.74			0.74
Portfolio turnover rate (%)		10	(c)		13			32			25			105			11
Net assets, end of period (in millions)	$	2,531.4		$	2,653.5		$	2,538.2		$	2,113.5		$	2,352.1		$	2,391.0
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	31.89		$	28.26		$	28.06		$	42.79		$	42.66		$	32.98
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.44			0.41			0.49			0.61			0.18
Net realized and unrealized gain on investments		0.35			4.75			1.50			0.31			3.38			10.57
Total from investment operations		0.55			5.19			1.91			0.80			3.99			10.75
Less Distributions
Distributions from net investment income		(0.50	)		(0.41	)		(0.41	)		(0.66	)		(0.20	)		(0.44	)
Distributions from net realized capital gains		(1.76	)		(1.15	)		(1.30	)		(14.87	)		(3.66	)		(0.63	)
Total distributions		(2.26	)		(1.56	)		(1.71	)		(15.53	)		(3.86	)		(1.07	)
Net Asset Value, End of Period	$	30.18		$	31.89		$	28.26		$	28.06		$	42.79		$	42.66
Total Return (%) (b)		1.60	(c)		18.81			7.06			2.14			10.35			33.36
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(d)		0.97			0.97			0.97			0.98			0.97
Net ratio of expenses to average net assets (%) (e)(f)		0.82	(d)		0.82			0.83			0.83			0.84			0.92
Ratio of net investment income to average net assets (%)		1.24	(d)		1.47			1.44			1.47			1.49			0.49
Portfolio turnover rate (%)		10	(c)		13			32			25			105			11
Net assets, end of period (in millions)	$	682.9		$	725.0		$	691.8		$	611.0		$	693.7		$	738.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	32.00		$	28.35		$	28.13		$	42.87		$	42.74		$	33.03
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.47			0.43			0.53			0.65			0.22
Net realized and unrealized gain on investments		0.35			4.77			1.52			0.30			3.38			10.60
Total from investment operations		0.56			5.24			1.95			0.83			4.03			10.82
Less Distributions
Distributions from net investment income		(0.53	)		(0.44	)		(0.43	)		(0.70	)		(0.24	)		(0.48	)
Distributions from net realized capital gains		(1.76	)		(1.15	)		(1.30	)		(14.87	)		(3.66	)		(0.63	)
Total distributions		(2.29	)		(1.59	)		(1.73	)		(15.57	)		(3.90	)		(1.11	)
Net Asset Value, End of Period	$	30.27		$	32.00		$	28.35		$	28.13		$	42.87		$	42.74
Total Return (%) (b)		1.63	(c)		18.92			7.15			2.27			10.45			33.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.87			0.88			0.87
Net ratio of expenses to average net assets (%) (e)(f)		0.72	(d)		0.72			0.73			0.73			0.74			0.82
Ratio of net investment income to average net assets (%)		1.34	(d)		1.57			1.54			1.57			1.59			0.59
Portfolio turnover rate (%)		10	(c)		13			32			25			105			11
Net assets, end of period (in millions)	$	739.3		$	794.0		$	775.8		$	829.2		$	952.4		$	1,032.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the six months ended June 30, 2018 and for the years ended December 31, 2017, 2016, 2015 and 2014. (see Note 5 of the Notes to Financial Statements).
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

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

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

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

BHFTII-13

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-14

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $57,829,751. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $41,941,572. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-15

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	411,641,227	$	0	$	652,189,478

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $6,220,070 in purchases and $33,300,007 in sales of investments, which are included above, and resulted in realized gains of $5,824,323.

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$14,133,800		0.750	%	Of the first $1 billion
		0.700	%	On the next $2 billion
		0.650	%	On amounts in excess of $3 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-16

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.120%	First $500 million
0.145%	$500 million to $1 billion
0.120%	$1 billion to $3 billion
0.080%	$3 billion to $4.5 billion
0.105%	Over $4.5 billion

An identical agreement was in place for the period May 1, 2017 through April 30, 2018. Amounts waived for the six months ended June 30, 2018 amounted to $2,274,534 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $668,631 was waived in the aggregate for the six months ended June 30, 2018 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	3,406,801,321
Gross unrealized appreciation		840,741,857
Gross unrealized depreciation		(90,619,673	)
Net unrealized appreciation (depreciation)	$	750,122,184

BHFTII-17

Brighthouse Funds Trust II

Brighthouse/Wellington Core Equity Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$61,523,508	$	70,580,396	$	151,949,263	$	169,222,024	$	213,472,771	$	239,802,420

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$69,629,084	$	212,018,867	$	842,545,498	$	—	$	1,124,193,449

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses no pre-enactment accumulated capital loss carryforwards.

BHFTII-18

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A and B shares of the Brighthouse Asset Allocation 20 Portfolio returned -0.62% and -0.81%, respectively. The Portfolio’s benchmark, the Dow Jones Conservative Index¹, returned 0.04%.

MARKET ENVIRONMENT / CONDITIONS

After nine years of being in a bull market (the second longest on record) and emerging from 2017 with record low volatility, a degree of complacency manifested among investors at the beginning of the year. Consequently, it only took a wage-growth number 0.3% higher than consensus expectations (2.9% vs. 2.6%) to trigger a spike in volatility, with the CBOE VIX Index more than quadrupling during trading on February 5^th, and the market subsequently falling approximately 10% over the span of two weeks. The growth in wages made investors anxious that the Federal Reserve (the “Fed”) would raise rates sooner than expected in an effort to tame inflation, and that the end of the bull market would consequently come sooner than anticipated. The Fed, however, tends to be less fickle than equity markets, relying on significantly more data than a single monthly input. The central bank did not deviate from their official plan for interest rate increases, and there have only been two rate hikes so far in 2018. In this time, the federal funds rate target range has been pushed to between 1.75% and 2%, and two additional rate hikes are expected before the year is over. At the same time, the Fed is actively reducing the size of its balance sheet by capping the reinvestments of principal payments from its Treasuries and Mortgage-Backed Securities holdings. As of July 2018, the Fed is letting its balance sheet shrink by an average of $40 billion per month, after reducing its balance sheet from approximately $4.44 trillion to $4.28 trillion over the first six months of the year. However, long-term rates have barely moved so far this year, with 30-year rates up just 20 basis points from 2.8% to 3%. Meanwhile, the 2-year rate has moved from 1.8% to 2.4%, resulting in a significant flattening of the yield curve.

In addition to inflation concerns, the market has been preoccupied with the evolving “trade war”. President Trump’s first volley was establishing tariffs on steel and aluminum, a move that was quickly reciprocated by China, Canada, and the European Union, leading to additional back and forth tariffs. This added to the volatility not just in the U.S., but in foreign developed markets and, in particular, emerging markets, with the latter being perceived as the biggest losers in a potential global trade war.

Despite the headline fears and an observed increase in volatility, a constellation of various economic data points optimistically suggests that 2018 may be one of the highest-growth years since the recession of ’08-‘09. As such, real gross domestic product increased at an estimated annual rate of 2.2% during the first quarter of 2018 and 4.1% during the second quarter. Although growth above 3% is expected to be only temporary (a direct result of the recently implemented tax cuts), there are strong fundamental arguments for continued moderate growth after 2018. For example, unemployment hit a record low of 3.8% in May (the lowest since the late 1960’s) before subsequently increasing to 4%. Disposable personal income and consumer spending both are at new all-time highs (although, as an ominous point that should be noted, consumer debt is setting new highs as well and is poised to reach $4 trillion by the end of the year). Capital expenditures by businesses are on track to grow approximately 26% for the first quarter (although from a depressed base), all this data in combination fuels hopes for continued economic expansion. Finally, the Trump administration has made significant progress in their efforts to reduce regulation, a move that market participants believe will help businesses grow.

All in all, U.S. equities were the best returning asset class for the first half of 2018, with the S&P 500 Index returning 2.7% and the Russell 2000 Index returning 7.7%. Non-U.S. equities, on the other hand, were a drag on globally diversified portfolios, with foreign developed equities and emerging market equities returning -2.8% and -6.7% respectively, as measured by the MSCI EAFE and the MSCI Emerging Markets indices. The rising interest rates also took a toll on fixed income investors, as the Bloomberg Barclays U.S. Aggregate Bond Index fell 1.6%, while the Bloomberg Barclays Global Treasury Index did slightly better, falling only 0.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Brighthouse Asset Allocation 20 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 20% to equities and 80% to fixed income.

Over the six-month period, the Portfolio lagged the Dow Jones Conservative Index. Positive performance within Fixed Income and a favorable overweight to equities in general did not offset headwinds from standalone underperformance within the Domestic equity and International equity portfolios, as well as an underweight to Small Cap equity.

Fixed Income was additive to relative return over the first half of 2018. The biggest contributor to performance was the BlackRock High Yield Portfolio, which outperformed its benchmark by 0.4%. The portfolio’s positions in Consumer Discretionary, Energy, and Healthcare were the largest contributors to return during the first half of 2018. In addition, tactical positions in bank loans and preferred equity also benefitted performance. The PIMCO Total Return Portfolio outperformed its benchmark by 0.2%. U.S. duration and curve positioning contributed to performance as an underweight position to the front- and long-ends of the yield curve benefitted from a general rise in interest rates. Within credit, an underweight to investment grade corporates, notably Industrials, added to performance as spreads widened. At the other end of the spectrum was the Western Asset Management Strategic Bond Opportunities Portfolio which underperformed its benchmark by 1.4%. The Portfolio’s overweight duration bias in the U.S. and select emerging market countries significantly detracted from performance over the period. In addition,

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

positions in emerging market currencies such as the Argentine peso and Brazilian real weighed on results.

Overall contribution from the Large Cap, Mid Cap, and Small Cap equity portfolios to relative performance was negative. The BlackRock Capital Appreciation Portfolio however, stood out positively as it outperformed its benchmark by 7.2% for the six-month period. Positions within the Consumer Discretionary, Technology, and Healthcare sectors were a source of strength over the period. Another strong performer was the Jennison Growth Portfolio which outperformed its benchmark by 4.7%. The main drivers of outperformance were security selection within Consumer Discretionary and Technology as well as an overweight to Consumer Discretionary. The MFS Value Portfolio, on the other hand, underperformed its benchmark by 2.0% for the period. The underperformance was predominantly driven by an underweight to Energy and poor security selection within Consumer Staples. Within Mid Cap equities, the strongest relative performance came from the Brighthouse/Artisan Mid Cap Value Portfolio, which outperformed its benchmark by 1.5% for the period. The portfolio benefitted from strong security selection within Energy, Consumer Staples, and Materials. Within the Small Cap equity sleeve, the strongest performer was the JPMorgan Small Cap Value Portfolio, which outperformed its index by 0.3%. The main drivers of outperformance were strong security selection within Energy, Consumer Discretionary, and Consumer Staples.

The non-U.S. equity portfolios overall were a headwind to relative performance. The strongest performance came from the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 2.4% over the period. The majority of the outperformance was a result of strong security selection within Technology, Consumer Discretionary, and Healthcare, in addition to a favorable overweight to Technology. On the other hand, the Harris Oakmark International Portfolio conspicuously lagged its benchmark by 4.6%. The Portfolio lagged due to poor security selection within Consumer Discretionary, Financials, and Basic Materials. In addition, an overweight to Financials and underweight to Energy also detracted from relative performance. Lastly, Brighthouse/Aberdeen Emerging Markets Equity Portfolio underperformed its benchmark by 4.2% for the period as poor security selection within Basic Materials, Consumer Staples, and Energy dragged on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES CONSERVATIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 20 Portfolio
Class A		-0.62		2.55		3.94		4.96
Class B		-0.81		2.19		3.65		4.69
Dow Jones Conservative Index		0.04		2.70		3.01		4.01

¹ The Dow Jones Conservative Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 20% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Western Asset Management U.S. Government Portfolio (Class A)		13.1
BlackRock Bond Income Portfolio (Class A)		12.6
PIMCO Total Return Portfolio (Class A)		12.1
TCW Core Fixed Income Portfolio (Class A)		9.6
PIMCO Inflation Protected Bond Portfolio (Class A)		9.0
JPMorgan Core Bond Portfolio (Class A)		8.6
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		5.0
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		5.0
Brighthouse/Templeton International Bond Portfolio (Class A)		2.5
MFS Value Portfolio (Class A)		2.2

Asset Allocation

	% of Net Assets
Investment Grade Fixed Income		69.9
U.S. Large Cap Equities		10.6
High Yield Fixed Income		7.5
International Developed Market Equities		4.6
International Fixed Income		2.5
U.S. Small Cap Equities		2.2
Global Equities		1.5
Real Estate Equities		0.5
U.S. Mid Cap Equities		0.5
Emerging Market Equities		0.2

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 20 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a) (b)	Actual		0.60	%	$	1,000.00	$	993.80	$	2.97
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01
Class B (a) (b)	Actual		0.85	%	$	1,000.00	$	991.90	$	4.20
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26

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

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

(a) The annualized expense ratio shown reflects an expense limitation agreement between Brighthouse Investment Advisers, LLC and the Portfolio as described in Note 5 of the Notes to Financial Statements.

(b) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Schedule of Investments as of June 30, 2018 (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)		660,763	$	8,490,809
BlackRock Bond Income Portfolio (Class A) (a)		718,164		73,166,522
BlackRock Capital Appreciation Portfolio (Class A) (a)		99,004		4,294,797
BlackRock High Yield Portfolio (Class A) (b)		388,735		2,907,737
Brighthouse Small Cap Value Portfolio (Class A) (b)		175,554		2,872,057
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		139,502		1,378,281
Brighthouse/Artisan International Portfolio (Class A) (b)		516,692		5,606,110
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		5,848		1,445,990
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		1,147,748		11,672,596
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		3,095,264		29,219,291
Brighthouse/Templeton International Bond Portfolio (Class A) (b) (c)		1,446,039		14,417,011
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		331,118		10,115,644
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		395,882		5,748,207
Clarion Global Real Estate Portfolio (Class A) (b)		254,658		2,926,022
Harris Oakmark International Portfolio (Class A) (b)		556,713		8,228,225
Invesco Comstock Portfolio (Class A) (b)		761,881		11,504,403
Jennison Growth Portfolio (Class A) (a)		263,168		4,258,058
JPMorgan Core Bond Portfolio (Class A) (b)		5,049,375		49,736,347
JPMorgan Small Cap Value Portfolio (Class A) (b)		164,830		2,861,444
MFS Research International Portfolio (Class A) (b)		351,651		4,339,375
MFS Value Portfolio (Class A) (a)		879,838		13,004,005
Neuberger Berman Genesis Portfolio (Class A) (a)		137,234		2,853,086
Oppenheimer Global Equity Portfolio (Class A) (b)		59,698		1,430,359

Security Description	Shares		Value
Affiliated Investment Companies—(Continued)
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		5,396,588	$	52,616,734
PIMCO Total Return Portfolio (Class A) (b)		6,258,540		70,283,409
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		186,671		4,285,976
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		278,286		8,699,218
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		130,745		1,426,428
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		175,044		4,286,823
TCW Core Fixed Income Portfolio (Class A) (b)		5,660,647		55,587,549
Van Eck Global Natural Resources Portfolio (Class A) (a)		662,356		7,080,590
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		2,275,193		29,099,718
Western Asset Management U.S. Government Portfolio (Class A) (a)		6,732,787		76,080,495
Total Mutual Funds (Cost $601,145,353)				581,923,316
Total Investments—100.1% (Cost $601,145,353)				581,923,316
Other assets and liabilities (net)—(0.1)%				(312,283	)
Net Assets—100.0%			$	581,611,033

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	581,923,316	$	—	$	—	$	581,923,316
Total Investments	$	581,923,316	$	—	$	—	$	581,923,316

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Affiliated investments at value (a)	$	581,923,316
Receivable for:
Affiliated investments sold		139,676
Fund shares sold		11,784
Due from investment adviser		13,051
Total Assets		582,087,827
Liabilities
Payables for:
Affiliated investments purchased		5,402
Fund shares redeemed		146,058
Accrued Expenses:
Management fees		46,423
Distribution and service fees		112,901
Deferred trustees’ fees		113,593
Other expenses		52,417
Total Liabilities		476,794
Net Assets	$	581,611,033
Net Assets Consist of:
Paid in surplus	$	584,807,073
Undistributed net investment income		12,405,861
Accumulated net realized gain		3,620,136
Unrealized depreciation on affiliated investments		(19,222,037	)
Net Assets	$	581,611,033
Net Assets
Class A	$	37,074,206
Class B		544,536,827
Capital Shares Outstanding*
Class A		3,518,872
Class B		52,048,912
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.54
Class B		10.46

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $601,145,353.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends from affiliated investments	$	13,673,373
Total investment income		13,673,373
Expenses
Management fees		286,451
Administration fees		11,041
Custodian and accounting fees		13,732
Distribution and service fees—Class B		701,227
Audit and tax services		15,684
Legal		21,433
Trustees’ fees and expenses		20,718
Miscellaneous		2,245
Total expenses		1,072,531
Less expenses reimbursed by the Adviser		(72,017	)
Net expenses		1,000,514
Net Investment Income		12,672,859
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		3,068,247
Capital gain distributions from affiliated investments		7,799,655
Net realized gain		10,867,902
Net change in unrealized depreciation on affiliated investments		(28,289,879	)
Net realized and unrealized loss		(17,421,977	)
Net Decrease in Net Assets From Operations	$	(4,749,118	)

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	12,672,859		$	12,124,716
Net realized gain		10,867,902			6,825,212
Net change in unrealized appreciation (depreciation)		(28,289,879	)		24,219,748
Increase (decrease) in net assets from operations		(4,749,118	)		43,169,676
From Distributions to Shareholders
Net investment income
Class A		(894,739	)		(947,275	)
Class B		(11,898,709	)		(12,419,033	)
Net realized capital gains
Class A		(467,704	)		(651,251	)
Class B		(7,017,188	)		(9,628,854	)
Total distributions		(20,278,340	)		(23,646,413	)
Decrease in net assets from capital share transactions		(21,773,034	)		(56,585,690	)
Total decrease in net assets		(46,800,492	)		(37,062,427	)
Net Assets
Beginning of period		628,411,525			665,473,952
End of period	$	581,611,033		$	628,411,525
Undistributed net investment income
End of period	$	12,405,861		$	12,526,450

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		174,580		$	1,899,881			399,659		$	4,354,795
Reinvestments		129,142			1,362,443			149,535			1,598,526
Redemptions		(371,574	)		(4,054,417	)		(819,017	)		(8,927,209	)
Net decrease		(67,852	)	$	(792,093	)		(269,823	)	$	(2,973,888	)
Class B
Sales		3,011,149		$	32,592,741			5,752,405		$	62,167,159
Reinvestments		1,806,676			18,915,897			2,078,029			22,047,887
Redemptions		(6,703,549	)		(72,489,579	)		(12,761,341	)		(137,826,848	)
Net decrease		(1,885,724	)	$	(20,980,941	)		(4,930,907	)	$	(53,611,802	)
Decrease derived from capital shares transactions				$	(21,773,034	)				$	(56,585,690	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.01		$	10.69		$	10.94		$	11.59		$	12.05		$	11.94
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.23			0.23			0.36			0.25			0.33
Net realized and unrealized gain (loss) on investments		(0.31	)		0.53			0.28			(0.38	)		0.29			0.20
Total from investment operations		(0.07	)		0.76			0.51			(0.02	)		0.54			0.53
Less Distributions
Distributions from net investment income		(0.26	)		(0.26	)		(0.39	)		(0.27	)		(0.50	)		(0.36	)
Distributions from net realized capital gains		(0.14	)		(0.18	)		(0.37	)		(0.36	)		(0.50	)		(0.06	)
Total distributions		(0.40	)		(0.44	)		(0.76	)		(0.63	)		(1.00	)		(0.42	)
Net Asset Value, End of Period	$	10.54		$	11.01		$	10.69		$	10.94		$	11.59		$	12.05
Total Return (%) (b)		(0.62	)(c)		7.16			4.76			(0.23	)		4.73			4.50
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.12	(e)		0.12			0.12			0.11			0.12			0.11
Net ratio of expenses to average net assets (%) (d)(f)		0.10	(e)		0.10			0.10			0.10			0.10			0.10
Ratio of net investment income to average net assets (%) (g)		2.17	(e)(h)		2.13			2.15			3.20			2.17			2.73
Portfolio turnover rate (%)		8	(c)		11			14			21			16			18
Net assets, end of period (in millions)	$	37.1		$	39.5		$	41.2		$	47.5		$	50.1		$	50.5
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.92		$	10.60		$	10.85		$	11.51		$	11.97		$	11.86
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.20			0.20			0.33			0.22			0.29
Net realized and unrealized gain (loss) on investments		(0.32	)		0.53			0.28			(0.39	)		0.28			0.22
Total from investment operations		(0.09	)		0.73			0.48			(0.06	)		0.50			0.51
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.36	)		(0.24	)		(0.46	)		(0.34	)
Distributions from net realized capital gains		(0.14	)		(0.18	)		(0.37	)		(0.36	)		(0.50	)		(0.06	)
Total distributions		(0.37	)		(0.41	)		(0.73	)		(0.60	)		(0.96	)		(0.40	)
Net Asset Value, End of Period	$	10.46		$	10.92		$	10.60		$	10.85		$	11.51		$	11.97
Total Return (%) (b)		(0.81	)(c)		6.93			4.53			(0.59	)		4.47			4.29
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.37	(e)		0.37			0.37			0.36			0.37			0.36
Net ratio of expenses to average net assets (%) (d)(f)		0.35	(e)		0.35			0.35			0.35			0.35			0.35
Ratio of net investment income to average net assets (%) (g)		1.92	(e)(h)		1.86			1.83			2.89			1.89			2.49
Portfolio turnover rate (%)		8	(c)		11			14			21			16			18
Net assets, end of period (in millions)	$	544.5		$	588.9		$	624.2		$	615.4		$	653.6		$	653.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).
(g)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(h)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 20 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Asset Allocation Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

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

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

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

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	47,483,726	$	0	$	69,072,323

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2018	% per annum			Average Daily Net Assets
$286,451		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Expense Limitation Agreement - Pursuant to an expense agreement relating to each class of the Asset Allocation Portfolio, Brighthouse Investment Advisers has contractually agreed, from April 30, 2018 to April 30, 2019, to waive a portion of its advisory fees or pay a portion of the other operating expenses (not including acquired fund fees and expenses, brokerage costs, interest, taxes, or extraordinary expenses) to the extent total operating expenses exceed stated annual expense limits (based on the Asset Allocation Portfolio’s then-current fiscal year). For the Asset Allocation Portfolio, this subsidy, and identical subsidies in effect in earlier periods, are subject to the obligation of each class of the Asset Allocation Portfolio to repay Brighthouse Investment Advisers in future years, if any, when a class’ expenses fall below the stated expense limit pertaining to that class that was in effect at the time of the subsidy in question. Such deferred expenses may be charged to a class in a subsequent year to the extent that the charge does not cause the total expenses in such subsequent year to exceed the class’ stated expense limit that was in effect at the time of the subsidy in question; provided, however, that no class of the Asset Allocation Portfolio is obligated to repay any expense paid by Brighthouse Investment Advisers more than five years after the end of the fiscal year in which such expense was incurred. The expense limits (annual rates as a percentage of each class of the Asset Allocation Portfolio’s net average daily net assets) in effect from April 30, 2018 to April 30, 2019 are 0.10% and 0.35% for Class A and B, respectively.

As of June 30, 2018, the amount of expenses deferred in 2013 subject to repayment until December 31, 2018 was $61,885. The amount of expenses deferred in 2014 subject to repayment until December 31, 2019 was $111,213. The amount of expenses deferred in 2015 subject to repayment until December 31, 2020 was $99,092. The amount of expenses deferred in 2016 subject to repayment until December 31, 2021 was $120,106. The amount of expenses deferred in 2017 subject to repayment until December 31, 2022 was $143,509. The amount of expenses deferred in 2018 subject to repayment until December 31, 2023 was $72,017.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts incurred by the Asset Allocation Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2018 were as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	6,313,986	$	3,295,102	$	(767,352	)	$	195,122		$	(546,049	)	$	8,490,809
BlackRock Bond Income Portfolio (Class A)		78,650,584		3,347,469		(5,243,261	)		(243,501	)		(3,344,769	)		73,166,522
BlackRock Capital Appreciation Portfolio (Class A)		6,263,239		854,349		(3,061,873	)		697,478			(458,396	)		4,294,797
BlackRock High Yield Portfolio (Class A)		3,145,741		182,575		(285,874	)		(11,766	)		(122,939	)		2,907,737
Brighthouse Small Cap Value Portfolio (Class A)		3,125,660		378,963		(534,327	)		108,896			(207,135	)		2,872,057
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		1,584,367		204,087		(212,999	)		39,087			(236,261	)		1,378,281
Brighthouse/Artisan International Portfolio (Class A)		3,150,093		3,166,596		(456,905	)		94,462			(348,136	)		5,606,110
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,563,770		167,582		(223,457	)		35,863			(97,768	)		1,445,990

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)	$	12,570,129	$	555,895	$	(1,275,667	)	$	69,709		$	(247,470	)	$	11,672,596
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		31,425,249		893,338		(2,543,762	)		(112,008	)		(443,526	)		29,219,291
Brighthouse/Templeton International Bond Portfolio (Class A)		15,497,679		271,433		(1,204,239	)		(87,889	)		(59,973	)		14,417,011
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		12,549,930		1,414,019		(3,336,642	)		21,359			(533,022	)		10,115,644
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		6,261,927		1,032,975		(1,041,184	)		209,194			(714,705	)		5,748,207
Clarion Global Real Estate Portfolio (Class A)		3,156,676		378,408		(377,448	)		2,113			(233,727	)		2,926,022
Harris Oakmark International Portfolio (Class A)		7,874,391		2,541,430		(1,094,953	)		345,290			(1,437,933	)		8,228,225
Invesco Comstock Portfolio (Class A)		15,655,828		1,957,028		(5,263,627	)		911,094			(1,755,920	)		11,504,403
Jennison Growth Portfolio (Class A)		6,250,492		978,155		(3,037,196	)		702,791			(636,184	)		4,258,058
JPMorgan Core Bond Portfolio (Class A)		53,452,067		2,112,182		(3,562,662	)		(201,729	)		(2,063,511	)		49,736,347
JPMorgan Small Cap Value Portfolio (Class A)		3,122,384		390,814		(631,122	)		74,851			(95,483	)		2,861,444
MFS Research International Portfolio (Class A)		4,730,848		378,711		(626,347	)		66,046			(209,883	)		4,339,375
MFS Value Portfolio (Class A)		14,126,846		1,963,403		(3,064,839	)		(38,676	)		17,271			13,004,005
MFS Value Portfolio II (Class A)		1,569,487		534,039		(146,635	)		27,451			(1,984,342	)		—
Neuberger Berman Genesis Portfolio (Class A)		3,135,419		518,008		(582,321	)		136,706			(354,726	)		2,853,086
Oppenheimer Global Equity Portfolio (Class A)		1,566,573		250,855		(274,253	)		80,131			(192,947	)		1,430,359
PIMCO Inflation Protected Bond Portfolio (Class A)		56,790,731		1,559,273		(4,571,139	)		(613,324	)		(548,807	)		52,616,734
PIMCO Total Return Portfolio (Class A)		75,557,422		1,933,120		(5,040,010	)		(276,346	)		(1,890,777	)		70,283,409
T. Rowe Price Large Cap Growth Portfolio (Class A)		6,250,221		1,089,462		(2,843,769	)		570,021			(779,959	)		4,285,976
T. Rowe Price Large Cap Value Portfolio (Class A)		12,533,461		1,707,930		(4,459,400	)		202,351			(1,285,124	)		8,699,218
T. Rowe Price Mid Cap Growth Portfolio (Class A)		1,565,947		263,963		(294,507	)		23,068			(132,043	)		1,426,428
T. Rowe Price Small Cap Growth Portfolio (Class A)		3,135,170		1,866,384		(649,047	)		59,498			(125,182	)		4,286,823
TCW Core Fixed Income Portfolio (Class A)		59,787,160		2,131,957		(4,056,296	)		(1,842	)		(2,273,430	)		55,587,549
Van Eck Global Natural Resources Portfolio (Class A)		3,148,730		4,634,605		(579,950	)		49,993			(172,788	)		7,080,590
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		31,459,301		1,914,983		(1,801,772	)		154,687			(2,627,481	)		29,099,718
Western Asset Management U.S. Government Portfolio (Class A)		81,762,037		2,614,633		(5,927,488	)		(221,933	)		(2,146,754	)		76,080,495
	$	628,733,545	$	47,483,726	$	(69,072,323	)	$	3,068,247		$	(28,289,879	)	$	581,923,316

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	—	$	98,535		660,763
BlackRock Bond Income Portfolio (Class A)		—		2,495,903		718,164
BlackRock Capital Appreciation Portfolio (Class A)		559,183		5,276		99,004
BlackRock High Yield Portfolio (Class A)		—		150,605		388,735
Brighthouse Small Cap Value Portfolio (Class A)		152,055		36,394		175,554
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		40,863		139,502
Brighthouse/Artisan International Portfolio (Class A)		—		84,542		516,692
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		76,278		9,033		5,848
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		452,703		1,147,748
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		601,771		3,095,264
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		1,446,039
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		545,272		179,695		331,118
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		665,567		59,996		395,882
Clarion Global Real Estate Portfolio (Class A)		—		178,065		254,658
Harris Oakmark International Portfolio (Class A)		332,523		158,271		556,713
Invesco Comstock Portfolio (Class A)		856,909		101,061		761,881
Jennison Growth Portfolio (Class A)		620,026		14,621		263,168
JPMorgan Core Bond Portfolio (Class A)		—		1,499,742		5,049,375
JPMorgan Small Cap Value Portfolio (Class A)		161,677		36,915		164,830
MFS Research International Portfolio (Class A)		—		94,767		351,651
MFS Value Portfolio (Class A)		824,242		196,287		879,838
MFS Value Portfolio II (Class A)		398,148		47,887		—
Neuberger Berman Genesis Portfolio (Class A)		351,513		10,075		137,234
Oppenheimer Global Equity Portfolio (Class A)		132,943		17,603		59,698
PIMCO Inflation Protected Bond Portfolio (Class A)		—		971,032		5,396,588
PIMCO Total Return Portfolio (Class A)		—		1,123,251		6,258,540
T. Rowe Price Large Cap Growth Portfolio (Class A)		760,725		17,848		186,671

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 20 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2018
T. Rowe Price Large Cap Value Portfolio (Class A)	$	824,038	$	176,757		278,286
T. Rowe Price Mid Cap Growth Portfolio (Class A)		189,101		—		130,745
T. Rowe Price Small Cap Growth Portfolio (Class A)		349,455		5,081		175,044
TCW Core Fixed Income Portfolio (Class A)		—		1,443,176		5,660,647
Van Eck Global Natural Resources Portfolio (Class A)		—		11,804		662,356
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		1,574,312		2,275,193
Western Asset Management U.S. Government Portfolio (Class A)		—		1,779,502		6,732,787
	$	7,799,655	$	13,673,373

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	608,225,824
Gross unrealized appreciation		8,082,519
Gross unrealized depreciation		(34,385,027	)
Net unrealized appreciation (depreciation)	$	(26,302,508	)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$13,366,308	$	22,479,670	$	10,280,105	$	23,047,561	$	23,646,413	$	45,527,231

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$12,708,379	$	7,252,421	$	1,987,370	$	—	$	21,948,170

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

As of December 31, 2017, the Asset Allocation Portfolio had no accumulated capital losses no pre-enactment accumulated capital loss carryforwards.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six-month period ended June 30, 2018, the Class A and B shares of the Brighthouse Asset Allocation 40 Portfolio returned -0.20% and -0.31%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Conservative Index¹, returned -0.14%.

MARKET ENVIRONMENT / CONDITIONS

After nine years of being in a bull market (the second longest on record) and emerging from 2017 with record low volatility, a degree of complacency manifested among investors at the beginning of the year. Consequently, it only took a wage-growth number 0.3% higher than consensus expectations (2.9% vs. 2.6%) to trigger a spike in volatility, with the CBOE VIX Index more than quadrupling during trading on February 5^th, and the market subsequently falling approximately 10% over the span of two weeks. The growth in wages made investors anxious that the Federal Reserve (the “Fed”) would raise rates sooner than expected in an effort to tame inflation, and that the end of the bull market would consequently come sooner than anticipated. The Fed, however, tends to be less fickle than equity markets, relying on significantly more data than a single monthly input. The central bank did not deviate from their official plan for interest rate increases, and there have only been two rate hikes so far in 2018. In this time, the federal funds rate target range has been pushed to between 1.75% and 2%, and two additional rate hikes are expected before the year is over. At the same time, the Fed is actively reducing the size of its balance sheet by capping the reinvestments of principal payments from its Treasuries and Mortgage-Backed Securities holdings. As of July 2018, the Fed is letting its balance sheet shrink by an average of $40 billion per month, after reducing its balance sheet from approximately $4.44 trillion to $4.28 trillion over the first six months of the year. However, long-term rates have barely moved so far this year, with 30-year rates up just 20 basis points from 2.8% to 3%. Meanwhile, the 2-year rate has moved from 1.8% to 2.4%, resulting in a significant flattening of the yield curve.

In addition to inflation concerns, the market has been preoccupied with the evolving “trade war”. President Trump’s first volley was establishing tariffs on steel and aluminum, a move that was quickly reciprocated by China, Canada, and the European Union, leading to additional back and forth tariffs. This added to the volatility not just in the U.S., but in foreign developed markets and, in particular, emerging markets, with the latter being perceived as the biggest losers in a potential global trade war.

Despite the headline fears and an observed increase in volatility, a constellation of various economic data points optimistically suggests that 2018 may be one of the highest-growth years since the recession of ’08-‘09. As such, real gross domestic product increased at an estimated annual rate of 2.2% during the first quarter of 2018 and 4.1% during the second quarter. Although growth above 3% is expected to be only temporary (a direct result of the recently implemented tax cuts), there are strong fundamental arguments for continued moderate growth after 2018. For example, unemployment hit a record low of 3.8% in May (the lowest since the late 1960’s) before subsequently increasing to 4%. Disposable personal income and consumer spending both are at new all-time highs (although, as an ominous point that should be noted, consumer debt is setting new highs as well and is poised to reach $4 trillion by the end of the year). Capital expenditures by businesses are on track to grow approximately 26% for the first quarter (although from a depressed base), all this data in combination fuels hopes for continued economic expansion. Finally, the Trump administration has made significant progress in their efforts to reduce regulation, a move that market participants believe will help businesses grow.

All in all, U.S. equities were the best returning asset class for the first half of 2018, with the S&P 500 Index returning 2.7% and the Russell 2000 Index returning 7.7%. Non-U.S. equities, on the other hand, were a drag on globally diversified portfolios, with foreign developed equities and emerging market equities returning -2.8% and -6.7% respectively, as measured by the MSCI EAFE and the MSCI Emerging Markets indices. The rising interest rates also took a toll on fixed income investors, as the Bloomberg Barclays U.S. Aggregate Bond Index fell 1.6%, while the Bloomberg Barclays Global Treasury Index did slightly better, falling only 0.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Brighthouse Asset Allocation 40 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 40% to equities and 60% to fixed income.

Over the six-month period, the Portfolio slightly lagged the Dow Jones Moderately Conservative Index. Positive performance within Fixed Income and Small Cap portfolio and a favorable overweight to equities in general did not offset headwinds from underperformance within the Domestic equity and International equity portfolios, as well as an underweight to Small Cap equity.

Fixed Income was additive to relative return over the first half of 2018. The biggest contributor to performance was the BlackRock High Yield Portfolio, which outperformed its benchmark by 0.4%. The portfolio’s positions in Consumer Discretionary, Energy, and Healthcare were the largest contributors to return during the first half of 2018. In addition, tactical positions in bank loans and preferred equity also benefitted performance. The PIMCO Total Return Portfolio outperformed its benchmark by 0.2%. U.S. duration and curve positioning contributed to performance as an underweight position to the front- and long-ends of the yield curve benefitted from a general rise in interest rates. Within credit, an underweight to investment grade corporates, notably Industrials, added to performance as spreads widened. At the other end of the spectrum was the Western Asset Management Strategic Bond Opportunities Portfolio which underperformed its benchmark by 1.4%. The portfolio’s overweight duration bias in the U.S. and select emerging market countries significantly detracted from performance over the period. In addition,

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

positions in emerging market currencies such as the Argentine peso and Brazilian real weighed on results.

Contribution from the underlying domestic equity portfolios to relative performance was negative. Positive performance from Small Cap managers did not counterbalance negative results from Large Cap and Mid Cap portfolios. The BlackRock Capital Appreciation Portfolio stood out positively as it outperformed its benchmark by 7.2% for the six-month period. Positions within the Consumer Discretionary, Technology, and Healthcare sectors were a source of strength over the period. Another strong performer was the Jennison Growth Portfolio which outperformed its benchmark by 4.7%. The main drivers of outperformance were security selection within Consumer Discretionary and Technology as well as an overweight to Consumer Discretionary. The MFS Value Portfolio, on the other hand, slightly underperformed its benchmark by 2.0% for the period. The underperformance was predominantly driven by an underweight to Energy and poor security selection within Consumer Staples. Only one of three Mid Cap equity portfolios managed to outperform their respective benchmarks in the first half of 2018. The biggest underperformer in the Mid Cap sleeve was the Wells Capital Management Mid Cap Value Portfolio, which lagged its benchmark by 2%. While the portfolio benefitted from strong security selection within Technology and Utilities, it was insufficient to make up for the drag on performance stemming from suboptimal security selection within Consumer Staples, Real Estate, and Basic Materials. Within the Small Cap equity sleeve, the strongest performer was the JPMorgan Small Cap Value Portfolio, which outperformed its index by 0.3%. The main drivers of outperformance were strong security selection within Energy, Consumer Discretionary, and Consumer Staples.

The non-U.S. equity portfolios overall were a headwind to relative performance. The strongest performance came from the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 2.4% over the period. The majority of the outperformance was a result of strong security selection within Technology, Consumer Discretionary, and Healthcare, in addition to a favorable overweight to Technology. On the other hand, the Harris Oakmark International Portfolio conspicuously lagged its benchmark by 4.6%. The portfolio lagged due to poor security selection within Consumer Discretionary, Financials, and Basic Materials. In addition, an overweight to Financials and underweight to Energy also detracted from relative performance. Lastly, Brighthouse/Aberdeen Emerging Markets Equity Portfolio underperformed its benchmark by 4.2% for the period as poor security selection within Basic Materials, Consumer Staples, and Energy dragged on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY CONSERVATIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 40 Portfolio
Class A		-0.20		4.90		5.74		5.93
Class B		-0.31		4.56		5.46		5.66
Dow Jones Moderately Conservative Index		-0.14		4.98		5.26		5.21

¹ The Dow Jones Moderately Conservative Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 40% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		9.7
PIMCO Total Return Portfolio (Class A)		9.1
Western Asset Management U.S. Government Portfolio (Class A)		8.1
TCW Core Fixed Income Portfolio (Class A)		7.6
JPMorgan Core Bond Portfolio (Class A)		6.6
PIMCO Inflation Protected Bond Portfolio (Class A)		6.1
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		4.0
MFS Value Portfolio (Class A)		4.0
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		3.8
T. Rowe Price Large Cap Value Portfolio (Class A)		3.5

Asset Allocation

	% of Net Assets
Investment Grade Fixed Income		50.3
U.S. Large Cap Equities		22.5
International Developed Market Equities		8.6
High Yield Fixed Income		6.6
U.S. Small Cap Equities		3.5
International Fixed Income		3.0
Global Equities		2.9
U.S. Mid Cap Equities		1.0
Emerging Market Equities		0.9
Real Estate Equities		0.8

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 40 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.60	%	$	1,000.00	$	998.00	$	2.97
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01
Class B (a)	Actual		0.85	%	$	1,000.00	$	996.90	$	4.21
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.58	$	4.26

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		12,131,302	$	155,887,225
BlackRock Bond Income Portfolio (Class A) (a)		5,698,534		580,566,601
BlackRock Capital Appreciation Portfolio (Class A) (a)		2,411,739		104,621,235
BlackRock High Yield Portfolio (Class A) (b)		4,065,245		30,408,033
Brighthouse Small Cap Value Portfolio (Class A) (b)		2,752,375		45,028,860
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		5,531,700		54,653,200
Brighthouse/Artisan International Portfolio (Class A) (b)		10,301,294		111,769,042
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		61,182		15,128,489
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		11,991,023		121,948,701
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		19,402,985		183,164,175
Brighthouse/Templeton International Bond Portfolio (Class A) (b) (c)		17,943,595		178,897,645
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		7,412,576		226,454,195
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		9,314,919		135,252,627
Clarion Global Real Estate Portfolio (Class A) (b)		3,989,562		45,840,071
ClearBridge Aggressive Growth Portfolio (Class A) (b)		3,235,629		60,117,991
Harris Oakmark International Portfolio (Class A) (b)		10,973,030		162,181,377
Invesco Comstock Portfolio (Class A) (b)		12,934,124		195,305,279
Invesco Small Cap Growth Portfolio (Class A) (b)		1,966,772		29,540,911
Jennison Growth Portfolio (Class A) (a)		4,568,112		73,912,049
JPMorgan Core Bond Portfolio (Class A) (b)		40,332,129		397,271,467
JPMorgan Small Cap Value Portfolio (Class A) (b)		2,586,789		44,906,650
MFS Research International Portfolio (Class A) (b)		7,297,137		90,046,674
MFS Value Portfolio (Class A) (a)		16,329,080		241,343,802
Neuberger Berman Genesis Portfolio (Class A) (a)		1,432,063		29,772,596
Affiliated Investment Companies—(Continued)
Oppenheimer Global Equity Portfolio (Class A) (b)		2,488,505		59,624,574
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		37,644,619		367,035,037
PIMCO Total Return Portfolio (Class A) (b)		49,003,594		550,310,362
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		4,544,816		104,348,966
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		6,797,729		212,497,010
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		2,728,439		29,767,273
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		2,437,024		59,682,717
TCW Core Fixed Income Portfolio (Class A) (b)		46,682,060		458,417,828
Van Eck Global Natural Resources Portfolio (Class A) (a)		10,723,491		114,634,114
Wells Capital Management Mid Cap Value Portfolio (Class A) (b)		1,351,357		15,148,712
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		18,914,557		241,917,180
Western Asset Management U.S. Government Portfolio (Class A) (a)		43,263,500		488,877,555
Total Mutual Funds (Cost $6,023,169,615)				6,016,280,223
Total Investments—100.0% (Cost $6,023,169,615)				6,016,280,223
Other assets and liabilities (net)—0.0%				(1,760,092	)
Net Assets—100.0%			$	6,014,520,131

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	6,016,280,223	$	—	$	—	$	6,016,280,223
Total Investments	$	6,016,280,223	$	—	$	—	$	6,016,280,223

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Affiliated investments at value (a)	$	6,016,280,223
Receivable for:
Affiliated investments sold		4,173,508
Fund shares sold		46,007
Total Assets		6,020,499,738
Liabilities
Payables for:
Fund shares redeemed		4,219,515
Accrued Expenses:
Management fees		280,432
Distribution and service fees		1,231,342
Deferred trustees’ fees		197,473
Other expenses		50,845
Total Liabilities		5,979,607
Net Assets	$	6,014,520,131
Net Assets Consist of:
Paid in surplus	$	5,668,324,268
Undistributed net investment income		116,302,207
Accumulated net realized gain		236,783,048
Unrealized depreciation on affiliated investments		(6,889,392	)
Net Assets	$	6,014,520,131
Net Assets
Class A	$	80,618,482
Class B		5,933,901,649
Capital Shares Outstanding*
Class A		7,129,451
Class B		529,717,995
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.31
Class B		11.20

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $6,023,169,615.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends from affiliated investments	$	126,419,085
Total investment income		126,419,085
Expenses
Management fees		1,745,430
Administration fees		11,041
Custodian and accounting fees		13,732
Distribution and service fees—Class B		7,693,962
Audit and tax services		15,684
Legal		21,433
Trustees’ fees and expenses		20,718
Miscellaneous		4,842
Total expenses		9,526,842
Net Investment Income		116,892,243
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		109,787,974
Capital gain distributions from affiliated investments		166,883,634
Net realized gain		276,671,608
Net change in unrealized depreciation on affiliated investments		(413,163,001	)
Net realized and unrealized loss		(136,491,393	)
Net Decrease in Net Assets From Operations	$	(19,599,150	)

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	116,892,243		$	113,633,377
Net realized gain		276,671,608			192,716,050
Net change in unrealized appreciation (depreciation)		(413,163,001	)		377,130,095
Increase (decrease) in net assets from operations		(19,599,150	)		683,479,522
From Distributions to Shareholders
Net investment income
Class A		(1,814,658	)		(1,894,168	)
Class B		(118,625,191	)		(129,964,072	)
Net realized capital gains
Class A		(2,405,952	)		(2,618,831	)
Class B		(179,458,622	)		(203,591,787	)
Total distributions		(302,304,423	)		(338,068,858	)
Decrease in net assets from capital share transactions		(197,081,755	)		(633,085,723	)
Total decrease in net assets		(518,985,328	)		(287,675,059	)
Net Assets
Beginning of period		6,533,505,459			6,821,180,518
End of period	$	6,014,520,131		$	6,533,505,459
Undistributed net investment income
End of period	$	116,302,207		$	119,849,813

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		238,523		$	2,843,866			599,667		$	7,005,410
Reinvestments		370,554			4,220,610			396,921			4,512,999
Redemptions		(628,275	)		(7,471,972	)		(1,857,552	)		(21,746,447	)
Net decrease		(19,198	)	$	(407,496	)		(860,964	)	$	(10,228,038	)
Class B
Sales		2,253,408		$	26,523,230			4,797,937		$	55,532,011
Reinvestments		26,425,870			298,083,813			29,596,793			333,555,859
Redemptions		(44,263,122	)		(521,281,302	)		(87,555,984	)		(1,011,945,555	)
Net decrease		(15,583,844	)	$	(196,674,259	)		(53,161,254	)	$	(622,857,685	)
Decrease derived from capital shares transactions				$	(197,081,755	)				$	(633,085,723	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.95		$	11.36		$	11.90		$	12.74		$	12.99		$	12.14
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.22			0.23			0.36			0.24			0.29
Net realized and unrealized gain (loss) on investments		(0.26	)		1.00			0.48			(0.44	)		0.40			1.04
Total from investment operations		(0.02	)		1.22			0.71			(0.08	)		0.64			1.33
Less Distributions
Distributions from net investment income		(0.27	)		(0.26	)		(0.46	)		(0.06	)		(0.41	)		(0.35	)
Distributions from net realized capital gains		(0.35	)		(0.37	)		(0.79	)		(0.70	)		(0.48	)		(0.13	)
Total distributions		(0.62	)		(0.63	)		(1.25	)		(0.76	)		(0.89	)		(0.48	)
Net Asset Value, End of Period	$	11.31		$	11.95		$	11.36		$	11.90		$	12.74		$	12.99
Total Return (%) (b)		(0.20	)(c)		11.01			6.33			(0.78	)		5.16			11.20
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.06	(e)		0.06			0.06			0.06			0.06			0.08
Ratio of net investment income to average net assets (%) (f)		1.97	(e)(g)		1.91			1.97			2.85			1.92			2.31
Portfolio turnover rate (%)		7	(c)		6			8			16			15			15
Net assets, end of period (in millions)	$	80.6		$	85.4		$	91.0		$	102.6		$	112.9		$	107.7
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.82		$	11.25		$	11.79		$	12.64		$	12.89		$	12.05
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.20			0.19			0.32			0.03			0.26
Net realized and unrealized gain (loss) on investments		(0.26	)		0.97			0.49			(0.43	)		0.57			1.03
Total from investment operations		(0.04	)		1.17			0.68			(0.11	)		0.60			1.29
Less Distributions
Distributions from net investment income		(0.23	)		(0.23	)		(0.43	)		(0.04	)		(0.37	)		(0.32	)
Distributions from net realized capital gains		(0.35	)		(0.37	)		(0.79	)		(0.70	)		(0.48	)		(0.13	)
Total distributions		(0.58	)		(0.60	)		(1.22	)		(0.74	)		(0.85	)		(0.45	)
Net Asset Value, End of Period	$	11.20		$	11.82		$	11.25		$	11.79		$	12.64		$	12.89
Total Return (%) (b)		(0.31	)(c)		10.64			6.09			(1.07	)		4.93			10.92
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.31	(e)		0.31			0.31			0.31			0.31			0.33
Ratio of net investment income to average net assets (%) (f)		1.70	(e)(g)		1.70			1.71			2.62			0.21			2.10
Portfolio turnover rate (%)		7	(c)		6			8			16			15			15
Net assets, end of period (in millions)	$	5,933.9		$	6,448.1		$	6,730.2		$	7,152.6		$	8,304.3		$	1,678.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 40 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Asset Allocation Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

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

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

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

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	446,587,199	$	0	$	662,376,124

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$1,745,430		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

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

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts incurred by the Asset Allocation Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2018 were as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	131,609,609	$	39,583,395	$	(8,580,030	)	$	3,243,573		$	(9,969,322	)	$	155,887,225
BlackRock Bond Income Portfolio (Class A)		621,892,284		19,769,874		(32,720,674	)		(392,806	)		(27,982,077	)		580,566,601
BlackRock Capital Appreciation Portfolio (Class A)		130,433,003		13,783,560		(43,057,647	)		19,389,160			(15,926,841	)		104,621,235
BlackRock High Yield Portfolio (Class A)		32,740,089		1,568,584		(2,489,237	)		(183,931	)		(1,227,472	)		30,408,033
Brighthouse Small Cap Value Portfolio (Class A)		65,207,033		2,958,385		(21,660,087	)		1,886,172			(3,362,643	)		45,028,860
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		65,893,282		1,685,313		(4,798,002	)		485,278			(8,612,671	)		54,653,200
Brighthouse/Artisan International Portfolio (Class A)		81,939,899		41,805,000		(7,190,586	)		1,030,409			(5,815,680	)		111,769,042
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		16,317,835		892,371		(1,413,229	)		399,140			(1,067,628	)		15,128,489
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		130,866,451		4,724,405		(11,796,104	)		502,278			(2,348,329	)		121,948,701
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		196,172,037		3,770,357		(13,305,096	)		(584,173	)		(2,888,950	)		183,164,175
Brighthouse/Templeton International Bond Portfolio (Class A)		188,929,044		63,814		(8,229,793	)		(1,489,837	)		(375,583	)		178,897,645
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		245,031,002		16,191,534		(22,914,280	)		(4,379,676	)		(7,474,385	)		226,454,195
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		146,696,093		17,044,970		(16,390,654	)		3,529,090			(15,626,872	)		135,252,627
Clarion Global Real Estate Portfolio (Class A)		49,199,143		2,809,140		(2,495,388	)		322,547			(3,995,371	)		45,840,071
ClearBridge Aggressive Growth Portfolio (Class A)		97,831,193		3,214,352		(42,330,940	)		20,994,049			(19,590,663	)		60,117,991
Harris Oakmark International Portfolio (Class A)		180,618,158		16,207,154		(12,585,678	)		3,268,946			(25,327,203	)		162,181,377
Invesco Comstock Portfolio (Class A)		245,059,781		16,258,984		(51,128,345	)		19,573,385			(34,458,526	)		195,305,279
Invesco Small Cap Growth Portfolio (Class A)		48,957,984		3,572,045		(23,528,391	)		377,627			161,646			29,540,911
Jennison Growth Portfolio (Class A)		97,596,570		11,080,571		(34,731,376	)		11,132,460			(11,166,176	)		73,912,049
JPMorgan Core Bond Portfolio (Class A)		425,261,137		11,972,428		(21,960,622	)		(1,215,197	)		(16,786,279	)		397,271,467
JPMorgan Small Cap Value Portfolio (Class A)		48,815,179		3,108,182		(6,595,216	)		491,204			(912,699	)		44,906,650
MFS Research International Portfolio (Class A)		98,597,136		1,968,012		(7,400,325	)		2,075,879			(5,194,028	)		90,046,674
MFS Value Portfolio (Class A)		245,152,176		18,934,272		(25,856,858	)		6,754,816			(3,640,604	)		241,343,802
MFS Value Portfolio II (Class A)		32,691,765		9,302,474		(1,151,632	)		45,004			(40,887,611	)		—
Neuberger Berman Genesis Portfolio (Class A)		32,672,523		3,770,110		(4,346,139	)		2,269,233			(4,593,131	)		29,772,596
Oppenheimer Global Equity Portfolio (Class A)		65,298,260		6,285,653		(7,147,014	)		1,920,126			(6,732,451	)		59,624,574
PIMCO Inflation Protected Bond Portfolio (Class A)		393,850,367		6,763,551		(25,517,322	)		(2,859,523	)		(5,202,036	)		367,035,037
PIMCO Total Return Portfolio (Class A)		589,355,455		8,818,920		(30,951,912	)		(3,130,840	)		(13,781,261	)		550,310,362
T. Rowe Price Large Cap Growth Portfolio (Class A)		130,008,054		18,998,827		(37,804,459	)		7,779,679			(14,633,135	)		104,348,966

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
T. Rowe Price Large Cap Value Portfolio (Class A)	$	260,984,299	$	24,347,598	$	(46,881,553	)	$	15,869,215		$	(41,822,549	)	$	212,497,010
T. Rowe Price Mid Cap Growth Portfolio (Class A)		32,611,311		3,951,906		(4,477,891	)		1,158,735			(3,476,788	)		29,767,273
T. Rowe Price Small Cap Growth Portfolio (Class A)		49,038,106		17,827,818		(6,385,973	)		567,549			(1,364,783	)		59,682,717
TCW Core Fixed Income Portfolio (Class A)		490,979,261		11,913,189		(25,802,777	)		9,155			(18,681,000	)		458,417,828
Van Eck Global Natural Resources Portfolio (Class A)		65,625,862		55,653,461		(4,761,449	)		(960,374	)		(923,386	)		114,634,114
Wells Capital Management Mid Cap Value Portfolio (Class A)		16,373,144		1,504,085		(889,251	)		(142,978	)		(1,696,288	)		15,148,712
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		261,771,526		13,054,680		(12,342,233	)		981,570			(21,548,363	)		241,917,180
Western Asset Management U.S. Government Portfolio (Class A)		523,368,124		11,428,225		(30,757,961	)		(928,970	)		(14,231,863	)		488,877,555
	$	6,535,444,175	$	446,587,199	$	(662,376,124	)	$	109,787,974		$	(413,163,001	)	$	6,016,280,223

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	—	$	1,823,142		12,131,302
BlackRock Bond Income Portfolio (Class A)		—		19,707,947		5,698,534
BlackRock Capital Appreciation Portfolio (Class A)		13,634,726		128,650		2,411,739
BlackRock High Yield Portfolio (Class A)		—		1,568,584		4,065,245
Brighthouse Small Cap Value Portfolio (Class A)		2,376,367		568,770		2,752,375
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		1,649,335		5,531,700
Brighthouse/Artisan International Portfolio (Class A)		—		1,705,032		10,301,294
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		795,484		94,204		61,182
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		4,719,428		11,991,023
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		3,761,096		19,402,985
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		17,943,595
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		12,176,029		4,012,633		7,412,576
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		15,621,371		1,408,147		9,314,919
Clarion Global Real Estate Portfolio (Class A)		—		2,781,656		3,989,562
ClearBridge Aggressive Growth Portfolio (Class A)		2,724,244		483,132		3,235,629
Harris Oakmark International Portfolio (Class A)		6,668,833		3,174,158		10,973,030
Invesco Comstock Portfolio (Class A)		14,513,915		1,711,715		12,934,124
Invesco Small Cap Growth Portfolio (Class A)		3,570,203		—		1,966,772
Jennison Growth Portfolio (Class A)		10,801,323		254,711		4,568,112
JPMorgan Core Bond Portfolio (Class A)		—		11,911,795		40,332,129
JPMorgan Small Cap Value Portfolio (Class A)		2,524,935		576,503		2,586,789
MFS Research International Portfolio (Class A)		—		1,966,711		7,297,137
MFS Value Portfolio (Class A)		15,265,227		3,635,296		16,329,080
MFS Value Portfolio II (Class A)		8,299,657		998,229		—
Neuberger Berman Genesis Portfolio (Class A)		3,663,647		105,005		1,432,063
Oppenheimer Global Equity Portfolio (Class A)		5,544,706		734,189		2,488,505
PIMCO Inflation Protected Bond Portfolio (Class A)		—		6,724,909		37,644,619
PIMCO Total Return Portfolio (Class A)		—		8,755,954		49,003,594
T. Rowe Price Large Cap Growth Portfolio (Class A)		18,537,271		434,914		4,544,816
T. Rowe Price Large Cap Value Portfolio (Class A)		20,031,095		4,296,700		6,797,729
T. Rowe Price Mid Cap Growth Portfolio (Class A)		3,950,626		—		2,728,439
T. Rowe Price Small Cap Growth Portfolio (Class A)		4,869,843		70,809		2,437,024
TCW Core Fixed Income Portfolio (Class A)		—		11,838,678		46,682,060
Van Eck Global Natural Resources Portfolio (Class A)		—		192,693		10,723,491
Wells Capital Management Mid Cap Value Portfolio (Class A)		1,314,132.00		188,784		1,351,357
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		13,046,942		18,914,557
Western Asset Management U.S. Government Portfolio (Class A)		—		11,388,634		43,263,500
	$	166,883,634	$	126,419,085

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 40 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	6,062,872,106
Gross unrealized appreciation		228,832,510
Gross unrealized depreciation		(275,424,393	)
Net unrealized appreciation (depreciation)	$	(46,591,883	)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$132,423,201	$	251,467,645	$	205,645,657	$	457,401,068	$	338,068,858	$	708,868,713

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$120,057,947	$	181,678,508	$	366,571,118	$	—	$	668,307,573

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

As of December 31, 2017, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six-month period ended June 30, 2018, the Class A and B shares of the Brighthouse Asset Allocation 60 Portfolio returned 0.65% and 0.47%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 0.46%.

MARKET ENVIRONMENT / CONDITIONS

After nine years of being in a bull market (the second longest on record) and emerging from 2017 with record low volatility, a degree of complacency manifested among investors at the beginning of the year. Consequently, it only took a wage-growth number 0.3% higher than consensus expectations (2.9% vs. 2.6%) to trigger a spike in volatility, with the CBOE VIX Index more than quadrupling during trading on February 5^th, and the market subsequently falling approximately 10% over the span of two weeks. The growth in wages made investors anxious that the Federal Reserve (the “Fed”) would raise rates sooner than expected in an effort to tame inflation, and that the end of the bull market would consequently come sooner than anticipated. The Fed, however, tends to be less fickle than equity markets, relying on significantly more data than a single monthly input. The central bank did not deviate from their official plan for interest rate increases, and there have only been two rate hikes so far in 2018. In this time, the federal funds rate target range has been pushed to between 1.75% and 2%, and two additional rate hikes are expected before the year is over. At the same time, the Fed is actively reducing the size of its balance sheet by capping the reinvestments of principal payments from its Treasuries and Mortgage Backed Securities holdings. As of July 2018, the Fed is letting its balance sheet shrink by an average of $40 billion per month, after reducing its balance sheet from approximately $4.44 trillion to $4.28 trillion over the first six months of the year. However, long-term rates have barely moved so far this year, with 30-year rates up just 20 basis points from 2.8% to 3%. Meanwhile, the 2-year rate has moved from 1.8% to 2.4%, resulting in a significant flattening of the yield curve.

In addition to inflation concerns, the market has been preoccupied with the evolving “trade war”. President Trump’s first volley was establishing tariffs on steel and aluminum, a move that was quickly reciprocated by China, Canada, and the European Union, leading to additional back and forth tariffs. This added to the volatility not just in the U.S., but in foreign developed markets and, in particular, emerging markets, with the latter being perceived as the biggest losers in a potential global trade war.

Despite the headline fears and an observed increase in volatility, a constellation of various economic data points optimistically suggests that 2018 may be one of the highest-growth years since the recession of ’08-‘09. As such, real gross domestic product increased at an estimated annual rate of 2.2% during the first quarter of 2018 and 4.1% during the second quarter. Although growth above 3% is expected to be only temporary (a direct result of the recently implemented tax cuts), there are strong fundamental arguments for continued moderate growth after 2018. For example, unemployment hit a record low of 3.8% in May (the lowest since the late 1960’s) before subsequently increasing to 4%. Disposable personal income and consumer spending both are at new all-time highs (although, as an ominous point that should be noted, consumer debt is setting new highs as well and is poised to reach $4 trillion by the end of the year). Capital expenditures by businesses are on track to grow approximately 26% for the first quarter (although from a depressed base), all this data in combination fuels hopes for continued economic expansion. Finally, the Trump administration has made significant progress in their efforts to reduce regulation, a move that market participants believe will help businesses grow.

All in all, U.S. equities were the best returning asset class for the first half of 2018, with the S&P 500 Index returning 2.7% and the Russell 2000 Index returning 7.7%. Non-U.S. equities, on the other hand, were a drag on globally diversified portfolios, with foreign developed equities and emerging market equities returning -2.8% and -6.7% respectively, as measured by the MSCI EAFE and the MSCI Emerging Markets indices. The rising interest rates also took a toll on fixed income investors, as the Bloomberg Barclays U.S. Aggregate Bond Index fell 1.6%, while the Bloomberg Barclays Global Treasury Index did slightly better, falling only 0.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Brighthouse Asset Allocation 60 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 60% to equities and 40% to fixed income.

Over the six-month period, the Portfolio outpaced the Dow Jones Moderate Index. Strong performance within the Large Cap and Small Cap portfolios and a favorable overweight to equities in general offset headwinds from underperformance within the Mid Cap and International equity portfolios, as well as an underweight to Small Cap equity.

Fixed Income was additive to relative return over the first half of 2018. The biggest contributor to performance was the BlackRock High Yield Portfolio, which outperformed its benchmark by 0.4%. The portfolio’s positions in Consumer Discretionary, Energy, and Healthcare were the largest contributors to return during the first half of 2018. In addition, tactical positions in bank loans and preferred equity also benefitted performance. The PIMCO Total Return Portfolio outperformed its benchmark by 0.2%. U.S. duration and curve positioning contributed to performance as an underweight position to the front- and long-ends of the yield curve benefitted from a general rise in interest rates. Within credit, an underweight to investment grade corporates, notably Industrials, added to performance as spreads widened. At the other end of the spectrum was the Western Asset Management Strategic Bond Opportunities Portfolio which underperformed its benchmark by 1.4%. The portfolio’s overweight duration bias in the U.S. and select emerging market countries significantly detracted from performance over the period. In addition,

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

positions in emerging market currencies such as the Argentine peso and Brazilian real weighed on results.

Contribution from the underlying domestic equity portfolios to relative performance was positive, as the Large Cap managers and Small Cap managers delivered positive relative results. Within Large Cap, six of nine portfolios outpaced their respective benchmarks during the six-month period. The BlackRock Capital Appreciation Portfolio stood out positively as it outperformed its benchmark by 7.2% for the six-month period. Positions within the Consumer Discretionary, Technology, and Healthcare sectors were a source of strength over the period. Another strong performer was the Jennison Growth Portfolio which outperformed its benchmark by 4.7%. The main drivers of outperformance were security selection within Consumer Discretionary and Technology as well as an overweight to Consumer Discretionary. The MFS Value Portfolio, on the other hand, slightly underperformed its benchmark by 2.0% for the period. The underperformance was predominantly driven by an underweight to Energy and poor security selection within Consumer Staples. Only one of the Mid Cap equity portfolios managed to outperform their respective benchmarks in the first half of 2018. The biggest underperformer in the Mid Cap sleeve was the Wells Capital Management Mid Cap Value Portfolio, which lagged its benchmark by 2%. While the portfolio benefitted from strong security selection within Technology and Utilities, it was insufficient to make up for the drag on performance stemming from suboptimal security selection within Consumer Staples, Real Estate, and Basic Materials. Within the Small Cap equity sleeve, the strongest performer was the Loomis Sayles Small Cap Growth Portfolio, which beat its benchmark by 5.3%. The Portfolio overall benefitted significantly from exceptional security selection within Healthcare, Technology, and Consumer Staples, as well as beneficial overweights to Healthcare and Technology.

The non-U.S. equity portfolios overall were a headwind to relative performance. The strongest performance came from the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 2.4% over the period. The majority of the outperformance was a result of strong security selection within Technology, Consumer Discretionary, and Healthcare, in addition to a favorable overweight to Technology. On the other hand, the Harris Oakmark International Portfolio conspicuously lagged its benchmark by 4.6%. The portfolio lagged due to poor security selection within Consumer Discretionary, Financials, and Basic Materials. In addition, an overweight to Financials and underweight to Energy also detracted from relative performance. Lastly, Brighthouse/Aberdeen Emerging Markets Equity Portfolio underperformed its benchmark by 4.2% for the period as poor security selection within Basic Materials, Consumer Staples, and Energy dragged on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 60 Portfolio
Class A		0.65		7.68		7.61		6.71
Class B		0.47		7.35		7.34		6.44
Dow Jones Moderate Index		0.46		7.83		7.33		6.40

¹ The Dow Jones Moderate Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 60% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		6.6
PIMCO Total Return Portfolio (Class A)		6.1
MFS Value Portfolio (Class A)		5.6
TCW Core Fixed Income Portfolio (Class A)		5.5
T. Rowe Price Large Cap Value Portfolio (Class A)		4.6
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		4.6
JPMorgan Core Bond Portfolio (Class A)		4.6
Invesco Comstock Portfolio (Class A)		4.3
Western Asset Management U.S. Government Portfolio (Class A)		4.1
Harris Oakmark International Portfolio (Class A)		3.4

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		33.8
Investment Grade Fixed Income		31.9
International Developed Market Equities		12.4
U.S. Small Cap Equities		6.1
High Yield Fixed Income		4.6
Global Equities		3.9
International Fixed Income		3.0
Emerging Market Equities		1.6
Real Estate Equities		1.5
U.S. Mid Cap Equities		1.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 60 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.63	%	$	1,000.00	$	1,006.50	$	3.13
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class B (a)	Actual		0.88	%	$	1,000.00	$	1,004.70	$	4.37
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Schedule of Investments as of June 30, 2018 (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)		34,852,535	$	447,855,072
BlackRock Bond Income Portfolio (Class A) (a)		8,841,857		900,808,367
BlackRock Capital Appreciation Portfolio (Class A) (a)		8,844,375		383,668,966
BlackRock High Yield Portfolio (Class A) (b)		11,105,667		83,070,388
Brighthouse Small Cap Value Portfolio (Class A) (b)		10,429,745		170,630,629
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		22,007,373		217,432,842
Brighthouse/Artisan International Portfolio (Class A) (b)		34,908,947		378,762,075
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		140,705		34,792,031
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		9,935,339		134,127,074
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		27,247,353		277,105,576
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (b)		29,353,279		277,094,949
Brighthouse/Templeton International Bond Portfolio (Class A) (b) (c)		40,518,637		403,970,815
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		20,425,781		624,007,596
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		28,651,659		416,022,093
Clarion Global Real Estate Portfolio (Class A) (b)		18,252,833		209,725,053
ClearBridge Aggressive Growth Portfolio (Class A) (b)		20,673,016		384,104,632
Harris Oakmark International Portfolio (Class A) (b)		30,957,599		457,553,319
Invesco Comstock Portfolio (Class A) (b)		38,846,899		586,588,181
Invesco Small Cap Growth Portfolio (Class A) (b)		11,499,339		172,720,066
Jennison Growth Portfolio (Class A) (a)		27,813,927		450,029,341
JPMorgan Core Bond Portfolio (Class A) (b)		63,318,789		623,690,072
JPMorgan Small Cap Value Portfolio (Class A) (b)		5,975,827		103,740,357
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		4,584,760		69,138,179
MFS Research International Portfolio (Class A) (b)		21,999,599		271,475,053

Security Description	Shares		Value
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (a)		51,489,020	$	761,007,720
Neuberger Berman Genesis Portfolio (Class A) (a)		5,002,050		103,992,611
Oppenheimer Global Equity Portfolio (Class A) (b)		5,740,518		137,542,819
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		42,716,467		416,485,550
PIMCO Total Return Portfolio (Class A) (b)		74,037,540		831,441,573
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		16,659,240		382,496,153
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		20,019,771		625,818,049
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		9,499,153		103,635,755
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		8,506,395		208,321,612
TCW Core Fixed Income Portfolio (Class A) (b)		76,253,125		748,805,683
Van Eck Global Natural Resources Portfolio (Class A) (a)		36,431,204		389,449,574
Wells Capital Management Mid Cap Value Portfolio (Class A) (b)		3,080,151		34,528,496
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		21,317,883		272,655,726
Western Asset Management U.S. Government Portfolio (Class A) (a)		49,064,882		554,433,170
Total Mutual Funds (Cost $13,261,031,755)				13,648,727,217
Total Investments—100.0% (Cost $13,261,031,755)				13,648,727,217
Other assets and liabilities (net)—0.0%				(3,571,589	)
Net Assets—100.0%			$	13,645,155,628

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	13,648,727,217	$	—	$	—	$	13,648,727,217
Total Investments	$	13,648,727,217	$	—	$	—	$	13,648,727,217

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Affiliated investments at value (a)	$	13,648,727,217
Receivable for:
Affiliated investments sold		4,417,216
Fund shares sold		1,218,734
Total Assets		13,654,363,167
Liabilities
Payables for:
Fund shares redeemed		5,635,951
Accrued Expenses:
Management fees		598,558
Distribution and service fees		2,769,882
Deferred trustees’ fees		155,533
Other expenses		47,615
Total Liabilities		9,207,539
Net Assets	$	13,645,155,628
Net Assets Consist of:
Paid in surplus	$	12,135,813,314
Undistributed net investment income		225,932,532
Accumulated net realized gain		895,714,320
Unrealized appreciation on affiliated investments		387,695,462
Net Assets	$	13,645,155,628
Net Assets
Class A	$	331,641,228
Class B		13,313,514,400
Capital Shares Outstanding*
Class A		27,436,413
Class B		1,106,559,168
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.09
Class B		12.03

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $13,261,031,755.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends from affiliated investments	$	248,161,788
Total investment income		248,161,788
Expenses
Management fees		3,703,090
Administration fees		11,041
Custodian and accounting fees		13,732
Distribution and service fees—Class B		17,165,480
Audit and tax services		15,684
Legal		21,433
Trustees’ fees and expenses		20,718
Miscellaneous		7,082
Total expenses		20,958,260
Net Investment Income		227,203,528
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		361,491,290
Capital gain distributions from affiliated investments		597,468,006
Net realized gain		958,959,296
Net change in unrealized depreciation on affiliated investments		(1,112,858,852	)
Net realized and unrealized loss		(153,899,556	)
Net Increase in Net Assets From Operations	$	73,303,972

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	227,203,528		$	207,880,140
Net realized gain		958,959,296			577,797,244
Net change in unrealized appreciation (depreciation)		(1,112,858,852	)		1,198,485,030
Increase in net assets from operations		73,303,972			1,984,162,414
From Distributions to Shareholders
Net investment income
Class A		(6,239,069	)		(6,636,499	)
Class B		(218,305,921	)		(243,506,359	)
Net realized capital gains
Class A		(12,530,129	)		(13,326,735	)
Class B		(508,325,865	)		(559,162,751	)
Total distributions		(745,400,984	)		(822,632,344	)
Decrease in net assets from capital share transactions		(214,904,569	)		(864,851,554	)
Total increase (decrease) in net assets		(887,001,581	)		296,678,516
Net Assets
Beginning of period		14,532,157,209			14,235,478,693
End of period	$	13,645,155,628		$	14,532,157,209
Undistributed net investment income
End of period	$	225,932,532		$	223,273,994

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		845,719		$	10,813,270			1,551,453		$	19,031,190
Reinvestments		1,532,179			18,769,198			1,681,823			19,963,234
Redemptions		(1,895,738	)		(24,263,603	)		(4,448,039	)		(54,563,389	)
Net increase (decrease)		482,160		$	5,318,865			(1,214,763	)	$	(15,568,965	)
Class B
Sales		4,474,502		$	56,847,968			8,139,195		$	98,997,001
Reinvestments		59,608,842			726,631,786			67,907,708			802,669,110
Redemptions		(79,071,243	)		(1,003,703,188	)		(143,538,036	)		(1,750,948,700	)
Net decrease		(14,987,899	)	$	(220,223,434	)		(67,491,133	)	$	(849,282,589	)
Decrease derived from capital shares transactions				$	(214,904,569	)				$	(864,851,554	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.72		$	11.76		$	12.50		$	13.57		$	13.74		$	11.98
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.21			0.21			0.32			0.21			0.25
Net realized and unrealized gain (loss) on investments		(0.13	)		1.50			0.63			(0.41	)		0.48			1.89
Total from investment operations		0.09			1.71			0.84			(0.09	)		0.69			2.14
Less Distributions
Distributions from net investment income		(0.24	)		(0.25	)		(0.43	)		(0.10	)		(0.32	)		(0.28	)
Distributions from net realized capital gains		(0.48	)		(0.50	)		(1.15	)		(0.88	)		(0.54	)		(0.10	)
Total distributions		(0.72	)		(0.75	)		(1.58	)		(0.98	)		(0.86	)		(0.38	)
Net Asset Value, End of Period	$	12.09		$	12.72		$	11.76		$	12.50		$	13.57		$	13.74
Total Return (%) (b)		0.65	(c)		14.93			7.47			(0.99	)		5.29			18.29
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.05	(e)		0.05			0.05			0.05			0.05			0.06
Ratio of net investment income to average net assets (%) (f)		1.72	(e)(g)		1.68			1.74			2.40			1.58			1.95
Portfolio turnover rate (%)		9	(c)		6			10			15			16			15
Net assets, end of period (in millions)	$	331.6		$	343.0		$	331.2		$	330.1		$	353.0		$	331.6
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.65		$	11.69		$	12.44		$	13.52		$	13.69		$	11.94
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.17			0.18			0.28			0.05			0.22
Net realized and unrealized gain (loss) on investments		(0.13	)		1.51			0.62			(0.41	)		0.61			1.88
Total from investment operations		0.07			1.68			0.80			(0.13	)		0.66			2.10
Less Distributions
Distributions from net investment income		(0.21	)		(0.22	)		(0.40	)		(0.07	)		(0.29	)		(0.25	)
Distributions from net realized capital gains		(0.48	)		(0.50	)		(1.15	)		(0.88	)		(0.54	)		(0.10	)
Total distributions		(0.69	)		(0.72	)		(1.55	)		(0.95	)		(0.83	)		(0.35	)
Net Asset Value, End of Period	$	12.03		$	12.65		$	11.69		$	12.44		$	13.52		$	13.69
Total Return (%) (b)		0.47	(c)		14.73			7.11			(1.27	)		5.05			17.98
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.30	(e)		0.30			0.30			0.30			0.30			0.31
Ratio of net investment income to average net assets (%) (f)		1.45	(e)(g)		1.43			1.52			2.15			0.39			1.71
Portfolio turnover rate (%)		9	(c)		6			10			15			16			15
Net assets, end of period (in millions)	$	13,313.5		$	14,189.2		$	13,904.3		$	14,389.8		$	16,127.1		$	5,420.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 60 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process The Asset Allocation Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

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

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

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

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,229,811,191	$	0	$	1,365,743,824

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$3,703,090		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts incurred by the Asset Allocation Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2018 were as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	367,290,325	$	118,476,495	$	(18,349,818	)	$	6,888,096		$	(26,450,026	)	$	447,855,072
BlackRock Bond Income Portfolio (Class A)		937,204,948		30,639,225		(23,588,473	)		(267,557	)		(43,179,776	)		900,808,367
BlackRock Capital Appreciation Portfolio (Class A)		438,752,454		50,736,519		(113,848,458	)		43,734,094			(35,705,643	)		383,668,966
BlackRock High Yield Portfolio (Class A)		87,707,763		4,260,313		(5,050,547	)		(646,619	)		(3,200,522	)		83,070,388
Brighthouse Small Cap Value Portfolio (Class A)		146,222,771		38,036,071		(6,932,715	)		1,088,475			(7,783,973	)		170,630,629
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		257,588,183		6,654,805		(14,238,348	)		1,417,984			(33,989,782	)		217,432,842
Brighthouse/Artisan International Portfolio (Class A)		328,666,068		88,116,294		(22,917,202	)		3,217,496			(18,320,581	)		378,762,075
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		73,169,341		2,067,023		(38,613,474	)		9,829,392			(11,660,251	)		34,792,031
Brighthouse/Dimensional International Small Company Portfolio (Class A)		147,053,336		12,938,418		(9,049,481	)		469,446			(17,284,645	)		134,127,074
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		290,810,424		10,669,386		(20,131,533	)		876,500			(5,119,201	)		277,105,576
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		287,353,076		5,685,681		(10,730,338	)		(469,558	)		(4,743,912	)		277,094,949
Brighthouse/Templeton International Bond Portfolio (Class A)		422,397,317		114,616		(14,250,542	)		278,973			(4,569,549	)		403,970,815
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		659,216,437		44,837,871		(46,402,082	)		5,812,253			(39,456,883	)		624,007,596
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		438,830,661		52,646,782		(37,324,503	)		7,572,873			(45,703,720	)		416,022,093
Clarion Global Real Estate Portfolio (Class A)		220,223,742		12,834,915		(6,630,411	)		1,496,579			(18,199,772	)		209,725,053
ClearBridge Aggressive Growth Portfolio (Class A)		475,383,613		20,645,084		(118,202,867	)		69,064,692			(62,785,890	)		384,104,632
Harris Oakmark International Portfolio (Class A)		477,461,694		69,695,409		(26,780,353	)		4,381,399			(67,204,830	)		457,553,319
Invesco Comstock Portfolio (Class A)		695,981,162		49,089,019		(112,578,647	)		42,293,940			(88,197,293	)		586,588,181
Invesco Small Cap Growth Portfolio (Class A)		219,322,835		20,903,572		(65,811,509	)		(1,694,535	)		(297	)		172,720,066
Jennison Growth Portfolio (Class A)		508,798,991		67,480,706		(117,421,189	)		43,271,941			(52,101,108	)		450,029,341
JPMorgan Core Bond Portfolio (Class A)		646,643,567		18,810,924		(13,943,907	)		(771,084	)		(27,049,428	)		623,690,072
JPMorgan Small Cap Value Portfolio (Class A)		109,342,013		7,223,701		(11,626,689	)		1,045,460			(2,244,128	)		103,740,357
Loomis Sayles Small Cap Growth Portfolio (Class A)		73,002,014		9,085,950		(14,091,207	)		3,898,045			(2,756,623	)		69,138,179
MFS Research International Portfolio (Class A)		293,941,976		5,938,860		(18,781,419	)		2,787,932			(12,412,296	)		271,475,053
MFS Value Portfolio (Class A)		733,278,851		60,063,913		(49,831,934	)		14,942,311			2,554,579			761,007,720
MFS Value Portfolio II (Class A)		110,019,478		31,673,871		(2,633,915	)		83,148			(139,142,582	)		—

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Neuberger Berman Genesis Portfolio (Class A)	$	146,521,277	$	13,203,159	$	(48,358,582	)	$	21,467,909		$	(28,841,152	)	$	103,992,611
Oppenheimer Global Equity Portfolio (Class A)		146,511,783		14,479,258		(12,122,744	)		3,210,123			(14,535,601	)		137,542,819
PIMCO Inflation Protected Bond Portfolio (Class A)		433,309,974		7,634,271		(15,524,809	)		(988,990	)		(7,944,896	)		416,485,550
PIMCO Total Return Portfolio (Class A)		863,802,717		13,364,710		(20,667,346	)		(2,067,965	)		(22,990,543	)		831,441,573
T. Rowe Price Large Cap Growth Portfolio (Class A)		435,972,718		69,692,172		(94,546,736	)		29,937,048			(58,559,049	)		382,496,153
T. Rowe Price Large Cap Value Portfolio (Class A)		731,946,557		72,324,999		(101,404,879	)		33,681,073			(110,729,701	)		625,818,049
T. Rowe Price Mid Cap Growth Portfolio (Class A)		146,107,849		13,794,626		(49,387,836	)		11,809,753			(18,688,637	)		103,635,755
T. Rowe Price Small Cap Growth Portfolio (Class A)		219,757,542		17,242,946		(27,915,557	)		5,130,548			(5,893,867	)		208,321,612
TCW Core Fixed Income Portfolio (Class A)		774,872,464		19,509,629		(15,642,368	)		(436	)		(29,933,606	)		748,805,683
Van Eck Global Natural Resources Portfolio (Class A)		293,994,295		118,081,503		(17,509,681	)		(1,533,586	)		(3,582,957	)		389,449,574
Wells Capital Management Mid Cap Value Portfolio (Class A)		36,703,020		3,422,929		(1,400,377	)		(238,396	)		(3,958,680	)		34,528,496
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		290,934,864		14,732,225		(9,876,475	)		819,195			(23,954,083	)		272,655,726
Western Asset Management U.S. Government Portfolio (Class A)		569,929,311		13,003,342		(11,624,873	)		(336,662	)		(16,537,948	)		554,433,170
	$	14,536,027,411	$	1,229,811,192	$	(1,365,743,824	)	$	361,491,290		$	(1,112,858,852	)	$	13,648,727,217

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period			Number of shares held at June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	8,935,890	$	(3,698,289	)		34,852,535
BlackRock Bond Income Portfolio (Class A)		—		30,453,659			8,841,857
BlackRock Capital Appreciation Portfolio (Class A)		68,012,467		(17,343,613	)		8,844,375
BlackRock High Yield Portfolio (Class A)		28,245,876		(23,986,476	)		11,105,667
Brighthouse Small Cap Value Portfolio (Class A)		—		11,074,644			10,429,745
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		6,561,657			22,007,373
Brighthouse/Artisan International Portfolio (Class A)		—		5,777,853			34,908,947
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		48,338,464		(46,278,864	)		140,705
Brighthouse/Dimensional International Small Company Portfolio (Class A)		9,312,604		3,624,073			9,935,339
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		12,778,149		(2,117,083	)		27,247,353
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		5,661,881			29,353,279
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—			40,518,637
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		1,841,520		42,968,370			20,425,781
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		—		52,628,106			28,651,659
Clarion Global Real Estate Portfolio (Class A)		—		12,741,786			18,252,833
ClearBridge Aggressive Growth Portfolio (Class A)		—		20,637,786			20,673,016
Harris Oakmark International Portfolio (Class A)		—		27,768,770			30,957,599
Invesco Comstock Portfolio (Class A)		5,876,866		43,087,622			38,846,899
Invesco Small Cap Growth Portfolio (Class A)		—		20,900,828			11,499,339
Jennison Growth Portfolio (Class A)		9,080,692		58,254,089			27,813,927
JPMorgan Core Bond Portfolio (Class A)		20,900,828		(2,276,568	)		63,318,789
JPMorgan Small Cap Value Portfolio (Class A)		43,799,004		(36,580,310	)		5,975,827
Loomis Sayles Small Cap Growth Portfolio (Class A)		65,783,511		(56,702,819	)		4,584,760
MFS Research International Portfolio (Class A)		18,813,925		(12,883,041	)		21,999,599
MFS Value Portfolio (Class A)		—		59,849,897			51,489,020
MFS Value Portfolio II (Class A)		12,835,283		18,807,824			—
Neuberger Berman Genesis Portfolio (Class A)		50,195,240		(36,992,081	)		5,002,050
Oppenheimer Global Equity Portfolio (Class A)		2,990,185		11,479,953			5,740,518
PIMCO Inflation Protected Bond Portfolio (Class A)		17,529,082		(9,937,575	)		42,716,467
PIMCO Total Return Portfolio (Class A)		—		13,171,140			74,037,540
T. Rowe Price Large Cap Growth Portfolio (Class A)		16,995,061		52,613,089			16,659,240
T. Rowe Price Large Cap Value Portfolio (Class A)		—		72,178,508			20,019,771
T. Rowe Price Mid Cap Growth Portfolio (Class A)		59,430,563		(45,637,131	)		9,499,153
T. Rowe Price Small Cap Growth Portfolio (Class A)		—		17,242,175			8,506,395
TCW Core Fixed Income Portfolio (Class A)		13,793,432		5,460,876			76,253,125
Van Eck Global Natural Resources Portfolio (Class A)		—		654,635			36,431,204
Wells Capital Management Mid Cap Value Portfolio (Class A)		48,276,362		(44,856,617	)		3,080,151
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		33,703,002		(18,998,509	)		21,317,883
Western Asset Management U.S. Government Portfolio (Class A)		—		12,851,543			49,064,882
	$	597,468,006	$	248,161,788

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 60 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	13,323,603,410
Gross unrealized appreciation		748,965,616
Gross unrealized depreciation		(423,841,809	)
Net unrealized appreciation (depreciation)	$	325,123,807

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$250,142,858	$	456,253,652	$	572,489,486	$	1,296,019,571	$	822,632,344	$	1,752,273,223

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$223,436,437	$	520,182,677	$	1,437,982,659	$	—	$	2,181,601,773

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

As of December 31, 2017, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-13

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A and B shares of the Brighthouse Asset Allocation 80 Portfolio returned 1.41% and 1.23%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 0.94%.

MARKET ENVIRONMENT / CONDITIONS

After nine years of being in a bull market (the second longest on record) and emerging from 2017 with record low volatility, a degree of complacency manifested among investors at the beginning of the year. Consequently, it only took a wage-growth number 0.3% higher than consensus expectations (2.9% vs. 2.6%) to trigger a spike in volatility, with the CBOE VIX Index more than quadrupling during trading on February 5^th, and the market subsequently falling approximately 10% over the span of two weeks. The growth in wages made investors anxious that the Federal Reserve (the “Fed”) would raise rates sooner than expected in an effort to tame inflation, and that the end of the bull market would consequently come sooner than anticipated. The Fed, however, tends to be less fickle than equity markets, relying on significantly more data than a single monthly input. The central bank did not deviate from their official plan for interest rate increases, and there have only been two rate hikes so far in 2018. In this time, the federal funds rate target range has been pushed to between 1.75% and 2%, and two additional rate hikes are expected before the year is over. At the same time, the Fed is actively reducing the size of its balance sheet by capping the reinvestments of principal payments from its Treasuries and Mortgage-Backed Securities holdings. As of July 2018, the Fed is letting its balance sheet shrink by an average of $40 billion per month, after reducing its balance sheet from approximately $4.44 trillion to $4.28 trillion over the first six months of the year. However, long-term rates have barely moved so far this year, with 30-year rates up just 20 basis points from 2.8% to 3%. Meanwhile, the 2-year rate has moved from 1.8% to 2.4%, resulting in a significant flattening of the yield curve.

In addition to inflation concerns, the market has been preoccupied with the evolving “trade war”. President Trump’s first volley was establishing tariffs on steel and aluminum, a move that was quickly reciprocated by China, Canada, and the European Union, leading to additional back and forth tariffs. This added to the volatility not just in the U.S., but in foreign developed markets and, in particular, emerging markets, with the latter being perceived as the biggest losers in a potential global trade war.

Despite the headline fears and an observed increase in volatility, a constellation of various economic data points optimistically suggests that 2018 may be one of the highest-growth years since the recession of ’08-‘09. As such, real gross domestic product increased at an estimated annual rate of 2.2% during the first quarter of 2018 and 4.1% during the second quarter. Although growth above 3% is expected to be only temporary (a direct result of the recently implemented tax cuts), there are strong fundamental arguments for continued moderate growth after 2018. For example, unemployment hit a record low of 3.8% in May (the lowest since the late 1960’s) before subsequently increasing to 4%. Disposable personal income and consumer spending both are at new all-time highs (although, as an ominous point that should be noted, consumer debt is setting new highs as well and is poised to reach $4 trillion by the end of the year). Capital expenditures by businesses are on track to grow approximately 26% for the first quarter (although from a depressed base), all this data in combination fuels hopes for continued economic expansion. Finally, the Trump administration has made significant progress in their efforts to reduce regulation, a move that market participants believe will help businesses grow.

All in all, U.S. equities were the best returning asset class for the first half of 2018, with the S&P 500 Index returning 2.7% and the Russell 2000 Index returning 7.7%. Non-U.S. equities, on the other hand, were a drag on globally diversified portfolios, with foreign developed equities and emerging market equities returning -2.8% and -6.7% respectively, as measured by the MSCI EAFE and the MSCI Emerging Market indices. The rising interest rates also took a toll on fixed income investors, as the Bloomberg Barclays U.S. Aggregate Bond Index fell 1.6%, while the Bloomberg Barclays Global Treasury Index did slightly better, falling only 0.6%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Brighthouse Asset Allocation 80 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 80% to equities and 20% to fixed income.

Over the six-month period, the Portfolio outpaced the Dow Jones Moderately Aggressive Index. Strong performance within the Large Cap, Mid Cap, and Small Cap portfolios offset headwinds from an underweight to Small Cap equity.

Fixed Income returns were in-line with benchmark performance over the first half of 2018. The biggest contributor to performance was the BlackRock High Yield Portfolio, which outperformed its benchmark by 0.4%. The portfolio’s positions in Consumer Discretionary, Energy, and Healthcare were the largest contributors to return during the first half of 2018. In addition, tactical positions in bank loans and preferred equity also benefitted performance. The PIMCO Total Return Portfolio outperformed its benchmark by 0.2%. U.S. duration and curve positioning contributed to performance as an underweight position to the front- and long-ends of the yield curve benefitted from a general rise in interest rates. Within credit, an underweight to investment grade corporates, notably Industrials, added to performance as spreads widened. At the other end of the spectrum was the Western Asset Management Strategic Bond Opportunities Portfolio which underperformed its benchmark by 1.4%. The portfolio’s overweight duration bias in the U.S. and select emerging market countries significantly detracted from performance over the period. In addition, positions in emerging market currencies such as the Argentine peso and Brazilian real weighed on results.

BHFTII-1

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Contribution from the underlying domestic equity portfolios to relative performance was positive, as the Large Cap, Mid Cap, and Small Cap managers delivered positive relative results. Within Large Cap, six of nine portfolios outpaced their respective benchmarks during the six-month period. The BlackRock Capital Appreciation Portfolio stood out positively as it outperformed its benchmark by 7.2% for the six-month period. Positions within the Consumer Discretionary, Technology, and Healthcare sectors were a source of strength over the period. Another strong performer was the Jennison Growth Portfolio which outperformed its benchmark by 4.7%. The main drivers of outperformance were security selection within Consumer Discretionary and Technology as well as an overweight to Consumer Discretionary. The MFS Value Portfolio, on the other hand, slightly underperformed its benchmark by 2.0% for the period. The underperformance was predominantly driven by an underweight to Energy and suboptimal security selection within Consumer Staples. Within the Mid Cap equity sleeve, the Morgan Stanley Mid Cap Growth Portfolio outperformed its benchmark by an impressive 17.4%. The outstanding performance was primarily a result of strong security selection within Technology and Healthcare and a large overweight to Technology had also aided returns. The biggest underperformer in the Mid Cap sleeve was the Wells Capital Management Mid Cap Value Portfolio, which lagged its benchmark by 2%. While the portfolio benefitted from strong security selection within Technology and Utilities, it was insufficient to make up for the drag on performance stemming from poor security selection within Consumer Staples, Real Estate, and Basic Materials. Within the Small Cap equity sleeve, the strongest performer was the Loomis Sayles Small Cap Growth Portfolio, which beat its benchmark by 5.3%. The portfolio overall benefitted significantly from exceptional security selection within Healthcare, Technology, and Consumer Staples, as well as beneficial overweights to Healthcare and Technology.

The non-U.S. equity portfolios overall were a headwind to relative performance. The strongest performance came from the Oppenheimer Global Equity Portfolio, which outperformed its benchmark by 2.4% over the period. The majority of the outperformance was a result of strong security selection within Technology, Consumer Discretionary, and Healthcare, in addition to a favorable overweight to Technology. On the other hand, the Harris Oakmark International Portfolio conspicuously lagged its benchmark by 4.6%. The portfolio lagged due to poor security selection within Consumer Discretionary, Financials, and Basic Materials. In addition, an overweight to Financials and underweight to Energy also detracted from relative performance. Lastly, Brighthouse/Aberdeen Emerging Markets Equity Portfolio underperformed its benchmark by 4.2% for the period as poor security selection within Basic Materials, Consumer Staples, and Energy dragged on performance.

Investment Committee

Brighthouse Investment Advisers, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATELY AGGRESSIVE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Brighthouse Asset Allocation 80 Portfolio
Class A		1.41		10.65		9.41		7.36
Class B		1.23		10.33		9.13		7.10
Dow Jones Moderately Aggressive Index		0.94		10.37		9.06		7.35

¹ The Dow Jones Moderately Aggressive Index is a total return index designed to provide asset allocation strategists with a target risk benchmark. Each month, the Index adjusts its weighting of stocks, bonds, and cash indices (both domestic and foreign) such that the risk combination will have 80% of the risk of an all equity portfolio.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
MFS Value Portfolio (Class A)		6.1
Invesco Comstock Portfolio (Class A)		5.6
T. Rowe Price Large Cap Value Portfolio (Class A)		5.4
Jennison Growth Portfolio (Class A)		5.1
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		5.1
ClearBridge Aggressive Growth Portfolio (Class A)		4.7
T. Rowe Price Large Cap Growth Portfolio (Class A)		4.4
Harris Oakmark International Portfolio (Class A)		4.2
Baillie Gifford International Stock Portfolio (Class A)		4.0
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		3.6

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		43.5
International Developed Market Equities		16.6
Investment Grade Fixed Income		12.1
U.S. Small Cap Equities		8.7
Global Equities		4.8
High Yield Fixed Income		3.5
U.S. Mid Cap Equities		3.1
International Fixed Income		2.9
Real Estate Equities		2.6
Emerging Market Equities		2.3

BHFTII-3

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 80 Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.68	%	$	1,000.00	$	1,014.10	$	3.40
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.42	$	3.41
Class B (a)	Actual		0.93	%	$	1,000.00	$	1,012.30	$	4.64
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.18	$	4.66

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

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

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTII-4

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		33,984,985	$	436,707,055
BlackRock Bond Income Portfolio (Class A) (a)		3,264,665		332,604,088
BlackRock Capital Appreciation Portfolio (Class A) (a)		8,626,288		374,208,394
BlackRock High Yield Portfolio (Class A) (b)		7,456,442		55,774,189
Brighthouse Small Cap Value Portfolio (Class A) (b)		11,736,425		192,007,919
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A) (b)		25,130,332		248,287,684
Brighthouse/Artisan International Portfolio (Class A) (b)		35,044,333		380,231,010
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (a)		114,822		28,392,143
Brighthouse/Dimensional International Small Company Portfolio (Class A) (a)		15,998,444		215,978,996
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (b)		10,963,908		111,502,941
Brighthouse/Templeton International Bond Portfolio (Class A) (b) (c)		32,539,323		324,417,054
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (a)		18,408,457		562,378,373
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (b)		27,257,920		395,784,993
Clarion Global Real Estate Portfolio (Class A) (b)		24,537,140		281,931,738
ClearBridge Aggressive Growth Portfolio (Class A) (b)		27,836,710		517,206,076
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,566,062		55,939,751
Harris Oakmark International Portfolio (Class A) (b)		31,473,873		465,183,842
Invesco Comstock Portfolio (Class A) (b)		40,908,017		617,711,062
Invesco Small Cap Growth Portfolio (Class A) (b)		17,086,644		256,641,386
Jennison Growth Portfolio (Class A) (a)		34,945,647		565,420,576
JPMorgan Core Bond Portfolio (Class A) (b)		22,515,609		221,778,748
JPMorgan Small Cap Value Portfolio (Class A) (b)		9,800,960		170,144,668
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		9,471,580		142,831,420
MFS Research International Portfolio (Class A) (b)		26,536,415		327,459,359

Security Description	Shares		Value
Affiliated Investment Companies—(Continued)
MFS Value Portfolio (Class A) (a)		45,592,562	$	673,858,064
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		1,450,293		29,948,544
Neuberger Berman Genesis Portfolio (Class A) (a)		1,378,952		28,668,402
Oppenheimer Global Equity Portfolio (Class A) (b)		6,999,172		167,700,151
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		17,151,300		167,225,177
PIMCO Total Return Portfolio (Class A) (b)		29,573,870		332,114,556
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		21,177,704		486,240,075
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		19,053,958		595,626,735
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		10,250,128		111,828,898
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		6,965,935		170,595,748
TCW Core Fixed Income Portfolio (Class A) (b)		28,244,933		277,365,241
Van Eck Global Natural Resources Portfolio (Class A) (a)		34,239,733		366,022,748
Wells Capital Management Mid Cap Value Portfolio (Class A) (b)		9,943,918		111,471,324
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		16,989,750		217,298,907
Total Mutual Funds (Cost $10,255,938,727)				11,016,488,035
Total Investments—100.0% (Cost $10,255,938,727)				11,016,488,035
Other assets and liabilities (net)—0.0%				(2,934,898	)
Net Assets—100.0%			$	11,013,553,137

(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(b)	A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)
(c)	Non-income producing security.

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	11,016,488,035	$	—	$	—	$	11,016,488,035
Total Investments	$	11,016,488,035	$	—	$	—	$	11,016,488,035

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Affiliated investments at value (a)	$	11,016,488,035
Receivable for:
Affiliated investments sold		3,836,629
Fund shares sold		181,823
Total Assets		11,020,506,487
Liabilities
Payables for:
Fund shares redeemed		4,018,452
Accrued Expenses:
Management fees		490,755
Distribution and service fees		2,210,396
Deferred trustees’ fees		184,403
Other expenses		49,344
Total Liabilities		6,953,350
Net Assets	$	11,013,553,137
Net Assets Consist of:
Paid in surplus	$	9,279,369,745
Undistributed net investment income		154,742,067
Accumulated net realized gain		818,892,017
Unrealized appreciation on affiliated investments		760,549,308
Net Assets	$	11,013,553,137
Net Assets
Class A	$	429,337,231
Class B		10,584,215,906
Capital Shares Outstanding*
Class A		31,546,486
Class B		780,893,095
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.61
Class B		13.55

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $10,255,938,727.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends from affiliated investments	$	171,940,686
Total investment income		171,940,686
Expenses
Management fees		3,014,988
Administration fees		11,041
Custodian and accounting fees		13,730
Distribution and service fees—Class B		13,602,731
Audit and tax services		15,684
Legal		21,433
Trustees’ fees and expenses		20,718
Miscellaneous		6,524
Total expenses		16,706,849
Net Investment Income		155,233,837
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		264,922,502
Capital gain distributions from affiliated investments		659,739,787
Net realized gain		924,662,289
Net change in unrealized depreciation on affiliated investments		(927,818,229	)
Net realized and unrealized loss		(3,155,940	)
Net Increase in Net Assets From Operations	$	152,077,897

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	155,233,837		$	133,191,348
Net realized gain		924,662,289			540,074,337
Net change in unrealized appreciation (depreciation)		(927,818,229	)		1,300,448,131
Increase in net assets from operations		152,077,897			1,973,713,816
From Distributions to Shareholders
Net investment income
Class A		(6,636,660	)		(7,454,246	)
Class B		(138,104,094	)		(167,613,633	)
Net realized capital gains
Class A		(18,868,352	)		(22,901,598	)
Class B		(470,741,911	)		(593,631,616	)
Total distributions		(634,351,017	)		(791,601,093	)
Decrease in net assets from capital share transactions		(60,261,183	)		(484,248,915	)
Total increase (decrease) in net assets		(542,534,303	)		697,863,808
Net Assets
Beginning of period		11,556,087,440			10,858,223,632
End of period	$	11,013,553,137		$	11,556,087,440
Undistributed net investment income
End of period	$	154,742,067		$	144,248,984

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		519,058		$	7,515,527			1,308,539		$	17,709,267
Reinvestments		1,837,537			25,505,012			2,331,478			30,355,844
Redemptions		(1,438,315	)		(20,778,847	)		(3,985,253	)		(53,924,034	)
Net increase (decrease)		918,280		$	12,241,692			(345,236	)	$	(5,858,923	)
Class B
Sales		4,057,617		$	58,569,907			8,340,811		$	112,523,526
Reinvestments		44,055,427			608,846,005			58,692,772			761,245,249
Redemptions		(51,672,333	)		(739,918,787	)		(100,029,010	)		(1,352,158,767	)
Net decrease		(3,559,289	)	$	(72,502,875	)		(32,995,427	)	$	(478,389,992	)
Decrease derived from capital shares transactions				$	(60,261,183	)				$	(484,248,915	)

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.25		$	12.86		$	13.98		$	14.92		$	14.41		$	11.78
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.19			0.20			0.29			0.18			0.21
Net realized and unrealized gain (loss) on investments		(0.01	)		2.22			0.82			(0.47	)		0.60			2.64
Total from investment operations		0.21			2.41			1.02			(0.18	)		0.78			2.85
Less Distributions
Distributions from net investment income		(0.22	)		(0.25	)		(0.46	)		(0.08	)		(0.27	)		(0.22	)
Distributions from net realized capital gains		(0.63	)		(0.77	)		(1.68	)		(0.68	)		0.00			0.00
Total distributions		(0.85	)		(1.02	)		(2.14	)		(0.76	)		(0.27	)		(0.22	)
Net Asset Value, End of Period	$	13.61		$	14.25		$	12.86		$	13.98		$	14.92		$	14.41
Total Return (%) (b)		1.41	(c)		19.44			8.43			(1.50	)		5.53			24.51
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.05	(e)		0.06			0.06			0.05			0.06			0.07
Ratio of net investment income to average net assets (%) (f)		1.47	(e)(g)		1.42			1.55			1.96			1.26			1.65
Portfolio turnover rate (%)		8	(c)		7			10			13			22			13
Net assets, end of period (in millions)	$	429.3		$	436.4		$	398.2		$	386.4		$	395.4		$	365.2
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.18		$	12.80		$	13.92		$	14.86		$	14.36		$	11.73
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.16			0.17			0.25			0.02			0.19
Net realized and unrealized gain (loss) on investments		0.00			2.21			0.81			(0.46	)		0.72			2.63
Total from investment operations		0.19			2.37			0.98			(0.21	)		0.74			2.82
Less Distributions
Distributions from net investment income		(0.19	)		(0.22	)		(0.42	)		(0.05	)		(0.24	)		(0.19	)
Distributions from net realized capital gains		(0.63	)		(0.77	)		(1.68	)		(0.68	)		0.00			0.00
Total distributions		(0.82	)		(0.99	)		(2.10	)		(0.73	)		(0.24	)		(0.19	)
Net Asset Value, End of Period	$	13.55		$	14.18		$	12.80		$	13.92		$	14.86		$	14.36
Total Return (%) (b)		1.23	(c)		19.16			8.14			(1.70	)		5.23			24.31
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.30	(e)		0.31			0.31			0.30			0.31			0.32
Ratio of net investment income to average net assets (%) (f)		1.21	(e)(g)		1.17			1.32			1.73			0.14			1.43
Portfolio turnover rate (%)		8	(c)		7			10			13			22			13
Net assets, end of period (in millions)	$	10,584.2		$	11,119.7		$	10,460.0		$	10,742.1		$	12,034.0		$	3,042.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Asset Allocation Portfolio invests.
(e)	Computed on an annualized basis.
(f)	Recognition of net investment income by the Asset Allocation Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(g)	The income earned by the Asset Allocation Portfolio through the investments in Underlying Portfolios is not annualized.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 80 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Asset Allocation Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

Investment Transactions and Related Investment Income - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gain in the Statement of Operations.

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

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable

BHFTII-9

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

3. Certain Risks

In the normal course of business, the Underlying Portfolios invest in securities and enter into transactions where risks exist. Those risks include:

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

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

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and in the Underlying Portfolios in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,065,482,186	$	0	$	945,303,830

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2018	% per annum			Average Daily Net Assets
$3,014,988		0.100	%	Of the first $500 million
		0.075	%	Of the next $500 million
		0.050	%	On amounts in excess of $1 billion

In addition to the above management fee paid to Brighthouse Investment Advisers, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers an investment advisory fee through its investments in the Underlying Portfolios.

BHFTII-10

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Asset Allocation Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Asset Allocation Portfolio’s Class B shares. Under the Distribution and Services Plan, the Class B shares of the Asset Allocation Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Asset Allocation Portfolio shares for promoting or selling and servicing the Class B shares of the Asset Allocation Portfolio. The fees under the Distribution and Services Plan for each class of the Asset Allocation Portfolio’s shares are calculated as a percentage of the Asset Allocation Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B shares. Amounts incurred by the Asset Allocation Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the six months ended June 30, 2018 were as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	410,609,221	$	63,852,018	$	(18,603,501	)	$	6,980,195		$	(26,130,878	)	$	436,707,055
BlackRock Bond Income Portfolio (Class A)		330,107,343		23,481,537		(5,087,189	)		(42,041	)		(15,855,562	)		332,604,088
BlackRock Capital Appreciation Portfolio (Class A)		407,888,711		49,387,625		(88,947,985	)		34,357,417			(28,477,374	)		374,208,394
BlackRock High Yield Portfolio (Class A)		57,763,657		2,871,049		(2,283,114	)		(122,634	)		(2,454,769	)		55,774,189
Brighthouse Small Cap Value Portfolio (Class A)		174,761,477		31,423,269		(6,689,165	)		339,834			(7,827,496	)		192,007,919
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		294,797,711		7,551,937		(16,941,617	)		1,690,036			(38,810,383	)		248,287,684
Brighthouse/Artisan International Portfolio (Class A)		378,601,301		38,444,912		(22,797,189	)		3,192,906			(17,210,920	)		380,231,010
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		58,431,188		1,678,576		(30,229,217	)		3,789,267			(5,277,671	)		28,392,143
Brighthouse/Dimensional International Small Company Portfolio (Class A)		236,218,700		20,838,788		(13,957,531	)		(562,995	)		(26,557,966	)		215,978,996
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		112,502,683		4,738,111		(3,988,296	)		59,075			(1,808,632	)		111,502,941
Brighthouse/Templeton International Bond Portfolio (Class A)		326,689,528		8,779,506		(7,453,579	)		133,925			(3,732,326	)		324,417,054
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		583,694,106		40,327,101		(31,052,198	)		12,381,529			(42,972,165	)		562,378,373
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		407,853,287		49,958,933		(25,507,530	)		5,087,619			(41,607,316	)		395,784,993
Clarion Global Real Estate Portfolio (Class A)		290,264,070		17,191,834		(3,326,254	)		1,581,337			(23,779,249	)		281,931,738
ClearBridge Aggressive Growth Portfolio (Class A)		554,033,443		27,776,603		(71,813,299	)		39,967,357			(32,758,028	)		517,206,076
Frontier Mid Cap Growth Portfolio (Class A)		58,104,366		6,150,646		(4,437,715	)		1,038,069			(4,915,615	)		55,939,751
Harris Oakmark International Portfolio (Class A)		496,293,756		55,234,569		(22,589,150	)		3,925,933			(67,681,266	)		465,183,842
Invesco Comstock Portfolio (Class A)		672,572,984		51,634,770		(57,671,783	)		21,702,013			(70,526,922	)		617,711,062
Invesco Small Cap Growth Portfolio (Class A)		291,587,838		31,098,676		(61,063,308	)		(2,032,117	)		(2,949,703	)		256,641,386
Jennison Growth Portfolio (Class A)		579,196,578		84,350,931		(81,178,042	)		29,515,824			(46,464,715	)		565,420,576
JPMorgan Core Bond Portfolio (Class A)		218,544,630		16,893,929		(3,874,512	)		(14,936	)		(9,770,363	)		221,778,748
JPMorgan Small Cap Value Portfolio (Class A)		173,501,338		11,843,030		(13,001,038	)		1,558,255			(3,756,917	)		170,144,668
Loomis Sayles Small Cap Growth Portfolio (Class A)		145,483,558		18,741,441		(23,139,524	)		6,817,327			(5,071,382	)		142,831,420
MFS Research International Portfolio (Class A)		352,313,230		7,163,064		(20,294,236	)		5,920,997			(17,643,696	)		327,459,359
MFS Value Portfolio (Class A)		642,347,528		52,978,827		(28,349,177	)		12,953,219			(6,072,333	)		673,858,064
MFS Value Portfolio II (Class A)		87,604,656		25,430,566		(1,268,510	)		46,758			(111,813,470	)		—

BHFTII-11

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of June 30, 2018
Morgan Stanley Mid Cap Growth Portfolio (Class A)	$	58,060,082	$	5,402,226	$	(38,520,874	)	$	16,794,200		$	(11,787,090	)	$	29,948,544
Neuberger Berman Genesis Portfolio (Class A)		58,398,260		3,642,940		(31,807,423	)		12,149,415			(13,714,790	)		28,668,402
Oppenheimer Global Equity Portfolio (Class A)		175,049,998		17,616,387		(11,070,799	)		2,957,093			(16,852,528	)		167,700,151
PIMCO Inflation Protected Bond Portfolio (Class A)		165,112,441		9,092,684		(3,461,159	)		(502,381	)		(3,016,408	)		167,225,177
PIMCO Total Return Portfolio (Class A)		331,926,225		16,280,545		(6,201,801	)		(497,879	)		(9,392,534	)		332,114,556
T. Rowe Price Large Cap Growth Portfolio (Class A)		520,862,703		88,466,212		(84,244,591	)		29,456,750			(68,300,999	)		486,240,075
T. Rowe Price Large Cap Value Portfolio (Class A)		639,434,904		68,619,489		(39,880,945	)		13,106,809			(85,653,522	)		595,626,735
T. Rowe Price Mid Cap Growth Portfolio (Class A)		116,420,330		14,787,687		(10,308,745	)		2,170,739			(11,241,113	)		111,828,898
T. Rowe Price Small Cap Growth Portfolio (Class A)		175,319,282		14,086,535		(17,945,978	)		3,258,021			(4,122,112	)		170,595,748
TCW Core Fixed Income Portfolio (Class A)		272,970,061		20,203,938		(4,858,795	)		15,096			(10,965,059	)		277,365,241
Van Eck Global Natural Resources Portfolio (Class A)		357,886,888		34,574,139		(23,282,124	)		(3,044,509	)		(111,646	)		366,022,748
Wells Capital Management Mid Cap Value Portfolio (Class A)		117,041,723		11,014,313		(3,058,229	)		(796,165	)		(12,730,318	)		111,471,324
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		228,955,621		11,872,843		(5,117,708	)		(408,856	)		(18,002,993	)		217,298,907
	$	11,559,205,406	$	1,065,482,186	$	(945,303,830	)	$	264,922,502		$	(927,818,229	)	$	11,016,488,035

Security Description	Capital Gain Distributions		Income earned from affiliates during the period		Number of shares held at June 30, 2018
Baillie Gifford International Stock Portfolio (Class A)	$	—	$	5,107,038		33,984,985
BlackRock Bond Income Portfolio (Class A)		—		11,208,672		3,264,665
BlackRock Capital Appreciation Portfolio (Class A)		48,921,162		461,593		8,626,288
BlackRock High Yield Portfolio (Class A)		—		2,850,753		7,456,442
Brighthouse Small Cap Value Portfolio (Class A)		10,053,255		2,406,189		11,736,425
Brighthouse/Aberdeen Emerging Markets Equity Portfolio (Class A)		—		7,492,278		25,130,332
Brighthouse/Artisan International Portfolio (Class A)		—		5,799,989		35,044,333
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,500,487		177,694		114,822
Brighthouse/Dimensional International Small Company Portfolio (Class A)		14,995,384		5,835,571		15,998,444
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		4,278,931		10,963,908
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		32,539,323
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		30,331,348		9,995,753		18,408,457
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		45,825,433		4,130,811		27,257,920
Clarion Global Real Estate Portfolio (Class A)		—		17,025,353		24,537,140
ClearBridge Aggressive Growth Portfolio (Class A)		23,592,567		4,184,036		27,836,710
Frontier Mid Cap Growth Portfolio (Class A)		6,150,646		—		1,566,062
Harris Oakmark International Portfolio (Class A)		19,126,116		9,103,438		31,473,873
Invesco Comstock Portfolio (Class A)		46,179,286		5,446,206		40,908,017
Invesco Small Cap Growth Portfolio (Class A)		31,098,676		—		17,086,644
Jennison Growth Portfolio (Class A)		82,388,015		1,942,827		34,945,647
JPMorgan Core Bond Portfolio (Class A)		—		6,601,198		22,515,609
JPMorgan Small Cap Value Portfolio (Class A)		9,635,723		2,200,064		9,800,960
Loomis Sayles Small Cap Growth Portfolio (Class A)		18,741,441		—		9,471,580
MFS Research International Portfolio (Class A)		—		7,156,917		26,536,415
MFS Value Portfolio (Class A)		42,780,685		10,187,890		45,592,562
MFS Value Portfolio II (Class A)		22,698,981		2,730,087		—
Morgan Stanley Mid Cap Growth Portfolio (Class A)		5,399,803		—		1,450,293
Neuberger Berman Genesis Portfolio (Class A)		3,541,437		101,502		1,378,952
Oppenheimer Global Equity Portfolio (Class A)		15,556,508		2,059,879		6,999,172
PIMCO Inflation Protected Bond Portfolio (Class A)		—		3,038,065		17,151,300
PIMCO Total Return Portfolio (Class A)		—		5,245,469		29,573,870
T. Rowe Price Large Cap Growth Portfolio (Class A)		86,427,934		2,027,739		21,177,704
T. Rowe Price Large Cap Value Portfolio (Class A)		56,494,641		12,118,187		19,053,958
T. Rowe Price Mid Cap Growth Portfolio (Class A)		14,786,453		—		10,250,128
T. Rowe Price Small Cap Growth Portfolio (Class A)		13,884,648		201,887		6,965,935
TCW Core Fixed Income Portfolio (Class A)		—		7,107,351		28,244,933
Van Eck Global Natural Resources Portfolio (Class A)		—		615,279		34,239,733
Wells Capital Management Mid Cap Value Portfolio (Class A)		9,629,158		1,383,293		9,943,918
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		11,718,747		16,989,750
	$	659,739,787	$	171,940,686	$	726,217,209

BHFTII-12

Brighthouse Funds Trust II

Brighthouse Asset Allocation 80 Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	10,362,454,044
Gross unrealized appreciation		940,991,275
Gross unrealized depreciation		(286,957,284	)
Net unrealized appreciation (depreciation)	$	654,033,991

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$175,067,879	$	322,023,352	$	616,533,214	$	1,279,916,103	$	791,601,093	$	1,601,939,455

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$144,442,881	$	490,355,309	$	1,581,852,220	$	—	$	2,216,650,410

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

As of December 31, 2017, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTII-13

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, D, and E shares of the Frontier Mid Cap Growth Portfolio returned 3.87%, 3.71%, 3.81%, and 3.77%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 5.40%.

MARKET ENVIRONMENT / CONDITIONS

Gains in the market were driven by robust corporate earnings, solid economic indicators, elevated mergers & acquisition activity and increased capital returns in the form of buybacks. However, beneath the surface of higher index levels, performance has been less uniform as angst about the impact of higher interest rates and the prospect of economic growth peaking have caused a wide performance gap between value and growth. With fears of economic growth topping due to the Federal Reserve raising rates and increased trade tensions, steady growth and cyclical stocks have underperformed high growth stocks.

Indeed, over the past six months stocks of companies without earnings have outperformed companies with earnings by 13% in the Russell Midcap^® Growth Index as the market has rewarded companies with fast growing revenues over profitability. Likewise, companies with the lowest returns on equity have substantially outperformed companies with higher returns on equity, high price to earnings (“P/E”) stocks have outperformed low P/E stocks, and high price to sales stocks have outperformed low price to sales stocks. All of these tendencies run counter to long term trends and the result is high momentum stocks outperforming.

PORTFOLIO REVIEW / PERIOD END POSITIONING

From a Portfolio perspective, relative performance during the period was hindered principally by stock specific setbacks within Consumer Discretionary and Information Technology, offset modestly by positive selection in Financials and Energy. Within Consumer Discretionary, LKQ Corp. fell as systems start up issues at a large distribution center prompted an earnings miss. We believed the matters would be remedied in the second quarter and increased the Portfolio’s investment given the company’s domestic dominance and growing European opportunity as an alternative parts distributor. Auto components manufacturer Dana, Inc. was also a headwind to performance as material cost pressures restrained productivity efforts meant to expand margins. We sold the stock over the period given concerns about the truck cycle peaking at a time other levers for earnings growth appear more doubtful. Information Technology likewise was a hindrance as communications technology providers MACOM and Universal Display suffered from weaker than expected equipment demand from original equipment manufacturer (OEM) customers ahead of anticipated technology transitions later in 2018. Both have key enabling technology for emerging optical communications and displays respectively and we maintained the Portfolio’s investments in each.

On the positive side, the Portfolio benefitted from strong returns in Financials and Energy coupled with favorable positioning and positive stock selection within Industrials. Specifically, Carrizo Oil & Gas rebounded sharply as energy markets gained greater appreciation for their diversified basins of production. Financials performed well led by strong gains in Nasdaq, Inc. as they reported a solid quarter and gave constructive full year guidance. Information Technology company WEX, Inc. was the Portfolio’s overall top contributor during the period as they continued to gain share in business to business payment systems for the petroleum, travel and health care verticals. Finally, the Portfolio’s cautious sector positioning toward Industrials proved warranted.

In terms of the Portfolio’s positioning, we were skeptical of cyclically oriented companies this far along in the economic cycle amid an environment of rising interest rates. This is best reflected in the Portfolio’s underweight position in Industrials which has been rewarded year to date. Alternatively, we were overweight Financials as we believed higher interest rates should benefit a select subset of Financials, and this has proved accurate as companies such as LPL Financial, E*TRADE and Webster Bank have all benefitted from higher rates so far.

We remained optimistic about the economy and the favorable secular growth trends in the Portfolio’s investments. We continued to look for companies that we believe can achieve strong long-term earnings power but trade at attractive valuations. At period end, we saw opportunities in Health Care, Financials and Materials and as a result, these were the Portfolio’s three largest overweight sectors. In Health Care, we continued to see appealing innovation in the Medical Technology, Pharmaceutical and Biotechnology areas. Regarding Financials, we continued to focus on companies benefitting from competitive share gains while also being beneficiaries of rising rates. With respect to Materials, we found both the aerospace and infrastructure markets to offer appealing investment opportunities. We saw promising secular forces benefitting technology but were growing

BHFTII-1

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Managed by Frontier Capital Management Company, LLC

Portfolio Manager Commentary*—(Continued)

cautious about valuations as the market chases aggressive growth stocks to extremes. We remained focused on areas that can sustain strong multi-year growth while being disciplined about valuations and are less attracted to cyclicals and slow growth areas susceptible to rising interest rates.

Stephen M. Knightly

Christopher J. Scarpa

Portfolio Managers

Frontier Capital Management Company, LLC

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

BHFTII-2

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Frontier Mid Cap Growth Portfolio
Class A		3.87		13.33		13.33		8.20
Class B		3.71		13.03		13.04		7.92
Class D		3.81		13.24		13.22		8.09
Class E		3.77		13.16		13.16		8.04
Russell Midcap Growth Index		5.40		18.52		13.37		10.45

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Global Payments, Inc.		2.9
Cintas Corp.		2.4
Waste Connections, Inc.		2.2
FMC Corp.		2.1
Zoetis, Inc.		2.0
WEX, Inc.		2.0
Cooper Cos., Inc. (The)		2.0
O’Reilly Automotive, Inc.		2.0
Nasdaq, Inc.		1.8
Qorvo, Inc.		1.8

Top Sectors

	% of Net Assets
Information Technology		30.6
Health Care		18.6
Consumer Discretionary		13.0
Industrials		13.0
Financials		10.8
Materials		8.6
Energy		1.7
Real Estate		1.1
Consumer Staples		0.4

BHFTII-3

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Frontier Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.73	%	$	1,000.00	$	1,038.70	$	3.69
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class B (a)	Actual		0.98	%	$	1,000.00	$	1,037.10	$	4.95
	Hypothetical*		0.98	%	$	1,000.00	$	1,019.94	$	4.91
Class D (a)	Actual		0.83	%	$	1,000.00	$	1,038.10	$	4.19
	Hypothetical*		0.83	%	$	1,000.00	$	1,020.68	$	4.16
Class E (a)	Actual		0.88	%	$	1,000.00	$	1,037.70	$	4.45
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—97.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.0%
BWX Technologies, Inc. (a)		158,134	$	9,854,911
Hexcel Corp. (a)		202,008		13,409,291
				23,264,202
Airlines—0.8%
JetBlue Airways Corp. (b)		505,638		9,597,009
Banks—1.2%
Webster Financial Corp. (a)		219,444		13,978,583
Beverages—0.4%
Monster Beverage Corp. (b)		90,444		5,182,441
Biotechnology—4.5%
Alkermes plc (a) (b)		116,787		4,806,953
BioMarin Pharmaceutical, Inc. (a) (b)		171,538		16,158,880
Exact Sciences Corp. (b)		124,333		7,433,870
Incyte Corp. (a) (b)		120,500		8,073,500
Neurocrine Biosciences, Inc. (a) (b)		104,819		10,297,418
TESARO, Inc. (a) (b)		149,091		6,630,077
				53,400,698
Building Products—1.1%
A.O. Smith Corp. (a)		228,390		13,509,269
Capital Markets—7.6%
E*Trade Financial Corp. (b)		154,144		9,427,447
Evercore, Inc. - Class A (a)		112,898		11,905,094
LPL Financial Holdings, Inc. (a)		232,621		15,245,980
Moody’s Corp.		69,494		11,852,897
Nasdaq, Inc.		240,382		21,939,665
Raymond James Financial, Inc.		229,546		20,509,935
				90,881,018
Chemicals—3.3%
FMC Corp.		275,191		24,549,789
Sherwin-Williams Co. (The)		35,305		14,389,259
				38,939,048
Commercial Services & Supplies—6.2%
Cintas Corp.		157,124		29,078,939
KAR Auction Services, Inc. (a)		331,983		18,192,668
Waste Connections, Inc.		348,670		26,247,878
				73,519,485
Communications Equipment—1.4%
Palo Alto Networks, Inc. (a) (b)		83,582		17,173,594
Construction Materials—3.0%
Eagle Materials, Inc.		94,844		9,955,775
Martin Marietta Materials, Inc. (a)		55,952		12,495,760
Vulcan Materials Co.		98,124		12,663,883
				35,115,418
Containers & Packaging—1.5%
Ball Corp. (a)		492,811		17,519,431
Distributors—1.0%
LKQ Corp. (b)		376,749		12,018,293
Diversified Consumer Services—2.1%
Bright Horizons Family Solutions, Inc. (b)		101,592		10,415,212
ServiceMaster Global Holdings, Inc. (b)		241,134		14,340,239
				24,755,451
Electrical Equipment—0.6%
Rockwell Automation, Inc.		44,077		7,326,920
Electronic Equipment, Instruments & Components—1.1%
Amphenol Corp. - Class A		150,793		13,141,610
Equity Real Estate Investment Trusts—1.1%
SBA Communications Corp. (b)		77,959		12,872,590
Health Care Equipment & Supplies—8.3%
ABIOMED, Inc. (a) (b)		16,506		6,751,779
Align Technology, Inc. (b)		30,919		10,578,627
Cooper Cos., Inc. (The) (a)		100,678		23,704,635
Edwards Lifesciences Corp. (b)		95,457		13,895,676
Insulet Corp. (a) (b)		115,743		9,919,175
Merit Medical Systems, Inc. (b)		82,801		4,239,411
Nevro Corp. (a) (b)		72,479		5,787,448
STERIS plc (a)		133,873		14,058,004
Teleflex, Inc.		37,673		10,104,275
				99,039,030
Hotels, Restaurants & Leisure—3.5%
Aramark (a)		358,494		13,300,127
MGM Resorts International		58,256		1,691,172
Texas Roadhouse, Inc. (a)		141,856		9,292,987
Yum! Brands, Inc.		215,361		16,845,537
				41,129,823
Insurance—2.0%
Aon plc		79,667		10,927,922
Willis Towers Watson plc		82,709		12,538,685
				23,466,607
IT Services—11.9%
Conduent, Inc. (a) (b)		363,840		6,610,973
DXC Technology Co.		266,826		21,508,844
Gartner, Inc. (a) (b)		65,989		8,769,938
Global Payments, Inc.		305,064		34,011,585
InterXion Holding NV (b)		249,343		15,563,990
Jack Henry & Associates, Inc. (a)		88,261		11,505,704
WEX, Inc. (b)		124,501		23,714,950
Worldpay, Inc. - Class A (b)		249,496		20,403,783
				142,089,767

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—3.3%
Illumina, Inc. (b)		49,543	$	13,836,864
QIAGEN NV (b)		380,416		13,755,843
Waters Corp. (a) (b)		61,780		11,959,990
				39,552,697
Metals & Mining—0.9%
Allegheny Technologies, Inc. (b)		430,415		10,812,025
Multiline Retail—2.0%
Dollar General Corp.		161,021		15,876,671
Dollar Tree, Inc. (b)		90,971		7,732,535
				23,609,206
Oil, Gas & Consumable Fuels—1.7%
Carrizo Oil & Gas, Inc. (a) (b)		478,358		13,322,270
Concho Resources, Inc. (a) (b)		52,572		7,273,336
				20,595,606
Pharmaceuticals—2.4%
Nektar Therapeutics (a) (b)		98,037		4,787,147
Zoetis, Inc.		283,332		24,137,053
				28,924,200
Road & Rail—0.7%
Knight-Swift Transportation Holdings, Inc. (a)		223,767		8,550,137
Semiconductors & Semiconductor Equipment—8.5%
Integrated Device Technology, Inc. (a) (b)		389,294		12,410,693
Lam Research Corp.		55,678		9,623,942
MACOM Technology Solutions Holdings, Inc. (a) (b)		309,478		7,130,373
Marvell Technology Group, Ltd. (a)		816,953		17,515,472
Monolithic Power Systems, Inc. (a)		91,121		12,180,144
Qorvo, Inc. (b)		273,391		21,917,757
Semtech Corp. (a) (b)		337,637		15,885,821
Universal Display Corp. (a)		58,493		5,030,398
				101,694,600
Software—7.6%
Activision Blizzard, Inc.		90,435		6,901,999
CDK Global, Inc.		183,401		11,930,235
Electronic Arts, Inc. (b)		134,032		18,901,193
Fortinet, Inc. (b)		113,442		7,082,184
Red Hat, Inc. (b)		44,039		5,917,520
ServiceNow, Inc. (b)		47,471		8,187,323
Splunk, Inc. (b)		108,343		10,737,875
SS&C Technologies Holdings, Inc.		396,391		20,572,693
				90,231,022
Specialty Retail—4.5%
Advance Auto Parts, Inc.		66,013		8,957,964
Carvana Co. (a) (b)		161,104		6,701,926
O’Reilly Automotive, Inc. (b)		85,713		23,448,506
Specialty Retail—(Continued)
Ross Stores, Inc.		167,617		14,205,541
				53,313,937
Trading Companies & Distributors—1.6%
Beacon Roofing Supply, Inc. (a) (b)		135,808		5,788,137
HD Supply Holdings, Inc. (b)		299,606		12,850,101
				18,638,238
Total Common Stocks (Cost $887,206,533)				1,163,841,955
Short-Term Investment—1.4%
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $17,337,427; collateralized by U.S. Treasury Note at 2.625%, maturing 02/28/23, with a market value of $17,683,301.		17,336,271		17,336,271
Total Short-Term Investments (Cost $17,336,271)				17,336,271
Securities Lending Reinvestments (c)—16.8%
Certificates of Deposit—8.8%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (d)		2,000,000		2,000,108
2.588%, 1M LIBOR + 0.500%, 09/21/18 (d)		4,000,000		4,002,384
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (d)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (d)		4,750,000		4,756,650
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (d)		4,000,000		4,003,720
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (d)		4,000,000		4,001,500
China Construction Bank 2.550%, 09/17/18		5,000,000		4,999,915
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (d)		6,000,000		5,999,574
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (d)		1,000,000		999,849
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (d)		3,500,000		3,502,723
2.525%, 3M LIBOR + 0.200%, 04/05/19 (d)		3,000,000		3,001,131
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (d)		2,500,000		2,500,115
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		1,987,990		1,997,200
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (d)		2,000,000		2,000,336
2.460%, FEDEFF PRV + 0.550%, 09/07/18 (d)		3,000,000		3,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		4,000,000	$	3,999,836
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (d)		3,000,000		3,000,012
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (d)		2,000,000		2,000,104
2.427%, 1M LIBOR + 0.370%, 02/14/19 (d)		2,000,000		2,000,846
2.525%, 1M LIBOR + 0.440%, 09/17/18 (d)		2,000,000		2,000,920
Nordea Bank New York 2.531%, 3M LIBOR + 0.200%, 04/05/19 (d)		5,000,000		5,002,610
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (d)		5,000,000		4,998,755
Royal Bank of Canada New York 2.525%, 1M LIBOR + 0.440%, 09/17/18 (d)		1,000,000		1,000,801
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (d)		2,000,000		1,999,966
Standard Chartered plc 2.250%, 08/21/18		2,000,000		2,000,306
2.384%, 1M LIBOR + 0.300%, 08/22/18 (d)		2,000,000		2,000,048
Sumitomo Mitsui Banking Corp., New York 2.235%, 1M LIBOR + 0.230%, 09/05/18 (d)		2,000,000		2,000,060
2.374%, 1M LIBOR + 0.280%, 07/30/18 (d)		3,500,000		3,500,245
Sumitomo Mitsui Trust Bank, Ltd. 2.447%, 3M LIBOR + 0.110%, 10/11/18 (d)		2,000,000		2,000,218
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (d)		5,000,000		5,000,000
Svenska Handelsbanken AB 2.451%, 1M LIBOR + 0.450%, 04/03/19 (d)		2,000,000		2,001,804
2.459%, 3M LIBOR + 0.100%, 04/30/19 (d)		5,000,000		5,000,060
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (d)		3,000,000		3,000,069
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (d)		3,000,000		2,999,802
				104,271,551
Commercial Paper—3.2%
Bank of China, Ltd. 2.500%, 07/23/18		2,484,201		2,496,858
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (d)		5,000,000		5,002,195
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (d)		7,000,000		7,002,044
Macquarie Bank, Ltd. 2.280%, 09/04/18		3,976,693		3,983,736
Sheffield Receivables Co. 2.490%, 11/26/18		3,947,710		3,958,532
Starbird Funding Corp. 2.300%, 08/10/18		994,378		997,505
Toyota Motor Credit Corp. 2.320%, 07/26/18		4,965,844		4,993,095
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (d)		10,000,000		9,998,080
				38,432,045
Repurchase Agreements—3.0%
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $781,468; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of 765,000.		750,000		750,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $1,213,340; collateralized by various Common Stock with an aggregate market value of $1,339,450.		1,200,000		1,200,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $6,644,502; collateralized by various Common Stock with an aggregate market value of $7,255,357.		6,500,000		6,500,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $1,503,833; collateralized by various Common Stock with an aggregate market value of $1,668,293.		1,500,000		1,500,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $739,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $754,214.		739,088		739,088
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $1,572,263; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $1,543,665; collateralized by various Common Stock with an aggregate market value of $1,650,000.		1,500,000		1,500,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $3,037,093; collateralized by various Common Stock with an aggregate market value of $3,338,674.		3,000,000		3,000,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $3,823,712; collateralized by various Common Stock with an aggregate market value of $4,228,987.		3,800,000		3,800,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $4,429,064; collateralized by various Common Stock with an aggregate market value of $4,896,548.		4,400,000		4,400,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $3,219,680; collateralized by various Common Stock with an aggregate market value of $3,561,126.		3,200,000		3,200,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $4,727,567; collateralized by various Common Stock with an aggregate market value of $5,230,404.		4,700,000		4,700,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $2,513,667; collateralized by various Common Stock with an aggregate market value of $2,782,130.		2,500,000	$	2,500,000
				35,289,088
Time Deposits—1.8%
Australia New Zealand Bank 1.900%, 07/02/18		4,000,000		4,000,000
Credit Industriel et Commercial (NY) 1.950%, 07/02/18		3,000,000		3,000,000
DNB Bank ASA 1.870%, 07/02/18		4,000,000		4,000,000
DZ Bank AG 1.890%, 07/02/18		3,000,000		3,000,000
Erste Group Bank AG 1.910%, 07/02/18		2,000,000		2,000,000
Nordea Bank New York 1.880%, 07/02/18		2,000,000		2,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		2,000,000		2,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		2,000,000		2,000,000
				22,000,000
Total Securities Lending Reinvestments (Cost $199,965,430)				199,992,684
Total Investments—116.0% (Cost $1,104,508,234)				1,381,170,910
Other assets and liabilities (net)—(16.0)%				(190,780,316	)
Net Assets—100.0%			$	1,190,390,594

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $196,105,927 and the collateral received consisted of cash in the amount of $199,895,905. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,163,841,955	$	—		$	—	$	1,163,841,955
Total Short-Term Investment*		—		17,336,271			—		17,336,271
Total Securities Lending Reinvestments*		—		199,992,684			—		199,992,684
Total Investments	$	1,163,841,955	$	217,328,955		$	—	$	1,381,170,910
Collateral for Securities Loaned (Liability)	$	—	$	(199,895,905	)	$	—	$	(199,895,905	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,381,170,910
Receivable for:
Investments sold		10,213,364
Fund shares sold		4,056
Dividends and interest		346,068
Total Assets		1,391,734,398
Liabilities
Collateral for securities loaned		199,895,905
Payables for:
Fund shares redeemed		370,045
Accrued Expenses:
Management fees		693,287
Distribution and service fees		44,902
Deferred trustees’ fees		140,048
Other expenses		199,617
Total Liabilities		201,343,804
Net Assets	$	1,190,390,594
Net Assets Consist of:
Paid in surplus	$	846,832,281
Accumulated net investment loss		(1,065,896	)
Accumulated net realized gain		67,961,533
Unrealized appreciation on investments		276,662,676
Net Assets	$	1,190,390,594
Net Assets
Class A	$	921,736,154
Class B		171,747,345
Class D		86,914,104
Class E		9,992,991
Capital Shares Outstanding*
Class A		25,806,319
Class B		5,377,931
Class D		2,488,502
Class E		287,821
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	35.72
Class B		31.94
Class D		34.93
Class E		34.72

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,104,508,234.
(b)	Includes securities loaned at value of $196,105,927.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	3,357,146
Interest		12,949
Securities lending income		391,909
Total investment income		3,762,004
Expenses
Management fees		4,335,825
Administration fees		19,318
Custodian and accounting fees		53,221
Distribution and service fees—Class B		222,518
Distribution and service fees—Class D		44,304
Distribution and service fees—Class E		7,752
Audit and tax services		21,770
Legal		21,432
Trustees’ fees and expenses		20,718
Shareholder reporting		85,796
Insurance		3,856
Miscellaneous		8,221
Total expenses		4,844,731
Less management fee waiver		(124,000	)
Less broker commission recapture		(38,403	)
Net expenses		4,682,328
Net Investment Loss		(920,324	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		68,274,013
Foreign currency transactions		1,784
Net realized gain		68,275,797
Net change in unrealized depreciation on investments		(20,458,056	)
Net realized and unrealized gain		47,817,741
Net Increase in Net Assets From Operations	$	46,897,417

(a) Net of foreign withholding taxes of $14,578.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(920,324	)	$	(1,255,813	)
Net realized gain		68,275,797			133,869,343
Net change in unrealized appreciation (depreciation)		(20,458,056	)		134,667,169
Increase in net assets from operations		46,897,417			267,280,699
From Distributions to Shareholders
Net realized capital gains
Class A		(100,990,172	)		(21,562,735	)
Class B		(20,876,824	)		(4,569,749	)
Class D		(9,718,488	)		(2,121,753	)
Class E		(1,120,838	)		(246,731	)
Total distributions		(132,706,322	)		(28,500,968	)
Increase (decrease) in net assets from capital share transactions		44,647,490			(130,157,854	)
Total increase (decrease) in net assets		(41,161,415	)		108,621,877
Net Assets
Beginning of period		1,231,552,009			1,122,930,132
End of period	$	1,190,390,594		$	1,231,552,009
Accumulated net investment loss
End of period	$	(1,065,896	)	$	(145,572	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		56,626		$	2,228,698			134,407		$	4,684,834
Reinvestments		2,724,310			100,990,172			609,634			21,562,735
Redemptions		(1,685,817	)		(66,656,466	)		(3,521,078	)		(124,641,890	)
Net increase (decrease)		1,095,119		$	36,562,404			(2,777,037	)	$	(98,394,321	)
Class B
Sales		69,648		$	2,485,150			280,204		$	9,045,272
Reinvestments		629,769			20,876,824			142,360			4,569,749
Redemptions		(542,207	)		(19,294,686	)		(1,062,128	)		(34,090,788	)
Net increase (decrease)		157,210		$	4,067,288			(639,564	)	$	(20,475,767	)
Class D
Sales		55,957		$	2,172,546			85,955		$	2,955,608
Reinvestments		268,096			9,718,488			61,128			2,121,753
Redemptions		(211,653	)		(8,218,805	)		(440,176	)		(15,365,624	)
Net increase (decrease)		112,400		$	3,672,229			(293,093	)	$	(10,288,263	)
Class E
Sales		2,701		$	104,168			11,517		$	396,536
Reinvestments		31,100			1,120,838			7,143			246,731
Redemptions		(22,964	)		(879,437	)		(46,753	)		(1,642,770	)
Net increase (decrease)		10,837		$	345,569			(28,093	)	$	(999,503	)
Increase (decrease) derived from capital shares transactions				$	44,647,490					$	(130,157,854	)

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	38.43		$	31.41		$	33.70		$	37.28		$	36.90		$	28.92
Income (Loss) from Investment Operations
Net investment loss (a)		(0.02	)		(0.02	)		(0.00	)(b)(c)		(0.03	)		(0.05	)		(0.00	)(c)
Net realized and unrealized gain on investments		1.66			7.88			1.63			1.51			3.78			9.18
Total from investment operations		1.64			7.86			1.63			1.48			3.73			9.18
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.42	)
Distributions from net realized capital gains		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)
Total distributions		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.20	)
Net Asset Value, End of Period	$	35.72		$	38.43		$	31.41		$	33.70		$	37.28		$	36.90
Total Return (%) (d)		3.87	(e)		25.26			5.40			2.88			11.14			32.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.75			0.75			0.74			0.76			0.75
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.73			0.73			0.75			0.74
Ratio of net investment loss to average net assets (%)		(0.11	)(f)		(0.06	)		(0.00	)(b)(h)		(0.09	)		(0.13	)		(0.01	)
Portfolio turnover rate (%)		20	(e)		31			40			60			48			120
Net assets, end of period (in millions)	$	921.7		$	949.7		$	863.5		$	878.5		$	831.2		$	982.6
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	34.83		$	28.61		$	31.11		$	34.85		$	34.79		$	27.33
Income (Loss) from Investment Operations
Net investment loss (a)		(0.06	)		(0.10	)		(0.07	)(b)		(0.12	)		(0.13	)		(0.08	)
Net realized and unrealized gain on investments		1.52			7.16			1.49			1.44			3.54			8.66
Total from investment operations		1.46			7.06			1.42			1.32			3.41			8.58
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.34	)
Distributions from net realized capital gains		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)
Total distributions		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.12	)
Net Asset Value, End of Period	$	31.94		$	34.83		$	28.61		$	31.11		$	34.85		$	34.79
Total Return (%) (d)		3.71	(e)		24.93			5.16			2.60			10.88			32.43
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(f)		1.00			1.00			0.99			1.01			1.00
Net ratio of expenses to average net assets (%) (g)		0.98	(f)		0.98			0.98			0.98			1.00			0.99
Ratio of net investment loss to average net assets (%)		(0.36	)(f)		(0.31	)		(0.25	)(b)		(0.35	)		(0.37	)		(0.25	)
Portfolio turnover rate (%)		20	(e)		31			40			60			48			120
Net assets, end of period (in millions)	$	171.7		$	181.9		$	167.7		$	181.7		$	198.6		$	201.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	37.69		$	30.85		$	33.20		$	36.83		$	36.52		$	28.63
Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.06	)		(0.03	)(b)		(0.07	)		(0.08	)		(0.04	)
Net realized and unrealized gain on investments		1.63			7.74			1.60			1.50			3.74			9.09
Total from investment operations		1.59			7.68			1.57			1.43			3.66			9.05
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.38	)
Distributions from net realized capital gains		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)
Total distributions		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.16	)
Net Asset Value, End of Period	$	34.93		$	37.69		$	30.85		$	33.20		$	36.83		$	36.52
Total Return (%) (d)		3.81	(e)		25.14			5.29			2.78			11.06			32.63
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(f)		0.85			0.85			0.84			0.86			0.85
Net ratio of expenses to average net assets (%) (g)		0.83	(f)		0.83			0.83			0.83			0.85			0.84
Ratio of net investment loss to average net assets (%)		(0.21	)(f)		(0.16	)		(0.10	)(b)		(0.20	)		(0.22	)		(0.13	)
Portfolio turnover rate (%)		20	(e)		31			40			60			48			120
Net assets, end of period (in millions)	$	86.9		$	89.6		$	82.3		$	89.8		$	101.3		$	107.1
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	37.50		$	30.71		$	33.08		$	36.73		$	36.46		$	28.58
Income (Loss) from Investment Operations
Net investment loss (a)		(0.05	)		(0.07	)		(0.05	)(b)		(0.09	)		(0.10	)		(0.06	)
Net realized and unrealized gain on investments		1.62			7.70			1.60			1.50			3.72			9.09
Total from investment operations		1.57			7.63			1.55			1.41			3.62			9.03
Less Distributions
Distributions from net investment income		0.00			0.00			0.00			0.00			0.00			(0.37	)
Distributions from net realized capital gains		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(0.78	)
Total distributions		(4.35	)		(0.84	)		(3.92	)		(5.06	)		(3.35	)		(1.15	)
Net Asset Value, End of Period	$	34.72		$	37.50		$	30.71		$	33.08		$	36.73		$	36.46
Total Return (%) (d)		3.77	(e)		25.09			5.25			2.72			10.96			32.59
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90	(f)		0.90			0.90			0.89			0.91			0.90
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.88			0.88			0.88			0.90			0.89
Ratio of net investment loss to average net assets (%)		(0.26	)(f)		(0.21	)		(0.15	)(b)		(0.25	)		(0.28	)		(0.17	)
Portfolio turnover rate (%)		20	(e)		31			40			60			48			120
Net assets, end of period (in millions)	$	10.0		$	10.4		$	9.4		$	10.3		$	11.2		$	11.7

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

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

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

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

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

BHFTII-14

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

BHFTII-15

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $17,336,271. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $35,289,088. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

BHFTII-16

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	235,893,638	$	0	$	350,867,384

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30,  2018	% per annum			Average Daily Net Assets
$4,335,825		0.750	%	Of the first $500 million
		0.700	%	Of the next $500 million
		0.650	%	On amounts in excess of $1 billion

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

BHFTII-17

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	On the first $500 million
0.025%	Over $850 million and less than $1 billion
(0.025)%	On the next $150 million

An identical expense agreement was in place for the period January 1, 2018 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,104,583,998
Gross unrealized appreciation		302,817,547
Gross unrealized depreciation		(26,230,635	)
Net unrealized appreciation (depreciation)	$	276,586,912

BHFTII-18

Brighthouse Funds Trust II

Frontier Mid Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$—	$	—	$	28,500,968	$	132,110,262	$	28,500,968	$	132,110,262

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$995,922	$	131,471,901	$	297,044,968	$	—	$	429,512,791

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

As of December 31, 2017, the Portfolio had no accumulated capital losses no pre-enactment accumulated capital loss carryforwards.

BHFTII-19

Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Jennison Growth Portfolio returned 11.98%, 11.86%, and 11.92%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 7.25%.

MARKET ENVIRONMENT / CONDITIONS

Investors responded enthusiastically early in 2018 to the U.S. corporate tax legislation passed in late 2017 on the belief that it would enhance profits and spur repatriation of offshore cash, which could fund increased business investment and capital returns to shareholders. Strong corporate sector financial results and 2018 forecasts added to the positive sentiment, as did consumer confidence, which reached its highest level since the financial crisis. The initial advance in equity markets turned abruptly and turbulently in late January due to concerns that the White House moves to effectively reset global trade practices with new tariffs and penalties for intellectual property infringement could jeopardize global growth. Fears that the expanding U.S. economy could trigger a rebound in inflation and accelerate the pace of Federal Reserve interest rate hikes added to the volatility. Markets recovered incrementally on the strength of corporate earnings gains and healthy consumer and business sentiment. U.S. Gross Domestic Product (GDP) continued to expand at 2%-3%, while the strong labor market pushed the unemployment rate to historically low levels. The Federal Reserve proceeded with its well-telegraphed intentions to increase the federal funds rate slowly and steadily as they did so twice during the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s Information Technology positions were strong contributors to performance for the period. Adobe Systems, while historically best known for Photoshop, PDF, and Flash, has transformed into a subscription-based provider of digital services in two of the fastest-growing enterprise software markets—content creation and digital marketing. Continued user growth, international expansion, piracy reduction, pricing leverage, and services upsells suggest sustainable annual recurring revenue. Payment processors MasterCard and Visa continued to benefit from the long-term shift from cash to electronic credit and debit transactions. Salesforce.com has benefited from secular growth drivers, including the shift to cloud computing, increasing corporate focus on customer-facing applications, the emergence of mobile as a primary user interface into enterprise applications, and the increasing demand for analytical capabilities to optimize business decisions and processes. Microsoft’s installed base benefited from strong account control and minimal competition in two areas shifting to a subscription profile—Office and Windows. Nvidia has been focused on key high-growth markets where it can leverage its graphics semiconductor expertise to offer high-value-added solutions. The company’s pattern-identifying core graphics intellectual property is playing a key role in the development of autonomous driving, hyperscale, artificial intelligence, deep learning, augmented reality, and blockchain.

In Consumer Discretionary, Netflix continued to raise its competitive barriers with investments in content, resulting in strong subscriber growth and increased pricing and operating leverage. Amazon advanced as strong execution across all business segments led to better-than-expected revenue, gross margin, and operating margin. Positive earnings momentum at Kering, the world’s third-largest luxury group with brands like Gucci, Balenciaga, and Yves Saint Laurent, reflected the company’s focus on organic growth, financial discipline, and free cash generation. Cable operator Charter Communications declined as subscriber metrics fell short of expectations and capital expenditures dampened free cash flow.

In Industrials, Boeing’s gain reflected cash generation from the 787 Dreamliner commercial jet, solid cost controls, and ramped-up 737 jet production. Parker Hannifin’s, which supplies components to machinery, automation, and energy companies, weakness was tied to lower-than-anticipated margins driven by timing issues related to a recent acquisition.

In Materials, Albemarle fell on supply/demand/pricing issues. Albemarle has the top global share and lowest cost structure in the lithium market. Lithium-based energy storage powers electric vehicles, among other applications.

In Financials, Goldman Sachs’s decline reflected investor disappointment in the company’s suspension of its stock buyback program in the second quarter because of proposed capital rule changes, a change in tax rate, and higher client activity levels. Goldman Sach’s has leading global positions in investment banking, capital markets, trading, and asset management.

Health Care positions advanced but lagged the benchmark sector. Celgene declined on pipeline disappointments. Still largely tied to its leading product, Revlimid (a therapy for blood disorders), the company is in the early stages of its diversification strategy. Bristol-Myers Squibb fell on signs that its non-small cell lung cancer (NSCLC) program has been eclipsed by a competing franchise. The likely broad adoption of immuno-oncology therapy in multiple other settings points to other avenues of potential growth for Bristol.

BHFTII-1

Brighthouse Funds Trust II

Jennison Growth Portfolio

Managed by Jennison Associates LLC

Portfolio Manager Commentary*—(Continued)

The Portfolio is constructed through individual stock selection, based on the fundamentals of individual companies. Sector weights over the course of 2018’s first six months were largely stable. Relative to the Russell 1000 Growth benchmark, the Portfolio remained overweight Information Technology and Consumer Discretionary, and underweight Industrials.

Kathleen A. McCarragher

Spiros “Sig” Segalas

Michael A. Del Balso

Portfolio Managers

Jennison Associates LLC

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

BHFTII-2

Brighthouse Funds Trust II

Jennison Growth Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Jennison Growth Portfolio
Class A		11.98		29.50		18.50		12.41
Class B		11.86		29.14		18.21		12.13
Class E		11.92		29.30		18.33		12.24
Russell 1000 Growth Index		7.25		22.51		16.36		11.83

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

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Amazon.com, Inc.		5.9
Netflix, Inc.		4.5
Apple, Inc.		4.4
Microsoft Corp.		4.2
Alibaba Group Holding, Ltd. (ADR)		3.9
Facebook, Inc. - Class A		3.8
Tencent Holdings, Ltd.		3.4
MasterCard, Inc. - Class A		3.4
Visa, Inc. - Class A		3.3
Salesforce.com, Inc.		2.9

Top Sectors

	% of Net Assets
Information Technology		48.3
Consumer Discretionary		22.8
Health Care		8.9
Financials		5.7
Industrials		4.8
Consumer Staples		4.8
Energy		2.0
Materials		0.9

BHFTII-3

Brighthouse Funds Trust II

Jennison Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Jennison Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.54	%	$	1,000.00	$	1,119.80	$	2.84
	Hypothetical*		0.54	%	$	1,000.00	$	1,022.12	$	2.71
Class B (a)	Actual		0.79	%	$	1,000.00	$	1,118.60	$	4.15
	Hypothetical*		0.79	%	$	1,000.00	$	1,020.88	$	3.96
Class E (a)	Actual		0.69	%	$	1,000.00	$	1,119.20	$	3.63
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.37	$	3.46

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.9%
Boeing Co. (The)		242,710	$	81,431,632
Automobiles—1.9%
Tesla, Inc. (a) (b)		160,518		55,049,648
Banks—2.4%
JPMorgan Chase & Co.		464,555		48,406,631
PNC Financial Services Group, Inc. (The)		140,891		19,034,374
				67,441,005
Beverages—1.3%
Constellation Brands, Inc. - Class A		59,799		13,088,207
Monster Beverage Corp. (b)		431,258		24,711,084
				37,799,291
Biotechnology—3.9%
Alexion Pharmaceuticals, Inc. (b)		260,315		32,318,107
BioMarin Pharmaceutical, Inc. (a) (b)		357,181		33,646,450
Celgene Corp. (b)		182,785		14,516,785
Vertex Pharmaceuticals, Inc. (b)		187,949		31,943,812
				112,425,154
Capital Markets—3.3%
Goldman Sachs Group, Inc. (The)		166,738		36,777,401
Morgan Stanley		509,453		24,148,072
S&P Global, Inc.		169,697		34,599,521
				95,524,994
Chemicals—0.9%
Albemarle Corp. (a)		275,719		26,008,573
Energy Equipment & Services—0.9%
Schlumberger, Ltd.		361,848		24,254,672
Food & Staples Retailing—1.9%
Costco Wholesale Corp.		256,700		53,645,166
Health Care Equipment & Supplies—0.1%
IDEXX Laboratories, Inc. (b)		12,533		2,731,442
Health Care Providers & Services—1.5%
UnitedHealth Group, Inc.		168,601		41,364,569
Hotels, Restaurants & Leisure—4.1%
Chipotle Mexican Grill, Inc. (b)		19,165		8,267,206
Marriott International, Inc. - Class A		445,948		56,457,017
McDonald’s Corp.		335,888		52,630,291
				117,354,514
Internet & Direct Marketing Retail—11.8%
Amazon.com, Inc. (b)		98,279		167,054,644
Booking Holdings, Inc. (b)		19,776		40,087,732
Netflix, Inc. (b)		330,034		129,185,209
				336,327,585
Internet Software & Services—15.9%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		601,896		111,669,765
Alphabet, Inc. - Class A (b)		60,211		67,989,659
Alphabet, Inc. - Class C (b)		60,502		67,499,056
Facebook, Inc. - Class A (b)		555,993		108,040,560
Tencent Holdings, Ltd.		1,976,661		98,434,085
				453,633,125
IT Services—8.6%
MasterCard, Inc. - Class A		495,163		97,309,433
PayPal Holdings, Inc. (b)		559,666		46,603,388
Square, Inc. - Class A (a) (b)		118,050		7,276,602
Visa, Inc. - Class A (a)		706,398		93,562,415
				244,751,838
Life Sciences Tools & Services—1.3%
Illumina, Inc. (b)		134,349		37,522,332
Machinery—1.9%
Caterpillar, Inc.		195,061		26,463,926
Parker-Hannifin Corp.		183,426		28,586,942
				55,050,868
Oil, Gas & Consumable Fuels—1.2%
Concho Resources, Inc. (a) (b)		100,454		13,897,811
EOG Resources, Inc.		160,858		20,015,561
				33,913,372
Personal Products—1.5%
Estee Lauder Cos., Inc. (The) - Class A		308,713		44,050,258
Pharmaceuticals—2.1%
AstraZeneca plc (ADR)		711,858		24,993,334
Bristol-Myers Squibb Co.		625,158		34,596,244
				59,589,578
Semiconductors & Semiconductor Equipment—4.2%
Broadcom, Inc.		209,336		50,793,287
NVIDIA Corp.		291,566		69,071,986
				119,865,273
Software—15.2%
Activision Blizzard, Inc.		550,281		41,997,446
Adobe Systems, Inc. (b)		337,215		82,216,389
Microsoft Corp.		1,211,422		119,458,323
Red Hat, Inc. (a) (b)		309,537		41,592,487
Salesforce.com, Inc. (b)		614,747		83,851,491
Splunk, Inc. (b)		294,283		29,166,388
Workday, Inc. - Class A (a) (b)		301,675		36,538,876
				434,821,400
Specialty Retail—1.8%
Home Depot, Inc. (The)		262,674		51,247,697

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—4.4%
Apple, Inc.		673,519	$	124,675,102
Textiles, Apparel & Luxury Goods—3.2%
Kering		94,253		53,163,996
NIKE, Inc. - Class B		478,571		38,132,537
				91,296,533
Total Common Stocks (Cost $1,652,141,832)				2,801,775,621
Short-Term Investment—1.0%
Repurchase Agreement—1.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $29,317,960; collateralized by U.S. Treasury Note at 1.625%, maturing 11/15/22, with a market value of $29,906,427.		29,316,005		29,316,005
Total Short-Term Investments (Cost $29,316,005)				29,316,005
Securities Lending Reinvestments (c)—11.7%
Bank Note—0.3%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (d)		8,000,000		8,000,000
Certificates of Deposit—5.2%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (d)		6,000,000		6,000,324
2.588%, 1M LIBOR + 0.500%, 09/21/18 (d)		4,000,000		4,002,384
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (d)		3,000,000		2,999,826
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (d)		5,000,000		5,007,000
Barclays Bank plc 2.430%, 08/01/18		4,500,000		4,501,337
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (d)		5,000,000		4,999,530
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (d)		4,000,000		4,003,720
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (d)		4,000,000		4,001,500
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (d)		2,000,000		1,999,698
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (d)		7,500,000		7,505,835
2.525%, 3M LIBOR + 0.200%, 04/05/19 (d)		3,000,000		3,001,131
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (d)		3,000,000		3,000,138
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		6,957,964		6,990,200
Certificates of Deposit—(Continued)
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (d)		3,000,000		3,000,504
2.460%, FEDEFF PRV + 0.550%, 09/07/18 (d)		2,000,000		2,000,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		7,000,000		6,999,713
KBC Bank NV 2.280%, 08/15/18		5,000,000		5,000,550
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (d)		5,000,000		5,000,020
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (d)		4,000,000		4,000,208
2.548%, 3M LIBOR + 0.190%, 02/01/19 (d)		2,000,000		2,000,494
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (d)		6,500,000		6,498,381
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (d)		4,000,000		3,999,960
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (d)		4,000,000		3,999,932
Standard Chartered plc 2.250%, 08/21/18		4,000,000		4,000,612
2.384%, 1M LIBOR + 0.300%, 08/22/18 (d)		4,000,000		4,000,096
2.466%, 1M LIBOR + 0.420%, 10/11/18 (d)		2,000,000		2,000,422
Sumitomo Mitsui Banking Corp., New York 2.235%, 1M LIBOR + 0.230%, 09/05/18 (d)		2,000,000		2,000,060
2.316%, 1M LIBOR + 0.270%, 09/10/18 (d)		4,000,000		4,000,352
2.374%, 1M LIBOR + 0.280%, 07/30/18 (d)		5,000,000		5,000,350
Sumitomo Mitsui Trust Bank, Ltd. (NY) 2.445%, 3M LIBOR + 0.090%, 10/18/18 (d)		5,003,912		5,000,175
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (d)		6,000,000		6,000,000
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (d)		5,000,000		5,000,060
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (d)		5,000,000		5,000,115
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (d)		5,000,000		4,999,670
				147,514,297
Commercial Paper—2.1%
Bank of China, Ltd. 2.500%, 07/23/18		3,974,722		3,994,972
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (d)		7,000,000		7,003,073
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (d)		10,000,000		10,002,920
LMA S.A. & LMA Americas 2.470%, 11/13/18		4,939,965		4,953,905
Macquarie Bank, Ltd. 2.280%, 09/04/18		2,982,520		2,987,802
Sheffield Receivables Co. 2.490%, 11/26/18		6,908,493		6,927,431
Starbird Funding Corp. 2.300%, 08/10/18		3,977,511		3,990,020

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (d)		15,000,000	$	14,997,120
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (d)		5,000,000		5,000,000
				59,857,243
Master Demand Notes—0.1%
Natixis Financial Products LLC 2.160%, OBFR + 0.250%, 07/02/18 (d)		4,000,000		4,000,000
Repurchase Agreements—3.2%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $10,038,756; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $10,542,876.		10,000,000		10,000,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $1,213,340; collateralized by various Common Stock with an aggregate market value of $1,339,450.		1,200,000		1,200,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $8,177,849; collateralized by various Common Stock with an aggregate market value of $8,929,670.		8,000,000		8,000,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $1,403,577; collateralized by various Common Stock with an aggregate market value of $1,557,073.		1,400,000		1,400,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $1,385,334; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $1,413,450.		1,385,104		1,385,104
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $4,716,788; collateralized by various Common Stock with an aggregate market value of $4,950,000.		4,500,000		4,500,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $8,747,435; collateralized by various Common Stock with an aggregate market value of $9,350,001.		8,500,000		8,500,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $3,948,221; collateralized by various Common Stock with an aggregate market value of $4,340,276.		3,900,000		3,900,000

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance, Ltd. Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $3,622,464; collateralized by various Common Stock with an aggregate market value of $4,006,408.		3,600,000	$	3,600,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $7,532,529; collateralized by various Common Stock with an aggregate market value of $8,346,684.		7,500,000		7,500,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $5,032,822; collateralized by various Common Stock with an aggregate market value of $5,564,456.		5,000,000		5,000,000
Societe Generale Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $10,054,667; collateralized by various Common Stock with an aggregate market value of $11,128,519.		10,000,000		10,000,000
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $4,127,083; collateralized by various Common Stock with an aggregate market value of $4,562,693.		4,100,000		4,100,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $3,018,450; collateralized by various Common Stock with an aggregate market value of $3,338,556.		3,000,000		3,000,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $4,526,394; collateralized by various Common Stock with an aggregate market value of $5,007,834.		4,500,000		4,500,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $3,515,976; collateralized by various Common Stock with an aggregate market value of $3,894,982.		3,500,000		3,500,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $11,036,227; collateralized by various Common Stock with an aggregate market value of $12,241,371.		11,000,000		11,000,000
				91,085,104
Time Deposits—0.8%
Australia New Zealand Bank 1.900%, 07/02/18		2,000,000		2,000,000
Credit Industriel et Commercial (NY) 1.950%, 07/02/18		3,000,000		3,000,000
DNB Bank ASA 1.870%, 07/02/18		5,000,000		5,000,000
DZ Bank AG 1.890%, 07/02/18		3,000,000		3,000,000
Erste Group Bank AG 1.910%, 07/02/18		2,000,000		2,000,000
Nordea Bank New York 1.880%, 07/02/18		3,000,000		3,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		3,000,000		3,000,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Svenska Handelsbanken AB 1.870%, 07/02/18		3,000,000	$	3,000,000
				24,000,000
Total Securities Lending Reinvestments (Cost $334,430,578)				334,456,644
Total Investments—110.9% (Cost $2,015,888,415)				3,165,548,270
Other assets and liabilities (net)—(10.9)%				(312,237,983	)
Net Assets—100.0%			$	2,853,310,287

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $325,192,872 and the collateral received consisted of cash in the amount of $334,330,191. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	U.S. Overnight Bank Funding Rate

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Jennison Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	81,431,632	$	—		$	—	$	81,431,632
Automobiles		55,049,648		—			—		55,049,648
Banks		67,441,005		—			—		67,441,005
Beverages		37,799,291		—			—		37,799,291
Biotechnology		112,425,154		—			—		112,425,154
Capital Markets		95,524,994		—			—		95,524,994
Chemicals		26,008,573		—			—		26,008,573
Energy Equipment & Services		24,254,672		—			—		24,254,672
Food & Staples Retailing		53,645,166		—			—		53,645,166
Health Care Equipment & Supplies		2,731,442		—			—		2,731,442
Health Care Providers & Services		41,364,569		—			—		41,364,569
Hotels, Restaurants & Leisure		117,354,514		—			—		117,354,514
Internet & Direct Marketing Retail		336,327,585		—			—		336,327,585
Internet Software & Services		355,199,040		98,434,085			—		453,633,125
IT Services		244,751,838		—			—		244,751,838
Life Sciences Tools & Services		37,522,332		—			—		37,522,332
Machinery		55,050,868		—			—		55,050,868
Oil, Gas & Consumable Fuels		33,913,372		—			—		33,913,372
Personal Products		44,050,258		—			—		44,050,258
Pharmaceuticals		59,589,578		—			—		59,589,578
Semiconductors & Semiconductor Equipment		119,865,273		—			—		119,865,273
Software		434,821,400		—			—		434,821,400
Specialty Retail		51,247,697		—			—		51,247,697
Technology Hardware, Storage & Peripherals		124,675,102		—			—		124,675,102
Textiles, Apparel & Luxury Goods		38,132,537		53,163,996			—		91,296,533
Total Common Stocks		2,650,177,540		151,598,081			—		2,801,775,621
Total Short-Term Investment*		—		29,316,005			—		29,316,005
Total Securities Lending Reinvestments*		—		334,456,644			—		334,456,644
Total Investments	$	2,650,177,540	$	515,370,730		$	—	$	3,165,548,270
Collateral for Securities Loaned (Liability)	$	—	$	(334,330,191	)	$	—	$	(334,330,191	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	3,165,548,270
Receivable for:
Investments sold		25,074,768
Fund shares sold		2,285,629
Dividends and interest		416,112
Total Assets		3,193,324,779
Liabilities
Collateral for securities loaned		334,330,191
Payables for:
Fund shares redeemed		3,755,360
Accrued Expenses:
Management fees		1,241,011
Distribution and service fees		194,301
Deferred trustees’ fees		162,332
Other expenses		331,297
Total Liabilities		340,014,492
Net Assets	$	2,853,310,287
Net Assets Consist of:
Paid in surplus	$	1,398,387,657
Undistributed net investment income		7,150,696
Accumulated net realized gain		298,107,353
Unrealized appreciation on investments and foreign currency transactions		1,149,664,581
Net Assets	$	2,853,310,287
Net Assets
Class A	$	1,921,266,074
Class B		917,252,460
Class E		14,791,753
Capital Shares Outstanding*
Class A		118,759,441
Class B		57,656,614
Class E		920,624
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.18
Class B		15.91
Class E		16.07

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,015,888,415.
(b)	Includes securities loaned at value of $325,192,872.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	11,515,886
Non-cash dividends		3,865,685
Interest		7,528
Securities lending income		1,110,026
Total investment income		16,499,125
Expenses
Management fees		8,687,284
Administration fees		46,006
Custodian and accounting fees		134,076
Distribution and service fees—Class B		1,141,386
Distribution and service fees—Class E		10,795
Audit and tax services		21,770
Legal		21,433
Trustees’ fees and expenses		20,714
Shareholder reporting		76,835
Insurance		8,976
Miscellaneous		42,524
Total expenses		10,211,799
Less management fee waiver		(1,166,230	)
Less broker commission recapture		(36,914	)
Net expenses		9,008,655
Net Investment Income		7,490,470
Net Realized and Unrealized Gain
Net realized gain on:
Investments		301,124,494
Foreign currency transactions		37,578
Net realized gain		301,162,072
Net change in unrealized appreciation (depreciation) on:
Investments		26,288,511
Foreign currency transactions		(3,557	)
Net change in unrealized appreciation		26,284,954
Net realized and unrealized gain		327,447,026
Net Increase in Net Assets From Operations	$	334,937,496

(a) Net of foreign withholding taxes of $691,933.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Jennison Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	7,490,470		$	7,969,834
Net realized gain		301,162,072			413,530,795
Net change in unrealized appreciation		26,284,954			456,476,709
Increase in net assets from operations		334,937,496			877,977,338
From Distributions to Shareholders
Net investment income
Class A		(6,586,639	)		(6,092,912	)
Class B		(1,043,285	)		(708,505	)
Class E		(31,573	)		(21,896	)
Net realized capital gains
Class A		(279,314,677	)		(135,871,942	)
Class B		(134,832,125	)		(60,767,920	)
Class E		(2,142,214	)		(871,933	)
Total distributions		(423,950,513	)		(204,335,108	)
Increase (decrease) in net assets from capital share transactions		55,719,174			(360,449,847	)
Total increase (decrease) in net assets		(33,293,843	)		313,192,383
Net Assets
Beginning of period		2,886,604,130			2,573,411,747
End of period	$	2,853,310,287		$	2,886,604,130
Undistributed net investment income
End of period	$	7,150,696		$	7,321,723

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		1,697,394		$	30,313,322			2,471,333		$	38,184,136
Reinvestments		17,099,361			285,901,316			9,730,285			141,964,854
Redemptions		(17,919,592	)		(326,107,264	)		(29,136,036	)		(446,966,658	)
Net increase (decrease)		877,163		$	(9,892,626	)		(16,934,418	)	$	(266,817,668	)
Class B
Sales		1,733,768		$	30,830,190			2,193,395		$	33,511,604
Reinvestments		8,264,928			135,875,410			4,272,163			61,476,425
Redemptions		(5,804,178	)		(102,958,585	)		(12,435,218	)		(188,357,013	)
Net increase (decrease)		4,194,518		$	63,747,015			(5,969,660	)	$	(93,368,984	)
Class E
Sales		123,048		$	2,243,675			99,379		$	1,518,729
Reinvestments		130,951			2,173,787			61,601			893,829
Redemptions		(142,512	)		(2,552,677	)		(175,341	)		(2,675,753	)
Net increase (decrease)		111,487		$	1,864,785			(14,361	)	$	(263,195	)
Increase (decrease) derived from capital shares transactions				$	55,719,174					$	(360,449,847	)

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	16.85		$	13.25		$	15.30		$	16.23		$	15.82		$	11.73
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.06			0.05			0.04			0.04			0.04
Net realized and unrealized gain (loss) on investments		2.05			4.71			(0.16	)		1.67			1.26			4.25
Total from investment operations		2.10			4.77			(0.11	)		1.71			1.30			4.29
Less Distributions
Distributions from net investment income		(0.06	)		(0.05	)		(0.04	)		(0.05	)		(0.04	)		(0.06	)
Distributions from net realized capital gains		(2.71	)		(1.12	)		(1.90	)		(2.59	)		(0.85	)		(0.14	)
Total distributions		(2.77	)		(1.17	)		(1.94	)		(2.64	)		(0.89	)		(0.20	)
Net Asset Value, End of Period	$	16.18		$	16.85		$	13.25		$	15.30		$	16.23		$	15.82
Total Return (%) (b)		11.98	(c)		37.32			0.17			10.78			9.06			37.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(d)		0.62			0.62			0.62			0.62			0.62
Net ratio of expenses to average net assets (%) (e)		0.54	(d)		0.54			0.55			0.54			0.54			0.55
Ratio of net investment income to average net assets (%)		0.59	(d)		0.36			0.35			0.27			0.26			0.31
Portfolio turnover rate (%)		13	(c)		35			25			28			25			36
Net assets, end of period (in millions)	$	1,921.3		$	1,986.1		$	1,786.2		$	1,897.1		$	2,047.5		$	2,332.0
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	16.59		$	13.06		$	15.11		$	16.05		$	15.66		$	11.61
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.02			0.01			0.00	(f)		0.00	(f)		0.01
Net realized and unrealized gain (loss) on investments		2.02			4.64			(0.16	)		1.65			1.25			4.21
Total from investment operations		2.05			4.66			(0.15	)		1.65			1.25			4.22
Less Distributions
Distributions from net investment income		(0.02	)		(0.01	)		(0.00	)(g)		(0.00	)(g)		(0.01	)		(0.03	)
Distributions from net realized capital gains		(2.71	)		(1.12	)		(1.90	)		(2.59	)		(0.85	)		(0.14	)
Total distributions		(2.73	)		(1.13	)		(1.90	)		(2.59	)		(0.86	)		(0.17	)
Net Asset Value, End of Period	$	15.91		$	16.59		$	13.06		$	15.11		$	16.05		$	15.66
Total Return (%) (b)		11.86	(c)		36.99			(0.13	)		10.54			8.74			36.73
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87	(d)		0.87			0.87			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (e)		0.79	(d)		0.79			0.80			0.79			0.79			0.80
Ratio of net investment income to average net assets (%)		0.34	(d)		0.11			0.10			0.02			0.01			0.06
Portfolio turnover rate (%)		13	(c)		35			25			28			25			36
Net assets, end of period (in millions)	$	917.3		$	887.0		$	776.3		$	867.6		$	907.1		$	976.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Jennison Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	16.74		$	13.17		$	15.22		$	16.15		$	15.75		$	11.67
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.03			0.03			0.02			0.02			0.02
Net realized and unrealized gain (loss) on investments		2.04			4.69			(0.16	)		1.66			1.25			4.24
Total from investment operations		2.08			4.72			(0.13	)		1.68			1.27			4.26
Less Distributions
Distributions from net investment income		(0.04	)		(0.03	)		(0.02	)		(0.02	)		(0.02	)		(0.04	)
Distributions from net realized capital gains		(2.71	)		(1.12	)		(1.90	)		(2.59	)		(0.85	)		(0.14	)
Total distributions		(2.75	)		(1.15	)		(1.92	)		(2.61	)		(0.87	)		(0.18	)
Net Asset Value, End of Period	$	16.07		$	16.74		$	13.17		$	15.22		$	16.15		$	15.75
Total Return (%) (b)		11.92	(c)		37.12			(0.01	)		10.66			8.86			36.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77	(d)		0.77			0.77			0.77			0.77			0.77
Net ratio of expenses to average net assets (%) (e)		0.69	(d)		0.69			0.70			0.69			0.69			0.70
Ratio of net investment income to average net assets (%)		0.44	(d)		0.21			0.20			0.12			0.11			0.16
Portfolio turnover rate (%)		13	(c)		35			25			28			25			36
Net assets, end of period (in millions)	$	14.8		$	13.5		$	10.8		$	12.6		$	12.0		$	12.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(f)	Net investment income was less than $0.01.
(g)	Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

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

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

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

BHFTII-14

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

BHFTII-15

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

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

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $29,316,005. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $91,085,104. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

BHFTII-16

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	391,557,746	$	0	$	798,588,928

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$8,687,284		0.700	%	Of the first $200 million
		0.650	%	Of the next $300 million
		0.600	%	Of the next $1.5 billion
		0.550	%	On amounts in excess of $2 billion

BHFTII-17

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum		Average Daily Net Assets
	0.100%	Of the first $200 million
	0.050%	On the next $800 million
	0.100%	On the next $1 billion
	0.080%	On amounts in excess of $2 billion

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	2,018,478,249
Gross unrealized appreciation		1,173,819,779
Gross unrealized depreciation		(26,749,758	)
Net unrealized appreciation (depreciation)	$	1,147,070,021

BHFTII-18

Brighthouse Funds Trust II

Jennison Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$6,823,313	$	5,501,464	$	197,511,795	$	342,535,388	$	204,335,108	$	348,036,852

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$9,774,455	$	413,539,657	$	1,120,791,385	$	—	$	1,544,105,497

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-19

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Loomis Sayles Small Cap Core Portfolio returned 5.47%, 5.34%, and 5.39%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 7.66%.

MARKET ENVIRONMENT / CONDITIONS

After a modestly weak and volatile start to 2018, domestic equity markets returned to broad based gains during the first half of the year, with the S&P 500 Index up 2.6%. Despite numerous concerns including the aging economic recovery, Federal Reserve interest rate normalization, and intensifying threats of import tariffs and trade wars, investors focused on the current healthy state of the U.S. economy and the improved corporate earnings outlook. The net result was a return to a more aggressive and U.S. centric posture by investors, as market volatility returned to historically low levels from its spike in February, and ETF and index fund flows heavily favored small cap stocks. Against this backdrop, small cap stocks, as measured by the Russell 2000 Index’s 7.7% return, far outperformed large cap equities for the period led by the smallest capitalization stocks. On a style basis, small cap growth stocks continued to dominate small cap value stocks as the Russell 2000 Growth Index returned 9.7% compared to the Russell 2000 Value Index return of 5.4% over the period. Within the Russell 2000 Index, growth areas in the market represented by the Health Care and Information Technology (“IT”) sectors were strong performers while interest rate sensitive sectors such as Utilities and real estate investment trusts lagged in a rising interest rate environment. Overall, the environment favored growth during the first half of the year, despite having lost some ground during the second quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the Russell 2000 Index during the six months ended June 30, 2018. Both sector allocation and stock selection were relative detractors over the period. An underweight exposure to the Index’s top-performing Health Care sector and an overweight to the weak performing Industrials sector hurt relative results and overshadowed additive results achieved from a slight overweight to the IT sector. Weak stock selection in the Consumer Discretionary, Financials and Energy sectors negatively impacted returns while positive stock selection in the Industrials sector was additive and strong selection in the Health Care sector more than offset the negative effects of the Portfolio’s underweight position.

The largest detractors to performance were LCI Industries, ProAssurance Corp., and RPC, Inc. LCI is a manufacturer that supplies components for the recreational vehicle (“RV”) and manufactured homes industry. The stock sold off during the period on investor concerns regarding an oversupply of RV inventory and a potential slowdown in revenue for the remainder of 2018. Additionally, increased commodity prices pressured margins. ProAssurance Corporation, an insurance provider to the professional healthcare liability and workers compensation markets underperformed due to industry concerns over rising insurance claim costs. Although these issues were not present in the company’s own business, a conservative management team increased loss estimates which negatively impacted current earnings during the period. RPC, an oil field services company, reported disappointing earnings for the fourth quarter of 2017 and also weak earnings for the first quarter of 2018 as their customers’ annual budgets were largely spent by the end of last year and January was negatively impacted by unusually cold weather in both the Permian and Williston basins. Investor concerns have also centered on the potential for industry growth in pressure pumping supply to exceed the growth in demand.

The Portfolio’s top contributors included Insperity, Inc., Korn/Ferry International, and Teladoc, Inc. Insperity is a provider of human resource services including payroll, benefits administration, worker’s compensation and recruiting to small and medium sized businesses. The company reported its fourth consecutive quarter of materially exceeding consensus earnings estimates, reflecting favorable employment trends, strong customer retention, improved sales productivity, and excellent cost management. The position was reduced during the period due to higher valuation and to manage the position size in the portfolio. Korn/Ferry is a global provider of talent management solutions. The company offers a suite of services that include executive search recruiting, leadership consulting and organizational design. Performance has been driven by growth in packaged services (such as datasets and training certificates) that have a recurring revenue stream and have higher margins. In addition, record low unemployment and a strong global economy served as a tailwind. Teledoc is a leader in the telemedicine market providing patients rapid access to care via phone and video. The company continued to report solid earnings with robust revenue growth driven by increasing subscriptions and total patient visits.

During the period we added new stocks with attractive investment potential and eliminated holdings where the valuation has exceeded our target levels or where fundamentals no longer fit our investment thesis. New positions included Cambrex Corp., a life science tools company that provides outsourced development and manufacturing of active pharmaceutical ingredients and other drug intermediaries for pharmaceutical companies. Rapid7, Inc. provides security data and analytical software solutions and the company has developed a newer suite of SaaS products. Cactus Inc. designs, manufactures and sells pressure control equipment for the oil services industry. Virtusa

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

Corp. provides information technology consulting, implementation, and application outsourcing services, and Novocure, Ltd., which develops proprietary technology for the oncology field. Eliminations included Adient, after the company pre-announced an earnings shortfall; Horizon Global after the company pre-announced weakened results for the end of 2017, which we believed would extend into 2018; and Forum Energy Technologies on revenue weakness. Ablynx and Advanced Accelerator Applications were both acquisition targets and exited over the period.

While we do not make major adjustments to the Portfolio based on near-term macroeconomic expectations, they are part of the mosaic of inputs and we can adjust position sizes to reflect our fundamental level of conviction and the risk/reward outlook. During the first six months of 2018, we increased the weight of the Health Care and Real Estate sectors while decreasing the weighting of the Consumer Discretionary, IT, and Industrials sectors.

Mark Burns

John Slavik

Joe Gatz

Jeff Schwartz

Portfolio Managers

Loomis, Sayles & Company

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

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Core Portfolio
Class A		5.47		16.27		12.12		11.25
Class B		5.34		15.97		11.84		10.97
Class E		5.39		16.09		11.95		11.08
Russell 2000 Index		7.66		17.57		12.46		10.60

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Littelfuse, Inc.		1.1
Chemical Financial Corp.		0.9
ALLETE, Inc.		0.9
KAR Auction Services, Inc.		0.9
Korn/Ferry International		0.9
Euronet Worldwide, Inc.		0.9
Ingevity Corp.		0.8
AMN Healthcare Services, Inc.		0.8
Pinnacle Financial Partners, Inc.		0.8
Churchill Downs, Inc.		0.8

Top Sectors

	% of Net Assets
Financials		20.0
Industrials		17.6
Information Technology		17.5
Health Care		12.8
Consumer Discretionary		12.5
Real Estate		4.7
Energy		4.2
Materials		3.7
Consumer Staples		3.4
Utilities		1.5

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Core Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.89	%	$	1,000.00	$	1,054.70	$	4.53
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.38	$	4.46
Class B (a)	Actual		1.14	%	$	1,000.00	$	1,053.40	$	5.80
	Hypothetical*		1.14	%	$	1,000.00	$	1,019.14	$	5.71
Class E (a)	Actual		1.04	%	$	1,000.00	$	1,053.90	$	5.30
	Hypothetical*		1.04	%	$	1,000.00	$	1,019.64	$	5.21

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

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

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

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.3%
AAR Corp.		25,891	$	1,203,673
Aerojet Rocketdyne Holdings, Inc. (a) (b)		80,335		2,369,079
Astronics Corp. (a) (b)		32,664		1,174,924
BWX Technologies, Inc.		39,526		2,463,260
Hexcel Corp.		26,795		1,778,652
KLX, Inc. (a)		23,260		1,672,394
				10,661,982
Auto Components—1.1%
Cooper Tire & Rubber Co. (b)		64,971		1,708,737
Fox Factory Holding Corp. (a)		30,032		1,397,990
LCI Industries		23,863		2,151,249
				5,257,976
Banks—13.0%
BancorpSouth Bank (b)		89,585		2,951,826
Bank of the Ozarks, Inc.		35,367		1,592,930
Bryn Mawr Bank Corp.		66,092		3,060,059
Carolina Financial Corp.		27,114		1,163,733
Cathay General Bancorp		73,024		2,956,742
CenterState Bank Corp.		95,934		2,860,752
Chemical Financial Corp. (b)		79,630		4,433,002
CVB Financial Corp. (b)		128,647		2,884,266
First Financial Bancorp (b)		98,762		3,027,055
First Financial Bankshares, Inc. (b)		35,782		1,821,304
Home BancShares, Inc.		116,648		2,631,579
Iberiabank Corp.		38,475		2,916,405
Pacific Premier Bancorp, Inc. (a) (b)		26,886		1,025,701
PacWest Bancorp		53,740		2,655,831
Pinnacle Financial Partners, Inc. (b)		59,879		3,673,577
Popular, Inc.		75,510		3,413,807
Prosperity Bancshares, Inc. (b)		42,944		2,935,652
Renasant Corp.		35,552		1,618,327
Signature Bank (a)		15,796		2,019,992
Texas Capital Bancshares, Inc. (a)		33,961		3,107,431
Triumph Bancorp, Inc. (a)		83,242		3,392,111
UMB Financial Corp.		17,513		1,335,016
Wintrust Financial Corp.		40,182		3,497,843
				60,974,941
Beverages—0.9%
Cott Corp.		156,629		2,592,210
MGP Ingredients, Inc. (b)		17,552		1,558,793
				4,151,003
Biotechnology—1.6%
Agios Pharmaceuticals, Inc. (a) (b)		15,363		1,294,025
Aimmune Therapeutics, Inc. (a) (b)		30,274		814,068
Argenx SE (ADR) (a)		11,291		935,572
Genomic Health, Inc. (a)		30,390		1,531,656
Global Blood Therapeutics, Inc. (a) (b)		20,359		920,227
Ironwood Pharmaceuticals, Inc. (a) (b)		66,888		1,278,899
Xencor, Inc. (a)		23,095		854,746
				7,629,193
Building Products—1.6%
Armstrong World Industries, Inc. (a)		37,848		2,391,994
Masonite International Corp. (a)		26,067		1,872,914
Patrick Industries, Inc. (a)		20,548		1,168,154
Trex Co., Inc. (a)		30,167		1,888,152
				7,321,214
Capital Markets—1.6%
Artisan Partners Asset Management, Inc. - Class A		31,939		962,961
Donnelley Financial Solutions, Inc. (a)		93,567		1,625,259
Hercules Capital, Inc.		72,230		913,710
MarketAxess Holdings, Inc. (b)		8,349		1,651,933
Stifel Financial Corp.		46,489		2,429,050
				7,582,913
Chemicals—3.2%
AdvanSix, Inc. (a)		78,722		2,883,587
Ashland Global Holdings, Inc.		22,086		1,726,683
Cabot Corp.		33,522		2,070,654
Ingevity Corp. (a)		49,238		3,981,384
Minerals Technologies, Inc.		33,085		2,492,955
WR Grace & Co.		26,112		1,914,271
				15,069,534
Commercial Services & Supplies—2.3%
Clean Harbors, Inc. (a) (b)		31,318		1,739,715
KAR Auction Services, Inc.		73,609		4,033,773
Kimball International, Inc. - Class B		74,366		1,201,755
LSC Communications, Inc.		58,202		911,443
Viad Corp.		57,747		3,132,775
				11,019,461
Communications Equipment—0.6%
Digi International, Inc. (a)		95,393		1,259,188
Viavi Solutions, Inc. (a)		153,610		1,572,966
				2,832,154
Computers—0.4%
Perspecta, Inc.		92,525		1,901,389
Construction & Engineering—0.8%
Granite Construction, Inc. (b)		25,650		1,427,679
MYR Group, Inc. (a)		24,384		864,657
Primoris Services Corp.		57,743		1,572,342
				3,864,678
Construction Materials—0.2%
U.S. Concrete, Inc. (a) (b)		13,749		721,823
Consumer Finance—0.9%
Green Dot Corp. - Class A (a)		23,548		1,728,188
PRA Group, Inc. (a) (b)		63,504		2,448,079
				4,176,267

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Distributors—0.6%
Core-Mark Holding Co., Inc.		31,818	$	722,269
Pool Corp.		12,924		1,957,986
				2,680,255
Diversified Consumer Services—2.2%
Adtalem Global Education, Inc. (a)		47,863		2,302,210
Bright Horizons Family Solutions, Inc. (a)		14,935		1,531,136
Chegg, Inc. (a) (b)		42,621		1,184,438
Grand Canyon Education, Inc. (a)		21,858		2,439,571
Laureate Education, Inc. - Class A (a)		73,136		1,048,039
ServiceMaster Global Holdings, Inc. (a)		32,508		1,933,251
				10,438,645
Diversified Financial Services—0.2%
Cannae Holdings, Inc. (a)		60,080		1,114,484
Diversified Telecommunication Services—0.6%
Cogent Communications Holdings, Inc.		32,153		1,716,970
ORBCOMM, Inc. (a) (b)		96,963		979,326
				2,696,296
Electric Utilities—0.9%
ALLETE, Inc.		55,503		4,296,487
Electrical Equipment—0.8%
Generac Holdings, Inc. (a)		28,420		1,470,167
TPI Composites, Inc. (a)		74,238		2,170,719
				3,640,886
Electronic Equipment, Instruments & Components—3.0%
Belden, Inc. (b)		29,998		1,833,478
II-VI, Inc. (a) (b)		41,075		1,784,709
Kimball Electronics, Inc. (a)		24,291		444,525
Littelfuse, Inc.		23,346		5,327,090
Methode Electronics, Inc.		39,257		1,582,057
Rogers Corp. (a)		16,434		1,831,734
Vishay Intertechnology, Inc.		60,772		1,409,910
				14,213,503
Energy Equipment & Services—2.4%
Apergy Corp. (a)		56,033		2,339,377
C&J Energy Services, Inc. (a)		91,483		2,158,999
Cactus, Inc. - Class A (a)		43,099		1,456,315
Dril-Quip, Inc. (a)		19,452		999,833
Natural Gas Services Group, Inc. (a)		67,192		1,585,731
RPC, Inc. (b)		91,061		1,326,759
U.S. Silica Holdings, Inc. (b)		56,262		1,445,371
				11,312,385
Equity Real Estate Investment Trusts—4.4%
American Campus Communities, Inc.		42,264		1,812,280
CubeSmart		96,732		3,116,705
CyrusOne, Inc.		37,480		2,187,333
Hersha Hospitality Trust		75,629		1,622,242
Equity Real Estate Investment Trusts—(Continued)
iStar, Inc. (a) (b)		183,427		1,979,177
JBG SMITH Properties		62,434		2,276,968
National Retail Properties, Inc.		31,847		1,399,994
Retail Opportunity Investments Corp. (b)		178,706		3,424,007
Rexford Industrial Realty, Inc.		55,974		1,757,024
Sabra Health Care REIT, Inc.		57,386		1,246,998
				20,822,728
Food Products—2.1%
Darling Ingredients, Inc. (a)		51,266		1,019,168
Freshpet, Inc. (a)		24,937		684,521
J&J Snack Foods Corp.		15,915		2,426,560
Nomad Foods, Ltd. (a)		132,714		2,546,782
Post Holdings, Inc. (a) (b)		24,082		2,071,533
SunOpta, Inc. (a)		154,205		1,295,322
				10,043,886
Health Care Equipment & Supplies—5.2%
AtriCure, Inc. (a)		57,244		1,548,450
Avanos Medical, Inc. (a)		55,540		3,179,665
Inogen, Inc. (a)		8,382		1,561,818
Insulet Corp. (a)		26,417		2,263,937
iRhythm Technologies, Inc. (a)		22,254		1,805,467
Merit Medical Systems, Inc. (a)		23,160		1,185,792
Neogen Corp. (a) (b)		20,119		1,613,343
Novocure, Ltd. (a)		48,581		1,520,585
Penumbra, Inc. (a)		12,833		1,772,879
Quidel Corp. (a)		37,888		2,519,552
Tactile Systems Technology, Inc. (a)		17,127		890,604
Varex Imaging Corp. (a)		76,538		2,838,795
Wright Medical Group NV (a) (b)		65,368		1,696,953
				24,397,840
Health Care Providers & Services—1.8%
Amedisys, Inc. (a)		16,616		1,420,003
AMN Healthcare Services, Inc. (a)		67,210		3,938,506
HealthEquity, Inc. (a) (b)		28,744		2,158,675
Tivity Health, Inc. (a)		32,426		1,141,395
				8,658,579
Health Care Technology—1.2%
Medidata Solutions, Inc. (a) (b)		28,154		2,268,087
Teladoc, Inc. (a) (b)		37,183		2,158,473
Vocera Communications, Inc. (a)		40,989		1,225,161
				5,651,721
Hotels, Restaurants & Leisure—3.0%
BBX Capital Corp. (b)		127,244		1,149,013
Churchill Downs, Inc. (b)		12,288		3,643,392
Corepoint Lodging, Inc. (a)		47,426		1,228,334
Cracker Barrel Old Country Store, Inc.		6,635		1,036,453
Marriott Vacations Worldwide Corp.		25,477		2,877,882
Planet Fitness, Inc. - Class A (a)		47,063		2,067,948
Wingstop, Inc. (b)		35,818		1,866,834
				13,869,856

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—0.7%
Helen of Troy, Ltd. (a)		18,355	$	1,807,050
Installed Building Products, Inc. (a)		26,326		1,488,735
				3,295,785
Household Products—0.4%
HRG Group, Inc. (a)		143,813		1,882,512
Industrial Conglomerates—0.5%
Raven Industries, Inc.		59,151		2,274,356
Insurance—2.8%
Employers Holdings, Inc.		80,794		3,247,919
First American Financial Corp.		36,778		1,902,158
Kinsale Capital Group, Inc.		26,820		1,471,345
ProAssurance Corp.		45,299		1,605,850
Reinsurance Group of America, Inc.		19,152		2,556,409
Stewart Information Services Corp.		19,533		841,286
Trupanion, Inc. (a) (b)		39,489		1,524,275
				13,149,242
Internet Software & Services—2.7%
2U, Inc. (a) (b)		19,032		1,590,314
Envestnet, Inc. (a)		31,255		1,717,462
Five9, Inc. (a) (b)		64,313		2,223,300
IAC/InterActiveCorp (a)		10,912		1,663,971
LogMeIn, Inc.		13,830		1,427,948
Mimecast, Ltd. (a)		48,639		2,004,413
Q2 Holdings, Inc. (a)		40,018		2,283,027
				12,910,435
IT Services—3.7%
Conduent, Inc. (a)		184,373		3,350,057
CSG Systems International, Inc.		30,989		1,266,520
Euronet Worldwide, Inc. (a)		47,727		3,998,091
InterXion Holding NV (a)		30,290		1,890,702
Virtusa Corp. (a)		33,341		1,623,040
WEX, Inc. (a)		16,345		3,113,396
WNS Holdings, Ltd. (ADR) (a)		38,904		2,030,011
				17,271,817
Life Sciences Tools & Services—1.0%
Cambrex Corp. (a)		42,016		2,197,437
PRA Health Sciences, Inc. (a) (b)		24,389		2,276,957
				4,474,394
Machinery—5.3%
Alamo Group, Inc.		14,965		1,352,237
Albany International Corp. - Class A		37,144		2,234,212
Altra Industrial Motion Corp.		28,614		1,233,263
Columbus McKinnon Corp.		60,543		2,625,144
EnPro Industries, Inc.		30,064		2,102,977
Evoqua Water Technologies Corp. (a) (b)		93,570		1,918,185
Harsco Corp. (a)		62,406		1,379,173
John Bean Technologies Corp. (b)		24,860		2,210,054
Proto Labs, Inc. (a)		15,941		1,896,182
Machinery—(Continued)
RBC Bearings, Inc. (a)		27,697		3,567,651
Standex International Corp.		27,048		2,764,306
WABCO Holdings, Inc. (a)		14,614		1,710,130
				24,993,514
Marine—0.3%
Kirby Corp. (a)		17,389		1,453,720
Media—1.8%
Emerald Expositions Events, Inc. (b)		42,010		865,406
GCI Liberty, Inc. - Class A (a)		60,890		2,744,921
Gray Television, Inc. (a)		168,874		2,668,209
John Wiley & Sons, Inc. - Class A		33,185		2,070,744
				8,349,280
Metals & Mining—0.3%
Ferroglobe Representation & Warranty Insurance Trust (a) (c)		141,548		0
Haynes International, Inc.		37,282		1,369,741
				1,369,741
Multi-Utilities—0.6%
NorthWestern Corp.		45,896		2,627,546
Multiline Retail—0.7%
Big Lots, Inc.		22,988		960,439
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		33,233		2,409,392
				3,369,831
Oil, Gas & Consumable Fuels—1.8%
Arch Coal, Inc. - Class A		13,010		1,020,374
Gulfport Energy Corp. (a)		109,785		1,379,997
PDC Energy, Inc. (a)		25,374		1,533,858
QEP Resources, Inc. (a)		160,245		1,964,604
SRC Energy, Inc. (a)		232,333		2,560,310
				8,459,143
Pharmaceuticals—2.0%
Aerie Pharmaceuticals, Inc. (a) (b)		18,842		1,272,777
Catalent, Inc. (a)		55,032		2,305,290
Intersect ENT, Inc. (a)		33,687		1,261,578
Prestige Brands Holdings, Inc. (a) (b)		57,057		2,189,848
Supernus Pharmaceuticals, Inc. (a)		35,994		2,154,241
				9,183,734
Professional Services—1.9%
Insperity, Inc.		38,185		3,637,121
Korn/Ferry International		64,690		4,006,252
WageWorks, Inc. (a)		20,985		1,049,250
				8,692,623
Road & Rail—1.1%
Genesee & Wyoming, Inc. - Class A (a) (b)		28,230		2,295,664
Old Dominion Freight Line, Inc.		19,068		2,840,369
				5,136,033

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—2.9%
Advanced Energy Industries, Inc. (a)		25,893	$	1,504,125
Mellanox Technologies, Ltd. (a)		40,582		3,421,063
MKS Instruments, Inc.		14,086		1,348,030
Monolithic Power Systems, Inc.		14,334		1,916,026
Semtech Corp. (a)		37,087		1,744,943
Silicon Laboratories, Inc. (a)		18,125		1,805,250
Teradyne, Inc.		19,319		735,474
Ultra Clean Holdings, Inc. (a) (b)		80,315		1,333,229
				13,808,140
Software—3.8%
Blackbaud, Inc. (b)		16,312		1,671,164
CommVault Systems, Inc. (a)		36,028		2,372,444
Guidewire Software, Inc. (a) (b)		21,800		1,935,404
HubSpot, Inc. (a)		12,577		1,577,156
Rapid7, Inc. (a)		47,847		1,350,242
RealPage, Inc. (a)		30,390		1,674,489
RingCentral, Inc. - Class A (a)		25,921		1,823,542
Talend S.A. (ADR) (a)		23,738		1,478,403
TiVo Corp.		108,502		1,459,352
Varonis Systems, Inc. (a)		11,556		860,922
Verint Systems, Inc. (a)		38,164		1,692,574
				17,895,692
Specialty Retail—1.5%
Aaron’s, Inc.		28,981		1,259,224
At Home Group, Inc. (a)		51,417		2,012,976
Genesco, Inc. (a)		15,874		630,198
National Vision Holdings, Inc. (a) (b)		46,723		1,708,660
Sally Beauty Holdings, Inc. (a) (b)		95,133		1,524,982
				7,136,040
Technology Hardware, Storage & Peripherals—0.3%
Cray, Inc. (a)		48,293		1,188,008
Textiles, Apparel & Luxury Goods—1.2%
Columbia Sportswear Co.		21,587		1,974,563
Crocs, Inc. (a)		54,788		964,817
G-III Apparel Group, Ltd. (a)		26,514		1,177,222
Steven Madden, Ltd.		27,876		1,480,215
				5,596,817
Thrifts & Mortgage Finance—1.4%
Essent Group, Ltd. (a)		21,578		772,924
Federal Agricultural Mortgage Corp. - Class C		21,608		1,933,484
Meta Financial Group, Inc.		17,482		1,702,747
OceanFirst Financial Corp.		78,960		2,365,641
				6,774,796
Trading Companies & Distributors—0.7%
BMC Stock Holdings, Inc. (a)		55,627		1,159,823
SiteOne Landscape Supply, Inc. (a)		27,068		2,272,900
				3,432,723
Total Common Stocks (Cost $310,800,124)				461,728,001

Short-Term Investment—2.0%
Security Description	Principal Amount*		Value
Repurchase Agreement—2.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $9,541,377; collateralized by U.S. Treasury Note at 1.625%, maturing 11/15/22, with a market value of $9,735,863.		9,540,741	$	9,540,741
Total Short-Term Investments (Cost $9,540,741)				9,540,741
Securities Lending Reinvestments (d)—12.5%
Certificates of Deposit—4.6%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (e)		1,250,000		1,250,067
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (e)		1,000,000		999,942
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (e)		1,500,000		1,502,100
Barclays Bank plc 2.430%, 08/01/18		1,000,000		1,000,297
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (e)		1,000,000		999,906
Chiba Bank, Ltd., New York 2.240%, 07/18/18		1,500,000		1,499,929
China Construction Bank 2.550%, 09/17/18		1,500,000		1,499,974
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (e)		1,000,000		999,929
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (e)		1,000,000		1,000,778
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (e)		500,000		500,023
Credit Suisse AG New York 2.460%, FEDEFF PRV + 0.550%, 09/07/18 (e)		500,000		500,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		1,250,000		1,249,949
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (e)		1,500,000		1,500,006
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (e)		1,000,000		999,751
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (e)		1,500,000		1,499,985
2.525%, 1M LIBOR + 0.440%, 09/17/18 (e)		500,000		500,401
Standard Chartered plc 2.250%, 08/21/18		1,000,000		1,000,153
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (e)		1,000,000		1,000,000
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (e)		1,250,000		1,250,029
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (e)		1,000,000		999,934
				21,753,153

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—1.9%
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (e)		500,000	$	500,219
Macquarie Bank, Ltd. 2.280%, 09/04/18		994,173		995,934
Sheffield Receivables Co. 2.490%, 11/26/18		493,464		494,817
Starbird Funding Corp. 2.300%, 08/10/18		1,988,756		1,995,010
Toyota Motor Credit Corp. 2.310%, 09/18/18		1,488,643		1,492,383
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (e)		1,500,000		1,499,712
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (e)		2,000,000		2,000,000
				8,978,075
Repurchase Agreements—4.9%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $1,003,876; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $1,054,288.		1,000,000		1,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $208,391; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $204,000.		200,000		200,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $606,670; collateralized by various Common Stock with an aggregate market value of $669,725.		600,000		600,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $1,277,789; collateralized by various Common Stock with an aggregate market value of $1,395,261.		1,250,000		1,250,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $701,789; collateralized by various Common Stock with an aggregate market value of $778,537.		700,000		700,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $419,813; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $428,333.		419,743		419,743
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $209,635; collateralized by various Common Stock with an aggregate market value of $220,000.		200,000		200,000
Repurchase Agreements—(Continued)
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $2,315,498; collateralized by various Common Stock with an aggregate market value of $2,475,000.		2,250,000		2,250,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $1,923,492; collateralized by various Common Stock with an aggregate market value of $2,114,493.		1,900,000		1,900,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,811,232; collateralized by various Common Stock with an aggregate market value of $2,003,204.		1,800,000		1,800,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $1,506,506; collateralized by various Common Stock with an aggregate market value of $1,669,337.		1,500,000		1,500,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $1,006,564; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,609,840; collateralized by various Common Stock with an aggregate market value of $1,780,563.		1,600,000		1,600,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,307,107; collateralized by various Common Stock with an aggregate market value of $1,446,707.		1,300,000		1,300,000
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $2,214,532; collateralized by various Common Stock with an aggregate market value of $2,448,274.		2,200,000		2,200,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $2,414,077; collateralized by various Common Stock with an aggregate market value of $2,670,845.		2,400,000		2,400,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $1,004,564; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $1,504,940; collateralized by various Common Stock with an aggregate market value of $1,669,278.		1,500,000		1,500,000
				22,819,743
Time Deposits—1.1%
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
DZ Bank AG 1.890%, 07/02/18		1,000,000		1,000,000
Nordea Bank New York 1.880%, 07/02/18		1,000,000		1,000,000

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000	$	1,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		1,000,000		1,000,000
				5,000,000
Total Securities Lending Reinvestments (Cost $58,548,115)				58,550,971
Total Investments—112.8% (Cost $378,888,980)				529,819,713
Other assets and liabilities (net)—(12.8)%				(60,066,273	)
Net Assets—100.0%			$	469,753,440

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $57,061,666 and the collateral received consisted of cash in the amount of $58,534,778. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Illiquid security. As of June 30, 2018, these securities represent 0.0% of net assets.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	10,661,982	$	—	$	—	$	10,661,982
Auto Components		5,257,976		—		—		5,257,976
Banks		60,974,941		—		—		60,974,941
Beverages		4,151,003		—		—		4,151,003
Biotechnology		7,629,193		—		—		7,629,193
Building Products		7,321,214		—		—		7,321,214
Capital Markets		7,582,913		—		—		7,582,913
Chemicals		15,069,534		—		—		15,069,534
Commercial Services & Supplies		11,019,461		—		—		11,019,461
Communications Equipment		2,832,154		—		—		2,832,154
Computers		1,901,389		—		—		1,901,389
Construction & Engineering		3,864,678		—		—		3,864,678
Construction Materials		721,823		—		—		721,823
Consumer Finance		4,176,267		—		—		4,176,267
Distributors		2,680,255		—		—		2,680,255
Diversified Consumer Services		10,438,645		—		—		10,438,645
Diversified Financial Services		1,114,484		—		—		1,114,484
Diversified Telecommunication Services		2,696,296		—		—		2,696,296
Electric Utilities		4,296,487		—		—		4,296,487
Electrical Equipment		3,640,886		—		—		3,640,886
Electronic Equipment, Instruments & Components		14,213,503		—		—		14,213,503
Energy Equipment & Services		11,312,385		—		—		11,312,385
Equity Real Estate Investment Trusts		20,822,728		—		—		20,822,728
Food Products		10,043,886		—		—		10,043,886
Health Care Equipment & Supplies		24,397,840		—		—		24,397,840
Health Care Providers & Services		8,658,579		—		—		8,658,579
Health Care Technology		5,651,721		—		—		5,651,721
Hotels, Restaurants & Leisure		13,869,856		—		—		13,869,856
Household Durables		3,295,785		—		—		3,295,785
Household Products		1,882,512		—		—		1,882,512
Industrial Conglomerates		2,274,356		—		—		2,274,356
Insurance		13,149,242		—		—		13,149,242
Internet Software & Services		12,910,435		—		—		12,910,435
IT Services		17,271,817		—		—		17,271,817
Life Sciences Tools & Services		4,474,394		—		—		4,474,394
Machinery		24,993,514		—		—		24,993,514
Marine		1,453,720		—		—		1,453,720
Media		8,349,280		—		—		8,349,280
Metals & Mining		1,369,741		0		—		1,369,741
Multi-Utilities		2,627,546		—		—		2,627,546

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Multiline Retail	$	3,369,831	$	—		$	—	$	3,369,831
Oil, Gas & Consumable Fuels		8,459,143		—			—		8,459,143
Pharmaceuticals		9,183,734		—			—		9,183,734
Professional Services		8,692,623		—			—		8,692,623
Road & Rail		5,136,033		—			—		5,136,033
Semiconductors & Semiconductor Equipment		13,808,140		—			—		13,808,140
Software		17,895,692		—			—		17,895,692
Specialty Retail		7,136,040		—			—		7,136,040
Technology Hardware, Storage & Peripherals		1,188,008		—			—		1,188,008
Textiles, Apparel & Luxury Goods		5,596,817		—			—		5,596,817
Thrifts & Mortgage Finance		6,774,796		—			—		6,774,796
Trading Companies & Distributors		3,432,723		—			—		3,432,723
Total Common Stocks		461,728,001		0			—		461,728,001
Total Short-Term Investment*		—		9,540,741			—		9,540,741
Total Securities Lending Reinvestments*		—		58,550,971			—		58,550,971
Total Investments	$	461,728,001	$	68,091,712		$	—	$	529,819,713
Collateral for Securities Loaned (Liability)	$	—	$	(58,534,778	)	$	—	$	(58,534,778	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	529,819,713
Cash		87,568
Receivable for:
Investments sold		743,615
Fund shares sold		35
Dividends and interest		243,515
Total Assets		530,894,446
Liabilities
Collateral for securities loaned		58,534,778
Payables for:
Investments purchased		1,188,677
Fund shares redeemed		825,838
Accrued Expenses:
Management fees		323,388
Distribution and service fees		38,219
Deferred trustees’ fees		113,310
Other expenses		116,796
Total Liabilities		61,141,006
Net Assets	$	469,753,440
Net Assets Consist of:
Paid in surplus	$	290,555,579
Undistributed net investment income		3,898
Accumulated net realized gain		28,263,230
Unrealized appreciation on investments		150,930,733
Net Assets	$	469,753,440
Net Assets
Class A	$	276,105,767
Class B		164,212,262
Class E		29,435,411
Capital Shares Outstanding*
Class A		997,444
Class B		626,821
Class E		109,755
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	276.81
Class B		261.98
Class E		268.19

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $378,888,980.
(b)	Includes securities loaned at value of $57,061,666.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	2,191,291
Interest		27,057
Securities lending income		226,827
Total investment income		2,445,175
Expenses
Management fees		2,112,811
Administration fees		7,513
Custodian and accounting fees		29,247
Distribution and service fees—Class B		208,045
Distribution and service fees—Class E		22,221
Audit and tax services		21,770
Legal		21,433
Trustees’ fees and expenses		20,719
Shareholder reporting		45,410
Insurance		1,436
Miscellaneous		5,140
Total expenses		2,495,745
Less management fee waiver		(185,168	)
Less broker commission recapture		(7,647	)
Net expenses		2,302,930
Net Investment Income		142,245
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		28,199,592
Net change in unrealized depreciation on investments		(3,333,042	)
Net realized and unrealized gain		24,866,550
Net Increase in Net Assets From Operations	$	25,008,795

(a) Net of foreign withholding taxes of $6,499.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	142,245		$	333,261
Net realized gain		28,199,592			47,593,068
Net change in unrealized appreciation (depreciation)		(3,333,042	)		17,357,192
Increase in net assets from operations		25,008,795			65,283,521
From Distributions to Shareholders
Net investment income
Class A		(55,220	)		(766,898	)
Class B		0			(115,507	)
Class E		0			(48,669	)
Net realized capital gains
Class A		(27,606,594	)		(17,072,061	)
Class B		(17,342,821	)		(11,251,238	)
Class E		(3,031,392	)		(2,031,748	)
Total distributions		(48,036,027	)		(31,286,121	)
Increase (decrease) in net assets from capital share transactions		17,287,212			(18,769,189	)
Total increase (decrease) in net assets		(5,740,020	)		15,228,211
Net Assets
Beginning of period		475,493,460			460,265,249
End of period	$	469,753,440		$	475,493,460
Undistributed (overdistributed) net investment income
End of period	$	3,898		$	(83,127	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		6,709		$	1,978,128			40,523		$	11,185,340
Reinvestments		97,803			27,661,814			67,746			17,838,959
Redemptions		(52,693	)		(15,560,665	)		(129,901	)		(35,696,438	)
Net increase (decrease)		51,819		$	14,079,277			(21,632	)	$	(6,672,139	)
Class B
Sales		3,782		$	1,066,821			30,477		$	7,974,188
Reinvestments		64,785			17,342,821			45,253			11,366,745
Redemptions		(56,132	)		(15,812,357	)		(108,518	)		(28,690,239	)
Net increase (decrease)		12,435		$	2,597,285			(32,788	)	$	(9,349,306	)
Class E
Sales		1,260		$	357,651			4,076		$	1,100,417
Reinvestments		11,062			3,031,392			8,118			2,080,417
Redemptions		(9,667	)		(2,778,393	)		(22,067	)		(5,928,578	)
Net increase (decrease)		2,655		$	610,650			(9,873	)	$	(2,747,744	)
Increase (decrease) derived from capital shares transactions				$	17,287,212					$	(18,769,189	)

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	290.82		$	270.77		$	250.78		$	290.12		$	322.61		$	250.37
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.48			1.15	(b)		1.19			0.91			0.53
Net realized and unrealized gain (loss) on investments		16.32			38.81			43.25			(2.32	)		8.06			94.94
Total from investment operations		16.55			39.29			44.40			(1.13	)		8.97			95.47
Less Distributions
Distributions from net investment income		(0.06	)		(0.83	)		(0.85	)		(0.46	)		(0.14	)		(1.29	)
Distributions from net realized capital gains		(30.50	)		(18.41	)		(23.56	)		(37.75	)		(41.32	)		(21.94	)
Total distributions		(30.56	)		(19.24	)		(24.41	)		(38.21	)		(41.46	)		(23.23	)
Net Asset Value, End of Period	$	276.81		$	290.82		$	270.77		$	250.78		$	290.12		$	322.61
Total Return (%) (c)		5.47	(d)		15.24			19.27			(1.50	)		3.76			41.04
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96	(e)		0.96			0.96			0.96			0.96			0.95
Net ratio of expenses to average net assets (%) (f)		0.89	(e)		0.89			0.88			0.88			0.88			0.88
Ratio of net investment income to average net assets (%)		0.16	(e)		0.17			0.47	(b)		0.43			0.31			0.19
Portfolio turnover rate (%)		13	(d)		28			34			36			35			36
Net assets, end of period (in millions)	$	276.1		$	275.0		$	261.9		$	241.5		$	269.1		$	286.0
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	277.03		$	258.82		$	240.67		$	280.08		$	313.49		$	243.89
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.13	)		(0.21	)		0.51	(b)		0.48			0.18			(0.18	)
Net realized and unrealized gain (loss) on investments		15.58			37.02			41.37			(2.14	)		7.73			92.38
Total from investment operations		15.45			36.81			41.88			(1.66	)		7.91			92.20
Less Distributions
Distributions from net investment income		0.00			(0.19	)		(0.17	)		0.00			0.00			(0.66	)
Distributions from net realized capital gains		(30.50	)		(18.41	)		(23.56	)		(37.75	)		(41.32	)		(21.94	)
Total distributions		(30.50	)		(18.60	)		(23.73	)		(37.75	)		(41.32	)		(22.60	)
Net Asset Value, End of Period	$	261.98		$	277.03		$	258.82		$	240.67		$	280.08		$	313.49
Total Return (%) (c)		5.34	(d)		14.96			18.97			(1.74	)		3.50			40.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.21	(e)		1.21			1.21			1.21			1.21			1.20
Net ratio of expenses to average net assets (%) (f)		1.14	(e)		1.14			1.13			1.13			1.13			1.13
Ratio of net investment income (loss) to average net assets (%)		(0.09	)(e)		(0.08	)		0.22	(b)		0.18			0.06			(0.07	)
Portfolio turnover rate (%)		13	(d)		28			34			36			35			36
Net assets, end of period (in millions)	$	164.2		$	170.2		$	167.5		$	157.9		$	179.5		$	190.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	282.79		$	263.82		$	244.89		$	284.11		$	317.10		$	246.44
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.05			0.76	(b)		0.76			0.46			0.09
Net realized and unrealized gain (loss) on investments		15.89			37.77			42.15			(2.23	)		7.87			93.41
Total from investment operations		15.90			37.82			42.91			(1.47	)		8.33			93.50
Less Distributions
Distributions from net investment income		0.00			(0.44	)		(0.42	)		0.00			0.00			(0.90	)
Distributions from net realized capital gains		(30.50	)		(18.41	)		(23.56	)		(37.75	)		(41.32	)		(21.94	)
Total distributions		(30.50	)		(18.85	)		(23.98	)		(37.75	)		(41.32	)		(22.84	)
Net Asset Value, End of Period	$	268.19		$	282.79		$	263.82		$	244.89		$	284.11		$	317.10
Total Return (%) (c)		5.39	(d)		15.07			19.09			(1.64	)		3.60			40.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.11	(e)		1.11			1.11			1.11			1.11			1.10
Net ratio of expenses to average net assets (%) (f)		1.04	(e)		1.04			1.03			1.03			1.03			1.03
Ratio of net investment income to average net assets (%)		0.01	(e)		0.02			0.31	(b)		0.28			0.16			0.03
Portfolio turnover rate (%)		13	(d)		28			34			36			35			36
Net assets, end of period (in millions)	$	29.4		$	30.3		$	30.9		$	29.1		$	33.9		$	38.3

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

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

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

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

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

BHFTII-17

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to

BHFTII-18

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $9,540,741. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $22,819,743. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

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

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial

BHFTII-19

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	59,760,391	$	0	$	87,157,156

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$2,112,811		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	Of the first $200 million
0.100%	On the next $300 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

BHFTII-20

Brighthouse Funds Trust II

Loomis Sayles Small Cap Core Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	378,619,052
Gross unrealized appreciation		160,498,335
Gross unrealized depreciation		(9,297,674	)
Net unrealized appreciation (depreciation)	$	151,200,661

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$931,074	$	1,101,754	$	30,355,047	$	39,089,011	$	31,286,121	$	40,190,765

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$406,625	$	47,401,208	$	154,533,703	$	—	$	202,341,536

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

As of December 31, 2017, the Portfolio had no accumulated capital losses no pre-enactment accumulated capital loss carryforwards.

BHFTII-21

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Managed by Loomis, Sayles & Company L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Loomis Sayles Small Cap Growth Portfolio returned 14.96%, 14.81%, and 14.96%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 9.70%.

MARKET ENVIRONMENT / CONDITIONS

After a modestly weak and volatile start to 2018, domestic equity markets returned to broad based gains during the first half of the year, with the S&P 500 Index up 2.6%. Despite numerous concerns including the aging economic recovery, Federal Reserve interest rate normalization, and intensifying threats of import tariffs and trade wars, investors focused on the current healthy state of the U.S. economy and the improved corporate earnings outlook. The net result was a return to a more aggressive and U.S. centric posture by investors, as market volatility returned to historically low levels from its spike in February, and ETF and index fund flows heavily favored small cap stocks. Against this backdrop, small cap stocks, as measured by the Russell 2000 Index’s 7.7% return, far outperformed large cap equities for the period led by the smallest capitalization stocks. On a style basis, small cap growth stocks continued to dominate small cap value stocks as the Russell 2000 Growth Index returned 9.7% compared to the Russell 2000 Value Index return of 5.4% over the period. Within the Russell 2000 Index, growth areas in the market represented by the Health Care and Information Technology (“IT”) sectors were strong performers while interest rate sensitive sectors such as Utilities and real estate investment trusts lagged in a rising interest rate environment. Overall, the environment favored growth during the first half of the year, despite having lost some ground during the second quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 2000 Growth Index over the last six months. Positive stock selection, primarily within the Health Care, Consumer Discretionary, and IT sectors, benefited relative results. Weak stock selection in the Industrials sector detracted from relative performance.

The Portfolio’s top individual stock contributors to performance were names held in the Health Care sector: HealthEquity; Ablynx; and Teledoc. HealthEquity provides healthcare savings accounts. The company has reported solid quarters as it gains market share. Also, the company reported the highest number of new accounts on record during its most recent quarterly report and had growth in custodial assets. Biotechnology company Ablynx was up during the period after it announced it would be acquired at a premium by Sanofi. Teledoc is the leader in the telemedicine market providing patients rapid access to care via phone and video. The company reported during the period robust revenue growth driven by increasing subscriptions and total patient visits.

The Portfolio’s largest detractors to performance were holdings Dermira, Installed Building Products and Mercury Systems. Biotechnology company Dermira declined after it announced two clinical trials failed to meet endpoints, and as a result, the company would abandon the pursuit of the treatments. We exited the position over the period after our stop-loss sell discipline was triggered. Installed Building Products, a residential insulation installer, also declined during the period after a very strong 2017. The company experienced higher medical, fuel and workers compensation costs impacting gross margins. Defense electronics contractor, Mercury Systems, declined during the period due to ongoing federal budget delays. We exited the Portfolio’s position in the stock over the period based on our stop-loss framework.

During the six-month period ending June 30, 2018, the Portfolio’s sector weight exposure changed across a few sectors on both an absolute and relative basis. The changes were primarily the result of our bottom-up, stock selection investment process. The Portfolio’s weight in the Health Care sector increased during the time period, particularly in the providers and services groups. We added selectively to those groups, but market appreciation also increased our exposure from strong performance. Both Industrials and IT exposures decreased during the period. Within Industrials, we sold out of a few names based on fundamental concerns and stop-losses. The Portfolio’s reduction to the IT sector was driven by a decrease in exposure to electronic equipment and semiconductors.

Mark Burns

John Slavik

Portfolio Managers

Loomis, Sayles & Company L.P.

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

BHFTII-1

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Loomis Sayles Small Cap Growth Portfolio
Class A		14.96		27.75		13.98		12.24
Class B		14.81		27.51		13.71		11.97
Class E		14.96		27.69		13.82		12.09
Russell 2000 Growth Index		9.70		21.86		13.65		11.24

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Grand Canyon Education, Inc.		1.5
Ollie’s Bargain Outlet Holdings, Inc.		1.5
Q2 Holdings, Inc.		1.4
PRA Health Sciences, Inc.		1.4
SiteOne Landscape Supply, Inc.		1.4
Medidata Solutions, Inc.		1.4
Insulet Corp.		1.4
Five9, Inc.		1.4
HealthEquity, Inc.		1.4
Teladoc, Inc.		1.4

Top Sectors

	% of Net Assets
Health Care		27.0
Information Technology		22.4
Consumer Discretionary		16.1
Industrials		15.5
Financials		9.4
Energy		2.5
Telecommunication Services		1.7
Consumer Staples		1.4
Materials		1.1

BHFTII-2

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Loomis Sayles Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.88	%	$	1,000.00	$	1,149.60	$	4.69
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.43	$	4.41
Class B (a)	Actual		1.13	%	$	1,000.00	$	1,148.10	$	6.02
	Hypothetical*		1.13	%	$	1,000.00	$	1,019.19	$	5.66
Class E (a)	Actual		1.03	%	$	1,000.00	$	1,149.60	$	5.49
	Hypothetical*		1.03	%	$	1,000.00	$	1,019.69	$	5.16

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

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

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

BHFTII-3

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—97.1% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.7%
AAR Corp.		61,278	$	2,848,814
Astronics Corp. (a) (b)		77,348		2,782,208
Hexcel Corp.		63,607		4,222,233
KLX, Inc. (b)		55,215		3,969,958
				13,823,213
Banks—4.2%
Chemical Financial Corp.		57,601		3,206,648
Pacific Premier Bancorp, Inc. (b)		63,823		2,434,848
Pinnacle Financial Partners, Inc.		52,221		3,203,758
Renasant Corp.		84,393		3,841,569
UMB Financial Corp.		41,574		3,169,186
				15,856,009
Beverages—1.0%
MGP Ingredients, Inc. (a)		41,664		3,700,180
Biotechnology—4.8%
Agios Pharmaceuticals, Inc. (a) (b)		36,470		3,071,868
Aimmune Therapeutics, Inc. (a) (b)		71,865		1,932,450
Argenx SE (ADR) (b)		26,805		2,221,062
Genomic Health, Inc. (b)		72,139		3,635,806
Global Blood Therapeutics, Inc. (a) (b)		48,327		2,184,381
Ironwood Pharmaceuticals, Inc. (a) (b)		158,776		3,035,797
Xencor, Inc. (b)		54,823		2,028,999
				18,110,363
Building Products—1.9%
Patrick Industries, Inc. (b)		48,778		2,773,029
Trex Co., Inc. (b)		71,610		4,482,070
				7,255,099
Capital Markets—1.7%
Artisan Partners Asset Management, Inc. - Class A		75,817		2,285,883
MarketAxess Holdings, Inc.		19,819		3,921,387
				6,207,270
Chemicals—1.1%
Ingevity Corp. (b)		50,420		4,076,961
Construction & Engineering—1.9%
Granite Construction, Inc. (a)		60,889		3,389,082
Primoris Services Corp.		136,663		3,721,333
				7,110,415
Consumer Finance—1.1%
Green Dot Corp. - Class A (b)		55,899		4,102,428
Distributors—1.2%
Pool Corp.		30,681		4,648,172
Diversified Consumer Services—3.9%
Bright Horizons Family Solutions, Inc. (b)		35,453		3,634,642
Chegg, Inc. (a) (b)		101,174		2,811,625
Diversified Consumer Services—(Continued)
Grand Canyon Education, Inc. (b)		51,888		5,791,220
Laureate Education, Inc. - Class A (b)		173,146		2,481,182
				14,718,669
Diversified Telecommunication Services—1.7%
Cogent Communications Holdings, Inc. (a)		76,325		4,075,755
ORBCOMM, Inc. (a) (b)		230,171		2,324,727
				6,400,482
Electrical Equipment—0.9%
Generac Holdings, Inc. (b)		67,462		3,489,809
Energy Equipment & Services—1.6%
Cactus, Inc. - Class A (b)		102,308		3,456,987
Dril-Quip, Inc. (b)		46,175		2,373,395
				5,830,382
Food Products—0.4%
Freshpet, Inc. (b)		59,019		1,620,072
Health Care Equipment & Supplies—10.1%
AtriCure, Inc. (b)		135,883		3,675,635
Inogen, Inc. (b)		19,898		3,707,594
Insulet Corp. (b)		62,708		5,374,076
iRhythm Technologies, Inc. (b)		52,827		4,285,855
Merit Medical Systems, Inc. (b)		54,979		2,814,925
Neogen Corp. (b)		47,760		3,829,874
Novocure, Ltd. (b)		115,320		3,609,516
Penumbra, Inc. (b)		30,464		4,208,602
Tactile Systems Technology, Inc. (b)		40,657		2,114,164
Wright Medical Group NV (a) (b)		155,170		4,028,213
				37,648,454
Health Care Providers & Services—4.1%
Amedisys, Inc. (b)		39,444		3,370,884
AMN Healthcare Services, Inc. (a) (b)		73,371		4,299,541
HealthEquity, Inc. (a) (b)		68,237		5,124,599
Tivity Health, Inc. (b)		76,972		2,709,414
				15,504,438
Health Care Technology—3.6%
Medidata Solutions, Inc. (a) (b)		66,833		5,384,067
Teladoc, Inc. (a) (b)		88,267		5,123,899
Vocera Communications, Inc. (b)		97,300		2,908,297
				13,416,263
Hotels, Restaurants & Leisure—2.5%
Planet Fitness, Inc. - Class A (b)		111,720		4,908,977
Wingstop, Inc. (a)		85,027		4,431,607
				9,340,584
Household Durables—0.9%
Installed Building Products, Inc. (b)		62,493		3,533,979

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—1.9%
Kinsale Capital Group, Inc.		63,667	$	3,492,772
Trupanion, Inc. (a) (b)		93,739		3,618,325
				7,111,097
Internet Software & Services—7.1%
2U, Inc. (a) (b)		45,179		3,775,157
Envestnet, Inc. (b)		74,192		4,076,850
Five9, Inc. (b)		152,664		5,277,595
LogMeIn, Inc.		32,831		3,389,801
Mimecast, Ltd. (b)		115,457		4,757,983
Q2 Holdings, Inc. (b)		94,996		5,419,522
				26,696,908
IT Services—4.2%
Euronet Worldwide, Inc. (b)		31,031		2,599,467
InterXion Holding NV (b)		71,903		4,488,185
Virtusa Corp. (b)		79,143		3,852,681
WNS Holdings, Ltd. (ADR) (b)		92,350		4,818,823
				15,759,156
Life Sciences Tools & Services—1.4%
PRA Health Sciences, Inc. (b)		57,895		5,405,077
Machinery—4.2%
Albany International Corp. - Class A		59,283		3,565,873
Harsco Corp. (b)		148,140		3,273,894
Proto Labs, Inc. (b)		37,840		4,501,068
RBC Bearings, Inc. (b)		32,615		4,201,138
				15,541,973
Multiline Retail—1.5%
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		78,889		5,719,452
Oil, Gas & Consumable Fuels—1.0%
PDC Energy, Inc. (b)		60,236		3,641,266
Pharmaceuticals—3.0%
Aerie Pharmaceuticals, Inc. (a) (b)		44,727		3,021,309
Intersect ENT, Inc. (b)		79,965		2,994,689
Supernus Pharmaceuticals, Inc. (b)		85,444		5,113,823
				11,129,821
Professional Services—0.7%
WageWorks, Inc. (b)		49,814		2,490,700
Semiconductors & Semiconductor Equipment—3.2%
MKS Instruments, Inc.		33,438		3,200,017
Monolithic Power Systems, Inc.		34,025		4,548,122
Silicon Laboratories, Inc. (b)		43,024		4,285,190
				12,033,329
Software—7.9%
Blackbaud, Inc.		38,720		3,966,864
Guidewire Software, Inc. (b)		51,752		4,594,543
HubSpot, Inc. (b)		29,856		3,743,942
Rapid7, Inc. (b)		113,578		3,205,171
RealPage, Inc. (b)		72,139		3,974,859
RingCentral, Inc. - Class A (b)		61,534		4,328,917
Talend S.A. (ADR) (b)		56,349		3,509,416
Varonis Systems, Inc. (b)		27,431		2,043,609
				29,367,321
Specialty Retail—2.4%
At Home Group, Inc. (b)		122,055		4,778,453
National Vision Holdings, Inc. (b)		110,916		4,056,198
				8,834,651
Textiles, Apparel & Luxury Goods—3.6%
Columbia Sportswear Co.		51,242		4,687,106
Crocs, Inc. (b)		130,053		2,290,233
G-III Apparel Group, Ltd. (b)		62,772		2,787,077
Steven Madden, Ltd.		66,171		3,513,680
				13,278,096
Thrifts & Mortgage Finance—0.5%
Essent Group, Ltd. (b)		51,223		1,834,808
Trading Companies & Distributors—2.2%
BMC Stock Holdings, Inc. (b)		132,048		2,753,201
SiteOne Landscape Supply, Inc. (b)		64,254		5,395,408
				8,148,609
Total Common Stocks (Cost $237,941,604)				363,385,506
Short-Term Investment—3.3%
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $12,360,048; collateralized by U.S. Treasury Note at 2.375%, maturing 01/31/23, with a market value of $12,607,081.		12,359,224		12,359,224
Total Short-Term Investments (Cost $12,359,224)				12,359,224
Securities Lending Reinvestments (c)—14.8%
Certificates of Deposit—5.3%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (d)		1,250,000		1,250,067
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (d)		1,000,000		999,942

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (d)		1,250,000	$	1,251,750
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (d)		2,000,000		1,999,812
China Construction Bank 2.550%, 09/17/18		1,000,000		999,983
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (d)		1,000,000		999,929
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (d)		1,000,000		1,000,778
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (d)		500,000		500,023
Credit Suisse AG New York 2.460%, FEDEFF PRV + 0.550%, 09/07/18 (d)		500,000		500,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		1,250,000		1,249,949
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (d)		1,000,000		1,000,004
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (d)		1,000,000		999,751
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (d)		2,000,000		1,999,980
Standard Chartered plc 2.250%, 08/21/18		1,000,000		1,000,153
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (d)		1,000,000		1,000,000
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (d)		1,250,000		1,250,029
2.502%, 3M LIBOR + 0.140%, 10/26/18 (d)		500,000		500,636
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (d)		1,500,000		1,499,901
				20,002,687
Commercial Paper—1.9%
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (d)		500,000		500,219
Macquarie Bank, Ltd. 2.280%, 09/04/18		994,173		995,934
Sheffield Receivables Co. 2.490%, 11/26/18		493,464		494,817
Starbird Funding Corp. 2.300%, 08/10/18		1,988,756		1,995,010
Toyota Motor Credit Corp. 2.310%, 09/18/18		1,488,643		1,492,383
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (d)		1,500,000		1,499,712
				6,978,075
Repurchase Agreements—6.0%
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $1,003,876; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $1,054,288.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $208,391; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $204,000.		200,000		200,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $404,447; collateralized by various Common Stock with an aggregate market value of $446,483.		400,000		400,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $766,673; collateralized by various Common Stock with an aggregate market value of $837,157.		750,000		750,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $601,533; collateralized by various Common Stock with an aggregate market value of $667,317.		600,000		600,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $1,836,166; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $1,873,431.		1,835,859		1,835,859
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $524,088; collateralized by various Common Stock with an aggregate market value of $550,000.		500,000		500,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $3,344,608; collateralized by various Common Stock with an aggregate market value of $3,575,000.		3,250,000		3,250,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $1,518,547; collateralized by various Common Stock with an aggregate market value of $1,669,337.		1,500,000		1,500,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,509,360; collateralized by various Common Stock with an aggregate market value of $1,669,337.		1,500,000		1,500,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $1,506,506; collateralized by various Common Stock with an aggregate market value of $1,669,337.		1,500,000		1,500,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $1,006,564; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $1,711,229; collateralized by various Common Stock with an aggregate market value of $1,891,848.		1,700,000		1,700,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,307,995; collateralized by various Common Stock with an aggregate market value of $1,446,707.		1,300,000	$	1,300,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $1,911,144; collateralized by various Common Stock with an aggregate market value of $2,114,419.		1,900,000		1,900,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,005,467; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $1,004,564; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $1,504,940; collateralized by various Common Stock with an aggregate market value of $1,669,278.		1,500,000		1,500,000
				22,435,859
Time Deposits—1.6%
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
1.870%, 07/02/18		1,000,000		1,000,000
DZ Bank AG 1.890%, 07/02/18		1,000,000		1,000,000
Nordea Bank New York 1.880%, 07/02/18		1,000,000		1,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000		1,000,000
Time Deposits—(Continued)
Svenska Handelsbanken AB 1.870%, 07/02/18		1,000,000		1,000,000
				6,000,000
Total Securities Lending Reinvestments (Cost $55,414,232)				55,416,621
Total Investments—115.2% (Cost $305,715,060)				431,161,351
Other assets and liabilities (net)—(15.2)%				(56,944,469	)
Net Assets—100.0%			$	374,216,882

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $53,460,411 and the collateral received consisted of cash in the amount of $55,400,895. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	363,385,506	$	—		$	—	$	363,385,506
Total Short-Term Investment*		—		12,359,224			—		12,359,224
Total Securities Lending Reinvestments*		—		55,416,621			—		55,416,621
Total Investments	$	363,385,506	$	67,775,845		$	—	$	431,161,351
Collateral for Securities Loaned (Liability)	$	—	$	(55,400,895	)	$	—	$	(55,400,895	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	431,161,351
Cash		203,522
Receivable for:
Investments sold		582,108
Fund shares sold		11
Dividends and interest		49,200
Total Assets		431,996,192
Liabilities
Collateral for securities loaned		55,400,895
Payables for:
Investments purchased		1,345,354
Fund shares redeemed		559,911
Accrued Expenses:
Management fees		258,624
Distribution and service fees		15,833
Deferred trustees’ fees		113,593
Other expenses		85,100
Total Liabilities		57,779,310
Net Assets	$	374,216,882
Net Assets Consist of:
Paid in surplus	$	212,540,015
Accumulated net investment loss		(499,068	)
Accumulated net realized gain		36,729,644
Unrealized appreciation on investments		125,446,291
Net Assets	$	374,216,882
Net Assets
Class A	$	296,189,468
Class B		70,229,865
Class E		7,797,549
Capital Shares Outstanding*
Class A		19,636,520
Class B		5,019,250
Class E		539,028
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.08
Class B		13.99
Class E		14.47

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $305,715,060.
(b)	Includes securities loaned at value of $53,460,411.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends	$	989,719
Interest		32,845
Securities lending income		322,968
Total investment income		1,345,532
Expenses
Management fees		1,681,971
Administration fees		6,006
Custodian and accounting fees		26,214
Distribution and service fees—Class B		85,115
Distribution and service fees—Class E		5,614
Audit and tax services		21,770
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		23,156
Insurance		1,164
Miscellaneous		4,593
Total expenses		1,897,754
Less management fee waiver		(162,091	)
Less broker commission recapture		(7,814	)
Net expenses		1,727,849
Net Investment Loss		(382,317	)
Net Realized and Unrealized Gain
Net realized gain on investments		36,818,358
Net change in unrealized appreciation on investments		16,229,052
Net realized and unrealized gain		53,047,410
Net Increase in Net Assets From Operations	$	52,665,093

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(382,317	)	$	(1,808,190	)
Net realized gain		36,818,358			51,004,809
Net change in unrealized appreciation		16,229,052			37,593,815
Increase in net assets from operations		52,665,093			86,790,434
From Distributions to Shareholders
Net realized capital gains
Class A		(38,694,674	)		(13,532,335	)
Class B		(9,723,909	)		(3,071,571	)
Class E		(1,049,323	)		(330,190	)
Total distributions		(49,467,906	)		(16,934,096	)
Decrease in net assets from capital share transactions		(337,610	)		(45,566,602	)
Total increase in net assets		2,859,577			24,289,736
Net Assets
Beginning of period		371,357,305			347,067,569
End of period	$	374,216,882		$	371,357,305
Accumulated net investment loss
End of period	$	(499,068	)	$	(116,751	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		182,842		$	2,932,546			378,211		$	5,066,708
Reinvestments		2,486,804			38,694,674			1,017,469			13,532,335
Redemptions		(2,923,665	)		(46,902,678	)		(4,198,642	)		(57,777,599	)
Net decrease		(254,019	)	$	(5,275,458	)		(2,802,962	)	$	(39,178,556	)
Class B
Sales		236,272		$	3,549,282			275,626		$	3,546,325
Reinvestments		673,401			9,723,909			245,922			3,071,571
Redemptions		(590,375	)		(8,788,370	)		(979,589	)		(12,652,405	)
Net increase (decrease)		319,298		$	4,484,821			(458,041	)	$	(6,034,509	)
Class E
Sales		22,774		$	358,567			43,788		$	577,129
Reinvestments		70,330			1,049,323			25,696			330,190
Redemptions		(62,299	)		(954,863	)		(95,500	)		(1,260,856	)
Net increase (decrease)		30,805		$	453,027			(26,016	)	$	(353,537	)
Decrease derived from capital shares transactions				$	(337,610	)				$	(45,566,602	)

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.98		$	12.36		$	13.07		$	14.70		$	16.55		$	11.13
Income (Loss) from Investment Operations
Net investment loss (a)		(0.01	)		(0.06	)		(0.00	)(b)(c)		(0.04	)		(0.06	)		(0.07	)
Net realized and unrealized gain on investments		2.32			3.32			0.69			0.47			0.11			5.49
Total from investment operations		2.31			3.26			0.69			0.43			0.05			5.42
Less Distributions
Distributions from net realized capital gains		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00
Total distributions		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00
Net Asset Value, End of Period	$	15.08		$	14.98		$	12.36		$	13.07		$	14.70		$	16.55
Total Return (%) (d)		14.96	(e)		27.04			6.21			1.73			1.22			48.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97	(f)		0.97			0.96			0.95			0.95			0.95
Net ratio of expenses to average net assets (%) (g)		0.88	(f)		0.88			0.87			0.86			0.86			0.86
Ratio of net investment loss to average net assets (%)		(0.15	)(f)		(0.45	)		(0.00	)(c)(h)		(0.26	)		(0.40	)		(0.53	)
Portfolio turnover rate (%)		19	(e)		40			53			64			56			58
Net assets, end of period (in millions)	$	296.2		$	298.0		$	280.6		$	310.7		$	355.8		$	402.4

	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.05		$	11.66		$	12.43		$	14.11		$	16.01		$	10.79
Income (Loss) from Investment Operations
Net investment loss (a)		(0.03	)		(0.09	)		(0.03	)(c)		(0.07	)		(0.09	)		(0.10	)
Net realized and unrealized gain on investments		2.18			3.12			0.66			0.45			0.09			5.32
Total from investment operations		2.15			3.03			0.63			0.38			0.00			5.22
Less Distributions
Distributions from net realized capital gains		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00
Total distributions		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00
Net Asset Value, End of Period	$	13.99		$	14.05		$	11.66		$	12.43		$	14.11		$	16.01
Total Return (%) (d)		14.81	(e)		26.68			6.05			1.43			0.94			48.38
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.22	(f)		1.22			1.21			1.20			1.20			1.20
Net ratio of expenses to average net assets (%) (g)		1.13	(f)		1.13			1.12			1.11			1.11			1.11
Ratio of net investment loss to average net assets (%)		(0.41	)(f)		(0.70	)		(0.25	)(c)		(0.51	)		(0.65	)		(0.77	)
Portfolio turnover rate (%)		19	(e)		40			53			64			56			58
Net assets, end of period (in millions)	$	70.2		$	66.0		$	60.1		$	64.2		$	71.9		$	80.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.45		$	11.97		$	12.71		$	14.37		$	16.25		$	10.94
Income (Loss) from Investment Operations
Net investment loss (a)		(0.02	)		(0.08	)		(0.02	)(c)		(0.06	)		(0.08	)		(0.09	)
Net realized and unrealized gain on investments		2.25			3.20			0.68			0.46			0.10			5.40
Total from investment operations		2.23			3.12			0.66			0.40			0.02			5.31
Less Distributions
Distributions from net realized capital gains		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00
Total distributions		(2.21	)		(0.64	)		(1.40	)		(2.06	)		(1.90	)		0.00
Net Asset Value, End of Period	$	14.47		$	14.45		$	11.97		$	12.71		$	14.37		$	16.25
Total Return (%) (d)		14.96	(e)		26.74			6.16			1.55			1.05			48.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12	(f)		1.12			1.11			1.10			1.10			1.10
Net ratio of expenses to average net assets (%) (g)		1.03	(f)		1.03			1.02			1.01			1.01			1.01
Ratio of net investment loss to average net assets (%)		(0.31	)(f)		(0.60	)		(0.15	)(c)		(0.41	)		(0.55	)		(0.67	)
Portfolio turnover rate (%)		19	(e)		40			53			64			56			58
Net assets, end of period (in millions)	$	7.8		$	7.3		$	6.4		$	6.7		$	7.4		$	8.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment loss was less than $0.01.
(c)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Ratio of net investment loss to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

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

BHFTII-13

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to

BHFTII-14

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $12,359,224. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $22,435,859. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Certain Risks

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

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

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial

BHFTII-15

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	68,122,915	$	0	$	115,707,082

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$1,681,971		0.900	%	Of the first $500 million
		0.850	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $100 million
0.100%	On the next $400 million
0.050%	On amounts in excess of $500 million

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

BHFTII-16

Brighthouse Funds Trust II

Loomis Sayles Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	305,630,796
Gross unrealized appreciation		128,857,100
Gross unrealized depreciation		(3,326,545	)
Net unrealized appreciation (depreciation)	$	125,530,555

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$—	$	—	$	16,934,096	$	38,009,965	$	16,934,096	$	38,009,965

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$2,044,380	$	47,250,548	$	109,301,504	$	—	$	158,596,432

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, E, and G shares of the MetLife Aggregate Bond Index Portfolio returned -1.69%, -1.80%, -1.76%, and -1.85%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned -1.62%.

MARKET ENVIRONMENT / CONDITIONS

The Federal Open Market Committee (the “Committee”) met four times during the 6-month period and increased the Federal Funds Rate by 0.50% to a 1.75%-2.00% range. The Committee noted that the labor market had continued to strengthen, and that economic activity had risen at a solid rate. Data suggested that growth of household spending had picked up, while business fixed investment had continued to grow. The Committee stated that risks to the economic outlook appear roughly balanced and that inflation should stabilize around the 2% objective over the medium term. The Committee also stated that it expects further gradual increases in the target range for federal funds will be consistent with sustained expansion of economic activity. At period end, the Committee is projecting two more rate increases in 2018 and three rate increases in 2019. Current interest rate policy remains accommodative, but with future interest rate increases the policy will be shifting to quantitative tightening and a decrease in central bank liquidity.

Investors began 2018 more optimistic than at any stage since the bull market began in 2009. During the first six-months of 2018, investors have viewed growth and spending very positively, but were generally more concerned with the geopolitical concerns dominating the headlines and the markets exhibited more volatility than they had in many years. U.S. fixed income returns continued to be constrained in the first half of 2018 as the Treasury curve flattened and credit spreads widened. The continued flattening of the Treasury curve was mostly attributable to higher short-term and medium-term rates, while 30-year rates changed modestly. 2-year and 10-year Treasury rates increased 0.64% and 0.45%, respectively, while 30-year Treasury rates only increased 0.25% to finish the second quarter at 2.99%. The difference between the 10-year and 30-year Treasury decreased another 0.20% and at June 30, 2018 was only 0.13%. Credit risk increased as credit spreads widened in almost every sector. Lower-rated debt was the most sensitive with BBB-rated Corporates and BBB-rated Government Related spreads wider by 32 and 42 basis points, respectively.

The Bloomberg Barclays U.S. Aggregate Bond Index returned -1.62% during the reporting period. Asset-backed securities performed the best, returning 0.03% in the first half of 2018. The worst performing sector during the period was the corporate credit sector, returning -3.27%.

PORTFOLIO REVIEW / CURRENT POSITIONING

The Portfolio is managed utilizing a Stratified Sampling approach where the objective is to track the performance of the Index by holding a subset of Index constituents and neutralizing exposures across key characteristics (i.e., duration, term structure, high sector, sub-sector, quality). Factors that impact tracking error include sampling, transaction costs, contributions, and withdrawals.

Stacey Lituchy

Jason Chapin

Brian Leonard

Portfolio Managers

MetLife Investment Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

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

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Aggregate Bond Index Portfolio
Class A		-1.69		-0.59		2.04		3.45		—
Class B		-1.80		-0.87		1.78		3.20		—
Class E		-1.76		-0.75		1.89		3.30		—
Class G		-1.85		-0.91		1.72		—		2.88
Bloomberg Barclays U.S. Aggregate Bond Index		-1.62		-0.40		2.27		3.72		—

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

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98,1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		67.7
Corporate Bonds & Notes		27.0
Foreign Government		1.7
Mortgage-Backed Securities		1.4
Municipals		0.6
Asset-Backed Securities		0.5

BHFTII-2

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Aggregate Bond Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.28	%	$	1,000.00	$	983.10	$	1.38
	Hypothetical*		0.28	%	$	1,000.00	$	1,023.41	$	1.40
Class B (a)	Actual		0.53	%	$	1,000.00	$	982.00	$	2.60
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.17	$	2.66
Class E (a)	Actual		0.43	%	$	1,000.00	$	982.40	$	2.11
	Hypothetical*		0.43	%	$	1,000.00	$	1,022.66	$	2.16
Class G (a)	Actual		0.58	%	$	1,000.00	$	981.50	$	2.85
	Hypothetical*		0.58	%	$	1,000.00	$	1,021.92	$	2.91

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—67.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—28.6%
Fannie Mae 15 Yr. Pool 2.500%, 12/01/27		2,727,382	$	2,682,555
2.500%, 02/01/28		2,227,666		2,191,053
2.500%, 07/01/28		3,904,870		3,838,916
2.500%, 10/01/28		2,424,246		2,383,300
2.500%, 03/01/30		2,561,850		2,503,654
2.500%, 09/01/31		3,978,854		3,872,409
2.500%, 01/01/32		1,282,797		1,248,478
2.500%, 04/01/32		2,646,860		2,574,485
2.500%, 09/01/32		900,943		876,307
3.000%, 01/01/27		1,036,982		1,039,633
3.000%, 02/01/27		1,734,097		1,738,530
3.000%, 03/01/27		910,398		912,068
3.000%, 01/01/29		4,215,407		4,220,728
3.000%, 10/01/29		1,941,690		1,941,377
3.000%, 06/01/30		2,254,101		2,247,158
3.000%, 02/01/33		4,820,405		4,795,384
3.500%, 02/01/26		1,457,594		1,478,758
3.500%, 03/01/26		669,031		679,109
3.500%, 05/01/29		1,678,995		1,702,577
3.500%, 08/01/32		852,756		864,088
4.000%, 04/01/19		10,071		10,075
4.000%, 05/01/19		26,050		26,111
4.000%, 01/01/20		76,029		76,338
4.000%, 06/01/24		216,052		221,684
4.000%, 11/01/24		1,266,415		1,299,424
4.500%, 07/01/18		2,044		2,044
4.500%, 05/01/19		11,836		11,866
4.500%, 08/01/24		319,095		328,596
4.500%, 06/01/25		591,169		610,387
5.000%, 01/01/19		7,718		7,721
5.000%, 02/01/20		49,251		49,807
5.000%, 01/01/22		78,265		80,162
5.000%, 02/01/24		314,566		322,404
Fannie Mae 20 Yr. Pool 3.000%, 02/01/33		1,492,757		1,469,255
3.000%, 08/01/35		2,107,875		2,080,534
3.000%, 05/01/36		2,977,184		2,934,318
3.500%, 04/01/32		1,344,034		1,354,908
3.500%, 09/01/35		2,007,765		2,027,276
4.000%, 02/01/31		588,597		607,209
4.000%, 03/01/38		1,897,581		1,953,682
4.500%, 08/01/30		362,153		379,409
5.000%, 02/01/24		131,847		139,721
5.000%, 09/01/25		107,443		113,895
5.500%, 07/01/23		75,795		81,098
5.500%, 01/01/24		49,769		53,252
5.500%, 07/01/24		135,501		145,032
5.500%, 07/01/25		123,069		131,748
7.000%, 10/01/21		4,382		4,578
Fannie Mae 30 Yr. Pool 2.500%, 08/01/46		3,589,245		3,364,741
3.000%, 08/01/42		1,372,702		1,341,772
3.000%, 09/01/42		1,783,475		1,743,289
3.000%, 11/01/42		2,149,662		2,101,225
3.000%, 12/01/42		4,325,556		4,228,092
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.000%, 01/01/43		1,061,236		1,037,324
3.000%, 02/01/43		4,091,429		3,999,239
3.000%, 03/01/43		4,423,901		4,323,342
3.000%, 05/01/43		3,238,008		3,164,406
3.000%, 07/01/43		8,896,062		8,693,849
3.000%, 09/01/43		1,671,167		1,633,180
3.000%, 05/01/45		2,915,134		2,836,288
3.000%, 05/01/46		3,174,740		3,078,358
3.000%, 06/01/46		4,103,790		3,979,204
3.000%, 08/01/46		4,145,329		4,019,481
3.000%, 10/01/46		8,733,931		8,468,778
3.000%, 02/01/47		9,173,785		8,895,279
3.500%, 12/01/40		1,606,626		1,614,061
3.500%, 03/01/42		1,084,328		1,088,218
3.500%, 04/01/42		2,419,227		2,427,907
3.500%, 05/01/42		2,647,325		2,656,823
3.500%, 06/01/42		1,953,454		1,960,463
3.500%, 08/01/42		1,293,565		1,298,206
3.500%, 09/01/42		4,008,885		4,023,268
3.500%, 10/01/42		1,999,268		2,006,441
3.500%, 01/01/43		1,608,470		1,614,241
3.500%, 02/01/43		2,565,004		2,574,206
3.500%, 04/01/43		2,990,801		2,999,661
3.500%, 06/01/43		1,529,137		1,527,333
3.500%, 08/01/44		2,067,749		2,065,512
3.500%, 02/01/45		2,716,081		2,713,143
3.500%, 03/01/45		4,422,581		4,417,253
3.500%, 04/01/45		5,091,878		5,085,028
3.500%, 09/01/45		9,279,890		9,267,408
3.500%, 11/01/45		3,161,196		3,156,944
3.500%, 01/01/46		3,638,975		3,634,080
3.500%, 03/01/46		3,624,353		3,616,299
3.500%, 05/01/46		2,911,577		2,905,107
3.500%, 04/01/47		7,868,366		7,835,890
3.500%, 09/01/47		3,650,116		3,635,051
3.500%, 11/01/47		6,565,703		6,538,604
3.500%, 03/01/48		7,862,753		7,830,189
4.000%, 08/01/39		909,418		932,167
4.000%, 09/01/39		779,478		798,977
4.000%, 12/01/39		943,493		967,095
4.000%, 06/01/40		1,333,542		1,371,180
4.000%, 09/01/40		625,262		642,910
4.000%, 12/01/40		4,622,394		4,752,856
4.000%, 01/01/41		2,370,782		2,437,694
4.000%, 02/01/41		2,968,002		3,051,771
4.000%, 12/01/41		1,083,891		1,114,512
4.000%, 02/01/42		1,220,210		1,254,682
4.000%, 09/01/43		1,710,723		1,755,849
4.000%, 02/01/44		2,827,142		2,901,718
4.000%, 05/01/44		1,875,916		1,923,520
4.000%, 08/01/44		2,706,068		2,774,738
4.000%, 10/01/44		1,576,287		1,616,287
4.000%, 11/01/44		3,168,383		3,243,711
4.000%, 01/01/45		2,650,986		2,718,259
4.000%, 03/01/45		1,793,616		1,835,153

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 4.000%, 10/01/45		2,896,456	$	2,963,533
4.000%, 03/01/47		1,156,616		1,179,901
4.000%, 05/01/47		1,614,013		1,646,507
4.000%, 06/01/47		8,454,215		8,624,417
4.000%, 07/01/47		2,122,005		2,164,726
4.000%, 10/01/47		2,738,888		2,794,028
4.000%, 05/01/48		3,919,582		3,997,661
4.000%, 06/01/48		1,494,173		1,524,351
4.500%, 08/01/33		205,641		215,453
4.500%, 10/01/33		179,315		187,870
4.500%, 04/01/34		68,672		71,953
4.500%, 01/01/39		84,859		89,123
4.500%, 07/01/39		1,220,708		1,282,787
4.500%, 09/01/39		1,809,227		1,901,234
4.500%, 10/01/39		795,332		835,779
4.500%, 05/01/40		1,112,463		1,173,935
4.500%, 08/01/40		1,721,200		1,809,484
4.500%, 11/01/40		916,593		963,607
4.500%, 12/01/40		1,635,046		1,718,910
4.500%, 04/01/41		4,017,497		4,221,233
4.500%, 05/01/41		1,006,298		1,056,856
4.500%, 03/01/44		1,123,669		1,180,176
4.500%, 08/01/47		2,415,141		2,517,446
4.500%, 07/01/48		3,857,143		4,018,968
5.000%, 07/01/33		89,110		95,323
5.000%, 08/01/33		407,719		437,947
5.000%, 09/01/33		156,429		167,336
5.000%, 10/01/33		1,648,914		1,773,736
5.000%, 03/01/34		184,748		197,629
5.000%, 04/01/34		439,465		470,103
5.000%, 05/01/34		51,336		54,915
5.000%, 09/01/34		199,737		213,661
5.000%, 02/01/35		71,782		76,786
5.000%, 04/01/35		100,411		107,274
5.000%, 05/01/35		41,296		44,119
5.000%, 11/01/35		105,449		112,655
5.000%, 03/01/36		424,824		453,859
5.000%, 07/01/37		362,644		388,733
5.000%, 01/01/39		319,210		342,175
5.000%, 04/01/40		1,181,872		1,261,827
5.000%, 07/01/41		783,877		834,814
5.500%, 10/01/32		39,572		42,534
5.500%, 02/01/33		85,554		92,515
5.500%, 03/01/33		313,489		340,720
5.500%, 05/01/33		1,404,133		1,518,417
5.500%, 08/01/33		518,110		562,719
5.500%, 10/01/33		65,773		71,126
5.500%, 12/01/33		628,572		684,164
5.500%, 02/01/34		115,914		125,758
5.500%, 03/01/34		100,142		108,647
5.500%, 04/01/34		41,187		44,685
5.500%, 06/01/34		169,770		184,187
5.500%, 09/01/34		152,799		165,775
5.500%, 12/01/34		356,054		386,291
5.500%, 01/01/35		111,411		120,872
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 02/01/35		292,834		317,703
5.500%, 04/01/35		105,378		113,659
5.500%, 06/01/35		604,788		652,315
5.500%, 01/01/37		157,624		169,765
5.500%, 05/01/37		114,549		123,369
5.500%, 05/01/38		88,112		96,378
5.500%, 06/01/38		98,544		107,788
5.500%, 07/01/38		53,605		58,633
6.000%, 08/01/28		2,250		2,266
6.000%, 11/01/28		489		518
6.000%, 12/01/28		666		718
6.000%, 06/01/31		34,498		36,100
6.000%, 09/01/32		67,182		73,367
6.000%, 01/01/33		16,948		18,453
6.000%, 02/01/33		56,136		60,993
6.000%, 03/01/33		83,244		85,887
6.000%, 04/01/33		195,441		206,732
6.000%, 05/01/33		154,668		163,200
6.000%, 05/01/34		137,817		144,795
6.000%, 09/01/34		201,751		217,808
6.000%, 11/01/34		228,095		250,094
6.000%, 01/01/35		63,920		68,818
6.000%, 07/01/36		34,123		37,377
6.000%, 09/01/36		112,443		123,369
6.000%, 07/01/37		46,620		48,577
6.000%, 08/01/37		159,034		174,284
6.000%, 09/01/37		312,243		341,486
6.000%, 10/01/37		113,420		124,310
6.000%, 05/01/38		433,532		475,740
6.000%, 12/01/38		102,486		112,126
6.500%, 05/01/28		36,500		39,757
6.500%, 12/01/28		107,899		113,778
6.500%, 03/01/29		2,412		2,602
6.500%, 04/01/29		20,160		22,026
6.500%, 05/01/29		4,577		5,012
6.500%, 08/01/29		771		829
6.500%, 05/01/30		27,389		28,817
6.500%, 09/01/31		5,688		6,012
6.500%, 06/01/32		16,383		18,185
6.500%, 10/01/33		64,388		69,270
6.500%, 10/01/34		192,844		214,625
6.500%, 10/01/37		56,836		63,003
7.000%, 06/01/26		323		337
7.000%, 06/01/28		6,513		6,638
7.000%, 10/01/29		6,650		7,399
7.000%, 12/01/29		3,181		3,322
7.000%, 06/01/32		47,919		53,981
7.000%, 10/01/37		124,522		141,827
7.500%, 09/01/25		3,297		3,579
7.500%, 06/01/26		2,853		3,122
7.500%, 07/01/29		8,034		8,994
7.500%, 10/01/29		4,210		4,441
8.000%, 11/01/29		94		107
8.000%, 05/01/30		15,652		16,566
8.000%, 11/01/30		1,984		2,245

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 8.000%, 01/01/31		1,803	$	2,011
8.000%, 02/01/31		4,087		4,665
Fannie Mae-ACES (CMO) 2.679%, 05/25/21 (a)		4,645,176		4,596,469
Freddie Mac 15 Yr. Gold Pool 2.500%, 12/01/27		1,261,687		1,239,494
2.500%, 02/01/28		2,081,446		2,043,883
2.500%, 04/01/28		1,737,608		1,706,251
2.500%, 12/01/29		2,592,004		2,532,075
2.500%, 01/01/31		3,397,737		3,316,597
2.500%, 01/01/32		5,150,276		5,006,482
3.000%, 03/01/27		964,227		965,570
3.000%, 05/01/27		1,286,967		1,287,843
3.000%, 11/01/28		1,585,911		1,586,063
3.000%, 12/01/29		2,875,045		2,871,243
3.000%, 05/01/31		3,413,950		3,399,520
3.000%, 10/01/32		1,847,376		1,835,624
3.500%, 12/01/25		1,042,703		1,057,107
3.500%, 05/01/26		368,002		373,276
3.500%, 09/01/30		2,361,165		2,392,080
4.000%, 06/01/19		26,065		26,114
4.000%, 05/01/25		553,982		568,391
4.000%, 08/01/25		248,296		254,754
4.000%, 10/01/25		270,087		277,439
4.500%, 09/01/18		3,073		3,073
4.500%, 10/01/18		8,626		8,626
4.500%, 04/01/19		38,099		38,260
4.500%, 06/01/19		28,825		28,917
4.500%, 08/01/19		5,436		5,461
5.000%, 06/01/19		33,122		33,333
5.500%, 01/01/24		243,906		253,536
Freddie Mac 20 Yr. Gold Pool 3.000%, 04/01/33		2,329,944		2,296,758
3.000%, 02/01/37		2,644,176		2,604,492
3.500%, 04/01/32		1,730,501		1,743,500
4.000%, 01/01/31		657,353		678,030
4.000%, 08/01/31		654,509		676,170
4.500%, 05/01/29		167,247		175,253
5.000%, 03/01/27		89,256		94,597
Freddie Mac 30 Yr. Gold Pool 2.500%, 07/01/43		2,378,906		2,244,111
3.000%, 10/01/42		2,121,640		2,072,521
3.000%, 01/01/43		2,068,826		2,020,930
3.000%, 03/01/43		5,362,366		5,237,504
3.000%, 04/01/43		3,783,191		3,694,858
3.000%, 06/01/43		1,752,370		1,711,455
3.000%, 07/01/43		3,356,974		3,278,593
3.000%, 06/01/45		3,738,307		3,634,871
3.000%, 01/01/46		2,326,196		2,261,832
3.000%, 06/01/46		4,078,855		3,952,489
3.000%, 10/01/46		3,391,250		3,286,188
3.000%, 11/01/46		4,307,237		4,173,796
3.000%, 01/01/47		6,838,607		6,626,743
3.000%, 02/01/47		3,763,352		3,646,762
3.500%, 01/01/42		1,164,683		1,169,193
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 3.500%, 03/01/42		1,056,746		1,059,928
3.500%, 08/01/42		2,725,513		2,733,721
3.500%, 02/01/43		1,539,289		1,543,925
3.500%, 05/01/43		2,356,830		2,362,483
3.500%, 06/01/43		1,347,327		1,350,558
3.500%, 06/01/44		1,726,093		1,723,244
3.500%, 10/01/44		1,876,789		1,873,691
3.500%, 11/01/44		2,626,612		2,622,276
3.500%, 12/01/44		2,510,935		2,506,791
3.500%, 05/01/45		3,107,269		3,101,321
3.500%, 08/01/45		3,308,261		3,301,928
3.500%, 11/01/45		3,300,232		3,293,914
3.500%, 12/01/45		2,005,388		2,001,549
3.500%, 03/01/46		6,163,983		6,149,703
3.500%, 02/01/47		4,280,874		4,268,915
3.500%, 06/01/47		3,551,426		3,534,720
3.500%, 08/01/47		2,267,830		2,257,176
3.500%, 10/01/47		2,816,330		2,803,099
3.500%, 11/01/47		2,783,720		2,770,625
3.500%, 01/01/48		2,867,020		2,853,533
3.500%, 02/01/48		5,861,655		5,834,082
4.000%, 06/01/39		595,321		610,095
4.000%, 12/01/39		883,069		904,983
4.000%, 11/01/40		935,863		962,094
4.000%, 04/01/41		964,423		991,465
4.000%, 09/01/41		988,828		1,016,554
4.000%, 10/01/41		2,140,300		2,200,312
4.000%, 11/01/41		913,948		939,574
4.000%, 10/01/43		2,709,439		2,780,455
4.000%, 07/01/44		2,685,805		2,753,489
4.000%, 10/01/44		2,036,046		2,087,356
4.000%, 07/01/45		3,254,642		3,329,409
4.000%, 01/01/46		3,265,386		3,340,399
4.000%, 02/01/46		1,768,217		1,808,837
4.000%, 06/01/47		3,780,335		3,855,681
4.000%, 10/01/47		1,806,154		1,842,289
4.000%, 11/01/47		1,797,441		1,833,266
4.000%, 03/01/48		2,867,949		2,925,110
4.000%, 05/01/48		1,958,466		1,997,277
4.500%, 10/01/35		294,347		309,180
4.500%, 06/01/38		443,141		465,472
4.500%, 02/01/39		326,499		342,683
4.500%, 03/01/39		258,803		271,807
4.500%, 04/01/39		518,255		544,296
4.500%, 09/01/39		542,989		570,273
4.500%, 10/01/39		1,439,378		1,511,704
4.500%, 11/01/39		424,411		445,736
4.500%, 01/01/40		316,271		332,162
4.500%, 05/01/40		556,441		584,657
4.500%, 11/01/40		860,560		904,196
4.500%, 02/01/41		256,867		269,626
4.500%, 05/01/41		493,511		518,025
4.500%, 06/01/41		354,575		372,187
4.500%, 12/01/43		789,565		828,783
4.500%, 12/01/45		1,019,499		1,070,148

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.500%, 08/01/47		2,502,005	$	2,607,627
5.000%, 10/01/33		448,725		478,487
5.000%, 03/01/34		74,095		79,015
5.000%, 08/01/35		302,959		322,653
5.000%, 09/01/35		138,744		147,763
5.000%, 10/01/35		94,826		100,990
5.000%, 01/01/36		334,319		356,050
5.000%, 04/01/38		224,782		240,053
5.000%, 11/01/39		1,068,070		1,140,718
5.000%, 05/01/40		1,347,617		1,434,270
5.500%, 06/01/34		192,839		208,781
5.500%, 10/01/35		135,572		145,923
5.500%, 12/01/35		436,026		469,316
5.500%, 01/01/36		282,677		304,259
5.500%, 12/01/37		267,147		287,098
5.500%, 04/01/38		1,174,436		1,281,961
5.500%, 07/01/38		130,895		142,879
5.500%, 08/01/38		360,859		393,897
6.000%, 11/01/28		5,113		5,482
6.000%, 12/01/28		4,225		4,554
6.000%, 04/01/29		1,893		2,004
6.000%, 06/01/31		1,924		2,045
6.000%, 07/01/31		567		616
6.000%, 09/01/31		53,819		56,247
6.000%, 11/01/32		19,620		21,415
6.000%, 06/01/34		66,630		70,349
6.000%, 11/01/35		65,080		71,301
6.000%, 02/01/36		125,666		135,751
6.000%, 08/01/36		37,343		40,934
6.000%, 10/01/36		106,747		116,955
6.000%, 11/01/36		46,475		49,172
6.000%, 01/01/37		45,896		49,388
6.000%, 02/01/38		118,958		130,008
6.000%, 11/01/39		979,830		1,074,477
6.000%, 04/01/40		327,290		359,111
6.500%, 02/01/30		4,863		5,209
6.500%, 08/01/31		6,338		7,026
6.500%, 10/01/31		6,577		6,854
6.500%, 11/01/31		13,903		15,417
6.500%, 03/01/32		294,243		326,713
6.500%, 04/01/32		222,179		246,077
6.500%, 09/01/36		272,627		303,863
6.500%, 11/01/37		91,444		100,993
7.000%, 12/01/27		947		1,038
7.000%, 11/01/28		2,487		2,747
7.000%, 04/01/29		2,534		2,811
7.000%, 05/01/29		608		654
7.000%, 06/01/29		5,364		5,617
7.000%, 07/01/29		1,107		1,195
7.000%, 01/01/31		40,872		42,242
7.500%, 08/01/24		6,701		6,729
7.500%, 10/01/27		5,786		6,392
7.500%, 10/01/29		8,612		9,708
7.500%, 05/01/30		11,064		12,247
8.000%, 02/01/27		2,345		2,597
8.000%, 10/01/28		4,353		4,823
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 2.902%, 08/25/20		583,757		582,360
3.060%, 07/25/23 (a)		4,800,000		4,783,497
3.117%, 06/25/27		2,000,000		1,952,395
3.187%, 09/25/27 (a)		1,265,000		1,238,035
3.194%, 07/25/27		685,000		671,615
Ginnie Mae I 15 Yr. Pool 3.000%, 08/15/28		1,880,156		1,883,656
5.000%, 10/15/20		67,835		68,925
5.000%, 01/15/21		57,174		57,947
Ginnie Mae I 30 Yr. Pool 3.000%, 11/15/42		2,085,248		2,055,453
3.000%, 12/15/42		1,679,882		1,655,880
3.000%, 02/15/43		1,361,413		1,341,961
3.000%, 03/15/43		1,641,708		1,615,612
3.000%, 05/15/43		2,277,891		2,241,682
3.000%, 07/15/43		1,471,411		1,448,021
3.500%, 01/15/42		2,043,409		2,064,954
3.500%, 02/15/42		661,667		668,294
3.500%, 03/15/42		1,453,528		1,468,087
3.500%, 05/15/42		929,419		938,729
3.500%, 09/15/42		1,256,343		1,268,927
3.500%, 05/15/43		1,708,014		1,721,826
4.000%, 07/15/39		1,417,762		1,464,883
4.000%, 07/15/40		799,918		826,811
4.000%, 03/15/41		582,953		602,799
4.000%, 10/15/41		1,161,362		1,200,899
4.500%, 01/15/39		203,285		212,805
4.500%, 04/15/39		661,085		692,107
4.500%, 05/15/39		1,262,606		1,322,130
4.500%, 08/15/39		574,245		601,193
4.500%, 01/15/40		594,427		622,321
4.500%, 04/15/40		709,812		745,108
4.500%, 02/15/41		174,329		182,998
4.500%, 04/15/41		385,764		405,006
5.000%, 12/15/35		220,863		235,870
5.000%, 12/15/36		118,344		125,906
5.000%, 01/15/39		699,737		740,752
5.000%, 02/15/39		120,640		127,711
5.000%, 08/15/39		896,215		947,794
5.000%, 09/15/39		207,409		219,346
5.000%, 12/15/39		453,191		479,272
5.000%, 05/15/40		655,919		694,615
5.500%, 03/15/36		132,896		141,507
5.500%, 01/15/37		265,308		285,634
5.500%, 11/15/37		294,167		317,175
5.500%, 09/15/38		52,794		55,225
5.500%, 08/15/39		784,385		850,829
6.000%, 01/15/29		2,763		2,961
6.000%, 01/15/33		153,812		169,525
6.000%, 03/15/35		157,107		174,273
6.000%, 12/15/35		139,844		154,257
6.000%, 06/15/36		105,852		116,984
6.000%, 09/15/36		111,367		123,255
6.000%, 07/15/38		696,152		768,892

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 6.500%, 05/15/23		901	$	905
6.500%, 02/15/27		20,219		21,779
6.500%, 07/15/28		7,915		8,549
6.500%, 08/15/28		8,352		9,092
6.500%, 11/15/28		6,517		7,145
6.500%, 12/15/28		8,122		8,587
6.500%, 07/15/29		1,870		1,940
6.500%, 05/15/36		109,431		121,937
7.000%, 01/15/28		1,180		1,294
7.000%, 05/15/28		7,515		7,920
7.000%, 06/15/28		6,608		7,325
7.000%, 10/15/28		6,635		7,251
7.000%, 09/15/29		2,009		2,054
7.000%, 01/15/31		1,220		1,266
7.000%, 03/15/31		11,281		11,703
7.000%, 07/15/31		296,929		335,196
7.000%, 08/15/31		52,281		59,008
7.000%, 02/15/32		8,585		8,730
7.000%, 07/15/32		13,709		15,619
8.000%, 08/15/26		2,409		2,654
8.000%, 09/15/26		2,313		2,521
8.000%, 06/15/29		20,424		21,821
9.000%, 11/15/24		2,530		2,648
Ginnie Mae II 30 Yr. Pool 3.000%, 12/20/42		1,955,765		1,933,298
3.000%, 03/20/43		2,838,341		2,798,407
3.000%, 12/20/44		2,496,780		2,457,438
3.000%, 04/20/45		2,343,035		2,303,484
3.000%, 08/20/45		3,518,168		3,458,780
3.000%, 11/20/45		2,005,890		1,972,030
3.000%, 01/20/46		3,497,475		3,438,436
3.000%, 09/20/46		4,019,321		3,942,625
3.000%, 10/20/46		4,088,643		4,010,624
3.000%, 11/20/46		4,232,591		4,151,825
3.000%, 01/20/47		9,558,983		9,376,580
3.000%, 04/20/47		1,734,514		1,697,965
3.000%, 02/20/48		3,031,347		2,967,471
3.500%, 12/20/41		1,196,493		1,211,134
3.500%, 03/20/42		2,383,145		2,412,546
3.500%, 08/20/42		1,160,737		1,175,057
3.500%, 01/20/43		3,479,022		3,521,943
3.500%, 04/20/43		1,373,627		1,388,006
3.500%, 05/20/43		2,332,741		2,357,159
3.500%, 07/20/44		3,043,618		3,068,507
3.500%, 02/20/45		3,271,691		3,298,445
3.500%, 06/20/45		2,108,473		2,123,500
3.500%, 08/20/45		4,872,559		4,907,284
3.500%, 09/20/45		5,606,590		5,646,547
3.500%, 10/20/45		3,319,554		3,343,212
3.500%, 12/20/45		2,931,141		2,952,031
3.500%, 01/20/46		2,924,125		2,944,964
3.500%, 02/20/46		2,413,993		2,431,197
3.500%, 05/20/46		3,339,191		3,360,473
3.500%, 06/20/46		2,828,168		2,846,193
3.500%, 02/20/47		4,551,585		4,580,594
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 3.500%, 03/20/47		4,111,067		4,128,926
3.500%, 06/20/47		5,233,091		5,255,825
3.500%, 09/20/47		1,855,690		1,863,751
3.500%, 11/20/47		1,879,944		1,888,111
3.500%, 12/20/47		8,709,466		8,747,302
3.500%, 03/20/48		3,470,952		3,486,074
4.000%, 11/20/40		1,141,326		1,180,071
4.000%, 12/20/40		1,342,219		1,387,784
4.000%, 05/20/43		2,052,519		2,119,595
4.000%, 11/20/43		825,619		852,601
4.000%, 02/20/44		2,882,336		2,976,530
4.000%, 04/20/44		1,150,143		1,186,857
4.000%, 05/20/44		1,401,916		1,446,667
4.000%, 09/20/44		2,192,729		2,262,723
4.000%, 10/20/44		3,136,598		3,236,723
4.000%, 11/20/44		611,805		631,334
4.000%, 10/20/45		2,548,267		2,627,652
4.000%, 11/20/45		1,336,995		1,378,645
4.000%, 02/20/47		3,379,410		3,471,780
4.000%, 03/20/47		716,007		735,578
4.000%, 04/20/47		2,908,497		2,983,716
4.000%, 05/20/47		3,133,761		3,214,806
4.000%, 09/20/47		2,691,993		2,761,612
4.500%, 08/20/40		961,285		1,010,710
4.500%, 12/20/40		613,546		645,092
4.500%, 04/20/41		526,797		553,892
4.500%, 03/20/42		435,023		457,398
4.500%, 10/20/43		672,020		705,778
4.500%, 02/20/44		1,325,813		1,392,413
4.500%, 04/20/45		1,231,528		1,293,392
4.500%, 03/20/47		1,713,595		1,785,411
4.500%, 11/20/47		1,913,600		1,990,286
5.000%, 08/20/40		437,703		466,352
5.000%, 10/20/40		456,771		486,669
5.000%, 06/20/44		1,001,746		1,067,315
6.500%, 06/20/31		17,993		19,979
6.500%, 11/20/38		372,227		415,035
7.500%, 02/20/28		1,828		2,015
				746,773,569
Federal Agencies—1.7%
Federal Home Loan Bank 1.750%, 06/12/20 (b)		14,700,000		14,450,247
Federal Home Loan Mortgage Corp. 1.125%, 08/12/21		5,200,000		4,959,812
1.375%, 05/01/20 (b)		5,145,000		5,038,293
Federal National Mortgage Association 2.125%, 04/24/26		3,500,000		3,284,715
2.375%, 01/19/23		7,100,000		6,963,893
2.625%, 09/06/24		2,000,000		1,968,620
6.625%, 11/15/30 (b)		2,450,000		3,290,962
Tennessee Valley Authority 5.250%, 09/15/39 (b)		3,350,000		4,220,464
				44,177,006

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—37.4%
U.S. Treasury Bonds 2.250%, 08/15/46		3,000,000	$	2,582,490
2.500%, 02/15/45		7,400,000		6,744,699
2.500%, 02/15/46		8,200,000		7,453,355
2.500%, 05/15/46		4,800,000		4,360,316
2.750%, 08/15/42		2,020,000		1,942,630
2.750%, 11/15/42		3,200,000		3,075,538
2.750%, 08/15/47		3,000,000		2,862,549
2.750%, 11/15/47		3,000,000		2,862,527
2.875%, 05/15/43		5,760,000		5,656,063
2.875%, 08/15/45		5,000,000		4,899,075
2.875%, 11/15/46		4,600,000		4,504,227
3.000%, 11/15/44		11,000,000		11,039,327
3.000%, 05/15/45		4,500,000		4,515,993
3.000%, 11/15/45		7,700,000		7,726,746
3.000%, 02/15/47		3,000,000		3,010,547
3.000%, 05/15/47		5,800,000		5,817,518
3.125%, 11/15/41		3,000,000		3,080,901
3.125%, 02/15/42		1,800,000		1,848,209
3.125%, 02/15/43		3,270,000		3,354,177
3.125%, 08/15/44		4,700,000		4,823,586
3.125%, 05/15/48 (b)		1,900,000		1,953,091
3.375%, 05/15/44		3,000,000		3,212,847
3.500%, 02/15/39		2,080,000		2,265,546
3.625%, 08/15/43 (b)		2,600,000		2,896,066
3.625%, 02/15/44		8,020,000		8,942,394
3.750%, 08/15/41		1,830,000		2,070,810
3.750%, 11/15/43		2,600,000		2,954,759
3.875%, 08/15/40		7,380,000		8,488,153
4.250%, 05/15/39		2,500,000		3,014,875
4.250%, 11/15/40		7,280,000		8,822,958
4.375%, 11/15/39		3,900,000		4,788,332
4.375%, 05/15/40		3,220,000		3,960,953
4.375%, 05/15/41		5,850,000		7,222,302
4.500%, 02/15/36 (b)		1,600,000		1,956,578
4.500%, 05/15/38 (b)		4,950,000		6,134,673
5.000%, 05/15/37		1,560,000		2,036,553
5.250%, 02/15/29		750,000		913,372
5.375%, 02/15/31		3,675,000		4,644,443
6.125%, 11/15/27		1,750,000		2,219,540
6.250%, 08/15/23		7,700,000		8,987,205
6.250%, 05/15/30		2,500,000		3,346,310
6.375%, 08/15/27		2,900,000		3,722,239
6.500%, 11/15/26		2,500,000		3,183,977
7.125%, 02/15/23		11,125,000		13,239,531
7.250%, 08/15/22		6,120,000		7,204,689
7.875%, 02/15/21 (b)		4,450,000		5,041,567
8.000%, 11/15/21		2,920,000		3,420,818
8.125%, 08/15/19		2,645,000		2,810,420
8.125%, 08/15/21		1,250,000		1,454,807
8.500%, 02/15/20		6,700,000		7,337,541
8.750%, 08/15/20		1,000,000		1,126,783
U.S. Treasury Notes 0.750%, 08/15/19		5,000,000		4,909,160
1.125%, 02/28/21		10,100,000		9,718,457
1.125%, 06/30/21		14,200,000		13,588,308
U.S. Treasury—(Continued)
U.S. Treasury Notes 1.125%, 07/31/21		12,300,000		11,754,580
1.250%, 10/31/19		5,130,000		5,050,061
1.250%, 01/31/20		7,000,000		6,866,584
1.250%, 03/31/21		6,100,000		5,881,802
1.375%, 07/31/19		12,000,000		11,870,179
1.375%, 09/30/19		9,000,000		8,883,577
1.375%, 01/31/20		17,100,000		16,806,999
1.375%, 03/31/20 (b)		16,000,000		15,690,048
1.375%, 04/30/20 (b)		11,000,000		10,775,453
1.375%, 08/31/20		14,900,000		14,532,219
1.500%, 08/15/20 (b)		2,000,000		1,956,724
1.500%, 02/28/23		7,200,000		6,816,521
1.500%, 08/15/26 (b)		10,600,000		9,574,635
1.625%, 08/31/19		4,000,000		3,963,895
1.625%, 12/31/19 (b)		14,800,000		14,616,423
1.625%, 11/30/20		5,000,000		4,888,102
1.625%, 11/15/22		5,000,000		4,776,806
1.625%, 05/31/23		7,900,000		7,500,791
1.625%, 02/15/26		8,300,000		7,616,750
1.625%, 05/15/26		10,900,000		9,972,762
1.750%, 09/30/19		11,000,000		10,908,206
1.750%, 10/31/20		10,000,000		9,813,155
1.750%, 12/31/20 (b)		14,800,000		14,500,570
1.750%, 11/30/21		11,000,000		10,675,537
1.750%, 02/28/22		9,000,000		8,709,142
1.750%, 05/15/22		8,000,000		7,724,195
1.750%, 05/31/22		5,100,000		4,922,108
1.750%, 05/15/23 (b)		22,720,000		21,708,539
1.875%, 12/31/19		8,100,000		8,028,219
1.875%, 02/28/22		15,000,000		14,583,216
1.875%, 03/31/22		11,000,000		10,684,705
1.875%, 04/30/22		7,000,000		6,793,110
1.875%, 07/31/22		8,000,000		7,745,418
1.875%, 08/31/22		7,400,000		7,159,500
1.875%, 09/30/22		3,000,000		2,900,368
2.000%, 11/30/20		14,800,000		14,597,862
2.000%, 02/28/21 (b)		5,000,000		4,922,442
2.000%, 10/31/21		6,000,000		5,875,062
2.000%, 02/15/22		3,800,000		3,712,417
2.000%, 11/30/22		14,700,000		14,269,605
2.000%, 02/15/23		6,900,000		6,685,538
2.000%, 05/31/24		8,400,000		8,041,417
2.000%, 06/30/24		7,300,000		6,982,904
2.000%, 02/15/25		13,100,000		12,461,859
2.000%, 08/15/25		14,100,000		13,359,738
2.000%, 11/15/26		7,300,000		6,842,799
2.125%, 08/31/20		5,800,000		5,747,386
2.125%, 06/30/21		12,000,000		11,827,483
2.125%, 08/15/21		8,710,000		8,576,038
2.125%, 12/31/21		11,900,000		11,686,420
2.125%, 12/31/22		7,200,000		7,019,529
2.125%, 02/29/24		12,000,000		11,593,466
2.125%, 03/31/24		6,200,000		5,985,203
2.125%, 05/15/25		11,100,000		10,623,452
2.250%, 02/15/21		11,000,000		10,903,602

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes 2.250%, 07/31/21 (b)		13,000,000	$	12,854,205
2.250%, 11/15/24		18,100,000		17,516,402
2.250%, 11/15/25		10,800,000		10,389,521
2.250%, 02/15/27		9,900,000		9,450,292
2.250%, 08/15/27		2,100,000		1,999,004
2.250%, 11/15/27		15,600,000		14,830,584
2.375%, 12/31/20		7,600,000		7,561,385
2.375%, 08/15/24		15,900,000		15,525,234
2.375%, 05/15/27 (b)		8,000,000		7,705,103
2.500%, 08/15/23		14,400,000		14,232,994
2.500%, 05/15/24		10,000,000		9,844,461
2.625%, 08/15/20		6,000,000		6,008,325
2.750%, 11/15/23		14,335,000		14,332,809
2.750%, 02/15/24		5,600,000		5,593,546
2.750%, 02/15/28		6,000,000		5,948,432
2.875%, 05/15/28 (b)		6,000,000		6,013,054
3.375%, 11/15/19		4,350,000		4,402,496
3.500%, 05/15/20		25,390,000		25,833,840
3.625%, 02/15/20 (b)		17,190,000		17,494,418
3.625%, 02/15/21		1,500,000		1,538,344
				977,190,100
Total U.S. Treasury & Government Agencies (Cost $1,783,898,436)				1,768,140,675
Corporate Bonds & Notes—27.0%
Aerospace/Defense—0.5%
Boeing Co. (The) 7.250%, 06/15/25		460,000		560,096
Lockheed Martin Corp. 3.550%, 01/15/26		1,000,000		984,100
4.090%, 09/15/52		3,454,000		3,262,648
Northrop Grumman Corp. 3.250%, 01/15/28		1,100,000		1,035,551
Northrop Grumman Systems Corp. 7.750%, 02/15/31		515,000		680,114
Raytheon Co. 3.125%, 10/15/20		1,000,000		1,004,330
United Technologies Corp. 3.125%, 05/04/27 (b)		2,000,000		1,861,160
4.500%, 06/01/42		2,645,000		2,604,373
7.500%, 09/15/29		200,000		256,714
				12,249,086
Agriculture—0.4%
Altria Group, Inc. 4.000%, 01/31/24		1,000,000		1,012,550
Archer-Daniels-Midland Co. 4.479%, 03/01/21		2,000,000		2,068,000
Philip Morris International, Inc. 3.250%, 11/10/24		3,000,000		2,912,280
4.500%, 03/26/20		925,000		947,154
Agriculture—(Continued)
Reynolds American, Inc. 4.450%, 06/12/25		3,800,000		3,822,420
				10,762,404
Auto Manufacturers—0.6%
American Honda Finance Corp. 2.300%, 09/09/26		1,100,000		997,711
Daimler Finance North America LLC 8.500%, 01/18/31		1,050,000		1,481,025
Ford Motor Co. 7.450%, 07/16/31		2,200,000		2,583,570
Ford Motor Credit Co. LLC 2.597%, 11/04/19		3,000,000		2,972,940
General Motors Financial Co., Inc. 2.400%, 05/09/19		2,500,000		2,487,050
Toyota Motor Credit Corp. 3.300%, 01/12/22		4,000,000		4,012,040
				14,534,336
Banks—6.2%
Bank of America Corp. 2.625%, 04/19/21		1,000,000		982,260
3.300%, 01/11/23		4,075,000		4,014,079
4.100%, 07/24/23 (b)		2,905,000		2,952,293
4.200%, 08/26/24		3,000,000		3,014,790
5.875%, 02/07/42		3,000,000		3,518,010
Bank of New York Mellon Corp. (The) 5.450%, 05/15/19 (b)		2,000,000		2,046,380
Bank of Nova Scotia (The) 2.700%, 03/07/22 (b)		3,000,000		2,931,000
Barclays plc 4.375%, 01/12/26		3,500,000		3,405,045
BNP Paribas S.A. 5.000%, 01/15/21		3,225,000		3,351,356
Branch Banking & Trust Co. 2.850%, 04/01/21		3,400,000		3,364,504
Capital One N.A. 2.250%, 09/13/21 (b)		3,000,000		2,880,090
Citigroup, Inc. 2.700%, 03/30/21 (b)		2,000,000		1,961,020
3.200%, 10/21/26		1,700,000		1,580,371
4.125%, 07/25/28		3,000,000		2,872,950
4.750%, 05/18/46		4,400,000		4,206,884
5.375%, 08/09/20 (b)		2,200,000		2,292,400
Cooperatieve Rabobank UA 5.250%, 05/24/41 (b)		1,640,000		1,835,209
Credit Suisse AG 4.375%, 08/05/20		2,611,000		2,672,567
Credit Suisse Group Funding Guernsey, Ltd. 3.800%, 09/15/22		3,000,000		2,988,720
Deutsche Bank AG 4.250%, 10/14/21		900,000		886,698
Fifth Third Bancorp 8.250%, 03/01/38		1,175,000		1,611,877

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.300%, 12/13/19		3,000,000	$	2,966,760
3.850%, 01/26/27		1,900,000		1,825,330
4.000%, 03/03/24		2,000,000		2,001,398
4.017%, 3M LIBOR + 1.373%, 10/31/38 (a)		2,000,000		1,819,460
6.000%, 06/15/20		2,000,000		2,102,980
6.125%, 02/15/33 (b)		2,075,000		2,389,217
HSBC Holdings plc 5.100%, 04/05/21		2,556,000		2,670,483
5.250%, 03/14/44		900,000		914,850
6.500%, 09/15/37		905,000		1,061,556
HSBC USA, Inc. 2.350%, 03/05/20		3,000,000		2,964,300
JPMorgan Chase & Co. 2.950%, 10/01/26		2,000,000		1,858,660
3.250%, 09/23/22		2,850,000		2,821,244
3.900%, 07/15/25		4,700,000		4,693,420
4.950%, 03/25/20		2,650,000		2,723,856
KeyBank N.A. 3.300%, 06/01/25		3,800,000		3,692,346
KFW 1.500%, 02/06/19 (b)		2,500,000		2,487,075
1.625%, 03/15/21		5,500,000		5,334,615
2.375%, 08/25/21 (b)		1,945,000		1,918,956
2.750%, 09/08/20		2,300,000		2,301,817
Landwirtschaftliche Rentenbank 2.000%, 01/13/25		3,500,000		3,294,515
Lloyds Bank plc 6.375%, 01/21/21		1,500,000		1,608,090
Mitsubishi UFJ Financial Group, Inc. 2.998%, 02/22/22		1,900,000		1,865,306
Morgan Stanley 4.300%, 01/27/45		2,900,000		2,740,703
4.350%, 09/08/26		3,800,000		3,749,422
5.625%, 09/23/19		1,900,000		1,957,760
7.250%, 04/01/32		1,850,000		2,330,334
National Australia Bank, Ltd. 2.800%, 01/10/22		1,900,000		1,857,155
Oesterreichische Kontrollbank AG 1.625%, 03/12/19		3,025,000		3,007,395
PNC Bank N.A. 2.950%, 02/23/25		4,100,000		3,925,422
Royal Bank of Scotland Group plc 3.498%, 3M LIBOR + 1.480%, 05/15/23 (a)		1,000,000		969,350
Santander UK plc 2.375%, 03/16/20		2,000,000		1,969,800
Sumitomo Mitsui Financial Group, Inc. 2.632%, 07/14/26		4,700,000		4,285,131
Toronto-Dominion Bank (The) 2.250%, 11/05/19		4,000,000		3,968,840
U.S. Bancorp 3.600%, 09/11/24		3,000,000		2,967,780
UBS AG 4.875%, 08/04/20		3,500,000		3,611,125
Banks—(Continued)
Wells Fargo & Co. 2.600%, 07/22/20		4,000,000		3,948,600
3.000%, 01/22/21 (b)		3,400,000		3,374,500
3.000%, 10/23/26		2,000,000		1,846,940
Wells Fargo Bank N.A. 5.950%, 08/26/36		1,900,000		2,192,201
Westpac Banking Corp. 2.800%, 01/11/22 (b)		2,000,000		1,955,480
				161,342,675
Beverages—0.5%
Anheuser-Busch InBev Finance, Inc. 4.900%, 02/01/46		5,300,000		5,451,527
Anheuser-Busch InBev Worldwide, Inc. 4.439%, 10/06/48		1,165,000		1,120,346
Coca-Cola Co. (The) 3.150%, 11/15/20		280,000		281,666
3.200%, 11/01/23		3,000,000		2,996,040
Pepsi-Cola Metropolitan Bottling Co., Inc. 7.000%, 03/01/29		300,000		382,275
PepsiCo, Inc. 3.600%, 03/01/24		3,975,000		4,019,639
				14,251,493
Biotechnology—0.5%
Amgen, Inc. 2.600%, 08/19/26		3,200,000		2,890,464
2.650%, 05/11/22		1,300,000		1,260,974
3.625%, 05/22/24 (b)		1,200,000		1,194,780
Celgene Corp. 4.625%, 05/15/44		4,000,000		3,715,960
Gilead Sciences, Inc. 3.650%, 03/01/26		3,000,000		2,961,840
				12,024,018
Chemicals—0.5%
Dow Chemical Co. (The) 4.250%, 11/15/20		2,750,000		2,810,418
9.400%, 05/15/39		650,000		997,880
E. I. du Pont de Nemours & Co. 5.600%, 12/15/36		1,000,000		1,151,270
LyondellBasell Industries NV 4.625%, 02/26/55		4,400,000		4,068,680
Nutrien, Ltd. 4.875%, 03/30/20		970,000		987,838
Praxair, Inc. 3.000%, 09/01/21		3,950,000		3,935,898
				13,951,984
Computers—0.6%
Apple, Inc. 2.250%, 02/23/21 (b)		3,000,000		2,945,970
2.400%, 05/03/23		2,072,000		1,995,295
4.450%, 05/06/44		2,944,000		3,075,538
4.650%, 02/23/46		2,700,000		2,905,443

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Computers—(Continued)
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 (b)		1,400,000	$	1,429,414
International Business Machines Corp. 4.000%, 06/20/42		3,200,000		3,125,184
8.375%, 11/01/19		425,000		455,366
				15,932,210
Cosmetics/Personal Care—0.3%
Procter & Gamble Co. (The) 2.300%, 02/06/22 (b)		3,600,000		3,509,568
Unilever Capital Corp. 2.900%, 05/05/27 (b)		1,500,000		1,421,715
5.900%, 11/15/32		1,500,000		1,847,985
				6,779,268
Diversified Financial Services—0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.950%, 02/01/22 (b)		1,800,000		1,793,358
Air Lease Corp. 2.625%, 09/04/18		1,000,000		999,640
American Express Credit Corp. 3.300%, 05/03/27		3,000,000		2,894,340
BlackRock, Inc. 3.500%, 03/18/24 (b)		3,800,000		3,826,904
GE Capital International Funding Co. 4.418%, 11/15/35		2,700,000		2,614,491
HSBC Finance Corp. 6.676%, 01/15/21		433,000		464,319
Nomura Holdings, Inc. 6.700%, 03/04/20		1,325,000		1,395,874
Visa, Inc. 2.800%, 12/14/22 (b)		3,000,000		2,946,660
				16,935,586
Electric—1.7%
Connecticut Light & Power Co. (The) 4.000%, 04/01/48		1,000,000		992,380
Consolidated Edison Co. of New York, Inc. 3.950%, 03/01/43		3,070,000		2,936,424
Dominion Energy, Inc. 3.900%, 10/01/25		1,900,000		1,872,982
DTE Electric Co. 3.700%, 03/15/45 (b)		4,000,000		3,747,920
Duke Energy Carolinas LLC 5.300%, 02/15/40		2,000,000		2,319,400
Duke Energy Corp. 3.050%, 08/15/22		4,000,000		3,935,600
Exelon Corp. 3.400%, 04/15/26		3,000,000		2,855,790
5.625%, 06/15/35		1,500,000		1,720,710
FirstEnergy Corp. 3.900%, 07/15/27		2,000,000		1,942,500
Florida Power & Light Co. 5.950%, 02/01/38		1,700,000		2,118,727
Electric—(Continued)
Georgia Power Co. 4.300%, 03/15/42		2,000,000		1,994,320
Northern States Power Co. 6.250%, 06/01/36		2,200,000		2,763,750
Ohio Power Co. 5.375%, 10/01/21		1,640,000		1,747,682
Oncor Electric Delivery Co. LLC 7.000%, 05/01/32		950,000		1,241,878
Pacific Gas & Electric Co. 5.400%, 01/15/40 (b)		3,320,000		3,350,146
PacifiCorp 2.950%, 02/01/22		2,800,000		2,777,880
PPL Capital Funding, Inc. 3.400%, 06/01/23		2,000,000		1,959,080
PSEG Power LLC 8.625%, 04/15/31		1,000,000		1,308,050
Sempra Energy 3.400%, 02/01/28 (b)		2,100,000		1,969,422
				43,554,641
Electrical Components & Equipment—0.1%
Emerson Electric Co. 4.875%, 10/15/19		1,800,000		1,845,270
Environmental Control—0.1%
Waste Management, Inc. 7.000%, 07/15/28		1,265,000		1,569,878
Food—0.5%
General Mills, Inc. 5.650%, 02/15/19		1,700,000		1,729,308
Kraft Heinz Foods Co. 3.000%, 06/01/26 (b)		3,300,000		2,976,765
Kroger Co. (The) 3.300%, 01/15/21 (b)		3,900,000		3,894,813
Sysco Corp. 2.600%, 06/12/22		2,400,000		2,323,056
Tyson Foods, Inc. 3.550%, 06/02/27 (b)		1,200,000		1,134,540
				12,058,482
Forest Products & Paper—0.1%
Georgia-Pacific LLC 8.000%, 01/15/24		1,800,000		2,171,772
International Paper Co. 3.000%, 02/15/27 (b)		1,500,000		1,358,910
				3,530,682
Gas—0.2%
NiSource, Inc. 4.800%, 02/15/44		4,000,000		4,162,640
Healthcare-Products—0.4%
Abbott Laboratories 4.750%, 11/30/36		3,000,000		3,158,670

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—(Continued)
Becton Dickinson & Co. 4.669%, 06/06/47		2,000,000	$	1,942,540
Medtronic, Inc. 4.625%, 03/15/45		3,000,000		3,181,530
Thermo Fisher Scientific, Inc. 4.150%, 02/01/24		3,445,000		3,500,465
				11,783,205
Healthcare-Services—0.4%
Aetna, Inc. 2.750%, 11/15/22		3,000,000		2,880,060
Anthem, Inc. 5.850%, 01/15/36 (b)		1,800,000		2,034,324
Laboratory Corp. of America Holdings 4.625%, 11/15/20		1,900,000		1,952,060
UnitedHealth Group, Inc. 3.750%, 07/15/25 (b)		3,600,000		3,599,604
				10,466,048
Insurance—0.9%
Aflac, Inc. 3.625%, 06/15/23		2,975,000		2,984,282
Allstate Corp. (The) 7.450%, 05/16/19		1,700,000		1,766,079
American International Group, Inc. 3.300%, 03/01/21 (b)		3,000,000		2,997,720
AXA S.A. 8.600%, 12/15/30		1,165,000		1,519,708
Berkshire Hathaway, Inc. 3.125%, 03/15/26		2,900,000		2,792,903
Chubb Corp. (The) 6.000%, 05/11/37		865,000		1,056,078
Chubb INA Holdings, Inc. 3.350%, 05/15/24		4,000,000		3,943,160
Hartford Financial Services Group, Inc. (The) 6.100%, 10/01/41		780,000		928,208
Marsh & McLennan Cos., Inc. 3.750%, 03/14/26 (b)		4,000,000		3,961,800
Principal Financial Group, Inc. 3.100%, 11/15/26		1,000,000		931,780
Prudential Financial, Inc. 5.700%, 12/14/36		1,525,000		1,747,299
				24,629,017
Internet—0.3%
Alibaba Group Holding, Ltd. 4.200%, 12/06/47		1,400,000		1,281,336
Amazon.com, Inc. 3.800%, 12/05/24 (b)		3,800,000		3,877,444
3.875%, 08/22/37		1,900,000		1,856,471
eBay, Inc. 3.600%, 06/05/27 (b)		1,500,000		1,420,755
				8,436,006
Iron/Steel—0.0%
Vale Overseas, Ltd. 6.875%, 11/21/36		1,100,000		1,234,167
Machinery-Construction & Mining—0.1%
Caterpillar, Inc. 3.803%, 08/15/42 (b)		1,500,000		1,433,145
Machinery-Diversified—0.1%
Deere & Co. 2.600%, 06/08/22		1,950,000		1,903,083
Media—1.0%
21st Century Fox America, Inc. 6.550%, 03/15/33		1,950,000		2,356,614
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, 07/23/22		2,800,000		2,833,040
Comcast Corp. 3.150%, 03/01/26		2,000,000		1,877,040
4.650%, 07/15/42		3,670,000		3,555,826
5.650%, 06/15/35		1,500,000		1,661,760
Discovery Communications LLC 6.350%, 06/01/40		1,800,000		1,965,870
Time Warner Cable LLC 5.000%, 02/01/20 (b)		1,900,000		1,939,691
6.550%, 05/01/37		100,000		105,724
Time Warner Entertainment Co. L.P. 8.375%, 03/15/23		380,000		442,818
Time Warner, Inc. 3.600%, 07/15/25		1,900,000		1,807,090
6.100%, 07/15/40		925,000		991,609
7.700%, 05/01/32		685,000		886,000
Viacom, Inc. 4.375%, 03/15/43		3,500,000		2,934,925
Walt Disney Co. (The) 2.750%, 08/16/21 (b)		1,930,000		1,905,759
2.950%, 06/15/27 (b)		2,000,000		1,894,140
				27,157,906
Mining—0.3%
Barrick North America Finance LLC 4.400%, 05/30/21 (b)		3,125,000		3,261,937
Newmont Mining Corp. 6.250%, 10/01/39		1,800,000		2,098,548
Rio Tinto Alcan, Inc. 6.125%, 12/15/33		1,751,000		2,129,479
				7,489,964
Miscellaneous Manufacturing—0.3%
General Electric Co. 3.375%, 03/11/24 (b)		2,900,000		2,844,146
5.300%, 02/11/21 (b)		1,915,000		2,002,324
6.750%, 03/15/32 (b)		1,250,000		1,532,288
7.500%, 08/21/35		100,000		127,190

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Miscellaneous Manufacturing—(Continued)
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, 05/01/20		1,200,000	$	1,188,276
				7,694,224
Multi-National—1.5%
African Development Bank 1.875%, 03/16/20		1,000,000		986,870
Asian Development Bank 1.625%, 08/26/20 (b)		4,000,000		3,911,320
2.000%, 02/16/22		2,000,000		1,941,480
European Investment Bank 1.625%, 12/15/20 (b)		2,000,000		1,947,180
1.875%, 02/10/25 (b)		2,500,000		2,331,350
2.500%, 10/15/24 (b)		3,800,000		3,698,464
4.000%, 02/16/21		1,700,000		1,751,408
4.875%, 02/15/36 (b)		1,700,000		2,104,226
Inter-American Development Bank 1.750%, 10/15/19		2,000,000		1,979,920
2.125%, 01/15/25		3,900,000		3,705,585
2.375%, 07/07/27 (b)		1,500,000		1,425,510
6.800%, 10/15/25		500,000		609,750
7.000%, 06/15/25		200,000		245,304
International Bank for Reconstruction & Development 0.875%, 08/15/19 (b)		3,000,000		2,946,330
2.125%, 03/03/25 (b)		3,000,000		2,850,450
2.500%, 07/29/25		2,000,000		1,941,580
7.625%, 01/19/23 (b)		2,970,000		3,561,743
8.875%, 03/01/26		535,000		732,056
International Finance Corp. 1.125%, 07/20/21 (b)		1,600,000		1,522,768
				40,193,294
Oil & Gas—1.6%
Apache Finance Canada Corp. 7.750%, 12/15/29		300,000		364,734
BP Capital Markets plc 3.245%, 05/06/22		3,900,000		3,888,027
Canadian Natural Resources, Ltd. 6.250%, 03/15/38		1,800,000		2,110,158
Chevron Corp. 3.191%, 06/24/23		3,025,000		3,008,030
ConocoPhillips Canada Funding Co. I 5.950%, 10/15/36		1,550,000		1,859,891
ConocoPhillips Holding Co. 6.950%, 04/15/29		700,000		862,834
Equinor ASA 3.250%, 11/10/24 (b)		3,100,000		3,061,405
Exxon Mobil Corp. 3.176%, 03/15/24		2,900,000		2,884,804
Marathon Oil Corp. 6.600%, 10/01/37		2,000,000		2,372,720
Noble Energy, Inc. 3.900%, 11/15/24		4,200,000		4,140,990
Occidental Petroleum Corp. 3.400%, 04/15/26		1,000,000		976,140
Oil & Gas—(Continued)
Petroleos Mexicanos 4.875%, 01/24/22		1,900,000		1,916,283
6.625%, 06/15/35 (b)		3,400,000		3,318,298
Shell International Finance B.V. 1.875%, 05/10/21 (b)		5,000,000		4,846,950
4.300%, 09/22/19		1,000,000		1,018,250
4.375%, 05/11/45		1,900,000		1,938,608
Total Capital International S.A. 2.700%, 01/25/23		3,000,000		2,918,460
Valero Energy Corp. 3.400%, 09/15/26		1,000,000		949,530
				42,436,112
Oil & Gas Services—0.2%
Halliburton Co. 3.500%, 08/01/23		4,000,000		3,987,120
Pharmaceuticals—1.4%
AbbVie, Inc. 4.400%, 11/06/42		3,200,000		3,038,656
Allergan Funding SCS 3.800%, 03/15/25 (b)		2,400,000		2,334,576
AstraZeneca plc 4.000%, 09/18/42		1,200,000		1,127,832
CVS Health Corp. 3.350%, 03/09/21		1,500,000		1,498,575
3.700%, 03/09/23		3,000,000		2,978,100
5.050%, 03/25/48		1,500,000		1,524,345
5.125%, 07/20/45		1,900,000		1,939,330
Express Scripts Holding Co. 4.500%, 02/25/26		2,700,000		2,693,520
6.125%, 11/15/41		313,000		352,407
Johnson & Johnson 3.700%, 03/01/46		2,000,000		1,935,700
5.950%, 08/15/37		910,000		1,162,397
Merck & Co., Inc. 2.400%, 09/15/22		4,000,000		3,879,240
6.550%, 09/15/37		1,000,000		1,365,890
Merck Sharp & Dohme Corp. 5.950%, 12/01/28 (b)		300,000		355,872
Novartis Capital Corp. 4.400%, 04/24/20 (b)		900,000		924,426
Sanofi 4.000%, 03/29/21		2,775,000		2,842,627
Shire Acquisitions Investments Ireland DAC 3.200%, 09/23/26		3,000,000		2,744,010
Wyeth LLC 5.950%, 04/01/37		3,300,000		4,018,278
				36,715,781
Pipelines—1.0%
El Paso Natural Gas Co. LLC 8.375%, 06/15/32		220,000		273,645
Enbridge Energy Partners L.P. 5.875%, 10/15/25		3,000,000		3,251,250

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Energy Transfer Partners L.P. 4.650%, 06/01/21		1,950,000	$	1,999,881
5.150%, 03/15/45		2,600,000		2,303,756
Enterprise Products Operating LLC 3.950%, 02/15/27 (b)		3,800,000		3,773,666
Kinder Morgan Energy Partners L.P. 6.500%, 02/01/37		2,000,000		2,179,200
Kinder Morgan, Inc. 4.300%, 06/01/25 (b)		1,000,000		996,940
Sabine Pass Liquefaction LLC 5.625%, 04/15/23		2,700,000		2,864,295
Tennessee Gas Pipeline Co. LLC 7.000%, 10/15/28		1,050,000		1,226,799
7.625%, 04/01/37		640,000		773,376
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		1,800,000		2,062,962
Williams Partners L.P. 5.250%, 03/15/20 (b)		3,575,000		3,684,359
				25,390,129
Real Estate Investment Trusts—0.6%
AvalonBay Communities, Inc. 6.100%, 03/15/20		860,000		900,936
Boston Properties L.P. 3.850%, 02/01/23		2,950,000		2,970,532
Digital Realty Trust L.P. 3.700%, 08/15/27		3,500,000		3,322,970
HCP, Inc. 5.375%, 02/01/21		2,591,000		2,732,443
Kimco Realty Corp. 6.875%, 10/01/19		550,000		574,156
Simon Property Group L.P. 3.300%, 01/15/26		3,800,000		3,642,110
Welltower, Inc. 4.000%, 06/01/25		1,500,000		1,472,520
				15,615,667
Retail—0.7%
Home Depot, Inc. (The) 2.000%, 04/01/21		1,000,000		975,060
4.250%, 04/01/46		2,000,000		2,019,480
4.400%, 04/01/21 (b)		1,450,000		1,497,836
Lowe’s Cos., Inc. 4.050%, 05/03/47		1,500,000		1,422,135
McDonald’s Corp. 3.700%, 01/30/26		3,000,000		2,980,110
Target Corp. 4.000%, 07/01/42		2,000,000		1,904,440
6.350%, 11/01/32		708,000		862,641
Walgreens Boots Alliance, Inc. 2.700%, 11/18/19		3,000,000		2,985,120
Walmart, Inc. 2.550%, 04/11/23		4,000,000		3,840,920
5.250%, 09/01/35		935,000		1,086,694
				19,574,436
Semiconductors—0.3%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.000%, 01/15/22 (b)		3,100,000	$	3,014,874
Intel Corp. 2.700%, 12/15/22 (b)		2,000,000		1,957,920
QUALCOMM, Inc. 3.450%, 05/20/25 (b)		4,000,000		3,852,240
				8,825,034
Software—0.8%
Adobe Systems, Inc. 4.750%, 02/01/20		2,200,000		2,263,360
Microsoft Corp. 2.000%, 11/03/20 (b)		3,000,000		2,949,180
3.125%, 11/03/25 (b)		5,100,000		5,005,344
3.300%, 02/06/27 (b)		2,000,000		1,971,660
4.250%, 02/06/47		3,000,000		3,177,030
Oracle Corp. 2.500%, 10/15/22		2,100,000		2,035,775
4.125%, 05/15/45		4,200,000		4,052,244
				21,454,593
Telecommunications—1.3%
AT&T, Inc. 4.100%, 02/15/28 (144A)		3,987,000		3,808,263
4.125%, 02/17/26		3,000,000		2,929,290
4.500%, 03/09/48		2,100,000		1,807,029
5.150%, 11/15/46 (144A)		1,308,000		1,234,412
5.300%, 08/15/58 (144A)		2,500,000		2,338,700
7.125%, 12/15/31 (144A)		100,000		122,003
British Telecommunications plc 9.625%, 12/15/30		1,000,000		1,425,590
Cisco Systems, Inc. 2.500%, 09/20/26 (b)		1,200,000		1,111,392
5.500%, 01/15/40		2,000,000		2,376,260
Deutsche Telekom International Finance B.V. 8.750%, 06/15/30		1,000,000		1,328,650
Orange S.A. 5.500%, 02/06/44 (b)		2,400,000		2,662,488
Telefonica Emisiones S.A.U. 4.103%, 03/08/27		1,900,000		1,838,782
Verizon Communications, Inc. 3.376%, 02/15/25		2,078,000		1,989,219
4.812%, 03/15/39		3,927,000		3,803,928
5.012%, 04/15/49		2,032,000		1,978,680
Vodafone Group plc 6.150%, 02/27/37		2,170,000		2,397,893
				33,152,579
Transportation—0.4%
Burlington Northern Santa Fe LLC 4.150%, 04/01/45		3,900,000		3,803,046
CSX Corp. 6.150%, 05/01/37		1,600,000		1,932,992

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Transportation—(Continued)
FedEx Corp. 4.550%, 04/01/46		1,000,000	$	967,420
8.000%, 01/15/19		675,000		693,495
Norfolk Southern Corp. 3.000%, 04/01/22		1,911,000		1,888,737
5.590%, 05/17/25		28,000		30,728
Union Pacific Corp. 6.625%, 02/01/29		1,200,000		1,439,352
United Parcel Service, Inc. 5.125%, 04/01/19		760,000		773,475
				11,529,245
Total Corporate Bonds & Notes (Cost $725,131,073)				706,585,408
Foreign Government—1.7%
Banks—0.1%
Kreditanstalt fuer Wiederaufbau 2.875%, 04/03/28 (b)		2,000,000		1,977,880
Electric—0.0%
Hydro-Quebec 8.400%, 01/15/22		1,000,000		1,165,780
Provincial—0.3%
Province of British Columbia Canada 2.000%, 10/23/22		1,970,000		1,892,205
Province of Nova Scotia Canada 9.250%, 03/01/20		250,000		274,582
Province of Ontario Canada 2.450%, 06/29/22		4,000,000		3,900,080
4.400%, 04/14/20		2,100,000		2,158,002
Province of Quebec Canada 7.500%, 07/15/23		350,000		418,040
				8,642,909
Sovereign—1.3%
Canada Government International Bond 1.625%, 02/27/19 (b)		4,000,000		3,981,720
Colombia Government International Bonds 5.000%, 06/15/45 (b)		1,000,000		980,740
8.125%, 05/21/24		1,500,000		1,807,770
Export-Import Bank of Korea 2.250%, 01/21/20		2,000,000		1,969,660
Japan Bank for International Cooperation 1.750%, 05/28/20 (b)		5,000,000		4,892,050
Mexico Government International Bonds 5.750%, 10/12/10 (b)		2,000,000		1,977,520
6.750%, 09/27/34		1,050,000		1,235,682
8.000%, 09/24/22		2,200,000		2,640,484
Panama Government International Bonds 4.500%, 05/15/47 (c)		1,400,000		1,364,664
5.200%, 01/30/20		1,370,000		1,416,429
Sovereign—(Continued)
Peruvian Government International Bond 8.750%, 11/21/33		1,450,000		2,127,658
Philippine Government International Bond 5.000%, 01/13/37		1,740,000		1,859,660
Poland Government International Bond 3.250%, 04/06/26 (b)		2,000,000		1,931,600
Republic of Korea 7.125%, 04/16/19		2,400,000		2,480,760
Uruguay Government International Bond 4.375%, 10/27/27 (c)		1,900,000		1,922,876
				32,589,273
Total Foreign Government (Cost $45,433,948)				44,375,842
Mortgage-Backed Securities—1.4%
Commercial Mortgage-Backed Securities—1.4%
CD Mortgage Trust 2.724%, 08/10/49		1,664,000		1,550,830
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.765%, 02/10/49		1,539,000		1,541,150
3.902%, 07/10/50		1,835,000		1,860,360
Commercial Mortgage Trust 3.838%, 09/10/47		3,800,000		3,849,810
Credit Suisse Mortgage Capital Certificates Trust 3.795%, 12/15/49 (a)		2,889,000		2,900,209
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,835,000		1,808,787
GS Mortgage Securities Trust 3.135%, 06/10/46		2,935,000		2,902,645
3.377%, 05/10/45		2,608,735		2,620,315
4.243%, 08/10/46		966,000		1,003,639
JPMBB Commercial Mortgage Securities Trust 3.598%, 11/15/48		3,900,000		3,889,370
3.801%, 08/15/48		1,534,000		1,549,864
Morgan Stanley Bank of America Merrill Lynch Trust 3.544%, 01/15/49		3,850,000		3,818,765
3.635%, 10/15/48		1,547,000		1,550,380
3.732%, 05/15/48		3,750,000		3,771,846
WF-RBS Commercial Mortgage Trust 3.488%, 06/15/46		1,054,000		1,037,784
Total Mortgage-Backed Securities (Cost $37,025,984)				35,655,754
Municipals—0.6%
Los Angeles, CA Unified School District, Build America Bond 6.758%, 07/01/34		2,160,000		2,856,816
Municipal Electric Authority of Georgia, Build America Bond 6.637%, 04/01/57		1,999,000		2,527,515
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40		3,500,000		5,090,155
Oregon School Boards Association, General Obligation Unlimited 5.680%, 06/30/28		1,900,000		2,173,011

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Municipals—(Continued)

Security Description	Principal Amount*		Value
State of California General Obligation Unlimited, Build America Bond 7.300%, 10/01/39		2,000,000	$	2,833,600
State of Illinois, General Obligation Unlimited 5.100%, 06/01/33		1,230,000		1,164,023
Total Municipals (Cost $14,834,055)				16,645,120
Asset-Backed Securities—0.5%
Asset-Backed - Automobile—0.2%
Ally Auto Receivables Trust 1.990%, 11/15/21		2,990,000		2,942,386
AmeriCredit Automobile Receivables Trust 3.080%, 12/18/23		1,500,000		1,474,398
Ford Credit Auto Owner Trust 3.160%, 10/15/23		1,000,000		1,003,632
Honda Auto Receivables Owner Trust 1.330%, 11/18/22		1,011,000		991,739
				6,412,155
Asset-Backed - Credit Card—0.3%
Citibank Credit Card Issuance Trust 2.150%, 07/15/21		2,980,000		2,962,326
2.880%, 01/23/23		4,924,000		4,911,437
				7,873,763
Total Asset-Backed Securities (Cost $14,511,628)				14,285,918
Short-Term Investments—0.7%
Discount Notes—0.3%
Federal Home Loan Bank 1.840%, 07/09/18 (d)		4,900,000		4,898,216
1.895%, 08/10/18 (d)		900,000		898,128
1.920%, 09/18/18 (d)		1,000,000		995,797
				6,792,141
U.S. Treasury—0.4%
U.S. Treasury Bills 1.758%, 07/12/18 (d)		3,200,000		3,198,510
1.780%, 07/26/18 (d)		800,000		799,079
1.862%, 08/09/18 (d)		1,000,000		998,076
1.886%, 09/20/18 (d)		5,400,000		5,377,500
				10,373,165
Total Short-Term Investments (Cost $17,164,242)				17,165,306
Securities Lending Reinvestments (e)—9.6%
Security Description	Principal Amount*		Value
Bank Note—0.1%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (a)		3,000,000		3,000,000
Certificates of Deposit—5.9%
Banco Del Estado De Chile New York 2.588%, 1M LIBOR + 0.500%, 09/21/18 (a)		5,000,000		5,002,980
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (a)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (a)		8,000,000		8,011,200
Barclays Bank plc 2.430%, 08/01/18		6,000,000		6,001,782
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (a)		5,000,000		5,001,875
China Construction Bank 2.550%, 09/17/18		7,000,000		6,999,881
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (a)		7,000,000		6,999,503
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (a)		2,500,000		2,499,623
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (a)		8,000,000		8,006,224
Credit Industriel et Commercial (NY)
Zero Coupon, 07/24/18		4,969,974		4,993,000
Credit Suisse AG New York
2.437%, 3M LIBOR + 0.100%, 09/27/18 (a)		4,000,000		4,000,672
2.460%, FEDEFF PRV + 0.550%, 09/07/18 (a)		6,500,000		6,500,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		4,500,000		4,499,816
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		1,987,854		1,994,860
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (a)		5,000,000		5,000,020
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (a)		4,000,000		4,000,208
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (a)		8,000,000		7,998,008
Royal Bank of Canada New York 2.485%, 1M LIBOR + 0.400%, 09/17/18 (a)		2,000,000		2,000,920
2.525%, 1M LIBOR + 0.440%, 09/17/18 (a)		10,000,000		10,008,010
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (a)		6,500,000		6,499,889
Standard Chartered plc 2.250%, 08/21/18		4,000,000		4,000,612
2.384%, 1M LIBOR + 0.300%, 08/22/18 (a)		4,000,000		4,000,096
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (a)		7,500,000		7,500,660
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (a)		2,500,000		2,500,000
2.445%, 3M LIBOR + 0.090%, 10/18/18 (a)		3,002,347		3,000,105
2.447%, 3M LIBOR + 0.110%, 10/11/18 (a)		2,000,000		2,000,218
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (a)		5,000,000		5,000,000
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (a)		4,000,000		4,000,048

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (a)		7,000,000	$	7,000,161
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (a)		7,000,000		6,999,538
				154,019,793
Commercial Paper—1.5%
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (a)		2,000,000		2,000,878
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (a)		2,000,000		2,000,584
Macquarie Bank, Ltd. 2.280%, 09/04/18		1,988,347		1,991,868
Sheffield Receivables Co. 2.490%, 11/26/18		4,934,638		4,948,165
Starbird Funding Corp. 2.300%, 08/10/18		5,966,267		5,985,030
Toyota Motor Credit Corp. 2.310%, 09/18/18		5,954,570		5,969,532
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (a)		10,000,000		9,998,080
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (a)		5,000,000		5,000,000
				37,894,137
Repurchase Agreements—2.0%
Citigroup Global Markets, Inc.
Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $4,015,502; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $4,217,150.		4,000,000		4,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $1,562,935; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $1,530,000.		1,500,000		1,500,000
Deutsche Bank AG, London
Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $202,223; collateralized by various Common Stock with an aggregate market value of $223,242.		200,000		200,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $7,666,733; collateralized by various Common Stock with an aggregate market value of $8,371,565.		7,500,000		7,500,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $300,767; collateralized by various Common Stock with an aggregate market value of $333,659.		300,000		300,000
Repurchase Agreements—(Continued)
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $758,051; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $773,436.		757,925		757,925
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $8,232,880; collateralized by various Common Stock with an aggregate market value of $8,800,001.		8,000,000		8,000,000
Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $4,297,518; collateralized by various Common Stock with an aggregate market value of $4,510,000.		4,100,000		4,100,000
NBC Global Finance Ltd. Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $7,030,361; collateralized by various Common Stock with an aggregate market value of $7,790,238.		7,000,000		7,000,000
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $911,128; collateralized by various Common Stock with an aggregate market value of $1,001,602.		900,000		900,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $804,992; collateralized by various Common Stock with an aggregate market value of $890,313.		800,000		800,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $5,032,822; collateralized by various Common Stock with an aggregate market value of $5,564,456.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $1,006,606; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $804,920; collateralized by various Common Stock with an aggregate market value of $890,282.		800,000		800,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $1,005,865; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $3,515,976; collateralized by various Common Stock with an aggregate market value of $3,894,982.		3,500,000		3,500,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $7,023,053; collateralized by various Common Stock with an aggregate market value of $7,789,963.		7,000,000		7,000,000
				53,357,925

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—0.1%
DNB Bank ASA 1.870%, 07/02/18		1,000,000	$	1,000,000
1.870%, 07/02/18		1,000,000		1,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		1,000,000		1,000,000
				3,000,000
Total Securities Lending Reinvestments (Cost $251,241,757)				251,271,855
Total Investments—109.2% (Cost $2,889,241,123)				2,854,125,878
Other assets and liabilities (net)—(9.2)%				(241,278,198	)
Net Assets—100.0%			$	2,612,847,680

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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 June 30, 2018, the market value of securities loaned was $244,257,832 and the collateral received consisted of cash in the amount of $251,161,922. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Principal amount of security is adjusted for inflation.
(d)	The rate shown represents current yield to maturity.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $7,503,378, which is 0.3% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(CMO)—	Collateralized Mortgage Obligation
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	1,768,140,675		$	—	$	1,768,140,675
Total Corporate Bonds & Notes*		—		706,585,408			—		706,585,408
Total Foreign Government*		—		44,375,842			—		44,375,842
Total Mortgage-Backed Securities*		—		35,655,754			—		35,655,754
Total Municipals		—		16,645,120			—		16,645,120
Total Asset-Backed Securities*		—		14,285,918			—		14,285,918
Short-Term Investments
Discount Notes		—		6,792,141			—		6,792,141
U.S. Treasury		—		10,373,165			—		10,373,165
Total Short-Term Investments		—		17,165,306			—		17,165,306
Total Securities Lending Reinvestments*		—		251,271,855			—		251,271,855
Total Investments	$	—	$	2,854,125,878		$	—	$	2,854,125,878
Collateral for Securities Loaned (Liability)	$	—	$	(251,161,922	)	$	—	$	(251,161,922	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	2,854,125,878
Cash		66,795
Receivable for:
Investments sold		15,463,353
Fund shares sold		3,669,191
Interest		18,052,909
Total Assets		2,891,378,126
Liabilities
Collateral for securities loaned		251,161,922
Payables for:
Investments purchased		25,139,824
Fund shares redeemed		884,561
Accrued Expenses:
Management fees		517,677
Distribution and service fees		269,008
Deferred trustees’ fees		113,001
Other expenses		444,453
Total Liabilities		278,530,446
Net Assets	$	2,612,847,680
Net Assets Consist of:
Paid in surplus	$	2,690,360,505
Undistributed net investment income		32,802,128
Accumulated net realized loss		(75,199,708	)
Unrealized depreciation on investments		(35,115,245	)
Net Assets	$	2,612,847,680
Net Assets
Class A	$	1,344,059,098
Class B		893,170,924
Class E		55,848,666
Class G		319,768,992
Capital Shares Outstanding*
Class A		129,373,371
Class B		87,769,806
Class E		5,403,140
Class G		31,535,423
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.39
Class B		10.18
Class E		10.34
Class G		10.14

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,889,241,123.
(b)	Includes securities loaned at value of $244,257,832.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Interest	$	38,059,683
Securities lending income		511,504
Total investment income		38,571,187
Expenses
Management fees		3,296,668
Administration fees		41,638
Custodian and accounting fees		138,396
Distribution and service fees—Class B		1,140,841
Distribution and service fees—Class E		42,819
Distribution and service fees—Class G		483,033
Audit and tax services		45,389
Legal		21,433
Trustees’ fees and expenses		20,720
Shareholder reporting		145,965
Insurance		8,554
Miscellaneous		19,589
Total expenses		5,405,045
Less management fee waiver		(111,019	)
Net expenses		5,294,026
Net Investment Income		33,277,161
Net Realized and Unrealized Loss
Net realized loss on investments		(1,808,525	)
Net change in unrealized depreciation on investments		(81,085,571	)
Net realized and unrealized loss		(82,894,096	)
Net Decrease in Net Assets From Operations	$	(49,616,935	)

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	33,277,161		$	63,880,811
Net realized gain (loss)		(1,808,525	)		7,610,419
Net change in unrealized appreciation (depreciation)		(81,085,571	)		12,433,886
Increase (decrease) in net assets from operations		(49,616,935	)		83,925,116
From Distributions to Shareholders
Net investment income
Class A		(40,620,231	)		(38,670,834	)
Class B		(25,318,977	)		(26,417,841	)
Class E		(1,621,378	)		(1,698,687	)
Class G		(8,969,174	)		(8,827,881	)
Total distributions		(76,529,760	)		(75,615,243	)
Increase in net assets from capital share transactions		19,378,989			50,385,070
Total increase (decrease) in net assets		(106,767,706	)		58,694,943
Net Assets
Beginning of period		2,719,615,386			2,660,920,443
End of period	$	2,612,847,680		$	2,719,615,386
Undistributed net investment income
End of period	$	32,802,128		$	76,054,727

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		5,500,401		$	59,188,939			9,597,934		$	104,655,031
Reinvestments		3,932,259			40,620,231			3,574,014			38,670,834
Redemptions		(5,997,923	)		(64,186,845	)		(6,734,519	)		(73,618,212	)
Net increase		3,434,737		$	35,622,325			6,437,429		$	69,707,653
Class B
Sales		1,628,019		$	17,041,915			3,934,275		$	41,976,475
Reinvestments		2,501,875			25,318,977			2,489,900			26,417,841
Redemptions		(5,720,442	)		(59,676,893	)		(8,608,962	)		(92,021,533	)
Net decrease		(1,590,548	)	$	(17,316,001	)		(2,184,787	)	$	(23,627,217	)
Class E
Sales		121,672		$	1,296,790			294,447		$	3,195,564
Reinvestments		157,875			1,621,378			157,724			1,698,687
Redemptions		(402,179	)		(4,271,445	)		(616,136	)		(6,685,675	)
Net decrease		(122,632	)	$	(1,353,277	)		(163,965	)	$	(1,791,424	)
Class G
Sales		1,996,672		$	20,840,915			4,460,762		$	47,491,947
Reinvestments		889,799			8,969,174			835,183			8,827,881
Redemptions		(2,629,085	)		(27,384,147	)		(4,717,044	)		(50,223,770	)
Net increase		257,386		$	2,425,942			578,901		$	6,096,058
Increase derived from capital shares transactions				$	19,378,989					$	50,385,070

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.90		$	10.87		$	10.92		$	11.22		$	10.93		$	11.59
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.27			0.27			0.28			0.29			0.29
Net realized and unrealized gain (loss) on investments		(0.33	)		0.08			(0.01	)		(0.25	)		0.33			(0.55	)
Total from investment operations		(0.19	)		0.35			0.26			0.03			0.62			(0.26	)
Less Distributions
Distributions from net investment income		(0.32	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.40	)
Total distributions		(0.32	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.40	)
Net Asset Value, End of Period	$	10.39		$	10.90		$	10.87		$	10.92		$	11.22		$	10.93
Total Return (%) (b)		(1.69	)(c)		3.26			2.35			0.25			5.81			(2.33	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.28			0.28			0.28			0.28
Net ratio of expenses to average net assets (%) (e)		0.28	(d)		0.27			0.27			0.27			0.28			0.28
Ratio of net investment income to average net assets (%)		2.65	(d)		2.50			2.39			2.48			2.62			2.65
Portfolio turnover rate (%)		12	(c)		22			16			18			13			18
Net assets, end of period (in millions)	$	1,344.1		$	1,373.3		$	1,299.2		$	1,177.2		$	1,008.2		$	797.4
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.67		$	10.65		$	10.70		$	10.99		$	10.72		$	11.37
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.24			0.23			0.24			0.26			0.26
Net realized and unrealized gain (loss) on investments		(0.31	)		0.07			0.01			(0.23	)		0.32			(0.54	)
Total from investment operations		(0.19	)		0.31			0.24			0.01			0.58			(0.28	)
Less Distributions
Distributions from net investment income		(0.30	)		(0.29	)		(0.29	)		(0.30	)		(0.31	)		(0.37	)
Total distributions		(0.30	)		(0.29	)		(0.29	)		(0.30	)		(0.31	)		(0.37	)
Net Asset Value, End of Period	$	10.18		$	10.67		$	10.65		$	10.70		$	10.99		$	10.72
Total Return (%) (b)		(1.80	)(c)		2.96			2.14			0.09			5.48			(2.53	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.53			0.53			0.53			0.53
Net ratio of expenses to average net assets (%) (e)		0.53	(d)		0.52			0.52			0.52			0.53			0.53
Ratio of net investment income to average net assets (%)		2.40	(d)		2.25			2.14			2.23			2.37			2.40
Portfolio turnover rate (%)		12	(c)		22			16			18			13			18
Net assets, end of period (in millions)	$	893.2		$	953.7		$	974.5		$	973.6		$	997.1		$	964.2

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.84		$	10.81		$	10.86		$	11.15		$	10.87		$	11.52
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.25			0.25			0.26			0.27			0.28
Net realized and unrealized gain (loss) on investments		(0.32	)		0.09			(0.01	)		(0.24	)		0.33			(0.55	)
Total from investment operations		(0.19	)		0.34			0.24			0.02			0.60			(0.27	)
Less Distributions
Distributions from net investment income		(0.31	)		(0.31	)		(0.29	)		(0.31	)		(0.32	)		(0.38	)
Total distributions		(0.31	)		(0.31	)		(0.29	)		(0.31	)		(0.32	)		(0.38	)
Net Asset Value, End of Period	$	10.34		$	10.84		$	10.81		$	10.86		$	11.15		$	10.87
Total Return (%) (b)		(1.76	)(c)		3.12			2.19			0.19			5.58			(2.41	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.43			0.43			0.43			0.43
Net ratio of expenses to average net assets (%) (e)		0.43	(d)		0.42			0.42			0.42			0.43			0.43
Ratio of net investment income to average net assets (%)		2.50	(d)		2.35			2.24			2.33			2.47			2.50
Portfolio turnover rate (%)		12	(c)		22			16			18			13			18
Net assets, end of period (in millions)	$	55.8		$	59.9		$	61.5		$	67.0		$	76.9		$	82.2
	Class G
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.63		$	10.61		$	10.67		$	10.97		$	10.70		$	11.35
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.23			0.23			0.24			0.25			0.26
Net realized and unrealized gain (loss) on investments		(0.32	)		0.08			0.00			(0.25	)		0.33			(0.54	)
Total from investment operations		(0.20	)		0.31			0.23			(0.01	)		0.58			(0.28	)
Less Distributions
Distributions from net investment income		(0.29	)		(0.29	)		(0.29	)		(0.29	)		(0.31	)		(0.37	)
Total distributions		(0.29	)		(0.29	)		(0.29	)		(0.29	)		(0.31	)		(0.37	)
Net Asset Value, End of Period	$	10.14		$	10.63		$	10.61		$	10.67		$	10.97		$	10.70
Total Return (%) (b)		(1.85	)(c)		2.94			2.09			(0.06	)		5.46			(2.57	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.58			0.58			0.58			0.58			0.58
Net ratio of expenses to average net assets (%) (e)		0.58	(d)		0.57			0.57			0.57			0.58			0.58
Ratio of net investment income to average net assets (%)		2.35	(d)		2.20			2.09			2.18			2.32			2.35
Portfolio turnover rate (%)		12	(c)		22			16			18			13			18
Net assets, end of period (in millions)	$	319.8		$	332.6		$	325.7		$	257.7		$	223.3		$	169.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

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

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

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or

BHFTII-25

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

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

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The

BHFTII-26

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

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

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

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

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

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

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $53,357,925. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

BHFTII-27

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

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

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(88,011,184	)	$	—	$	—	$	—	$	(88,011,184	)
Foreign Government		(7,579,158	)		—		—		—		(7,579,158	)
U.S. Treasury & Government Agencies		(155,571,580	)		—		—		—		(155,571,580	)
Total	$	(251,161,922	)	$	—	$	—	$	—	$	(251,161,922	)
Total Borrowings	$	(251,161,922	)	$	—	$	—	$	—	$	(251,161,922	)
Gross amount of recognized liabilities for securities lending transactions										$	(251,161,922	)

3. Certain Risks

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

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$235,003,636	$	75,877,931	$	240,302,204	$	89,997,695

BHFTII-28

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2018 were $3,296,668.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2018 were $296,978.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

BHFTII-29

Brighthouse Funds Trust II

MetLife Aggregate Bond Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	2,918,314,467
Gross unrealized appreciation		55,901,221
Gross unrealized depreciation		(120,089,810	)
Net unrealized appreciation (depreciation)	$	(64,188,589	)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$75,615,243	$	71,960,664	$	—	$	—	$	75,615,243	$	71,960,664

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses			Total
$76,170,832	$	—	$	16,896,983	$	—	$	(44,317,839	)	$	48,749,976

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

As of December 31, 2017, the Portfolio had post-enactment short-term accumulated capital losses of $7,744,801 and post-enactment long-term accumulated capital losses of $36,573,038.

8. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-30

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, E, and G shares of the MetLife Mid Cap Stock Index Portfolio returned 3.37%, 3.21%, 3.29%, and 3.20%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) Mid Cap 400 Index¹, returned 3.49%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2018, equity markets rallied on optimism about the impact of U.S. tax reform, better than expected macroeconomic data and the strength of corporate earnings. Companies that reported better than expected earnings include Apple, Disney, Celgene, and Occidental Petroleum. During the first quarter, equity markets declined as the 10-year Treasury yield reached its highest level since 2014, driven by a more hawkish Federal Reserve (the “Fed”) and higher than expected wage growth. Other factors that weighed on the equity markets included President Trump’s plan to impose tariffs on steel and aluminum imports and the Fed Chair Powell hinting at the possibility of four rate hikes this year during his Congressional testimony. During the second quarter, equity markets rallied as trade negotiations eased concerns of a global trade war and leaders of North and South Korea met for the first time since 2007. However, equity investors still had issues to be concerned about including unrest in the Middle East, political uncertainty in Italy and the U.S. withdrawal from the Iran nuclear deal.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and raised the target range for the Federal Funds Rate twice to 1.75% to 2.00%. The FOMC stated that job gains had been strong in recent months and the unemployment rate had declined. The FOMC also stated that economic activity had been rising at a solid rate and that the growth of household spending had picked up.

Eight of the eleven sectors comprising the S&P Mid Cap 400 Index experienced positive returns for the first six months of 2018. Health Care (7.5% beginning weight in the benchmark), up 18.7%, was the best-performing sector and had the largest positive impact on the benchmark return. Energy (4.3% beginning weight), up 16.7%, and Information Technology (17.4% beginning weight), up 5.5%, were the next best-performing sectors. Industrials (15.8% beginning weight), down 3.3%, and Materials (7.2% beginning weight), down 1.4%, were the worst-performing sectors.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Abiomed, up 107.3%; Bioverativ, up 94.1%; and Domino’s Pizza, up 50.0%. The stocks with the largest negative impact were Coherent, down 44.6%; Manpower Group, down 31.0%; and Cognex, down 26.9%.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P Mid Cap 400 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P Mid Cap 400 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value (NAV) rounding, contributions, and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P MIDCAP 400 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Mid Cap Stock Index Portfolio
Class A		3.37		13.21		12.43		10.55		—
Class B		3.21		12.90		12.13		10.27		—
Class E		3.29		13.03		12.26		10.38		—
Class G		3.20		12.90		12.09		—		16.02
S&P MidCap 400 Index		3.49		13.50		12.69		10.79		—

¹ The Standard & Poor’s (S&P) MidCap 400 Index is an unmanaged index measuring the performance of the mid-size company segment of the U.S. market. The Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation.

² Inception dates of the Class A, Class B, Class E and Class G shares are 7/5/00, 1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Teleflex, Inc.		0.7
Domino’s Pizza, Inc.		0.7
Keysight Technologies, Inc.		0.6
WellCare Health Plans, Inc.		0.6
Steel Dynamics, Inc.		0.6
PTC, Inc.		0.6
IDEX Corp.		0.6
Old Dominion Freight Line, Inc.		0.6
Jack Henry & Associates, Inc.		0.6
Lamb Weston Holdings, Inc.		0.6

Top Sectors

	% of Net Assets
Financials		16.6
Information Technology		15.9
Industrials		14.2
Consumer Discretionary		12.8
Real Estate		9.4
Health Care		9.1
Materials		6.9
Energy		5.3
Utilities		4.8
Consumer Staples		3.4

BHFTII-2

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife Mid Cap Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.30	%	$	1,000.00	$	1,033.70	$	1.51
	Hypothetical*		0.30	%	$	1,000.00	$	1,023.31	$	1.51
Class B (a)	Actual		0.55	%	$	1,000.00	$	1,032.10	$	2.77
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class E (a)	Actual		0.45	%	$	1,000.00	$	1,032.90	$	2.27
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.56	$	2.26
Class G (a)	Actual		0.60	%	$	1,000.00	$	1,032.00	$	3.02
	Hypothetical*		0.60	%	$	1,000.00	$	1,021.82	$	3.01

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
Curtiss-Wright Corp.		27,787	$	3,307,209
Esterline Technologies Corp. (a)		16,276		1,201,169
KLX, Inc. (a)		31,890		2,292,891
Teledyne Technologies, Inc. (a)		22,477		4,474,271
				11,275,540
Airlines—0.3%
JetBlue Airways Corp. (a) (c)		198,918		3,775,464
Auto Components—0.7%
Dana, Inc.		91,431		1,845,992
Delphi Technologies plc		55,802		2,536,759
Gentex Corp.		172,117		3,962,133
				8,344,884
Automobiles—0.3%
Thor Industries, Inc.		30,801		2,999,709
Banks—8.0%
Associated Banc-Corp.		106,271		2,901,198
BancorpSouth Bank		51,561		1,698,935
Bank of Hawaii Corp. (b)		26,565		2,216,052
Bank of the Ozarks, Inc. (a)		76,320		3,437,453
Cathay General Bancorp		47,995		1,943,318
Chemical Financial Corp.		44,846		2,496,577
Commerce Bancshares, Inc.		58,956		3,815,043
Cullen/Frost Bankers, Inc.		36,488		3,949,461
East West Bancorp, Inc.		91,068		5,937,634
First Horizon National Corp.		205,641		3,668,635
FNB Corp. (b)		203,540		2,731,507
Fulton Financial Corp.		110,461		1,822,606
Hancock Holding Co.		53,602		2,500,533
Home BancShares, Inc.		99,157		2,236,982
International Bancshares Corp.		34,071		1,458,239
MB Financial, Inc.		52,843		2,467,768
PacWest Bancorp (b)		78,646		3,886,685
Pinnacle Financial Partners, Inc.		46,493		2,852,346
Prosperity Bancshares, Inc.		43,897		3,000,799
Signature Bank (a)		33,740		4,314,671
Sterling Bancorp (b)		141,709		3,330,161
Synovus Financial Corp.		74,565		3,939,269
TCF Financial Corp.		105,746		2,603,467
Texas Capital Bancshares, Inc. (a)		31,220		2,856,630
Trustmark Corp.		42,600		1,390,038
UMB Financial Corp.		27,685		2,110,428
Umpqua Holdings Corp.		138,377		3,125,936
United Bankshares, Inc. (b)		66,081		2,405,348
Valley National Bancorp		166,557		2,025,333
Webster Financial Corp.		57,883		3,687,147
Wintrust Financial Corp.		35,374		3,079,307
				89,889,506
Beverages—0.1%
Boston Beer Co., Inc. (The) - Class A (a)		5,500		1,648,350
Biotechnology—0.6%
Exelixis, Inc. (a)		177,251		3,814,442
United Therapeutics Corp. (a)		27,367		3,096,576
				6,911,018
Building Products—0.4%
Lennox International, Inc. (b)		23,329		4,669,299
Capital Markets—3.0%
Eaton Vance Corp.		74,917		3,909,918
Evercore, Inc. - Class A		25,595		2,698,993
FactSet Research Systems, Inc.		24,433		4,840,177
Federated Investors, Inc. - Class B		59,927		1,397,498
Interactive Brokers Group, Inc. - Class A		44,926		2,893,684
Janus Henderson Group plc		113,364		3,483,676
Legg Mason, Inc.		53,711		1,865,383
MarketAxess Holdings, Inc. (b)		23,636		4,676,619
SEI Investments Co.		82,465		5,155,712
Stifel Financial Corp.		44,974		2,349,891
				33,271,551
Chemicals—2.8%
Ashland Global Holdings, Inc.		39,220		3,066,220
Cabot Corp.		38,854		2,400,012
Chemours Co. (The)		111,817		4,960,202
Minerals Technologies, Inc.		22,226		1,674,729
NewMarket Corp. (b)		5,779		2,337,606
Olin Corp. (b)		105,093		3,018,271
PolyOne Corp.		50,261		2,172,280
RPM International, Inc.		84,049		4,901,738
Scotts Miracle-Gro Co. (The) (b)		24,358		2,025,611
Sensient Technologies Corp. (b)		26,608		1,903,802
Valvoline, Inc.		122,986		2,652,808
				31,113,279
Commercial Services & Supplies—1.5%
Brink’s Co. (The) (b)		31,994		2,551,521
Clean Harbors, Inc. (a) (b)		32,137		1,785,210
Deluxe Corp.		30,070		1,990,935
Healthcare Services Group, Inc. (b)		46,327		2,000,863
Herman Miller, Inc. (b)		37,473		1,270,335
HNI Corp. (b)		27,358		1,017,718
MSA Safety, Inc.		21,432		2,064,759
Pitney Bowes, Inc.		117,875		1,010,189
Rollins, Inc.		60,337		3,172,519
				16,864,049
Communications Equipment—1.3%
ARRIS International plc (a)		110,042		2,689,977
Ciena Corp. (a)		90,144		2,389,717
InterDigital, Inc.		21,838		1,766,694
Lumentum Holdings, Inc. (a)		39,534		2,289,019
NetScout Systems, Inc. (a)		50,452		1,498,424
Plantronics, Inc.		20,904		1,593,930
ViaSat, Inc. (a) (b)		34,432		2,262,871
				14,490,632

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Construction & Engineering—1.2%
AECOM (a)		100,765	$	3,328,268
Dycom Industries, Inc. (a) (b)		19,606		1,852,963
EMCOR Group, Inc.		36,739		2,798,777
Granite Construction, Inc. (b)		28,574		1,590,429
KBR, Inc.		88,382		1,583,805
Valmont Industries, Inc.		14,174		2,136,731
				13,290,973
Construction Materials—0.3%
Eagle Materials, Inc.		30,151		3,164,951
Consumer Finance—0.5%
Navient Corp.		166,305		2,166,954
SLM Corp. (a)		273,536		3,131,987
				5,298,941
Containers & Packaging—1.2%
AptarGroup, Inc. (b)		39,210		3,661,430
Bemis Co., Inc.		57,178		2,413,483
Greif, Inc. - Class A		16,291		861,631
Owens-Illinois, Inc. (a)		101,632		1,708,434
Silgan Holdings, Inc. (b)		46,572		1,249,527
Sonoco Products Co.		62,575		3,285,187
				13,179,692
Distributors—0.3%
Pool Corp. (b)		25,436		3,853,554
Diversified Consumer Services—0.8%
Adtalem Global Education, Inc. (a)		37,852		1,820,681
Graham Holdings Co. - Class B		2,766		1,621,153
Service Corp. International		115,231		4,124,117
Sotheby’s (a)		23,121		1,256,395
				8,822,346
Electric Utilities—1.3%
ALLETE, Inc.		32,224		2,494,460
Hawaiian Electric Industries, Inc. (b)		68,406		2,346,326
IDACORP, Inc.		31,671		2,921,333
OGE Energy Corp.		125,530		4,419,911
PNM Resources, Inc.		50,062		1,947,412
				14,129,442
Electrical Equipment—1.2%
Acuity Brands, Inc.		25,768		2,985,738
EnerSys		26,467		1,975,497
Hubbell, Inc.		34,482		3,646,127
Nvent Electric plc (a)		102,041		2,561,229
Regal-Beloit Corp.		27,642		2,261,115
				13,429,706
Electronic Equipment, Instruments & Components—4.4%
Arrow Electronics, Inc. (a)		55,068		4,145,519
Avnet, Inc.		74,151		3,180,336
Electronic Equipment, Instruments & Components—(Continued)
Belden, Inc. (b)		25,548		1,561,494
Cognex Corp.		108,697		4,848,973
Coherent, Inc. (a) (b)		15,633		2,445,314
Jabil, Inc.		107,661		2,977,903
Keysight Technologies, Inc. (a)		117,466		6,934,018
Littelfuse, Inc.		15,692		3,580,601
National Instruments Corp.		67,619		2,838,646
SYNNEX Corp.		18,402		1,775,977
Tech Data Corp. (a)		21,904		1,798,756
Trimble, Inc. (a)		156,634		5,143,861
VeriFone Systems, Inc. (a)		69,600		1,588,272
Vishay Intertechnology, Inc.		83,036		1,926,435
Zebra Technologies Corp. - Class A (a)		33,561		4,807,613
				49,553,718
Energy Equipment & Services—2.1%
Apergy Corp. (a)		48,645		2,030,929
Core Laboratories NV		27,721		3,498,667
Diamond Offshore Drilling, Inc. (a) (b)		40,595		846,812
Dril-Quip, Inc. (a) (b)		23,972		1,232,161
Ensco plc - Class A		274,722		1,994,482
McDermott International, Inc. (a)		113,008		2,220,607
Nabors Industries, Ltd.		221,497		1,419,796
Oceaneering International, Inc. (b)		61,927		1,576,662
Patterson-UTI Energy, Inc.		139,405		2,509,290
Rowan Cos. plc - Class A (a) (b)		71,779		1,164,255
Superior Energy Services, Inc. (a)		96,938		944,176
Transocean, Ltd. (a) (b)		275,678		3,705,112
				23,142,949
Equity Real Estate Investment Trusts—9.0%
Alexander & Baldwin, Inc.		42,509		998,962
American Campus Communities, Inc.		85,906		3,683,649
Camden Property Trust		58,308		5,313,608
CoreCivic, Inc.		74,504		1,779,901
CoreSite Realty Corp.		21,654		2,399,696
Corporate Office Properties Trust		64,197		1,861,071
Cousins Properties, Inc. (b)		264,123		2,559,352
CyrusOne, Inc.		62,293		3,635,420
DCT Industrial Trust, Inc.		59,191		3,949,815
Douglas Emmett, Inc.		100,385		4,033,469
Education Realty Trust, Inc.		47,647		1,977,351
EPR Properties		40,638		2,632,936
First Industrial Realty Trust, Inc.		78,788		2,626,792
Geo Group, Inc. (The)		77,320		2,129,393
Healthcare Realty Trust, Inc.		78,686		2,288,189
Highwoods Properties, Inc.		65,000		3,297,450
Hospitality Properties Trust		103,293		2,955,213
JBG SMITH Properties		58,566		2,135,902
Kilroy Realty Corp.		62,121		4,698,832
Lamar Advertising Co. - Class A		52,820		3,608,134
LaSalle Hotel Properties		69,375		2,374,706
Liberty Property Trust		92,884		4,117,548
Life Storage, Inc.		29,236		2,844,955
Mack-Cali Realty Corp.		56,650		1,148,862
Medical Properties Trust, Inc. (b)		229,237		3,218,487

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
National Retail Properties, Inc.		96,694	$	4,250,668
Omega Healthcare Investors, Inc. (b)		124,820		3,869,420
PotlatchDeltic Corp.		37,863		1,925,334
Quality Care Properties, Inc. (a)		59,202		1,273,435
Rayonier, Inc.		81,323		3,146,387
Sabra Health Care REIT, Inc. (b)		112,050		2,434,847
Senior Housing Properties Trust		149,349		2,701,723
Tanger Factory Outlet Centers, Inc. (b)		59,319		1,393,403
Taubman Centers, Inc.		38,333		2,252,447
Uniti Group, Inc.		103,804		2,079,194
Urban Edge Properties		66,594		1,523,005
Weingarten Realty Investors		74,903		2,307,761
				101,427,317
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc. (b)		23,591		2,478,942
Sprouts Farmers Market, Inc. (a)		77,065		1,700,825
United Natural Foods, Inc. (a)		31,682		1,351,554
				5,531,321
Food Products—2.2%
Flowers Foods, Inc.		116,596		2,428,695
Hain Celestial Group, Inc. (The) (a)		65,316		1,946,417
Ingredion, Inc.		45,404		5,026,223
Lamb Weston Holdings, Inc.		91,905		6,296,411
Lancaster Colony Corp.		12,262		1,697,306
Post Holdings, Inc. (a)		42,291		3,637,872
Sanderson Farms, Inc.		12,630		1,328,044
Tootsie Roll Industries, Inc. (b)		12,169		375,414
TreeHouse Foods, Inc. (a)		35,400		1,858,854
				24,595,236
Gas Utilities—2.2%
Atmos Energy Corp.		69,804		6,292,133
National Fuel Gas Co.		54,005		2,860,105
New Jersey Resources Corp.		55,140		2,467,515
ONE Gas, Inc.		32,977		2,464,701
Southwest Gas Holdings, Inc.		30,392		2,317,998
UGI Corp.		108,804		5,665,424
WGL Holdings, Inc. (b)		32,279		2,864,761
				24,932,637
Health Care Equipment & Supplies—3.9%
Avanos Medical, Inc. (a)		29,550		1,691,737
Cantel Medical Corp.		22,282		2,191,658
Globus Medical, Inc. - Class A (a)		46,061		2,324,238
Haemonetics Corp. (a)		32,812		2,942,580
Hill-Rom Holdings, Inc.		41,656		3,638,235
ICU Medical, Inc. (a)		9,577		2,812,286
Integra LifeSciences Holdings Corp. (a)		44,336		2,855,682
LivaNova plc (a)		27,398		2,734,868
Masimo Corp. (a)		29,943		2,923,934
NuVasive, Inc. (a)		32,217		1,679,150
STERIS plc		53,182		5,584,642
Teleflex, Inc.		28,625		7,677,511
Health Care Equipment & Supplies—(Continued)
West Pharmaceutical Services, Inc.		46,244		4,591,567
				43,648,088
Health Care Providers & Services—2.3%
Acadia Healthcare Co., Inc. (a)		51,573		2,109,851
Chemed Corp.		10,017		3,223,571
Encompass Health Corp.		62,108		4,205,954
LifePoint Health, Inc. (a) (b)		24,372		1,189,354
MEDNAX, Inc. (a)		59,390		2,570,399
Molina Healthcare, Inc. (a)		29,852		2,923,705
Patterson Cos., Inc.		51,150		1,159,570
Tenet Healthcare Corp. (a)		51,311		1,722,510
WellCare Health Plans, Inc. (a)		28,129		6,926,485
				26,031,399
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc. (a)		111,843		1,342,116
Medidata Solutions, Inc. (a)		37,221		2,998,524
				4,340,640
Hotels, Restaurants & Leisure—3.4%
Boyd Gaming Corp. (b)		51,635		1,789,669
Brinker International, Inc. (b)		27,562		1,311,951
Cheesecake Factory, Inc. (The) (b)		26,785		1,474,782
Churchill Downs, Inc.		7,148		2,119,382
Cracker Barrel Old Country Store, Inc. (b)		15,087		2,356,740
Domino’s Pizza, Inc.		26,574		7,498,386
Dunkin’ Brands Group, Inc. (b)		52,145		3,601,655
ILG, Inc.		66,415		2,193,688
International Speedway Corp. - Class A		15,348		686,056
Jack in the Box, Inc.		17,873		1,521,350
Papa John’s International, Inc.		14,770		749,134
Scientific Games Corp. - Class A (a)		33,647		1,653,750
Six Flags Entertainment Corp. (b)		48,832		3,420,682
Texas Roadhouse, Inc.		41,293		2,705,104
Wendy’s Co. (The)		112,758		1,937,182
Wyndham Worldwide Corp.		62,713		2,776,305
				37,795,816
Household Durables—1.5%
Helen of Troy, Ltd. (a)		16,729		1,646,970
KB Home		53,076		1,445,790
NVR, Inc. (a)		2,118		6,291,201
Tempur Sealy International, Inc. (a)		29,059		1,396,285
Toll Brothers, Inc. (b)		88,740		3,282,493
TRI Pointe Group, Inc. (a)		95,482		1,562,086
Tupperware Brands Corp.		32,127		1,324,917
				16,949,742
Household Products—0.2%
Energizer Holdings, Inc. (b)		37,512		2,361,756
Industrial Conglomerates—0.4%
Carlisle Cos., Inc. (b)		38,305		4,148,815

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—4.3%
Alleghany Corp.		9,610	$	5,525,462
American Financial Group, Inc.		43,599		4,679,481
Aspen Insurance Holdings, Ltd.		37,491		1,525,884
Brown & Brown, Inc.		144,102		3,995,949
CNO Financial Group, Inc.		105,183		2,002,684
First American Financial Corp.		70,106		3,625,882
Genworth Financial, Inc. - Class A (a)		313,746		1,411,857
Hanover Insurance Group, Inc. (The)		26,735		3,196,437
Kemper Corp.		30,771		2,327,826
Mercury General Corp.		22,952		1,045,693
Old Republic International Corp.		157,636		3,138,533
Primerica, Inc.		27,694		2,758,322
Reinsurance Group of America, Inc.		40,553		5,413,014
RenaissanceRe Holdings, Ltd. (b)		25,295		3,043,494
W.R. Berkley Corp.		60,410		4,374,288
				48,064,806
Internet Software & Services—0.7%
Cars.com, Inc. (a) (b)		45,180		1,282,660
j2 Global, Inc.		30,866		2,673,304
LogMeIn, Inc.		32,815		3,388,149
				7,344,113
IT Services—3.1%
Acxiom Corp. (a)		48,432		1,450,538
Convergys Corp.		57,507		1,405,471
CoreLogic, Inc. (a)		51,308		2,662,885
Jack Henry & Associates, Inc.		48,580		6,332,889
Leidos Holdings, Inc.		89,673		5,290,707
MAXIMUS, Inc.		41,005		2,546,821
Perspecta, Inc.		89,648		1,842,266
Sabre Corp.		158,860		3,914,311
Science Applications International Corp.		26,561		2,149,582
Teradata Corp. (a)		75,993		3,051,119
WEX, Inc. (a)		25,182		4,796,667
				35,443,256
Leisure Products—0.7%
Brunswick Corp.		54,783		3,532,408
Polaris Industries, Inc.		36,909		4,509,541
				8,041,949
Life Sciences Tools & Services—1.3%
Bio-Rad Laboratories, Inc. - Class A (a)		12,730		3,673,114
Bio-Techne Corp.		23,615		3,493,839
Charles River Laboratories International, Inc. (a)		30,113		3,380,485
PRA Health Sciences, Inc. (a)		31,815		2,970,249
Syneos Health, Inc. (a)		34,882		1,635,966
				15,153,653
Lodging—0.3%
Wyndham Hotels & Resorts, Inc.		62,676		3,687,229
Machinery—4.8%
AGCO Corp.		41,492		2,519,394
Crane Co.		31,895		2,555,746
Machinery—(Continued)
Donaldson Co., Inc.		81,625		3,682,920
Graco, Inc.		105,340		4,763,475
IDEX Corp.		48,217		6,580,656
ITT, Inc.		54,931		2,871,244
Kennametal, Inc. (b)		51,303		1,841,778
Lincoln Electric Holdings, Inc. (b)		38,767		3,402,192
Nordson Corp. (b)		32,130		4,125,813
Oshkosh Corp.		46,458		3,266,927
Terex Corp.		45,377		1,914,456
Timken Co. (The)		42,917		1,869,035
Toro Co. (The)		66,633		4,014,638
Trinity Industries, Inc.		93,828		3,214,547
Wabtec Corp.		53,862		5,309,716
Woodward, Inc.		34,799		2,674,651
				54,607,188
Marine—0.2%
Kirby Corp. (a)		33,768		2,823,005
Media—1.5%
AMC Networks, Inc. - Class A (a) (b)		28,895		1,797,269
Cable One, Inc.		2,952		2,164,672
Cinemark Holdings, Inc. (b)		66,789		2,342,958
John Wiley & Sons, Inc. - Class A		28,208		1,760,179
Live Nation Entertainment, Inc. (a)		85,331		4,144,527
Meredith Corp. (b)		24,989		1,274,439
New York Times Co. (The) - Class A		80,430		2,083,137
TEGNA, Inc.		135,554		1,470,761
				17,037,942
Metals & Mining—2.3%
Allegheny Technologies, Inc. (a)		78,969		1,983,701
Carpenter Technology Corp. (b)		29,495		1,550,552
Commercial Metals Co.		73,536		1,552,345
Compass Minerals International, Inc.		21,275		1,398,831
Reliance Steel & Aluminum Co.		45,463		3,979,831
Royal Gold, Inc.		41,138		3,819,252
Steel Dynamics, Inc.		148,284		6,813,650
United States Steel Corp.		111,114		3,861,212
Worthington Industries, Inc.		27,059		1,135,666
				26,095,040
Multi-Utilities—1.0%
Black Hills Corp. (b)		33,682		2,061,675
MDU Resources Group, Inc.		122,748		3,520,413
NorthWestern Corp.		31,095		1,780,189
Vectren Corp.		52,216		3,730,833
				11,093,110
Multiline Retail—0.4%
Big Lots, Inc.		26,511		1,107,630
Dillard’s, Inc. - Class A (b)		12,459		1,177,375
Ollie’s Bargain Outlet Holdings, Inc. (a)		31,348		2,272,730
				4,557,735

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—3.2%
Callon Petroleum Co. (a)		140,907	$	1,513,341
Chesapeake Energy Corp. (a) (b)		573,075		3,002,913
CNX Resources Corp. (a)		123,261		2,191,581
Energen Corp. (a) (b)		61,234		4,459,060
Gulfport Energy Corp. (a)		98,229		1,234,739
Matador Resources Co. (a)		65,031		1,954,182
Murphy Oil Corp. (b)		102,229		3,452,273
Oasis Petroleum, Inc. (a)		167,519		2,172,721
PBF Energy, Inc. - Class A		70,536		2,957,574
QEP Resources, Inc. (a) (b)		149,399		1,831,632
Range Resources Corp.		142,547		2,384,811
SM Energy Co.		64,579		1,659,034
Southwestern Energy Co. (a)		320,862		1,700,569
World Fuel Services Corp.		42,553		868,507
WPX Energy, Inc. (a)		251,164		4,528,487
				35,911,424
Paper & Forest Products—0.4%
Domtar Corp.		39,489		1,885,205
Louisiana-Pacific Corp.		91,243		2,483,634
				4,368,839
Personal Products—0.4%
Edgewell Personal Care Co. (a) (b)		33,938		1,712,511
Nu Skin Enterprises, Inc. - Class A		34,952		2,732,897
				4,445,408
Pharmaceuticals—0.6%
Akorn, Inc. (a)		59,043		979,523
Catalent, Inc. (a)		83,822		3,511,304
Mallinckrodt plc (a)		52,218		974,388
Prestige Brands Holdings, Inc. (a) (b)		33,356		1,280,203
				6,745,418
Professional Services—0.6%
Dun & Bradstreet Corp. (The)		23,308		2,858,726
ManpowerGroup, Inc.		41,374		3,560,647
				6,419,373
Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.		28,591		4,745,820
Road & Rail—1.8%
Avis Budget Group, Inc. (a)		44,942		1,460,615
Genesee & Wyoming, Inc. - Class A (a)		37,804		3,074,222
Knight-Swift Transportation Holdings, Inc.		80,691		3,083,203
Landstar System, Inc.		26,440		2,887,248
Old Dominion Freight Line, Inc.		42,880		6,387,405
Ryder System, Inc.		33,370		2,397,968
Werner Enterprises, Inc.		28,173		1,057,896
				20,348,557
Semiconductors & Semiconductor Equipment—2.7%
Cirrus Logic, Inc. (a)		38,325		1,468,997
Cree, Inc. (a)		63,169		2,625,935
Semiconductors & Semiconductor Equipment—(Continued)
Cypress Semiconductor Corp. (b)		225,312		3,510,361
First Solar, Inc. (a)		51,358		2,704,512
Integrated Device Technology, Inc. (a)		81,242		2,589,995
MKS Instruments, Inc.		34,368		3,289,018
Monolithic Power Systems, Inc.		24,394		3,260,746
Silicon Laboratories, Inc. (a)		27,171		2,706,232
Synaptics, Inc. (a)		21,754		1,095,749
Teradyne, Inc.		120,242		4,577,613
Versum Materials, Inc.		68,470		2,543,660
				30,372,818
Software—3.5%
ACI Worldwide, Inc. (a)		73,173		1,805,178
Blackbaud, Inc.		30,499		3,124,623
CDK Global, Inc. (b)		77,752		5,057,768
CommVault Systems, Inc. (a)		26,584		1,750,556
Fair Isaac Corp. (a)		18,755		3,625,717
Fortinet, Inc. (a)		90,858		5,672,265
Manhattan Associates, Inc. (a)		41,996		1,974,232
PTC, Inc. (a)		72,520		6,803,101
Tyler Technologies, Inc. (a) (b)		22,379		4,970,376
Ultimate Software Group, Inc. (The) (a)		18,279		4,703,369
				39,487,185
Specialty Retail—2.1%
Aaron’s, Inc.		38,906		1,690,466
American Eagle Outfitters, Inc.		105,451		2,451,736
AutoNation, Inc. (a)		37,112		1,802,901
Bed Bath & Beyond, Inc. (b)		88,016		1,753,719
Dick’s Sporting Goods, Inc. (b)		48,974		1,726,333
Five Below, Inc. (a)		34,956		3,415,551
Michaels Cos., Inc. (The) (a)		69,795		1,337,970
Murphy USA, Inc. (a)		19,424		1,443,009
Sally Beauty Holdings, Inc. (a) (b)		76,735		1,230,062
Signet Jewelers, Ltd.		37,085		2,067,489
Urban Outfitters, Inc. (a)		50,541		2,251,601
Williams-Sonoma, Inc. (b)		48,120		2,953,606
				24,124,443
Technology Hardware, Storage & Peripherals—0.2%
NCR Corp. (a)		74,351		2,229,043
Textiles, Apparel & Luxury Goods—0.7%
Carter’s, Inc.		29,502		3,197,722
Deckers Outdoor Corp. (a)		19,137		2,160,376
Skechers USA, Inc. - Class A (a)		85,350		2,561,353
				7,919,451
Thrifts & Mortgage Finance—0.5%
LendingTree, Inc. (a)		4,946		1,057,455
New York Community Bancorp, Inc. (b)		308,212		3,402,661
Washington Federal, Inc.		53,092		1,736,108
				6,196,224

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—0.8%
GATX Corp. (b)		23,694	$	1,758,805
MSC Industrial Direct Co., Inc. - Class A		28,822		2,445,547
NOW, Inc. (a)		67,966		905,987
Watsco, Inc.		20,139		3,590,381
				8,700,720
Water Utilities—0.3%
Aqua America, Inc. (b)		111,808		3,933,405
Wireless Telecommunication Services—0.1%
Telephone & Data Systems, Inc.		58,345		1,599,820
Total Common Stocks (Cost $793,009,503)				1,106,379,294
Mutual Fund—0.4%
Investment Company Security—0.4%
SPDR S&P MidCap 400 ETF Trust (Cost $4,547,801)		12,600		4,473,252
Short-Term Investments—1.3%
Discount Notes—0.4%
Federal Home Loan Bank 1.731%, 08/03/18 (c)		1,925,000		1,921,714
1.789%, 07/20/18 (c)		250,000		249,766
1.815%, 08/01/18 (c)		875,000		873,600
1.822%, 07/25/18 (c)		1,000,000		998,805
1.879%, 08/10/18 (c)		250,000		249,480
1.900%, 08/29/18 (c)		325,000		323,995
				4,617,360
U.S. Treasury—0.9%
U.S. Treasury Bills 1.598%, 07/12/18 (d)		1,000,000		999,534
1.708%, 07/19/18 (d)		1,775,000		1,773,544
1.846%, 08/23/18 (d)		4,725,000		4,712,553
1.898%, 09/13/18 (d)		2,600,000		2,590,088
				10,075,719
Total Short-Term Investments (Cost $14,692,409)				14,693,079
Securities Lending Reinvestments (e)—8.7%
Bank Note—0.4%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (f)		4,000,000		4,000,000
Certificates of Deposit—5.2%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (f)		1,000,000		1,000,054
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (f)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (f)		2,000,000		2,002,800
Barclays Bank plc 2.430%, 08/01/18		5,500,000		5,501,633
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (f)		1,000,000		1,000,930
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (f)		2,000,000		2,000,750
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (f)		2,500,000		2,499,822
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (f)		1,250,000		1,249,811
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (f)		2,500,000		2,501,945
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (f)		2,000,000		2,000,092
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		1,987,990		1,997,200
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (f)		3,000,000		3,000,504
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		2,500,000		2,499,897
KBC Bank NV 2.280%, 08/15/18		2,000,000		2,000,220
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		3,975,708		3,989,720
Natixis New York 2.427%, 1M LIBOR + 0.370%, 02/14/19 (f)		3,000,000		3,001,269
2.548%, 3M LIBOR + 0.190%, 02/01/19 (f)		2,000,000		2,000,494
Norinchukin Bank New York 2.291%, 1M LIBOR + 0.200%, 07/23/18 (f)		500,000		499,959
2.301%, 1M LIBOR + 0.300%, 09/04/18 (f)		1,500,000		1,499,627
Royal Bank of Canada New York 2.525%, 1M LIBOR + 0.440%, 09/17/18 (f)		2,000,000		2,001,602
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (f)		2,000,000		1,999,966
2.401%, 1M LIBOR + 0.400%, 10/02/18 (f)		2,000,000		1,999,800
Standard Chartered plc 2.250%, 08/21/18		1,500,000		1,500,230
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (f)		2,500,000		2,500,220
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (f)		3,000,000		3,000,000
Wells Fargo Bank N.A. 2.502%, 3M LIBOR + 0.140%, 10/26/18 (f)		2,000,000		2,002,544
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (f)		1,500,000		1,499,901
				58,750,874

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—1.7%
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (f)		1,000,000	$	1,000,439
ING Funding LLC 2.236%, 1M LIBOR + 0.190%, 08/10/18 (f)		2,500,000		2,499,977
2.350%, 1M LIBOR + 0.320%, 02/08/19 (f)		4,000,000		4,001,168
Sheffield Receivables Co. 2.490%, 11/26/18		986,928		989,633
Starbird Funding Corp. 2.300%, 08/10/18		1,988,756		1,995,010
Toyota Motor Credit Corp. 2.310%, 09/18/18		1,984,857		1,989,844
2.320%, 07/26/18		2,979,507		2,995,857
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (f)		4,000,000		3,999,232
				19,471,160
Repurchase Agreements—1.4%
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $33,535; collateralized by various Common Stock with an aggregate market value of $37,020.		33,166		33,166
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $2,044,462; collateralized by various Common Stock with an aggregate market value of $2,232,417.		2,000,000		2,000,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $40,441; collateralized by various Common Stock with an aggregate market value of $44,864.		40,338		40,338
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $230,573; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $235,252.		230,535		230,535
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $4,192,700; collateralized by various Common Stock with an aggregate market value of $4,400,000.		4,000,000		4,000,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $1,029,110; collateralized by various Common Stock with an aggregate market value of $1,100,000.		1,000,000		1,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $100,260; collateralized by various Common Stock with an aggregate market value of $110,886.		99,638		99,638
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $101,236; collateralized by various Common Stock with an aggregate market value of $111,289.		100,000		100,000

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance Ltd. Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $3,013,012; collateralized by various Common Stock with an aggregate market value of $3,338,674.		3,000,000	$	3,000,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $1,006,564; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $68,580; collateralized by various Common Stock with an aggregate market value of $75,904.		68,207		68,207
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $100,661; collateralized by various Common Stock with an aggregate market value of $111,285.		100,000		100,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $83,041; collateralized by various Common Stock with an aggregate market value of $91,847.		82,533		82,533
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $100,587; collateralized by various Common Stock with an aggregate market value of $111,285.		100,000		100,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $4,013,173; collateralized by various Common Stock with an aggregate market value of $4,451,408.		4,000,000		4,000,000
				15,854,417
Total Securities Lending Reinvestments (Cost $98,060,859)				98,076,451
Total Investments—108.6% (Cost $910,310,572)				1,223,622,076
Other assets and liabilities (net)—(8.6)%				(96,456,587	)
Net Assets—100.0%			$	1,127,165,489

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $95,523,130 and the collateral received consisted of cash in the amount of $98,008,161. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2018 the market value of securities pledged was $2,752,100.
(d)	The rate shown represents current yield to maturity.
(e)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(f)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Depreciation
S&P Midcap 400 Index E-Mini Futures		09/21/18		79		USD	15,453,190	$	(154,020	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

Other Abbreviations

(REIT)—	Real Estate Investment Trust
(ETF)—	Exchange-Traded Fund

Fair Value Hierarchy

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

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

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

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

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

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	1,106,379,294		$	—		$	—	$	1,106,379,294
Total Mutual Fund*		4,473,252			—			—		4,473,252
Total Short-Term Investments*		—			14,693,079			—		14,693,079
Total Securities Lending Reinvestments*		—			98,076,451			—		98,076,451
Total Investments	$	1,110,852,546		$	112,769,530		$	—	$	1,223,622,076
Collateral for Securities Loaned (Liability)	$	—		$	(98,008,161	)	$	—	$	(98,008,161	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(154,020	)	$	—		$	—	$	(154,020	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,223,622,076
Cash		21,148
Receivable for:
Investments sold		8,709,862
Fund shares sold		50,388
Dividends		1,015,250
Variation margin on futures contracts		15,800
Total Assets		1,233,434,524
Liabilities
Collateral for securities loaned		98,008,161
Payables for:
Investments purchased		5,695,569
Fund shares redeemed		1,814,650
Accrued Expenses:
Management fees		232,634
Distribution and service fees		127,441
Deferred trustees’ fees		113,593
Other expenses		276,987
Total Liabilities		106,269,035
Net Assets	$	1,127,165,489
Net Assets Consist of:
Paid in surplus	$	746,374,929
Undistributed net investment income		6,405,516
Accumulated net realized gain		61,227,560
Unrealized appreciation on investments and futures contracts		313,157,484
Net Assets	$	1,127,165,489
Net Assets
Class A	$	532,577,291
Class B		408,668,321
Class E		38,139,666
Class G		147,780,211
Capital Shares Outstanding*
Class A		28,006,572
Class B		21,825,698
Class E		2,022,386
Class G		7,950,922
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.02
Class B		18.72
Class E		18.86
Class G		18.59

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $910,310,572.
(b)	Includes securities loaned at value of $95,523,130.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	8,981,616
Interest		176,105
Securities lending income		300,326
Total investment income		9,458,047
Expenses
Management fees		1,417,700
Administration fees		17,974
Custodian and accounting fees		64,117
Distribution and service fees—Class B		518,846
Distribution and service fees—Class E		29,074
Distribution and service fees—Class G		219,190
Audit and tax services		21,770
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		96,626
Insurance		3,521
Miscellaneous		61,421
Total expenses		2,492,390
Less management fee waiver		(19,516	)
Net expenses		2,472,874
Net Investment Income		6,985,173
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		63,338,022
Futures contracts		900,498
Net realized gain		64,238,520
Net change in unrealized depreciation on:
Investments		(33,926,866	)
Futures contracts		(335,833	)
Net change in unrealized depreciation		(34,262,699	)
Net realized and unrealized gain		29,975,821
Net Increase in Net Assets From Operations	$	36,960,994

(a) Net of foreign withholding taxes of $4,573.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	6,985,173		$	12,504,559
Net realized gain		64,238,520			91,129,049
Net change in unrealized appreciation (depreciation)		(34,262,699	)		61,164,045
Increase in net assets from operations		36,960,994			164,797,653
From Distributions to Shareholders
Net investment income
Class A		(6,587,503	)		(7,049,030	)
Class B		(4,118,932	)		(4,872,736	)
Class E		(417,724	)		(484,668	)
Class G		(1,437,985	)		(1,663,693	)
Net realized capital gains
Class A		(43,113,543	)		(32,132,259	)
Class B		(33,795,334	)		(26,576,624	)
Class E		(3,122,720	)		(2,460,772	)
Class G		(12,215,608	)		(9,113,829	)
Total distributions		(104,809,349	)		(84,353,611	)
Increase in net assets from capital share transactions		32,933,094			5,767,226
Total increase (decrease) in net assets		(34,915,261	)		86,211,268
Net Assets
Beginning of period		1,162,080,750			1,075,869,482
End of period	$	1,127,165,489		$	1,162,080,750
Undistributed net investment income
End of period	$	6,405,516		$	11,982,487

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		620,920		$	12,670,426			3,333,449		$	62,740,951
Reinvestments		2,563,231			49,701,046			2,113,338			39,181,289
Redemptions		(2,115,576	)		(43,166,359	)		(4,666,967	)		(88,550,204	)
Net increase		1,068,575		$	19,205,113			779,820		$	13,372,036
Class B
Sales		198,976		$	3,984,061			760,758		$	14,432,396
Reinvestments		1,986,080			37,914,266			1,720,424			31,449,360
Redemptions		(1,780,878	)		(35,627,977	)		(3,035,028	)		(57,912,482	)
Net increase (decrease)		404,178		$	6,270,350			(553,846	)	$	(12,030,726	)
Class E
Sales		30,297		$	612,098			67,080		$	1,286,199
Reinvestments		184,110			3,540,444			160,078			2,945,440
Redemptions		(187,174	)		(3,779,720	)		(325,322	)		(6,259,722	)
Net increase (decrease)		27,233		$	372,822			(98,164	)	$	(2,028,083	)
Class G
Sales		434,114		$	8,698,705			1,097,750		$	20,684,599
Reinvestments		720,506			13,653,593			593,149			10,777,522
Redemptions		(768,014	)		(15,267,489	)		(1,319,461	)		(25,008,122	)
Net increase		386,606		$	7,084,809			371,438		$	6,453,999
Increase derived from capital shares transactions				$	32,933,094					$	5,767,226

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.24		$	18.89		$	17.23		$	19.01		$	18.45		$	14.47
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.24			0.27			0.24			0.24			0.18
Net realized and unrealized gain (loss) on investments		0.58			2.63			3.04			(0.57	)		1.41			4.46
Total from investment operations		0.72			2.87			3.31			(0.33	)		1.65			4.64
Less Distributions
Distributions from net investment income		(0.26	)		(0.27	)		(0.24	)		(0.23	)		(0.20	)		(0.19	)
Distributions from net realized capital gains		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)
Total distributions		(1.94	)		(1.52	)		(1.65	)		(1.45	)		(1.09	)		(0.66	)
Net Asset Value, End of Period	$	19.02		$	20.24		$	18.89		$	17.23		$	19.01		$	18.45
Total Return (%) (b)		3.37	(c)		15.95			20.43			(2.35	)		9.49			33.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.30	(d)		0.30			0.30			0.30			0.30			0.30
Net ratio of expenses to average net assets (%) (e)		0.30	(d)		0.29			0.29			0.29			0.30			0.30
Ratio of net investment income to average net assets (%)		1.37	(d)		1.26			1.53			1.30			1.33			1.09
Portfolio turnover rate (%)		13	(c)		23			28			25			17			16
Net assets, end of period (in millions)	$	532.6		$	545.3		$	494.1		$	411.5		$	399.6		$	370.0
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	19.93		$	18.63		$	17.01		$	18.79		$	18.25		$	14.32
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.19			0.22			0.19			0.19			0.14
Net realized and unrealized gain (loss) on investments		0.57			2.59			3.00			(0.57	)		1.39			4.42
Total from investment operations		0.68			2.78			3.22			(0.38	)		1.58			4.56
Less Distributions
Distributions from net investment income		(0.21	)		(0.23	)		(0.19	)		(0.18	)		(0.15	)		(0.16	)
Distributions from net realized capital gains		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)
Total distributions		(1.89	)		(1.48	)		(1.60	)		(1.40	)		(1.04	)		(0.63	)
Net Asset Value, End of Period	$	18.72		$	19.93		$	18.63		$	17.01		$	18.79		$	18.25
Total Return (%) (b)		3.21	(c)		15.63			20.14			(2.62	)		9.23			32.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.55	(d)		0.55			0.55			0.55			0.55			0.55
Net ratio of expenses to average net assets (%) (e)		0.55	(d)		0.54			0.54			0.54			0.55			0.55
Ratio of net investment income to average net assets (%)		1.12	(d)		1.01			1.28			1.04			1.08			0.83
Portfolio turnover rate (%)		13	(c)		23			28			25			17			16
Net assets, end of period (in millions)	$	408.7		$	427.0		$	409.3		$	374.7		$	404.0		$	388.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.07		$	18.75		$	17.10		$	18.89		$	18.33		$	14.38
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.21			0.24			0.21			0.21			0.15
Net realized and unrealized gain (loss) on investments		0.58			2.61			3.03			(0.59	)		1.41			4.44
Total from investment operations		0.70			2.82			3.27			(0.38	)		1.62			4.59
Less Distributions
Distributions from net investment income		(0.23	)		(0.25	)		(0.21	)		(0.19	)		(0.17	)		(0.17	)
Distributions from net realized capital gains		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)
Total distributions		(1.91	)		(1.50	)		(1.62	)		(1.41	)		(1.06	)		(0.64	)
Net Asset Value, End of Period	$	18.86		$	20.07		$	18.75		$	17.10		$	18.89		$	18.33
Total Return (%) (b)		3.29	(c)		15.80			20.26			(2.58	)		9.39			32.95
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.45	(d)		0.45			0.45			0.45			0.45			0.45
Net ratio of expenses to average net assets (%) (e)		0.45	(d)		0.44			0.44			0.44			0.45			0.45
Ratio of net investment income to average net assets (%)		1.22	(d)		1.11			1.38			1.13			1.17			0.93
Portfolio turnover rate (%)		13	(c)		23			28			25			17			16
Net assets, end of period (in millions)	$	38.1		$	40.0		$	39.2		$	36.7		$	42.4		$	45.0
	Class G
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	19.80		$	18.52		$	16.92		$	18.70		$	18.16		$	14.26
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.18			0.21			0.18			0.18			0.13
Net realized and unrealized gain (loss) on investments		0.56			2.58			2.98			(0.57	)		1.39			4.40
Total from investment operations		0.67			2.76			3.19			(0.39	)		1.57			4.53
Less Distributions
Distributions from net investment income		(0.20	)		(0.23	)		(0.18	)		(0.17	)		(0.14	)		(0.16	)
Distributions from net realized capital gains		(1.68	)		(1.25	)		(1.41	)		(1.22	)		(0.89	)		(0.47	)
Total distributions		(1.88	)		(1.48	)		(1.59	)		(1.39	)		(1.03	)		(0.63	)
Net Asset Value, End of Period	$	18.59		$	19.80		$	18.52		$	16.92		$	18.70		$	18.16
Total Return (%) (b)		3.20	(c)		15.60			20.08			(2.68	)		9.21			32.75
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60	(d)		0.60			0.60			0.60			0.60			0.60
Net ratio of expenses to average net assets (%) (e)		0.60	(d)		0.59			0.59			0.59			0.60			0.60
Ratio of net investment income to average net assets (%)		1.07	(d)		0.96			1.24			1.00			1.02			0.79
Portfolio turnover rate (%)		13	(c)		23			28			25			17			16
Net assets, end of period (in millions)	$	147.8		$	149.8		$	133.2		$	104.0		$	105.2		$	103.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

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

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

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

BHFTII-16

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

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

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

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

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-17

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $15,854,417. The value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

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

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

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial

BHFTII-18

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	154,020

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	900,498
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(335,833	)

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	11,467

‡ Averages are based on activity levels during the period.

4. Certain Risks

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

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

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

BHFTII-19

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	147,090,305	$	0	$	202,045,102

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2018 were $1,417,700.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.030%	On the first $500 million
0.020%	On the next $500 million
0.010%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2018 were $131,092.

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical expense agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

BHFTII-20

Brighthouse Funds Trust II

MetLife Mid Cap Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	912,995,908
Gross unrealized appreciation		356,356,354
Gross unrealized depreciation		(45,884,206	)
Net unrealized appreciation (depreciation)	$	310,472,148

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$15,139,291	$	11,053,120	$	69,214,320	$	74,642,237	$	84,353,611	$	85,695,357

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$17,163,517	$	87,039,116	$	344,553,034	$	—	$	448,755,667

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

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-21

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, E, and G shares of the MetLife MSCI EAFE Index Portfolio returned -2.72%, -2.82%, -2.76%, and -2.80%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned -2.75%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2018, equity markets rallied on optimism about the impact of U.S. tax reform, better than expected macroeconomic data and the strength of corporate earnings. Companies that reported better than expected earnings include Apple, Disney, Celgene, and Occidental Petroleum. During the first quarter, equity markets declined as the 10-year Treasury yield reached its highest level since 2014, driven by a more hawkish Federal Reserve (the “Fed”) and higher than expected wage growth. Other factors that weighed on the equity markets included President Trump’s plan to impose tariffs on steel and aluminum imports and the Fed Chair Powell hinting at the possibility of four rate hikes this year during his Congressional testimony. During the second quarter, equity markets rallied as trade negotiations eased concerns of a global trade war and leaders of North and South Korea met for the first time since 2007. However, equity investors still had issues to be concerned about including unrest in the Middle East, political uncertainty in Italy and the U.S. withdrawal from the Iran nuclear deal.

The U.S. dollar strengthened during the six-month period, which negatively impacted the U.S. investors’ MSCI EAFE Index return versus the local currency return by approximately 1.8%.

Six of the twenty-one countries comprising the MSCI EAFE Index experienced positive returns for the year. Finland (0.9% beginning weight in the benchmark), up 11.0%, was the best-performing country and had the largest positive impact on the benchmark return. Norway (0.7% beginning weight), up 5.8%, and Portugal (0.1% beginning weight), up 5.3%, were the next best-performing countries. Austria (0.3% beginning weight), down 8.3%, and Denmark (1.8% beginning weight), down 7.9%, were the worst-performing countries.

The stocks in the MSCI EAFE Index with the largest positive impact on the benchmark return for the year were CSL, up 29.6%; Total S.A, up 13.0%; and BP, up 11.1%. The stocks with the largest negative impact were British American Tobacco, down 23.6%; Mitsubishi UFJ Financial Group, down 21.2%; and Nestle, down 7.1%.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the MSCI EAFE Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across countries. The Portfolio is periodically rebalanced for compositional changes in the MSCI EAFE Index. Factors that impact tracking error include sampling, fair value pricing, transaction costs, cash drag, securities lending, NAV rounding, contributions, and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

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

BHFTII-1

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife MSCI EAFE Index Portfolio
Class A		-2.72		6.34		6.23		2.68		—
Class B		-2.82		6.03		5.95		2.43		—
Class E		-2.76		6.20		6.08		2.53		—
Class G		-2.80		6.04		5.92		—		8.62
MSCI EAFE Index		-2.75		6.84		6.44		2.84		—

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

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

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

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
iShares MSCI EAFE ETF		2.0
Nestle S.A.		1.6
HSBC Holdings plc		1.3
Novartis AG		1.1
Royal Dutch Shell plc- A Shares		1.1
Roche Holding AG		1.0
BP plc		1.0
Toyota Motor Corp.		1.0
Total S.A.		1.0
Royal Dutch Shell plc- B Shares		0.9

Top Countries

	% of Net Assets
Japan		23.1
United Kingdom		14.3
France		10.3
Germany		9.2
Switzerland		8.1
Australia		7.4
Netherlands		4.6
United States		3.9
Hong Kong		3.2
Spain		2.9

BHFTII-2

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

MetLife MSCI EAFE Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.37	%	$	1,000.00	$	972.80	$	1.81
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86
Class B (a)	Actual		0.62	%	$	1,000.00	$	971.80	$	3.03
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11
Class E (a)	Actual		0.52	%	$	1,000.00	$	972.40	$	2.54
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class G (a)	Actual		0.67	%	$	1,000.00	$	972.00	$	3.28
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.47	$	3.36

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

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

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

BHFTII-3

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—95.6% of Net Assets

Security Description	Shares		Value
Australia—7.4%
AGL Energy, Ltd.		45,920	$	764,114
Alumina, Ltd.		191,453		395,677
Amcor, Ltd.		83,280		888,063
AMP, Ltd.		197,480		519,023
APA Group		80,604		586,257
Aristocrat Leisure, Ltd.		41,217		939,626
ASX, Ltd.		14,426		688,994
Aurizon Holdings, Ltd.		157,842		506,654
AusNet Services		135,720		161,520
Australia & New Zealand Banking Group, Ltd.		210,073		4,402,309
Bank of Queensland, Ltd.		24,917		187,423
Bendigo & Adelaide Bank, Ltd.		35,779		288,291
BGP Holdings plc (a)(b)(c)		713,624		0
BHP Billiton plc		154,705		3,463,326
BHP Billiton, Ltd.		234,635		5,869,844
BlueScope Steel, Ltd.		45,759		582,335
Boral, Ltd.		86,560		417,032
Brambles, Ltd.		109,798		721,423
Caltex Australia, Ltd.		18,604		448,588
Challenger, Ltd.		44,035		386,537
CIMIC Group, Ltd.		8,428		263,224
Coca-Cola Amatil, Ltd.		42,510		288,799
Cochlear, Ltd.		4,099		608,447
Commonwealth Bank of Australia		127,215		6,877,370
Computershare, Ltd.		28,910		395,052
Crown Resorts, Ltd.		29,464		294,598
CSL, Ltd.		32,919		4,698,523
Dexus (REIT)		77,269		556,259
Domino’s Pizza Enterprises, Ltd.		4,557		175,717
Flight Centre Travel Group, Ltd.		4,135		194,363
Fortescue Metals Group, Ltd.		125,869		407,659
Goodman Group (REIT)		118,280		842,916
GPT Group (The) (REIT)		140,241		526,137
Healthscope, Ltd.		130,293		212,754
Incitec Pivot, Ltd.		131,085		352,986
Insurance Australia Group, Ltd.		184,566		1,167,440
Lend Lease Group (REIT)		39,184		575,436
Macquarie Group, Ltd.		23,361		2,143,638
Medibank Private, Ltd.		199,900		432,100
Mirvac Group (REIT)		272,935		438,791
National Australia Bank, Ltd.		198,109		4,026,040
Newcrest Mining, Ltd.		51,539		834,086
Oil Search, Ltd.		104,563		689,767
Orica, Ltd.		26,176		343,978
Origin Energy, Ltd. (d)		119,590		890,558
QBE Insurance Group, Ltd.		110,125		794,956
Ramsay Health Care, Ltd.		10,616		424,119
REA Group, Ltd.		4,158		279,955
Rio Tinto plc		87,914		4,850,546
Rio Tinto, Ltd.		31,207		1,934,245
Santos, Ltd. (d)		145,305		676,196
Scentre Group (REIT)		367,395		1,194,998
Seek, Ltd.		22,233		359,886
Sonic Healthcare, Ltd.		32,696		593,725
South32, Ltd.		363,229		976,650
Stockland (REIT)		162,137		477,083
Suncorp Group, Ltd.		95,658		1,034,067
Australia—(Continued)
Sydney Airport		80,467		425,510
Tabcorp Holdings, Ltd.		153,298		506,586
Telstra Corp., Ltd.		309,539		598,711
Transurban Group		155,536		1,379,023
Treasury Wine Estates, Ltd.		53,467		689,398
Vicinity Centres (REIT)		252,185		483,126
Wesfarmers, Ltd.		80,874		2,961,198
Westpac Banking Corp.		248,548		5,407,211
Woodside Petroleum, Ltd.		65,682		1,725,696
Woolworths Group, Ltd.		97,245		2,199,218
				80,425,777
Austria—0.2%
Andritz AG		5,828		309,190
Erste Group Bank AG (d)		20,408		850,584
OMV AG		9,828		556,641
Raiffeisen Bank International AG		9,390		287,572
Voestalpine AG		9,525		438,126
				2,442,113
Belgium—1.0%
Ageas		12,505		630,380
Anheuser-Busch InBev S.A.		55,258		5,573,183
Colruyt S.A.		4,373		249,336
Groupe Bruxelles Lambert S.A.		5,864		617,783
KBC Group NV		17,769		1,369,425
Proximus SADP		11,920		268,798
Solvay S.A.		5,735		721,808
Telenet Group Holding NV (d)		4,184		194,979
UCB S.A.		9,619		753,881
Umicore S.A.		15,189		867,411
				11,246,984
Chile—0.0%
Antofagasta plc		26,957		350,331
China—0.1%
BOC Hong Kong Holdings, Ltd.		258,465		1,211,869
Minth Group, Ltd.		54,000		226,236
				1,438,105
Denmark—1.6%
AP Moller - Maersk A/S - Class A		274		324,491
AP Moller - Maersk A/S - Class B		493		613,019
Carlsberg A/S - Class B		7,850		924,069
Chr Hansen Holding A/S		7,473		689,321
Coloplast A/S - Class B		8,619		860,684
Danske Bank A/S		53,890		1,683,918
DSV A/S		14,050		1,133,776
Genmab A/S (d)		4,236		653,175
H Lundbeck A/S		5,421		380,549
ISS A/S		12,164		417,643
Novo Nordisk A/S - Class B		128,576		5,937,382
Novozymes A/S - B Shares		16,399		830,110
Orsted A/S (e)		14,039		850,276

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Denmark—(Continued)
Pandora A/S		7,708	$	538,577
Tryg A/S		8,735		204,928
Vestas Wind Systems A/S		15,474		956,388
William Demant Holding A/S (d)		5,311		213,542
				17,211,848
Finland—1.0%
Elisa Oyj		9,227		427,200
Fortum Oyj		30,377		724,413
Kone Oyj - Class B		26,344		1,341,227
Metso Oyj		7,511		251,349
Neste Oyj		9,073		709,244
Nokia Oyj		432,039		2,477,946
Nokian Renkaat Oyj		7,495		295,354
Orion Oyj - Class B		8,084		217,415
Sampo Oyj - A Shares		32,484		1,583,711
Stora Enso Oyj - R Shares		40,497		791,007
UPM-Kymmene Oyj		37,640		1,343,761
Wartsila Oyj Abp		31,392		616,053
				10,778,680
France—10.3%
Accor S.A.		13,973		684,333
Aeroports de Paris		2,209		499,001
Air Liquide S.A.		30,993		3,891,429
Airbus SE		42,287		4,941,385
Alstom S.A.		9,907		454,880
Amundi S.A.		4,463		308,564
Arkema S.A.		5,073		599,291
Atos SE		7,084		965,120
AXA S.A.		140,288		3,436,213
BioMerieux		3,058		274,193
BNP Paribas S.A.		81,356		5,041,736
Bollore S.A.		61,600		286,241
Bouygues S.A.		14,921		642,197
Bureau Veritas S.A.		19,643		523,679
Capgemini SE		11,166		1,498,516
Carrefour S.A.		42,889		691,994
Casino Guichard Perrachon S.A. (e)		4,364		169,108
Cie de St-Gobain		37,286		1,662,507
Cie Generale des Etablissements Michelin		12,172		1,479,864
CNP Assurances		10,520		238,994
Covivio		3,163		328,868
Credit Agricole S.A.		81,608		1,087,677
Danone S.A.		44,560		3,265,854
Dassault Aviation S.A.		183		348,147
Dassault Systemes SE		9,434		1,319,865
Edenred		17,136		540,683
Eiffage S.A.		5,760		626,007
Electricite de France S.A.		42,972		588,927
Engie S.A.		134,009		2,050,420
Essilor International Cie Generale d’Optique S.A.		15,153		2,137,512
Eurazeo S.A. (e)		2,731		206,877
Eutelsat Communications S.A.		14,990		310,378
Faurecia S.A.		5,604		398,698
Gecina S.A. (REIT)		3,720		621,888
France—(Continued)
Getlink SE		32,808		449,708
Hermes International		2,306		1,409,128
ICADE (REIT)		2,561		240,027
Iliad S.A.		1,762		278,152
Imerys S.A.		2,253		181,483
Ingenico Group S.A.		4,093		367,252
Ipsen S.A.		2,947		461,792
JCDecaux S.A.		4,706		157,264
Kering S.A.		5,564		3,137,739
Klepierre S.A. (REIT)		16,658		626,444
L’Oreal S.A.		18,104		4,465,772
Legrand S.A.		18,736		1,372,008
LVMH Moet Hennessy Louis Vuitton SE		20,298		6,745,994
Natixis S.A.		61,192		433,166
Orange S.A.		146,174		2,444,620
Pernod-Ricard S.A. (e)		15,201		2,480,500
Peugeot S.A.		40,345		919,801
Publicis Groupe S.A.		15,420		1,059,409
Remy Cointreau S.A.		1,860		240,745
Renault S.A. (e)		14,189		1,204,106
Rexel S.A.		20,752		298,124
Safran S.A.		24,628		2,986,923
Sanofi		82,145		6,576,147
Schneider Electric SE		38,681		3,216,743
SCOR SE		11,686		433,401
SEB S.A.		1,809		315,378
Societe BIC S.A.		2,149		199,150
Societe Generale S.A.		55,187		2,323,308
Sodexo S.A.		6,778		677,010
Suez		28,840		373,859
Teleperformance SE		4,265		753,156
Thales S.A.		7,807		1,004,934
Total S.A.		174,203		10,591,254
UBISOFT Entertainment S.A. (d)		5,696		623,082
Unibail-Rodamco-Westfield		7,391		1,627,067
Unibail-Rodamco-Westfield (d)		2,536		558,279
Valeo S.A.		18,217		994,125
Veolia Environnement S.A.		38,959		833,297
Vinci S.A.		37,291		3,580,851
Vivendi S.A.		76,316		1,866,582
Wendel S.A.		2,267		311,919
				110,940,745
Germany—8.7%
1&1 Drillisch AG		3,915		222,751
adidas AG		13,435		2,933,262
Allianz SE		32,433		6,700,470
Axel Springer SE		3,006		217,344
BASF SE		66,273		6,334,027
Bayer AG		65,211		7,183,187
Bayerische Motoren Werke AG		23,596		2,139,773
Beiersdorf AG		7,090		804,956
Brenntag AG		11,405		635,095
Commerzbank AG (d)		77,199		739,523
Continental AG		8,198		1,873,381
Covestro AG		13,863		1,235,853

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Germany—(Continued)
Daimler AG		66,196	$	4,257,791
Delivery Hero AG (d)		6,695		356,233
Deutsche Bank AG		146,810		1,587,383
Deutsche Boerse AG		14,033		1,869,307
Deutsche Lufthansa AG		17,782		427,522
Deutsche Post AG		69,709		2,275,534
Deutsche Telekom AG (d)		241,713		3,750,419
Deutsche Wohnen SE		24,681		1,191,771
E.ON SE		159,780		1,706,593
Evonik Industries AG		13,109		448,665
Fraport AG Frankfurt Airport Services Worldwide		3,260		314,310
Fresenius Medical Care AG & Co. KGaA		15,649		1,579,327
Fresenius SE & Co. KGaA		30,614		2,457,667
GEA Group AG		14,300		481,913
Hannover Rueck SE		4,145		516,674
HeidelbergCement AG		10,444		878,977
Henkel AG & Co. KGaA		7,933		882,434
HOCHTIEF AG		1,646		297,338
Hugo Boss AG		4,934		447,374
Infineon Technologies AG		84,354		2,149,158
Innogy SE		11,200		479,639
K&S AG		14,121		348,416
KION Group AG		5,441		390,893
LANXESS AG		5,571		434,058
Linde AG		13,532		3,228,491
MAN SE		3,022		341,903
Merck KGaA		9,421		919,611
METRO AG		15,747		194,532
MTU Aero Engines AG		3,839		737,183
Muenchener Rueckversicherungs-Gesellschaft AG		11,285		2,391,038
OSRAM Licht AG		7,381		301,411
ProSiebenSat.1 Media SE		14,779		374,652
Puma SE		141		82,310
Puma SE		463		270,828
RWE AG		39,146		892,032
SAP SE		71,302		8,235,546
Siemens AG		55,353		7,313,290
Siemens Healthineers AG (d)		10,900		449,834
Symrise AG		8,745		766,456
Telefonica Deutschland Holding AG		58,800		231,691
ThyssenKrupp AG		31,577		768,100
TUI AG		30,068		659,800
Uniper SE		14,858		442,845
United Internet AG		8,781		502,675
Volkswagen AG		2,495		412,548
Vonovia SE		35,809		1,703,446
Wirecard AG		8,665		1,394,494
Zalando SE (d)		8,719		486,878
				93,650,612
Hong Kong—3.2%
AIA Group, Ltd.		879,000		7,609,855
ASM Pacific Technology, Ltd.		19,600		246,134
Bank of East Asia, Ltd. (The)		103,920		413,487
CK Asset Holdings, Ltd.		188,440		1,488,933
CK Hutchison Holdings, Ltd.		201,440		2,126,028
Hong Kong—(Continued)
CK Infrastructure Holdings, Ltd.		39,000		288,686
CLP Holdings, Ltd.		116,377		1,248,641
Dairy Farm International Holdings, Ltd.		24,600		216,319
Galaxy Entertainment Group, Ltd.		173,000		1,327,891
Hang Lung Group, Ltd.		74,000		207,125
Hang Lung Properties, Ltd.		162,000		332,720
Hang Seng Bank, Ltd.		54,400		1,353,860
Henderson Land Development Co., Ltd.		91,192		479,980
HK Electric Investments & HK Electric Investments, Ltd.		197,500		188,728
HKT Trust & HKT, Ltd.		277,980		355,872
Hong Kong & China Gas Co., Ltd.		693,469		1,323,344
Hong Kong Exchanges and Clearing, Ltd.		84,300		2,525,972
Hongkong Land Holdings, Ltd.		75,000		536,562
Hysan Development Co., Ltd.		45,000		250,439
Jardine Matheson Holdings, Ltd.		16,900		1,065,023
Jardine Strategic Holdings, Ltd.		14,600		531,894
Kerry Properties, Ltd.		57,500		274,716
Li & Fung, Ltd.		439,600		160,497
Link REIT (REIT)		162,641		1,478,684
Melco Resorts & Entertainment, Ltd. (ADR)		19,800		554,400
MTR Corp., Ltd.		110,500		608,839
New World Development Co., Ltd.		463,707		648,035
NWS Holdings, Ltd.		99,000		171,038
PCCW, Ltd.		316,000		177,820
Power Assets Holdings, Ltd.		107,549		751,834
Shangri-La Asia, Ltd.		98,000		183,421
Sino Land Co., Ltd.		247,600		401,592
SJM Holdings, Ltd.		144,000		178,925
Sun Hung Kai Properties, Ltd.		116,250		1,744,203
Swire Pacific, Ltd. - Class A		36,817		389,014
Swire Properties, Ltd.		83,600		308,983
Techtronic Industries Co., Ltd.		95,000		527,518
WH Group, Ltd.		654,000		528,768
Wharf Holdings, Ltd. (The)		87,976		281,801
Wharf Real Estate Investment Co., Ltd.		87,976		624,751
Wheelock & Co., Ltd.		68,000		472,667
Yue Yuen Industrial Holdings, Ltd.		50,500		141,727
				34,726,726
Ireland—0.6%
AerCap Holdings NV (d)		10,200		552,330
AIB Group plc		60,112		325,828
Bank of Ireland Group plc		80,170		624,755
CRH plc		63,163		2,231,796
James Hardie Industries plc		31,140		523,306
Kerry Group plc - Class A		11,539		1,204,916
Paddy Power Betfair plc		6,200		695,153
Smurfit Kappa Group plc		16,402		659,837
				6,817,921
Israel—0.5%
Azrieli Group, Ltd.		3,090		153,492
Bank Hapoalim B.M.		79,475		538,867
Bank Leumi Le-Israel B.M.		109,068		645,581
Bezeq The Israeli Telecommunication Corp., Ltd.		160,513		180,708
Check Point Software Technologies, Ltd. (d)		8,500		830,280

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Israel—(Continued)
Elbit Systems, Ltd.		1,987	$	233,871
Frutarom Industries, Ltd.		3,269		321,296
Israel Chemicals, Ltd.		54,463		249,527
Mizrahi Tefahot Bank, Ltd.		11,922		219,269
Nice, Ltd. (d)		4,746		492,264
Teva Pharmaceutical Industries, Ltd. (ADR)		70,353		1,710,985
				5,576,140
Italy—2.0%
Assicurazioni Generali S.p.A.		93,308		1,562,059
Atlantia S.p.A.		36,067		1,064,688
Davide Campari-Milano S.p.A.		42,874		352,279
Enel S.p.A.		602,326		3,336,252
Eni S.p.A.		184,398		3,423,000
Ferrari NV		8,377		1,136,662
Intesa Sanpaolo S.p.A.		969,775		2,806,431
Intesa Sanpaolo S.p.A. - Risparmio Shares		65,400		197,733
Leonardo S.p.A.		28,782		284,128
Luxottica Group S.p.A.		13,581		875,499
Mediobanca S.p.A.		44,816		415,220
Moncler S.p.A.		13,024		592,313
Pirelli & C S.p.A. (d)		29,117		242,796
Poste Italiane S.p.A.		41,357		345,221
Prysmian S.p.A.		14,296		355,138
Recordati S.p.A.		8,194		325,068
Snam S.p.A.		162,854		678,281
Telecom Italia S.p.A. (d)		826,906		613,513
Telecom Italia S.p.A. - Risparmio Shares		437,140		284,794
Terna Rete Elettrica Nazionale S.p.A.		92,957		501,492
UniCredit S.p.A.		142,434		2,368,389
				21,760,956
Japan—23.1%
ABC-Mart, Inc.		2,500		136,615
Aeon Co., Ltd.		41,500		886,965
AEON Financial Service Co., Ltd.		8,400		178,253
Air Water, Inc.		10,000		183,260
Aisin Seiki Co., Ltd.		10,600		482,347
Ajinomoto Co., Inc.		31,900		602,118
Alfresa Holdings Corp.		15,300		359,112
Alps Electric Co., Ltd.		13,100		335,857
Amada Holdings Co., Ltd.		27,000		258,949
ANA Holdings, Inc.		8,400		308,005
Aozora Bank, Ltd.		9,600		364,896
Asahi Glass Co., Ltd.		12,600		489,797
Asahi Group Holdings, Ltd.		27,300		1,396,275
Asahi Kasei Corp.		97,000		1,230,636
Asics Corp.		11,000		185,622
Astellas Pharma, Inc.		141,100		2,148,635
Bandai Namco Holdings, Inc.		16,000		658,984
Bank of Kyoto, Ltd. (The)		4,400		203,341
Benesse Holdings, Inc.		5,400		191,356
Bridgestone Corp.		44,400		1,733,990
Brother Industries, Ltd.		16,400		323,249
Calbee, Inc. (e)		5,500		206,690
Canon, Inc.		72,900		2,386,625
Japan—(Continued)
Casio Computer Co., Ltd.		16,900		274,499
Central Japan Railway Co.		10,800		2,238,218
Chiba Bank, Ltd. (The)		49,000		345,089
Chubu Electric Power Co., Inc.		45,700		684,663
Chugai Pharmaceutical Co., Ltd.		16,800		879,558
Chugoku Electric Power Co., Inc. (The)		23,700		306,158
Coca-Cola Bottlers Japan Holdings, Inc.		9,900		395,116
Concordia Financial Group, Ltd.		83,000		421,698
Credit Saison Co., Ltd.		10,500		164,974
CyberAgent, Inc.		7,400		443,973
Dai Nippon Printing Co., Ltd.		20,000		446,853
Dai-ichi Life Holdings, Inc.		75,800		1,347,667
Daicel Corp.		22,000		243,026
Daifuku Co., Ltd.		7,400		323,346
Daiichi Sankyo Co., Ltd.		42,100		1,609,731
Daikin Industries, Ltd.		18,200		2,175,774
Daito Trust Construction Co., Ltd.		5,200		844,691
Daiwa House Industry Co., Ltd.		42,500		1,446,409
Daiwa House REIT Investment Co. (REIT)		110		260,897
Daiwa Securities Group, Inc.		118,000		684,341
DeNA Co., Ltd.		7,900		147,972
Denso Corp.		31,000		1,507,359
Dentsu, Inc.		16,600		785,455
Disco Corp.		2,300		391,455
Don Quijote Holdings Co., Ltd.		8,200		393,249
East Japan Railway Co.		22,300		2,134,773
Eisai Co., Ltd.		18,200		1,278,965
Electric Power Development Co., Ltd.		10,900		281,145
FamilyMart UNY Holdings Co., Ltd.		5,200		546,602
FANUC Corp.		14,000		2,774,488
Fast Retailing Co., Ltd.		4,300		1,971,247
Fuji Electric Co., Ltd.		43,000		326,773
FUJIFILM Holdings Corp.		29,400		1,146,405
Fujitsu, Ltd.		146,000		883,911
Fukuoka Financial Group, Inc.		53,000		266,002
Hakuhodo DY Holdings, Inc.		17,600		282,056
Hamamatsu Photonics KK		9,600		411,440
Hankyu Hanshin Holdings, Inc.		16,400		658,829
Hikari Tsushin, Inc.		1,800		315,935
Hino Motors, Ltd.		19,000		202,209
Hirose Electric Co., Ltd.		2,415		298,906
Hisamitsu Pharmaceutical Co., Inc.		4,500		379,155
Hitachi Chemical Co., Ltd.		8,500		171,156
Hitachi Construction Machinery Co., Ltd.		8,900		288,445
Hitachi High-Technologies Corp.		5,500		223,990
Hitachi Metals, Ltd.		20,000		207,327
Hitachi, Ltd.		351,000		2,471,348
Honda Motor Co., Ltd.		118,800		3,481,935
Hoshizaki Corp.		4,100		414,245
Hoya Corp.		29,000		1,646,269
Hulic Co., Ltd.		17,100		181,976
Idemitsu Kosan Co., Ltd.		10,500		373,594
IHI Corp.		12,200		424,270
Iida Group Holdings Co., Ltd.		12,700		244,615
Inpex Corp.		71,100		734,495
Isetan Mitsukoshi Holdings, Ltd.		26,900		335,562
Isuzu Motors, Ltd.		43,700		579,358

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
ITOCHU Corp.		105,400	$	1,906,817
J Front Retailing Co., Ltd.		17,900		271,631
Japan Airlines Co., Ltd.		8,400		297,539
Japan Airport Terminal Co., Ltd.		3,500		163,690
Japan Exchange Group, Inc.		38,100		707,225
Japan Post Bank Co., Ltd.		30,800		357,893
Japan Post Holdings Co., Ltd.		119,400		1,306,616
Japan Prime Realty Investment Corp. (REIT)		51		185,251
Japan Real Estate Investment Corp. (REIT)		96		507,700
Japan Retail Fund Investment Corp. (REIT)		202		364,238
Japan Tobacco, Inc.		79,300		2,214,211
JFE Holdings, Inc.		35,100		661,811
JGC Corp.		14,000		281,605
JSR Corp.		11,000		186,632
JTEKT Corp.		20,000		271,484
JXTG Holdings, Inc.		237,600		1,649,072
Kajima Corp.		64,000		494,885
Kakaku.com, Inc.		10,700		241,038
Kamigumi Co., Ltd.		8,500		176,130
Kaneka Corp.		22,000		196,881
Kansai Electric Power Co., Inc. (The)		55,000		800,626
Kansai Paint Co., Ltd.		10,300		213,480
Kao Corp.		35,200		2,681,635
Kawasaki Heavy Industries, Ltd.		12,400		363,533
KDDI Corp.		132,600		3,623,723
Keihan Holdings Co., Ltd.		7,800		279,657
Keikyu Corp.		18,000		294,843
Keio Corp.		9,000		434,964
Keisei Electric Railway Co., Ltd.		10,000		342,950
Keyence Corp.		7,100		4,002,496
Kikkoman Corp.		12,000		604,350
Kintetsu Group Holdings Co., Ltd.		14,012		571,391
Kirin Holdings Co., Ltd.		60,300		1,611,138
Kobayashi Pharmaceutical Co., Ltd.		3,600		310,607
Kobe Steel, Ltd.		27,200		248,535
Koito Manufacturing Co., Ltd.		7,700		507,755
Komatsu, Ltd.		65,500		1,863,471
Konami Holdings Corp.		7,300		370,907
Konica Minolta, Inc.		37,000		342,444
Kose Corp.		2,300		494,467
Kubota Corp.		70,700		1,109,723
Kuraray Co., Ltd.		24,500		336,844
Kurita Water Industries, Ltd.		7,100		202,195
Kyocera Corp.		22,700		1,274,882
Kyowa Hakko Kirin Co., Ltd.		20,000		402,344
Kyushu Electric Power Co., Inc.		25,900		289,457
Kyushu Railway Co.		12,700		388,349
Lawson, Inc.		3,800		237,247
LINE Corp. (d)		5,300		217,855
Lion Corp.		19,000		348,131
LIXIL Group Corp.		19,000		379,566
M3, Inc.		15,700		624,669
Mabuchi Motor Co., Ltd.		3,600		170,948
Makita Corp.		15,200		679,603
Marubeni Corp.		122,800		935,362
Marui Group Co., Ltd.		16,000		336,573
Mazda Motor Corp.		43,000		526,357
Japan—(Continued)
McDonald’s Holdings Co. Japan, Ltd.		5,400		275,184
Mebuki Financial Group, Inc.		63,100		211,567
Medipal Holdings Corp.		10,700		214,863
MEIJI Holdings Co., Ltd.		9,600		808,732
Minebea Mitsumi, Inc.		30,800		518,724
MISUMI Group, Inc.		22,200		645,902
Mitsubishi Chemical Holdings Corp.		85,300		712,627
Mitsubishi Corp.		98,500		2,732,342
Mitsubishi Electric Corp.		131,200		1,742,445
Mitsubishi Estate Co., Ltd.		82,300		1,436,982
Mitsubishi Gas Chemical Co., Inc.		13,000		293,914
Mitsubishi Heavy Industries, Ltd.		20,800		755,779
Mitsubishi Materials Corp.		7,900		216,510
Mitsubishi Motors Corp.		44,999		358,106
Mitsubishi Tanabe Pharma Corp.		15,300		264,072
Mitsubishi UFJ Financial Group, Inc.		848,588		4,810,829
Mitsubishi UFJ Lease & Finance Co., Ltd.		41,500		254,613
Mitsui & Co., Ltd.		127,317		2,120,164
Mitsui Chemicals, Inc.		15,000		398,005
Mitsui Fudosan Co., Ltd.		65,000		1,566,099
Mitsui OSK Lines, Ltd.		7,500		180,036
Mizuho Financial Group, Inc.		1,752,400		2,947,045
MS&AD Insurance Group Holdings, Inc.		35,900		1,114,604
Murata Manufacturing Co., Ltd.		12,900		2,164,683
Nabtesco Corp.		7,500		230,240
Nagoya Railroad Co., Ltd.		14,800		381,861
NEC Corp.		20,600		564,690
Nexon Co., Ltd. (d)		32,300		468,296
NGK Insulators, Ltd.		19,300		343,087
NGK Spark Plug Co., Ltd.		12,000		341,653
NH Foods, Ltd.		7,000		282,579
Nidec Corp.		16,300		2,440,994
Nikon Corp.		22,500		356,831
Nintendo Co., Ltd.		8,100		2,642,353
Nippon Building Fund, Inc. (REIT)		88		507,433
Nippon Electric Glass Co., Ltd.		6,200		172,040
Nippon Express Co., Ltd.		5,900		427,523
Nippon Paint Holdings Co., Ltd.		9,500		408,088
Nippon Prologis REIT, Inc. (REIT)		143		296,541
Nippon Steel & Sumitomo Metal Corp.		56,300		1,103,724
Nippon Telegraph & Telephone Corp.		50,400		2,289,112
Nippon Yusen KK		12,600		249,674
Nissan Chemical Industries, Ltd.		10,000		465,684
Nissan Motor Co., Ltd.		166,900		1,621,111
Nisshin Seifun Group, Inc.		15,700		331,883
Nissin Foods Holdings Co., Ltd.		4,700		339,578
Nitori Holdings Co., Ltd.		5,800		904,295
Nitto Denko Corp.		12,600		951,509
Nomura Holdings, Inc.		241,200		1,167,085
Nomura Real Estate Holdings, Inc.		9,500		210,492
Nomura Real Estate Master Fund, Inc. (REIT)		322		454,538
Nomura Research Institute, Ltd.		6,900		333,848
NSK, Ltd.		26,600		273,750
NTT Data Corp.		40,780		468,846
NTT DoCoMo, Inc.		100,300		2,553,356
Obayashi Corp.		45,500		472,788
Obic Co., Ltd.		5,000		413,173

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Odakyu Electric Railway Co., Ltd.		20,100	$	431,042
OJI Holdings Corp.		68,000		421,099
Olympus Corp.		22,800		851,237
Omron Corp.		13,400		622,794
Ono Pharmaceutical Co., Ltd.		26,100		610,934
Oracle Corp. Japan		3,000		244,467
Oriental Land Co., Ltd.		14,000		1,466,387
ORIX Corp.		92,600		1,461,822
Osaka Gas Co., Ltd.		29,000		599,689
Otsuka Corp.		7,400		289,749
Otsuka Holdings Co., Ltd.		28,200		1,365,002
Panasonic Corp.		161,300		2,166,150
Park24 Co., Ltd.		7,400		201,300
Persol Holdings Co., Ltd.		13,400		298,449
Pola Orbis Holdings, Inc.		7,600		333,822
Rakuten, Inc.		61,500		415,082
Recruit Holdings Co., Ltd.		80,900		2,234,350
Renesas Electronics Corp. (d)		61,100		597,555
Resona Holdings, Inc.		143,300		765,346
Ricoh Co., Ltd.		48,600		444,685
Rinnai Corp.		2,800		246,341
Rohm Co., Ltd.		6,700		560,840
Ryohin Keikaku Co., Ltd.		1,800		632,820
Santen Pharmaceutical Co., Ltd.		27,500		478,481
SBI Holdings, Inc.		16,511		424,086
Secom Co., Ltd.		15,500		1,188,335
Sega Sammy Holdings, Inc.		12,900		220,780
Seibu Holdings, Inc.		13,800		232,432
Seiko Epson Corp.		20,000		346,312
Sekisui Chemical Co., Ltd.		29,500		502,039
Sekisui House, Ltd.		45,500		804,105
Seven & i Holdings Co., Ltd.		55,000		2,396,215
SG Holdings Co., Ltd.		7,200		157,764
Sharp Corp. (e)		12,000		291,473
Shimadzu Corp.		14,600		439,993
Shimamura Co., Ltd.		1,700		149,558
Shimano, Inc.		5,400		791,872
Shimizu Corp.		39,000		403,307
Shin-Etsu Chemical Co., Ltd.		26,400		2,340,883
Shinsei Bank, Ltd.		12,900		198,168
Shionogi & Co., Ltd.		19,700		1,010,516
Shiseido Co., Ltd.		27,700		2,196,686
Shizuoka Bank, Ltd. (The)		25,800		231,459
Showa Shell Sekiyu KK		14,800		220,441
SMC Corp.		4,100		1,499,841
SoftBank Group Corp.		60,500		4,339,208
Sohgo Security Services Co., Ltd.		4,800		225,854
Sompo Holdings, Inc.		23,599		952,934
Sony Corp.		91,800		4,707,767
Sony Financial Holdings, Inc.		12,800		243,624
Stanley Electric Co., Ltd.		7,400		251,532
Start Today Co., Ltd.		14,400		521,087
Subaru Corp.		45,400		1,320,219
SUMCO Corp.		17,600		354,257
Sumitomo Chemical Co., Ltd.		117,000		661,851
Sumitomo Corp.		83,900		1,376,336
Sumitomo Dainippon Pharma Co., Ltd.		12,500		264,256
Japan—(Continued)
Sumitomo Electric Industries, Ltd.		57,634		856,871
Sumitomo Heavy Industries, Ltd.		7,800		262,337
Sumitomo Metal Mining Co., Ltd.		16,600		632,211
Sumitomo Mitsui Financial Group, Inc.		98,900		3,830,833
Sumitomo Mitsui Trust Holdings, Inc.		22,826		903,816
Sumitomo Realty & Development Co., Ltd.		26,000		956,621
Sumitomo Rubber Industries, Ltd.		12,500		198,296
Sundrug Co., Ltd.		6,000		242,501
Suntory Beverage & Food, Ltd.		10,400		443,744
Suzuken Co., Ltd.		5,800		245,275
Suzuki Motor Corp.		26,200		1,444,222
Sysmex Corp.		12,200		1,137,024
T&D Holdings, Inc.		39,400		590,035
Taiheiyo Cement Corp.		8,200		269,397
Taisei Corp.		16,000		881,142
Taisho Pharmaceutical Holdings Co., Ltd.		3,000		350,397
Takashimaya Co., Ltd.		19,000		162,388
Takeda Pharmaceutical Co., Ltd.		50,800		2,144,336
TDK Corp.		8,800		896,924
Teijin, Ltd.		13,200		241,777
Terumo Corp.		20,900		1,193,448
THK Co., Ltd.		7,700		220,041
Tobu Railway Co., Ltd.		14,600		446,296
Toho Co., Ltd.		8,500		284,649
Toho Gas Co., Ltd.		6,200		214,405
Tohoku Electric Power Co., Inc.		28,000		341,755
Tokio Marine Holdings, Inc.		49,700		2,326,168
Tokyo Century Corp.		3,200		181,159
Tokyo Electric Power Co. Holdings, Inc. (d)		112,000		521,045
Tokyo Electron, Ltd.		11,300		1,933,820
Tokyo Gas Co., Ltd.		26,400		700,232
Tokyo Tatemono Co., Ltd.		14,500		198,808
Tokyu Corp.		37,500		645,398
Tokyu Fudosan Holdings Corp.		37,000		260,340
Toppan Printing Co., Ltd.		41,000		320,792
Toray Industries, Inc.		108,500		853,714
Toshiba Corp. (d)		475,000		1,425,370
Tosoh Corp.		23,000		355,767
TOTO, Ltd.		10,400		480,301
Toyo Seikan Group Holdings, Ltd.		8,300		145,594
Toyo Suisan Kaisha, Ltd.		6,000		213,500
Toyota Industries Corp.		10,100		565,142
Toyota Motor Corp.		166,300		10,745,419
Toyota Tsusho Corp.		15,500		517,942
Trend Micro, Inc.		8,900		506,633
Tsuruha Holdings, Inc.		2,900		362,917
Unicharm Corp.		27,400		824,119
United Urban Investment Corp. (REIT)		170		264,053
USS Co., Ltd.		16,600		315,413
West Japan Railway Co.		11,500		846,685
Yahoo Japan Corp.		103,000		340,950
Yakult Honsha Co., Ltd.		8,200		547,190
Yamada Denki Co., Ltd.		46,500		230,458
Yamaguchi Financial Group, Inc.		15,000		168,539
Yamaha Corp.		8,800		456,316
Yamaha Motor Co., Ltd.		18,700		469,239
Yamato Holdings Co., Ltd.		21,800		641,593

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Japan—(Continued)
Yamazaki Baking Co., Ltd.		9,000	$	234,971
Yaskawa Electric Corp. (e)		18,000		634,374
Yokogawa Electric Corp.		16,300		289,413
Yokohama Rubber Co., Ltd. (The)		9,200		190,852
				250,138,682
Jersey, Channel Islands—0.1%
Randgold Resources, Ltd.		6,551		504,017
Luxembourg—0.3%
ArcelorMittal		46,976		1,371,547
Eurofins Scientific SE		878		487,611
Millicom International Cellular S.A. (e)		5,384		317,072
RTL Group S.A.		2,700		183,034
SES S.A.		29,140		533,193
Tenaris S.A.		35,513		647,481
				3,539,938
Macau—0.1%
MGM China Holdings, Ltd.		74,400		172,288
Sands China, Ltd.		176,400		940,003
Wynn Macau, Ltd.		95,600		306,999
				1,419,290
Mexico—0.0%
Fresnillo plc		14,894		224,629
Netherlands—4.6%
ABN AMRO Group NV		29,995		776,142
Aegon NV		119,047		711,247
Akzo Nobel NV		18,312		1,560,043
ASML Holding NV		29,837		5,883,227
EXOR NV		8,104		545,076
Heineken Holding NV		7,836		749,676
Heineken NV		18,534		1,857,842
ING Groep NV		284,141		4,076,362
Koninklijke Ahold Delhaize NV		91,575		2,190,385
Koninklijke DSM NV		13,712		1,376,565
Koninklijke KPN NV		263,537		716,205
Koninklijke Philips NV		66,850		2,832,920
Koninklijke Vopak NV		3,942		181,925
NN Group NV		21,018		852,638
NXP Semiconductors NV (d)		25,300		2,764,531
Randstad NV		9,402		551,676
Royal Dutch Shell plc—A Shares		334,642		11,601,257
Royal Dutch Shell plc—B Shares		271,764		9,724,281
Wolters Kluwer NV		19,828		1,115,849
				50,067,847
New Zealand—0.2%
a2 Milk Co., Ltd. (d)		53,251		412,284
Auckland International Airport, Ltd.		69,174		317,416
Fisher & Paykel Healthcare Corp., Ltd.		44,270		446,054
Fletcher Building, Ltd.		68,594		322,543
Meridian Energy, Ltd.		54,453		114,974
New Zealand—(Continued)
Ryman Healthcare, Ltd.		29,900		242,233
Spark New Zealand, Ltd.		153,824		388,173
				2,243,677
Norway—0.7%
Aker BP ASA		7,864		289,417
DNB ASA		68,520		1,335,529
Equinor ASA		87,269		2,307,983
Gjensidige Forsikring ASA		14,357		234,943
Marine Harvest ASA		30,284		602,546
Norsk Hydro ASA		91,188		545,527
Orkla ASA		62,161		543,919
Schibsted ASA - B Shares		7,443		209,835
Telenor ASA		51,893		1,062,812
Yara International ASA		14,337		593,074
				7,725,585
Portugal—0.2%
Banco Espirito Santo S.A. (a)(b)(c)		199,038		0
EDP - Energias de Portugal S.A.		185,244		734,487
Galp Energia SGPS S.A.		37,002		703,442
Jeronimo Martins SGPS S.A.		18,255		262,613
				1,700,542
Singapore—1.2%
Ascendas Real Estate Investment Trust (REIT)		215,000		416,909
CapitaLand Commercial Trust (REIT)		166,738		202,698
CapitaLand Mall Trust (REIT)		240,200		364,151
CapitaLand, Ltd.		172,300		398,602
City Developments, Ltd.		34,000		273,195
ComfortDelGro Corp., Ltd.		153,000		263,314
DBS Group Holdings, Ltd.		131,667		2,554,793
Genting Singapore, Ltd.		418,200		375,365
Jardine Cycle & Carriage, Ltd.		8,888		207,005
Keppel Corp., Ltd.		113,900		598,694
Oversea-Chinese Banking Corp., Ltd.		230,564		1,962,038
SATS, Ltd.		56,300		205,978
Sembcorp Industries, Ltd.		71,000		142,822
Singapore Airlines, Ltd.		33,140		259,217
Singapore Exchange, Ltd.		54,400		285,547
Singapore Press Holdings, Ltd.		153,050		291,327
Singapore Technologies Engineering, Ltd.		130,000		312,999
Singapore Telecommunications, Ltd.		601,420		1,356,691
Suntec Real Estate Investment Trust (REIT)		179,000		227,470
United Overseas Bank, Ltd.		96,892		1,906,792
UOL Group, Ltd.		33,000		183,919
Venture Corp., Ltd.		20,500		266,982
Wilmar International, Ltd.		144,000		322,666
				13,379,174
South Africa—0.2%
Anglo American plc		76,685		1,703,644
Investec plc		52,596		373,050
Mediclinic International plc		30,600		212,634
				2,289,328

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Spain—2.9%
ACS Actividades de Construccion y Servicios S.A.		19,129	$	773,603
Aena SME S.A.		5,006		907,888
Amadeus IT Group S.A.		31,507		2,481,950
Banco Bilbao Vizcaya Argentaria S.A.		485,964		3,431,616
Banco de Sabadell S.A.		385,331		642,854
Banco Santander S.A.		1,171,928		6,254,935
Bankia S.A.		80,824		301,294
Bankinter S.A.		48,939		475,941
CaixaBank S.A.		268,510		1,159,651
Enagas S.A.		17,953		524,418
Endesa S.A.		23,384		515,268
Ferrovial S.A.		33,405		684,678
Gas Natural SDG S.A.		25,426		672,630
Grifols S.A.		21,632		648,631
Iberdrola S.A.		421,806		3,257,456
Industria de Diseno Textil S.A.		79,108		2,698,773
Mapfre S.A.		74,474		224,065
Red Electrica Corp. S.A.		29,508		600,227
Repsol S.A.		96,306		1,880,223
Siemens Gamesa Renewable Energy S.A.		18,682		249,878
Telefonica S.A.		338,883		2,887,836
				31,273,815
Sweden—2.5%
Alfa Laval AB		20,852		493,847
Assa Abloy AB - Class B		72,914		1,553,629
Atlas Copco AB - A Shares		49,888		1,447,678
Atlas Copco AB - B Shares		28,433		744,474
Boliden AB		20,002		648,020
Electrolux AB - Series B		17,118		390,032
Epiroc AB (d)		28,433		260,620
Epiroc AB - Class A (d)		49,888		524,142
Essity AB - Class B		43,954		1,085,450
Hennes & Mauritz AB - B Shares (e)		68,549		1,021,580
Hexagon AB - B Shares		19,206		1,070,991
Husqvarna AB - B Shares		25,677		243,436
ICA Gruppen AB (e)		5,619		172,437
Industrivarden AB - C Shares		10,214		198,037
Investor AB - B Shares		31,910		1,299,689
Kinnevik AB - Class B		16,046		549,664
L E Lundbergforetagen AB - B Shares		6,090		187,159
Lundin Petroleum AB		16,017		510,379
Nordea Bank AB		226,093		2,177,932
Sandvik AB		84,986		1,507,922
Securitas AB - B Shares		21,462		353,369
Skandinaviska Enskilda Banken AB - Class A		113,560		1,079,500
Skanska AB - B Shares		24,008		436,463
SKF AB - B Shares		25,976		483,366
Svenska Handelsbanken AB - A Shares		113,277		1,258,870
Swedbank AB - A Shares		62,818		1,345,026
Swedish Match AB		14,499		718,574
Tele2 AB - B Shares		23,661		278,235
Telefonaktiebolaget LM Ericsson - B Shares		220,757		1,701,136
Telia Co. AB		204,113		933,764
Volvo AB - B Shares		113,997		1,818,003
				26,493,424
Switzerland—8.1%
ABB, Ltd.		136,042		2,960,605
Adecco Group AG		10,992		647,656
Baloise Holding AG		3,839		556,812
Barry Callebaut AG		132		236,400
Chocoladefabriken Lindt & Spruengli AG		7		531,118
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		81		523,935
Cie Financiere Richemont S.A.		37,512		3,169,416
Clariant AG (d)		17,152		409,611
Coca-Cola HBC AG (d)		13,800		461,075
Credit Suisse Group AG (d)		186,061		2,784,864
Dufry AG (d)		2,729		346,922
EMS-Chemie Holding AG		579		370,688
Ferguson plc		17,515		1,421,775
Geberit AG		2,723		1,166,691
Givaudan S.A.		649		1,467,084
Glencore plc (d)		840,024		3,984,216
Julius Baer Group, Ltd. (d)		17,027		997,618
Kuehne & Nagel International AG		4,135		619,445
LafargeHolcim, Ltd. (d)		35,343		1,718,704
Lonza Group AG (d)		5,308		1,406,257
Nestle S.A.		225,785		17,432,898
Novartis AG		161,373		12,190,503
Pargesa Holding S.A.		3,025		255,887
Partners Group Holding AG		1,182		864,694
Roche Holding AG		50,970		11,311,331
Schindler Holding AG		1,428		299,845
Schindler Holding AG (Participation Certificate)		3,216		690,795
SGS S.A.		367		975,114
Sika AG		9,000		1,236,950
Sonova Holding AG		4,058		726,041
STMicroelectronics NV		49,712		1,104,362
Straumann Holding AG		747		567,132
Swatch Group AG (The)		4,374		377,713
Swatch Group AG (The) - Bearer Shares		2,245		1,063,542
Swiss Life Holding AG (d)		2,458		852,652
Swiss Prime Site AG (d)		4,706		431,751
Swiss Re AG		22,839		1,968,209
Swisscom AG		1,853		826,158
Temenos AG (d)		4,384		661,184
UBS Group AG (d)		280,535		4,304,533
Vifor Pharma AG (e)		3,820		607,886
Zurich Insurance Group AG		10,792		3,192,681
				87,722,753
United Arab Emirates—0.0%
NMC Health plc		7,569		357,322
United Kingdom—14.3%
3i Group plc		70,865		842,253
Admiral Group plc		16,009		402,832
Ashtead Group plc		37,846		1,127,719
Associated British Foods plc		27,546		993,555
AstraZeneca plc		91,643		6,347,324
Auto Trader Group plc		75,401		423,907
Aviva plc		288,445		1,918,820

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
United Kingdom—(Continued)
Babcock International Group plc		22,688	$	244,767
BAE Systems plc		231,979		1,980,378
Barclays plc		1,244,471		3,104,338
Barratt Developments plc		69,622		473,612
Berkeley Group Holdings plc		10,289		514,062
BP plc		1,449,949		11,044,412
British American Tobacco plc		166,044		8,389,052
British Land Co. plc (The) (REIT)		73,348		650,836
BT Group plc		630,635		1,815,233
Bunzl plc		27,344		828,368
Burberry Group plc		32,742		932,357
Centrica plc		412,821		859,033
CNH Industrial NV		78,026		826,509
Coca-Cola European Partners plc		16,100		654,304
Compass Group plc		116,519		2,483,287
ConvaTec Group plc		91,978		257,711
Croda International plc		9,266		587,272
DCC plc		7,008		637,744
Diageo plc		182,384		6,549,281
Direct Line Insurance Group plc		89,919		406,908
easyJet plc		10,815		238,080
Experian plc		65,580		1,622,458
Fiat Chrysler Automobiles NV (d)		78,476		1,493,548
G4S plc		108,086		381,457
GlaxoSmithKline plc		360,925		7,284,707
GVC Holdings plc		39,400		546,157
Hammerson plc (REIT)		54,049		371,910
Hargreaves Lansdown plc		20,716		539,039
HSBC Holdings plc		1,456,681		13,664,021
Imperial Brands plc		70,611		2,630,219
Informa plc		91,052		1,003,547
InterContinental Hotels Group plc		12,234		761,381
International Consolidated Airlines Group S.A. - Class DI		49,850		437,188
Intertek Group plc		11,453		864,071
J Sainsbury plc		120,106		509,153
John Wood Group plc		51,100		421,914
Johnson Matthey plc		15,590		743,843
Kingfisher plc		151,460		593,710
Land Securities Group plc (REIT)		54,641		688,104
Legal & General Group plc		421,904		1,481,229
Lloyds Banking Group plc		5,220,354		4,344,586
London Stock Exchange Group plc		22,230		1,310,217
Marks & Spencer Group plc		137,472		535,144
Meggitt plc		55,862		363,719
Melrose Industries plc		351,107		985,657
Merlin Entertainments plc		52,353		267,218
Micro Focus International plc		33,650		585,362
Mondi plc		27,093		730,086
National Grid plc		249,620		2,762,713
Next plc		11,803		942,599
Pearson plc		63,486		738,483
Persimmon plc		22,805		762,437
Prudential plc		186,011		4,251,720
Reckitt Benckiser Group plc		48,931		4,023,918
RELX NV		71,198		1,515,271
RELX plc		78,454		1,680,219
Rolls-Royce Holdings plc (d)		116,835		1,523,360
United Kingdom—(Continued)
Royal Bank of Scotland Group plc (d)		355,393		1,201,239
Royal Mail plc		67,965		453,100
RSA Insurance Group plc		74,322		666,517
Sage Group plc (The)		77,930		643,828
Schroders plc		7,697		320,821
Segro plc (REIT)		74,212		655,756
Severn Trent plc		20,415		533,050
Sky plc		71,216		1,374,110
Smith & Nephew plc		62,049		1,141,517
Smiths Group plc		31,976		716,602
SSE plc		72,948		1,303,799
St. James’s Place plc		38,927		589,525
Standard Chartered plc		203,987		1,864,548
Standard Life Aberdeen plc		186,397		801,323
Taylor Wimpey plc		240,026		566,793
Tesco plc		690,838		2,340,776
Travis Perkins plc		20,832		391,135
Unilever NV		112,339		6,260,950
Unilever plc		89,367		4,945,385
United Utilities Group plc		57,234		576,543
Vodafone Group plc		1,935,083		4,690,825
Weir Group plc (The)		17,104		451,395
Whitbread plc		14,502		757,866
WM Morrison Supermarkets plc		166,578		553,616
WPP plc		93,040		1,464,642
				154,159,980
United States—0.5%
Carnival plc		13,029		745,571
QIAGEN NV (d)		15,166		552,064
Shire plc		65,970		3,711,404
				5,009,039
Total Common Stocks (Cost $865,172,045)				1,035,615,980
Mutual Fund—2.0%
United States—2.0%
iShares MSCI EAFE ETF (e) (f) (Cost $22,258,166)		317,000		21,229,490
Preferred Stocks—0.5%
Germany—0.5%
Bayerische Motoren Werke (BMW) AG ,		3,581		285,431
FUCHS Petrolub SE ,		4,900		241,455
Henkel AG & Co. KGaA ,		12,893		1,649,606
Porsche Automobil Holding SE ,		11,105		707,174
Sartorius AG ,		2,589		386,683
Schaeffler AG ,		13,141		170,843
Volkswagen AG ,		13,371		2,219,846
Total Preferred Stocks (Cost $4,461,536)				5,661,038

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Rights—0.0%

Security Description	Shares/ Principal Amount*		Value
Italy—0.0%
Intesa Sanpaolo S.p.A., Expires 07/17/18 (c) (d)		1,035,175	$	0
Spain—0.0%
ACS Actividades de Construccion y Servicios S.A., Expires 07/11/18 (d)		19,129		19,699
Repsol S.A., Expires 07/06/18 (d)		96,306		54,658
				74,357
Total Rights (Cost $75,099)				74,357
Short-Term Investments—1.4%
Discount Notes—0.9%
Federal Home Loan Bank 0.760%, 07/02/18 (g)		600,000		600,000
1.715%, 08/03/18 (g)		1,750,000		1,747,013
1.789%, 07/20/18 (g)		375,000		374,649
1.813%, 07/25/18 (e) (g)		5,300,000		5,293,666
1.815%, 08/01/18 (g)		250,000		249,600
1.848%, 07/27/18 (g)		900,000		898,831
1.900%, 08/29/18 (g)		100,000		99,691
				9,263,450
U.S. Treasury—0.5%
U.S. Treasury Bills 1.598%, 07/12/18 (g)		175,000		174,919
1.763%, 08/02/18 (g)		775,000		773,792
1.846%, 08/23/18 (g)		1,950,000		1,944,863
1.850%, 08/16/18 (g)		1,525,000		1,521,521
1.893%, 09/27/18 (g)		650,000		647,039
1.904%, 09/13/18 (g)		200,000		199,238
				5,261,372
Total Short-Term Investments (Cost $14,524,282)				14,524,822
Securities Lending Reinvestments (h)—1.3%
Bank Note—0.2%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (i)		2,000,000		2,000,000
Certificates of Deposit—0.2%
Chiba Bank, Ltd., New York 2.240%, 07/18/18		1,500,000		1,499,930
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		993,995		998,600
				2,498,530
Commercial Paper—0.1%
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (i)		1,500,000		1,500,438
Repurchase Agreements—0.7%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $2,354,568; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $2,401,239.		2,354,156		2,354,156
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $202,223; collateralized by various Common Stock with an aggregate market value of $223,242.		200,000		200,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $200,511; collateralized by various Common Stock with an aggregate market value of $222,439.		200,000		200,000
NBC Global Finance, Ltd. Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $603,744; collateralized by various Common Stock with an aggregate market value of $667,735.		600,000		600,000
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $708,655; collateralized by various Common Stock with an aggregate market value of $779,024.		700,000		700,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $1,255,422; collateralized by various Common Stock with an aggregate market value of $1,391,114.		1,250,000		1,250,000
Societe Generale Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $754,100; collateralized by various Common Stock with an aggregate market value of $834,639.		750,000		750,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $502,933; collateralized by various Common Stock with an aggregate market value of $556,426.		500,000		500,000
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $402,642; collateralized by various Common Stock with an aggregate market value of $445,141.		400,000		400,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $301,845; collateralized by various Common Stock with an aggregate market value of $333,856.		300,000		300,000
				7,254,156
Time Deposits—0.1%
DNB Bank ASA 1.870%, 07/02/18		200,000		200,000

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
DZ Bank AG 1.890%, 07/02/18		200,000	$	200,000
Santander UK Group Holdings plc 1.900%, 07/02/18		200,000		200,000
				600,000
Total Securities Lending Reinvestments (Cost $13,852,704)				13,853,124
Total Investments—100.8% (Cost $920,343,832)				1,090,958,811
Other assets and liabilities (net)—(0.8)%				(8,282,082	)
Net Assets—100.0%			$	1,082,676,729

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(b)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent less than 0.05% of net assets.
(c)	Illiquid security. As of June 30, 2018, these securities represent 0.0% of net assets.
(d)	Non-income producing security.
(e)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $13,406,145 and the collateral received consisted of cash in the amount of $13,848,151. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2018, the market value of securities pledged was $2,678,800.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(i)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.

Ten Largest Industries as of June 30, 2018 (Unaudited)	% of Net Assets
Banks		10.8
Pharmaceuticals		7.0
Oil, Gas & Consumable Fuels		5.7
Insurance		5.0
Chemicals		3.8
Automobiles		3.3
Metals & Mining		3.0
Food Products		2.8
Machinery		2.6
Capital Markets		2.4

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Depreciation
MSCI EAFE Index Mini Futures		09/21/18		140		USD	13,687,800	$	(376,470	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(LIBOR)— London Interbank Offered Rate

Other Abbreviations

(REIT)—	A Real Estate Investment Trust
(ADR)—	American Depositary Receipt
(ETF)—	Exchange-Traded Fund

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

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

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

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	80,425,777	$	0	$	80,425,777
Austria		—		2,442,113		—		2,442,113
Belgium		—		11,246,984		—		11,246,984
Chile		—		350,331		—		350,331
China		—		1,438,105		—		1,438,105
Denmark		—		17,211,848		—		17,211,848
Finland		—		10,778,680		—		10,778,680
France		2,185,346		108,755,399		—		110,940,745
Germany		270,828		93,379,784		—		93,650,612
Hong Kong		554,400		34,172,326		—		34,726,726
Ireland		552,330		6,265,591		—		6,817,921
Israel		2,541,265		3,034,875		—		5,576,140
Italy		—		21,760,956		—		21,760,956
Japan		—		250,138,682		—		250,138,682
Jersey, Channel Islands		—		504,017		—		504,017
Luxembourg		—		3,539,938		—		3,539,938
Macau		—		1,419,290		—		1,419,290
Mexico		—		224,629		—		224,629
Netherlands		2,764,531		47,303,316		—		50,067,847
New Zealand		—		2,243,677		—		2,243,677
Norway		—		7,725,585		—		7,725,585
Portugal		—		1,700,542		0		1,700,542
Singapore		—		13,379,174		—		13,379,174
South Africa		—		2,289,328		—		2,289,328
Spain		—		31,273,815		—		31,273,815
Sweden		784,762		25,708,662		—		26,493,424
Switzerland		—		87,722,753		—		87,722,753
United Arab Emirates		—		357,322		—		357,322
United Kingdom		654,304		153,505,676		—		154,159,980
United States		—		5,009,039		—		5,009,039
Total Common Stocks		10,307,766		1,025,308,214		0		1,035,615,980
Total Mutual Fund*		21,229,490		—		—		21,229,490
Total Preferred Stocks*		—		5,661,038		—		5,661,038
Rights
Italy		—		0		—		0
Spain		74,357		—		—		74,357
Total Rights		74,357		0		—		74,357
Total Short-Term Investments*		—		14,524,822		—		14,524,822

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Securities Lending Reinvestments*	$	—		$	13,853,124		$	—	$	13,853,124
Total Investments	$	31,611,613		$	1,059,347,198		$	0	$	1,090,958,811
Collateral for Securities Loaned (Liability)	$	—		$	(13,848,151	)	$	—	$	(13,848,151	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(376,470	)	$	—		$	—	$	(376,470	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

Transfers from Level 1 to Level 2 in the amount of $982,212 were due to the application of a systematic fair valuation model factor.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,090,958,811
Cash		20,897
Cash denominated in foreign currencies (c)		659,597
Receivable for:
Investments sold		724,011
Fund shares sold		5,261,881
Dividends		4,613,465
Variation margin on futures contracts		86,101
Total Assets		1,102,324,763
Liabilities
Collateral for securities loaned		13,848,151
Payables for:
Investments purchased		4,286,720
Fund shares redeemed		599,289
Accrued Expenses:
Management fees		267,540
Distribution and service fees		111,946
Deferred trustees’ fees		114,346
Other expenses		420,042
Total Liabilities		19,648,034
Net Assets	$	1,082,676,729
Net Assets Consist of:
Paid in surplus	$	899,821,788
Undistributed net investment income		9,288,750
Accumulated net realized gain		3,383,589
Unrealized appreciation on investments, futures contracts and foreign currency transactions		170,182,602
Net Assets	$	1,082,676,729
Net Assets
Class A	$	556,560,663
Class B		386,060,558
Class E		28,602,509
Class G		111,452,999
Capital Shares Outstanding*
Class A		40,505,624
Class B		28,656,900
Class E		2,091,528
Class G		8,326,388
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.74
Class B		13.47
Class E		13.68
Class G		13.39

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $920,343,832.
(b)	Includes securities loaned at value of $13,406,145.
(c)	Identified cost of cash denominated in foreign currencies was $672,315.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	22,512,741
Interest		106,118
Securities lending income		235,885
Total investment income		22,854,744
Expenses
Management fees		1,675,891
Administration fees		17,706
Custodian and accounting fees		182,247
Distribution and service fees—Class B		506,481
Distribution and service fees—Class E		22,648
Distribution and service fees—Class G		170,758
Audit and tax services		22,788
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		88,320
Insurance		3,562
Miscellaneous		66,042
Total expenses		2,798,594
Less management fee waiver		(18,671	)
Net expenses		2,779,923
Net Investment Income		20,074,821
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		10,134,440
Futures contracts		(19,620	)
Foreign currency transactions		(162,038	)
Net realized gain		9,952,782
Net change in unrealized depreciation on:
Investments		(59,355,348	)
Futures contracts		(498,928	)
Foreign currency transactions		(111,313	)
Net change in unrealized depreciation		(59,965,589	)
Net realized and unrealized loss		(50,012,807	)
Net Decrease in Net Assets From Operations	$	(29,937,986	)

(a) Net of foreign withholding taxes of $2,313,585.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	20,074,821		$	27,181,125
Net realized gain		9,952,782			26,700,205
Net change in unrealized appreciation (depreciation)		(59,965,589	)		187,439,791
Increase (decrease) in net assets from operations		(29,937,986	)		241,321,121
From Distributions to Shareholders
Net investment income
Class A		(16,673,785	)		(14,750,511	)
Class B		(10,835,559	)		(10,394,985	)
Class E		(823,070	)		(789,604	)
Class G		(3,102,863	)		(2,690,889	)
Total distributions		(31,435,277	)		(28,625,989	)
Increase (decrease) in net assets from capital share transactions		303,354			(86,644,632	)
Total increase (decrease) in net assets		(61,069,909	)		126,050,500
Net Assets
Beginning of period		1,143,746,638			1,017,696,138
End of period	$	1,082,676,729		$	1,143,746,638
Undistributed net investment income
End of period	$	9,288,750		$	20,649,206

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		1,708,174		$	24,773,844			2,238,430		$	29,784,034
Reinvestments		1,178,360			16,673,785			1,113,246			14,750,511
Redemptions		(2,123,045	)		(31,408,692	)		(5,285,048	)		(70,703,508	)
Net increase (decrease)		763,489		$	10,038,937			(1,933,372	)	$	(26,168,963	)
Class B
Sales		436,124		$	6,105,540			594,686		$	7,680,284
Reinvestments		780,660			10,835,559			799,615			10,394,985
Redemptions		(1,889,008	)		(27,063,102	)		(5,370,398	)		(70,878,217	)
Net decrease		(672,224	)	$	(10,122,003	)		(3,976,097	)	$	(52,802,948	)
Class E
Sales		36,242		$	525,987			43,936		$	577,766
Reinvestments		58,415			823,070			59,864			789,604
Redemptions		(166,006	)		(2,422,362	)		(427,733	)		(5,710,770	)
Net decrease		(71,349	)	$	(1,073,305	)		(323,933	)	$	(4,343,400	)
Class G
Sales		538,113		$	7,605,991			998,246		$	12,971,391
Reinvestments		225,008			3,102,863			208,273			2,690,889
Redemptions		(644,875	)		(9,249,129	)		(1,456,545	)		(18,991,601	)
Net increase (decrease)		118,246		$	1,459,725			(250,026	)	$	(3,329,321	)
Increase (decrease) derived from capital shares transactions				$	303,354					$	(86,644,632	)

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.55		$	11.97		$	12.14		$	12.67		$	13.83		$	11.72
Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.35			0.34	(b)		0.34			0.45			0.35
Net realized and unrealized gain (loss) on investments		(0.65	)		2.60			(0.20	)		(0.45	)		(1.26	)		2.15
Total from investment operations		(0.38	)		2.95			0.14			(0.11	)		(0.81	)		2.50
Less Distributions
Distributions from net investment income		(0.43	)		(0.37	)		(0.31	)		(0.42	)		(0.35	)		(0.39	)
Total distributions		(0.43	)		(0.37	)		(0.31	)		(0.42	)		(0.35	)		(0.39	)
Net Asset Value, End of Period	$	13.74		$	14.55		$	11.97		$	12.14		$	12.67		$	13.83
Total Return (%) (c)		(2.72	)(d)		24.90			1.34			(1.09	)		(6.00	)		21.86
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38	(e)		0.37			0.38			0.40			0.40			0.40
Net ratio of expenses to average net assets (%) (f)		0.37	(e)		0.37			0.38			0.40			0.40			0.40
Ratio of net investment income to average net assets (%)		3.72	(e)		2.59			2.93	(b)		2.59			3.34			2.76
Portfolio turnover rate (%)		5	(d)		12			12			9			9			10
Net assets, end of period (in millions)	$	556.6		$	578.2		$	498.7		$	464.9		$	430.0		$	394.5

	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.25		$	11.73		$	11.91		$	12.43		$	13.58		$	11.52
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.31			0.31	(b)		0.30			0.42			0.31
Net realized and unrealized gain (loss) on investments		(0.64	)		2.54			(0.21	)		(0.43	)		(1.25	)		2.11
Total from investment operations		(0.39	)		2.85			0.10			(0.13	)		(0.83	)		2.42
Less Distributions
Distributions from net investment income		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.32	)		(0.36	)
Total distributions		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.32	)		(0.36	)
Net Asset Value, End of Period	$	13.47		$	14.25		$	11.73		$	11.91		$	12.43		$	13.58
Total Return (%) (c)		(2.82	)(d)		24.60			1.00			(1.28	)		(6.27	)		21.52
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(e)		0.62			0.63			0.65			0.65			0.65
Net ratio of expenses to average net assets (%) (f)		0.62	(e)		0.62			0.63			0.65			0.65			0.65
Ratio of net investment income to average net assets (%)		3.46	(e)		2.36			2.69	(b)		2.37			3.14			2.55
Portfolio turnover rate (%)		5	(d)		12			12			9			9			10
Net assets, end of period (in millions)	$	386.1		$	418.0		$	390.7		$	394.0		$	405.3		$	422.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.47		$	11.90		$	12.08		$	12.60		$	13.75		$	11.66
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.33			0.33	(b)		0.32			0.44			0.33
Net realized and unrealized gain (loss) on investments		(0.65	)		2.59			(0.22	)		(0.44	)		(1.26	)		2.13
Total from investment operations		(0.39	)		2.92			0.11			(0.12	)		(0.82	)		2.46
Less Distributions
Distributions from net investment income		(0.40	)		(0.35	)		(0.29	)		(0.40	)		(0.33	)		(0.37	)
Total distributions		(0.40	)		(0.35	)		(0.29	)		(0.40	)		(0.33	)		(0.37	)
Net Asset Value, End of Period	$	13.68		$	14.47		$	11.90		$	12.08		$	12.60		$	13.75
Total Return (%) (c)		(2.76	)(d)		24.78			1.08			(1.18	)		(6.11	)		21.62
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(e)		0.52			0.53			0.55			0.55			0.55
Net ratio of expenses to average net assets (%) (f)		0.52	(e)		0.52			0.53			0.55			0.55			0.55
Ratio of net investment income to average net assets (%)		3.56	(e)		2.46			2.80	(b)		2.48			3.26			2.66
Portfolio turnover rate (%)		5	(d)		12			12			9			9			10
Net assets, end of period (in millions)	$	28.6		$	31.3		$	29.6		$	31.3		$	34.3		$	38.9

	Class G
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.16		$	11.66		$	11.84		$	12.36		$	13.51		$	11.47
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.30			0.30	(b)		0.29			0.41			0.31
Net realized and unrealized gain (loss) on investments		(0.62	)		2.53			(0.20	)		(0.42	)		(1.25	)		2.09
Total from investment operations		(0.38	)		2.83			0.10			(0.13	)		(0.84	)		2.40
Less Distributions
Distributions from net investment income		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.31	)		(0.36	)
Total distributions		(0.39	)		(0.33	)		(0.28	)		(0.39	)		(0.31	)		(0.36	)
Net Asset Value, End of Period	$	13.39		$	14.16		$	11.66		$	11.84		$	12.36		$	13.51
Total Return (%) (c)		(2.80	)(d)		24.54			0.97			(1.31	)		(6.33	)		21.44
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68	(e)		0.67			0.68			0.70			0.70			0.70
Net ratio of expenses to average net assets (%) (f)		0.67	(e)		0.67			0.68			0.70			0.70			0.70
Ratio of net investment income to average net assets (%)		3.42	(e)		2.29			2.63	(b)		2.32			3.10			2.49
Portfolio turnover rate (%)		5	(d)		12			12			9			9			10
Net assets, end of period (in millions)	$	111.5		$	116.3		$	98.6		$	93.1		$	90.7		$	99.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.04% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife MSCI EAFE Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-21

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, expired capital loss carryforward and passive foreign investment companies (“PFICs”). These adjustments have no impact on net assets or the results of operations.

BHFTII-22

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $7,254,156. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTII-23

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(6,648,731	)	$	—	$	—	$	—	$	(6,648,731	)
Discount Notes		(5,158,664	)		—		—		—		(5,158,664	)
Mutual Funds		(2,040,756	)		—		—		—		(2,040,756	)
Total	$	(13,848,151	)	$	—	$	—	$	—	$	(13,848,151	)
Total Borrowings	$	(13,848,151	)	$	—	$	—	$	—	$	(13,848,151	)
Gross amount of recognized liabilities for securities lending transactions										$	(13,848,151	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a) (b)	$	376,470

(a)	Financial instrument not subject to a master netting agreement.
(b)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location-Net Realized Gain (Loss)	Equity
Futures contracts	$	(19,620	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(498,928	)

BHFTII-24

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	7,017

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	59,870,781	$	0	$	75,141,247

BHFTII-25

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.300% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2018 were $1,675,891.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.050%	On the first $500 million
0.040%	Of the next $500 million
0.020%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2018 were $235,699.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTII-26

Brighthouse Funds Trust II

MetLife MSCI EAFE Index Portfolio

Notes to Financial Statements—June 30, 2018 (Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	934,090,914
Gross unrealized appreciation		281,986,155
Gross unrealized depreciation		(125,494,728	)
Net unrealized appreciation (depreciation)	$	156,491,427

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$28,625,989	$	24,940,851	$	—	$	—	$	28,625,989	$	24,940,851

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$31,176,453	$	—	$	216,278,651	$	(3,109,329	)	$	—	$	244,345,775

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2017, the Portfolio utilized capital loss carryforwards of $23,864,990.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/18	Total
$3,109,329	$	3,109,329

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, E, and G shares of the MetLife Russell 2000 Index Portfolio returned 7.59%, 7.48%, 7.49%, and 7.47%, respectively. The Portfolio’s benchmark, the Russell 2000 Index¹, returned 7.66%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2018, equity markets rallied on optimism about the impact of U.S. tax reform, better than expected macroeconomic data and the strength of corporate earnings. Companies that reported better than expected earnings include Apple, Disney, Celgene, and Occidental Petroleum. During the first quarter, equity markets declined as the 10-year Treasury yield reached its highest level since 2014, driven by a more hawkish Federal Reserve (the “Fed”) and higher than expected wage growth. Other factors that weighed on the equity markets included President Trump’s plan to impose tariffs on steel and aluminum imports and the Fed Chair Powell hinting at the possibility of four rate hikes this year during his Congressional testimony. During the second quarter, equity markets rallied as trade negotiations eased concerns of a global trade war and leaders of North and South Korea met for the first time since 2007. However, equity investors still had issues to be concerned about including unrest in the Middle East, political uncertainty in Italy and the U.S. withdrawal from the Iran nuclear deal.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and raised the target range for the Federal Funds Rate twice to 1.75% to 2.00%. The FOMC stated that job gains had been strong in recent months and the unemployment rate had declined. The FOMC also stated that economic activity had been rising at a solid rate and that the growth of household spending had picked up.

Eight of the nine sectors comprising the Russell 2000 Index experienced positive returns for the first six months of 2018. Health Care (15.1% beginning weight in the benchmark), up 17.3%, was the best-performing sector and had the largest positive impact on the benchmark return. Technology (13.7% beginning weight), up 13.2%, and Consumer Discretionary (13.9% beginning weight), up 8.8%, were the next best-performing sectors. Materials & Processing (7.5% beginning weight), down 2.3% was the worst-performing sector.

The stocks with the largest positive impact on the benchmark return for the first half of the year were Sarepta Therapeutics, up 152.2%; AveXis, up 96.8%; and Grubhub, up 49.0%. The stocks with the largest negative impact were Ultra Petroleum, down 74.5%; Dana Holdings, down 36.4%; and Beacon Roofing Supply, down 33.2%.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio is managed utilizing a stratified sampling strategy versus the Russell 2000 Index. This strategy seeks to replicate the performance of the Index by owning a subset of Index constituents and neutralizing exposures across sectors. The Portfolio is periodically rebalanced for compositional changes in the Russell 2000 Index. Factors that impact tracking error include sampling, transaction costs, cash drag, securities lending, NAV rounding, contributions, and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-1

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Russell 2000 Index Portfolio
Class A		7.59		17.48		12.50		10.55		—
Class B		7.48		17.20		12.21		10.28		—
Class E		7.49		17.26		12.32		10.39		—
Class G		7.47		17.18		12.16		—		15.74
Russell 2000 Index		7.66		17.57		12.46		10.60		—

¹ The Russell 2000 Index is an unmanaged measure of performance of the 2,000 smallest companies in the Russell 3000 Index.

² Inception dates of the Class A, Class B, Class E and Class G shares are 11/9/98, 1/2/01, 5/1/01 and 4/28/09, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Five Below, Inc.		0.2
Etsy, Inc.		0.2
Haemonetics Corp.		0.2
Blackbaud, Inc.		0.2
LivaNova plc		0.2
Entegris, Inc.		0.2
FibroGen, Inc.		0.2
Medidata Solutions, Inc.		0.2
IDACORP, Inc.		0.2
Loxo Oncology, Inc.		0.2

Top Sectors

	% of Net Assets
Financials		17.8
Health Care		15.5
Industrials		14.9
Information Technology		14.8
Consumer Discretionary		13.3
Real Estate		7.3
Energy		5.0
Materials		4.3
Utilities		3.3
Consumer Staples		2.8

BHFTII-2

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Russell 2000 Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.32	%	$	1,000.00	$	1,075.90	$	1.65
	Hypothetical*		0.32	%	$	1,000.00	$	1,023.21	$	1.61
Class B (a)	Actual		0.57	%	$	1,000.00	$	1,074.80	$	2.93
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86
Class E (a)	Actual		0.47	%	$	1,000.00	$	1,074.90	$	2.42
	Hypothetical*		0.47	%	$	1,000.00	$	1,022.46	$	2.36
Class G (a)	Actual		0.62	%	$	1,000.00	$	1,074.70	$	3.19
	Hypothetical*		0.62	%	$	1,000.00	$	1,021.72	$	3.11

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.3%
AAR Corp.		16,195	$	752,906
Aerojet Rocketdyne Holdings, Inc. (a)		32,670		963,438
Aerovironment, Inc. (a)		8,967		640,513
Astronics Corp. (a) (b)		10,382		373,441
Axon Enterprise, Inc. (a)		23,447		1,481,382
Cubic Corp.		12,509		803,078
Ducommun, Inc. (a)		5,959		197,183
Engility Holdings, Inc. (a)		8,737		267,702
Esterline Technologies Corp. (a) (b)		12,259		904,714
KEYW Holding Corp. (The) (a) (b)		23,342		204,009
KLX, Inc. (a)		22,928		1,648,523
Kratos Defense & Security Solutions, Inc. (a) (b)		39,769		457,741
Maxar Technologies, Ltd.		27,383		1,383,389
Mercury Systems, Inc. (a) (b)		21,590		821,715
Moog, Inc. - Class A		14,345		1,118,336
National Presto Industries, Inc. (b)		2,572		318,928
Triumph Group, Inc. (b)		24,082		472,007
Vectrus, Inc. (a)		5,647		174,041
Wesco Aircraft Holdings, Inc. (a)		26,069		293,276
				13,276,322
Air Freight & Logistics—0.3%
Air Transport Services Group, Inc. (a)		27,538		622,083
Atlas Air Worldwide Holdings, Inc. (a) (b)		10,224		733,061
Echo Global Logistics, Inc. (a)		13,053		381,800
Forward Air Corp.		12,974		766,504
HUB Group, Inc. - Class A (a)		15,117		752,827
				3,256,275
Airlines—0.4%
Allegiant Travel Co. (b)		5,919		822,445
Hawaiian Holdings, Inc.		22,400		805,280
SkyWest, Inc.		22,461		1,165,726
Spirit Airlines, Inc. (a) (b)		31,353		1,139,682
				3,933,133
Auto Components—1.0%
American Axle & Manufacturing Holdings, Inc. (a)		51,196		796,610
Cooper Tire & Rubber Co. (b)		24,706		649,768
Cooper-Standard Holdings, Inc. (a)		8,226		1,074,891
Dana, Inc.		65,547		1,323,394
Dorman Products, Inc. (a) (b)		12,774		872,592
Fox Factory Holding Corp. (a)		16,609		773,149
Gentherm, Inc. (a)		17,276		678,947
LCI Industries		10,785		972,268
Modine Manufacturing Co. (a)		23,187		423,163
Motorcar Parts of America, Inc. (a) (b)		8,000		149,680
Standard Motor Products, Inc.		9,638		465,901
Stoneridge, Inc. (a)		13,705		481,593
Superior Industries International, Inc.		12,615		225,808
Tenneco, Inc.		22,605		993,716
Tower International, Inc.		10,455		332,469
				10,213,949
Automobiles—0.1%
Winnebago Industries, Inc.		14,967		607,660
Banks—9.7%
1st Source Corp.		7,645		408,472
Access National Corp.		7,093		202,860
Allegiance Bancshares, Inc. (a)		5,825		252,514
American National Bankshares, Inc.		4,311		172,440
Ameris Bancorp		18,334		978,119
Ames National Corp.		4,647		143,360
Arrow Financial Corp. (b)		6,173		224,697
Atlantic Capital Bancshares, Inc. (a)		10,440		205,146
Banc of California, Inc.		18,620		364,021
BancFirst Corp.		8,433		499,234
Banco Latinoamericano de Comercio Exterior S.A. - Class E		14,005		344,663
Bancorp, Inc. (The) (a)		25,747		269,314
BancorpSouth Bank (b)		43,752		1,441,628
Bank of Marin Bancorp		3,199		258,639
Bank of NT Butterfield & Son, Ltd. (The)		25,319		1,157,585
Banner Corp. (b)		14,787		889,142
Bar Harbor Bankshares		7,342		222,389
Berkshire Hills Bancorp, Inc.		18,786		762,712
Blue Hills Bancorp, Inc.		13,063		289,999
Boston Private Financial Holdings, Inc. (b)		40,232		639,689
Bridge Bancorp, Inc.		8,870		318,877
Brookline Bancorp, Inc.		36,642		681,541
Bryn Mawr Bank Corp.		9,382		434,387
Business First Bancshares, Inc. (b)		7,662		201,894
Byline Bancorp, Inc. (a)		8,170		182,518
Cadence BanCorp		21,527		621,484
Cambridge Bancorp		2,709		234,437
Camden National Corp.		7,839		358,321
Capital City Bank Group, Inc.		5,769		136,321
Carolina Financial Corp.		8,963		384,692
Cathay General Bancorp		34,405		1,393,058
CBTX, Inc. (b)		8,948		295,731
CenterState Bank Corp.		37,918		1,130,715
Central Pacific Financial Corp.		15,142		433,818
Chemical Financial Corp. (b)		32,547		1,811,891
Citizens & Northern Corp.		6,716		173,676
City Holding Co.		7,242		544,816
Civista Bancshares, Inc.		5,257		127,430
CNB Financial Corp. (b)		6,782		203,867
CoBiz Financial, Inc.		17,832		383,031
Codorus Valley Bancorp, Inc.		4,514		138,490
Columbia Banking System, Inc. (b)		32,810		1,341,929
Community Bank System, Inc.		22,304		1,317,497
Community Trust Bancorp, Inc.		8,162		407,692
ConnectOne Bancorp, Inc.		13,860		345,114
Customers Bancorp, Inc. (a)		13,560		384,833
CVB Financial Corp. (b)		48,585		1,089,276
Eagle Bancorp, Inc. (a)		15,010		920,113
Enterprise Bancorp, Inc.		4,064		164,308
Enterprise Financial Services Corp.		10,782		581,689
Equity Bancshares, Inc. - Class A (a)		5,404		224,158
Farmers & Merchants Bancorp, Inc.		4,006		161,642
Farmers Capital Bank Corp.		3,713		193,447
Farmers National Banc Corp.		13,414		213,953

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
FB Financial Corp.		6,411	$	261,056
FCB Financial Holdings, Inc. - Class A (a)		19,470		1,144,836
Fidelity Southern Corp.		10,827		275,114
Financial Institutions, Inc.		6,461		212,567
First BanCorp (a)		98,874		756,386
First Bancorp		12,826		524,712
First Bancorp, Inc.		5,308		149,792
First Bancshares, Inc. (The)		6,100		219,295
First Busey Corp.		20,300		643,916
First Commonwealth Financial Corp.		45,936		712,467
First Community Bancshares, Inc.		8,470		269,854
First Connecticut Bancorp, Inc.		7,629		233,447
First Financial Bancorp		44,701		1,370,086
First Financial Bankshares, Inc.		29,699		1,511,679
First Financial Corp.		5,203		235,956
First Foundation, Inc. (a)		13,966		258,930
First Internet Bancorp		4,019		137,048
First Interstate BancSystem, Inc. - Class A (b)		15,279		644,774
First Merchants Corp.		22,695		1,053,048
First Mid-Illinois Bancshares, Inc.		5,809		228,294
First Midwest Bancorp, Inc.		47,879		1,219,478
First of Long Island Corp. (The)		9,924		246,611
Flushing Financial Corp.		13,422		350,314
Franklin Financial Network, Inc. (a)		4,922		185,067
Fulton Financial Corp. (b)		76,291		1,258,802
German American Bancorp, Inc.		10,138		363,447
Glacier Bancorp, Inc.		38,814		1,501,326
Great Southern Bancorp, Inc.		4,991		285,485
Great Western Bancorp, Inc. (b)		26,273		1,103,203
Green Bancorp, Inc.		11,285		243,756
Guaranty Bancorp		11,425		340,465
Guaranty Bancshares, Inc.		3,976		130,969
Hancock Holding Co.		38,834		1,811,606
Hanmi Financial Corp.		15,681		444,556
HarborOne Bancorp, Inc. (a)		7,489		141,842
Heartland Financial USA, Inc. (b)		13,588		745,302
Heritage Commerce Corp.		17,854		303,339
Heritage Financial Corp.		15,777		549,828
Hilltop Holdings, Inc.		34,409		759,407
Home BancShares, Inc. (b)		72,785		1,642,030
HomeTrust Bancshares, Inc. (a)		8,531		240,148
Hope Bancorp, Inc. (b)		59,993		1,069,675
Horizon Bancorp		17,556		363,234
Howard Bancorp, Inc. (a)		6,845		123,210
Iberiabank Corp.		25,591		1,939,798
Independent Bank Corp.		11,863		302,507
Independent Bank Corp./Rockland Trust		12,760		1,000,384
Independent Bank Group, Inc.		9,806		655,041
International Bancshares Corp.		25,537		1,092,984
Investar Holding Corp.		4,650		128,573
Investors Bancorp, Inc.		113,703		1,454,261
Lakeland Bancorp, Inc.		19,901		395,035
Lakeland Financial Corp. (b)		11,384		548,595
LegacyTexas Financial Group, Inc.		21,060		821,761
Live Oak Bancshares, Inc. (b)		14,028		429,958
Macatawa Bank Corp.		14,416		175,010
MB Financial, Inc.		37,890		1,769,463
Banks—(Continued)
Mercantile Bank Corp.		8,647		319,593
Metropolitan Bank Holding Corp. (a)		3,277		171,977
Midland States Bancorp, Inc.		10,034		343,765
MidWestOne Financial Group, Inc.		5,585		188,661
National Bank Holdings Corp. - Class A		12,889		497,387
National Bankshares, Inc.		3,487		161,797
National Commerce Corp. (a)		7,109		329,147
NBT Bancorp, Inc.		20,117		767,464
Nicolet Bankshares, Inc. (a)		4,410		243,035
Northrim BanCorp, Inc.		3,529		139,572
OFG Bancorp		19,884		279,370
Old Line Bancshares, Inc.		7,597		265,211
Old National Bancorp (b)		69,241		1,287,883
Old Second Bancorp, Inc.		14,296		205,862
Opus Bank		8,631		247,710
Origin Bancorp, Inc.		9,578		392,123
Pacific Premier Bancorp, Inc. (a) (b)		21,020		801,913
Park National Corp.		6,712		747,851
Peapack Gladstone Financial Corp.		8,311		287,477
People’s Utah Bancorp		7,011		250,293
Peoples Bancorp, Inc.		8,443		318,977
Peoples Financial Services Corp.		3,673		172,704
Preferred Bank		6,573		403,977
QCR Holdings, Inc.		5,811		275,732
RBB Bancorp		6,720		215,846
Reliant Bancorp, Inc.		5,179		145,271
Renasant Corp.		22,158		1,008,632
Republic Bancorp, Inc. - Class A		5,421		245,571
Republic First Bancorp, Inc. (a)		22,031		172,943
S&T Bancorp, Inc.		15,660		677,138
Sandy Spring Bancorp, Inc.		16,080		659,441
Seacoast Banking Corp. of Florida (a)		21,315		673,128
ServisFirst Bancshares, Inc.		20,928		873,325
Shore Bancshares, Inc.		6,600		125,532
Sierra Bancorp		5,841		164,950
Simmons First National Corp. - Class A		41,478		1,240,192
SmartFinancial, Inc. (a)		5,821		149,949
South State Corp.		16,714		1,441,583
Southern First Bancshares, Inc. (a)		3,419		151,120
Southern National Bancorp of Virginia, Inc.		10,799		192,654
Southside Bancshares, Inc.		15,530		523,050
State Bank Financial Corp.		16,379		547,059
Stock Yards Bancorp, Inc.		10,633		405,649
Summit Financial Group, Inc.		5,705		153,122
Tompkins Financial Corp.		6,912		593,603
Towne Bank		30,317		973,176
TriCo Bancshares		9,787		366,523
TriState Capital Holdings, Inc. (a)		11,422		298,114
Triumph Bancorp, Inc. (a)		11,267		459,130
Trustmark Corp.		31,188		1,017,664
UMB Financial Corp.		20,613		1,571,329
Union Bankshares Corp. (b)		30,030		1,167,566
United Bankshares, Inc. (b)		46,213		1,682,153
United Community Banks, Inc.		34,521		1,058,759
Univest Corp. of Pennsylvania		12,133		333,658
Valley National Bancorp		147,264		1,790,730
Veritex Holdings, Inc. (a)		11,061		343,665

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Washington Trust Bancorp, Inc.		7,713	$	448,125
WesBanco, Inc.		19,861		894,539
West Bancorp, Inc.		8,036		202,105
Westamerica Bancorp (b)		11,738		663,314
				96,972,785
Beverages—0.3%
Boston Beer Co., Inc. (The) - Class A (a)		3,688		1,105,294
Coca-Cola Bottling Co. Consolidated		2,376		321,069
Craft Brew Alliance, Inc. (a)		6,574		135,753
MGP Ingredients, Inc. (b)		6,119		543,428
National Beverage Corp. (a) (b)		5,742		613,820
Primo Water Corp. (a)		10,997		192,337
				2,911,701
Biotechnology—6.5%
Abeona Therapeutics, Inc. (a) (b)		19,333		309,328
ACADIA Pharmaceuticals, Inc. (a)		45,819		699,656
Acceleron Pharma, Inc. (a)		17,406		844,539
Achaogen, Inc. (a) (b)		14,077		121,907
Achillion Pharmaceuticals, Inc. (a)		56,103		158,771
Acorda Therapeutics, Inc. (a) (b)		20,455		587,058
Adamas Pharmaceuticals, Inc. (a) (b)		10,769		278,163
Aduro Biotech, Inc. (a)		31,799		222,593
Adverum Biotechnologies, Inc. (a)		28,341		150,207
Aimmune Therapeutics, Inc. (a) (b)		20,346		547,104
Akebia Therapeutics, Inc. (a)		21,429		213,861
Albireo Pharma, Inc. (a)		4,713		167,311
Alder Biopharmaceuticals, Inc. (a)		30,681		484,760
AMAG Pharmaceuticals, Inc. (a)		16,034		312,663
Amicus Therapeutics, Inc. (a) (b)		85,724		1,339,009
AnaptysBio, Inc. (a)		8,239		585,299
Apellis Pharmaceuticals, Inc. (a)		17,298		380,556
Arena Pharmaceuticals, Inc. (a) (b)		22,490		980,564
Arqule, Inc. (a)		43,816		242,302
Array BioPharma, Inc. (a)		91,194		1,530,235
Arrowhead Pharmaceuticals, Inc. (a) (b)		40,960		557,056
Atara Biotherapeutics, Inc. (a)		18,837		692,260
Athenex, Inc. (a)		20,171		376,391
Audentes Therapeutics, Inc. (a)		14,989		572,730
Bellicum Pharmaceuticals, Inc. (a)		20,814		153,607
BioCryst Pharmaceuticals, Inc. (a)		42,881		245,708
Biohaven Pharmaceutical Holding Co., Ltd. (a)		14,807		585,173
Blueprint Medicines Corp. (a)		19,368		1,229,481
Cara Therapeutics, Inc. (a) (b)		11,468		219,612
CareDx, Inc. (a) (b)		16,080		196,819
CASI Pharmaceuticals, Inc. (a) (b)		26,316		216,581
Catalyst Pharmaceuticals, Inc. (a)		50,349		157,089
ChemoCentryx, Inc. (a)		12,392		163,203
Clovis Oncology, Inc. (a)		21,967		998,839
Coherus Biosciences, Inc. (a)		22,472		314,608
Concert Pharmaceuticals, Inc. (a)		8,973		151,016
Corbus Pharmaceuticals Holdings, Inc. (a)		23,089		116,599
CTI BioPharma Corp. (a)		27,473		136,816
Cytokinetics, Inc. (a)		18,716		155,343
CytomX Therapeutics, Inc. (a)		18,290		418,109
Biotechnology—(Continued)
Deciphera Pharmaceuticals, Inc. (a) (b)		3,916		154,095
Denali Therapeutics, Inc. (a) (b)		12,469		190,152
Dicerna Pharmaceuticals, Inc. (a) (b)		21,711		265,960
Dynavax Technologies Corp. (a) (b)		28,690		437,522
Eagle Pharmaceuticals, Inc. (a)		4,988		377,392
Editas Medicine, Inc. (a) (b)		21,164		758,306
Emergent BioSolutions, Inc. (a)		20,512		1,035,651
Enanta Pharmaceuticals, Inc. (a)		7,598		880,608
Epizyme, Inc. (a)		25,075		339,766
Esperion Therapeutics, Inc. (a) (b)		10,901		427,210
Fate Therapeutics, Inc. (a)		23,078		261,705
FibroGen, Inc. (a)		34,111		2,135,349
Five Prime Therapeutics, Inc. (a) (b)		19,957		315,520
Flexion Therapeutics, Inc. (a) (b)		15,518		401,140
Foundation Medicine, Inc. (a)		7,156		978,225
G1 Therapeutics, Inc. (a) (b)		9,655		419,606
Genomic Health, Inc. (a)		10,989		553,846
Geron Corp. (a) (b)		78,073		267,790
Global Blood Therapeutics, Inc. (a)		23,097		1,043,984
GlycoMimetics, Inc. (a)		16,635		268,323
Halozyme Therapeutics, Inc. (a)		55,733		940,216
Heron Therapeutics, Inc. (a)		29,366		1,140,869
ImmunoGen, Inc. (a)		59,746		581,329
Immunomedics, Inc. (a) (b)		60,415		1,430,023
Inovio Pharmaceuticals, Inc. (a) (b)		36,297		142,284
Insmed, Inc. (a)		37,652		890,470
Intellia Therapeutics, Inc. (a) (b)		15,741		430,674
Intercept Pharmaceuticals, Inc. (a)		10,153		851,938
Intrexon Corp. (a) (b)		32,766		456,758
Invitae Corp. (a)		31,538		231,804
Iovance Biotherapeutics, Inc. (a)		38,763		496,166
Ironwood Pharmaceuticals, Inc. (a)		63,682		1,217,600
Kadmon Holdings, Inc. (a)		37,171		148,312
Karyopharm Therapeutics, Inc. (a)		23,047		391,569
Keryx Biopharmaceuticals, Inc. (a) (b)		40,309		151,562
Kindred Biosciences, Inc. (a)		13,711		146,022
Kura Oncology, Inc. (a)		10,102		183,856
La Jolla Pharmaceutical Co. (a) (b)		12,259		357,595
Lexicon Pharmaceuticals, Inc. (a)		23,843		286,116
Ligand Pharmaceuticals, Inc. (a) (b)		9,331		1,933,103
Loxo Oncology, Inc. (a)		12,113		2,101,363
MacroGenics, Inc. (a)		18,661		385,350
Madrigal Pharmaceuticals, Inc. (a)		2,701		755,443
MannKind Corp. (a)		74,268		141,109
MediciNova, Inc. (a) (b)		18,638		148,358
MiMedx Group, Inc. (a)		48,233		308,209
Minerva Neurosciences, Inc. (a)		16,304		134,508
Mirati Therapeutics, Inc. (a)		8,594		423,684
Momenta Pharmaceuticals, Inc. (a)		35,673		729,513
Myriad Genetics, Inc. (a) (b)		29,763		1,112,243
Natera, Inc. (a)		13,813		259,961
Novavax, Inc. (a)		186,126		249,409
Opko Health, Inc. (a) (b)		150,168		705,790
PDL BioPharma, Inc. (a)		76,001		177,842
Pieris Pharmaceuticals, Inc. (a)		20,651		104,701
PolarityTE, Inc. (a) (b)		4,264		100,375
Portola Pharmaceuticals, Inc. (a) (b)		29,932		1,130,532

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Progenics Pharmaceuticals, Inc. (a)		32,263	$	259,395
Prothena Corp. plc (a)		18,324		267,164
PTC Therapeutics, Inc. (a) (b)		21,050		710,016
Puma Biotechnology, Inc. (a)		13,791		815,738
Radius Health, Inc. (a) (b)		17,562		517,552
REGENXBIO, Inc. (a)		13,217		948,320
Repligen Corp. (a)		17,598		827,810
Retrophin, Inc. (a)		18,842		513,633
Rhythm Pharmaceuticals, Inc. (a)		6,192		193,562
Rigel Pharmaceuticals, Inc. (a)		101,362		286,854
Rocket Pharmaceuticals, Inc. (a) (b)		10,482		205,762
Sangamo Therapeutics, Inc. (a) (b)		47,157		669,629
Savara, Inc. (a)		13,047		147,692
Solid Biosciences, Inc. (a) (b)		4,622		164,682
Sorrento Therapeutics, Inc. (a)		42,779		308,009
Spark Therapeutics, Inc. (a)		14,454		1,196,213
Spectrum Pharmaceuticals, Inc. (a)		45,835		960,702
Stemline Therapeutics, Inc. (a)		11,947		191,749
Synergy Pharmaceuticals, Inc. (a) (b)		119,846		208,532
Syros Pharmaceuticals, Inc. (a)		13,108		133,833
TG Therapeutics, Inc. (a) (b)		28,284		371,935
Ultragenyx Pharmaceutical, Inc. (a)		21,505		1,653,089
Vanda Pharmaceuticals, Inc. (a)		24,336		463,601
Verastem, Inc. (a)		26,692		183,641
Vericel Corp. (a)		18,632		180,730
Viking Therapeutics, Inc. (a) (b)		21,697		205,905
Voyager Therapeutics, Inc. (a)		10,649		208,081
Xencor, Inc. (a)		21,420		792,754
ZIOPHARM Oncology, Inc. (a) (b)		65,990		199,290
				64,487,605
Building Products—1.3%
AAON, Inc.		19,095		634,909
Advanced Drainage Systems, Inc.		20,654		589,672
American Woodmark Corp. (a)		6,699		613,294
Apogee Enterprises, Inc.		13,684		659,158
Armstrong Flooring, Inc. (a)		11,681		164,001
Builders FirstSource, Inc. (a)		50,475		923,188
Caesarstone, Ltd. (b)		11,687		176,474
Continental Building Products, Inc. (a)		17,313		546,225
CSW Industrials, Inc. (a)		7,377		389,874
Gibraltar Industries, Inc. (a)		14,856		557,100
Griffon Corp.		14,438		256,996
Insteel Industries, Inc.		9,004		300,734
JELD-WEN Holding, Inc. (a)		31,537		901,643
Masonite International Corp. (a)		12,998		933,906
NCI Building Systems, Inc. (a)		19,586		411,306
Patrick Industries, Inc. (a)		10,680		607,158
PGT Innovations, Inc. (a)		22,494		469,000
Quanex Building Products Corp.		17,697		317,661
Simpson Manufacturing Co., Inc. (b)		18,988		1,180,864
Trex Co., Inc. (a)		26,970		1,688,052
Universal Forest Products, Inc.		28,668		1,049,822
				13,371,037
Capital Markets—1.3%
Arlington Asset Investment Corp. - Class A (b)		10,056		103,677
Artisan Partners Asset Management, Inc. - Class A		21,101		636,195
B. Riley Financial, Inc. (b)		10,620		239,481
BrightSphere Investment Group plc		35,717		509,325
Cohen & Steers, Inc. (b)		9,693		404,295
Cowen Group, Inc. (a) (b)		13,196		182,765
Diamond Hill Investment Group, Inc.		1,546		300,589
Donnelley Financial Solutions, Inc. (a)		16,100		279,657
Federated Investors, Inc. - Class B		44,522		1,038,253
Financial Engines, Inc.		29,145		1,308,611
Greenhill & Co., Inc.		13,790		391,636
Hamilton Lane, Inc. - Class A		6,064		290,890
Houlihan Lokey, Inc.		13,824		708,065
International FCStone, Inc. (a)		7,668		396,512
Investment Technology Group, Inc.		17,949		375,493
Ladenburg Thalmann Financial Services, Inc.		50,258		170,877
Moelis & Co. - Class A (b)		17,951		1,052,826
Oppenheimer Holdings, Inc. - Class A		4,998		139,944
Piper Jaffray Cos.		7,063		542,792
PJT Partners, Inc. - Class A		9,330		498,129
Safeguard Scientifics, Inc. (a)		10,084		129,075
Stifel Financial Corp.		31,676		1,655,071
Virtus Investment Partners, Inc.		3,239		414,430
Waddell & Reed Financial, Inc. - Class A (b)		38,993		700,704
Westwood Holdings Group, Inc.		3,235		192,612
WisdomTree Investments, Inc.		53,688		487,487
				13,149,391
Chemicals—2.1%
A. Schulman, Inc.		12,704		565,328
AdvanSix, Inc. (a)		14,472		530,109
American Vanguard Corp.		14,887		341,657
Balchem Corp. (b)		14,660		1,438,732
Chase Corp.		3,533		414,244
Ferro Corp. (a)		38,898		811,023
FutureFuel Corp.		10,195		142,832
GCP Applied Technologies, Inc. (a)		33,065		957,232
Hawkins, Inc.		4,778		168,902
HB Fuller Co.		23,194		1,245,054
Ingevity Corp. (a)		19,361		1,565,530
Innophos Holdings, Inc.		9,207		438,253
Innospec, Inc.		11,303		865,245
Intrepid Potash, Inc. (a)		47,533		194,885
KMG Chemicals, Inc.		6,159		454,411
Koppers Holdings, Inc. (a)		10,265		393,663
Kraton Corp. (a)		14,021		646,929
Kronos Worldwide, Inc.		11,199		252,313
Minerals Technologies, Inc. (b)		16,213		1,221,650
OMNOVA Solutions, Inc. (a)		21,500		223,600
PolyOne Corp.		36,722		1,587,125
PQ Group Holdings, Inc. (a)		14,392		259,056
Quaker Chemical Corp.		5,838		904,131
Rayonier Advanced Materials, Inc.		22,944		392,113
Sensient Technologies Corp. (b)		19,430		1,390,217
Stepan Co.		9,222		719,408
Trecora Resources (a) (b)		10,819		160,662

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Tredegar Corp.		13,367	$	314,125
Trinseo S.A.		19,403		1,376,643
Tronox, Ltd. - Class A		43,198		850,137
				20,825,209
Commercial Services & Supplies—2.6%
ABM Industries, Inc.		30,335		885,175
ACCO Brands Corp.		48,975		678,304
Advanced Disposal Services, Inc. (a)		33,294		825,025
Brady Corp. - Class A		21,723		837,422
Brink’s Co. (The)		22,882		1,824,840
Casella Waste Systems, Inc. - Class A (a)		20,153		516,118
Cimpress NV (a)		10,053		1,457,283
Covanta Holding Corp. (b)		53,904		889,416
Deluxe Corp. (b)		21,616		1,431,195
Ennis, Inc.		14,123		287,403
Essendant, Inc.		18,301		241,939
Healthcare Services Group, Inc. (b)		33,788		1,459,304
Heritage-Crystal Clean, Inc. (a)		7,474		150,227
Herman Miller, Inc.		27,251		923,809
HNI Corp. (b)		20,835		775,062
InnerWorkings, Inc. (a)		18,741		162,859
Interface, Inc.		27,071		621,280
Kimball International, Inc. - Class B		16,738		270,486
Knoll, Inc.		23,781		494,883
LSC Communications, Inc.		16,124		252,502
Matthews International Corp. - Class A		14,349		843,721
McGrath RentCorp		10,515		665,284
Mobile Mini, Inc.		20,245		949,491
MSA Safety, Inc.		15,545		1,497,605
Multi-Color Corp. (b)		6,168		398,761
Pitney Bowes, Inc.		86,450		740,877
Quad/Graphics, Inc.		13,076		272,373
RR Donnelley & Sons Co.		33,770		194,515
SP Plus Corp. (a)		10,567		393,092
Steelcase, Inc. - Class A (b)		39,276		530,226
Team, Inc. (a) (b)		14,183		327,627
Tetra Tech, Inc. (f)		25,687		1,502,690
U.S. Ecology, Inc.		10,067		641,268
UniFirst Corp.		6,967		1,232,462
Viad Corp.		8,932		484,561
VSE Corp.		4,190		200,198
				25,859,283
Communications Equipment—1.6%
Acacia Communications, Inc. (a) (b)		12,769		444,489
ADTRAN, Inc.		24,190		359,221
Applied Optoelectronics, Inc. (a)		8,622		387,128
CalAmp Corp. (a)		14,239		333,620
Calix, Inc. (a)		21,486		167,591
Casa Systems, Inc. (a)		7,309		119,356
Ciena Corp. (a)		65,304		1,731,209
Comtech Telecommunications Corp.		11,475		365,823
Digi International, Inc. (a)		12,500		165,000
Extreme Networks, Inc. (a)		50,414		401,295
Finisar Corp. (a) (b)		52,901		952,218
Communications Equipment—(Continued)
Harmonic, Inc. (a) (b)		39,538		168,036
Infinera Corp. (a) (b)		66,643		661,765
InterDigital, Inc.		16,024		1,296,342
Lumentum Holdings, Inc. (a)		28,564		1,653,856
NETGEAR, Inc. (a) (b)		14,969		935,562
NetScout Systems, Inc. (a) (b)		40,021		1,188,624
Oclaro, Inc. (a)		75,775		676,671
Plantronics, Inc.		15,665		1,194,456
Quantenna Communications, Inc. (a)		15,870		246,620
Ribbon Communications, Inc. (a)		25,862		184,137
ViaSat, Inc. (a) (b)		24,578		1,615,266
Viavi Solutions, Inc. (a) (b)		104,090		1,065,882
				16,314,167
Construction & Engineering—1.0%
Aegion Corp. (a)		15,075		388,181
Argan, Inc.		6,140		251,433
Comfort Systems USA, Inc.		17,796		815,057
Dycom Industries, Inc. (a) (b)		13,476		1,273,617
EMCOR Group, Inc.		26,752		2,037,967
Granite Construction, Inc. (b)		19,793		1,101,678
Great Lakes Dredge & Dock Corp. (a)		27,775		145,819
KBR, Inc.		62,037		1,111,703
MasTec, Inc. (a)		28,988		1,471,141
MYR Group, Inc. (a)		6,874		243,752
NV5 Global, Inc. (a)		3,969		275,052
Primoris Services Corp.		17,845		485,919
Sterling Construction Co., Inc. (a)		13,246		172,595
Tutor Perini Corp. (a) (b)		19,192		354,093
Willscot Corp. (a) (b)		21,983		325,349
				10,453,356
Construction Materials—0.2%
Summit Materials, Inc. - Class A (a)		51,305		1,346,756
U.S. Concrete, Inc. (a) (b)		7,217		378,893
				1,725,649
Consumer Finance—0.7%
Encore Capital Group, Inc. (a) (b)		11,469		419,765
Enova International, Inc. (a) (b)		15,391		562,541
EZCORP, Inc. - Class A (a) (b)		25,543		307,793
FirstCash, Inc.		20,688		1,858,817
Green Dot Corp. - Class A (a)		21,516		1,579,059
LendingClub Corp. (a)		147,374		558,548
Nelnet, Inc. - Class A		9,125		532,991
PRA Group, Inc. (a) (b)		19,388		747,407
Regional Management Corp. (a)		5,496		192,470
World Acceptance Corp. (a)		2,848		316,157
				7,075,548
Containers & Packaging—0.1%
Greif, Inc. - Class A (b)		12,112		640,604
Greif, Inc. - Class B		2,277		131,155
Myers Industries, Inc.		14,676		281,779
				1,053,538

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Distributors—0.1%
Core-Mark Holding Co., Inc.		21,704	$	492,681
Diversified Consumer Services—0.9%
Adtalem Global Education, Inc. (a)		27,412		1,318,517
American Public Education, Inc. (a)		6,406		269,693
Capella Education Co.		5,633		555,977
Career Education Corp. (a)		31,150		503,696
Carriage Services, Inc.		7,506		184,272
Chegg, Inc. (a)		48,634		1,351,539
Houghton Mifflin Harcourt Co. (a)		48,710		372,632
K12, Inc. (a)		17,337		283,807
Laureate Education, Inc. - Class A (a)		25,970		372,150
Regis Corp. (a)		18,180		300,697
Sotheby’s (a)		17,875		971,327
Strayer Education, Inc.		5,054		571,153
Weight Watchers International, Inc. (a) (b)		17,564		1,775,720
				8,831,180
Diversified Financial Services—0.2%
Cannae Holdings, Inc. (a)		30,326		562,547
FGL Holdings (a)		74,402		624,233
Marlin Business Services Corp.		4,371		130,474
On Deck Capital, Inc. (a)		25,436		178,052
				1,495,306
Diversified Telecommunication Services—0.5%
ATN International, Inc.		4,754		250,869
Cincinnati Bell, Inc. (a)		19,517		306,417
Cogent Communications Holdings, Inc.		19,575		1,045,305
Consolidated Communications Holdings, Inc. (b)		32,698		404,147
Frontier Communications Corp. (b)		37,100		198,856
Intelsat S.A. (a)		18,597		309,826
Iridium Communications, Inc. (a)		44,054		709,269
ORBCOMM, Inc. (a) (b)		31,662		319,786
Vonage Holdings Corp. (a)		100,838		1,299,802
Windstream Holdings, Inc. (a)		18,044		95,092
				4,939,369
Electric Utilities—1.0%
ALLETE, Inc.		23,439		1,814,413
El Paso Electric Co.		18,779		1,109,839
IDACORP, Inc.		22,802		2,103,257
MGE Energy, Inc.		15,960		1,006,278
Otter Tail Corp.		18,035		858,466
PNM Resources, Inc.		36,376		1,415,026
Portland General Electric Co.		40,066		1,713,222
				10,020,501
Electrical Equipment—0.7%
Allied Motion Technologies, Inc.		3,283		157,190
Atkore International Group, Inc. (a)		18,445		383,103
AZZ, Inc.		12,522		544,081
Encore Wire Corp.		9,729		461,641
Energous Corp. (a) (b)		8,994		133,381
EnerSys		19,020		1,419,653
Electrical Equipment—(Continued)
Enphase Energy, Inc. (a) (b)		42,528		286,213
Generac Holdings, Inc. (a)		26,660		1,379,122
Plug Power, Inc. (a) (b)		107,957		218,073
Powell Industries, Inc.		4,404		153,391
Preformed Line Products Co.		1,536		136,366
Sunrun, Inc. (a) (b)		43,801		575,983
Thermon Group Holdings, Inc. (a)		15,847		362,421
TPI Composites, Inc. (a)		7,332		214,388
Vicor Corp. (a)		8,793		382,935
				6,807,941
Electronic Equipment, Instruments & Components—2.5%
Anixter International, Inc. (a)		13,642		863,539
AVX Corp.		21,871		342,719
Badger Meter, Inc. (b)		13,640		609,708
Belden, Inc.		18,557		1,134,204
Benchmark Electronics, Inc.		24,418		711,785
Control4 Corp. (a)		10,604		257,783
CTS Corp.		15,701		565,236
Daktronics, Inc.		17,820		151,648
Electro Scientific Industries, Inc. (a) (b)		16,104		253,960
ePlus, Inc. (a)		6,246		587,749
Fabrinet (a)		17,507		645,833
FARO Technologies, Inc. (a)		7,841		426,158
Fitbit, Inc. - Class A (a)		95,538		623,863
II-VI, Inc. (a)		28,216		1,225,985
Insight Enterprises, Inc. (a) (f)		17,579		860,140
Itron, Inc. (a)		14,816		889,701
KEMET Corp. (a)		25,798		623,022
Kimball Electronics, Inc. (a)		14,109		258,195
Knowles Corp. (a)		40,362		617,539
Mesa Laboratories, Inc.		1,474		311,132
Methode Electronics, Inc.		15,351		618,645
MTS Systems Corp.		7,482		393,927
Novanta, Inc. (a)		15,349		956,243
OSI Systems, Inc. (a)		8,490		656,532
Park Electrochemical Corp.		10,569		245,095
PC Connection, Inc.		5,366		178,151
Plexus Corp. (a) (f)		15,422		918,226
Rogers Corp. (a)		8,166		910,182
Sanmina Corp. (a)		31,844		933,029
ScanSource, Inc. (a)		12,162		490,129
SYNNEX Corp.		13,848		1,336,470
Systemax, Inc.		5,954		204,401
Tech Data Corp. (a) (b)		17,438		1,432,008
TTM Technologies, Inc. (a)		43,439		765,830
VeriFone Systems, Inc. (a)		52,265		1,192,687
Vishay Intertechnology, Inc.		60,883		1,412,486
Vishay Precision Group, Inc. (a)		5,267		200,936
				24,804,876
Energy Equipment & Services—1.9%
Archrock, Inc.		63,000		756,000
Bristow Group, Inc. (a)		17,044		240,491
C&J Energy Services, Inc. (a)		30,083		709,959
Cactus, Inc. - Class A (a)		10,801		364,966

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Covia Holdings Corp. (a)		15,170	$	281,555
Diamond Offshore Drilling, Inc. (a) (b)		32,772		683,624
Dril-Quip, Inc. (a) (b)		18,125		931,625
Era Group, Inc. (a)		10,706		138,643
Exterran Corp. (a)		14,849		371,819
Forum Energy Technologies, Inc. (a)		38,569		476,327
Frank’s International NV		36,054		281,221
FTS International, Inc. (a)		7,784		110,844
Helix Energy Solutions Group, Inc. (a)		67,569		562,850
Keane Group, Inc. (a)		25,842		353,260
Liberty Oilfield Services, Inc. - Class A (a) (b)		6,341		118,703
Mammoth Energy Services, Inc. (a)		4,359		148,032
Matrix Service Co. (a)		14,196		260,497
McDermott International, Inc. (a)		84,462		1,659,678
Natural Gas Services Group, Inc. (a)		6,643		156,775
Newpark Resources, Inc. (a)		41,815		453,693
Nine Energy Service, Inc. (a)		4,283		141,853
Noble Corp. plc (a)		121,320		767,956
Ocean Rig UDW, Inc. (a)		25,463		750,649
Oceaneering International, Inc.		45,596		1,160,874
Oil States International, Inc. (a)		27,605		886,120
Pioneer Energy Services Corp. (a)		39,022		228,279
ProPetro Holding Corp. (a)		33,439		524,323
Rowan Cos. plc - Class A (a) (b)		56,769		920,793
SEACOR Holdings, Inc. (a)		7,977		456,843
SEACOR Marine Holdings, Inc. (a)		8,966		207,025
Select Energy Services, Inc. - Class A (a)		21,969		319,209
Solaris Oilfield Infrastructure, Inc. - Class A (a)		9,598		137,155
Superior Energy Services, Inc. (a)		73,574		716,611
TETRA Technologies, Inc. (a)		60,024		267,107
Tidewater, Inc. (a)		11,300		326,909
U.S. Silica Holdings, Inc. (b)		38,361		985,494
Unit Corp. (a)		24,655		630,182
				18,487,944
Equity Real Estate Investment Trusts—6.8%
Acadia Realty Trust		38,553		1,055,196
Agree Realty Corp.		13,037		687,962
Alexander & Baldwin, Inc.		29,617		695,999
Alexander’s, Inc.		1,029		393,726
American Assets Trust, Inc.		19,187		734,670
Americold Realty Trust		29,005		638,690
Armada Hoffler Properties, Inc.		19,662		292,964
Ashford Hospitality Trust, Inc.		36,619		296,614
Braemar Hotels & Resorts, Inc.		14,521		165,830
CareTrust REIT, Inc.		34,103		569,179
CatchMark Timber Trust, Inc. - Class A		23,620		300,683
CBL & Associates Properties, Inc. (b)		78,651		438,086
Cedar Realty Trust, Inc.		37,954		179,143
Chatham Lodging Trust		24,253		514,649
Chesapeake Lodging Trust		28,075		888,293
City Office REIT, Inc.		14,820		190,141
Community Healthcare Trust, Inc.		10,565		315,577
CoreCivic, Inc.		54,476		1,301,432
CorEnergy Infrastructure Trust, Inc. (b)		5,980		224,848
Cousins Properties, Inc. (b)		195,107		1,890,587
Equity Real Estate Investment Trusts—(Continued)
DiamondRock Hospitality Co. (b)		92,371		1,134,316
Easterly Government Properties, Inc. (b)		19,718		389,628
EastGroup Properties, Inc.		15,737		1,503,828
Education Realty Trust, Inc.		35,414		1,469,681
Farmland Partners, Inc. (b)		13,291		116,961
First Industrial Realty Trust, Inc.		56,839		1,895,012
Four Corners Property Trust, Inc.		29,818		734,417
Franklin Street Properties Corp.		48,177		412,395
Front Yard Residential Corp.		23,934		249,392
Geo Group, Inc. (The)		57,346		1,579,309
Getty Realty Corp.		13,449		378,858
Gladstone Commercial Corp.		13,243		254,530
Global Net Lease, Inc.		31,987		653,494
Government Properties Income Trust		44,872		711,221
Gramercy Property Trust		72,551		1,982,093
Healthcare Realty Trust, Inc. (b)		56,754		1,650,406
Hersha Hospitality Trust (b)		21,188		454,483
Independence Realty Trust, Inc.		39,339		405,585
Industrial Logistics Properties Trust		13,992		312,721
InfraREIT, Inc. (a)		19,986		443,090
Investors Real Estate Trust		57,210		316,371
iStar, Inc. (a)		31,393		338,730
Jernigan Capital, Inc.		4,880		93,013
Kite Realty Group Trust		38,990		665,949
LaSalle Hotel Properties		53,145		1,819,153
Lexington Realty Trust		99,394		867,710
LTC Properties, Inc.		17,896		764,875
Mack-Cali Realty Corp.		43,539		882,971
MedEquities Realty Trust, Inc.		10,709		118,013
Monmouth Real Estate Investment Corp.		32,365		534,993
National Health Investors, Inc.		18,569		1,368,164
National Storage Affiliates Trust		22,968		707,874
New Senior Investment Group, Inc.		36,096		273,247
NexPoint Residential Trust, Inc.		9,154		260,431
NorthStar Realty Europe Corp.		30,012		434,874
One Liberty Properties, Inc.		6,290		166,119
Pebblebrook Hotel Trust		30,891		1,198,571
Pennsylvania Real Estate Investment Trust (b)		32,570		357,944
Physicians Realty Trust		82,152		1,309,503
Piedmont Office Realty Trust, Inc. - Class A		58,830		1,172,482
PotlatchDeltic Corp.		27,255		1,385,917
Preferred Apartment Communities, Inc. - Class A		18,839		320,075
PS Business Parks, Inc.		8,900		1,143,650
QTS Realty Trust, Inc. - Class A		22,822		901,469
Quality Care Properties, Inc. (a)		44,567		958,636
Ramco-Gershenson Properties Trust		37,976		501,663
Retail Opportunity Investments Corp. (b)		52,344		1,002,911
Rexford Industrial Realty, Inc.		38,874		1,220,255
RLJ Lodging Trust (b)		77,648		1,712,138
Ryman Hospitality Properties, Inc.		20,432		1,698,921
Sabra Health Care REIT, Inc. (b)		80,613		1,751,720
Saul Centers, Inc.		5,405		289,600
Select Income REIT		31,114		699,132
Seritage Growth Properties - Class A (b)		15,000		636,450
Spirit MTA REIT (a)		21,163		217,979
STAG Industrial, Inc.		44,891		1,222,382
Summit Hotel Properties, Inc.		48,101		688,325

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Sunstone Hotel Investors, Inc.		103,053	$	1,712,741
Tanger Factory Outlet Centers, Inc.		42,302		993,674
Terreno Realty Corp.		25,347		954,821
Tier REIT, Inc.		22,342		531,293
UMH Properties, Inc.		14,825		227,564
Universal Health Realty Income Trust		6,109		390,854
Urban Edge Properties		50,231		1,148,783
Urstadt Biddle Properties, Inc. - Class A		13,207		298,874
Washington Prime Group, Inc. (b)		85,471		693,170
Washington Real Estate Investment Trust		34,947		1,059,943
Whitestone REIT		18,215		227,323
Xenia Hotels & Resorts, Inc.		50,544		1,231,252
				67,978,191
Food & Staples Retailing—0.6%
Andersons, Inc. (The)		13,251		453,184
Chefs’ Warehouse, Inc. (The) (a)		8,577		244,445
Ingles Markets, Inc. - Class A		6,173		196,301
Performance Food Group Co. (a)		45,579		1,672,749
Pricesmart, Inc.		10,376		939,028
Rite Aid Corp. (a) (b)		482,534		834,784
SpartanNash Co.		16,917		431,722
SUPERVALU, Inc. (a) (b)		17,497		359,038
United Natural Foods, Inc. (a) (b)		23,843		1,017,142
Weis Markets, Inc. (b)		4,490		239,497
				6,387,890
Food Products—1.1%
B&G Foods, Inc. (b)		30,133		900,977
Cal-Maine Foods, Inc. (a)		14,364		658,589
Calavo Growers, Inc. (b)		7,353		706,991
Darling Ingredients, Inc. (a) (b)		72,905		1,449,351
Dean Foods Co.		42,544		447,138
Farmer Bros Co. (a)		3,967		121,192
Fresh Del Monte Produce, Inc. (b)		15,644		696,940
Freshpet, Inc. (a)		10,616		291,409
Hostess Brands, Inc. (a)		45,622		620,459
J&J Snack Foods Corp.		6,995		1,066,528
John B Sanfilippo & Son, Inc.		4,150		308,968
Lancaster Colony Corp.		8,639		1,195,810
Landec Corp. (a)		14,010		208,749
Limoneira Co.		6,209		152,804
Sanderson Farms, Inc.		9,362		984,414
Simply Good Foods Co. (The) (a)		33,819		488,346
Tootsie Roll Industries, Inc. (b)		8,871		273,670
				10,572,335
Gas Utilities—1.2%
Chesapeake Utilities Corp.		6,975		557,651
New Jersey Resources Corp.		38,723		1,732,854
Northwest Natural Gas Co.		13,257		845,797
ONE Gas, Inc.		23,372		1,746,823
South Jersey Industries, Inc.		40,987		1,371,835
Southwest Gas Holdings, Inc.		21,731		1,657,424
Spire, Inc.		22,428		1,584,538
Gas Utilities—(Continued)
WGL Holdings, Inc.		23,301		2,067,964
				11,564,886
Health Care Equipment & Supplies—3.5%
Abaxis, Inc.		9,728		807,521
Accuray, Inc. (a)		37,218		152,594
AngioDynamics, Inc. (a)		17,852		397,028
Anika Therapeutics, Inc. (a) (b)		7,087		226,784
Antares Pharma, Inc. (a)		71,731		185,066
AtriCure, Inc. (a)		16,270		440,104
Atrion Corp.		618		370,429
Avanos Medical, Inc.		20,898		1,196,411
AxoGen, Inc. (a) (b)		15,476		777,669
Cardiovascular Systems, Inc. (a)		14,951		483,515
Cerus Corp. (a)		58,326		389,034
CONMED Corp.		11,683		855,196
CryoLife, Inc. (a)		17,220		479,577
CryoPort, Inc. (a) (b)		12,188		192,327
Cutera, Inc. (a)		6,744		271,783
CytoSorbents Corp. (a)		14,785		168,549
Endologix, Inc. (a)		41,313		233,832
GenMark Diagnostics, Inc. (a)		26,350		168,113
Glaukos Corp. (a) (b)		15,446		627,725
Globus Medical, Inc. - Class A (a)		32,771		1,653,625
Haemonetics Corp. (a)		25,143		2,254,824
Heska Corp. (a)		3,277		340,120
Inogen, Inc. (a) (b)		8,037		1,497,534
Integer Holdings Corp. (a)		15,275		987,529
Invacare Corp. (b)		15,930		296,298
iRhythm Technologies, Inc. (a)		11,010		893,241
K2M Group Holdings, Inc. (a)		19,428		437,130
Lantheus Holdings, Inc. (a)		18,267		265,785
LeMaitre Vascular, Inc. (b)		7,651		256,155
LivaNova plc (a)		22,214		2,217,401
Meridian Bioscience, Inc. (b)		22,552		358,577
Merit Medical Systems, Inc. (a)		23,310		1,193,472
Natus Medical, Inc. (a)		15,157		522,917
Neogen Corp. (a)		22,979		1,842,686
Nevro Corp. (a) (b)		13,030		1,040,446
Novocure, Ltd. (a)		33,161		1,037,939
NuVasive, Inc. (a)		23,689		1,234,671
Nuvectra Corp. (a)		7,232		148,473
NxStage Medical, Inc. (a)		30,508		851,173
OraSure Technologies, Inc. (a)		28,446		468,506
Orthofix International NV (a)		7,561		429,616
Oxford Immunotec Global plc (a)		12,520		161,383
Quidel Corp. (a)		15,132		1,006,278
Rockwell Medical, Inc. (a) (b)		18,836		92,861
RTI Surgical, Inc. (a)		28,338		130,355
Senseonics Holdings, Inc. (a)		34,379		141,298
Sientra, Inc. (a)		11,599		226,296
STAAR Surgical Co. (a)		19,419		601,989
SurModics, Inc. (a)		6,159		339,977
Tactile Systems Technology, Inc. (a)		8,238		428,376
Tandem Diabetes Care, Inc. (a)		21,218		467,220
TransEnterix, Inc. (a) (b)		76,003		331,373

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—(Continued)
Utah Medical Products, Inc.		2,002	$	220,520
Varex Imaging Corp. (a)		17,885		663,355
ViewRay, Inc. (a) (b)		25,410		175,837
Wright Medical Group NV (a) (b)		47,569		1,234,891
				34,873,384
Health Care Providers & Services—2.0%
Addus HomeCare Corp. (a)		4,191		239,935
Amedisys, Inc. (a)		13,972		1,194,047
AMN Healthcare Services, Inc. (a) (b)		21,592		1,265,291
Apollo Medical Holdings, Inc. (a) (b)		15,618		403,882
BioScrip, Inc. (a)		64,727		189,650
BioTelemetry, Inc. (a) (b)		15,132		680,940
Brookdale Senior Living, Inc. (a)		86,808		789,085
Capital Senior Living Corp. (a)		14,260		152,154
Civitas Solutions, Inc. (a)		6,456		105,878
Community Health Systems, Inc. (a) (b)		43,409		144,118
Corvel Corp. (a)		5,325		287,550
Cross Country Healthcare, Inc. (a)		16,495		185,569
Diplomat Pharmacy, Inc. (a)		26,141		668,164
Ensign Group, Inc. (The) (b)		24,374		873,077
HealthEquity, Inc. (a) (b)		24,735		1,857,599
Kindred Healthcare, Inc. (a)		40,056		360,504
LHC Group, Inc. (a)		14,209		1,216,148
LifePoint Health, Inc. (a)		16,466		803,541
Magellan Health, Inc. (a)		11,100		1,065,045
National Healthcare Corp.		5,246		369,213
National Research Corp. - Class A		4,950		185,130
Owens & Minor, Inc. (b)		28,475		475,817
Patterson Cos., Inc.		37,980		861,007
Providence Service Corp. (The) (a)		5,978		469,572
R1 RCM, Inc. (a) (b)		47,026		408,186
RadNet, Inc. (a)		21,044		315,660
Select Medical Holdings Corp. (a)		52,961		961,242
Surgery Partners, Inc. (a) (b)		9,540		142,146
Tenet Healthcare Corp. (a)		38,490		1,292,109
Tivity Health, Inc. (a)		18,680		657,536
Triple-S Management Corp. - Class B (a)		12,074		471,610
U.S. Physical Therapy, Inc. (b)		6,011		577,056
				19,668,461
Health Care Technology—1.1%
Allscripts Healthcare Solutions, Inc. (a)		85,323		1,023,876
Castlight Health, Inc. - Class B (a)		39,908		169,609
Computer Programs & Systems, Inc.		5,856		192,663
Cotiviti Holdings, Inc. (a)		17,395		767,641
Evolent Health, Inc. - Class A (a) (b)		31,066		653,939
HealthStream, Inc.		12,016		328,157
HMS Holdings Corp. (a)		40,747		880,950
Inovalon Holdings, Inc. - Class A (a)		29,972		297,472
Inspire Medical Systems, Inc. (a)		5,793		206,578
Medidata Solutions, Inc. (a) (b)		26,132		2,105,194
Omnicell, Inc. (a)		18,897		991,148
Quality Systems, Inc. (a)		24,814		483,873
Simulations Plus, Inc.		5,803		129,117
Tabula Rasa HealthCare, Inc. (a)		8,170		521,491
Health Care Technology—(Continued)
Teladoc, Inc. (a) (b)		28,383		1,647,633
Vocera Communications, Inc. (a)		13,407		400,735
				10,800,076
Hotels, Restaurants & Leisure—3.2%
BBX Capital Corp. (b)		39,560		357,227
Belmond, Ltd. - Class A (a) (b)		41,761		465,635
BJ’s Restaurants, Inc.		9,083		544,980
Bloomin’ Brands, Inc.		41,567		835,497
Bojangles’, Inc. (a)		8,911		128,318
Boyd Gaming Corp.		36,831		1,276,563
Brinker International, Inc. (b)		20,422		972,087
Carrols Restaurant Group, Inc. (a)		17,458		259,251
Cheesecake Factory, Inc. (The) (b)		18,905		1,040,909
Churchill Downs, Inc.		5,372		1,592,798
Chuy’s Holdings, Inc. (a) (b)		8,272		253,950
Corepoint Lodging, Inc. (a)		18,376		475,938
Cracker Barrel Old Country Store, Inc.		8,458		1,321,224
Dave & Buster’s Entertainment, Inc. (a)		17,269		822,004
Del Frisco’s Restaurant Group, Inc. (a)		12,052		151,855
Del Taco Restaurants, Inc. (a)		16,196		229,659
Denny’s Corp. (a)		31,940		508,804
Dine Brands Global, Inc.		7,762		580,598
Drive Shack, Inc. (a)		29,184		225,301
Eldorado Resorts, Inc. (a) (b)		30,096		1,176,754
Fiesta Restaurant Group, Inc. (a) (b)		13,371		383,748
Golden Entertainment, Inc. (a) (b)		8,432		227,580
ILG, Inc.		48,207		1,592,277
International Speedway Corp. - Class A		10,424		465,953
Jack in the Box, Inc.		13,522		1,150,993
Lindblad Expeditions Holdings, Inc. (a)		10,779		142,822
Marcus Corp. (The)		9,550		310,375
Marriott Vacations Worldwide Corp.		9,902		1,118,530
Monarch Casino & Resort, Inc. (a)		5,265		231,923
Nathan’s Famous, Inc.		1,450		136,445
Papa John’s International, Inc.		10,257		520,235
Penn National Gaming, Inc. (a)		39,722		1,334,262
Pinnacle Entertainment, Inc. (a)		22,818		769,651
Planet Fitness, Inc. - Class A (a)		39,546		1,737,651
PlayAGS, Inc. (a)		7,778		210,550
Potbelly Corp. (a)		12,520		162,134
RCI Hospitality Holdings, Inc.		4,756		150,527
Red Robin Gourmet Burgers, Inc. (a) (b)		5,863		273,216
Red Rock Resorts, Inc. - Class A		32,000		1,072,000
Ruth’s Hospitality Group, Inc.		13,027		365,407
Scientific Games Corp. - Class A (a)		24,798		1,218,822
SeaWorld Entertainment, Inc. (a) (b)		25,485		556,083
Shake Shack, Inc. - Class A (a) (b)		11,359		751,739
Sonic Corp. (b)		16,919		582,352
Texas Roadhouse, Inc.		30,868		2,022,163
Wingstop, Inc.		13,875		723,165
				31,429,955
Household Durables—1.6%
AV Homes, Inc. (a)		6,263		134,028
Bassett Furniture Industries, Inc.		5,374		148,054

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—(Continued)
Beazer Homes USA, Inc. (a)		13,700	$	202,075
Cavco Industries, Inc. (a)		4,052		841,398
Century Communities, Inc. (a)		12,109		382,039
Ethan Allen Interiors, Inc.		12,159		297,896
Flexsteel Industries, Inc.		3,005		119,900
GoPro, Inc. - Class A (a) (b)		53,260		342,994
Green Brick Partners, Inc. (a)		13,141		128,782
Helen of Troy, Ltd. (a) (b)		12,385		1,219,303
Hooker Furniture Corp.		5,444		255,324
Installed Building Products, Inc. (a)		9,469		535,472
iRobot Corp. (a) (b)		12,468		944,700
KB Home		37,780		1,029,127
La-Z-Boy, Inc.		21,678		663,347
LGI Homes, Inc. (a) (b)		8,210		473,963
M/I Homes, Inc. (a)		12,868		340,745
MDC Holdings, Inc.		19,261		592,661
Meritage Homes Corp. (a)		18,033		792,550
Roku, Inc. (a) (b)		21,527		917,481
Taylor Morrison Home Corp. - Class A (a)		50,576		1,050,969
TopBuild Corp. (a) (b)		15,564		1,219,284
TRI Pointe Group, Inc. (a) (b)		66,237		1,083,637
Tupperware Brands Corp.		23,557		971,491
Universal Electronics, Inc. (a)		6,028		199,225
William Lyon Homes - Class A (a)		14,816		343,731
ZAGG, Inc. (a)		14,118		244,241
				15,474,417
Household Products—0.2%
Central Garden and Pet Co. (a)		4,446		193,312
Central Garden and Pet Co. - Class A (a)		16,480		666,945
HRG Group, Inc. (a)		58,164		761,367
WD-40 Co. (b)		5,879		859,804
				2,481,428
Independent Power and Renewable Electricity Producers—0.3%
Atlantic Power Corp. (a) (b)		57,588		126,694
NRG Yield, Inc. - Class A		16,087		274,283
NRG Yield, Inc. - Class C		29,107		500,641
Ormat Technologies, Inc.		18,869		1,003,642
Pattern Energy Group, Inc. - Class A		35,949		674,044
TerraForm Power, Inc. - Class A (b)		34,889		408,201
				2,987,505
Industrial Conglomerates—0.1%
Raven Industries, Inc.		17,386		668,492
Insurance—2.6%
Ambac Financial Group, Inc. (a)		22,444		445,513
American Equity Investment Life Holding Co.		40,984		1,475,424
AMERISAFE, Inc.		9,298		536,960
Amtrust Financial Services, Inc.		51,253		746,756
Argo Group International Holdings, Ltd.		14,435		839,395
Citizens, Inc. (a) (b)		22,172		172,720
CNO Financial Group, Inc.		76,452		1,455,646
eHealth, Inc. (a)		7,987		176,513
EMC Insurance Group, Inc.		3,800		105,564
Insurance—(Continued)
Employers Holdings, Inc.		14,789		594,518
Enstar Group, Ltd. (a) (b)		5,526		1,145,540
FBL Financial Group, Inc. - Class A		4,790		377,213
FedNat Holding Co.		5,989		138,166
Genworth Financial, Inc. - Class A (a)		231,828		1,043,226
Global Indemnity, Ltd.		3,335		129,998
Goosehead Insurance, Inc. (a)		7,789		194,413
Greenlight Capital Re, Ltd. - Class A (a) (b)		13,998		198,772
HCI Group, Inc.		4,347		180,705
Health Insurance Innovations, Inc. - Class A (a) (b)		5,782		187,048
Heritage Insurance Holdings, Inc. (b)		11,792		196,573
Horace Mann Educators Corp.		18,978		846,419
Infinity Property & Casualty Corp.		4,626		658,511
Investors Title Co.		736		135,910
James River Group Holdings, Ltd.		12,177		478,434
Kemper Corp.		18,020		1,363,213
Kinsale Capital Group, Inc.		9,172		503,176
Maiden Holdings, Ltd.		32,906		255,022
MBIA, Inc. (a) (b)		41,874		378,541
National General Holdings Corp. (b)		28,508		750,616
National Western Life Group, Inc. - Class A		1,054		323,852
Navigators Group, Inc. (The)		9,344		532,608
Primerica, Inc.		19,831		1,975,168
ProAssurance Corp.		24,492		868,241
RLI Corp. (b)		17,992		1,190,890
Safety Insurance Group, Inc.		6,815		582,001
Selective Insurance Group, Inc.		26,544		1,459,920
State Auto Financial Corp.		7,940		237,485
Stewart Information Services Corp.		10,993		473,469
Third Point Reinsurance, Ltd. (a)		43,497		543,712
Trupanion, Inc. (a) (b)		11,074		427,456
United Fire Group, Inc.		9,677		527,493
United Insurance Holdings Corp. (b)		8,654		169,445
Universal Insurance Holdings, Inc.		15,753		552,930
WMIH Corp. (a)		98,068		131,411
				25,706,586
Internet & Direct Marketing Retail—0.6%
1-800-Flowers.com, Inc. - Class A (a)		13,330		167,291
Groupon, Inc. (a)		202,312		869,942
Lands’ End, Inc. (a)		5,281		147,340
Liberty Expedia Holdings, Inc. - Class A (a)		24,947		1,096,171
Liberty TripAdvisor Holdings, Inc. - Class A (a)		34,803		560,328
Nutrisystem, Inc.		14,262		549,087
Overstock.com, Inc. (a) (b)		9,776		328,962
PetMed Express, Inc. (b)		9,436		415,656
Shutterfly, Inc. (a)		15,092		1,358,733
				5,493,510
Internet Software & Services—3.5%
Alarm.com Holdings, Inc. (a) (b)		14,286		576,869
Alteryx, Inc. - Class A (a) (b)		12,993		495,813
Appfolio, Inc. - Class A (a)		6,877		420,529
Apptio, Inc. - Class A (a)		15,604		564,865
Benefitfocus, Inc. (a) (b)		9,362		314,563
Blucora, Inc. (a)		20,338		752,506

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—(Continued)
Box, Inc. - Class A (a)		57,994	$	1,449,270
Brightcove, Inc. (a)		17,189		165,874
Carbonite, Inc. (a)		11,965		417,578
Care.com, Inc. (a)		6,999		146,139
Cargurus, Inc. (a)		24,738		859,398
Cars.com, Inc. (a) (b)		33,795		959,440
ChannelAdvisor Corp. (a)		10,403		146,162
Cision, Ltd. (a)		23,551		352,087
Cloudera, Inc. (a)		44,625		608,685
Cornerstone OnDemand, Inc. (a)		24,008		1,138,699
Coupa Software, Inc. (a)		24,242		1,508,822
Endurance International Group Holdings, Inc. (a)		39,045		388,498
Envestnet, Inc. (a)		20,207		1,110,375
Etsy, Inc. (a) (b)		55,043		2,322,264
Five9, Inc. (a)		24,673		852,946
Gogo, Inc. (a) (b)		27,419		133,256
GTT Communications, Inc. (a)		16,059		722,655
Hortonworks, Inc. (a)		31,713		577,811
Instructure, Inc. (a)		14,481		616,167
Internap Corp. (a)		10,141		105,669
j2 Global, Inc.		21,298		1,844,620
Limelight Networks, Inc. (a)		43,835		195,942
LivePerson, Inc. (a)		29,330		618,863
Meet Group, Inc. (The) (a)		34,595		154,986
MINDBODY, Inc. - Class A (a)		20,014		772,540
New Relic, Inc. (a) (b)		20,160		2,027,894
NIC, Inc.		29,109		452,645
Pandora Media, Inc. (a) (b)		117,559		926,365
Q2 Holdings, Inc. (a)		16,765		956,443
QuinStreet, Inc. (a)		18,085		229,680
Quotient Technology, Inc. (a) (b)		35,202		461,146
SendGrid, Inc. (a)		4,249		112,683
ShotSpotter, Inc. (a)		3,603		136,662
Shutterstock, Inc. (a) (b)		9,230		438,056
SPS Commerce, Inc. (a)		7,550		554,774
Stamps.com, Inc. (a)		7,904		2,000,107
TechTarget, Inc. (a)		9,817		278,803
Trade Desk, Inc. (The) - Class A (a)		14,403		1,351,001
TrueCar, Inc. (a)		42,606		429,895
Tucows, Inc. - Class A (a) (b)		4,376		265,404
Web.com Group, Inc. (a)		18,763		485,024
XO Group, Inc. (a)		11,305		361,760
Yelp, Inc. (a) (b)		36,366		1,424,820
Yext, Inc. (a)		37,385		723,026
				34,910,079
IT Services—1.7%
Acxiom Corp. (a)		34,321		1,027,914
CACI International, Inc. - Class A (a) (f)		11,179		1,884,220
Cardtronics plc - Class A (a) (b)		22,064		533,508
Cass Information Systems, Inc.		6,460		444,577
Convergys Corp.		42,882		1,048,036
CSG Systems International, Inc. (b)		15,258		623,594
Everi Holdings, Inc. (a)		31,818		229,090
EVERTEC, Inc.		30,384		663,890
ExlService Holdings, Inc. (a)		15,305		866,416
IT Services—(Continued)
Hackett Group, Inc. (The)		11,151		179,197
ManTech International Corp. - Class A		12,440		667,282
MAXIMUS, Inc.		29,527		1,833,922
Perficient, Inc. (a)		17,369		458,021
Perspecta, Inc.		65,553		1,347,114
Presidio, Inc. (a)		12,582		164,824
Science Applications International Corp.		19,314		1,563,082
ServiceSource International, Inc. (a)		37,482		147,679
Sykes Enterprises, Inc. (a)		18,634		536,287
Syntel, Inc. (a)		14,931		479,136
Travelport Worldwide, Ltd.		56,729		1,051,756
TTEC Holdings, Inc.		7,377		254,875
Unisys Corp. (a) (b)		26,228		338,341
Virtusa Corp. (a)		12,986		632,158
				16,974,919
Leisure Products—0.4%
Acushnet Holdings Corp.		14,893		364,283
American Outdoor Brands Corp. (a)		25,637		308,413
Callaway Golf Co.		43,200		819,504
Johnson Outdoors, Inc. - Class A		2,524		213,354
Malibu Boats, Inc. - Class A (a)		8,768		367,730
MCBC Holdings, Inc. (a)		9,205		266,485
Nautilus, Inc. (a)		16,328		256,349
Sturm Ruger & Co., Inc. (b)		8,538		478,128
Vista Outdoor, Inc. (a)		27,041		418,865
				3,493,111
Life Sciences Tools & Services—0.4%
Accelerate Diagnostics, Inc. (a) (b)		11,348		253,060
Cambrex Corp. (a)		15,180		793,914
Codexis, Inc. (a)		21,463		309,067
Luminex Corp.		18,901		558,147
Medpace Holdings, Inc. (a)		5,868		252,324
NanoString Technologies, Inc. (a)		11,330		154,994
NeoGenomics, Inc. (a)		26,497		347,376
Pacific Biosciences of California, Inc. (a)		58,747		208,552
Syneos Health, Inc. (a) (b)		25,522		1,196,982
				4,074,416
Machinery—3.7%
Actuant Corp. - Class A		28,401		833,569
Alamo Group, Inc.		4,629		418,276
Albany International Corp. - Class A		12,352		742,973
Altra Industrial Motion Corp.		13,607		586,462
American Railcar Industries, Inc. (b)		4,708		185,872
Astec Industries, Inc.		10,105		604,279
Barnes Group, Inc.		22,099		1,301,631
Blue Bird Corp. (a)		5,751		128,535
Briggs & Stratton Corp.		19,347		340,701
Chart Industries, Inc. (a) (b)		14,133		871,723
CIRCOR International, Inc.		7,291		269,475
Columbus McKinnon Corp.		10,074		436,809
DMC Global, Inc.		7,160		321,484
Douglas Dynamics, Inc.		9,877		474,096
Energy Recovery, Inc. (a) (b)		17,996		145,408

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
EnPro Industries, Inc.		9,829	$	687,539
ESCO Technologies, Inc.		12,761		736,310
Evoqua Water Technologies Corp. (a) (b)		34,844		714,302
Federal Signal Corp.		27,402		638,193
Franklin Electric Co., Inc.		21,104		951,790
Global Brass & Copper Holdings, Inc.		11,099		347,954
Gorman-Rupp Co. (The)		7,300		255,500
Graham Corp.		4,832		124,714
Greenbrier Cos., Inc. (The) (b)		14,568		768,462
Harsco Corp. (a)		37,700		833,170
Hillenbrand, Inc.		28,649		1,350,800
Hurco Cos., Inc.		3,167		141,723
Hyster-Yale Materials Handling, Inc.		4,976		319,708
John Bean Technologies Corp.		13,882		1,234,110
Kadant, Inc.		4,675		449,501
Kennametal, Inc. (b)		37,400		1,342,660
Lindsay Corp.		4,595		445,669
Lydall, Inc. (a)		8,342		364,128
Manitowoc Co., Inc. (The) (a)		15,849		409,855
Meritor, Inc. (a)		37,321		767,693
Milacron Holdings Corp. (a)		30,587		579,012
Miller Industries, Inc.		5,680		145,124
Mueller Industries, Inc.		26,115		770,654
Mueller Water Products, Inc. - Class A		71,344		836,152
Navistar International Corp. (a)		23,914		973,778
NN, Inc. (b)		12,696		239,954
Park-Ohio Holdings Corp.		4,748		177,100
Proto Labs, Inc. (a)		12,348		1,468,795
RBC Bearings, Inc. (a)		10,793		1,390,246
REV Group, Inc. (b)		11,893		202,300
Rexnord Corp. (a)		47,803		1,389,155
Spartan Motors, Inc.		16,327		246,538
SPX Corp. (a)		20,781		728,374
SPX FLOW, Inc. (a)		19,349		846,906
Standex International Corp.		5,879		600,834
Sun Hydraulics Corp. (b)		12,428		598,905
Tennant Co.		8,362		660,598
Titan International, Inc.		22,706		243,635
TriMas Corp. (a)		22,514		661,912
Wabash National Corp.		27,273		508,914
Watts Water Technologies, Inc. - Class A		12,721		997,326
Woodward, Inc.		24,351		1,871,618
				36,682,904
Marine—0.1%
Costamare, Inc.		19,016		151,748
Eagle Bulk Shipping, Inc. (a)		23,786		129,396
Matson, Inc.		20,127		772,474
Scorpio Bulkers, Inc.		28,455		202,030
				1,255,648
Media—1.6%
AMC Entertainment Holdings, Inc. - Class A		25,675		408,233
Central European Media Enterprises, Ltd. - Class A (a)		40,414		167,718
Daily Journal Corp. (a) (b)		598		137,660
Emerald Expositions Events, Inc.		11,929		245,737
Media—(Continued)
Entercom Communications Corp. - Class A (b)		59,780		451,339
Entravision Communications Corp. - Class A		32,143		160,715
Eros International plc (a)		13,360		173,680
EW Scripps Co. (The) - Class A (b)		21,625		289,559
Gannett Co., Inc.		48,407		517,955
Gray Television, Inc. (a)		36,845		582,151
IMAX Corp. (a)		28,090		622,194
Liberty Braves Group - Class A (a)		5,080		130,607
Liberty Braves Group - Class C (a) (b)		16,010		414,019
Liberty Latin America, Ltd. - Class A (a)		20,395		389,952
Liberty Latin America, Ltd. - Class C (a)		52,143		1,010,531
Loral Space & Communications, Inc. (a)		6,669		250,754
MDC Partners, Inc. - Class A (a)		25,380		116,748
Meredith Corp. (b)		18,346		935,646
MSG Networks, Inc. - Class A (a)		29,478		705,998
National CineMedia, Inc.		30,282		254,369
New Media Investment Group, Inc.		27,741		512,654
New York Times Co. (The) - Class A (b)		58,218		1,507,846
Nexstar Media Group, Inc. - Class A (b)		19,881		1,459,265
Reading International, Inc. - Class A (a)		8,504		135,639
Scholastic Corp.		13,390		593,311
Sinclair Broadcast Group, Inc. - Class A		31,990		1,028,478
TEGNA, Inc.		99,324		1,077,665
tronc, Inc. (a)		6,955		120,182
WideOpenWest, Inc. (a)		15,386		148,629
World Wrestling Entertainment, Inc. - Class A		19,301		1,405,499
				15,954,733
Metals & Mining—1.3%
AK Steel Holding Corp. (a) (b)		143,725		623,767
Allegheny Technologies, Inc. (a)		56,239		1,412,724
Carpenter Technology Corp.		20,845		1,095,822
Century Aluminum Co. (a) (b)		24,781		390,301
Cleveland-Cliffs, Inc. (a) (b)		134,737		1,135,833
Coeur Mining, Inc. (a)		85,970		653,372
Commercial Metals Co.		53,553		1,130,504
Compass Minerals International, Inc.		15,656		1,029,382
Ferroglobe Representation & Warranty Insurance Trust (a) (e)		31,634		0
Gold Resource Corp.		26,334		173,541
Haynes International, Inc.		6,653		244,431
Hecla Mining Co.		179,688		625,314
Kaiser Aluminum Corp.		7,582		789,362
Klondex Mines, Ltd. (a)		67,582		156,114
Materion Corp.		9,498		514,317
Schnitzer Steel Industries, Inc. - Class A		13,529		455,927
SunCoke Energy, Inc. (a)		32,541		436,049
Tahoe Resources, Inc.		143,709		707,048
TimkenSteel Corp. (a) (b)		18,629		304,584
Warrior Met Coal, Inc.		16,223		447,268
Worthington Industries, Inc.		19,515		819,045
				13,144,705
Mortgage Real Estate Investment Trusts—1.1%
AG Mortgage Investment Trust, Inc.		14,345		269,543
Anworth Mortgage Asset Corp.		46,544		231,324
Apollo Commercial Real Estate Finance, Inc. (b)		56,688		1,036,257

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Mortgage Real Estate Investment Trusts—(Continued)
Arbor Realty Trust, Inc.		33,319	$	347,517
Ares Commercial Real Estate Corp.		11,438		157,959
ARMOUR Residential REIT, Inc.		19,400		442,514
Blackstone Mortgage Trust, Inc. - Class A (b)		48,895		1,536,770
Capstead Mortgage Corp.		43,532		389,611
Colony Credit Real Estate, Inc. (b)		42,416		879,284
CYS Investments, Inc.		72,423		543,172
Dynex Capital, Inc.		27,274		178,099
Exantas Capital Corp.		16,059		163,481
Granite Point Mortgage Trust, Inc.		19,775		362,871
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		23,478		463,690
Invesco Mortgage Capital, Inc.		49,693		790,119
KKR Real Estate Finance Trust, Inc. (b)		7,679		151,891
Ladder Capital Corp.		40,418		631,329
Mortgage Investment Corp.		23,775		465,990
New York Mortgage Trust, Inc. (b)		53,512		321,607
Orchid Island Capital, Inc. (b)		21,449		161,296
PennyMac Mortgage Investment Trust		26,727		507,546
Redwood Trust, Inc. (b)		33,524		552,140
Sutherland Asset Management Corp.		8,791		142,854
TPG RE Finance Trust, Inc.		15,059		305,999
Western Asset Mortgage Capital Corp.		19,929		207,660
				11,240,523
Multi-Utilities—0.5%
Avista Corp.		29,836		1,571,164
Black Hills Corp.		24,293		1,486,974
NorthWestern Corp.		21,883		1,252,802
Unitil Corp.		7,429		379,176
				4,690,116
Multiline Retail—0.3%
Big Lots, Inc.		19,712		823,567
Dillard’s, Inc. - Class A (b)		5,959		563,126
J.C. Penney Co., Inc. (a) (b)		142,816		334,189
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		22,661		1,642,923
				3,363,805
Oil, Gas & Consumable Fuels—3.1%
Abraxas Petroleum Corp. (a)		83,574		241,529
Alta Mesa Resources, Inc. (a)		56,226		382,899
Arch Coal, Inc. - Class A		8,609		675,204
Ardmore Shipping Corp. (a)		15,971		130,962
Bonanza Creek Energy, Inc. (a)		10,392		393,545
California Resources Corp. (a)		20,491		931,111
Callon Petroleum Co. (a) (b)		106,061		1,139,095
Carrizo Oil & Gas, Inc. (a) (b)		37,509		1,044,626
Clean Energy Fuels Corp. (a)		68,769		253,758
Cloud Peak Energy, Inc. (a)		39,445		137,663
CONSOL Energy, Inc. (a)		13,213		506,719
CVR Energy, Inc. (b)		8,864		327,879
Delek U.S. Holdings, Inc.		38,177		1,915,340
Denbury Resources, Inc. (a) (b)		203,761		980,090
DHT Holdings, Inc.		41,518		194,719
Energy XXI Gulf Coast, Inc. (a)		17,463		154,373
Evolution Petroleum Corp.		13,703		134,975
Oil, Gas & Consumable Fuels—(Continued)
Frontline, Ltd. (a) (b)		36,957		215,829
GasLog, Ltd.		20,748		396,287
Golar LNG, Ltd.		44,104		1,299,304
Green Plains, Inc.		17,956		328,595
Gulfport Energy Corp. (a) (b)		80,820		1,015,907
Halcon Resources Corp. (a) (b)		63,756		279,889
HighPoint Resources Corp. (a)		51,358		312,257
International Seaways, Inc. (a)		14,283		330,509
Jagged Peak Energy, Inc. (a) (b)		28,571		371,994
Laredo Petroleum, Inc. (a)		72,739		699,749
Matador Resources Co. (a)		44,866		1,348,223
Nordic American Tankers, Ltd. (b)		67,571		181,090
Northern Oil and Gas, Inc. (a)		56,872		179,147
Oasis Petroleum, Inc. (a)		124,006		1,608,358
Panhandle Oil and Gas, Inc. - Class A		7,855		150,030
Par Pacific holdings, Inc. (a)		16,282		282,981
PDC Energy, Inc. (a)		30,317		1,832,663
Peabody Energy Corp.		36,974		1,681,577
Penn Virginia Corp. (a) (b)		5,878		498,983
Renewable Energy Group, Inc. (a)		16,294		290,848
Resolute Energy Corp. (a) (b)		11,063		345,166
REX American Resources Corp. (a)		2,989		242,019
Ring Energy, Inc. (a) (b)		28,500		359,670
Sanchez Energy Corp. (a) (b)		39,833		180,045
SandRidge Energy, Inc. (a)		13,335		236,563
Scorpio Tankers, Inc.		125,443		352,495
SemGroup Corp. - Class A (b)		36,615		930,021
Ship Finance International, Ltd.		38,547		576,278
Southwestern Energy Co. (a)		270,546		1,433,894
SRC Energy, Inc. (a) (b)		107,906		1,189,124
Talos Energy, Inc. (a)		10,507		337,590
Teekay Corp.		29,414		227,958
Tellurian, Inc. (a) (b)		38,940		323,981
Ultra Petroleum Corp. (a)		96,029		221,827
Uranium Energy Corp. (a) (b)		80,349		129,362
W&T Offshore, Inc. (a)		50,382		360,231
WildHorse Resource Development Corp. (a)		13,227		335,437
World Fuel Services Corp.		31,238		637,568
				31,267,936
Paper & Forest Products—0.6%
Boise Cascade Co.		18,411		822,972
Clearwater Paper Corp. (a)		7,836		181,012
KapStone Paper and Packaging Corp.		39,372		1,358,334
Louisiana-Pacific Corp.		66,623		1,813,478
Neenah, Inc. (b)		7,745		657,163
PH Glatfelter Co.		21,278		416,836
Schweitzer-Mauduit International, Inc.		14,898		651,340
Verso Corp. - Class A (a)		16,813		365,851
				6,266,986
Personal Products—0.3%
Edgewell Personal Care Co. (a) (b)		24,669		1,244,798
elf Beauty, Inc. (a) (b)		10,070		153,467
Inter Parfums, Inc.		8,191		438,218
Medifast, Inc.		5,370		860,059

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Products—(Continued)
USANA Health Sciences, Inc. (a)		5,606	$	646,372
				3,342,914
Pharmaceuticals—2.0%
Aclaris Therapeutics, Inc. (a)		13,157		262,745
Aerie Pharmaceuticals, Inc. (a)		16,392		1,107,280
Akcea Therapeutics, Inc. (a) (b)		7,356		174,411
Akorn, Inc. (a)		43,557		722,611
Amneal Pharmaceuticals, Inc. (a) (b)		40,537		665,212
Amphastar Pharmaceuticals, Inc. (a)		18,205		277,808
ANI Pharmaceuticals, Inc. (a) (b)		3,945		263,526
Assembly Biosciences, Inc. (a)		7,194		282,077
Clearside Biomedical, Inc. (a)		10,859		116,083
Collegium Pharmaceutical, Inc. (a)		14,032		334,663
Corcept Therapeutics, Inc. (a)		43,446		682,971
Cymabay Therapeutics, Inc. (a)		28,178		378,149
Depomed, Inc. (a)		31,379		209,298
Dermira, Inc. (a)		18,139		166,879
Dova Pharmaceuticals, Inc. (a) (b)		6,038		180,657
Durect Corp. (a)		73,875		115,245
Eloxx Pharmaceuticals, Inc. (a) (b)		14,403		245,859
Endo International plc (a)		103,559		976,561
Endocyte, Inc. (a)		30,890		426,282
Horizon Pharma plc (a)		78,756		1,304,199
Innoviva, Inc. (a)		33,334		460,009
Intersect ENT, Inc. (a)		13,971		523,214
Intra-Cellular Therapies, Inc. (a)		19,606		346,438
Lannett Co., Inc. (a) (b)		12,710		172,856
Mallinckrodt plc (a)		38,301		714,697
Medicines Co. (The) (a) (b)		32,038		1,175,795
MyoKardia, Inc. (a)		14,231		706,569
Ocular Therapeutix, Inc. (a) (b)		17,358		117,167
Omeros Corp. (a) (b)		21,460		389,284
Optinose, Inc. (a) (b)		8,130		227,477
Pacira Pharmaceuticals, Inc. (a)		18,507		593,149
Paratek Pharmaceuticals, Inc. (a) (b)		16,222		165,464
Phibro Animal Health Corp. - Class A		9,993		460,178
Prestige Brands Holdings, Inc. (a) (b)		25,686		985,829
Reata Pharmaceuticals, Inc. - Class A (a)		7,732		270,388
Revance Therapeutics, Inc. (a)		15,532		426,353
SIGA Technologies, Inc. (a) (b)		36,592		217,357
Supernus Pharmaceuticals, Inc. (a)		22,494		1,346,266
TherapeuticsMD, Inc. (a) (b)		78,988		492,885
Theravance Biopharma, Inc. (a) (b)		19,690		446,569
WAVE Life Sciences, Ltd. (a) (b)		8,571		327,841
Zogenix, Inc. (a) (b)		16,721		739,068
				20,197,369
Professional Services—1.4%
ASGN, Inc. (a)		22,539		1,762,324
Barrett Business Services, Inc.		3,358		324,282
CBIZ, Inc. (a)		24,387		560,901
CRA International, Inc.		4,929		250,837
Exponent, Inc. (b)		23,584		1,139,107
Forrester Research, Inc.		5,782		242,555
Franklin Covey Co. (a)		4,912		120,590
Professional Services—(Continued)
FTI Consulting, Inc. (a)		16,848		1,018,967
Heidrick & Struggles International, Inc.		9,634		337,190
Hill International, Inc. (a)		24,384		143,866
Huron Consulting Group, Inc. (a)		10,356		423,560
ICF International, Inc.		8,868		630,071
Insperity, Inc.		17,458		1,662,875
Kelly Services, Inc. - Class A		14,944		335,493
Kforce, Inc.		12,692		435,336
Korn/Ferry International		25,738		1,593,954
Mistras Group, Inc. (a)		8,222		155,231
Navigant Consulting, Inc. (a)		21,686		480,128
Resources Connection, Inc.		12,083		204,203
TriNet Group, Inc. (a)		19,326		1,081,097
TrueBlue, Inc. (a)		19,573		527,492
WageWorks, Inc. (a)		18,480		924,000
				14,354,059
Real Estate Management & Development—0.5%
Altisource Portfolio Solutions S.A. (a) (b)		6,754		197,014
FRP Holdings, Inc. (a)		3,389		219,438
HFF, Inc. - Class A		17,641		605,968
Kennedy-Wilson Holdings, Inc.		56,325		1,191,274
Marcus & Millichap, Inc. (a)		9,235		360,257
Newmark Group, Inc. - Class A		17,059		242,750
RE/MAX Holdings, Inc. - Class A		8,877		465,599
Redfin Corp. (a) (b)		34,295		791,871
RMR Group, Inc. (The) - Class A (b)		3,481		273,084
St. Joe Co. (The) (a)		19,924		357,636
Tejon Ranch Co. (a)		9,079		220,620
				4,925,511
Road & Rail—0.5%
ArcBest Corp.		12,815		585,646
Avis Budget Group, Inc. (a)		32,851		1,067,657
Covenant Transportation Group, Inc. - Class A (a)		5,776		181,944
Daseke, Inc. (a)		19,836		196,971
Heartland Express, Inc.		22,410		415,706
Hertz Global Holdings, Inc. (a) (b)		26,814		411,327
Marten Transport, Ltd.		19,376		454,367
Saia, Inc. (a)		11,835		956,860
Werner Enterprises, Inc.		22,043		827,715
YRC Worldwide, Inc. (a)		14,785		148,589
				5,246,782
Semiconductors & Semiconductor Equipment—2.5%
Advanced Energy Industries, Inc. (a)		17,261		1,002,691
Alpha & Omega Semiconductor, Ltd. (a)		10,203		145,291
Ambarella, Inc. (a)		14,056		542,702
Amkor Technology, Inc. (a)		46,149		396,420
Aquantia Corp. (a)		10,607		122,829
Axcelis Technologies, Inc. (a)		13,934		275,893
AXT, Inc. (a) (b)		18,990		133,879
Brooks Automation, Inc.		32,611		1,063,771
Cabot Microelectronics Corp.		11,541		1,241,350
Ceva, Inc. (a)		10,183		307,527
Cirrus Logic, Inc. (a)		29,117		1,116,055

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Cohu, Inc.		11,848	$	290,394
Cree, Inc. (a)		45,781		1,903,116
Diodes, Inc. (a)		18,315		631,318
Entegris, Inc.		64,530		2,187,567
FormFactor, Inc. (a) (f)		31,702		421,637
Ichor Holdings, Ltd. (a)		12,029		255,255
Impinj, Inc. (a) (b)		8,561		189,284
Inphi Corp. (a) (b)		19,424		633,417
Integrated Device Technology, Inc. (a)		60,966		1,943,596
Lattice Semiconductor Corp. (a)		55,030		360,997
MACOM Technology Solutions Holdings, Inc. (a) (b)		18,984		437,391
MaxLinear, Inc. (a) (b)		26,699		416,237
Nanometrics, Inc. (a)		12,771		452,221
NVE Corp.		2,605		317,237
PDF Solutions, Inc. (a)		13,631		163,299
Photronics, Inc. (a)		30,362		242,137
Power Integrations, Inc.		13,471		984,057
Rambus, Inc. (a)		49,965		626,561
Rudolph Technologies, Inc. (a)		13,085		387,316
Semtech Corp. (a)		29,669		1,395,926
Silicon Laboratories, Inc. (a)		19,533		1,945,487
SMART Global Holdings, Inc. (a)		4,560		145,327
SunPower Corp. (a) (b)		31,453		241,245
Synaptics, Inc. (a)		16,991		855,837
Ultra Clean Holdings, Inc. (a)		16,793		278,764
Veeco Instruments, Inc. (a)		22,250		317,062
Xcerra Corp. (a)		26,473		369,828
Xperi Corp.		24,436		393,420
				25,134,341
Software—2.6%
8x8, Inc. (a)		41,065		823,353
A10 Networks, Inc. (a)		21,727		135,359
ACI Worldwide, Inc. (a)		53,497		1,319,771
Altair Engineering, Inc. - Class A (a)		13,769		470,624
American Software, Inc. - Class A		12,761		185,928
Avaya Holdings Corp. (a)		51,576		1,035,646
Blackbaud, Inc.		21,931		2,246,831
Blackline, Inc. (a)		14,923		648,106
Bottomline Technologies de, Inc. (a)		19,170		955,241
CommVault Systems, Inc. (a) (b)		17,956		1,182,403
Digimarc Corp. (a)		3,943		105,672
Ebix, Inc.		10,806		823,957
Ellie Mae, Inc. (a) (b)		15,567		1,616,477
Everbridge, Inc. (a)		12,141		575,726
ForeScout Technologies, Inc. (a) (b)		13,416		459,632
Glu Mobile, Inc. (a)		50,565		324,122
HubSpot, Inc. (a)		16,478		2,066,341
Imperva, Inc. (a)		15,746		759,744
MicroStrategy, Inc. - Class A (a)		4,589		586,245
Mitek Systems, Inc. (a)		15,125		134,613
MobileIron, Inc. (a)		28,325		126,046
Model N, Inc. (a)		11,583		215,444
Monotype Imaging Holdings, Inc.		18,592		377,418
OneSpan, Inc. (a)		15,031		295,359
Paylocity Holding Corp. (a)		13,301		782,897
Software—(Continued)
Progress Software Corp.		21,029		816,346
PROS Holdings, Inc. (a)		12,910		472,119
QAD, Inc. - Class A		4,798		240,620
Qualys, Inc. (a)		14,838		1,250,843
Rapid7, Inc. (a)		16,703		471,359
Rosetta Stone, Inc. (a)		9,843		157,783
SailPoint Technologies Holding, Inc. (a)		21,755		533,868
TiVo Corp.		54,357		731,102
Upland Software, Inc. (a)		7,503		257,878
Varonis Systems, Inc. (a)		12,721		947,714
Verint Systems, Inc. (a) (b)		28,969		1,284,775
Workiva, Inc. (a)		11,206		273,426
Zix Corp. (a)		26,040		140,356
Zscaler, Inc. (a)		8,797		314,493
				26,145,637
Specialty Retail—2.9%
Aaron’s, Inc.		32,148		1,396,831
Abercrombie & Fitch Co. - Class A		32,535		796,457
America’s Car-Mart, Inc. (a)		3,580		221,602
American Eagle Outfitters, Inc.		73,095		1,699,459
Asbury Automotive Group, Inc. (a) (b)		9,029		618,938
Ascena Retail Group, Inc. (a) (b)		84,485		336,673
At Home Group, Inc. (a)		12,409		485,812
Barnes & Noble Education, Inc. (a)		19,538		110,194
Barnes & Noble, Inc.		29,521		187,458
Bed Bath & Beyond, Inc.		61,523		1,225,846
Boot Barn Holdings, Inc. (a)		9,580		198,785
Buckle, Inc. (The) (b)		14,188		381,657
Caleres, Inc.		20,189		694,300
Camping World Holdings, Inc. - Class A		14,592		364,508
Carvana Co. (a) (b)		13,270		552,032
Cato Corp. (The) - Class A		9,562		235,416
Chico’s FAS, Inc.		59,471		484,094
Children’s Place, Inc. (The)		7,101		857,801
Citi Trends, Inc.		8,551		234,639
Conn’s, Inc. (a)		10,289		339,537
DSW, Inc. - Class A		31,615		816,299
Express, Inc. (a)		34,677		317,295
Five Below, Inc. (a)		24,317		2,376,014
Francesca’s Holdings Corp. (a)		17,669		133,401
GameStop Corp. - Class A (b)		46,271		674,169
Genesco, Inc. (a)		8,683		344,715
GNC Holdings, Inc. - Class A (a)		33,539		118,057
Group 1 Automotive, Inc.		9,411		592,893
Guess?, Inc.		25,521		546,149
Haverty Furniture Cos., Inc.		10,391		224,446
Hibbett Sports, Inc. (a)		10,209		233,786
Hudson, Ltd. - Class A (a)		18,056		315,799
Lithia Motors, Inc. - Class A (b)		10,519		994,782
Lumber Liquidators Holdings, Inc. (a) (b)		13,856		337,394
MarineMax, Inc. (a)		12,696		240,589
Monro, Inc. (b)		15,070		875,567
Murphy USA, Inc. (a)		14,228		1,056,998
National Vision Holdings, Inc. (a)		15,753		576,087
Office Depot, Inc.		256,159		653,206

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Party City Holdco, Inc. (a)		13,656	$	208,254
Rent-A-Center, Inc. (a) (b)		21,277		313,197
RH (a) (b)		8,668		1,210,920
Sally Beauty Holdings, Inc. (a) (b)		56,288		902,297
Shoe Carnival, Inc.		4,114		133,499
Signet Jewelers, Ltd.		26,931		1,501,403
Sleep Number Corp. (a) (b)		17,167		498,186
Sonic Automotive, Inc. - Class A		14,688		302,573
Tailored Brands, Inc. (b)		22,434		572,516
Tile Shop Holdings, Inc.		20,043		154,331
Winmark Corp.		1,140		169,233
Zumiez, Inc. (a)		10,452		261,823
				29,077,917
Technology Hardware, Storage & Peripherals—0.4%
3D Systems Corp. (a) (b)		50,283		694,408
Cray, Inc. (a)		19,290		474,534
Diebold Nixdorf, Inc. (b)		35,435		423,448
Electronics for Imaging, Inc. (a) (b)		22,186		722,376
Immersion Corp. (a)		14,029		216,608
Stratasys, Ltd. (a)		23,667		452,987
Super Micro Computer, Inc. (a)		17,788		420,686
USA Technologies, Inc. (a)		23,924		334,936
				3,739,983
Textiles, Apparel & Luxury Goods—0.8%
Crocs, Inc. (a) (b) (f)		31,969		562,974
Culp, Inc.		4,697		115,311
Deckers Outdoor Corp. (a) (b)		14,530		1,640,292
Fossil Group, Inc. (a)		20,656		555,027
G-III Apparel Group, Ltd. (a)		21,024		933,466
Movado Group, Inc.		7,984		385,627
Oxford Industries, Inc.		7,657		635,378
Perry Ellis International, Inc. (a)		7,318		198,830
Steven Madden, Ltd.		27,483		1,459,347
Unifi, Inc. (a)		7,892		250,176
Vera Bradley, Inc. (a)		11,248		157,922
Wolverine World Wide, Inc.		41,902		1,456,933
				8,351,283
Thrifts & Mortgage Finance—2.1%
BankFinancial Corp.		7,197		127,027
Beneficial Bancorp, Inc.		32,692		529,610
BofI Holding, Inc. (a) (b)		27,157		1,110,993
BSB Bancorp, Inc. (a)		4,295		147,748
Capitol Federal Financial, Inc.		59,838		787,468
Charter Financial Corp.		6,243		150,769
Columbia Financial, Inc. (a) (b)		27,549		455,936
Dime Community Bancshares, Inc.		15,501		302,270
Essent Group, Ltd. (a)		43,882		1,571,853
Federal Agricultural Mortgage Corp. - Class C		4,263		381,453
First Defiance Financial Corp.		5,038		337,848
Flagstar Bancorp, Inc. (a)		12,717		435,685
Hingham Institution for Savings		716		157,305
Home Bancorp, Inc.		3,086		143,653
HomeStreet, Inc. (a) (b)		12,382		333,695
Thrifts & Mortgage Finance—(Continued)
Kearny Financial Corp.		49,739		668,990
LendingTree, Inc. (a)		3,578		764,976
Merchants Bancorp		7,914		225,787
Meridian Bancorp, Inc.		23,292		446,042
Meta Financial Group, Inc. (b)		4,218		410,833
MGIC Investment Corp. (a)		165,735		1,776,679
Nationstar Mortgage Holdings, Inc. (a)		13,208		231,536
NMI Holdings, Inc. - Class A (a)		27,711		451,689
Northfield Bancorp, Inc.		19,366		321,863
Northwest Bancshares, Inc.		41,735		725,772
OceanFirst Financial Corp.		22,048		660,558
Ocwen Financial Corp. (a)		51,647		204,522
Oritani Financial Corp. (b)		16,857		273,083
PCSB Financial Corp.		11,786		234,188
PennyMac Financial Services, Inc. - Class A (a)		12,814		251,795
PHH Corp. (a)		15,676		170,241
Provident Financial Services, Inc.		29,105		801,261
Radian Group, Inc.		99,468		1,613,371
Southern Missouri Bancorp, Inc.		3,592		140,160
TrustCo Bank Corp.		45,137		401,719
United Community Financial Corp.		24,319		267,266
United Financial Bancorp, Inc.		21,901		383,706
Walker & Dunlop, Inc.		12,545		698,129
Washington Federal, Inc.		37,662		1,231,547
Waterstone Financial, Inc.		10,900		185,845
Western New England Bancorp, Inc.		13,397		147,367
WSFS Financial Corp.		14,223		758,086
				21,420,324
Tobacco—0.2%
22nd Century Group, Inc. (a) (b)		58,793		144,631
Turning Point Brands, Inc.		4,000		127,600
Universal Corp.		11,709		773,379
Vector Group, Ltd. (b)		47,162		899,851
				1,945,461
Trading Companies & Distributors—1.3%
Aircastle, Ltd.		23,576		483,308
Applied Industrial Technologies, Inc.		17,422		1,222,153
Beacon Roofing Supply, Inc. (a) (b)		31,057		1,323,649
BlueLinx Holdings, Inc. (a) (b)		4,469		167,721
BMC Stock Holdings, Inc. (a)		31,129		649,040
CAI International, Inc. (a)		8,107		188,407
DXP Enterprises, Inc. (a)		6,978		266,560
GATX Corp. (b)		17,764		1,318,622
GMS, Inc. (a)		14,993		406,160
H&E Equipment Services, Inc.		15,412		579,645
Herc Holdings, Inc. (a)		11,071		623,740
Kaman Corp.		13,043		908,967
MRC Global, Inc. (a)		38,704		838,716
Nexeo Solutions, Inc. (a)		13,514		123,383
NOW, Inc. (a) (b)		51,271		683,442
Rush Enterprises, Inc. - Class A (a)		12,945		561,554
SiteOne Landscape Supply, Inc. (a) (b)		18,212		1,529,262
Textainer Group Holdings, Ltd. (a)		11,532		183,359
Titan Machinery, Inc. (a)		9,306		144,708

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trading Companies & Distributors—(Continued)
Triton International, Ltd. (b)		24,043	$	737,158
Veritiv Corp. (a)		5,727		228,221
				13,167,775
Water Utilities—0.4%
American States Water Co. (b)		16,817		961,260
Artesian Resources Corp. - Class A		3,766		146,008
Cadiz, Inc. (a) (b)		10,537		138,035
California Water Service Group		22,665		882,802
Connecticut Water Service, Inc.		6,552		427,976
Middlesex Water Co.		7,497		316,148
SJW Group		7,394		489,631
York Water Co. (The)		6,695		212,901
				3,574,761
Wireless Telecommunication Services—0.2%
Boingo Wireless, Inc. (a)		17,390		392,840
NII Holdings, Inc. (a)		43,248		168,667
Shenandoah Telecommunications Co.		23,367		764,101
Spok Holdings, Inc.		11,723		176,431
				1,502,039
Total Common Stocks (Cost $674,061,649)				992,899,559
Rights—0.0%
Biotechnology—0.0%
Dyax Corp., Expires 12/31/19 (a) (c) (d) (e)		69,204		273,356
Tobira Therapeutics, Inc., Expires 12/31/28 (a) (c) (d) (e)		4,660		37,094
Total Rights (Cost $77,096)				310,450
Short-Term Investments—0.6%
Discount Notes—0.5%
Federal Home Loan Bank 0.761%, 07/02/18 (g)		100,000		100,000
1.812%, 08/03/18 (g)		1,625,000		1,622,226
1.879%, 08/10/18 (g)		475,000		474,012
1.900%, 08/29/18 (g)		2,725,000		2,716,572
				4,912,810
U.S. Treasury—0.1%
U.S. Treasury Bills 1.654%, 07/12/18 (g)		400,000		399,814
1.720%, 07/19/18 (g)		225,000		224,815
1.763%, 08/02/18 (g)		250,000		249,610
1.846%, 08/23/18 (g)		325,000		324,144
				1,198,383
Total Short-Term Investments (Cost $6,111,070)				6,111,193
Securities Lending Reinvestments (h)—15.9%
Security Description	Principal Amount*		Value
Bank Note—0.4%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (i)		4,000,000	$	4,000,000
Certificates of Deposit—6.2%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (i)		2,000,000		2,000,108
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (i)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (i)		3,000,000		3,004,200
Barclays Bank plc 2.430%, 08/01/18		2,000,000		2,000,594
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (i)		2,500,000		2,499,765
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (i)		2,000,000		1,999,858
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (i)		1,000,000		999,849
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (i)		2,000,000		2,001,556
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		1,987,990		1,997,200
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (i)		1,500,000		1,500,252
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		2,500,000		2,499,897
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		3,975,708		3,989,720
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (i)		3,000,000		3,000,012
Natixis New York 2.427%, 1M LIBOR + 0.370%, 02/14/19 (i)		2,000,000		2,000,846
2.525%, 1M LIBOR + 0.440%, 09/17/18 (i)		2,000,000		2,000,920
2.548%, 3M LIBOR + 0.190%, 02/01/19 (i)		1,500,000		1,500,370
Norinchukin Bank New York 2.291%, 1M LIBOR + 0.200%, 07/23/18 (i)		2,000,000		1,999,834
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (i)		2,000,000		1,999,980
2.525%, 1M LIBOR + 0.440%, 09/17/18 (i)		2,000,000		2,001,602
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (i)		1,500,000		1,499,975
2.401%, 1M LIBOR + 0.400%, 10/02/18 (i)		1,000,000		999,900
Standard Chartered plc 2.250%, 08/21/18		1,000,000		1,000,153
2.384%, 1M LIBOR + 0.300%, 08/22/18 (i)		1,000,000		1,000,024
2.466%, 1M LIBOR + 0.420%, 10/11/18 (i)		1,000,000		1,000,211
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (i)		2,500,000		2,500,220
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (i)		2,000,000		2,000,000
2.445%, 3M LIBOR + 0.090%, 10/18/18 (i)		3,002,347		3,000,105
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (i)		5,000,000		5,000,060
Wells Fargo Bank N.A. 2.502%, 3M LIBOR + 0.140%, 10/26/18 (i)		1,500,000		1,501,908

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (i)		1,500,000	$	1,499,901
				61,998,904
Commercial Paper—3.2%
Bank of China, Ltd. 2.500%, 07/23/18		1,490,521		1,498,114
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (i)		3,000,000		3,001,317
ING Funding LLC 2.236%, 1M LIBOR + 0.190%, 08/10/18 (i)		2,000,000		1,999,982
2.350%, 1M LIBOR + 0.320%, 02/08/19 (i)		3,000,000		3,000,876
LMA S.A. & LMA Americas 2.470%, 11/13/18		2,963,979		2,972,343
Macquarie Bank, Ltd. 2.280%, 09/04/18		1,988,347		1,991,868
Sheffield Receivables Co. 2.490%, 11/26/18		2,960,783		2,968,899
Starbird Funding Corp. 2.300%, 08/10/18		1,988,756		1,995,010
Toyota Motor Credit Corp. 2.310%, 09/18/18		2,977,285		2,984,766
2.320%, 07/26/18		1,986,338		1,997,238
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (i)		5,000,000		4,999,040
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (i)		2,000,000		2,000,000
				31,409,453
Repurchase Agreements—5.3%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $893,191; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $910,896.		893,035		893,035
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $4,015,502; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $4,217,150.		4,000,000		4,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $52,098; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $51,000.		50,000		50,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $1,011,117; collateralized by various Common Stock with an aggregate market value of $1,116,209.		1,000,000		1,000,000
Repurchase Agreements—(Continued)
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $1,303,322; collateralized by various Common Stock with an aggregate market value of $1,445,854.		1,300,000		1,300,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $3,668,613; collateralized by various Common Stock with an aggregate market value of $3,850,000.		3,500,000		3,500,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $2,058,220; collateralized by various Common Stock with an aggregate market value of $2,200,000.		2,000,000		2,000,000
NBC Global Finance, Ltd.
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $3,442,039; collateralized by various Common Stock with an aggregate market value of $3,783,830.		3,400,000		3,400,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $3,219,968; collateralized by various Common Stock with an aggregate market value of $3,561,252.		3,200,000		3,200,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $3,013,012; collateralized by various Common Stock with an aggregate market value of $3,338,674.		3,000,000		3,000,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $2,013,129; collateralized by various Common Stock with an aggregate market value of $2,225,782.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $4,127,083; collateralized by various Common Stock with an aggregate market value of $4,562,693.		4,100,000		4,100,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $3,018,450; collateralized by various Common Stock with an aggregate market value of $3,338,556.		3,000,000		3,000,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $4,425,807; collateralized by various Common Stock with an aggregate market value of $4,896,548.		4,400,000		4,400,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $10,054,667; collateralized by various Common Stock with an aggregate market value of $11,128,519.		10,000,000		10,000,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $2,009,129; collateralized by various Common Stock with an aggregate market value of $2,225,704.		2,000,000		2,000,000

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $4,514,820; collateralized by various Common Stock with an aggregate market value of $5,007,834.		4,500,000	$	4,500,000
				52,343,035
Time Deposits—0.8%
DNB Bank ASA 1.870%, 07/02/18		2,000,000		2,000,000
1.870%, 07/02/18		2,000,000		2,000,000
DZ Bank AG 1.890%, 07/02/18		2,000,000		2,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		2,000,000		2,000,000
				8,000,000
Total Securities Lending Reinvestments (Cost $157,738,248)				157,751,392
Total Investments—116.1% (Cost $837,988,063)				1,157,072,594
Other assets and liabilities (net)—(16.1)%				(160,253,523	)
Net Assets—100.0%			$	996,819,071

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $153,508,808 and the collateral received consisted of cash in the amount of $157,665,088. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent less than 0.05% of net assets.
(e)	Illiquid security. As of June 30, 2018, these securities represent 0.0% of net assets.
(f)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2018, the market value of securities pledged was $2,898,557.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(i)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Depreciation
Russell 2000 Index Mini Futures		09/21/18		42		USD	3,459,750	$	(40,308	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	13,276,322	$	—	$	—	$	13,276,322
Air Freight & Logistics		3,256,275		—		—		3,256,275
Airlines		3,933,133		—		—		3,933,133
Auto Components		10,213,949		—		—		10,213,949
Automobiles		607,660		—		—		607,660
Banks		96,972,785		—		—		96,972,785
Beverages		2,911,701		—		—		2,911,701
Biotechnology		64,487,605		—		—		64,487,605
Building Products		13,371,037		—		—		13,371,037
Capital Markets		13,149,391		—		—		13,149,391
Chemicals		20,825,209		—		—		20,825,209
Commercial Services & Supplies		25,859,283		—		—		25,859,283
Communications Equipment		16,314,167		—		—		16,314,167
Construction & Engineering		10,453,356		—		—		10,453,356
Construction Materials		1,725,649		—		—		1,725,649
Consumer Finance		7,075,548		—		—		7,075,548
Containers & Packaging		1,053,538		—		—		1,053,538
Distributors		492,681		—		—		492,681
Diversified Consumer Services		8,831,180		—		—		8,831,180
Diversified Financial Services		1,495,306		—		—		1,495,306
Diversified Telecommunication Services		4,939,369		—		—		4,939,369
Electric Utilities		10,020,501		—		—		10,020,501
Electrical Equipment		6,807,941		—		—		6,807,941
Electronic Equipment, Instruments & Components		24,804,876		—		—		24,804,876
Energy Equipment & Services		18,487,944		—		—		18,487,944
Equity Real Estate Investment Trusts		67,978,191		—		—		67,978,191
Food & Staples Retailing		6,387,890		—		—		6,387,890
Food Products		10,572,335		—		—		10,572,335
Gas Utilities		11,564,886		—		—		11,564,886
Health Care Equipment & Supplies		34,873,384		—		—		34,873,384
Health Care Providers & Services		19,668,461		—		—		19,668,461
Health Care Technology		10,800,076		—		—		10,800,076
Hotels, Restaurants & Leisure		31,429,955		—		—		31,429,955
Household Durables		15,474,417		—		—		15,474,417
Household Products		2,481,428		—		—		2,481,428
Independent Power and Renewable Electricity Producers		2,987,505		—		—		2,987,505
Industrial Conglomerates		668,492		—		—		668,492
Insurance		25,706,586		—		—		25,706,586
Internet & Direct Marketing Retail		5,493,510		—		—		5,493,510
Internet Software & Services		34,910,079		—		—		34,910,079

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
IT Services	$	16,974,919		$	—		$	—	$	16,974,919
Leisure Products		3,493,111			—			—		3,493,111
Life Sciences Tools & Services		4,074,416			—			—		4,074,416
Machinery		36,682,904			—			—		36,682,904
Marine		1,255,648			—			—		1,255,648
Media		15,954,733			—			—		15,954,733
Metals & Mining		13,144,705			0			—		13,144,705
Mortgage Real Estate Investment Trusts		11,240,523			—			—		11,240,523
Multi-Utilities		4,690,116			—			—		4,690,116
Multiline Retail		3,363,805			—			—		3,363,805
Oil, Gas & Consumable Fuels		31,267,936			—			—		31,267,936
Paper & Forest Products		6,266,986			—			—		6,266,986
Personal Products		3,342,914			—			—		3,342,914
Pharmaceuticals		20,197,369			—			—		20,197,369
Professional Services		14,354,059			—			—		14,354,059
Real Estate Management & Development		4,925,511			—			—		4,925,511
Road & Rail		5,246,782			—			—		5,246,782
Semiconductors & Semiconductor Equipment		25,134,341			—			—		25,134,341
Software		26,145,637			—			—		26,145,637
Specialty Retail		29,077,917			—			—		29,077,917
Technology Hardware, Storage & Peripherals		3,739,983			—			—		3,739,983
Textiles, Apparel & Luxury Goods		8,351,283			—			—		8,351,283
Thrifts & Mortgage Finance		21,420,324			—			—		21,420,324
Tobacco		1,945,461			—			—		1,945,461
Trading Companies & Distributors		13,167,775			—			—		13,167,775
Water Utilities		3,574,761			—			—		3,574,761
Wireless Telecommunication Services		1,502,039			—			—		1,502,039
Total Common Stocks		992,899,559			0			—		992,899,559
Total Rights*		—			—			310,450		310,450
Total Short-Term Investments*		—			6,111,193			—		6,111,193
Total Securities Lending Reinvestments*		—			157,751,392			—		157,751,392
Total Investments	$	992,899,559		$	163,862,585		$	310,450	$	1,157,072,594
Collateral for Securities Loaned (Liability)	$	—		$	(157,665,088	)	$	—	$	(157,665,088	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(40,308	)	$	—		$	—	$	(40,308	)

* 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 six months ended June 30, 2018 is not presented.

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,157,072,594
Cash		82,039
Receivable for:
Fund shares sold		97,968
Dividends		885,418
Total Assets		1,158,138,019
Liabilities
Collateral for securities loaned		157,665,088
Payables for:
Investments purchased		68,791
Fund shares redeemed		2,837,169
Variation margin on futures contracts		10,167
Accrued Expenses:
Management fees		206,926
Distribution and service fees		98,372
Deferred trustees’ fees		113,593
Other expenses		318,842
Total Liabilities		161,318,948
Net Assets	$	996,819,071
Net Assets Consist of:
Paid in surplus	$	600,751,444
Undistributed net investment income		5,027,353
Accumulated net realized gain		71,996,050
Unrealized appreciation on investments and futures contracts		319,044,224
Net Assets	$	996,819,071
Net Assets
Class A	$	548,929,407
Class B		257,998,552
Class E		28,522,241
Class G		161,368,871
Capital Shares Outstanding*
Class A		25,051,902
Class B		12,073,170
Class E		1,309,882
Class G		7,581,177
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	21.91
Class B		21.37
Class E		21.77
Class G		21.29

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $837,988,063.
(b)	Includes securities loaned at value of $153,508,808.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	6,227,335
Interest		142,996
Securities lending income		739,841
Total investment income		7,110,172
Expenses
Management fees		1,225,320
Administration fees		15,553
Custodian and accounting fees		81,671
Distribution and service fees—Class B		322,280
Distribution and service fees—Class E		21,216
Distribution and service fees—Class G		233,051
Audit and tax services		23,568
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		98,333
Insurance		2,980
Miscellaneous		72,280
Total expenses		2,138,403
Less management fee waiver		(12,255	)
Net expenses		2,126,148
Net Investment Income		4,984,024
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		75,972,773
Futures contracts		1,271,795
Net realized gain		77,244,568
Net change in unrealized depreciation on:
Investments		(10,280,526	)
Futures contracts		(171,300	)
Net change in unrealized depreciation		(10,451,826	)
Net realized and unrealized gain		66,792,742
Net Increase in Net Assets From Operations	$	71,776,766

(a) Net of foreign withholding taxes of $2,519.

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	4,984,024		$	10,169,485
Net realized gain		77,244,568			63,371,248
Net change in unrealized appreciation (depreciation)		(10,451,826	)		56,533,733
Increase in net assets from operations		71,776,766			130,074,466
From Distributions to Shareholders
Net investment income
Class A		(5,909,036	)		(6,289,158	)
Class B		(2,242,078	)		(2,591,328	)
Class E		(269,019	)		(304,417	)
Class G		(1,335,591	)		(1,512,778	)
Net realized capital gains
Class A		(35,524,281	)		(20,629,418	)
Class B		(17,310,666	)		(10,353,031	)
Class E		(1,868,392	)		(1,120,627	)
Class G		(10,748,326	)		(6,220,837	)
Total distributions		(75,207,389	)		(49,021,594	)
Increase (decrease) in net assets from capital share transactions		15,713,331			(29,700,774	)
Total increase in net assets		12,282,708			51,352,098
Net Assets
Beginning of period		984,536,363			933,184,265
End of period	$	996,819,071		$	984,536,363
Undistributed net investment income
End of period	$	5,027,353		$	9,799,053

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Statements of Changes in Net Assets

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		999,587		$	22,380,705			2,341,690		$	48,037,267
Reinvestments		1,853,840			41,433,317			1,342,573			26,918,576
Redemptions		(2,440,519	)		(54,764,148	)		(4,450,174	)		(91,944,147	)
Net increase (decrease)		412,908		$	9,049,874			(765,911	)	$	(16,988,304	)
Class B
Sales		210,281		$	4,589,291			745,990		$	15,024,502
Reinvestments		896,915			19,552,744			660,427			12,944,359
Redemptions		(1,108,036	)		(24,371,208	)		(1,811,625	)		(36,864,871	)
Net decrease		(840	)	$	(229,173	)		(405,208	)	$	(8,896,010	)
Class E
Sales		71,571		$	1,577,530			135,410		$	2,776,996
Reinvestments		96,236			2,137,411			71,467			1,425,044
Redemptions		(168,776	)		(3,748,556	)		(278,255	)		(5,722,889	)
Net decrease		(969	)	$	(33,615	)		(71,378	)	$	(1,520,849	)
Class G
Sales		460,812		$	10,337,382			1,014,353		$	20,315,522
Reinvestments		556,606			12,083,917			395,986			7,733,615
Redemptions		(707,995	)		(15,495,054	)		(1,503,870	)		(30,344,748	)
Net increase (decrease)		309,423		$	6,926,245			(93,531	)	$	(2,295,611	)
Increase (decrease) derived from capital shares transactions				$	15,713,331					$	(29,700,774	)

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	21.98		$	20.22		$	17.98		$	20.11		$	19.83		$	14.56
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.25			0.25	(b)		0.26			0.24			0.20
Net realized and unrealized gain (loss) on investments		1.57			2.61			3.33			(0.98	)		0.71			5.33
Total from investment operations		1.70			2.86			3.58			(0.72	)		0.95			5.53
Less Distributions
Distributions from net investment income		(0.25	)		(0.26	)		(0.26	)		(0.25	)		(0.23	)		(0.26	)
Distributions from net realized capital gains		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00
Total distributions		(1.77	)		(1.10	)		(1.34	)		(1.41	)		(0.67	)		(0.26	)
Net Asset Value, End of Period	$	21.91		$	21.98		$	20.22		$	17.98		$	20.11		$	19.83
Total Return (%) (c)		7.59	(d)		14.67			21.28			(4.27	)		5.04			38.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.32	(e)		0.31			0.31			0.31			0.32			0.31
Net ratio of expenses to average net assets (%) (f)		0.32	(e)		0.31			0.31			0.31			0.31			0.31
Ratio of net investment income to average net assets (%)		1.13	(e)		1.19			1.40	(b)		1.35			1.26			1.18
Portfolio turnover rate (%)		16	(d)		20			24			27			24			25
Net assets, end of period (in millions)	$	548.9		$	541.5		$	513.7		$	459.0		$	488.3		$	485.5
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	21.45		$	19.76		$	17.60		$	19.71		$	19.45		$	14.29
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.19			0.20	(b)		0.21			0.19			0.16
Net realized and unrealized gain (loss) on investments		1.54			2.55			3.25			(0.96	)		0.69			5.23
Total from investment operations		1.64			2.74			3.45			(0.75	)		0.88			5.39
Less Distributions
Distributions from net investment income		(0.20	)		(0.21	)		(0.21	)		(0.20	)		(0.18	)		(0.23	)
Distributions from net realized capital gains		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00
Total distributions		(1.72	)		(1.05	)		(1.29	)		(1.36	)		(0.62	)		(0.23	)
Net Asset Value, End of Period	$	21.37		$	21.45		$	19.76		$	17.60		$	19.71		$	19.45
Total Return (%) (c)		7.48	(d)		14.39			20.96			(4.49	)		4.78			38.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57	(e)		0.56			0.56			0.56			0.57			0.56
Net ratio of expenses to average net assets (%) (f)		0.57	(e)		0.56			0.56			0.56			0.56			0.56
Ratio of net investment income to average net assets (%)		0.88	(e)		0.94			1.15	(b)		1.10			1.01			0.93
Portfolio turnover rate (%)		16	(d)		20			24			27			24			25
Net assets, end of period (in millions)	$	258.0		$	259.0		$	246.6		$	220.8		$	240.2		$	238.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	21.84		$	20.10		$	17.88		$	20.00		$	19.72		$	14.48
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.21			0.22	(b)		0.23			0.21			0.17
Net realized and unrealized gain (loss) on investments		1.56			2.60			3.31			(0.98	)		0.71			5.31
Total from investment operations		1.67			2.81			3.53			(0.75	)		0.92			5.48
Less Distributions
Distributions from net investment income		(0.22	)		(0.23	)		(0.23	)		(0.21	)		(0.20	)		(0.24	)
Distributions from net realized capital gains		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00
Total distributions		(1.74	)		(1.07	)		(1.31	)		(1.37	)		(0.64	)		(0.24	)
Net Asset Value, End of Period	$	21.77		$	21.84		$	20.10		$	17.88		$	20.00		$	19.72
Total Return (%) (c)		7.49	(d)		14.50			21.09			(4.39	)		4.91			38.35
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.47	(e)		0.46			0.46			0.46			0.47			0.46
Net ratio of expenses to average net assets (%) (f)		0.47	(e)		0.46			0.46			0.46			0.46			0.46
Ratio of net investment income to average net assets (%)		0.98	(e)		1.04			1.25	(b)		1.19			1.10			1.03
Portfolio turnover rate (%)		16	(d)		20			24			27			24			25
Net assets, end of period (in millions)	$	28.5		$	28.6		$	27.8		$	25.0		$	28.7		$	30.6
	Class G
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	21.37		$	19.70		$	17.54		$	19.65		$	19.40		$	14.26
Income (Loss) from Investment Operations
Net investment income (a)		0.09			0.18			0.19	(b)		0.20			0.18			0.15
Net realized and unrealized gain (loss) on investments		1.54			2.54			3.24			(0.96	)		0.69			5.22
Total from investment operations		1.63			2.72			3.43			(0.76	)		0.87			5.37
Less Distributions
Distributions from net investment income		(0.19	)		(0.21	)		(0.19	)		(0.19	)		(0.18	)		(0.23	)
Distributions from net realized capital gains		(1.52	)		(0.84	)		(1.08	)		(1.16	)		(0.44	)		0.00
Total distributions		(1.71	)		(1.05	)		(1.27	)		(1.35	)		(0.62	)		(0.23	)
Net Asset Value, End of Period	$	21.29		$	21.37		$	19.70		$	17.54		$	19.65		$	19.40
Total Return (%) (c)		7.47	(d)		14.30			20.92			(4.54	)		4.73			38.12
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.62	(e)		0.61			0.61			0.61			0.62			0.61
Net ratio of expenses to average net assets (%) (f)		0.62	(e)		0.61			0.61			0.61			0.61			0.61
Ratio of net investment income to average net assets (%)		0.84	(e)		0.89			1.10	(b)		1.04			0.96			0.89
Portfolio turnover rate (%)		16	(d)		20			24			27			24			25
Net assets, end of period (in millions)	$	161.4		$	155.4		$	145.1		$	131.0		$	144.7		$	141.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Russell 2000 Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-30

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No

BHFTII-31

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $52,343,035. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

BHFTII-32

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)(b)	$	40,308

(a)	Financial instrument not subject to a master netting agreement.
(b)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location-Net Realized Gain (Loss)	Equity
Futures contracts	$	1,271,795
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(171,300	)

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	10,508

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant

BHFTII-33

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	151,983,937	$	0	$	182,244,695

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2018 were $1,225,320.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.040%	On the first $500 million
0.030%	Of the next $500 million
0.015%	On amounts over $1 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2018 were $171,407.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the

BHFTII-34

Brighthouse Funds Trust II

MetLife Russell 2000 Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	844,580,332
Gross unrealized appreciation		358,011,634
Gross unrealized depreciation		(45,559,680	)
Net unrealized appreciation (depreciation)	$	312,451,954

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$10,697,682	$	10,436,636	$	38,323,913	$	48,409,622	$	49,021,595	$	58,846,258

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$18,136,499	$	56,954,486	$	324,524,015	$	—	$	399,615,000

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-35

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Managed by MetLife Investment Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, D, E, and G shares of the Brighthouse Stock Index Portfolio returned 2.51%, 2.39%, 2.47%, 2.45%, and 2.36%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 2.65%.

MARKET ENVIRONMENT / CONDITIONS

During the first six months of 2018, equity markets rallied on optimism about the impact of U.S. tax reform, better than expected macroeconomic data and the strength of corporate earnings. Companies that reported better than expected earnings include Apple, Disney, Celgene, and Occidental Petroleum. During the first quarter, equity markets declined as the 10-year Treasury yield reached its highest level since 2014, driven by a more hawkish Federal Reserve (the “Fed”) and higher than expected wage growth. Other factors that weighed on the equity markets included President Trump’s plan to impose tariffs on steel and aluminum imports and the Fed Chair Powell hinting at the possibility of four rate hikes this year during his Congressional testimony. During the second quarter, equity markets rallied as trade negotiations eased concerns of a global trade war and leaders of North and South Korea met for the first time since 2007. However, equity investors still had issues to be concerned about including unrest in the Middle East, political uncertainty in Italy, and the U.S. withdrawal from the Iran nuclear deal.

During the first six months, the Federal Open Market Committee (the “FOMC”) met four times and raised the target range for the Federal Funds Rate twice to 1.75% to 2.00%. The FOMC stated that job gains had been strong in recent months and the unemployment rate had declined. The FOMC also stated that economic activity had been rising at a solid rate and that the growth of household spending had picked up.

Six of the eleven sectors comprising the S&P 500 Index experienced positive returns for the first six months of 2018. Consumer Discretionary (12.2% beginning weight in the benchmark), up 11.5%, was the best-performing sector. Information Technology (23.8% beginning weight), up 10.9%, and Energy (6.1% beginning weight), up 6.8%, were the next best-performing sectors. Consumer Staples (8.2% beginning weight), down 8.6%, and Telecom Services (2.1% beginning weight), down 8.4%, were the worst-performing sectors.

The stocks with the largest positive impact to the benchmark return for the first half of the year were Amazon, up 45.3%; Microsoft, up 16.3%; and Apple, up 10.2%. The stocks with the largest negative impact were Philip Morris, down 21.6%; AT&T, down 15.1%; and Johnson & Johnson, down 12.0%.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio is managed utilizing a full replication strategy versus the S&P 500 Index. This strategy seeks to replicate the performance of the Index by owning all of the components of the Index at their respective Index capitalization weights. The Portfolio is periodically rebalanced for compositional changes in the S&P 500 Index. Factors that impact tracking error include transaction costs, cash drag, securities lending, net asset value (NAV) rounding, contributions, and withdrawals.

Stacey Lituchy

Norman Hu

Mirsad Usejnoski

Portfolio Managers

MetLife Investment Advisors, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-1

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MetLife Stock Index Portfolio
Class A		2.51		14.09		13.13		9.91		—
Class B		2.39		13.79		12.85		9.64		—
Class D		2.47		13.97		13.02		—		15.44
Class E		2.45		13.92		12.96		9.75		—
Class G		2.36		13.74		—		—		9.93
S&P 500 Index		2.65		14.37		13.42		10.17		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Inception dates of the Class A, Class B, Class D, Class E and Class G shares are 5/1/90, 1/2/01, 4/28/09, 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Apple, Inc.		3.9
Microsoft Corp.		3.2
Amazon.com, Inc.		2.9
Facebook, Inc.- Class A		2.0
Berkshire Hathaway, Inc.- Class B		1.5
JPMorgan Chase & Co.		1.5
Exxon Mobil Corp.		1.5
Alphabet, Inc.- Class C		1.4
Alphabet, Inc.- Class A		1.4
Johnson & Johnson		1.4

Top Sectors

	% of Net Assets
Information Technology		25.6
Financials		14.7
Health Care		13.9
Consumer Discretionary		12.7
Industrials		9.4
Consumer Staples		6.8
Energy		6.2
Utilities		2.9
Real Estate		2.8
Materials		2.6

BHFTII-2

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Stock Index Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.27	%	$	1,000.00	$	1,025.10	$	1.36
	Hypothetical*		0.27	%	$	1,000.00	$	1,023.46	$	1.35
Class B (a)	Actual		0.52	%	$	1,000.00	$	1,023.90	$	2.61
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.22	$	2.61
Class D (a)	Actual		0.37	%	$	1,000.00	$	1,024.70	$	1.86
	Hypothetical*		0.37	%	$	1,000.00	$	1,022.96	$	1.86
Class E (a)	Actual		0.42	%	$	1,000.00	$	1,024.50	$	2.11
	Hypothetical*		0.42	%	$	1,000.00	$	1,022.71	$	2.11
Class G (a)	Actual		0.57	%	$	1,000.00	$	1,023.60	$	2.86
	Hypothetical*		0.57	%	$	1,000.00	$	1,021.97	$	2.86

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.6%
Arconic, Inc.		125,078	$	2,127,577
Boeing Co. (The)		161,209		54,087,232
General Dynamics Corp.		81,319		15,158,675
Harris Corp.		34,951		5,051,817
Huntington Ingalls Industries, Inc. (a)		13,100		2,839,949
L3 Technologies, Inc.		23,103		4,443,169
Lockheed Martin Corp.		73,127		21,603,910
Northrop Grumman Corp.		51,335		15,795,779
Raytheon Co.		84,560		16,335,301
Rockwell Collins, Inc.		48,346		6,511,239
Textron, Inc.		75,371		4,967,703
TransDigm Group, Inc. (a)		14,354		4,954,139
United Technologies Corp.		219,033		27,385,696
				181,262,186
Air Freight & Logistics—0.6%
C.H. Robinson Worldwide, Inc. (a)		40,989		3,429,140
Expeditors International of Washington, Inc. (a)		51,421		3,758,875
FedEx Corp.		72,369		16,432,105
United Parcel Service, Inc. - Class B		202,991		21,563,734
				45,183,854
Airlines—0.4%
Alaska Air Group, Inc. (a)		36,284		2,191,191
American Airlines Group, Inc. (a)		122,654		4,655,946
Delta Air Lines, Inc.		189,978		9,411,510
Southwest Airlines Co.		157,026		7,989,483
United Continental Holdings, Inc. (a) (b)		69,377		4,837,658
				29,085,788
Auto Components—0.2%
Aptiv plc (a)		77,942		7,141,826
BorgWarner, Inc. (a)		58,138		2,509,236
Goodyear Tire & Rubber Co. (The) (a)		70,600		1,644,274
				11,295,336
Automobiles—0.4%
Ford Motor Co. (a)		1,152,222		12,755,098
General Motors Co.		373,416		14,712,590
Harley-Davidson, Inc.		48,995		2,061,710
				29,529,398
Banks—6.0%
Bank of America Corp.		2,775,857		78,251,409
BB&T Corp. (a)		229,541		11,578,048
Citigroup, Inc.		750,642		50,232,963
Citizens Financial Group, Inc. (a)		142,692		5,550,719
Comerica, Inc. (a)		50,613		4,601,734
Fifth Third Bancorp		201,794		5,791,488
Huntington Bancshares, Inc. (a)		325,283		4,801,177
JPMorgan Chase & Co.		1,002,289		104,438,514
KeyCorp		312,529		6,106,817
M&T Bank Corp.		42,754		7,274,593
People’s United Financial, Inc. (a)		102,407		1,852,542
PNC Financial Services Group, Inc. (The)		138,210		18,672,171
Banks—(Continued)
Regions Financial Corp.		330,629		5,878,583
SunTrust Banks, Inc.		136,834		9,033,781
SVB Financial Group (b)		15,595		4,503,212
U.S. Bancorp		459,327		22,975,536
Wells Fargo & Co.		1,291,016		71,573,927
Zions Bancorp (a)		58,026		3,057,390
				416,174,604
Beverages—1.7%
Brown-Forman Corp. - Class B		77,107		3,779,014
Coca-Cola Co. (The)		1,127,387		49,447,194
Constellation Brands, Inc. - Class A		49,459		10,825,091
Molson Coors Brewing Co. - Class B (a)		54,472		3,706,275
Monster Beverage Corp. (b)		120,917		6,928,544
PepsiCo, Inc.		417,382		45,440,378
				120,126,496
Biotechnology—2.5%
AbbVie, Inc.		446,122		41,333,203
Alexion Pharmaceuticals, Inc. (a) (b)		65,499		8,131,701
Amgen, Inc.		196,055		36,189,793
Biogen, Inc. (b)		62,116		18,028,548
Celgene Corp. (b)		208,077		16,525,475
Gilead Sciences, Inc.		382,767		27,115,214
Incyte Corp. (b)		51,791		3,469,997
Regeneron Pharmaceuticals, Inc. (b)		22,768		7,854,732
Vertex Pharmaceuticals, Inc. (a) (b)		75,016		12,749,720
				171,398,383
Building Products—0.3%
A.O. Smith Corp. (a)		42,707		2,526,119
Allegion plc (a)		27,953		2,162,444
Fortune Brands Home & Security, Inc. (a)		42,956		2,306,308
Johnson Controls International plc		272,653		9,120,243
Masco Corp.		91,401		3,420,225
				19,535,339
Capital Markets—3.0%
Affiliated Managers Group, Inc. (a)		15,989		2,377,085
Ameriprise Financial, Inc. (a)		42,571		5,954,831
Bank of New York Mellon Corp. (The)		297,519		16,045,200
BlackRock, Inc.		36,306		18,118,146
Cboe Global Markets, Inc. (a)		33,114		3,446,174
Charles Schwab Corp. (The)		353,480		18,062,828
CME Group, Inc. (a)		100,238		16,431,013
E*Trade Financial Corp. (b)		77,689		4,751,459
Franklin Resources, Inc.		93,824		3,007,059
Goldman Sachs Group, Inc. (The)		103,408		22,808,703
Intercontinental Exchange, Inc. (a)		170,511		12,541,084
Invesco, Ltd. (a)		120,919		3,211,609
Moody’s Corp.		49,147		8,382,512
Morgan Stanley		401,265		19,019,961
MSCI, Inc. (a)		26,207		4,335,424
Nasdaq, Inc.		34,405		3,140,144
Northern Trust Corp. (a)		62,258		6,405,726

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
Raymond James Financial, Inc. (a)		38,215	$	3,414,510
S&P Global, Inc. (a)		73,977		15,083,171
State Street Corp.		107,568		10,013,505
T. Rowe Price Group, Inc.		71,280		8,274,895
				204,825,039
Chemicals—1.8%
Air Products & Chemicals, Inc.		64,526		10,048,634
Albemarle Corp. (a)		32,606		3,075,724
CF Industries Holdings, Inc.		68,695		3,050,058
DowDuPont, Inc.		683,186		45,035,621
Eastman Chemical Co. (a)		42,025		4,200,819
Ecolab, Inc.		76,440		10,726,825
FMC Corp. (a)		39,598		3,532,538
International Flavors & Fragrances, Inc. (a)		23,236		2,880,335
LyondellBasell Industries NV - Class A		94,641		10,396,314
Mosaic Co. (The) (a)		103,246		2,896,050
PPG Industries, Inc.		73,395		7,613,263
Praxair, Inc.		84,595		13,378,699
Sherwin-Williams Co. (The)		24,234		9,877,052
				126,711,932
Commercial Services & Supplies—0.3%
Cintas Corp.		25,447		4,709,476
Copart, Inc. (b)		59,488		3,364,641
Republic Services, Inc.		65,643		4,487,356
Stericycle, Inc. (b)		25,191		1,644,720
Waste Management, Inc.		117,099		9,524,833
				23,731,026
Communications Equipment—1.0%
Cisco Systems, Inc.		1,384,421		59,571,636
F5 Networks, Inc. (a) (b)		17,991		3,102,548
Juniper Networks, Inc. (a)		102,782		2,818,282
Motorola Solutions, Inc.		47,729		5,554,224
				71,046,690
Construction & Engineering—0.1%
Fluor Corp.		41,385		2,018,760
Jacobs Engineering Group, Inc. (a)		35,479		2,252,562
Quanta Services, Inc. (a) (b)		44,041		1,470,969
				5,742,291
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		18,532		4,138,751
Vulcan Materials Co.		38,912		5,021,983
				9,160,734
Consumer Finance—0.7%
American Express Co.		210,215		20,601,070
Capital One Financial Corp. (a)		143,195		13,159,620
Discover Financial Services		102,731		7,233,290
Synchrony Financial (a)		208,852		6,971,480
				47,965,460
Containers & Packaging—0.3%
Avery Dennison Corp.		25,914		2,645,819
Ball Corp. (a)		102,808		3,654,824
International Paper Co.		121,898		6,348,448
Packaging Corp. of America (a)		27,774		3,104,856
Sealed Air Corp. (a)		47,441		2,013,870
WestRock Co.		75,493		4,304,611
				22,072,428
Distributors—0.1%
Genuine Parts Co.		43,196		3,964,961
LKQ Corp. (b)		91,171		2,908,355
				6,873,316
Diversified Consumer Services—0.0%
H&R Block, Inc. (a)		61,584		1,402,883
Diversified Financial Services—1.6%
Berkshire Hathaway, Inc. - Class B (a) (b)		566,594		105,754,770
Jefferies Financial Group, Inc.		89,254		2,029,636
				107,784,406
Diversified Telecommunication Services—2.0%
AT&T, Inc.		2,137,661		68,640,295
CenturyLink, Inc. (a)		289,004		5,387,034
Verizon Communications, Inc.		1,216,336		61,193,864
				135,221,193
Electric Utilities—1.8%
Alliant Energy Corp. (a)		68,143		2,883,812
American Electric Power Co., Inc. (a)		144,987		10,040,350
Duke Energy Corp.		206,360		16,318,949
Edison International (a)		95,911		6,068,289
Entergy Corp. (a)		53,230		4,300,452
Evergy, Inc.		79,840		4,483,016
Eversource Energy		93,284		5,467,375
Exelon Corp.		284,186		12,106,323
FirstEnergy Corp. (a)		131,967		4,738,935
NextEra Energy, Inc. (a)		138,780		23,180,423
PG&E Corp.		152,024		6,470,141
Pinnacle West Capital Corp.		32,950		2,654,452
PPL Corp.		205,786		5,875,190
Southern Co. (The)		297,799		13,791,072
Xcel Energy, Inc.		149,795		6,842,636
				125,221,415
Electrical Equipment—0.5%
AMETEK, Inc. (a)		68,171		4,919,219
Eaton Corp. plc		128,731		9,621,355
Emerson Electric Co.		185,484		12,824,364
Rockwell Automation, Inc.		36,968		6,145,191
				33,510,129
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A		88,736		7,733,343
Corning, Inc. (a)		244,435		6,724,407

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
FLIR Systems, Inc. (a)		40,392	$	2,099,172
IPG Photonics Corp. (a) (b)		11,065		2,441,271
TE Connectivity, Ltd.		103,073		9,282,754
				28,280,947
Energy Equipment & Services—0.8%
Baker Hughes a GE Co. (a)		122,582		4,048,883
Halliburton Co.		257,867		11,619,487
Helmerich & Payne, Inc. (a)		32,052		2,043,636
National Oilwell Varco, Inc. (a)		112,458		4,880,677
Schlumberger, Ltd.		407,751		27,331,550
TechnipFMC plc (a)		127,765		4,055,261
				53,979,494
Equity Real Estate Investment Trusts—2.7%
Alexandria Real Estate Equities, Inc.		30,316		3,824,970
American Tower Corp.		130,015		18,744,263
Apartment Investment & Management Co. - Class A		46,320		1,959,336
AvalonBay Communities, Inc.		40,686		6,993,517
Boston Properties, Inc. (a)		45,441		5,699,210
Crown Castle International Corp.		122,114		13,166,331
Digital Realty Trust, Inc.		60,628		6,764,872
Duke Realty Corp. (a)		105,101		3,051,082
Equinix, Inc.		23,391		10,055,557
Equity Residential		108,393		6,903,550
Essex Property Trust, Inc.		19,443		4,648,238
Extra Space Storage, Inc.		37,123		3,705,247
Federal Realty Investment Trust (a)		21,555		2,727,785
GGP, Inc.		186,204		3,804,148
HCP, Inc.		138,296		3,570,803
Host Hotels & Resorts, Inc.		218,232		4,598,148
Iron Mountain, Inc. (a)		82,848		2,900,508
Kimco Realty Corp. (a)		125,079		2,125,092
Macerich Co. (The)		31,958		1,816,173
Mid-America Apartment Communities, Inc.		33,497		3,372,143
Prologis, Inc.		156,972		10,311,491
Public Storage (a)		44,109		10,006,568
Realty Income Corp. (a)		83,717		4,503,137
Regency Centers Corp.		43,387		2,693,465
SBA Communications Corp. (a) (b)		33,908		5,598,889
Simon Property Group, Inc. (a)		91,166		15,515,542
SL Green Realty Corp. (a)		26,030		2,616,796
UDR, Inc. (a)		78,775		2,957,213
Ventas, Inc.		104,890		5,973,485
Vornado Realty Trust (a)		50,943		3,765,707
Welltower, Inc. (a)		109,503		6,864,743
Weyerhaeuser Co.		222,847		8,125,002
				189,363,011
Food & Staples Retailing—1.4%
Costco Wholesale Corp.		129,115		26,982,453
Kroger Co. (The) (a)		239,282		6,807,573
Sysco Corp.		141,097		9,635,514
Walgreens Boots Alliance, Inc.		251,054		15,067,006
Walmart, Inc.		425,880		36,476,622
				94,969,168
Food Products—1.1%
Archer-Daniels-Midland Co.		164,611		7,544,122
Campbell Soup Co. (a)		56,639		2,296,145
Conagra Brands, Inc.		115,843		4,139,071
General Mills, Inc.		174,533		7,724,831
Hershey Co. (The) (a)		41,133		3,827,837
Hormel Foods Corp. (a)		79,500		2,958,195
J.M. Smucker Co. (The) (a)		33,441		3,594,239
Kellogg Co. (a)		73,515		5,136,493
Kraft Heinz Co. (The) (a)		175,859		11,047,462
McCormick & Co., Inc. (a)		35,703		4,144,761
Mondelez International, Inc. - Class A		434,226		17,803,266
Tyson Foods, Inc. - Class A (a)		87,606		6,031,673
				76,248,095
Health Care Equipment & Supplies—3.0%
Abbott Laboratories		516,098		31,476,817
ABIOMED, Inc. (a) (b)		12,439		5,088,173
Align Technology, Inc. (a) (b)		21,235		7,265,343
Baxter International, Inc.		145,024		10,708,572
Becton Dickinson & Co.		78,658		18,843,310
Boston Scientific Corp. (b)		406,184		13,282,217
Cooper Cos., Inc. (The) (a)		14,431		3,397,779
Danaher Corp.		180,967		17,857,823
DENTSPLY SIRONA, Inc. (a)		66,952		2,930,489
Edwards Lifesciences Corp. (a) (b)		62,049		9,032,473
Hologic, Inc. (b)		80,368		3,194,628
IDEXX Laboratories, Inc. (a) (b)		25,571		5,572,944
Intuitive Surgical, Inc. (b)		33,352		15,958,265
Medtronic plc		398,651		34,128,512
ResMed, Inc.		42,019		4,352,328
Stryker Corp. (a)		94,610		15,975,845
Varian Medical Systems, Inc. (a) (b)		26,937		3,063,276
Zimmer Biomet Holdings, Inc. (a)		59,838		6,668,347
				208,797,141
Health Care Providers & Services—3.1%
Aetna, Inc.		96,291		17,669,398
AmerisourceBergen Corp. (a)		47,882		4,082,898
Anthem, Inc.		75,125		17,882,004
Cardinal Health, Inc.		91,458		4,465,894
Centene Corp. (b)		60,400		7,441,884
Cigna Corp.		71,613		12,170,629
CVS Health Corp.		299,277		19,258,475
DaVita, Inc. (b)		41,095		2,853,637
Envision Healthcare Corp. (a) (b)		35,657		1,569,265
Express Scripts Holding Co. (b)		165,358		12,767,291
HCA Healthcare, Inc.		82,260		8,439,876
Henry Schein, Inc. (a) (b)		45,341		3,293,570
Humana, Inc.		40,531		12,063,242
Laboratory Corp. of America Holdings (b)		30,115		5,406,546
McKesson Corp.		59,479		7,934,499
Quest Diagnostics, Inc. (a)		39,981		4,395,511
UnitedHealth Group, Inc.		282,891		69,404,478
Universal Health Services, Inc. - Class B (a)		25,655		2,858,993
				213,958,090

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Technology—0.1%
Cerner Corp. (a) (b)		92,794	$	5,548,153
Hotels, Restaurants & Leisure—1.6%
Carnival Corp.		119,508		6,849,004
Chipotle Mexican Grill, Inc. (b)		7,200		3,105,864
Darden Restaurants, Inc. (a)		36,441		3,901,374
Hilton Worldwide Holdings, Inc.		82,245		6,510,514
Marriott International, Inc. - Class A (a)		87,377		11,061,928
McDonald’s Corp.		231,138		36,217,013
MGM Resorts International (a)		147,514		4,282,331
Norwegian Cruise Line Holdings, Ltd. (b)		60,851		2,875,210
Royal Caribbean Cruises, Ltd.		49,867		5,166,221
Starbucks Corp. (a)		406,240		19,844,824
Wynn Resorts, Ltd.		24,933		4,172,288
Yum! Brands, Inc.		95,147		7,442,398
				111,428,969
Household Durables—0.4%
DR Horton, Inc. (a)		101,103		4,145,223
Garmin, Ltd.		32,742		1,997,262
Leggett & Platt, Inc. (a)		38,642		1,724,979
Lennar Corp. - Class A (a)		80,542		4,228,455
Mohawk Industries, Inc. (a) (b)		18,666		3,999,564
Newell Brands, Inc. (a)		142,979		3,687,428
PulteGroup, Inc. (a)		77,327		2,223,151
Whirlpool Corp.		18,995		2,777,639
				24,783,701
Household Products—1.4%
Church & Dwight Co., Inc. (a)		72,034		3,829,327
Clorox Co. (The) (a)		38,124		5,156,271
Colgate-Palmolive Co.		256,791		16,642,625
Kimberly-Clark Corp.		102,834		10,832,534
Procter & Gamble Co. (The)		740,240		57,783,134
				94,243,891
Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (a)		194,701		2,610,940
NRG Energy, Inc.		88,060		2,703,442
				5,314,382
Industrial Conglomerates—1.6%
3M Co. (a)		174,770		34,380,754
General Electric Co.		2,556,765		34,797,572
Honeywell International, Inc.		219,879		31,673,570
Roper Technologies, Inc.		30,368		8,378,835
				109,230,731
Insurance—2.3%
Aflac, Inc.		227,897		9,804,129
Allstate Corp. (The)		103,470		9,443,707
American International Group, Inc.		264,257		14,010,906
Aon plc		71,979		9,873,359
Arthur J. Gallagher & Co. (a)		53,657		3,502,729
Assurant, Inc. (a)		15,511		1,605,233
Insurance—(Continued)
Brighthouse Financial, Inc. (b) (c)		35,147		1,408,340
Chubb, Ltd.		137,121		17,417,109
Cincinnati Financial Corp. (a)		43,972		2,939,968
Everest Re Group, Ltd. (a)		12,064		2,780,511
Hartford Financial Services Group, Inc. (The) (a)		105,427		5,390,483
Lincoln National Corp.		64,382		4,007,780
Loews Corp.		77,080		3,721,422
Marsh & McLennan Cos., Inc.		149,362		12,243,203
MetLife, Inc. (c)		299,243		13,046,995
Principal Financial Group, Inc. (a)		78,404		4,151,492
Progressive Corp. (The) (a)		171,438		10,140,558
Prudential Financial, Inc.		123,638		11,561,389
Torchmark Corp. (a)		31,088		2,530,874
Travelers Cos., Inc. (The)		79,559		9,733,248
Unum Group		65,114		2,408,567
Willis Towers Watson plc (a)		38,811		5,883,748
XL Group, Ltd.		76,033		4,254,046
				161,859,796
Internet & Direct Marketing Retail—4.2%
Amazon.com, Inc. (b)		118,557		201,523,189
Booking Holdings, Inc. (a) (b)		14,182		28,748,190
Expedia Group, Inc.		35,580		4,276,360
Netflix, Inc. (b)		127,964		50,088,949
TripAdvisor, Inc. (a) (b)		31,545		1,757,372
				286,394,060
Internet Software & Services—5.3%
Akamai Technologies, Inc. (b)		50,229		3,678,270
Alphabet, Inc. - Class A (b)		87,918		99,276,126
Alphabet, Inc. - Class C (b) (d)		89,370		99,705,641
eBay, Inc. (b)		272,122		9,867,144
Facebook, Inc. - Class A (b)		706,095		137,208,380
Twitter, Inc. (a) (b)		192,764		8,418,004
VeriSign, Inc. (a) (b)		28,262		3,883,764
				362,037,329
IT Services—4.5%
Accenture plc - Class A		189,310		30,969,223
Alliance Data Systems Corp.		14,189		3,308,875
Automatic Data Processing, Inc.		129,680		17,395,275
Broadridge Financial Solutions, Inc.		34,713		3,995,466
Cognizant Technology Solutions Corp. - Class A		172,475		13,623,800
DXC Technology Co.		83,836		6,758,020
Fidelity National Information Services, Inc.		97,443		10,331,881
Fiserv, Inc. (b)		120,529		8,929,994
FleetCor Technologies, Inc. (a) (b)		26,387		5,558,421
Gartner, Inc. (a) (b)		26,859		3,569,561
Global Payments, Inc. (a)		46,966		5,236,239
International Business Machines Corp.		251,313		35,108,426
MasterCard, Inc. - Class A		269,907		53,042,124
Paychex, Inc. (a)		94,128		6,433,649
PayPal Holdings, Inc. (b)		328,567		27,359,774
Total System Services, Inc.		48,836		4,127,619
Visa, Inc. - Class A (a)		525,806		69,643,005

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Western Union Co. (The) (a)		135,627	$	2,757,297
				308,148,649
Leisure Products—0.1%
Hasbro, Inc. (a)		33,469		3,089,523
Mattel, Inc. (a)		101,270		1,662,854
				4,752,377
Life Sciences Tools & Services—0.8%
Agilent Technologies, Inc. (a)		94,186		5,824,462
Illumina, Inc. (b)		43,274		12,085,995
IQVIA Holdings, Inc. (b)		47,588		4,750,234
Mettler-Toledo International, Inc. (a) (b)		7,476		4,325,838
PerkinElmer, Inc. (a)		32,568		2,384,955
Thermo Fisher Scientific, Inc.		118,435		24,532,626
Waters Corp. (a) (b)		23,063		4,464,766
				58,368,876
Machinery—1.5%
Caterpillar, Inc.		176,010		23,879,277
Cummins, Inc. (a)		45,595		6,064,135
Deere & Co.		95,462		13,345,588
Dover Corp. (a)		45,533		3,333,016
Flowserve Corp. (a)		38,514		1,555,966
Fortive Corp.		90,295		6,962,647
Illinois Tool Works, Inc.		89,752		12,434,242
Ingersoll-Rand plc		72,995		6,549,841
PACCAR, Inc.		103,565		6,416,887
Parker-Hannifin Corp.		39,140		6,099,969
Pentair plc		47,786		2,010,835
Snap-on, Inc. (a)		16,660		2,677,595
Stanley Black & Decker, Inc.		45,425		6,032,894
Xylem, Inc.		52,964		3,568,714
				100,931,606
Media—2.2%
CBS Corp. - Class B		100,524		5,651,459
Charter Communications, Inc. - Class A (a) (b)		54,525		15,987,275
Comcast Corp. - Class A		1,351,837		44,353,772
Discovery, Inc. - Class A (a) (b)		45,939		1,263,323
Discovery, Inc. - Class C (b)		100,558		2,564,229
DISH Network Corp. - Class A (a) (b)		67,396		2,265,180
Interpublic Group of Cos., Inc. (The) (a)		113,488		2,660,159
News Corp. - Class A		112,825		1,748,787
News Corp. - Class B (a)		35,847		568,175
Omnicom Group, Inc. (a)		66,909		5,103,149
Twenty-First Century Fox, Inc. - Class A (a)		310,283		15,417,962
Twenty-First Century Fox, Inc. - Class B		129,286		6,369,921
Viacom, Inc. - Class B		103,907		3,133,835
Walt Disney Co. (The) (a)		437,665		45,871,669
				152,958,895
Metals & Mining—0.3%
Freeport-McMoRan, Inc.		396,637		6,845,954
Newmont Mining Corp.		157,046		5,922,205
Metals & Mining—(Continued)
Nucor Corp.		93,640		5,852,500
				18,620,659
Multi-Utilities—0.9%
Ameren Corp. (a)		71,726		4,364,527
CenterPoint Energy, Inc. (a)		127,015		3,519,586
CMS Energy Corp.		83,169		3,932,230
Consolidated Edison, Inc. (a)		91,471		7,132,909
Dominion Energy, Inc. (a)		192,096		13,097,105
DTE Energy Co. (a)		53,424		5,536,329
NiSource, Inc.		99,312		2,609,919
Public Service Enterprise Group, Inc.		148,724		8,051,917
SCANA Corp. (a)		41,986		1,617,301
Sempra Energy (a)		77,756		9,028,249
WEC Energy Group, Inc. (a)		92,887		6,005,145
				64,895,217
Multiline Retail—0.5%
Dollar General Corp. (a)		74,825		7,377,745
Dollar Tree, Inc. (a) (b)		69,996		5,949,660
Kohl’s Corp. (a)		49,525		3,610,372
Macy’s, Inc. (a)		90,188		3,375,737
Nordstrom, Inc. (a)		34,577		1,790,397
Target Corp.		156,942		11,946,425
				34,050,336
Oil, Gas & Consumable Fuels—5.5%
Anadarko Petroleum Corp. (a)		151,630		11,106,897
Andeavor		40,928		5,368,935
Apache Corp. (a)		112,497		5,259,235
Cabot Oil & Gas Corp. (a)		132,907		3,163,187
Chevron Corp.		562,542		71,122,185
Cimarex Energy Co. (a)		28,092		2,858,080
Concho Resources, Inc. (a) (b)		43,883		6,071,213
ConocoPhillips		344,440		23,979,913
Devon Energy Corp.		154,077		6,773,225
EOG Resources, Inc.		170,403		21,203,245
EQT Corp.		74,247		4,096,949
Exxon Mobil Corp.		1,246,344		103,110,039
Hess Corp.		77,081		5,155,948
HollyFrontier Corp.		51,970		3,556,307
Kinder Morgan, Inc.		558,498		9,868,660
Marathon Oil Corp.		251,160		5,239,198
Marathon Petroleum Corp.		135,966		9,539,375
Newfield Exploration Co. (b)		58,794		1,778,518
Noble Energy, Inc. (a)		142,608		5,031,210
Occidental Petroleum Corp.		225,425		18,863,564
ONEOK, Inc.		121,011		8,450,198
Phillips 66 (a)		123,548		13,875,676
Pioneer Natural Resources Co.		50,170		9,494,171
Valero Energy Corp.		126,854		14,059,229
Williams Cos., Inc. (The)		243,651		6,605,379
				375,630,536

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Personal Products—0.2%
Coty, Inc. - Class A (a)		139,192	$	1,962,607
Estee Lauder Cos., Inc. (The) - Class A		65,937		9,408,551
				11,371,158
Pharmaceuticals—4.3%
Allergan plc		99,813		16,640,823
Bristol-Myers Squibb Co.		481,170		26,627,948
Eli Lilly & Co.		281,182		23,993,260
Johnson & Johnson		789,564		95,805,696
Merck & Co., Inc.		791,964		48,072,215
Mylan NV (b)		151,742		5,483,956
Nektar Therapeutics (a) (b)		47,429		2,315,958
Perrigo Co. plc (a)		37,906		2,763,727
Pfizer, Inc.		1,721,980		62,473,434
Zoetis, Inc. (a)		142,439		12,134,378
				296,311,395
Professional Services—0.3%
Equifax, Inc.		35,409		4,430,020
IHS Markit, Ltd. (a) (b)		104,829		5,408,128
Nielsen Holdings plc (a)		98,572		3,048,832
Robert Half International, Inc. (a)		36,374		2,367,947
Verisk Analytics, Inc. (a) (b)		45,729		4,922,270
				20,177,197
Real Estate Management & Development—0.1%
CBRE Group, Inc. - Class A (a) (b)		89,010		4,249,337
Road & Rail—1.0%
CSX Corp. (a)		257,684		16,435,086
J.B. Hunt Transport Services, Inc. (a)		25,202		3,063,303
Kansas City Southern		30,203		3,200,310
Norfolk Southern Corp. (a)		83,174		12,548,461
Union Pacific Corp.		228,313		32,347,386
				67,594,546
Semiconductors & Semiconductor Equipment—4.0%
Advanced Micro Devices, Inc. (a) (b)		242,549		3,635,810
Analog Devices, Inc.		109,183		10,472,833
Applied Materials, Inc.		296,746		13,706,698
Broadcom, Inc.		118,182		28,675,680
Intel Corp. (a)		1,371,797		68,192,029
KLA-Tencor Corp.		45,885		4,704,589
Lam Research Corp.		48,291		8,347,099
Microchip Technology, Inc. (a)		69,189		6,292,740
Micron Technology, Inc. (a) (b)		341,408		17,903,436
NVIDIA Corp.		178,687		42,330,950
Qorvo, Inc. (b)		37,236		2,985,210
QUALCOMM, Inc.		436,450		24,493,574
Skyworks Solutions, Inc. (a)		53,599		5,180,343
Texas Instruments, Inc.		288,171		31,770,853
Xilinx, Inc.		74,596		4,868,135
				273,559,979
Software—6.0%
Activision Blizzard, Inc.		224,081		17,101,862
Adobe Systems, Inc. (b)		144,972		35,345,623
ANSYS, Inc. (a) (b)		24,733		4,307,994
Autodesk, Inc. (a) (b)		64,501		8,455,436
CA, Inc. (a)		91,981		3,279,123
Cadence Design Systems, Inc. (a) (b)		82,986		3,594,124
Citrix Systems, Inc. (b)		37,901		3,973,541
Electronic Arts, Inc. (a) (b)		90,325		12,737,631
Intuit, Inc. (a)		71,757		14,660,314
Microsoft Corp.		2,261,758		223,031,956
Oracle Corp.		877,270		38,652,516
Red Hat, Inc. (a) (b)		52,303		7,027,954
Salesforce.com, Inc. (a) (b)		207,634		28,321,278
Symantec Corp.		182,966		3,778,248
Synopsys, Inc. (b)		43,865		3,753,528
Take-Two Interactive Software, Inc. (b)		33,671		3,985,300
				412,006,428
Specialty Retail—2.3%
Advance Auto Parts, Inc.		21,793		2,957,310
AutoZone, Inc. (a) (b)		7,849		5,266,130
Best Buy Co., Inc. (a)		72,198		5,384,527
CarMax, Inc. (a) (b)		52,419		3,819,772
Foot Locker, Inc. (a)		34,770		1,830,640
Gap, Inc. (The) (a)		63,874		2,068,879
Home Depot, Inc. (The)		339,577		66,251,473
L Brands, Inc. (a)		71,403		2,633,343
Lowe’s Cos., Inc.		241,978		23,125,837
O’Reilly Automotive, Inc. (a) (b)		24,113		6,596,593
Ross Stores, Inc.		111,461		9,446,320
Tiffany & Co. (a)		29,990		3,946,684
TJX Cos., Inc. (The)		184,596		17,569,847
Tractor Supply Co. (a)		35,928		2,748,133
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		16,830		3,929,132
				157,574,620
Technology Hardware, Storage & Peripherals—4.4%
Apple, Inc.		1,446,905		267,836,585
Hewlett Packard Enterprise Co. (a)		449,513		6,567,385
HP, Inc.		483,183		10,963,422
NetApp, Inc. (a)		78,870		6,193,661
Seagate Technology plc (a)		84,504		4,771,941
Western Digital Corp. (a)		88,090		6,819,047
Xerox Corp.		62,976		1,511,424
				304,663,465
Textiles, Apparel & Luxury Goods—0.8%
Hanesbrands, Inc. (a)		106,084		2,335,970
Michael Kors Holdings, Ltd. (b)		44,124		2,938,658
NIKE, Inc. - Class B		377,595		30,086,770
PVH Corp. (a)		22,684		3,396,248
Ralph Lauren Corp. (a)		16,389		2,060,425
Tapestry, Inc.		84,727		3,957,598
Under Armour, Inc. - Class A (a) (b)		54,747		1,230,713
Under Armour, Inc. - Class C (a) (b)		55,445		1,168,781

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—(Continued)
VF Corp.		96,379	$	7,856,816
				55,031,979
Tobacco—1.0%
Altria Group, Inc.		557,152		31,640,662
Philip Morris International, Inc.		457,601		36,946,705
				68,587,367
Trading Companies & Distributors—0.2%
Fastenal Co. (a)		84,677		4,075,504
United Rentals, Inc. (b)		24,609		3,632,781
WW Grainger, Inc.		15,006		4,627,850
				12,336,135
Water Utilities—0.1%
American Water Works Co., Inc.		52,413		4,475,022
Total Common Stocks (Cost $3,222,571,739)				6,777,593,063
Mutual Fund—1.1%
Investment Company Security—1.1%
SPDR S&P 500 ETF Trust (a) (Cost $71,731,638)		263,000		71,346,640
Short-Term Investments—0.4%
Discount Notes—0.1%
Federal Home Loan Bank 1.715%, 08/03/18 (e)		700,000		698,805
1.725%, 07/12/18 (e)		1,000,000		999,481
1.789%, 07/20/18 (e)		675,000		674,369
1.813%, 07/25/18 (e)		1,200,000		1,198,566
1.815%, 08/01/18 (e)		2,575,000		2,570,880
1.900%, 08/29/18 (e)		2,575,000		2,567,036
				8,709,137
U.S. Treasury—0.3%
U.S. Treasury Bills 1.791%, 08/02/18 (e)		700,000		698,909
1.818%, 09/06/18 (e)		2,325,000		2,316,997
1.846%, 08/23/18 (e)		350,000		349,078
1.855%, 08/16/18 (e)		1,425,000		1,421,749
1.896%, 09/13/18 (e)		11,875,000		11,829,730
2.073%, 11/29/18 (e)		3,225,000		3,197,756
				19,814,219
Total Short-Term Investments (Cost $28,522,064)				28,523,356

Securities Lending Reinvestments (f)—12.1%
Security Description	Principal Amount*		Value
Bank Note—0.1%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (g)		5,000,000	$	5,000,000
Certificates of Deposit—5.5%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (g)		5,000,000		5,000,270
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (g)		5,000,000		4,999,710
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (g)		15,000,000		15,021,000
Barclays Bank plc 2.430%, 08/01/18		8,000,000		8,002,376
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (g)		9,000,000		8,999,154
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (g)		15,000,000		15,013,950
Chiba Bank, Ltd., New York 2.240%, 07/18/18		6,500,000		6,499,695
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (g)		11,000,000		10,999,219
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (g)		4,000,000		3,999,396
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (g)		10,500,000		10,508,169
2.525%, 3M LIBOR + 0.200%, 04/05/19 (g)		10,000,000		10,003,770
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (g)		10,000,000		10,000,460
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		15,903,918		15,977,600
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (g)		6,000,000		6,001,008
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		15,000,000		14,999,385
KBC Bank NV 2.280%, 08/15/18		10,000,000		10,001,100
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		11,927,125		11,969,160
2.300%, 08/15/18		5,000,635		5,001,085
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (g)		10,000,000		10,000,040
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (g)		5,000,000		5,000,260
2.427%, 1M LIBOR + 0.370%, 02/14/19 (g)		10,000,000		10,004,230
2.525%, 1M LIBOR + 0.440%, 09/17/18 (g)		15,000,000		15,006,900
2.548%, 3M LIBOR + 0.190%, 02/01/19 (g)		10,000,000		10,002,470
Nordea Bank New York 2.531%, 3M LIBOR + 0.200%, 04/05/19 (g)		10,000,000		10,005,220
Royal Bank of Canada New York 2.485%, 1M LIBOR + 0.400%, 09/17/18 (g)		10,000,000		10,004,600
2.525%, 1M LIBOR + 0.440%, 09/17/18 (g)		10,000,000		10,008,010
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (g)		4,000,000		3,999,932
2.401%, 1M LIBOR + 0.400%, 10/02/18 (g)		10,000,000		9,999,000

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Standard Chartered plc 2.250%, 08/21/18		6,000,000	$	6,000,918
2.384%, 1M LIBOR + 0.300%, 08/22/18 (g)		6,000,000		6,000,144
2.466%, 1M LIBOR + 0.420%, 10/11/18 (g)		10,000,000		10,002,110
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (g)		15,000,000		15,001,320
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (g)		8,000,000		8,000,000
2.445%, 3M LIBOR + 0.090%, 10/18/18 (g)		10,007,824		10,000,350
2.447%, 3M LIBOR + 0.110%, 10/11/18 (g)		8,000,000		8,000,872
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (g)		10,000,000		10,000,000
Svenska Handelsbanken AB 2.451%, 1M LIBOR + 0.450%, 04/03/19 (g)		7,000,000		7,006,314
2.459%, 3M LIBOR + 0.100%, 04/30/19 (g)		15,000,000		15,000,180
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (g)		5,000,000		5,000,115
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (g)		11,000,000		10,999,274
				378,038,766
Commercial Paper—2.0%
Bank of China, Ltd. 2.490%, 09/05/18		4,969,221		4,976,920
2.500%, 07/23/18		9,936,806		9,987,430
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (g)		6,000,000		6,002,634
ING Funding LLC 2.236%, 1M LIBOR + 0.190%, 08/10/18 (g)		15,000,000		14,999,865
2.350%, 1M LIBOR + 0.320%, 02/08/19 (g)		15,000,000		15,004,380
Kells Funding LLC 2.230%, 08/28/18		14,911,729		14,946,495
Liberty Funding LLC 2.270%, 08/13/18		9,943,250		9,974,000
Ridgefield Funding Co. LLC 2.400%, 07/09/18		5,057,085		5,088,254
Sheffield Receivables Co. 2.490%, 11/26/18		18,258,159		18,308,210
Starbird Funding Corp. 2.300%, 08/10/18		6,463,456		6,483,783
Toyota Motor Credit Corp. 2.310%, 09/18/18		8,931,855		8,954,298
2.320%, 07/26/18		24,829,222		24,965,475
				139,691,744
Repurchase Agreements—3.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $2,086,682; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $2,128,043.		2,086,317		2,086,317
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $17,065,884; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $17,922,890.		17,000,000		17,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $1,041,957; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $2,426,680; collateralized by various Common Stock with an aggregate market value of $2,678,901		2,400,000		2,400,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $9,711,196; collateralized by various Common Stock with an aggregate market value of $10,603,983.		9,500,000		9,500,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $2,907,410; collateralized by various Common Stock with an aggregate market value of $3,225,366.		2,900,000		2,900,000
Macquarie Bank, Ltd., London Repurchase Agreement dated 06/29/18 at 2.000%, due on 07/02/18 with a maturity value of $3,789,969; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 07/19/18 - 02/15/46, and an aggregate market value of $3,866,886.		3,789,337		3,789,337
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $11,634,743; collateralized by various Common Stock with an aggregate market value of $12,210,000.		11,100,000		11,100,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $12,349,320; collateralized by various Common Stock with an aggregate market value of $13,200,001.		12,000,000		12,000,000
NBC Global Finance Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $12,148,373; collateralized by various Common Stock with an aggregate market value of $13,354,695.		12,000,000		12,000,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $7,345,552; collateralized by various Common Stock with an aggregate market value of $8,124,106.		7,300,000		7,300,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $35,151,803; collateralized by various Common Stock with an aggregate market value of $38,951,192.		35,000,000		35,000,000

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (f)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance Ltd. Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $18,923,412; collateralized by various Common Stock with an aggregate market value of $20,922,355.		18,800,000	$	18,800,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $7,750,863; collateralized by various Common Stock with an aggregate market value of $8,568,960.		7,700,000		7,700,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $5,735,055; collateralized by various Common Stock with an aggregate market value of $6,343,256.		5,700,000		5,700,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $17,099,710; collateralized by various Common Stock with an aggregate market value of $18,918,482.		17,000,000		17,000,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $7,038,267; collateralized by various Common Stock with an aggregate market value of $7,789,963.		7,000,000		7,000,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $20,091,289; collateralized by various Common Stock with an aggregate market value of $22,257,038.		20,000,000		20,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $39,128,440; collateralized by various Common Stock with an aggregate market value of $43,401,224.		39,000,000		39,000,000
				231,275,654
Time Deposits—1.1%
Australia New Zealand Bank 1.900%, 07/02/18		5,000,000		5,000,000
Credit Industriel et Commercial (NY) 1.950%, 07/02/18		10,000,000		10,000,000
DNB Bank ASA 1.870%, 07/02/18		12,000,000		12,000,000
1.870%, 07/02/18		1,000,000		1,000,000
DZ Bank AG 1.890%, 07/02/18		12,290,000		12,290,000
Time Deposits—(Continued)
Erste Group Bank AG 1.910%, 07/02/18		2,599,995		2,599,995
Nordea Bank New York 1.880%, 07/02/18		10,000,000		10,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		10,000,000		10,000,000
Standard Chartered plc 1.900%, 07/02/18		5,000,000		5,000,000
Svenska Handelsbanken AB 1.870%, 07/02/18		10,000,000		10,000,000
				77,889,995
Total Securities Lending Reinvestments (Cost $831,794,442)				831,896,159
Total Investments—112.1% (Cost $4,154,619,883)				7,709,359,218
Other assets and liabilities (net)—(12.1)%				(829,454,952	)
Net Assets—100.0%			$	6,879,904,266

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $814,104,817 and the collateral received consisted of cash in the amount of $831,305,933. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of June 30, 2018, the market value of securities pledged was $22,374,361.
(e)	The rate shown represents current yield to maturity.
(f)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(g)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Depreciation
S&P 500 Index E-Mini Futures		09/21/18		230		USD	31,298,400	$	(321,759	)

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)— Effective Federal Funds Rate (LIBOR)— London Interbank Offered Rate

Other Abbreviations

(ETF)— Exchange-Traded Fund

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	6,777,593,063		$	—		$	—	$	6,777,593,063
Total Mutual Fund*		71,346,640			—			—		71,346,640
Total Short-Term Investments*		—			28,523,356			—		28,523,356
Total Securities Lending Reinvestments*		—			831,896,159			—		831,896,159
Total Investments	$	6,848,939,703		$	860,419,515		$	—	$	7,709,359,218
Collateral for Securities Loaned (Liability)	$	—		$	(831,305,933	)	$	—	$	(831,305,933	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(321,759	)	$	—		$	—	$	(321,759	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	7,694,903,883
Affiliated investments at value (c)		14,455,335
Cash		47,298
Receivable for:
Investments sold		12,295,598
Fund shares sold		9,481,583
Dividends		5,550,072
Variation margin on futures contracts		24,150
Total Assets		7,736,757,919
Liabilities
Collateral for securities loaned		831,305,933
Payables for:
Investments purchased		3,364,641
Fund shares redeemed		19,225,938
Accrued Expenses:
Management fees		1,365,394
Distribution and service fees		450,505
Deferred trustees’ fees		131,933
Other expenses		1,009,309
Total Liabilities		856,853,653
Net Assets	$	6,879,904,266
Net Assets Consist of:
Paid in surplus	$	3,090,464,079
Undistributed net investment income		56,336,044
Accumulated net realized gain		178,686,567
Unrealized appreciation on investments, affiliated investments and futures contracts		3,554,417,576
Net Assets	$	6,879,904,266
Net Assets
Class A	$	4,643,052,457
Class B		2,021,783,430
Class D		52,248,059
Class E		144,474,722
Class G		18,345,598
Capital Shares Outstanding*
Class A		91,444,568
Class B		41,444,511
Class D		1,031,491
Class E		2,865,345
Class G		376,768
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	50.77
Class B		48.78
Class D		50.65
Class E		50.42
Class G		48.69

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $4,143,183,429.
(b)	Includes securities loaned at value of $814,104,817.
(c)	Identified cost of affiliated investments was $11,436,454.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	66,987,610
Dividends from affiliated investments		258,250
Interest		225,553
Securities lending income		1,074,242
Total investment income		68,545,655
Expenses
Management fees		8,735,653
Administration fees		110,105
Custodian and accounting fees		245,786
Distribution and service fees—Class B		2,585,177
Distribution and service fees—Class D		26,953
Distribution and service fees—Class E		110,984
Distribution and service fees—Class G		27,835
Audit and tax services		21,770
Legal		21,432
Trustees’ fees and expenses		20,718
Shareholder reporting		251,964
Insurance		21,767
Miscellaneous		341,502
Total expenses		12,521,646
Less management fee waiver		(437,358	)
Net expenses		12,084,288
Net Investment Income		56,461,367
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		280,509,134
Affiliated investments		194,641
Futures contracts		869,528
Net realized gain		281,573,303
Net change in unrealized depreciation on:
Investments		(158,711,845	)
Affiliated investments		(2,899,342	)
Futures contracts		(407,649	)
Net change in unrealized depreciation		(162,018,836	)
Net realized and unrealized gain		119,554,467
Net Increase in Net Assets From Operations	$	176,015,834

(a) Net of foreign withholding taxes of $6,333.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	56,461,367		$	122,226,194
Net realized gain		281,573,303			399,951,192
Net change in unrealized appreciation (depreciation)		(162,018,836	)		808,122,724
Increase in net assets from operations		176,015,834			1,330,300,110
From Distributions to Shareholders
Net investment income
Class A		(83,730,353	)		(80,429,505	)
Class B		(32,924,808	)		(32,596,779	)
Class D		(882,758	)		(1,016,112	)
Class E		(2,411,864	)		(2,425,322	)
Class G		(292,053	)		(270,023	)
Net realized capital gains
Class A		(261,593,403	)		(126,414,984	)
Class B		(118,979,164	)		(59,739,457	)
Class D		(2,947,011	)		(1,693,922	)
Class E		(8,230,921	)		(4,167,036	)
Class G		(1,075,653	)		(511,585	)
Total distributions		(513,067,988	)		(309,264,725	)
Increase (decrease) in net assets from capital share transactions		102,740,061			(464,951,761	)
Total increase (decrease) in net assets		(234,312,093	)		556,083,624
Net Assets
Beginning of period		7,114,216,359			6,558,132,735
End of period	$	6,879,904,266		$	7,114,216,359
Undistributed net investment income
End of period	$	56,336,044		$	120,116,513

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		1,195,993		$	63,566,023			2,565,526		$	125,800,863
Reinvestments		6,665,195			345,323,756			4,295,836			206,844,489
Redemptions		(5,608,853	)		(302,725,013	)		(12,118,957	)		(599,372,121	)
Net increase (decrease)		2,252,335		$	106,164,766			(5,257,595	)	$	(266,726,769	)
Class B
Sales		667,628		$	34,628,849			1,383,010		$	65,105,674
Reinvestments		3,051,506			151,903,972			1,990,005			92,336,236
Redemptions		(3,595,030	)		(187,207,341	)		(6,861,898	)		(327,592,006	)
Net increase (decrease)		124,104		$	(674,520	)		(3,488,883	)	$	(170,150,096	)
Class D
Sales		53,402		$	2,911,960			291,987		$	14,334,939
Reinvestments		74,091			3,829,769			56,424			2,710,034
Redemptions		(166,349	)		(9,016,476	)		(678,819	)		(33,434,038	)
Net decrease		(38,856	)	$	(2,274,747	)		(330,408	)	$	(16,389,065	)
Class E
Sales		17,607		$	946,308			51,868		$	2,549,769
Reinvestments		206,857			10,642,785			137,800			6,592,358
Redemptions		(231,193	)		(12,435,546	)		(471,239	)		(23,245,491	)
Net decrease		(6,729	)	$	(846,453	)		(281,571	)	$	(14,103,364	)
Class G
Sales		4,420		$	230,651			83,420		$	3,864,519
Reinvestments		27,525			1,367,706			16,871			781,608
Redemptions		(23,545	)		(1,227,342	)		(46,868	)		(2,228,594	)
Net increase		8,400		$	371,015			53,423		$	2,417,533
Increase (decrease) derived from capital shares transactions				$	102,740,061					$	(464,951,761	)

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	53.40		$	46.03		$	44.04		$	46.21		$	42.58		$	33.42
Income (Loss) from Investment Operations
Net investment income (a)		0.45			0.92			0.89			0.85			0.79			0.71
Net realized and unrealized gain (loss) on investments		0.97			8.74			3.98			(0.26	)		4.66			9.72
Total from investment operations		1.42			9.66			4.87			0.59			5.45			10.43
Less Distributions
Distributions from net investment income		(0.98	)		(0.89	)		(0.90	)		(0.81	)		(0.74	)		(0.70	)
Distributions from net realized capital gains		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)
Total distributions		(4.05	)		(2.29	)		(2.88	)		(2.76	)		(1.82	)		(1.27	)
Net Asset Value, End of Period	$	50.77		$	53.40		$	46.03		$	44.04		$	46.21		$	42.58
Total Return (%) (b)		2.51	(c)		21.54			11.67			1.17			13.36			32.02
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.28	(d)		0.28			0.27			0.27			0.27			0.27
Net ratio of expenses to average net assets (%) (e)		0.27	(d)		0.26			0.26			0.26			0.26			0.26
Ratio of net investment income to average net assets (%)		1.69	(d)		1.86			2.02			1.88			1.81			1.87
Portfolio turnover rate (%)		7	(c)		11			8			9			12			12
Net assets, end of period (in millions)	$	4,643.1		$	4,762.6		$	4,347.5		$	4,108.5		$	4,295.4		$	4,059.9
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	51.39		$	44.37		$	42.55		$	44.73		$	41.27		$	32.43
Income (Loss) from Investment Operations
Net investment income (a)		0.37			0.77			0.75			0.71			0.66			0.60
Net realized and unrealized gain (loss) on investments		0.94			8.42			3.84			(0.25	)		4.52			9.43
Total from investment operations		1.31			9.19			4.59			0.46			5.18			10.03
Less Distributions
Distributions from net investment income		(0.85	)		(0.77	)		(0.79	)		(0.69	)		(0.64	)		(0.62	)
Distributions from net realized capital gains		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)
Total distributions		(3.92	)		(2.17	)		(2.77	)		(2.64	)		(1.72	)		(1.19	)
Net Asset Value, End of Period	$	48.78		$	51.39		$	44.37		$	42.55		$	44.73		$	41.27
Total Return (%) (b)		2.39	(c)		21.23			11.38			0.91			13.10			31.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53	(d)		0.53			0.52			0.52			0.52			0.52
Net ratio of expenses to average net assets (%) (e)		0.52	(d)		0.51			0.51			0.51			0.51			0.51
Ratio of net investment income to average net assets (%)		1.44	(d)		1.61			1.77			1.63			1.56			1.62
Portfolio turnover rate (%)		7	(c)		11			8			9			12			12
Net assets, end of period (in millions)	$	2,021.8		$	2,123.5		$	1,988.2		$	1,892.0		$	2,025.6		$	1,928.0

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	53.24		$	45.90		$	43.93		$	46.10		$	42.46		$	33.32
Income (Loss) from Investment Operations
Net investment income (a)		0.43			0.87			0.84			0.80			0.73			0.66
Net realized and unrealized gain (loss) on investments		0.97			8.71			3.97			(0.26	)		4.67			9.71
Total from investment operations		1.40			9.58			4.81			0.54			5.40			10.37
Less Distributions
Distributions from net investment income		(0.92	)		(0.84	)		(0.86	)		(0.76	)		(0.68	)		(0.66	)
Distributions from net realized capital gains		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)
Total distributions		(3.99	)		(2.24	)		(2.84	)		(2.71	)		(1.76	)		(1.23	)
Net Asset Value, End of Period	$	50.65		$	53.24		$	45.90		$	43.93		$	46.10		$	42.46
Total Return (%) (b)		2.47	(c)		21.41			11.54			1.07			13.26			31.91
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.38	(d)		0.38			0.37			0.37			0.37			0.37
Net ratio of expenses to average net assets (%) (e)		0.37	(d)		0.36			0.36			0.36			0.36			0.36
Ratio of net investment income to average net assets (%)		1.59	(d)		1.77			1.92			1.76			1.70			1.77
Portfolio turnover rate (%)		7	(c)		11			8			9			12			12
Net assets, end of period (in millions)	$	52.2		$	57.0		$	64.3		$	84.1		$	143.5		$	237.5
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	53.01		$	45.71		$	43.75		$	45.92		$	42.32		$	33.22
Income (Loss) from Investment Operations
Net investment income (a)		0.41			0.84			0.81			0.78			0.72			0.65
Net realized and unrealized gain (loss) on investments		0.97			8.68			3.97			(0.26	)		4.64			9.67
Total from investment operations		1.38			9.52			4.78			0.52			5.36			10.32
Less Distributions
Distributions from net investment income		(0.90	)		(0.82	)		(0.84	)		(0.74	)		(0.68	)		(0.65	)
Distributions from net realized capital gains		(3.07	)		(1.40	)		(1.98	)		(1.95	)		(1.08	)		(0.57	)
Total distributions		(3.97	)		(2.22	)		(2.82	)		(2.69	)		(1.76	)		(1.22	)
Net Asset Value, End of Period	$	50.42		$	53.01		$	45.71		$	43.75		$	45.92		$	42.32
Total Return (%) (b)		2.45	(c)		21.35			11.50			1.02			13.20			31.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.43	(d)		0.43			0.42			0.42			0.42			0.42
Net ratio of expenses to average net assets (%) (e)		0.42	(d)		0.41			0.41			0.41			0.41			0.41
Ratio of net investment income to average net assets (%)		1.54	(d)		1.71			1.87			1.73			1.66			1.72
Portfolio turnover rate (%)		7	(c)		11			8			9			12			12
Net assets, end of period (in millions)	$	144.5		$	152.3		$	144.2		$	143.5		$	161.4		$	164.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Financial Highlights

Selected per share data
	Class G
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014 (f)
Net Asset Value, Beginning of Period	$	51.30		$	44.29		$	42.48		$	44.64		$	44.10
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.75			0.73			0.70			0.09
Net realized and unrealized gain (loss) on investments		0.93			8.40			3.83			(0.24	)		0.45
Total from investment operations		1.29			9.15			4.56			0.46			0.54
Less Distributions
Distributions from net investment income		(0.83	)		(0.74	)		(0.77	)		(0.67	)		0.00
Distributions from net realized capital gains		(3.07	)		(1.40	)		(1.98	)		(1.95	)		0.00
Total distributions		(3.90	)		(2.14	)		(2.75	)		(2.62	)		0.00
Net Asset Value, End of Period	$	48.69		$	51.30		$	44.29		$	42.48		$	44.64
Total Return (%) (b)		2.36	(c)		21.18			11.32			0.91			1.22	(c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58	(d)		0.58			0.57			0.57			0.58	(d)
Net ratio of expenses to average net assets (%) (e)		0.57	(d)		0.56			0.56			0.56			0.57	(d)
Ratio of net investment income to average net assets (%)		1.40	(d)		1.57			1.72			1.64			1.54	(d)
Portfolio turnover rate (%)		7	(c)		11			8			9			12
Net assets, end of period (in millions)	$	18.3		$	18.9		$	14.0		$	8.5		$	0.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Commencement of operations was November 12, 2014.

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Stock Index Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers five classes of shares: Class A, B, D, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-19

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to adjustments to prior period accumulated balances and real estate investment trust (“REIT”) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-20

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $231,275,654. The value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been

BHFTII-21

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	321,759

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	869,528
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(407,649	)

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	11,667

‡ Averages are based on activity levels during the year.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

BHFTII-22

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	481,658,386	$	0	$	808,326,991

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.250% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the six months ended June 30, 2018 were $8,735,653.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with MetLife Investment Advisors, LLC (“MIA”) with respect to managing the Portfolio. For providing subadvisory services to the Portfolio, Brighthouse Investment Advisers has agreed to pay MIA an investment subadvisory fee for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.020%	On the first $500 million
0.015%	Of the next $500 million
0.010%	Of the next $1 billion
0.005%	On amounts over $2 billion

Fees earned by MIA with respect to the Portfolio for the six months ended June 30, 2018 were $261,494.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.005%	Over $500 million and under $1 billion
0.010%	Of the next $1 billion
0.015%	On amounts over $2 billion

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, D, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, E, and G Shares. Under the Distribution and Service Plan, the Class B, D, E, and G Shares of the Portfolio pay a fee to compensate the

BHFTII-23

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated Issuers during the six months ended June 30, 2018 is as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Depreciation			Ending Value as of June 30, 2018
Brighthouse Financial, Inc.	$	1,738,500	$	313,743	$	(84,280	)	$	(15,691	)	$	(543,932	)	$	1,408,340
MetLife, Inc.		16,461,831		—		(1,269,758	)		210,332			(2,355,410	)		13,046,995
	$	18,200,331	$	313,743	$	(1,354,038	)	$	194,641		$	(2,899,342	)	$	14,455,335

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at June 30, 2018
Brighthouse Financial, Inc.		—	$	—		35,147
MetLife, Inc.		—		258,250		299,243
	$	—	$	258,250

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	4,257,855,138
Gross unrealized appreciation		3,658,379,278
Gross unrealized depreciation		(207,196,957	)
Net unrealized appreciation (depreciation)	$	3,451,182,321

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$125,663,743	$	130,333,642	$	183,600,982	$	269,056,428	$	309,264,725	$	399,390,070

BHFTII-24

Brighthouse Funds Trust II

MetLife Stock Index Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$132,107,488	$	381,406,319	$	3,613,115,267	$	—	$	4,126,629,074

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-25

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, E, and F shares of the MFS Total Return Portfolio returned -2.04%, -2.16%, -2.12%, and -2.14%, respectively. The Portfolio’s benchmarks, the Standard & Poor’s (“S&P”) 500 Index¹ and the Bloomberg Barclays U.S. Aggregate Bond Index², returned 2.65% and -1.62%, respectively. A blend of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) returned 1.00%³.

MARKET ENVIRONMENT

Despite continued solid global economic growth, financial markets were buffeted by increased volatility during the reporting period. The increase in volatility dented what appeared to have been high levels of investor confidence, leading to a correction in elevated valuations. Valuations are now more in line with long-term averages after the recent bout of market weakness. So far, the rise in volatility has not disrupted the synchronized upturn in growth, although developed markets and China showed signs of a modest slowdown in the expansion’s pace during the first half of 2018.

During the period, the U.S. Federal Reserve (the “Fed”) raised interest rates by 50 basis points, bringing the total number of hikes to seven since the central bank began to normalize monetary policy in late 2015. The growth rate in the U.S., eurozone and Japan remained above potential, although inflation remained contained, particularly outside of the U.S. Late in the period, the European Central Bank announced that it would end its asset purchase program at the end of 2018, but issued forward guidance that it does not expect to raise interest rates until after the summer of 2019. The Bank of Canada also raised rates during the period. The European political backdrop became more volatile during the period, spurred by a chaotic process which resulted in the formation of an anti-establishment coalition government in Italy.

Bond yields rose in the U.S. during the period, but they remained low by historical standards, while yields in many developed markets fell during the period. Credit spreads remained relatively tight but widened modestly late in the period as market volatility increased. Increasing concern over growing global trade friction risks appeared to have weighed on business sentiment during the period. International trade negotiations took a number of unpredictable swings late in the period, with investors largely taking a wait-and-see approach while ignoring mostly individual actions and counteractions.

PORTFOLIO REVIEW/PERIOD END POSITIONING

Within the equity portion of the Portfolio, stock selection in the Consumer Discretionary sector held back performance relative to the S&P 500 Index. Within this sector, an underweight position in internet retailer Amazon.com and not owning shares of internet TV show and movie subscription services provider Netflix held back relative returns. Additionally, an overweight position in cable services provider Comcast also weakened relative results.

An underweight position in the Information Technology sector also detracted from relative performance led by underweight positions in both software giant Microsoft and computer and personal electronics maker Apple.

The combination of an overweight allocation and stock selection in both, the Financials and Consumer Staples sectors further weighed on relative returns. Within the Financials sector, overweight positions in insurance companies Prudential Financial and Travelers Companies hindered relative results. Within the Consumer Staples sector, overweight positions in tobacco company Philip Morris International and global food company General Mills dampened relative performance.

Elsewhere, the Portfolio’s holdings of residential and commercial building materials manufacturer Owens Corning weakened relative results.

Within the equity portion of the Portfolio, stock selection in the Energy sector helped performance relative to the S&P 500 Index. However, there were no individual stocks within this sector that were among the Portfolio’s largest relative contributors during the period.

A combination of an underweight allocation and stock selection in the Telecommunication Services sector also boosted relative results led by an underweight position in telecommunication services provider AT&T.

Individual stocks that benefited relative returns included the Portfolio’s avoidance of diversified industrial conglomerate General Electric, insurance and investment firm Berkshire Hathaway, biopharmaceutical company Celgene, construction and mining equipment manufacturer Caterpillar and fast-food company giant McDonald’s. Additionally, underweight positions in household products maker Procter & Gamble and retailer Wal-Mart Stores, an overweight position in software company Adobe Systems and holdings of seafood company Marine Harvest (Norway) also helped relative returns.

Within the fixed income portion of the Portfolio, a lesser exposure to the mortgage-backed securities (“MBS”) Agency Fixed Rate sector hampered performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index, this was mitigated, however, by good security selection within Agency MBS. Additionally, security selection within the Industrials sector also detracted from relative returns.

Within the fixed income portion of the Portfolio, a greater-than-benchmark exposure to the Commercial Mortgage-Backed Securities (“CMBS”) sector boosted performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index. Additionally, the Portfolio’s shorter duration and yield curve positioning aided relative results in an environment where treasury yields generally rose. The fixed

BHFTII-1

Brighthouse Funds Trust II

MFS Total Return Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

income portion of the Portfolio was underweight bonds in the 2- and 5-year part of the curve, which rose due to the Fed rate hikes, while the Portfolio was overweight the 10- and 30-year part of the curve, where yields rose less than the short-end of the yield curve.

Over the trailing six months ending June 30, 2018, the equity portion of the Portfolio increased its exposure to the Information Technology, Utilities, and Energy sectors. Over the same period, the Portfolio reduced its weight to the Financials, Consumer Discretionary, and Industrials sectors. At the end of the period, the Portfolio was overweight to the Financials, Industrials, and Consumer Staples sectors. In addition, the Portfolio was underweight Information Technology, Consumer Discretionary, and Telecommunication Services.

Over the trailing six months ending June 30, 2018, the fixed income portion of the Portfolio modestly increased its position following a volatile beginning of the year, which resulted in more attractive credit spread levels. At the same time the Portfolio increased its allocation to higher credit quality segments, increasing AAA and AA-rated holdings relative to the benchmark, given the increase in market volatility. The fixed income portion of the Portfolio ended June overweight securitized debt (i.e. CMBS) and underweight non-U.S. sovereigns and agency debt.

Brooks Taylor

Steven Gorham

Nevin Chitkara

Joshua Marston

Jonathan Sage

Robert Persons

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-2

Brighthouse Funds Trust II

MFS Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX & THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX & THE BLENDED INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
MFS Total Return Portfolio
Class A		-2.04		3.55		7.47		6.82
Class B		-2.16		3.29		7.21		6.55
Class E		-2.12		3.39		7.31		6.66
Class F		-2.14		3.34		7.26		6.61
Bloomberg Barclays U.S. Aggregate Bond Index		-1.62		-0.40		2.27		3.72
S&P 500 Index		2.65		14.37		13.42		10.17
Blended Index		1.00		8.34		8.97		7.84

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² The Bloomberg Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

³ The Blended Index is a composite index consisting of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Equity Sectors

	% of Net Assets
Financials		13.7
Health Care		8.9
Information Technology		8.4
Industrials		7.7
Consumer Staples		6.0

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		25.0
Corporate Bonds & Notes		10.7
Mortgage-Backed Securities		1.8
Asset-Backed Securities		1.2
Municipals		0.2

Top Equity Holdings

	% of Net Assets
JPMorgan Chase & Co.		1.9
Philip Morris International, Inc.		1.3
Comcast Corp.		1.3
Pfizer, Inc.		1.2
Johnson & Johnson		1.1

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		11.0
Fannie Mae 30 Yr. Pool		5.0
U.S. Treasury Bonds		3.4
Freddie Mac 30 Yr. Gold Pool		2.4
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)		1.8

BHFTII-3

Brighthouse Funds Trust II

MFS Total Return Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A	Actual		0.61	%	$	1,000.00	$	979.60	$	2.99
	Hypothetical*		0.61	%	$	1,000.00	$	1,021.77	$	3.06
Class B	Actual		0.86	%	$	1,000.00	$	978.40	$	4.22
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.53	$	4.31
Class E	Actual		0.76	%	$	1,000.00	$	978.80	$	3.73
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.03	$	3.81
Class F	Actual		0.81	%	$	1,000.00	$	978.60	$	3.97
	Hypothetical*		0.81	%	$	1,000.00	$	1,020.78	$	4.06

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTII-4

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—59.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
Boeing Co. (The)		14,311	$	4,801,484
Harris Corp.		6,472		935,463
Lockheed Martin Corp.		13,929		4,115,044
Northrop Grumman Corp.		7,922		2,437,599
United Technologies Corp.		38,691		4,837,536
				17,127,126
Air Freight & Logistics—0.2%
United Parcel Service, Inc. - Class B		18,202		1,933,598
Airlines—0.2%
Copa Holdings S.A. - Class A		5,825		551,162
Delta Air Lines, Inc.		22,110		1,095,329
				1,646,491
Auto Components—0.4%
Aptiv plc (a)		25,596		2,345,362
Lear Corp.		4,198		780,030
				3,125,392
Automobiles—0.3%
General Motors Co.		24,285		956,829
Harley-Davidson, Inc.		5,322		223,950
Toyota Motor Corp.		24,700		1,596,703
				2,777,482
Banks—6.1%
Bank of America Corp.		220,342		6,211,441
BNP Paribas S.A.		9,508		589,349
Citigroup, Inc.		126,516		8,466,451
JPMorgan Chase & Co.		149,644		15,592,905
PNC Financial Services Group, Inc. (The)		34,563		4,669,461
Royal Bank of Canada		11,557		870,214
Sumitomo Mitsui Financial Group, Inc.		12,100		468,898
SunTrust Banks, Inc.		14,988		989,508
U.S. Bancorp		109,702		5,487,294
Wells Fargo & Co.		97,329		5,395,920
Westpac Banking Corp.		43,268		942,833
				49,684,274
Beverages—0.6%
Coca-Cola European Partners plc		19,576		795,568
Diageo plc		89,278		3,204,696
PepsiCo, Inc.		7,386		804,114
				4,804,378
Biotechnology—0.1%
Biogen, Inc. (b)		2,553		740,983
Building Products—0.6%
Johnson Controls International plc		142,035		4,751,071
Capital Markets—3.8%
Apollo Global Management LLC - Class A		63,778		2,032,605
Bank of New York Mellon Corp. (The)		100,570		5,423,740
Capital Markets—(Continued)
BlackRock, Inc.		6,731		3,359,038
Blackstone Group L.P. (The)		40,237		1,294,424
Charles Schwab Corp. (The)		19,253		983,829
Franklin Resources, Inc.		945		30,287
Goldman Sachs Group, Inc. (The)		27,972		6,169,784
Invesco, Ltd. (a)		22,941		609,313
Moody’s Corp.		7,371		1,257,198
Morgan Stanley		38,104		1,806,130
Nasdaq, Inc.		20,874		1,905,170
State Street Corp.		37,355		3,477,377
T. Rowe Price Group, Inc.		18,602		2,159,506
				30,508,401
Chemicals—1.6%
Axalta Coating Systems, Ltd. (b)		34,833		1,055,788
Celanese Corp. - Series A		13,778		1,530,185
DowDuPont, Inc.		28,894		1,904,692
PPG Industries, Inc. (a)		54,361		5,638,867
Sherwin-Williams Co. (The)		6,764		2,756,803
				12,886,335
Commercial Services & Supplies—0.1%
Transcontinental, Inc. - Class A		42,782		993,523
Communications Equipment—0.7%
Cisco Systems, Inc.		125,098		5,382,967
Consumer Finance—0.5%
American Express Co.		18,274		1,790,852
Discover Financial Services		27,739		1,953,103
				3,743,955
Containers & Packaging—0.2%
Crown Holdings, Inc. (a) (b)		28,165		1,260,665
Diversified Telecommunication Services—0.5%
AT&T, Inc.		10,749		345,151
Verizon Communications, Inc.		66,998		3,370,669
				3,715,820
Electric Utilities—1.9%
American Electric Power Co., Inc.		13,688		947,894
Duke Energy Corp.		49,282		3,897,220
Exelon Corp.		99,049		4,219,487
PPL Corp.		76,707		2,189,985
Southern Co. (The)		48,431		2,242,840
SSE plc		91,091		1,627,452
Xcel Energy, Inc.		14,346		655,325
				15,780,203
Electrical Equipment—0.8%
Eaton Corp. plc (a)		81,986		6,127,634
Regal-Beloit Corp.		5,655		462,579
				6,590,213

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—0.5%
Schlumberger, Ltd.		55,865	$	3,744,631
Equity Real Estate Investment Trusts—1.0%
Extra Space Storage, Inc. (a)		15,584		1,555,439
Medical Properties Trust, Inc. (a)		212,969		2,990,085
Public Storage		2,974		674,682
Simon Property Group, Inc.		7,264		1,236,260
STORE Capital Corp. (a)		63,744		1,746,585
				8,203,051
Food & Staples Retailing—0.4%
Kroger Co. (The) (a)		46,091		1,311,289
Walgreens Boots Alliance, Inc.		26,761		1,606,061
				2,917,350
Food Products—2.3%
Archer-Daniels-Midland Co.		42,463		1,946,079
Danone S.A.		21,496		1,575,803
General Mills, Inc.		73,951		3,273,071
J.M. Smucker Co. (The) (a)		6,054		650,684
Marine Harvest ASA		92,727		1,846,316
Mondelez International, Inc. - Class A		21,208		869,528
Nestle S.A.		47,276		3,659,956
Pinnacle Foods, Inc. (a)		12,593		819,301
Tyson Foods, Inc. - Class A (a)		61,252		4,217,200
				18,857,938
Health Care Equipment & Supplies—2.2%
Abbott Laboratories		75,035		4,576,385
Danaher Corp.		58,455		5,768,340
Medtronic plc		73,943		6,330,260
Zimmer Biomet Holdings, Inc. (a)		11,353		1,265,178
				17,940,163
Health Care Providers & Services—1.9%
AmerisourceBergen Corp. (a)		11,676		995,613
Cigna Corp.		18,415		3,129,629
CVS Health Corp.		27,284		1,755,725
Express Scripts Holding Co. (b)		22,477		1,735,449
Humana, Inc.		12,155		3,617,693
McKesson Corp.		30,862		4,116,991
				15,351,100
Hotels, Restaurants & Leisure—0.3%
Aramark (a)		26,314		976,249
Marriott International, Inc. - Class A (a)		6,349		803,783
Starbucks Corp. (a)		11,182		546,241
				2,326,273
Household Durables—0.6%
Newell Brands, Inc. (a)		91,785		2,367,135
PulteGroup, Inc. (a)		30,238		869,343
Tupperware Brands Corp.		13,292		548,162
Whirlpool Corp.		7,082		1,035,601
				4,820,241
Household Products—0.6%
Colgate-Palmolive Co.		5,120		331,827
Kimberly-Clark Corp.		26,503		2,791,826
Procter & Gamble Co. (The)		4,723		368,678
Reckitt Benckiser Group plc		18,767		1,542,749
				5,035,080
Industrial Conglomerates—1.2%
3M Co. (a)		16,696		3,284,437
Honeywell International, Inc.		46,555		6,706,248
				9,990,685
Insurance—3.2%
Aon plc		34,854		4,780,923
Chubb, Ltd.		48,206		6,123,126
Prudential Financial, Inc.		51,757		4,839,797
Travelers Cos., Inc. (The)		62,348		7,627,654
Unum Group		25,667		949,423
Zurich Insurance Group AG		6,946		2,060,388
				26,381,311
Internet & Direct Marketing Retail—0.2%
Amazon.com, Inc. (b)		841		1,429,532
Internet Software & Services—1.1%
Alphabet, Inc. - Class A (b)		2,165		2,444,696
Facebook, Inc. - Class A (a) (b)		35,449		6,888,450
				9,333,146
IT Services—2.6%
Accenture plc - Class A		45,944		7,515,979
Amdocs, Ltd.		22,012		1,456,974
Cognizant Technology Solutions Corp. - Class A		8,838		698,114
DXC Technology Co.		65,239		5,258,916
Fidelity National Information Services, Inc.		18,179		1,927,519
Fiserv, Inc. (b)		21,495		1,592,565
International Business Machines Corp.		3,102		433,349
Visa, Inc. - Class A		9,573		1,267,944
Worldpay, Inc. - Class A (b)		12,196		997,389
				21,148,749
Leisure Products—0.0%
Hasbro, Inc. (a)		3,531		325,947
Life Sciences Tools & Services—0.7%
Thermo Fisher Scientific, Inc.		29,221		6,052,838
Machinery—1.0%
AGCO Corp.		8,319		505,130
Allison Transmission Holdings, Inc. (a)		7,016		284,078
Deere & Co.		7,146		999,011
Illinois Tool Works, Inc.		24,088		3,337,151
Ingersoll-Rand plc		13,035		1,169,630
Stanley Black & Decker, Inc.		14,195		1,885,238
				8,180,238

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—1.8%
Comcast Corp. - Class A		312,241	$	10,244,627
Interpublic Group of Cos., Inc. (The) (a)		57,359		1,344,495
Omnicom Group, Inc. (a)		37,512		2,861,040
				14,450,162
Metals & Mining—0.3%
Rio Tinto plc		48,251		2,661,181
Mortgage Real Estate Investment Trusts—0.2%
AGNC Investment Corp.		18,863		350,663
Annaly Capital Management, Inc. (a)		84,425		868,733
				1,219,396
Multi-Utilities—0.5%
Engie S.A.		57,123		874,204
Public Service Enterprise Group, Inc.		24,383		1,320,096
Sempra Energy (a)		9,786		1,136,252
WEC Energy Group, Inc. (a)		12,927		835,730
				4,166,282
Multiline Retail—0.1%
Kohl’s Corp. (a)		5,882		428,798
Oil, Gas & Consumable Fuels—3.9%
Anadarko Petroleum Corp. (a)		21,681		1,588,133
BP plc		374,210		2,849,317
Chevron Corp.		26,405		3,338,384
Eni S.p.A.		80,029		1,485,905
Enterprise Products Partners L.P.		116,909		3,234,872
EOG Resources, Inc.		28,036		3,488,520
EQT Corp.		15,319		845,303
Exxon Mobil Corp.		42,029		3,477,059
Hess Corp.		18,829		1,259,472
Marathon Petroleum Corp.		12,270		860,863
MPLX L.P.		23,903		816,048
Noble Energy, Inc. (a)		28,905		1,019,768
Occidental Petroleum Corp.		15,577		1,303,483
Phillips 66 (a)		12,412		1,393,992
Pioneer Natural Resources Co.		5,859		1,108,757
Plains All American Pipeline L.P.		45,706		1,080,490
Plains GP Holdings L.P. - Class A (a) (b)		49,376		1,180,580
Williams Partners L.P.		30,948		1,256,179
				31,587,125
Personal Products—0.1%
Coty, Inc. - Class A (a)		82,343		1,161,036
Pharmaceuticals—4.0%
Bayer AG		23,061		2,540,781
Bristol-Myers Squibb Co.		53,349		2,952,334
Eli Lilly & Co.		49,042		4,184,754
Johnson & Johnson		70,546		8,560,051
Merck & Co., Inc.		23,624		1,433,977
Mylan NV (b)		20,936		756,627
Novartis AG		13,845		1,048,683
Pharmaceuticals—(Continued)
Pfizer, Inc.		269,614		9,781,596
Roche Holding AG		5,621		1,250,758
				32,509,561
Professional Services—0.2%
Equifax, Inc.		14,054		1,758,296
Road & Rail—1.1%
Canadian National Railway Co.		11,552		944,376
Union Pacific Corp.		58,487		8,286,438
				9,230,814
Semiconductors & Semiconductor Equipment—1.5%
Analog Devices, Inc.		7,259		696,283
Broadcom, Inc.		4,132		1,002,588
Intel Corp. (a)		33,285		1,654,597
Maxim Integrated Products, Inc.		22,618		1,326,772
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		78,017		2,852,302
Texas Instruments, Inc.		40,374		4,451,234
				11,983,776
Software—1.8%
Adobe Systems, Inc. (b)		20,404		4,974,699
Check Point Software Technologies, Ltd. (b)		9,055		884,493
Electronic Arts, Inc. (b)		4,411		622,039
Microsoft Corp.		69,912		6,894,022
Oracle Corp.		29,899		1,317,350
				14,692,603
Specialty Retail—0.6%
Best Buy Co., Inc. (a)		12,332		919,721
Ross Stores, Inc.		26,459		2,242,400
Tractor Supply Co. (a)		12,823		980,831
Urban Outfitters, Inc. (a) (b)		22,804		1,015,918
				5,158,870
Technology Hardware, Storage & Peripherals—0.7%
Apple, Inc.		14,631		2,708,344
Hewlett Packard Enterprise Co.		34,926		510,269
Samsung Electronics Co., Ltd.		17,663		595,611
Seagate Technology plc (a)		14,377		811,869
Western Digital Corp.		9,809		759,315
				5,385,408
Textiles, Apparel & Luxury Goods—0.4%
Hanesbrands, Inc. (a)		36,239		797,983
LVMH Moet Hennessy Louis Vuitton SE		3,628		1,206,015
NIKE, Inc. - Class B		17,661		1,407,229
				3,411,227
Tobacco—2.0%
Altria Group, Inc.		86,109		4,890,130
Japan Tobacco, Inc.		28,500		796,135

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Tobacco—(Continued)
Philip Morris International, Inc.		130,334	$	10,523,167
				16,209,432
Trading Companies & Distributors—0.0%
HD Supply Holdings, Inc. (b)		8,769		376,102
Total Common Stocks (Cost $379,519,732)				485,881,219
U.S. Treasury & Government Agencies—25.0%
Agency Sponsored Mortgage - Backed—10.4%
Fannie Mae 15 Yr. Pool 3.000%, 12/01/31		1,284,728		1,278,535
4.500%, 07/01/18		22		22
4.500%, 03/01/19		5,084		5,121
4.500%, 06/01/19		6,386		6,432
4.500%, 04/01/20		9,705		9,798
4.500%, 07/01/20		4,740		4,775
5.000%, 12/01/18		8,467		8,611
5.000%, 07/01/19		13,579		13,810
5.000%, 07/01/20		10,869		11,054
5.000%, 08/01/20		10,888		11,118
5.000%, 12/01/20		27,524		28,015
5.500%, 06/01/19		12,781		12,847
5.500%, 07/01/19		15,260		15,344
5.500%, 08/01/19		2,878		2,894
5.500%, 09/01/19		15,183		15,284
5.500%, 01/01/21		12,278		12,445
5.500%, 03/01/21		4,051		4,114
6.000%, 11/01/18		214		214
6.000%, 01/01/21		19,550		19,849
6.000%, 05/01/21		5,843		5,917
Fannie Mae 30 Yr. Pool 3.000%, 09/01/46		211,781		205,913
3.000%, 10/01/46		835,236		812,044
3.000%, 11/01/46		1,049,720		1,020,616
3.500%, 11/01/41		51,546		51,729
3.500%, 01/01/42		662,186		664,562
3.500%, 01/01/43		234,292		234,744
3.500%, 04/01/43		769,334		770,396
3.500%, 05/01/43		1,021,052		1,022,469
3.500%, 07/01/43		1,159,863		1,161,473
3.500%, 08/01/43		385,893		386,499
3.500%, 09/01/43		1,592,852		1,595,056
3.500%, 02/01/45		1,165,300		1,166,918
3.500%, 09/01/45		1,346,023		1,343,722
3.500%, 10/01/45		921,963		921,619
3.500%, 01/01/46		293,495		293,466
3.500%, 05/01/46		550,034		549,172
3.500%, 07/01/46		1,222,342		1,220,442
3.500%, 10/01/46		372,398		371,762
3.500%, 12/01/46		976,800		975,054
3.500%, 01/01/47		141,315		141,045
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 3.500%, 08/01/47		708,095		706,336
4.000%, 09/01/40		1,152,782		1,183,924
4.000%, 11/01/40		265,181		272,347
4.000%, 12/01/40		615,390		632,047
4.000%, 02/01/41		715,334		734,913
4.000%, 06/01/41		710,978		730,121
4.000%, 11/01/41		240,687		247,206
4.000%, 01/01/42		1,694,199		1,740,042
4.000%, 04/01/42		218,179		224,221
4.000%, 10/01/42		180,635		185,638
4.000%, 12/01/42		209,064		214,836
4.000%, 01/01/43		349,151		358,757
4.000%, 04/01/43		62,190		63,873
4.000%, 05/01/43		683,835		702,689
4.000%, 06/01/43		306,636		314,936
4.000%, 07/01/43		297,657		305,042
4.000%, 01/01/44		128,379		132,013
4.000%, 04/01/44		141,571		145,399
4.000%, 05/01/44		523,585		537,753
4.000%, 11/01/44		257,559		263,138
4.000%, 02/01/45		399,218		410,880
4.000%, 06/01/47		1,085,673		1,108,082
4.000%, 07/01/47		1,621,939		1,655,504
4.000%, 09/01/47		1,239,458		1,265,301
4.500%, 08/01/33		139,142		145,425
4.500%, 03/01/34		425,804		445,633
4.500%, 01/01/40		152,928		160,815
4.500%, 08/01/40		35,108		36,803
4.500%, 02/01/41		258,972		272,477
4.500%, 04/01/41		429,873		452,292
4.500%, 11/01/42		137,857		144,959
4.500%, 01/01/43		321,527		338,282
4.500%, 04/01/44		1,840,148		1,935,718
4.500%, 06/01/44		186,209		195,873
5.000%, 11/01/33		83,443		89,370
5.000%, 03/01/34		69,280		74,330
5.000%, 05/01/34		29,494		31,587
5.000%, 08/01/34		29,189		31,254
5.000%, 09/01/34		109,418		117,190
5.000%, 06/01/35		69,414		74,282
5.000%, 07/01/35		214,147		229,188
5.000%, 08/01/35		70,165		75,178
5.000%, 09/01/35		47,009		50,340
5.000%, 10/01/35		192,833		206,532
5.000%, 07/01/39		207,348		222,294
5.000%, 10/01/39		132,772		141,575
5.000%, 11/01/39		58,258		62,496
5.000%, 11/01/40		84,615		90,732
5.000%, 01/01/41		18,561		19,679
5.000%, 03/01/41		47,416		50,556
5.500%, 02/01/33		35,469		38,430
5.500%, 05/01/33		4,491		4,827
5.500%, 06/01/33		149,618		162,659
5.500%, 07/01/33		133,803		145,494

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 11/01/33		82,035	$	89,159
5.500%, 12/01/33		11,830		12,679
5.500%, 01/01/34		104,633		112,995
5.500%, 02/01/34		125,025		135,365
5.500%, 03/01/34		37,201		40,701
5.500%, 04/01/34		46,819		50,253
5.500%, 05/01/34		258,902		282,334
5.500%, 06/01/34		279,874		303,421
5.500%, 07/01/34		102,441		111,003
5.500%, 09/01/34		282,193		304,043
5.500%, 10/01/34		391,196		425,022
5.500%, 11/01/34		555,961		605,365
5.500%, 12/01/34		258,661		281,309
5.500%, 01/01/35		296,761		323,007
5.500%, 02/01/35		6,773		7,260
5.500%, 04/01/35		52,407		57,042
5.500%, 07/01/35		17,097		18,326
5.500%, 08/01/35		7,730		8,284
5.500%, 09/01/35		167,756		182,960
6.000%, 02/01/32		70,668		77,272
6.000%, 03/01/34		25,041		27,983
6.000%, 04/01/34		196,772		217,503
6.000%, 06/01/34		211,297		235,210
6.000%, 07/01/34		177,932		195,985
6.000%, 08/01/34		244,346		268,728
6.000%, 10/01/34		155,488		171,334
6.000%, 11/01/34		32,395		35,415
6.000%, 12/01/34		8,519		9,310
6.000%, 08/01/35		37,191		40,965
6.000%, 09/01/35		41,800		46,567
6.000%, 10/01/35		73,116		80,818
6.000%, 11/01/35		9,054		9,895
6.000%, 12/01/35		79,128		87,359
6.000%, 02/01/36		73,890		80,786
6.000%, 04/01/36		59,546		65,347
6.000%, 06/01/36		8,978		9,851
6.000%, 07/01/37		104,417		116,117
6.500%, 06/01/31		28,656		31,639
6.500%, 07/01/31		3,931		4,333
6.500%, 09/01/31		24,478		26,982
6.500%, 02/01/32		14,794		16,308
6.500%, 07/01/32		77,388		86,651
6.500%, 08/01/32		57,514		64,316
6.500%, 01/01/33		31,075		34,418
6.500%, 04/01/34		49,533		54,601
6.500%, 06/01/34		22,240		24,515
6.500%, 08/01/34		15,878		17,502
6.500%, 04/01/36		11,830		13,040
6.500%, 05/01/36		54,613		60,832
6.500%, 02/01/37		66,398		73,192
6.500%, 05/01/37		31,692		34,934
6.500%, 07/01/37		50,317		56,223
Fannie Mae Multifamily REMIC Trust (CMO) 2.288%, 1M LIBOR + 0.340%, 04/25/20 (c)		66,292		66,253
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool 2.280%, 11/01/26		155,572		144,595
2.410%, 05/01/23		90,748		88,215
2.550%, 05/01/23		145,725		142,535
2.700%, 07/01/25		121,000		116,716
4.600%, 09/01/19		125,117		127,437
5.000%, 03/01/26		83,333		89,742
Fannie Mae REMICS (CMO) 2.000%, 05/25/44		206,283		196,904
Fannie Mae-ACES (CMO) 2.578%, 09/25/18		47,113		47,036
2.684%, 12/25/26 (c)		511,000		480,820
Freddie Mac 15 Yr. Gold Pool 4.500%, 08/01/18		490		493
4.500%, 11/01/18		2,770		2,792
4.500%, 01/01/19		6,302		6,351
4.500%, 08/01/19		1,018		1,027
4.500%, 02/01/20		8,642		8,709
4.500%, 08/01/24		163,133		168,680
5.000%, 09/01/18		1,810		1,819
5.500%, 01/01/19		1,393		1,395
5.500%, 04/01/19		1,674		1,677
5.500%, 06/01/19		1,414		1,417
5.500%, 07/01/19		421		421
5.500%, 08/01/19		703		708
5.500%, 02/01/20		1,357		1,370
6.000%, 08/01/19		9,866		9,949
6.000%, 09/01/19		2,063		2,065
6.000%, 11/01/19		3,385		3,397
6.000%, 05/01/21		6,856		6,982
6.000%, 10/01/21		23,723		24,209
Freddie Mac 30 Yr. Gold Pool 3.000%, 10/01/42		548,934		535,907
3.000%, 04/01/43		1,246,728		1,217,239
3.000%, 05/01/43		1,095,867		1,069,990
3.000%, 05/01/46		565,102		549,016
3.000%, 10/01/46		1,036,367		1,006,864
3.000%, 11/01/46		1,346,683		1,308,347
3.500%, 02/01/42		552,603		554,242
3.500%, 04/01/42		341,303		343,180
3.500%, 12/01/42		869,237		871,864
3.500%, 04/01/43		248,918		249,671
3.500%, 07/01/43		50,279		50,431
3.500%, 08/01/43		541,895		543,525
3.500%, 12/01/45		542,635		542,090
3.500%, 11/01/46		434,001		432,450
3.500%, 12/01/46		2,077,116		2,069,634
3.500%, 01/01/47		1,470,013		1,464,627
4.000%, 11/01/40		641,462		659,449
4.000%, 01/01/41		1,351,782		1,389,739
4.000%, 04/01/44		441,307		451,656
4.000%, 08/01/47		1,231,321		1,256,879
4.500%, 04/01/35		37,711		39,419
4.500%, 07/01/39		213,814		224,522
4.500%, 09/01/39		119,950		126,132

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.500%, 10/01/39		69,390	$	72,961
4.500%, 12/01/39		106,506		112,003
4.500%, 05/01/42		188,148		197,869
5.000%, 09/01/33		164,465		174,876
5.000%, 03/01/34		34,108		36,578
5.000%, 04/01/34		29,640		31,520
5.000%, 08/01/35		35,680		37,873
5.000%, 10/01/35		84,023		89,696
5.000%, 11/01/35		68,928		73,383
5.000%, 12/01/36		45,727		48,791
5.000%, 07/01/39		335,588		358,124
5.500%, 12/01/33		193,934		212,755
5.500%, 01/01/34		130,989		142,099
5.500%, 04/01/34		28,238		30,298
5.500%, 11/01/34		23,835		25,656
5.500%, 12/01/34		9,292		9,934
5.500%, 05/01/35		24,922		26,719
5.500%, 09/01/35		32,068		34,344
5.500%, 10/01/35		50,079		54,547
6.000%, 04/01/34		97,610		107,876
6.000%, 07/01/34		27,837		30,518
6.000%, 08/01/34		218,150		241,409
6.000%, 09/01/34		2,524		2,759
6.000%, 07/01/35		35,788		39,445
6.000%, 08/01/35		44,146		48,695
6.000%, 11/01/35		64,905		71,617
6.000%, 03/01/36		21,622		23,620
6.000%, 10/01/36		36,502		40,245
6.000%, 03/01/37		7,570		8,271
6.000%, 05/01/37		58,295		64,322
6.000%, 06/01/37		39,408		43,621
6.500%, 05/01/34		12,518		13,935
6.500%, 06/01/34		61,074		67,988
6.500%, 08/01/34		51,340		57,153
6.500%, 10/01/34		66,491		74,019
6.500%, 11/01/34		42,619		47,444
6.500%, 05/01/37		69,400		78,575
6.500%, 07/01/37		67,130		74,729
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.292%, 11/25/27 (c) (d)		3,698,848		90,423
0.325%, 11/25/27 (c) (d)		5,207,000		99,540
0.370%, 12/25/27 (c) (d)		3,235,000		74,372
0.401%, 11/25/24 (c) (d)		4,908,000		88,040
0.406%, 09/25/27 (c) (d)		3,341,000		85,051
0.413%, 12/25/27 (c) (d)		3,579,000		94,279
0.432%, 08/25/24 (c) (d)		4,897,000		101,709
0.450%, 11/25/32 (c) (d)		2,844,796		92,569
0.457%, 11/25/27 (c) (d)		3,365,808		93,314
0.461%, 08/25/27 (c) (d)		3,107,000		90,680
0.492%, 10/25/24 (c) (d)		6,521,827		129,760
0.496%, 12/25/27 (c) (d)		5,745,992		176,817
0.497%, 09/25/27 (c) (d)		2,759,092		84,486
0.532%, 08/25/24 (c) (d)		8,955,662		197,975
0.569%, 08/25/27 (c) (d)		2,152,734		73,896
0.637%, 07/25/24 (c) (d)		4,483,000		134,338
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 0.714%, 07/25/27 (c) (d)		3,884,553		175,339
0.747%, 07/25/24 (c) (d)		1,651,749		51,305
0.772%, 06/25/27 (c) (d)		4,356,000		226,948
0.891%, 06/25/27 (c) (d)		1,487,948		84,163
1.018%, 04/25/24 (c) (d)		1,979,893		83,209
1.869%, 11/25/19		346,152		341,973
2.412%, 08/25/18		169,410		169,121
2.456%, 08/25/19		330,000		329,072
2.510%, 11/25/22		489,000		478,403
2.670%, 12/25/24		507,000		492,716
2.673%, 03/25/26		676,000		648,182
2.716%, 06/25/22		346,271		342,146
2.791%, 01/25/22		474,000		470,084
3.010%, 07/25/25		134,000		132,204
3.060%, 07/25/23 (c)		219,000		218,552
3.064%, 08/25/24 (c)		255,000		253,497
3.111%, 02/25/23		695,000		698,009
3.117%, 06/25/27		354,000		345,996
3.151%, 11/25/25		317,000		315,249
3.171%, 10/25/24		424,000		424,402
3.187%, 09/25/27 (c)		242,000		237,039
3.194%, 07/25/27		389,000		382,619
3.224%, 03/25/27		334,000		330,318
3.244%, 08/25/27		920,000		907,625
3.250%, 04/25/23 (c)		803,000		808,579
3.300%, 10/25/26		310,000		308,858
3.303%, 11/25/27 (c) (e)		85,000		84,020
3.320%, 02/25/23 (c)		227,000		229,315
3.413%, 12/25/26		248,000		248,914
3.430%, 01/25/27 (c)		242,707		243,550
3.458%, 08/25/23 (c)		835,000		848,097
3.650%, 02/25/28 (c)		285,000		289,569
3.900%, 04/25/28		528,000		546,437
5.085%, 03/25/19		1,226,000		1,238,143
Ginnie Mae I 30 Yr. Pool 3.500%, 12/15/41		344,806		347,587
3.500%, 02/15/42		120,191		121,161
4.500%, 09/15/33		77,713		81,530
4.500%, 11/15/39		242,963		257,096
4.500%, 03/15/40		263,228		279,375
4.500%, 04/15/40		289,028		305,683
4.500%, 06/15/40		118,323		125,121
5.000%, 03/15/34		26,840		28,594
5.000%, 06/15/34		63,514		67,678
5.000%, 12/15/34		28,416		30,278
5.000%, 06/15/35		7,139		7,462
5.500%, 11/15/32		139,412		151,062
5.500%, 08/15/33		208,039		227,035
5.500%, 12/15/33		119,315		130,390
5.500%, 09/15/34		102,622		112,044
5.500%, 10/15/35		16,632		18,155
6.000%, 12/15/28		30,695		33,812
6.000%, 12/15/31		27,448		30,333
6.000%, 03/15/32		1,114		1,218
6.000%, 10/15/32		135,660		149,937

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (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%, 01/15/33		31,088	$	34,003
6.000%, 02/15/33		1,638		1,806
6.000%, 04/15/33		138,490		153,033
6.000%, 08/15/33		1,027		1,123
6.000%, 07/15/34		91,382		102,385
6.000%, 09/15/34		25,754		28,153
6.000%, 01/15/38		119,090		134,617
Ginnie Mae II 30 Yr. Pool 3.500%, 06/20/43		658,469		666,310
3.500%, 07/20/43		835,022		844,965
4.000%, 01/20/41		796,676		823,868
4.000%, 02/20/41		199,659		206,467
4.000%, 04/20/41		152,160		157,360
4.000%, 02/20/42		203,976		210,942
4.500%, 07/20/33		16,061		16,844
4.500%, 09/20/33		9,221		9,670
4.500%, 12/20/34		6,459		6,775
4.500%, 03/20/35		37,974		39,801
4.500%, 01/20/41		205,915		216,417
5.000%, 07/20/33		29,820		31,936
6.000%, 01/20/35		36,553		40,624
6.000%, 02/20/35		18,455		20,888
6.000%, 04/20/35		31,675		35,008
Government National Mortgage Association (CMO) 0.658%, 02/16/59 (c) (d)		2,454,958		151,273
				85,020,202
Federal Agencies—0.1%
Financing Corp. 9.650%, 11/02/18		430,000		441,448
U.S. Treasury—14.5%
U.S. Treasury Bonds 2.500%, 02/15/45		68,000		62,000
2.875%, 05/15/43 (a)		16,663,400		16,373,092
2.875%, 11/15/46		5,439,000		5,325,334
3.000%, 11/15/45		350,000		351,231
3.500%, 02/15/39		3,582,000		3,902,421
4.500%, 02/15/36 (a)		179,000		218,870
4.500%, 08/15/39		743,000		926,457
5.000%, 05/15/37		232,000		302,914
5.250%, 02/15/29		16,000		19,479
5.375%, 02/15/31		276,000		348,730
6.250%, 08/15/23		80,000		93,353
U.S. Treasury Notes 1.375%, 09/30/19		15,677,400		15,473,471
1.375%, 02/29/20		6,798,000		6,672,396
1.750%, 11/30/21		18,242,000		17,703,291
2.000%, 11/15/26		1,875,000		1,757,153
2.250%, 08/15/27		4,987,000		4,746,416
2.500%, 08/15/23		13,502,000		13,343,246
2.750%, 02/15/28		955,000		946,830
3.125%, 05/15/21		3,504,000		3,552,317
U.S. Treasury—(Continued)
U.S. Treasury Notes
3.500%, 05/15/20		25,140,000		25,581,914
				117,700,915
Total U.S. Treasury & Government Agencies (Cost $208,315,072)				203,162,565
Corporate Bonds & Notes—10.7%
Aerospace/Defense—0.1%
L3 Technologies, Inc. 3.850%, 06/15/23		443,000		442,079
Agriculture—0.2%
Imperial Brands Finance plc 2.950%, 07/21/20 (144A)		828,000		819,466
Reynolds American, Inc. 5.850%, 08/15/45		504,000		550,214
				1,369,680
Auto Manufacturers—0.2%
Ford Motor Credit Co. LLC 3.470%, 04/05/21 (a)		213,000		211,714
General Motors Co. 5.150%, 04/01/38 (a)		235,000		223,654
6.750%, 04/01/46		374,000		414,332
General Motors Financial Co., Inc. 3.200%, 07/06/21		776,000		765,903
4.350%, 04/09/25		360,000		354,836
				1,970,439
Auto Parts & Equipment—0.1%
Lear Corp. 3.800%, 09/15/27		585,000		549,275
Banks—2.9%
ABN AMRO Bank NV 4.800%, 04/18/26 (144A) (a)		800,000		798,934
Banco de Credito del Peru 5.375%, 09/16/20		835,000		867,147
Bank of America Corp. 3.004%, 3M LIBOR + 0.790%, 12/20/23 (c)		766,000		742,665
3.366%, 3M LIBOR + 0.810%, 01/23/26 (c)		591,000		568,611
3.500%, 04/19/26 (a)		583,000		563,917
4.100%, 07/24/23		1,270,000		1,290,928
4.125%, 01/22/24		1,357,000		1,379,336
5.490%, 03/15/19		196,000		199,300
Bank of New York Mellon Corp. (The) 2.600%, 08/17/20		1,029,000		1,018,738
Barclays plc 4.338%, 3M LIBOR + 1.356%, 05/16/24 (c)		284,000		280,489
BBVA Bancomer S.A. 6.750%, 09/30/22 (144A) (a)		810,000		863,266
Capital One Financial Corp. 2.500%, 05/12/20		689,000		679,229

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc. 2.500%, 09/26/18 (a)		580,000	$	579,836
Citizens Bank N.A. 2.250%, 03/02/20		292,000		287,225
Credit Suisse AG 6.500%, 08/08/23 (144A)		396,000		421,212
Goldman Sachs Group, Inc. (The) 3.850%, 01/26/27		268,000		257,368
ING Bank NV 5.800%, 09/25/23 (144A)		1,076,000		1,140,164
JPMorgan Chase & Co. 3.200%, 01/25/23		1,058,000		1,039,068
3.782%, 3M LIBOR + 1.337%, 02/01/28 (c)		1,844,000		1,799,107
3.897%, 3M LIBOR + 1.220%, 01/23/49 (c)		400,000		359,146
KFW 4.875%, 06/17/19		1,290,000		1,318,464
Morgan Stanley 3.125%, 01/23/23		725,000		707,407
3.625%, 01/20/27		1,695,000		1,627,583
3.875%, 04/29/24		557,000		557,986
4.000%, 07/23/25		396,000		394,796
PNC Bank N.A. 2.300%, 06/01/20		719,000		708,092
Royal Bank of Scotland Group plc 3.875%, 09/12/23		1,128,000		1,095,763
4.892%, 3M LIBOR + 1.754%, 05/18/29 (a) (c)		478,000		475,872
UBS Group Funding Switzerland AG 4.125%, 04/15/26 (144A) (e)		838,000		829,353
4.253%, 03/23/28 (144A)		838,000		832,617
				23,683,619
Beverages—0.2%
Anheuser-Busch InBev Worldwide, Inc. 8.000%, 11/15/39		706,000		991,850
Constellation Brands, Inc. 3.500%, 05/09/27		729,000		690,510
				1,682,360
Biotechnology—0.1%
Celgene Corp. 2.875%, 08/15/20		504,000		500,141
Building Materials—0.1%
CRH America Finance, Inc. 4.500%, 04/04/48 (144A)		362,000		339,583
Martin Marietta Materials, Inc. 3.500%, 12/15/27		297,000		275,587
Masco Corp. 4.375%, 04/01/26		623,000		620,753
				1,235,923
Chemicals—0.1%
Sherwin-Williams Co. (The) 2.250%, 05/15/20		344,000		338,285
4.500%, 06/01/47		402,000		383,674
				721,959
Commercial Services—0.2%
ERAC USA Finance LLC 7.000%, 10/15/37 (144A)		1,115,000		1,393,415
Computers—0.3%
Apple, Inc. 2.850%, 02/23/23 (a)		1,176,000		1,157,650
3.350%, 02/09/27		745,000		727,490
3.850%, 05/04/43		370,000		353,282
				2,238,422
Diversified Financial Services—0.6%
Charles Schwab Corp. (The) 3.200%, 01/25/28 (a)		891,000		853,318
E*TRADE Financial Corp. 2.950%, 08/24/22		338,000		327,414
Intercontinental Exchange, Inc. 2.350%, 09/15/22		487,000		466,943
2.750%, 12/01/20		301,000		298,578
4.000%, 10/15/23		832,000		849,848
Raymond James Financial, Inc. 4.950%, 07/15/46		778,000		792,757
Visa, Inc. 3.150%, 12/14/25		983,000		950,933
				4,539,791
Electric—0.8%
Berkshire Hathaway Energy Co. 3.750%, 11/15/23		440,000		445,315
Duke Energy Corp. 2.650%, 09/01/26		131,000		117,988
Enel Finance International NV 4.750%, 05/25/47 (144A) (a)		448,000		423,605
Exelon Corp. 3.400%, 04/15/26		1,137,000		1,079,889
Oncor Electric Delivery Co. LLC 7.000%, 09/01/22		795,000		905,661
PPL Capital Funding, Inc. 3.400%, 06/01/23		880,000		865,517
5.000%, 03/15/44		296,000		307,773
Progress Energy, Inc. 3.150%, 04/01/22		1,083,000		1,068,360
State Grid Overseas Investment, Ltd. 2.750%, 05/07/19 (144A) (e)		778,000		775,487
2.750%, 05/04/22 (144A)		630,000		611,132
				6,600,727
Environmental Control—0.1%
Republic Services, Inc. 3.950%, 05/15/28		446,000		439,966
Food—0.3%
Danone S.A. 2.947%, 11/02/26 (144A)		1,133,000		1,041,635
Kraft Heinz Foods Co. 3.000%, 06/01/26		865,000		778,953
5.000%, 07/15/35		254,000		250,218

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
WM Wrigley Jr. Co. 2.400%, 10/21/18 (144A)		248,000	$	247,824
				2,318,630
Healthcare-Products—0.7%
Abbott Laboratories 4.900%, 11/30/46		749,000		806,320
Becton Dickinson & Co. 2.675%, 12/15/19		520,000		516,100
3.125%, 11/08/21 (a)		344,000		339,010
4.669%, 06/06/47		729,000		704,521
Medtronic, Inc. 4.375%, 03/15/35		446,000		461,253
Thermo Fisher Scientific, Inc. 2.950%, 09/19/26		851,000		786,170
3.200%, 08/15/27		1,100,000		1,028,364
Zimmer Biomet Holdings, Inc. 3.076%, 3M LIBOR + 0.750%, 03/19/21 (c)		313,000		313,528
3.550%, 04/01/25		955,000		909,075
				5,864,341
Healthcare-Services—0.2%
Laboratory Corp. of America Holdings 3.200%, 02/01/22		213,000		210,707
3.250%, 09/01/24		558,000		539,474
4.700%, 02/01/45		267,000		261,226
Northwell Healthcare, Inc. 3.979%, 11/01/46		57,000		52,342
4.260%, 11/01/47		456,000		437,318
				1,501,067
Household Products/Wares—0.1%
Reckitt Benckiser Treasury Services plc 3.625%, 09/21/23 (144A)		1,070,000		1,067,571
Insurance—0.5%
American International Group, Inc. 4.125%, 02/15/24 (a)		750,000		753,453
4.875%, 06/01/22		1,770,000		1,853,769
Berkshire Hathaway, Inc. 3.125%, 03/15/26		390,000		375,766
Liberty Mutual Group, Inc. 4.850%, 08/01/44 (144A)		484,000		483,994
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		920,000		956,587
				4,423,569
Internet—0.3%
Alibaba Group Holding, Ltd. 4.000%, 12/06/37		200,000		185,170
Baidu, Inc. 3.500%, 11/28/22		1,110,000		1,092,613
Booking Holdings, Inc. 2.750%, 03/15/23 (a)		1,315,000		1,268,696
				2,546,479
Investment Company Security—0.2%
Temasek Financial I, Ltd. 2.375%, 01/23/23 (144A)		1,790,000		1,720,079
Lodging—0.1%
Marriott International, Inc. 4.000%, 04/15/28 (a)		698,000		681,586
Media—0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		523,000		528,170
Time Warner Entertainment Co. L.P. 8.375%, 07/15/33		1,240,000		1,530,947
				2,059,117
Mining—0.1%
Glencore Funding LLC 4.000%, 03/27/27 (144A)		200,000		188,785
4.125%, 05/30/23 (144A)		684,000		682,502
				871,287
Oil & Gas—0.3%
BP Capital Markets plc 4.500%, 10/01/20		306,000		315,369
Equinor ASA 7.750%, 06/15/23		100,000		118,914
Marathon Petroleum Corp. 3.625%, 09/15/24		858,000		837,956
4.750%, 09/15/44		583,000		554,676
Valero Energy Corp. 4.900%, 03/15/45		896,000		906,566
				2,733,481
Pharmaceuticals—0.1%
Bayer U.S. Finance LLC 3.875%, 12/15/23 (144A) (e)		287,000		287,012
CVS Health Corp. 5.050%, 03/25/48		299,000		304,291
				591,303
Pipelines—0.6%
APT Pipelines, Ltd. 4.200%, 03/23/25 (144A)		1,228,000		1,218,581
4.250%, 07/15/27 (144A)		93,000		91,141
Enterprise Products Operating LLC 6.500%, 01/31/19		908,000		926,923
Kinder Morgan Energy Partners L.P. 4.150%, 02/01/24 (a)		691,000		687,683
MPLX L.P. 4.500%, 04/15/38		297,000		274,324
ONEOK, Inc. 4.950%, 07/13/47		869,000		846,092
Sabine Pass Liquefaction LLC 5.000%, 03/15/27		1,100,000		1,117,806
				5,162,550

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—0.2%
American Tower Corp. 3.000%, 06/15/23		415,000	$	397,935
3.600%, 01/15/28		415,000		384,525
Crown Castle International Corp. 3.650%, 09/01/27		665,000		618,555
				1,401,015
Retail—0.1%
Dollar Tree, Inc. 4.000%, 05/15/25		349,000		341,079
Tapestry, Inc. 4.125%, 07/15/27 (a)		572,000		545,456
				886,535
Semiconductors—0.1%
Intel Corp. 4.100%, 05/11/47 (a)		591,000		589,308
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc. 3.483%, 12/01/27		250,000		234,950
Software—0.2%
Fidelity National Information Services, Inc. 4.500%, 08/15/46		210,000		195,045
4.750%, 05/15/48 (a)		289,000		279,184
Microsoft Corp. 4.250%, 02/06/47		1,092,000		1,158,349
				1,632,578
Telecommunications—0.4%
AT&T, Inc. 3.000%, 06/30/22 (a)		838,000		813,527
3.400%, 05/15/25		838,000		785,826
5.450%, 03/01/47		896,000		879,501
Crown Castle Towers LLC 4.883%, 08/15/40 (144A)		370,000		379,466
Vodafone Group plc 4.125%, 05/30/25		240,000		239,087
				3,097,407
Total Corporate Bonds & Notes (Cost $88,271,906)				86,750,649
Mortgage-Backed Securities—1.8%
Collateralized Mortgage Obligations—0.0%
BlackRock Capital Finance L.P. 7.750%, 09/25/26 (144A) (e)		2,129		66
Commercial Mortgage-Backed Securities—1.8%
Benchmark Mortgage Trust 3.666%, 01/15/51 (c)		1,235,000		1,231,119
Commercial Mortgage-Backed Securities—(Continued)
CD Commercial Mortgage Trust 3.514%, 05/10/50 (c)		1,519,456		1,495,153
Citigroup Commercial Mortgage Trust 3.471%, 10/12/50		334,128		327,191
Commercial Mortgage Pass-Through Certificates Mortgage Trust 3.510%, 09/10/50		980,547		957,337
Commercial Mortgage Trust 3.708%, 07/10/48		1,300,833		1,303,027
CSAIL Commercial Mortgage Trust 3.504%, 06/15/57		738,578		731,835
General Electric Capital Assurance Co. 5.743%, 05/12/35 (144A) (c) (e)		8,582		8,648
GS Mortgage Securities Corp. II 3.382%, 05/10/50		1,387,991		1,368,974
GS Mortgage Securities Trust 3.433%, 05/10/50		687,654		672,366
JPMBB Commercial Mortgage Securities Trust 3.227%, 10/15/48		1,036,740		1,014,807
3.494%, 01/15/48		1,590,000		1,583,476
JPMCC Commercial Mortgage Securities Trust 3.454%, 09/15/50		266,697		261,076
Morgan Stanley Bank of America Merrill Lynch Trust 3.536%, 11/15/52		519,442		509,532
Morgan Stanley Capital I, Inc. 1.303%, 11/15/30 (144A) (c) (d)		356,407		18
3.530%, 06/15/50		470,148		463,121
UBS Commercial Mortgage Trust 3.679%, 12/15/50		1,210,000		1,197,004
Wells Fargo Commercial Mortgage Trust 3.540%, 05/15/48		1,410,327		1,406,199
				14,530,883
Total Mortgage-Backed Securities (Cost $15,140,312)				14,530,949
Asset-Backed Securities—1.2%
Asset-Backed - Automobile—0.2%
Chesapeake Funding II LLC 3.040%, 04/15/30 (144A) (e)		534,000		532,212
3.073%, 1M LIBOR + 1.000%, 06/15/28 (144A) (c) (e)		646,753		648,663
Ford Credit Auto Owner Trust 2.260%, 11/15/25 (144A)		550,000		547,466
2.310%, 04/15/26 (144A)		425,000		421,682
				2,150,023
Asset-Backed - Home Equity—0.1%
Bayview Financial Revolving Asset Trust 3.702%, 1M LIBOR + 1.600%, 12/28/40 (144A) (c) (e)		529,211		483,367
GMAC Home Equity Loan Trust 5.805%, 10/25/36 (c)		143,646		145,443
Home Equity Loan Trust 5.320%, 12/25/35 (c)		293,596		279,024
				907,834

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Shares/ Principal Amount*		Value
Asset-Backed - Other—0.9%
ALM, Ltd. 2.604%, 10/18/27 (144A) (c) (e)		849,000	$	848,875
American Tower Trust I 3.070%, 03/15/48 (144A)		1,000,000		981,234
Cent CLO, Ltd. 3.576%, 3M LIBOR + 1.210%, 07/27/26 (144A) (c)		955,730		955,557
Dryden 55 CLO, Ltd. 3.061%, 3M LIBOR + 1.020%, 04/15/31 (144A) (c)		1,430,000		1,423,887
Dryden Senior Loan Fund 3.248%, 3M LIBOR + 0.900%, 04/15/29 (144A) (c) (e)		663,000		661,041
Figueroa CLO, Ltd. 1.000%, 01/15/27 (e)		420,000		420,000
Mountain Hawk CLO, Ltd. 4.155%, 3M LIBOR + 1.800%, 04/18/25 (144A) (c)		1,463,576		1,463,719
Small Business Administration Participation Certificates 4.350%, 07/01/23		124,512		127,176
4.770%, 04/01/24		7,881		8,083
4.950%, 03/01/25		45,020		46,307
4.990%, 09/01/24		26,415		27,256
5.110%, 08/01/25		68,364		70,425
5.180%, 05/01/24		11,148		11,464
5.520%, 06/01/24		27,379		28,389
				7,073,413
Total Asset-Backed Securities (Cost $7,493,858)				10,131,270
Municipals—0.2%
New Jersey State Turnpike Authority, Build America Bond 7.414%, 01/01/40 (Cost $1,092,733)		1,050,000		1,527,047
Convertible Preferred Stocks—0.1%
Electric Utilities—0.1%
NextEra Energy, Inc. 6.123%, 09/01/19		6,834		390,221
6.371%, 09/01/18		7,900		586,496
Total Convertible Preferred Stocks (Cost $909,399)				976,717
Short-Term Investment—1.0%
Discount Note—1.0%
Federal Home Loan Bank 0.760%, 07/02/18 (f)		8,457,000		8,457,000
Total Short-Term Investments (Cost $8,456,648)				8,457,000
Securities Lending Reinvestments (g)—6.9%
Certificates of Deposit—3.1%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (c)		2,000,000		2,000,108

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (c)		1,000,000	$	999,942
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (c)		2,000,000		2,002,800
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (c)		2,000,000		1,999,812
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (c)		1,000,000		999,929
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (c)		1,000,000		1,000,778
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (c)		2,000,000		2,000,092
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		1,500,000		1,499,939
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (c)		1,000,000		1,000,004
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (c)		1,000,000		1,000,052
2.427%, 1M LIBOR + 0.370%, 02/14/19 (c)		2,000,000		2,000,846
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (c)		1,500,000		1,499,985
2.525%, 1M LIBOR + 0.440%, 09/17/18 (c)		500,000		500,401
Standard Chartered plc 2.250%, 08/21/18		2,000,000		2,000,306
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (c)		1,500,000		1,500,000
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (c)		1,500,000		1,500,034
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (c)		1,500,000		1,499,901
				25,004,929
Commercial Paper—1.5%
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (c)		1,500,000		1,500,658
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (c)		2,000,000		2,000,584
Sheffield Receivables Co. 2.490%, 11/26/18		1,480,391		1,484,450
Starbird Funding Corp. 2.300%, 08/10/18		2,485,944		2,493,762
Toyota Motor Credit Corp. 2.310%, 09/18/18		1,984,857		1,989,844
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (c)		1,500,000		1,499,712
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (c)		1,000,000		1,000,000
				11,969,010
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $2,280,547; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $2,325,751.		2,280,148		2,280,148

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $3,011,627; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $3,162,863.		3,000,000	$	3,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $52,098; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $51,000.		50,000		50,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $89,533; collateralized by various Common Stock with an aggregate market value of $98,839.		88,549		88,549
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $100,256; collateralized by various Common Stock with an aggregate market value of $111,220.		100,000		100,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $1,152,993; collateralized by various Common Stock with an aggregate market value of $1,210,000.		1,100,000		1,100,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $3,087,330; collateralized by various Common Stock with an aggregate market value of $3,300,000.		3,000,000		3,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $202,473; collateralized by various Common Stock with an aggregate market value of $222,578.		200,000		200,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $201,248; collateralized by various Common Stock with an aggregate market value of $222,578.		200,000		200,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $1,506,506; collateralized by various Common Stock with an aggregate market value of $1,669,337.		1,500,000		1,500,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $1,006,564; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $201,093; collateralized by various Common Stock with an aggregate market value of $222,570.		200,000		200,000
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $402,642; collateralized by various Common Stock with an aggregate market value of $445,141.		400,000		400,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $301,845; collateralized by various Common Stock with an aggregate market value of $333,856.		300,000		300,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $402,346; collateralized by various Common Stock with an aggregate market value of $445,141.		400,000		400,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $1,004,564; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $2,006,587; collateralized by various Common Stock with an aggregate market value of $2,225,704.		2,000,000		2,000,000
				16,818,697
Time Deposits—0.2%
Australia New Zealand Bank 1.900%, 07/02/18		1,000,000		1,000,000
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
				2,000,000
Total Securities Lending Reinvestments (Cost $55,787,207)				55,792,636
Total Investments—106.6% (Cost $764,986,867)				867,210,052
Other assets and liabilities (net)—(6.6)%				(53,956,467	)
Net Assets—100.0%			$	813,253,585

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $54,216,048 and the collateral received consisted of cash in the amount of $55,769,889. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)	Interest only security.
(e)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2018, the market value of restricted securities was $5,578,744, which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $25,633,259, which is 3.2% of net assets.
(ACES)—	Alternative Credit Enhancement Securities
(ADR)—	American Depositary Receipt
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London InterBank Offered Rate
(REMIC)—	Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
ALM, Ltd., 2.604%, 10/18/27		10/04/17	$	849,000	$	849,000	$	848,875
Bayer U.S. Finance LLC, 3.875%, 12/15/23		06/18/18		287,000		286,067		287,012
Bayview Financial Revolving Asset Trust, 3.702%, 12/28/40		03/01/06		529,211		529,211		483,367
BlackRock Capital Finance L.P., 7.750%, 09/25/26		10/10/96		2,129		2,052		66
Chesapeake Funding II LLC, 3.073%, 06/15/28		06/14/16		646,753		646,753		648,663
Chesapeake Funding II LLC, 3.040%, 04/15/30		04/11/18		534,000		307,345		532,212
Dryden Senior Loan Fund, 3.248%, 04/15/29		04/09/18		663,000		663,000		661,041
Figueroa CLO, Ltd., 1.000%, 01/15/27		06/28/18		420,000		420,000		420,000
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO), 3.303%, 11/25/27		05/18/18		85,000		83,200		84,020
General Electric Capital Assurance Co., 5.743%, 05/12/35		09/23/03		8,582		8,625		8,648
State Grid Overseas Investment, Ltd., 2.750%, 05/07/19		04/28/14		778,000		776,704		775,487
UBS Group Funding Switzerland AG, 4.125%, 04/15/26		03/29/16		838,000		836,498		829,353
							$	5,578,744

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	17,127,126	$	—	$	—	$	17,127,126
Air Freight & Logistics		1,933,598		—		—		1,933,598
Airlines		1,646,491		—		—		1,646,491
Auto Components		3,125,392		—		—		3,125,392
Automobiles		1,180,779		1,596,703		—		2,777,482
Banks		47,683,194		2,001,080		—		49,684,274
Beverages		1,599,682		3,204,696		—		4,804,378
Biotechnology		740,983		—		—		740,983
Building Products		4,751,071		—		—		4,751,071
Capital Markets		30,508,401		—		—		30,508,401
Chemicals		12,886,335		—		—		12,886,335
Commercial Services & Supplies		993,523		—		—		993,523
Communications Equipment		5,382,967		—		—		5,382,967
Consumer Finance		3,743,955		—		—		3,743,955
Containers & Packaging		1,260,665		—		—		1,260,665
Diversified Telecommunication Services		3,715,820		—		—		3,715,820
Electric Utilities		14,152,751		1,627,452		—		15,780,203
Electrical Equipment		6,590,213		—		—		6,590,213
Energy Equipment & Services		3,744,631		—		—		3,744,631
Equity Real Estate Investment Trusts		8,203,051		—		—		8,203,051
Food & Staples Retailing		2,917,350		—		—		2,917,350
Food Products		11,775,863		7,082,075		—		18,857,938
Health Care Equipment & Supplies		17,940,163		—		—		17,940,163
Health Care Providers & Services		15,351,100		—		—		15,351,100
Hotels, Restaurants & Leisure		2,326,273		—		—		2,326,273
Household Durables		4,820,241		—		—		4,820,241
Household Products		3,492,331		1,542,749		—		5,035,080
Industrial Conglomerates		9,990,685		—		—		9,990,685
Insurance		24,320,923		2,060,388		—		26,381,311
Internet & Direct Marketing Retail		1,429,532		—		—		1,429,532
Internet Software & Services		9,333,146		—		—		9,333,146
IT Services		21,148,749		—		—		21,148,749
Leisure Products		325,947		—		—		325,947
Life Sciences Tools & Services		6,052,838		—		—		6,052,838
Machinery		8,180,238		—		—		8,180,238
Media		14,450,162		—		—		14,450,162
Metals & Mining		—		2,661,181		—		2,661,181
Mortgage Real Estate Investment Trusts		1,219,396		—		—		1,219,396
Multi-Utilities		3,292,078		874,204		—		4,166,282
Multiline Retail		428,798		—		—		428,798

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

MFS Total Return Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Oil, Gas & Consumable Fuels	$	27,251,903	$	4,335,222		$	—	$	31,587,125
Personal Products		1,161,036		—			—		1,161,036
Pharmaceuticals		27,669,339		4,840,222			—		32,509,561
Professional Services		1,758,296		—			—		1,758,296
Road & Rail		9,230,814		—			—		9,230,814
Semiconductors & Semiconductor Equipment		10,329,179		1,654,597			—		11,983,776
Software		14,692,603		—			—		14,692,603
Specialty Retail		5,158,870		—			—		5,158,870
Technology Hardware, Storage & Peripherals		4,789,797		595,611			—		5,385,408
Textiles, Apparel & Luxury Goods		2,205,212		1,206,015			—		3,411,227
Tobacco		15,413,297		796,135			—		16,209,432
Trading Companies & Distributors		376,102		—			—		376,102
Total Common Stocks		449,802,889		36,078,330			—		485,881,219
Total U.S. Treasury & Government Agencies*		—		203,162,565			—		203,162,565
Total Corporate Bonds & Notes*		—		86,750,649			—		86,750,649
Total Mortgage-Backed Securities*		—		14,530,949			—		14,530,949
Total Asset-Backed Securities*		—		10,131,270			—		10,131,270
Total Municipals		—		1,527,047			—		1,527,047
Total Convertible Preferred Stocks*		976,717		—			—		976,717
Total Short-Term Investment*		—		8,457,000			—		8,457,000
Total Securities Lending Reinvestments*		—		55,792,636			—		55,792,636
Total Investments	$	450,779,606	$	416,430,446		$	—	$	867,210,052
Collateral for Securities Loaned (Liability)	$	—	$	(55,769,889	)	$	—	$	(55,769,889	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	867,210,052
Cash denominated in foreign currencies (c)		9,138
Receivable for:
Investments sold		665,433
Fund shares sold		278,740
Dividends and interest		3,024,975
Total Assets		871,188,338
Liabilities
Due to custodian		486,185
Collateral for securities loaned		55,769,889
Payables for:
Investments purchased		459,854
Fund shares redeemed		391,508
Accrued Expenses:
Management fees		378,730
Distribution and service fees		114,939
Deferred trustees’ fees		113,263
Other expenses		220,385
Total Liabilities		57,934,753
Net Assets	$	813,253,585
Net Assets Consist of:
Paid in surplus	$	690,335,604
Undistributed net investment income		8,650,826
Accumulated net realized gain		12,047,411
Unrealized appreciation on investments and foreign currency transactions		102,219,744
Net Assets	$	813,253,585
Net Assets
Class A	$	173,094,275
Class B		231,443,887
Class E		24,909,787
Class F		383,805,636
Capital Shares Outstanding*
Class A		1,089,519
Class B		1,478,043
Class E		157,674
Class F		2,437,754
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	158.87
Class B		156.59
Class E		157.98
Class F		157.44

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $764,986,867.
(b)	Includes securities loaned at value of $54,216,048.
(c)	Identified cost of cash denominated in foreign currencies was $9,155.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	6,675,424
Interest		5,124,235
Securities lending income		109,642
Total investment income		11,909,301
Expenses
Management fees		2,359,240
Administration fees		13,413
Custodian and accounting fees		69,360
Distribution and service fees—Class B		300,152
Distribution and service fees—Class E		19,311
Distribution and service fees—Class F		400,198
Audit and tax services		31,915
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		55,325
Insurance		2,757
Miscellaneous		11,060
Total expenses		3,304,882
Less broker commission recapture		(1,466	)
Net expenses		3,303,416
Net Investment Income		8,605,885
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		17,498,903
Foreign currency transactions		4,810
Net realized gain		17,503,713
Net change in unrealized depreciation on:
Investments		(44,239,930	)
Foreign currency transactions		(5,218	)
Net change in unrealized depreciation		(44,245,148	)
Net realized and unrealized loss		(26,741,435	)
Net Decrease in Net Assets From Operations	$	(18,135,550	)

(a) Net of foreign withholding taxes of $143,598.

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

MFS Total Return Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,605,885		$	16,377,955
Net realized gain		17,503,713			53,358,697
Net change in unrealized appreciation (depreciation)		(44,245,148	)		31,365,429
Increase (decrease) in net assets from operations		(18,135,550	)		101,102,081
From Distributions to Shareholders
Net investment income
Class A		(4,048,530	)		(4,594,873	)
Class B		(4,917,411	)		(5,313,686	)
Class E		(547,101	)		(640,383	)
Class F		(8,256,546	)		(10,139,950	)
Net realized capital gains
Class A		(10,688,601	)		(9,429,936	)
Class B		(14,535,710	)		(12,060,016	)
Class E		(1,550,242	)		(1,395,787	)
Class F		(24,059,616	)		(22,618,213	)
Total distributions		(68,603,757	)		(66,192,844	)
Increase (decrease) in net assets from capital share transactions		14,626,363			(10,282,117	)
Total increase (decrease) in net assets		(72,112,944	)		24,627,120
Net Assets
Beginning of period		885,366,529			860,739,409
End of period	$	813,253,585		$	885,366,529
Undistributed net investment income
End of period	$	8,650,826		$	17,814,529

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		33,720		$	5,897,401			153,443		$	26,118,792
Reinvestments		91,706			14,737,131			83,730			14,024,809
Redemptions		(79,563	)		(13,873,173	)		(237,699	)		(40,759,034	)
Net increase (decrease)		45,863		$	6,761,359			(526	)	$	(615,433	)
Class B
Sales		28,623		$	4,903,506			184,798		$	31,144,654
Reinvestments		122,802			19,453,121			105,097			17,373,702
Redemptions		(111,508	)		(19,158,531	)		(203,455	)		(34,773,301	)
Net increase		39,917		$	5,198,096			86,440		$	13,745,055
Class E
Sales		2,459		$	426,020			5,803		$	1,001,333
Reinvestments		13,124			2,097,343			12,219			2,036,170
Redemptions		(11,715	)		(2,032,582	)		(19,286	)		(3,325,803	)
Net increase (decrease)		3,868		$	490,781			(1,264	)	$	(288,300	)
Class F
Sales		57,380		$	9,859,289			131,860		$	22,684,980
Reinvestments		202,902			32,316,162			197,219			32,758,163
Redemptions		(232,428	)		(39,999,324	)		(457,959	)		(78,566,582	)
Net increase (decrease)		27,854		$	2,176,127			(128,880	)	$	(23,123,439	)
Increase (decrease) derived from capital shares transactions				$	14,626,363					$	(10,282,117	)

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	177.03		$	170.50		$	168.01		$	172.72		$	162.91		$	140.60
Income (Loss) from Investment Operations
Net investment income (a)		1.91			3.55			3.94	(b)		3.66			3.85			3.33
Net realized and unrealized gain (loss) on investments		(5.36	)		16.87			10.93			(3.83	)		9.94			22.92
Total from investment operations		(3.45	)		20.42			14.87			(0.17	)		13.79			26.25
Less Distributions
Distributions from net investment income		(4.04	)		(4.55	)		(5.10	)		(4.54	)		(3.98	)		(3.94	)
Distributions from net realized capital gains		(10.67	)		(9.34	)		(7.28	)		0.00			0.00			0.00
Total distributions		(14.71	)		(13.89	)		(12.38	)		(4.54	)		(3.98	)		(3.94	)
Net Asset Value, End of Period	$	158.87		$	177.03		$	170.50		$	168.01		$	172.72		$	162.91
Total Return (%) (c)		(2.04	)(d)		12.44			9.20			(0.16	)		8.64			18.99
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.61	(e)		0.61			0.61			0.60			0.60			0.59
Ratio of net investment income to average net assets (%)		2.21	(e)		2.05			2.34	(b)		2.13			2.32			2.19
Portfolio turnover rate (%)		10	(d)(f)		35	(f)		35	(f)		41	(f)		34	(f)		53	(f)
Net assets, end of period (in millions)	$	173.1		$	184.8		$	178.0		$	165.9		$	186.7		$	185.5
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	174.48		$	168.22		$	165.89		$	170.57		$	160.94		$	138.95
Income (Loss) from Investment Operations
Net investment income (a)		1.67			3.06			3.48	(b)		3.20			3.40			2.92
Net realized and unrealized gain (loss) on investments		(5.28	)		16.66			10.77			(3.79	)		9.81			22.66
Total from investment operations		(3.61	)		19.72			14.25			(0.59	)		13.21			25.58
Less Distributions
Distributions from net investment income		(3.61	)		(4.12	)		(4.64	)		(4.09	)		(3.58	)		(3.59	)
Distributions from net realized capital gains		(10.67	)		(9.34	)		(7.28	)		0.00			0.00			0.00
Total distributions		(14.28	)		(13.46	)		(11.92	)		(4.09	)		(3.58	)		(3.59	)
Net Asset Value, End of Period	$	156.59		$	174.48		$	168.22		$	165.89		$	170.57		$	160.94
Total Return (%) (c)		(2.16	)(d)		12.17			8.92			(0.40	)		8.36			18.70
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.86	(e)		0.86			0.86			0.85			0.85			0.84
Ratio of net investment income to average net assets (%)		1.96	(e)		1.79			2.09	(b)		1.88			2.07			1.94
Portfolio turnover rate (%)		10	(d)(f)		35	(f)		35	(f)		41	(f)		34	(f)		53	(f)
Net assets, end of period (in millions)	$	231.4		$	250.9		$	227.4		$	223.0		$	247.5		$	252.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

MFS Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	175.98		$	169.55		$	167.11		$	171.80		$	162.06		$	139.88
Income (Loss) from Investment Operations
Net investment income (a)		1.77			3.27			3.67	(b)		3.39			3.59			3.09
Net realized and unrealized gain (loss) on investments		(5.33	)		16.79			10.86			(3.82	)		9.88			22.81
Total from investment operations		(3.56	)		20.06			14.53			(0.43	)		13.47			25.90
Less Distributions
Distributions from net investment income		(3.77	)		(4.29	)		(4.81	)		(4.26	)		(3.73	)		(3.72	)
Distributions from net realized capital gains		(10.67	)		(9.34	)		(7.28	)		0.00			0.00			0.00
Total distributions		(14.44	)		(13.63	)		(12.09	)		(4.26	)		(3.73	)		(3.72	)
Net Asset Value, End of Period	$	157.98		$	175.98		$	169.55		$	167.11		$	171.80		$	162.06
Total Return (%) (c)		(2.12	)(d)		12.28			9.03			(0.31	)		8.48			18.82
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.76	(e)		0.76			0.76			0.75			0.75			0.74
Ratio of net investment income to average net assets (%)		2.06	(e)		1.90			2.19	(b)		1.98			2.17			2.04
Portfolio turnover rate (%)		10	(d)(f)		35	(f)		35	(f)		41	(f)		34	(f)		53	(f)
Net assets, end of period (in millions)	$	24.9		$	27.1		$	26.3		$	27.1		$	30.9		$	32.5

	Class F
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	175.36		$	168.99		$	166.59		$	171.25		$	161.54		$	139.43
Income (Loss) from Investment Operations
Net investment income (a)		1.72			3.17			3.57	(b)		3.29			3.50			3.00
Net realized and unrealized gain (loss) on investments		(5.31	)		16.73			10.83			(3.79	)		9.84			22.74
Total from investment operations		(3.59	)		19.90			14.40			(0.50	)		13.34			25.74
Less Distributions
Distributions from net investment income		(3.66	)		(4.19	)		(4.72	)		(4.16	)		(3.63	)		(3.63	)
Distributions from net realized capital gains		(10.67	)		(9.34	)		(7.28	)		0.00			0.00			0.00
Total distributions		(14.33	)		(13.53	)		(12.00	)		(4.16	)		(3.63	)		(3.63	)
Net Asset Value, End of Period	$	157.44		$	175.36		$	168.99		$	166.59		$	171.25		$	161.54
Total Return (%) (c)		(2.14	)(d)		12.22			8.97			(0.35	)		8.42			18.75
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.81	(e)		0.81			0.81			0.80			0.80			0.79
Ratio of net investment income to average net assets (%)		2.01	(e)		1.85			2.14	(b)		1.93			2.12			1.99
Portfolio turnover rate (%)		10	(d)(f)		35	(f)		35	(f)		41	(f)		34	(f)		53	(f)
Net assets, end of period (in millions)	$	383.8		$	422.6		$	429.0		$	450.4		$	524.7		$	584.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.12 per share and 0.07% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 10%, 35%, 34%, 37%, 25% and 45% for the six months ended June 30, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Total Return Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers four classes of shares: Class A, B, E and F shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board. Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued on the basis of an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued on the basis of evaluated or composite bid quotations obtained from pricing services selected by the Adviser pursuant to the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or

BHFTII-24

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due

BHFTII-25

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

to amortization of debt securities, paydown gain/loss reclasses, foreign currency transactions, real estate investment trust (“REIT”) adjustments, convertible preferred stock, partnership transactions, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2018, the Portfolio had a payment of $486,185 due to SSBT pursuant to the foregoing arrangement. Based on the short term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2018. The Portfolio’s average overdraft advances during the period ended June 30, 2018 were not significant.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may

BHFTII-26

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $16,818,697. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

BHFTII-27

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(44,862,687	)	$	—	$	—	$	—	$	(44,862,687	)
Corporate Bonds & Notes		(7,825,904	)		—		—		—		(7,825,904	)
U.S. Treasury & Government Agencies		(3,081,298	)		—		—		—		(3,081,298	)
Total Borrowings	$	(55,769,889	)	$	—	$	—	$	—	$	(55,769,889	)
Gross amount of recognized liabilities for securities lending transactions										$	(55,769,889	)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$14,011,949	$	67,860,244	$	25,294,960	$	99,681,868

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $240,042 in sales of investments, which are included above, and resulted in realized losses of $79,732.

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2018 were as follows:

Purchases	Sales
$1,465,953	$	2,196,547

BHFTII-28

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$2,359,240		0.600	%	Of the first $250 million
		0.550	%	Of the next $500 million
		0.500	%	On amounts in excess of $750 million

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and F Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and F Shares. Under the Distribution and Service Plan, the Class B, E, and F Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and F Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.20% per year for Class F Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	770,145,534
Gross unrealized appreciation		119,794,636
Gross unrealized depreciation		(22,730,118	)
Net unrealized appreciation (depreciation)	$	97,064,518

BHFTII-29

Brighthouse Funds Trust II

MFS Total Return Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$22,797,540	$	23,651,455	$	43,395,304	$	36,096,955	$	66,192,844	$	59,748,410

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$20,434,118	$	48,033,338	$	141,306,225	$	—	$	209,773,681

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-30

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, D, and E shares of the MFS Value Portfolio returned -3.73%, -3.78%, -3.73%, and -3.78%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned -1.69%.

MARKET ENVIRONMENT/CONDITIONS

Despite continued solid global economic growth, financial markets were buffeted by increased volatility during the reporting period. The increase in volatility dented what appeared to have been high levels of investor confidence, leading to a correction in elevated valuations. Valuations are now more in line with long-term averages after the recent bout of market weakness. So far, the rise in volatility has not disrupted the synchronized upturn in growth, although developed markets and China showed signs of a modest slowdown in the expansion’s pace during the first half of 2018.

During the period, the U.S. Federal Reserve raised interest rates by 50 basis points, bringing the total number of hikes to seven since the central bank began to normalize monetary policy in late 2015. The growth rate in the U.S., Eurozone and Japan remained above potential, although inflation remained contained, particularly outside of the U.S. Late in the period, the European Central Bank announced that it would end its asset purchase program at the end of 2018, but issued forward guidance that it does not expect to raise interest rates until after the summer of 2019. The Bank of Canada also raised rates during the period. The European political backdrop became more volatile during the period, spurred by a chaotic process which resulted in the formation of an anti-establishment coalition government in Italy.

Bond yields rose in the U.S. during the period, but they remained low by historical standards, while yields in many developed markets fell during the period. Credit spreads remained relatively tight but widened modestly late in the period as market volatility increased. Increasing concern over growing global trade friction risks appeared to have weighed on business sentiment during the period. International trade negotiations took a number of unpredictable swings late in the period, with investors largely taking a wait-and-see approach while ignoring mostly individual actions and counteractions.

PORTFOLIO REVIEW/PERIOD END POSITIONING

An underweight allocation to the Energy sector detracted from performance relative to the Russell 1000 Value Index. However, within this sector there were no stocks that were among the Portfolio’s top relative detractors over the reporting period.

A combination of an overweight allocation and stock selection within the Consumer Staples sector also weighed on relative results. The Portfolio’s overweight to holdings of tobacco company Philip Morris International and global food company General Mills held back relative performance.

Individual stocks that hampered relative returns included an overweight to cable services provider Comcast, financial services firm Goldman Sachs, diversified technology company 3M, insurance firm Chubb and chemical company PPG Industries. Additionally, not owning strong-performing network equipment company Cisco Systems, semiconductor company Intel and global media company 21st Century Fox hurt relative returns as all three companies outpaced the benchmark during the reporting period.

An underweight allocation to the poor-performing Telecommunication Services sector along with a lack of exposure to telecommunication services provider AT&T helped relative performance for the period.

Stock selection within the Information Technology sector also contributed to relative returns. Within this sector, the Portfolio’s holding of management consulting firm Accenture and semiconductor company Texas Instruments contributed to relative performance. An overweight to global banking and payment technologies provider Fidelity National Information Services further helped relative returns.

Elsewhere, avoiding diversified industrial conglomerate General Electric, insurance and investment firm Berkshire Hathaway and retail giant Walmart contributed to relative performance as all three stocks lagged the benchmark during the reporting period. The Portfolio’s overweight holdings of securities exchange services provider NASDAQ and advertising and marketing services conglomerate Interpublic Group of Companies also supported relative returns. The Portfolio’s underweight position in household products maker Procter & Gamble further bolstered relative returns.

BHFTII-1

Brighthouse Funds Trust II

MFS Value Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

Over the trailing six-month period ending June 30, 2018, the Portfolio’s top overweights were Financials, Industrials, and Consumer Staples, while being most underweight to Energy, Real Estate, and Utilities. Relative sector positioning reflects the team’s bottom up stock selection process rather than a reflection of any top-down macroeconomic view.

Steven R. Gorham

Nevin P. Chitkara

Portfolio Managers

Massachusetts Financial Services Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-2

Brighthouse Funds Trust II

MFS Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
MFS Value Portfolio
Class A		-3.73		3.95		10.89		8.86		—
Class B		-3.78		3.74		10.62		8.58		—
Class D		-3.73		3.86		10.77		—		10.83
Class E		-3.78		3.82		10.73		8.70		—
Russell 1000 Value Index		-1.69		6.77		10.35		8.49		—

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

² Inception dates of the Class A, Class B, Class D and Class E shares are 7/20/98, 4/28/08, 4/26/13 and 4/28/08, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		4.6
Wells Fargo & Co.		3.3
Johnson & Johnson		3.3
Accenture plc- Class A		3.1
Philip Morris International, Inc.		2.6
Medtronic plc		2.5
Goldman Sachs Group, Inc. (The)		2.3
Travelers Cos., Inc. (The)		2.3
Pfizer, Inc.		2.2
Citigroup, Inc.		2.2

Top Sectors

	% of Net Assets
Financials		30.0
Health Care		15.5
Industrials		14.2
Consumer Staples		10.7
Information Technology		8.7
Consumer Discretionary		6.2
Energy		5.6
Materials		3.4
Utilities		2.9
Telecommunication Services		0.8

BHFTII-3

Brighthouse Funds Trust II

MFS Value Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Value Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.57	%	$	1,000.00	$	962.70	$	2.77
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.02	$	2.86
Class B (a)	Actual		0.82	%	$	1,000.00	$	962.20	$	3.99
	Hypothetical*		0.82	%	$	1,000.00	$	1,020.73	$	4.11
Class D (a)	Actual		0.67	%	$	1,000.00	$	962.70	$	3.26
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.52	$	3.36
Class E (a)	Actual		0.72	%	$	1,000.00	$	962.20	$	3.50
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.22	$	3.61

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Lockheed Martin Corp.		76,433	$	22,580,601
Northrop Grumman Corp.		177,755		54,695,214
United Technologies Corp.		348,662		43,593,210
				120,869,025
Air Freight & Logistics—0.6%
United Parcel Service, Inc. - Class B		191,540		20,347,294
Auto Components—0.8%
Aptiv plc		338,125		30,982,394
Automobiles—0.1%
Harley-Davidson, Inc.		119,647		5,034,746
Banks—13.9%
Citigroup, Inc.		1,204,166		80,582,788
JPMorgan Chase & Co.		1,619,414		168,742,939
PNC Financial Services Group, Inc. (The)		430,882		58,212,158
U.S. Bancorp (a)		1,570,236		78,543,205
Wells Fargo & Co. (a)		2,179,729		120,844,176
				506,925,266
Beverages—1.7%
Diageo plc		1,258,746		45,183,563
PepsiCo, Inc.		165,298		17,995,993
				63,179,556
Building Products—1.7%
Johnson Controls International plc (a)		1,800,183		60,216,121
Capital Markets—8.1%
Bank of New York Mellon Corp. (The)		818,342		44,133,184
BlackRock, Inc.		82,158		41,000,128
Franklin Resources, Inc. (a)		21,392		685,613
Goldman Sachs Group, Inc. (The) (a)		377,716		83,312,818
Moody’s Corp.		164,832		28,113,746
Nasdaq, Inc. (a)		467,384		42,658,138
State Street Corp.		366,074		34,077,829
T. Rowe Price Group, Inc. (a)		172,346		20,007,647
				293,989,103
Chemicals—3.1%
DowDuPont, Inc. (a)		220,944		14,564,629
PPG Industries, Inc. (a)		623,055		64,629,495
Sherwin-Williams Co. (The) (a)		80,630		32,862,369
				112,056,493
Consumer Finance—1.1%
American Express Co.		411,075		40,285,350
Containers & Packaging—0.4%
Crown Holdings, Inc. (a) (b)		291,683		13,055,731
Diversified Telecommunication Services—0.8%
Verizon Communications, Inc. (a)		586,723		29,518,034
Electric Utilities—2.9%
Duke Energy Corp. (a)		758,397		59,974,035
Southern Co. (The)		640,087		29,642,429
Xcel Energy, Inc.		322,544		14,733,810
				104,350,274
Electrical Equipment—1.0%
Eaton Corp. plc (a)		466,012		34,829,737
Energy Equipment & Services—1.7%
Schlumberger, Ltd.		947,559		63,514,880
Equity Real Estate Investment Trusts—0.4%
Public Storage		66,516		15,089,820
Food Products—4.1%
Archer-Daniels-Midland Co. (a)		489,378		22,428,194
Danone S.A.		228,328		16,737,998
General Mills, Inc. (a)		893,214		39,533,652
J.M. Smucker Co. (The) (a)		135,953		14,612,228
Nestle S.A.		727,801		56,344,011
				149,656,083
Health Care Equipment & Supplies—5.2%
Abbott Laboratories (a)		821,850		50,124,632
Danaher Corp.		503,781		49,713,109
Medtronic plc		1,052,328		90,089,800
				189,927,541
Health Care Providers & Services—2.2%
Cigna Corp.		195,685		33,256,666
Express Scripts Holding Co. (b)		276,779		21,370,106
McKesson Corp.		178,634		23,829,776
				78,456,548
Household Durables—0.3%
Newell Brands, Inc. (a)		366,605		9,454,743
Household Products—1.2%
Colgate-Palmolive Co.		114,170		7,399,358
Kimberly-Clark Corp. (a)		103,953		10,950,409
Procter & Gamble Co. (The)		105,301		8,219,796
Reckitt Benckiser Group plc		224,541		18,458,489
				45,028,052
Industrial Conglomerates—3.1%
3M Co. (a)		214,898		42,274,734
Honeywell International, Inc.		480,114		69,160,422
				111,435,156
Insurance—7.0%
Aon plc		481,336		66,024,859
Chubb, Ltd.		585,117		74,321,561
Prudential Financial, Inc.		318,076		29,743,287
Travelers Cos., Inc. (The)		679,956		83,185,817
				253,275,524

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—6.7%
Accenture plc - Class A		683,913	$	111,881,328
Amdocs, Ltd.		138,128		9,142,692
Cognizant Technology Solutions Corp. - Class A (a)		195,833		15,468,849
DXC Technology Co.		235,398		18,975,433
Fidelity National Information Services, Inc. (a)		408,345		43,296,820
Fiserv, Inc. (b)		486,269		36,027,670
International Business Machines Corp.		70,246		9,813,366
				244,606,158
Leisure Products—0.2%
Hasbro, Inc. (a)		79,615		7,349,261
Life Sciences Tools & Services—1.3%
Thermo Fisher Scientific, Inc. (a)		237,331		49,160,743
Machinery—2.2%
Illinois Tool Works, Inc. (a)		216,072		29,934,615
Ingersoll-Rand plc		288,633		25,899,039
Stanley Black & Decker, Inc. (a)		183,326		24,347,526
				80,181,180
Media—4.2%
Comcast Corp. - Class A		2,394,060		78,549,108
Interpublic Group of Cos., Inc. (The) (a)		1,238,498		29,030,393
Omnicom Group, Inc. (a)		608,432		46,405,109
				153,984,610
Oil, Gas & Consumable Fuels—3.8%
Chevron Corp.		275,833		34,873,566
EOG Resources, Inc.		337,607		42,008,439
Exxon Mobil Corp.		400,058		33,096,798
Occidental Petroleum Corp.		348,677		29,177,292
				139,156,095
Personal Products—0.3%
Coty, Inc. - Class A (a)		759,143		10,703,916
Pharmaceuticals—6.8%
Johnson & Johnson		983,125		119,292,387
Merck & Co., Inc.		527,397		32,012,998
Novartis AG		103,000		7,801,688
Pfizer, Inc.		2,249,465		81,610,590
Roche Holding AG		29,552		6,575,769
				247,293,432
Professional Services—0.6%
Equifax, Inc. (a)		168,435		21,072,903
Road & Rail—1.7%
Canadian National Railway Co.		262,037		21,421,525
Union Pacific Corp.		286,271		40,558,875
				61,980,400
Semiconductors & Semiconductor Equipment—2.0%
Analog Devices, Inc. (a)		163,645		15,696,829
Texas Instruments, Inc.		521,965		57,546,641
				73,243,470
Textiles, Apparel & Luxury Goods—0.5%
Hanesbrands, Inc. (a)		810,297		17,842,740
Tobacco—3.3%
Altria Group, Inc. (a)		475,366		26,996,035
Philip Morris International, Inc.		1,169,390		94,416,549
				121,412,584
Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (b)		187,044		8,022,317
Total Common Stocks (Cost $2,767,981,544)				3,587,487,280
Short-Term Investment—0.3%
Discount Note—0.3%
Federal Home Loan Bank 0.761%, 07/02/18 (c)		10,030,000		10,030,000
Total Short-Term Investments (Cost $10,029,582)				10,030,000
Securities Lending Reinvestments (d)—12.0%
Certificates of Deposit—3.3%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (e)		7,000,000		7,000,378
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (e)		7,000,000		6,999,594
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (e)		7,000,000		7,009,800
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (e)		9,000,000		9,008,370
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (e)		5,000,000		4,999,645
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (e)		2,500,000		2,499,622
Cooperative Rabobank UA 2.353%, 1M LIBOR + 0.370%, 10/01/18 (e)		4,500,000		4,501,737
2.488%, 3M LIBOR + 0.140%, 10/16/18 (e)		3,500,000		3,502,723
2.525%, 3M LIBOR + 0.200%, 04/05/19 (e)		4,000,000		4,001,508
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (e)		4,000,000		4,000,672
2.460%, FEDEFF PRV + 0.550%, 09/07/18 (e)		1,000,000		1,000,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		4,000,000		3,999,836
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (e)		2,000,000		2,000,104
2.427%, 1M LIBOR + 0.370%, 02/14/19 (e)		4,000,000		4,001,692

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Natixis New York 2.525%, 1M LIBOR + 0.440%, 09/17/18 (e)		3,000,000	$	3,001,380
2.548%, 3M LIBOR + 0.190%, 02/01/19 (e)		3,000,000		3,000,741
Nordea Bank New York 2.531%, 3M LIBOR + 0.200%, 04/05/19 (e)		4,000,000		4,002,088
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (e)		6,000,000		5,998,506
Royal Bank of Canada New York 2.485%, 1M LIBOR + 0.400%, 09/17/18 (e)		3,000,000		3,001,380
2.525%, 1M LIBOR + 0.440%, 09/17/18 (e)		1,500,000		1,501,202
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (e)		2,500,000		2,499,957
Standard Chartered plc 2.250%, 08/21/18		1,500,000		1,500,230
2.384%, 1M LIBOR + 0.300%, 08/22/18 (e)		1,500,000		1,500,036
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (e)		7,000,000		7,000,616
2.374%, 1M LIBOR + 0.280%, 07/30/18 (e)		3,500,000		3,500,245
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (e)		8,000,000		8,000,000
Svenska Handelsbanken AB 2.451%, 1M LIBOR + 0.450%, 04/03/19 (e)		5,000,000		5,004,510
2.459%, 3M LIBOR + 0.100%, 04/30/19 (e)		2,000,000		2,000,024
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (e)		500,000		500,012
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (e)		4,500,000		4,499,703
				121,036,311
Commercial Paper—2.1%
Bank of China, Ltd. 2.490%, 09/05/18		5,963,065		5,972,304
2.500%, 07/23/18		3,477,882		3,495,601
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (e)		10,000,000		10,004,390
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (e)		10,000,000		10,002,920
Kells Funding LLC 2.230%, 08/28/18		9,941,153		9,964,330
LMA S.A. & LMA Americas 2.470%, 11/13/18		4,939,965		4,953,905
Sheffield Receivables Co. 2.490%, 11/26/18		9,375,811		9,401,513
Starbird Funding Corp. 2.300%, 08/10/18		994,378		997,505
Toyota Motor Credit Corp. 2.310%, 09/18/18		3,969,713		3,979,688
2.320%, 07/26/18		6,952,182		6,990,333
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (e)		12,000,000		11,997,696
				77,760,185

Security Description	Principal Amount*		Value
Repurchase Agreements—4.2%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $3,115,927; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $3,177,689.		3,115,381	$	3,115,381
Citigroup Global Markets, Inc. Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $3,334,261; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $3,264,000.		3,200,000		3,200,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $5,561,142; collateralized by various Common Stock with an aggregate market value of $6,139,148.		5,500,000		5,500,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $3,884,478; collateralized by various Common Stock with an aggregate market value of $4,241,593.		3,800,000		3,800,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $6,717,119; collateralized by various Common Stock with an aggregate market value of $7,451,707.		6,700,000		6,700,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $3,773,430; collateralized by various Common Stock with an aggregate market value of $3,960,000.		3,600,000		3,600,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $5,145,550; collateralized by various Common Stock with an aggregate market value of $5,500,001.		5,000,000		5,000,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $25,309,111; collateralized by various Common Stock with an aggregate market value of $27,822,280.		25,000,000		25,000,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $25,156,000; collateralized by various Common Stock with an aggregate market value of $27,822,280.		25,000,000		25,000,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $19,024,845; collateralized by various Common Stock with an aggregate market value of $21,032,901.		18,900,000		18,900,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $13,985,485; collateralized by various Common Stock with an aggregate market value of $15,468,641.		13,900,000		13,900,000

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments(d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $20,519,652; collateralized by various Common Stock with an aggregate market value of $22,702,179.		20,400,000	$	20,400,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $18,782,035; collateralized by various Common Stock with an aggregate market value of $20,787,982.		18,679,918		18,679,918
				152,795,299
Time Deposits—2.4%
Australia New Zealand Bank 1.900%, 07/02/18		10,000,000		10,000,000
Credit Industriel et Commercial (NY) 1.950%, 07/02/18		9,650,000		9,650,000
DNB Bank ASA 1.870%, 07/02/18		10,000,000		10,000,000
1.870%, 07/02/18		1,000,000		1,000,000
DZ Bank AG 1.890%, 07/02/18		10,000,000		10,000,000
Erste Group Bank AG 1.910%, 07/02/18		5,000,000		5,000,000
Nordea Bank New York 1.880%, 07/02/18		10,875,000		10,875,000
Santander UK Group Holdings plc 1.900%, 07/02/18		10,000,000		10,000,000
Standard Chartered plc 1.900%, 07/02/18		8,400,000		8,400,000
Svenska Handelsbanken AB 1.870%, 07/02/18		7,625,000		7,625,000
Time Deposits—(Continued)
Svenska Handelsbanken AB 1.870%, 07/02/18		5,000,000	$	5,000,000
				87,550,000
Total Securities Lending Reinvestments (Cost $439,102,013)				439,141,795
Total Investments—110.8% (Cost $3,217,113,139)				4,036,659,075
Other assets and liabilities (net)—(10.8)%				(393,018,369	)
Net Assets—100.0%			$	3,643,640,706

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $426,618,604 and the collateral received consisted of cash in the amount of $438,959,449. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	The rate shown represents current yield to maturity.
(d)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(e)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

MFS Value Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	120,869,025	$	—		$	—	$	120,869,025
Air Freight & Logistics		20,347,294		—			—		20,347,294
Auto Components		30,982,394		—			—		30,982,394
Automobiles		5,034,746		—			—		5,034,746
Banks		506,925,266		—			—		506,925,266
Beverages		17,995,993		45,183,563			—		63,179,556
Building Products		60,216,121		—			—		60,216,121
Capital Markets		293,989,103		—			—		293,989,103
Chemicals		112,056,493		—			—		112,056,493
Consumer Finance		40,285,350		—			—		40,285,350
Containers & Packaging		13,055,731		—			—		13,055,731
Diversified Telecommunication Services		29,518,034		—			—		29,518,034
Electric Utilities		104,350,274		—			—		104,350,274
Electrical Equipment		34,829,737		—			—		34,829,737
Energy Equipment & Services		63,514,880		—			—		63,514,880
Equity Real Estate Investment Trusts		15,089,820		—			—		15,089,820
Food Products		76,574,074		73,082,009			—		149,656,083
Health Care Equipment & Supplies		189,927,541		—			—		189,927,541
Health Care Providers & Services		78,456,548		—			—		78,456,548
Household Durables		9,454,743		—			—		9,454,743
Household Products		26,569,563		18,458,489			—		45,028,052
Industrial Conglomerates		111,435,156		—			—		111,435,156
Insurance		253,275,524		—			—		253,275,524
IT Services		244,606,158		—			—		244,606,158
Leisure Products		7,349,261		—			—		7,349,261
Life Sciences Tools & Services		49,160,743		—			—		49,160,743
Machinery		80,181,180		—			—		80,181,180
Media		153,984,610		—			—		153,984,610
Oil, Gas & Consumable Fuels		139,156,095		—			—		139,156,095
Personal Products		10,703,916		—			—		10,703,916
Pharmaceuticals		232,915,975		14,377,457			—		247,293,432
Professional Services		21,072,903		—			—		21,072,903
Road & Rail		61,980,400		—			—		61,980,400
Semiconductors & Semiconductor Equipment		73,243,470		—			—		73,243,470
Textiles, Apparel & Luxury Goods		17,842,740		—			—		17,842,740
Tobacco		121,412,584		—			—		121,412,584
Trading Companies & Distributors		8,022,317		—			—		8,022,317
Total Common Stocks		3,436,385,762		151,101,518			—		3,587,487,280
Total Short-Term Investment*		—		10,030,000			—		10,030,000
Total Securities Lending Reinvestments*		—		439,141,795			—		439,141,795
Total Investments	$	3,436,385,762	$	600,273,313		$	—	$	4,036,659,075
Collateral for Securities Loaned (Liability)	$	—	$	(438,959,449	)	$	—	$	(438,959,449	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

MFS Value Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	4,036,659,075
Cash		91,266
Receivable for:
Investments sold		43,117,549
Fund shares sold		19,966,074
Dividends		6,838,418
Total Assets		4,106,672,382
Liabilities
Collateral for securities loaned		438,959,449
Payables for:
Investments purchased		848,602
Fund shares redeemed		20,651,021
Accrued Expenses:
Management fees		1,660,548
Distribution and service fees		219,945
Deferred trustees’ fees		266,729
Other expenses		425,382
Total Liabilities		463,031,676
Net Assets	$	3,643,640,706
Net Assets Consist of:
Paid in surplus	$	2,688,803,093
Undistributed net investment income		31,332,362
Accumulated net realized gain		103,995,331
Unrealized appreciation on investments and foreign currency transactions		819,509,920
Net Assets	$	3,643,640,706
Net Assets
Class A	$	2,517,637,397
Class B		979,868,662
Class D		13,337,751
Class E		132,796,896
Capital Shares Outstanding*
Class A		170,269,018
Class B		67,097,132
Class D		905,087
Class E		9,038,652
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.79
Class B		14.60
Class D		14.74
Class E		14.69

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $3,217,113,139.
(b)	Includes securities loaned at value of $426,618,604.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	41,369,359
Interest		209,522
Securities lending income		513,803
Total investment income		42,092,684
Expenses
Management fees		11,446,077
Administration fees		54,190
Custodian and accounting fees		97,778
Distribution and service fees—Class B		1,093,328
Distribution and service fees—Class D		7,048
Distribution and service fees—Class E		61,917
Audit and tax services		26,957
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		95,947
Insurance		10,351
Miscellaneous		18,540
Total expenses		12,954,284
Less management fee waiver		(2,097,809	)
Net expenses		10,856,475
Net Investment Income		31,236,209
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		105,103,066
Foreign currency transactions		(27,545	)
Net realized gain		105,075,521
Net change in unrealized depreciation on:
Investments		(259,683,505	)
Foreign currency transactions		(36,690	)
Net change in unrealized depreciation		(259,720,195	)
Net realized and unrealized loss		(154,644,674	)
Net Decrease in Net Assets From Operations	$	(123,408,465	)

(a) Net of foreign withholding taxes of $407,967.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

MFS Value Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	31,236,209		$	53,202,977
Net realized gain		105,075,521			231,093,103
Net change in unrealized appreciation (depreciation)		(259,720,195	)		252,359,200
Increase (decrease) in net assets from operations		(123,408,465	)		536,655,280
From Distributions to Shareholders
Net investment income
Class A		(38,311,566	)		(48,171,616	)
Class B		(12,551,657	)		(15,050,267	)
Class D		(189,312	)		(284,067	)
Class E		(1,550,238	)		(1,292,093	)
Net realized capital gains
Class A		(160,876,783	)		(142,220,961	)
Class B		(63,195,408	)		(50,100,219	)
Class D		(851,481	)		(880,607	)
Class E		(7,229,681	)		(4,108,194	)
Total distributions		(284,756,126	)		(262,108,024	)
Increase in net assets from capital share transactions		668,481,191			1,106,971
Total increase in net assets		260,316,600			275,654,227
Net Assets
Beginning of period		3,383,324,106			3,107,669,879
End of period	$	3,643,640,706		$	3,383,324,106
Undistributed net investment income
End of period	$	31,332,362		$	52,698,926
Other Information: Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		1,895,650		$	30,875,353			8,120,112		$	130,514,081
Shares issued through acquisition (a)		18,481,526			297,922,201			0			0
Reinvestments		13,217,541			199,188,349			12,379,231			190,392,577
Redemptions		(11,421,969	)		(184,789,419	)		(17,518,898	)		(279,874,097	)
Net increase		22,172,748		$	343,196,484			2,980,445		$	41,032,561
Class B
Sales		1,474,612		$	23,736,303			2,012,951		$	31,592,582
Shares issued through acquisition (a)		14,961,618			238,039,342			0			0
Reinvestments		5,087,110			75,747,065			4,283,398			65,150,486
Redemptions		(5,455,751	)		(87,971,985	)		(8,399,209	)		(132,006,373	)
Net increase (decrease)		16,067,589		$	249,550,725			(2,102,860	)	$	(35,263,305	)
Class D
Sales		3,121		$	49,118			42,587		$	664,439
Reinvestments		69,294			1,040,793			75,974			1,164,674
Redemptions		(69,885	)		(1,131,938	)		(158,528	)		(2,509,083	)
Net increase (decrease)		2,530		$	(42,027	)		(39,967	)	$	(679,970	)
Class E
Sales		1,861,676		$	28,023,453			148,686		$	2,364,771
Shares issued through acquisition (a)		2,867,541			45,909,325			0			0
Reinvestments		586,109			8,779,919			353,191			5,400,287
Redemptions		(429,011	)		(6,936,688	)		(743,453	)		(11,747,373	)
Net increase (decrease)		4,886,315		$	75,776,009			(241,576	)	$	(3,982,315	)
Increase derived from capital shares transactions				$	668,481,191					$	1,106,971

(a) See Note 8 of the Notes to Financial Statements.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	16.63		$	15.31		$	15.09		$	18.38		$	17.75		$	13.80
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.27			0.34	(b)		0.31			0.43			0.30
Net realized and unrealized gain (loss) on investments		(0.74	)		2.38			1.68			(0.23	)		1.36			4.46
Total from investment operations		(0.59	)		2.65			2.02			0.08			1.79			4.76
Less Distributions
Distributions from net investment income		(0.24	)		(0.34	)		(0.36	)		(0.50	)		(0.31	)		(0.30	)
Distributions from net realized capital gains		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)		(0.51	)
Total distributions		(1.25	)		(1.33	)		(1.80	)		(3.37	)		(1.16	)		(0.81	)
Net Asset Value, End of Period	$	14.79		$	16.63		$	15.31		$	15.09		$	18.38		$	17.75
Total Return (%) (c)		(3.73	)(d)		18.00			14.39			(0.15	)		10.81			35.73
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69	(e)		0.72			0.72			0.72			0.72			0.72
Net ratio of expenses to average net assets (%) (f)		0.57	(e)(g)		0.58			0.58			0.58			0.58			0.58
Ratio of net investment income to average net assets (%)		1.88	(e)		1.70			2.25	(b)		1.87			2.49			1.92
Portfolio turnover rate (%)		4	(d)		13			14			12			12			17
Net assets, end of period (in millions)	$	2,517.6		$	2,462.2		$	2,222.2		$	2,218.1		$	2,493.9		$	3,074.8
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	16.41		$	15.14		$	14.94		$	18.22		$	17.61		$	13.70
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.23			0.30	(b)		0.27			0.37			0.27
Net realized and unrealized gain (loss) on investments		(0.73	)		2.33			1.66			(0.23	)		1.36			4.41
Total from investment operations		(0.60	)		2.56			1.96			0.04			1.73			4.68
Less Distributions
Distributions from net investment income		(0.20	)		(0.30	)		(0.32	)		(0.45	)		(0.27	)		(0.26	)
Distributions from net realized capital gains		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)		(0.51	)
Total distributions		(1.21	)		(1.29	)		(1.76	)		(3.32	)		(1.12	)		(0.77	)
Net Asset Value, End of Period	$	14.60		$	16.41		$	15.14		$	14.94		$	18.22		$	17.61
Total Return (%) (c)		(3.78	)(d)		17.58			14.10			(0.36	)		10.56			35.38
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94	(e)		0.97			0.97			0.97			0.97			0.97
Net ratio of expenses to average net assets (%) (f)		0.82	(e)(g)		0.83			0.83			0.83			0.83			0.83
Ratio of net investment income to average net assets (%)		1.64	(e)		1.45			2.01	(b)		1.62			2.16			1.68
Portfolio turnover rate (%)		4	(d)		13			14			12			12			17
Net assets, end of period (in millions)	$	979.9		$	837.6		$	804.2		$	739.3		$	798.0		$	795.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

MFS Value Portfolio

Financial Highlights

Selected per share data
	Class D
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013(h)
Net Asset Value, Beginning of Period	$	16.56		$	15.26		$	15.05		$	18.33		$	17.71		$	14.88
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.25			0.32	(b)		0.29			0.41			0.20
Net realized and unrealized gain (loss) on investments		(0.72	)		2.36			1.67			(0.22	)		1.35			2.63
Total from investment operations		(0.58	)		2.61			1.99			0.07			1.76			2.83
Less Distributions
Distributions from net investment income		(0.23	)		(0.32	)		(0.34	)		(0.48	)		(0.29	)		0.00
Distributions from net realized capital gains		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)		0.00
Total distributions		(1.24	)		(1.31	)		(1.78	)		(3.35	)		(1.14	)		0.00
Net Asset Value, End of Period	$	14.74		$	16.56		$	15.26		$	15.05		$	18.33		$	17.71
Total Return (%) (c)		(3.73	)(d)		17.81			14.23			(0.20	)		10.69			19.02	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79	(e)		0.82			0.82			0.82			0.82			0.82	(e)
Net ratio of expenses to average net assets (%) (f)		0.67	(e)(g)		0.68			0.68			0.68			0.68			0.68	(e)
Ratio of net investment income to average net assets (%)		1.77	(e)		1.60			2.15	(b)		1.77			2.34			1.80	(e)
Portfolio turnover rate (%)		4	(d)		13			14			12			12			17
Net assets, end of period (in millions)	$	13.3		$	15.0		$	14.4		$	14.7		$	16.8		$	18.6
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	16.52		$	15.22		$	15.01		$	18.29		$	17.67		$	13.73
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.24			0.31	(b)		0.29			0.40			0.28
Net realized and unrealized gain (loss) on investments		(0.74	)		2.36			1.67			(0.23	)		1.35			4.45
Total from investment operations		(0.60	)		2.60			1.98			0.06			1.75			4.73
Less Distributions
Distributions from net investment income		(0.22	)		(0.31	)		(0.33	)		(0.47	)		(0.28	)		(0.28	)
Distributions from net realized capital gains		(1.01	)		(0.99	)		(1.44	)		(2.87	)		(0.85	)		(0.51	)
Total distributions		(1.23	)		(1.30	)		(1.77	)		(3.34	)		(1.13	)		(0.79	)
Net Asset Value, End of Period	$	14.69		$	16.52		$	15.22		$	15.01		$	18.29		$	17.67
Total Return (%) (c)		(3.78	)(d)		17.80			14.20			(0.27	)		10.63			35.63
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84	(e)		0.87			0.87			0.87			0.87			0.87
Net ratio of expenses to average net assets (%) (f)		0.72	(e)(g)		0.73			0.73			0.73			0.73			0.73
Ratio of net investment income to average net assets (%)		1.78	(e)		1.55			2.10	(b)		1.72			2.28			1.81
Portfolio turnover rate (%)		4	(d)		13			14			12			12			17
Net assets, end of period (in millions)	$	132.8		$	68.6		$	66.9		$	66.0		$	78.0		$	83.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.01% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	The effect of the voluntary portion of the waiver on average net assets was 0.01% for the six months ended June 30, 2018 (see Note 5 of the Notes to Financial Statements).
(h)	Commencement of operations was April 26, 2013.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Value Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers four classes of shares: Class A, B, D and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-14

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

BHFTII-15

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $152,795,299. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-16

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	141,333,992	$	0	$	332,443,099

With respect to the Portfolio’s merger with MFS Value Portfolio II (see Note 8) on April 27, 2018, the Portfolio acquired long-term securities with a cost of $542,946,988 that are not included in the above purchases values.

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $4,145,503 in sales of investments, which are included above, and resulted in realized gains of $1,427,132.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers (the “Adviser”) is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with the Adviser with respect to the Portfolio. For providing investment management services to the Portfolio, the Adviser receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$11,446,077		0.700	%	First $250 million
		0.650	%	Of the next 500 million
		0.600	%	On amounts in excess of $750 million

BHFTII-17

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Prior to April 30, 2018, the Adviser received monthly compensation at the following annual rates:

% per annum			Average Daily Net Assets
	0.750	%	Of the first $250 million
	0.700	%	Of the next $2.25 billion
	0.675	%	Of the next $2.5 billion
	0.650	%	On amounts in excess of $5 billion

The Adviser has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company (the “Subadviser”) is compensated by the Adviser to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.050	%	First $200 million
	0.075	%	$200 million to $250 million
	0.025	%	$250 million to $750 million
	(0.025	)%	$750 million to $1.5 billion
	0.100	%	$1.5 billion to $3 billion
	0.125	%	Over $3 billion

Prior to April 30, 2018, the Adviser had agreed, for the period September 1, 2017 to April 29, 2018, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.100	%	On the first $200 million
	0.125	%	On the next $50 million
	0.075	%	On the next $1.25 billion
	0.200	%	On the next $1 billion
	0.175	%	On the next $500 million
	0.200	%	On the next $2 billion
	0.150	%	On amounts in excess of $5 billion

Fees waived for the six months ended June 30, 2018 amounted to $1,963,757 and are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, the Subadviser had agreed, for the period from September 1, 2017 through April 29, 2018, to waive a portion of the subadvisory fees payable to the Subadviser with respect to the Portfolio and the MFS Value Portfolio II, another series of the Trust, reflecting the difference, if any, between the aggregate subadvisory fees payable by the Adviser to the Subadviser individually with respect to the Portfolio and the MFS Value Portfolio II and the subadvisory fees that would be payable by the Adviser to the Subadviser if the assets of the Portfolio and the MFS Value Portfolio II were aggregated for purposes of calculating such advisory fees and then apportioning the resulting subadvisory fee based on average daily net assets of the two portfolios. The Adviser had agreed to reduce its management fee for the Portfolio by the amount waived by the Subadviser for the Portfolio pursuant to this voluntary subadvisory fee waiver. Fees waived for the six months ended June 30, 2018 amounted to $134,052 and are included in the amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, D, and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, D, and E Shares. Under the Distribution and Service Plan, the Class B, D, and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, D, and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.10% per year for Class D Shares, and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-18

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	3,217,902,392
Gross unrealized appreciation		889,875,771
Gross unrealized depreciation		(71,119,088	)
Net unrealized appreciation (depreciation)	$	818,756,683

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$64,798,043	$	71,154,565	$	197,309,981	$	269,192,840	$	262,108,024	$	340,347,405

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$55,572,834	$	229,162,219	$	1,041,325,549	$	—	$	1,326,060,602

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses no pre-enactment accumulated capital loss carryforwards.

8. Acquisition

At the close of business on April 27, 2018, the Portfolio, with aggregate Class A, Class B, Class D and Class E net assets of $2,331,861,008, $782,456,827, $13,632,897 and $63,261,629, respectively, acquired all of the assets and liabilities of MFS Value Portfolio II, a series of the Brighthouse Funds Trust II (“MFS Value Portfolio II”).

The acquisition was accomplished by a tax-free exchange of 18,481,526 Class A shares of the Portfolio (valued at $297,922,201) for 46,681,887 Class A shares of MFS Value Portfolio II, 14,961,618 Class B shares of the Portfolio (valued at $238,039,342) for 37,761,303 Class B shares of MFS Value Portfolio II and 2,867,541 Class E shares of the Portfolio (valued at $45,909,325) for 7,236,556 Class E shares of MFS Value Portfolio II. Each shareholder of MFS Value Portfolio II received shares of the Portfolio with the same class designation and at the respective Class NAV, as determined at the close of business on April 27, 2018. The transaction was part of a restructuring designed to eliminate the offering of overlapping Portfolios in the Brighthouse Financial, Inc. family of funds with similar

BHFTII-19

Brighthouse Funds Trust II

MFS Value Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

investment objectives and similar investment strategies that serve as funding vehicles for insurance contracts that are offered by affiliates of Brighthouse. Some of the investments held by MFS Value Portfolio II may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by MFS Value Portfolio II. All other costs associated with the merger were not borne by the shareholders of either Portfolio.

MFS Value Portfolio II’s net assets on April 27, 2018, were $297,922,201, $238,039,342 and $45,909,325 for Class A, Class B and Class E shares respectively, including investments valued at $581,700,541 with a cost basis of $544,585,228. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from MFS Value Portfolio II were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $3,773,083,229, which included $37,115,313 of acquired unrealized appreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2018, the Portfolio’s pro-forma results of operations for the period ended June 30, 2018 are as follows:

Net Investment income	$	34,209,170	(a)
Net realized and unrealized loss on investments	$	(175,914,875	)(b)
Net decrease in net assets from operations	$	(141,705,705	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MFS Value Portfolio II that have been included in the Portfolio’s Statement of Operations since April 30, 2018.

(a)	$31,236,209 net investment income as reported at June 30, 2018, plus $3,020,381 from MFS Value Portfolio II pre-merger net investment income, minus $171,768 in lower net advisory fees, plus $124,348 of pro-forma eliminated other expenses.
(b)	$819,509,920 unrealized appreciation as reported at June 30, 2018, minus $1,105,285,182 pro-forma December 31, 2017 unrealized appreciation, plus $105,075,521 net realized gain as reported at June 30, 2018, plus $4,784,866 in net realized gain from MFS Value Portfolio II pre-merger.

BHFTII-20

Brighthouse Funds Trust II

Shareholder Votes (Unaudited)

At a Special Meeting of Shareholders, held February 23, 2018, the shareholders of the MFS Value Portfolio II voted for the following proposal:

	For		Against		Abstain		Total
To approve an Agreement and Plan of Reorganization (the “Plan”) providing for the acquisition of all of the assets of MFS Value Portfolio II (“MFS Portfolio”) by MFS Value Portfolio (the “Portfolio”), each a series of Brighthouse Funds Trust II, in exchange for shares of the Portfolio and the assumption by the Portfolio of the liabilities of MFS Portfolio		57,408,964.231		2,007,571.563		6,659,668.258		66,076,204.052

BHFTII-21

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Neuberger Berman Genesis Portfolio returned 4.51%, 4.32%, and 4.36%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 5.44%.

MARKET ENVIRONMENT / CONDITIONS

After a strong start in January 2018, the U.S. stock market reversed course and experienced its first correction (a decline of at least 10%) in February and continued to fall in March. This turnaround was triggered by several factors, including concerns that the Federal Reserve may raise interest rates at a faster pace than previously expected. However, the market was resilient and moved higher during each of the last three months of the reporting period. Over this time, corporate profits that largely exceeded expectations overshadowed concerns over a global trade war, geopolitical issues and signs of moderating global growth. All told, the S&P 500 Index gained 2.65% during the six months ended June 30, 2018. Small-cap stocks significantly outperformed the overall stock market over the reporting period as the Russell 2000 Index returned 7.66%. Investor sentiment for small-cap stocks was buoyed by expectations that these domestic-oriented companies were less susceptible to the negative impacts of a global trade war. There was a meaningful dispersion between small-cap growth and value stocks, as the Russell 2000 Growth and Value Indexes returned 9.70% and 5.44%, respectively.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio lagged the Russell 2000 Value Index during the reporting period. The Portfolio’s performance was largely in line with the benchmark during the first half of the reporting period. However, it underperformed during the second half of the period as low quality, more speculative companies with a high price-to-earnings ratio and non-earners generated the strongest returns. This was a headwind for our investment process that emphasizes higher quality companies with free cash flows. As such, stock selection negatively impacted our relative results. Meanwhile, sector allocation had minimal impact on relative performance.

In terms of stock selection, the Portfolio’s holdings in the Consumer Discretionary and Industrials sectors were the largest detractors from a sector perspective. Within Consumer Discretionary, our recreational vehicle-related holdings generated weak results, while the Portfolio’s specialty retail names underperformed those of the benchmark. The recreational vehicle industry is under pressure due to elevated channel inventories, cycle concerns and wage/commodity cost pressures. In the Industrials sector, the Portfolio’s building products and machinery holdings lagged the benchmark. Conversely, stock selection in the Information Technology and Consumer Staples sectors were the most additive for performance. Within the Information Technology sector, the Portfolio’s software names were the most additive for performance. In the Consumer Staples sector, the Portfolio’s food products and household product companies generated the strongest relative returns.

A number of individual holdings were negative for performance due to company-specific issues. These included Rogers Corp., LCI Industries and Cognex Corp. Rogers Corp. is a specialty materials company with dominant shares in niche markets. The stock underperformed during the reporting period as transitory issues weighed on the company’s margins after a stretch of very strong organic growth. LCI Industries is a leading supplier of engineered components to recreational vehicle (“RV”) original equipment manufacturers. The company’s high returns have been supported by scale and expertise versus small fragmented competitors, a solid track record of accretive mergers and acquisitions, strong secular demand from new millennial buyers purchasing RVs and lower RV price points. The stock underperformed due to margin pressure caused by higher input costs, rising channel inventories and concerns about the RV sales cycle. Cognex Corp. is a global leader in machine vision systems and software that enables high-precision and high-speed manufacturing in widely diverse industries. The company has been supported by its software algorithm complexity, unique intellectual property, improved return on investment for its customers, market leading installed base and service capabilities. However, its shares underperformed due to softer than expected first quarter results and relatively flat earnings thus far in 2018.

Examples of individual stocks that produced strong returns included Aspen Technology, Inc., IDEXX Laboratories, Inc., and Chemed Corp. Aspen Technologies sells mission critical process optimization software with meaningful returns on investment to customers and, in our view, has a long runway of opportunity to sell additional modules into its existing customer base. We think the company’s business model is highly profitable and has limited capital expenditure needs. The stock outperformed during the reporting period due to continued strong results and growing excitement around its new asset performance management business. IDEXX Laboratories is the leading provider of diagnostic instruments and consumables to veterinarians. The company benefits from strong secular demand in companion health diagnostics. IDEXX Laboratories also leverages its industry-leading product innovation and sales force to increase market share and is a strong capital allocator. The stock rallied during the period due to strong earnings results. Chemed Corp. operates two business segments: VITAS (hospice care) and Roto-Rooter (plumbing to residential and commercial customers). Both VITAS and Roto-Rooter were market share leaders in fragmented industries. The stock performed well, as both segments were delivering solid revenue and earnings growth.

From a sector allocation perspective, the Portfolio’s positioning in Health Care was the largest contributor to relative performance. Within the sector, overweights to the health care equipment & supplies and life science tools & services industries were the most beneficial for results. Elsewhere, having no exposures to thrifts & mortgage finance and the Utilities sector were positive for performance. On the downside, the lack of biotechnology companies within Health Care were the largest headwinds for relative results. The Portfolio does not

BHFTII-1

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Managed by Neuberger Berman Investment Advisers LLC

Portfolio Manager Commentary*—(Continued)

typically own biotechnology companies as they do not meet the Portfolio manager’s investment criteria given their speculative nature, a general lack of earnings and their need to access the capital markets. A modest cash position was also a headwind for performance during the reporting period.

In terms of portfolio changes, we made a number of adjustments on the margin throughout the reporting period.

Judith M. Vale,

Robert W. D’Alelio

Brett S. Reiner

Gregory G. Spiegel

Portfolio Managers

Neuberger Berman Investment Advisers LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-2

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Neuberger Berman Genesis Portfolio
Class A		4.51		15.13		11.99		8.33
Class B		4.32		14.80		11.71		8.05
Class E		4.36		14.88		11.82		8.16
Russell 2000 Value Index		5.44		13.10		11.18		9.88

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Pool Corp.		2.3
Aspen Technology, Inc.		2.1
West Pharmaceutical Services, Inc.		1.9
Littelfuse, Inc.		1.9
Tyler Technologies, Inc.		1.9
IDEXX Laboratories, Inc.		1.7
Fair Isaac Corp.		1.6
Chemed Corp.		1.5
Bio-Techne Corp.		1.5
RBC Bearings, Inc.		1.5

Top Sectors

	% of Net Assets
Information Technology		20.7
Industrials		18.3
Financials		16.3
Consumer Discretionary		12.9
Health Care		12.7
Materials		7.1
Consumer Staples		5.6
Energy		4.9
Real Estate		0.5

BHFTII-3

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Neuberger Berman Genesis Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.84	%	$	1,000.00	$	1,045.10	$	4.26
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.63	$	4.21
Class B (a)	Actual		1.09	%	$	1,000.00	$	1,043.20	$	5.52
	Hypothetical*		1.09	%	$	1,000.00	$	1,019.39	$	5.46
Class E (a)	Actual		0.99	%	$	1,000.00	$	1,043.60	$	5.02
	Hypothetical*		0.99	%	$	1,000.00	$	1,019.89	$	4.96

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.3%
Astronics Corp. (a)		100,862	$	3,628,006
Air Freight & Logistics—0.5%
Forward Air Corp.		99,796		5,895,948
Airlines—0.7%
Allegiant Travel Co.		52,350		7,274,033
Auto Components—1.4%
Fox Factory Holding Corp. (a)		139,805		6,507,923
LCI Industries		102,350		9,226,852
				15,734,775
Automobiles—0.4%
Thor Industries, Inc.		42,400		4,129,336
Banks—11.9%
Bank of Hawaii Corp.		186,590		15,565,338
Bank of the Ozarks, Inc.		267,836		12,063,333
BOK Financial Corp.		120,902		11,365,997
Columbia Banking System, Inc.		212,120		8,675,708
Community Bank System, Inc.		142,887		8,440,335
Cullen/Frost Bankers, Inc.		144,818		15,675,100
CVB Financial Corp.		519,050		11,637,101
First Financial Bankshares, Inc.		247,520		12,598,768
First Hawaiian, Inc.		187,725		5,447,780
FNB Corp.		446,463		5,991,534
Glacier Bancorp, Inc.		157,935		6,108,926
Lakeland Financial Corp.		76,795		3,700,751
LegacyTexas Financial Group, Inc.		201,160		7,849,263
PacWest Bancorp		122,158		6,037,048
				131,156,982
Beverages—0.9%
MGP Ingredients, Inc.		116,235		10,322,830
Biotechnology—0.3%
Abcam plc		190,755		3,354,097
Building Products—1.9%
A.O. Smith Corp.		140,330		8,300,520
AAON, Inc.		280,842		9,337,996
Patrick Industries, Inc. (a)		46,857		2,663,820
				20,302,336
Capital Markets—3.0%
Artisan Partners Asset Management, Inc. - Class A		136,710		4,121,807
BrightSphere Investment Group plc		282,190		4,024,029
FactSet Research Systems, Inc.		32,725		6,482,822
Houlihan Lokey, Inc.		78,435		4,017,441
MarketAxess Holdings, Inc.		69,760		13,802,714
				32,448,813
Chemicals—3.8%
Balchem Corp.		92,103		9,038,988
Chase Corp.		33,870		3,971,258
Innophos Holdings, Inc.		45,655		2,173,178
NewMarket Corp.		12,347		4,994,361
Quaker Chemical Corp.		54,725		8,475,261
Sensient Technologies Corp.		188,965		13,520,446
				42,173,492
Commercial Services & Supplies—3.5%
Healthcare Services Group, Inc.		201,954		8,722,393
MSA Safety, Inc.		65,525		6,312,679
Rollins, Inc.		308,095		16,199,635
UniFirst Corp.		38,900		6,881,410
				38,116,117
Communications Equipment—1.1%
NetScout Systems, Inc. (a)		418,580		12,431,826
Construction & Engineering—1.0%
Valmont Industries, Inc.		70,235		10,587,926
Construction Materials—1.3%
Eagle Materials, Inc.		137,100		14,391,387
Containers & Packaging—1.1%
AptarGroup, Inc.		127,544		11,910,059
Distributors—2.3%
Pool Corp.		166,350		25,202,025
Diversified Consumer Services—0.9%
Bright Horizons Family Solutions, Inc. (a)		100,995		10,354,007
Electrical Equipment—0.5%
AZZ, Inc.		129,960		5,646,762
Electronic Equipment, Instruments & Components—5.6%
Cognex Corp.		195,275		8,711,218
Littelfuse, Inc.		90,200		20,581,836
Nlight, Inc. (a)		16,625		549,623
Novanta, Inc. (a)		106,235		6,618,440
Rogers Corp. (a)		131,435		14,649,745
Zebra Technologies Corp. - Class A (a)		74,687		10,698,913
				61,809,775
Energy Equipment & Services—1.1%
Apergy Corp. (a)		124,730		5,207,478
Pason Systems, Inc.		422,065		6,862,861
				12,070,339
Food Products—2.4%
Calavo Growers, Inc.		91,785		8,825,128
J&J Snack Foods Corp.		45,659		6,961,627
Lancaster Colony Corp.		77,600		10,741,392
				26,528,147

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—6.9%
Atrion Corp.		9,425	$	5,649,345
Cantel Medical Corp.		120,842		11,886,019
Haemonetics Corp. (a)		112,186		10,060,840
Heska Corp. (a)		44,840		4,653,944
IDEXX Laboratories, Inc. (a)		86,955		18,950,973
Neogen Corp. (a)		47,120		3,778,553
West Pharmaceutical Services, Inc.		214,871		21,334,541
				76,314,215
Health Care Providers & Services—3.2%
Chemed Corp.		51,850		16,685,848
Henry Schein, Inc. (a)		103,775		7,538,216
Tivity Health, Inc. (a)		136,790		4,815,008
U.S. Physical Therapy, Inc.		65,600		6,297,600
				35,336,672
Hotels, Restaurants & Leisure—2.2%
Cheesecake Factory, Inc. (The)		62,840		3,459,971
Cracker Barrel Old Country Store, Inc.		42,295		6,606,902
Papa John’s International, Inc.		84,900		4,306,128
Texas Roadhouse, Inc.		147,085		9,635,538
				24,008,539
Household Durables—0.3%
Installed Building Products, Inc. (a)		56,125		3,173,869
Household Products—2.3%
Church & Dwight Co., Inc.		282,870		15,037,369
Energizer Holdings, Inc.		32,930		2,073,273
WD-40 Co.		51,950		7,597,688
				24,708,330
Industrial Conglomerates—0.4%
Raven Industries, Inc.		116,049		4,462,084
Insurance—1.4%
AMERISAFE, Inc.		82,695		4,775,636
RLI Corp.		164,515		10,889,248
				15,664,884
IT Services—1.3%
Jack Henry & Associates, Inc.		111,645		14,554,042
Life Sciences Tools & Services—2.2%
Bio-Techne Corp.		112,630		16,663,608
ICON plc (a)		59,477		7,882,487
				24,546,095
Machinery—6.3%
Graco, Inc.		156,575		7,080,321
Lindsay Corp.		51,600		5,004,684
Middleby Corp. (The) (a)		85,350		8,912,247
Nordson Corp.		76,707		9,849,946
RBC Bearings, Inc. (a)		126,760		16,327,956
Machinery—(Continued)
Toro Co. (The)		210,505		12,682,926
Wabtec Corp.		92,500		9,118,650
				68,976,730
Media—2.5%
Cable One, Inc.		7,255		5,320,019
Gray Television, Inc. (a)		378,195		5,975,481
Nexstar Media Group, Inc. - Class A		214,365		15,734,391
				27,029,891
Multiline Retail—0.4%
Ollie’s Bargain Outlet Holdings, Inc. (a)		52,950		3,838,875
Oil, Gas & Consumable Fuels—3.5%
Centennial Resource Development, Inc. - Class A (a)		821,305		14,832,768
Matador Resources Co. (a)		357,095		10,730,705
RSP Permian, Inc. (a)		125,470		5,523,189
WPX Energy, Inc. (a)		404,665		7,296,110
				38,382,772
Paper & Forest Products—0.9%
Stella-Jones, Inc.		277,325		10,102,380
Professional Services—1.2%
Exponent, Inc.		272,227		13,148,564
Real Estate Management & Development—0.5%
FirstService Corp.		72,945		5,546,738
Semiconductors & Semiconductor Equipment—3.0%
Cabot Microelectronics Corp.		82,300		8,852,188
MKS Instruments, Inc.		86,825		8,309,153
Power Integrations, Inc.		220,460		16,104,603
				33,265,944
Software—9.9%
Altair Engineering, Inc. - Class A (a)		112,350		3,840,123
Aspen Technology, Inc. (a)		254,725		23,623,197
Computer Modelling Group, Ltd.		399,835		3,030,949
Constellation Software, Inc.		7,630		5,917,291
Fair Isaac Corp. (a)		91,270		17,644,316
Manhattan Associates, Inc. (a)		337,871		15,883,316
Monotype Imaging Holdings, Inc.		164,953		3,348,546
Qualys, Inc. (a)		186,600		15,730,380
Tyler Technologies, Inc. (a)		91,860		20,402,106
				109,420,224
Specialty Retail—2.6%
Asbury Automotive Group, Inc. (a)		69,400		4,757,370
Floor & Decor Holdings, Inc. - Class A (a)		63,175		3,116,423
Lithia Motors, Inc. - Class A		87,420		8,267,309
Monro, Inc.		110,585		6,424,988
Tractor Supply Co.		78,840		6,030,472
				28,596,562

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Trading Companies & Distributors—2.1%
Applied Industrial Technologies, Inc.		43,466	$	3,049,140
Richelieu Hardware, Ltd.		133,150		2,776,132
SiteOne Landscape Supply, Inc. (a)		71,755		6,025,267
Watsco, Inc.		63,195		11,266,405
				23,116,944
Total Common Stocks (Cost $690,386,942)				1,089,663,372
Short-Term Investment—0.9%
Security Description	Principal Amount*		Value
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $9,597,406; collateralized by U.S. Treasury Note at 2.125%, maturing 03/31/24, with a market value of $9,792,466.		9,596,766		9,596,766
Total Short-Term Investments (Cost $9,596,766)				9,596,766
Total Investments—99.9% (Cost $699,983,708)				1,099,260,138
Other assets and liabilities (net)—0.1%				1,445,046
Net Assets—100.0%			$	1,100,705,184

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	3,628,006	$	—	$	—	$	3,628,006
Air Freight & Logistics		5,895,948		—		—		5,895,948
Airlines		7,274,033		—		—		7,274,033
Auto Components		15,734,775		—		—		15,734,775
Automobiles		4,129,336		—		—		4,129,336
Banks		131,156,982		—		—		131,156,982
Beverages		10,322,830		—		—		10,322,830
Biotechnology		—		3,354,097		—		3,354,097
Building Products		20,302,336		—		—		20,302,336
Capital Markets		32,448,813		—		—		32,448,813
Chemicals		42,173,492		—		—		42,173,492
Commercial Services & Supplies		38,116,117		—		—		38,116,117
Communications Equipment		12,431,826		—		—		12,431,826
Construction & Engineering		10,587,926		—		—		10,587,926
Construction Materials		14,391,387		—		—		14,391,387
Containers & Packaging		11,910,059		—		—		11,910,059
Distributors		25,202,025		—		—		25,202,025
Diversified Consumer Services		10,354,007		—		—		10,354,007
Electrical Equipment		5,646,762		—		—		5,646,762
Electronic Equipment, Instruments & Components		61,809,775		—		—		61,809,775
Energy Equipment & Services		12,070,339		—		—		12,070,339
Food Products		26,528,147		—		—		26,528,147
Health Care Equipment & Supplies		76,314,215		—		—		76,314,215
Health Care Providers & Services		35,336,672		—		—		35,336,672
Hotels, Restaurants & Leisure		24,008,539		—		—		24,008,539
Household Durables		3,173,869		—		—		3,173,869
Household Products		24,708,330		—		—		24,708,330
Industrial Conglomerates		4,462,084		—		—		4,462,084
Insurance		15,664,884		—		—		15,664,884
IT Services		14,554,042		—		—		14,554,042
Life Sciences Tools & Services		24,546,095		—		—		24,546,095
Machinery		68,976,730		—		—		68,976,730
Media		27,029,891		—		—		27,029,891
Multiline Retail		3,838,875		—		—		3,838,875
Oil, Gas & Consumable Fuels		38,382,772		—		—		38,382,772
Paper & Forest Products		—		10,102,380		—		10,102,380
Professional Services		13,148,564		—		—		13,148,564
Real Estate Management & Development		5,546,738		—		—		5,546,738
Semiconductors & Semiconductor Equipment		33,265,944		—		—		33,265,944
Software		109,420,224		—		—		109,420,224

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Specialty Retail	$	28,596,562	$	—	$	—	$	28,596,562
Trading Companies & Distributors		20,340,812		2,776,132		—		23,116,944
Total Common Stocks		1,073,430,763		16,232,609		—		1,089,663,372
Total Short-Term Investment*		—		9,596,766		—		9,596,766
Total Investments	$	1,073,430,763	$	25,829,375	$	—	$	1,099,260,138

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 1 to Level 2 in the amount of $2,646,356 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.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a)	$	1,099,260,138
Cash		46,602
Receivable for:
Investments sold		3,165,043
Fund shares sold		2,571
Dividends and interest		354,470
Total Assets		1,102,828,824
Liabilities
Payables for:
Investments purchased		132,670
Fund shares redeemed		858,623
Accrued Expenses:
Management fees		743,008
Distribution and service fees		79,322
Deferred trustees’ fees		140,048
Other expenses		169,969
Total Liabilities		2,123,640
Net Assets	$	1,100,705,184
Net Assets Consist of:
Paid in surplus	$	615,980,136
Undistributed net investment income		786,111
Accumulated net realized gain		84,662,462
Unrealized appreciation on investments and foreign currency transactions		399,276,475
Net Assets	$	1,100,705,184
Net Assets
Class A	$	685,812,890
Class B		324,779,533
Class E		90,112,761
Capital Shares Outstanding*
Class A		32,995,159
Class B		15,927,742
Class E		4,392,812
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.79
Class B		20.39
Class E		20.51

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $699,983,708.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	6,014,493
Interest		34,785
Total investment income		6,049,278
Expenses
Management fees		4,720,762
Administration fees		18,373
Custodian and accounting fees		24,393
Distribution and service fees—Class B		412,695
Distribution and service fees—Class E		68,433
Audit and tax services		21,230
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		85,853
Insurance		3,701
Miscellaneous		7,732
Total expenses		5,405,323
Less management fee waiver		(61,987	)
Less broker commission recapture		(19,101	)
Net expenses		5,324,235
Net Investment Income		725,043
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		85,681,482
Foreign currency transactions		(2,133	)
Net realized gain		85,679,349
Net change in unrealized appreciation (depreciation) on:
Investments		(35,805,920	)
Foreign currency transactions		45
Net change in unrealized depreciation		(35,805,875	)
Net realized and unrealized gain		49,873,474
Net Increase in Net Assets From Operations	$	50,598,517

(a) Net of foreign withholding taxes of $42,793.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	725,043		$	3,233,517
Net realized gain		85,679,349			134,565,500
Net change in unrealized appreciation (depreciation)		(35,805,875	)		35,165,604
Increase in net assets from operations		50,598,517			172,964,621
From Distributions to Shareholders
Net investment income
Class A		(2,399,072	)		(3,068,174	)
Class B		(324,670	)		(583,870	)
Class E		(182,693	)		(247,513	)
Net realized capital gains
Class A		(83,704,211	)		(60,863,233	)
Class B		(40,386,125	)		(27,322,102	)
Class E		(11,120,923	)		(7,528,510	)
Total distributions		(138,117,694	)		(99,613,402	)
Decrease in net assets from capital share transactions		(15,369,584	)		(60,762,640	)
Total increase (decrease) in net assets		(102,888,761	)		12,588,579
Net Assets
Beginning of period		1,203,593,945			1,191,005,366
End of period	$	1,100,705,184		$	1,203,593,945
Undistributed net investment income
End of period	$	786,111		$	2,967,503

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		179,258		$	4,111,452			545,697		$	11,693,079
Reinvestments		4,053,827			86,103,283			3,088,474			63,931,407
Redemptions		(5,237,785	)		(120,923,819	)		(5,394,723	)		(117,602,380	)
Net decrease		(1,004,700	)	$	(30,709,084	)		(1,760,552	)	$	(41,977,894	)
Class B
Sales		143,395		$	3,217,066			507,997		$	10,710,432
Reinvestments		1,953,493			40,710,795			1,370,628			27,905,972
Redemptions		(1,449,152	)		(32,571,408	)		(2,440,824	)		(51,897,130	)
Net increase (decrease)		647,736		$	11,356,453			(562,199	)	$	(13,280,726	)
Class E
Sales		10,369		$	234,265			41,800		$	888,318
Reinvestments		539,295			11,303,616			379,874			7,776,023
Redemptions		(334,627	)		(7,554,834	)		(661,383	)		(14,168,361	)
Net increase (decrease)		215,037		$	3,983,047			(239,709	)	$	(5,504,020	)
Decrease derived from capital shares transactions				$	(15,369,584	)				$	(60,762,640	)

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	22.65		$	21.38		$	18.10		$	18.07		$	18.14		$	13.21
Income (Loss) from Investment Operations
Net investment income (a)		0.02			0.08			0.08	(b)		0.08			0.08			0.07
Net realized and unrealized gain (loss) on investments		1.06			3.11			3.29			0.03			(0.08	)		4.98
Total from investment operations		1.08			3.19			3.37			0.11			0.00			5.05
Less Distributions
Distributions from net investment income		(0.08	)		(0.09	)		(0.09	)		(0.08	)		(0.07	)		(0.12	)
Distributions from net realized capital gains		(2.86	)		(1.83	)		0.00			0.00			0.00			0.00
Total distributions		(2.94	)		(1.92	)		(0.09	)		(0.08	)		(0.07	)		(0.12	)
Net Asset Value, End of Period	$	20.79		$	22.65		$	21.38		$	18.10		$	18.07		$	18.14
Total Return (%) (c)		4.51	(d)		15.75			18.68			0.58			0.01			38.52
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.85			0.84			0.83			0.83
Net ratio of expenses to average net assets (%) (f)		0.84	(e)		0.84			0.84			0.83			0.83			0.82
Ratio of net investment income to average net assets (%)		0.21	(e)		0.36			0.43	(b)		0.42			0.43			0.42
Portfolio turnover rate (%)		5	(d)		17			19			16			9			17
Net assets, end of period (in millions)	$	685.8		$	770.2		$	764.5		$	814.6		$	985.8		$	1,154.0
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	22.25		$	21.03		$	17.80		$	17.76		$	17.85		$	13.00
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(g)		0.02			0.04	(b)		0.03			0.03			0.03
Net realized and unrealized gain (loss) on investments		1.02			3.07			3.23			0.04			(0.08	)		4.91
Total from investment operations		1.02			3.09			3.27			0.07			(0.05	)		4.94
Less Distributions
Distributions from net investment income		(0.02	)		(0.04	)		(0.04	)		(0.03	)		(0.04	)		(0.09	)
Distributions from net realized capital gains		(2.86	)		(1.83	)		0.00			0.00			0.00			0.00
Total distributions		(2.88	)		(1.87	)		(0.04	)		(0.03	)		(0.04	)		(0.09	)
Net Asset Value, End of Period	$	20.39		$	22.25		$	21.03		$	17.80		$	17.76		$	17.85
Total Return (%) (c)		4.32	(d)		15.49			18.39			0.38			(0.30	)		38.19
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10	(e)		1.10			1.10			1.09			1.08			1.08
Net ratio of expenses to average net assets (%) (f)		1.09	(e)		1.09			1.09			1.08			1.08			1.07
Ratio of net investment income (loss) to average net assets (%)		(0.04	)(e)		0.11			0.19	(b)		0.17			0.18			0.22
Portfolio turnover rate (%)		5	(d)		17			19			16			9			17
Net assets, end of period (in millions)	$	324.8		$	339.9		$	333.1		$	321.7		$	366.8		$	418.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	22.38		$	21.14		$	17.89		$	17.86		$	17.94		$	13.06
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.04			0.05	(b)		0.05			0.05			0.04
Net realized and unrealized gain (loss) on investments		1.03			3.09			3.26			0.03			(0.09	)		4.94
Total from investment operations		1.04			3.13			3.31			0.08			(0.04	)		4.98
Less Distributions
Distributions from net investment income		(0.05	)		(0.06	)		(0.06	)		(0.05	)		(0.04	)		(0.10	)
Distributions from net realized capital gains		(2.86	)		(1.83	)		0.00			0.00			0.00			0.00
Total distributions		(2.91	)		(1.89	)		(0.06	)		(0.05	)		(0.04	)		(0.10	)
Net Asset Value, End of Period	$	20.51		$	22.38		$	21.14		$	17.89		$	17.86		$	17.94
Total Return (%) (c)		4.36	(d)		15.61			18.54			0.43			(0.19	)		38.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00	(e)		1.00			1.00			0.99			0.98			0.98
Net ratio of expenses to average net assets (%) (f)		0.99	(e)		0.99			0.99			0.98			0.98			0.97
Ratio of net investment income to average net assets (%)		0.06	(e)		0.21			0.29	(b)		0.27			0.28			0.28
Portfolio turnover rate (%)		5	(d)		17			19			16			9			17
Net assets, end of period (in millions)	$	90.1		$	93.5		$	93.4		$	89.3		$	103.6		$	122.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(g)	Net investment loss was less than $0.01.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Neuberger Berman Genesis Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-14

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, adjustments to prior period accumulated balances and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

BHFTII-15

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio had investments in repurchase agreements with a gross value of $9,596,766, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTII-16

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	60,738,443	$	0	$	210,914,859

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$4,720,762		0.850	%	Of the first $500 million
		0.800	%	Of the next $500 million
		0.750	%	On amounts in excess of $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Neuberger Berman Management LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	First $500 million

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

BHFTII-17

Brighthouse Funds Trust II

Neuberger Berman Genesis Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	700,761,476
Gross unrealized appreciation		410,604,539
Gross unrealized depreciation		(12,105,877	)
Net unrealized appreciation (depreciation)	$	398,498,662

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$3,899,557	$	4,406,203	$	95,713,845	$	—	$	99,613,402	$	4,406,203

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$5,162,048	$	132,923,165	$	434,304,582	$	—	$	572,389,795

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the T. Rowe Price Large Cap Growth Portfolio returned 9.82%, 9.68%, and 9.72%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned 7.25%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks posted modest returns for the six months ended June 30, 2018. Major stock indexes climbed to record highs through late January, even as interest rates rose, buoyed by strong corporate earnings, solid economic growth, and federal tax cuts. In the closing months of the period, global trade tensions curbed market gains. Fears that the Trump administration’s tariffs on trading partners would spark a trade war that could jeopardize synchronized global economic growth weighed on the markets. Within the large-cap growth space, Consumer Discretionary led returns, followed by Information Technology, with both sectors posting double-digit advances in the benchmark Russell 1000 Growth Index. In contrast, Telecommunication Services and Consumer Staples closed with the largest declines during the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index for the six-month period ended June 30, 2018. Overall, both sector allocation and stock selection contributed to relative outperformance.

Consumer Discretionary was the largest relative contributor, due primarily to stock selection. A beneficial overweight to the sector, which led the benchmark for the period, also helped overall results. Shares of Amazon.com traded higher as earnings exceeded expectations, bolstered by core retail strength in North America, accelerating revenue and margin expansion within Amazon Web Services, and ad revenue growth. Shares of Netflix traded upward as both domestic and international subscription growth continued to outpace expectations, driven by a strong content lineup and growth of bundling deals.

The Portfolio’s stock holdings in Industrials and Business Services outpaced their benchmark peers, and a beneficial underweight to the sector, which declined in the benchmark, bolstered relative returns. Boeing shares rose as operating margins continued to expand, due to favorable delivery volume and mix within commercial aircraft, as well as revenue growth from defense and services that exceeded expectations. At TransUnion, better-than-expected organic revenue out of the U.S. Information Services Segment, particularly from new online data services gaining traction, drove above-consensus topline results, lifting shares.

An underweight exposure to the Materials sector added relative value, outweighing a slight detraction from stock selection in the sector. At period end, we continued to have minimal exposure to the Materials sector and have historically focused on companies with strong fundamentals and exposure to U.S. infrastructure projects. In our view, valuations in the sector remained stretched following the post-election rally in cyclical stocks.

Conversely, stock selection in Financials weighed on relative performance, as did an overweight to the sector. Shares of Chubb came under pressure in the period after a pre-announcement of higher-than-expected catastrophe losses stemming from mudslides in California and storms in the Northeast.

Information Technology also detracted from relative results, due to stock selection despite a beneficial overweight to the sector.

At the end of the period, the Portfolio’s greatest overweight relative to the benchmark was to the Consumer Discretionary sector. The Portfolio was also overweight to the Financials, Utilities, and Information Technology sectors. The Portfolio’s most significant underweight allocation was to the Consumer Staples sector. The Portfolio was also underweight to the Industrials and Business Services, Materials, Energy, Real Estate, Health Care, and Telecommunication Services sectors. Portfolio positioning decisions were driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Joseph B. Fath

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
T. Rowe Price Large Cap Growth Portfolio
Class A		9.82		22.92		17.73		12.24
Class B		9.68		22.60		17.43		11.97
Class E		9.72		22.72		17.55		12.07
Russell 1000 Growth Index		7.25		22.51		16.36		11.83

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Amazon.com, Inc.		9.1
Microsoft Corp.		5.2
Facebook, Inc. - Class A		4.9
Booking Holdings, Inc.		3.9
Boeing Co. (The)		3.3
Visa, Inc. - Class A		3.1
Alphabet, Inc. - Class C		2.9
Alibaba Group Holding, Ltd. (ADR)		2.7
Alphabet, Inc. - Class A		2.6
MasterCard, Inc. - Class A		2.6

Top Sectors

	% of Net Assets
Information Technology		43.6
Consumer Discretionary		23.4
Health Care		12.7
Industrials		8.7
Financials		6.0
Consumer Staples		1.7
Utilities		1.5
Real Estate		1.2
Materials		0.6

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.55	%	$	1,000.00	$	1,098.20	$	2.86
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class B (a)	Actual		0.80	%	$	1,000.00	$	1,096.80	$	4.16
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class E (a)	Actual		0.70	%	$	1,000.00	$	1,097.20	$	3.64
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—97.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.3%
Boeing Co. (The)		240,544	$	80,704,917
Airlines—0.3%
American Airlines Group, Inc. (a)		175,377		6,657,311
Auto Components—0.8%
Aptiv plc		224,500		20,570,935
Automobiles—2.8%
Ferrari NV		97,263		13,131,478
Tesla, Inc. (a) (b)		160,197		54,939,561
				68,071,039
Banks—1.2%
First Republic Bank		43,505		4,210,849
JPMorgan Chase & Co.		239,419		24,947,460
				29,158,309
Beverages—0.5%
PepsiCo, Inc.		113,099		12,313,088
Biotechnology—2.3%
Alexion Pharmaceuticals, Inc. (b)		189,784		23,561,684
Vertex Pharmaceuticals, Inc. (b)		199,541		33,913,988
				57,475,672
Capital Markets—3.9%
Charles Schwab Corp. (The)		500,755		25,588,580
Intercontinental Exchange, Inc.		300,234		22,082,211
Morgan Stanley		390,500		18,509,700
TD Ameritrade Holding Corp.		544,723		29,834,479
				96,014,970
Chemicals—0.6%
DowDuPont, Inc.		227,000		14,963,840
Electric Utilities—0.4%
NextEra Energy, Inc.		55,400		9,253,462
Equity Real Estate Investment Trusts—1.2%
Crown Castle International Corp.		280,586		30,252,783
Health Care Equipment & Supplies—5.6%
Becton Dickinson & Co.		215,041		51,515,222
Danaher Corp.		84,800		8,368,064
Intuitive Surgical, Inc. (b)		79,900		38,230,552
Stryker Corp.		229,506		38,754,383
				136,868,221
Health Care Providers & Services—4.8%
Anthem, Inc.		119,217		28,377,222
Centene Corp. (b)		156,876		19,328,692
Cigna Corp.		59,449		10,103,358

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
UnitedHealth Group, Inc.		242,741	$	59,554,077
				117,363,349
Hotels, Restaurants & Leisure—2.1%
Caesars Entertainment Corp. (a) (b)		951,123		10,177,016
Hilton Worldwide Holdings, Inc.		80,979		6,410,298
Las Vegas Sands Corp.		205,200		15,669,072
Wynn Resorts, Ltd.		114,582		19,174,152
				51,430,538
Household Durables—0.4%
NVR, Inc. (b)		3,100		9,208,085
Industrial Conglomerates—1.7%
Honeywell International, Inc.		124,199		17,890,866
Roper Technologies, Inc.		83,051		22,914,601
				40,805,467
Insurance—0.8%
Chubb, Ltd.		159,329		20,237,970
Internet & Direct Marketing Retail—14.5%
Amazon.com, Inc. (b)		131,711		223,882,358
Booking Holdings, Inc. (b)		47,496		96,278,667
Netflix, Inc. (b)		93,850		36,735,705
				356,896,730
Internet Software & Services—15.1%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		364,414		67,609,729
Alphabet, Inc. - Class A (b)		57,270		64,668,711
Alphabet, Inc. - Class C (b)		63,602		70,957,571
Dropbox, Inc. - Class A (b)		24,547		795,814
Dropbox, Inc. - Class A (b) (c) (e)		143,175		4,409,647
Facebook, Inc. - Class A (b)		626,367		121,715,636
Tencent Holdings, Ltd.		841,285		41,894,447
				372,051,555
IT Services—9.7%
Adyen NV (b)		1,248		687,535
Fidelity National Information Services, Inc.		160,600		17,028,418
Fiserv, Inc. (b)		242,006		17,930,224
MasterCard, Inc. - Class A		324,458		63,762,486
PayPal Holdings, Inc. (b)		423,196		35,239,531
Visa, Inc. - Class A (a)		572,399		75,814,248
Worldpay, Inc. - Class A (b)		339,200		27,739,776
				238,202,218
Machinery—1.7%
Fortive Corp.		261,128		20,135,580
Illinois Tool Works, Inc.		44,600		6,178,884
Wabtec Corp. (a)		148,583		14,647,312
				40,961,776

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—1.0%
Walt Disney Co. (The)		244,694	$	25,646,378
Multi-Utilities—0.8%
Sempra Energy (a)		170,991		19,853,765
Multiline Retail—0.8%
Dollar General Corp.		82,743		8,158,460
Dollarama, Inc.		269,331		10,440,123
				18,598,583
Professional Services—1.8%
Equifax, Inc.		176,998		22,144,220
TransUnion		313,324		22,446,531
				44,590,751
Real Estate Management & Development—0.0%
WeWork Cos., Inc. - Class A (b) (c) (d) (e)		2,563		117,514
Semiconductors & Semiconductor Equipment—2.5%
ASML Holding NV (a)		84,700		16,768,059
Broadcom, Inc.		102,639		24,904,327
Texas Instruments, Inc.		190,172		20,966,463
				62,638,849
Software—14.1%
Activision Blizzard, Inc.		226,800		17,309,376
Electronic Arts, Inc. (b)		175,329		24,724,896
Intuit, Inc.		199,435		40,745,568
Microsoft Corp. (a)		1,308,637		129,044,695
Red Hat, Inc. (a) (b)		116,544		15,660,017
Salesforce.com, Inc. (a) (b)		322,966		44,052,562
ServiceNow, Inc. (a) (b)		105,007		18,110,557
Symantec Corp.		1,387,261		28,646,940
UBER Technologies, Inc. - Class A (b) (c) (d) (e)		4,669		186,760
VMware, Inc. - Class A (b)		70,556		10,369,615
Workday, Inc. - Class A (a) (b)		145,165		17,582,385
				346,433,371
Technology Hardware, Storage & Peripherals—0.8%
Apple, Inc.		105,398		19,510,224
Textiles, Apparel & Luxury Goods—1.0%
NIKE, Inc. - Class B		297,958		23,741,293
Tobacco—1.1%
Philip Morris International, Inc.		347,979		28,095,824
Water Utilities—0.3%
American Water Works Co., Inc. (a)		98,748		8,431,104
Total Common Stocks (Cost $1,654,096,537)				2,407,119,891
Convertible Preferred Stocks—1.5%
Security Description	Shares/ Principal Amount*		Value
Internet Software & Services—1.0%
Airbnb, Inc. - Series D (b) (c) (d) (e)		97,047		10,033,689
Airbnb, Inc. - Series E (b) (c) (d) (e)		9,760		1,009,087
ANT International Co., Ltd. - Class C (b) (c) (d) (e)		1,458,697		8,183,290
Xiaoju Kuaizhi, Inc. - Series A-17 (b) (c) (d) (e)		91,053		4,403,323
				23,629,389
Real Estate Management & Development—0.1%
WeWork Cos., Inc. - Series E (b) (c) (d) (e)		64,744		2,968,512
Software—0.4%
Magic Leap, Inc. - Series C (b) (c) (d) (e)		124,428		3,359,556
Magic Leap, Inc. - Series D (b) (c) (d) (e)		90,348		2,439,396
UBER Technologies, Inc. (b) (c) (d) (e)		1,703		68,120
UBER Technologies, Inc. - Series A (b) (c) (d) (e)		665		26,600
UBER Technologies, Inc. - Series B (b) (c) (d) (e)		1,785		71,400
UBER Technologies, Inc. - Series C-1 (b) (c) (d) (e)		472		18,880
UBER Technologies, Inc. - Series C-2 (b) (c) (d) (e)		382		15,280
UBER Technologies, Inc. - Series C-3 (b) (c) (d) (e)		5		200
UBER Technologies, Inc. - Series D (b) (c) (d) (e)		424		16,960
UBER Technologies, Inc. - Series E (b) (c) (d) (e)		204		8,160
UBER Technologies, Inc. - Series G (b) (c) (d) (e)		98,227		3,929,080
UBER Technologies, Inc. - Series G-1 (b) (c) (d) (e)		1,024		40,960
				9,994,592
Total Convertible Preferred Stocks (Cost $28,001,590)				36,592,493
Corporate Bonds & Notes—0.2%
Lodging—0.2%
Caesars Entertainment Corp. 5.000%, 10/01/24 (Cost $5,801,535)		3,089,799		5,284,440
Short-Term Investment—0.3%
Mutual Fund—0.3%
T. Rowe Price Government Reserve Fund (f)		7,905,551		7,905,551
Total Short-Term Investments (Cost $7,905,551)				7,905,551
Securities Lending Reinvestments (g)—9.3%
Certificates of Deposit—4.6%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (h)		5,500,000		5,500,297
2.588%, 1M LIBOR + 0.500%, 09/21/18 (h)		2,000,000		2,001,192
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (h)		3,000,000		2,999,826
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (h)		4,000,000		4,005,600
Barclays Bank plc 2.430%, 08/01/18		4,500,000		4,501,336

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
BNP Paribas New York 2.471%, 1M LIBOR + 0.470%, 12/04/18 (h)		2,000,000	$	2,001,860
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (h)		2,500,000		2,500,938
China Construction Bank 2.550%, 09/17/18		6,000,000		5,999,898
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (h)		2,000,000		1,999,698
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (h)		4,000,000		4,003,112
2.525%, 3M LIBOR + 0.200%, 04/05/19 (h)		2,000,000		2,000,754
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		9,939,949		9,986,000
Credit Suisse AG New York 2.460%, FEDEFF PRV + 0.550%, 09/07/18 (h)		5,000,000		5,000,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		4,000,000		3,999,836
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (h)		2,000,000		2,000,104
2.548%, 3M LIBOR + 0.190%, 02/01/19 (h)		3,000,000		3,000,741
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (h)		5,000,000		4,998,755
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (h)		6,000,000		5,999,940
2.525%, 1M LIBOR + 0.440%, 09/17/18 (h)		500,000		500,401
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (h)		5,000,000		4,999,915
Standard Chartered plc 2.250%, 08/21/18		3,500,000		3,500,535
2.384%, 1M LIBOR + 0.300%, 08/22/18 (h)		3,500,000		3,500,084
2.466%, 1M LIBOR + 0.420%, 10/11/18 (h)		1,000,000		1,000,211
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (h)		8,000,000		8,000,704
2.374%, 1M LIBOR + 0.280%, 07/30/18 (h)		2,500,000		2,500,175
Sumitomo Mitsui Trust Bank, Ltd. 2.445%, 3M LIBOR + 0.090%, 10/18/18 (h)		3,002,347		3,000,105
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (h)		2,000,000		2,000,024
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (h)		6,000,000		6,000,138
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (h)		5,500,000		5,499,637
				113,001,816
Commercial Paper—1.6%
Bank of China, Ltd. 2.490%, 09/05/18		1,490,766		1,493,076
2.500%, 07/23/18		4,968,403		4,993,715
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (h)		5,000,000		5,002,195
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (h)		8,000,000		8,002,336
Macquarie Bank, Ltd. 2.280%, 09/04/18		2,982,520		2,987,802
Commercial Paper—(Continued)
Sheffield Receivables Co. 2.490%, 11/26/18		4,934,638		4,948,165
Starbird Funding Corp. 2.300%, 08/10/18		3,977,511		3,990,020
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (h)		5,000,000		4,999,040
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (h)		3,000,000		3,000,000
				39,416,349
Master Demand Notes—0.2%
Natixis Financial Products LLC 2.160%, OBFR + 0.250%, 07/02/18 (h)		5,000,000		5,000,000
Repurchase Agreements—1.6%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $1,342,827; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $1,369,444.		1,342,592		1,342,592
Citigroup Global Markets, Inc.
Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $5,019,378; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $5,271,438.		5,000,000		5,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $1,562,935; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $1,530,000.		1,500,000		1,500,000
Deutsche Bank AG, London
Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $202,223; collateralized by various Common Stock with an aggregate market value of $223,242.		200,000		200,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $4,702,263; collateralized by various Common Stock with an aggregate market value of $5,134,560.		4,600,000		4,600,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $200,511; collateralized by various Common Stock with an aggregate market value of $222,439.		200,000		200,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $7,718,325; collateralized by various Common Stock with an aggregate market value of $8,250,001.		7,500,000		7,500,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance, Ltd.
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $708,655; collateralized by various Common Stock with an aggregate market value of $779,024.		700,000	$	700,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $704,368; collateralized by various Common Stock with an aggregate market value of $779,024.		700,000		700,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $5,032,822; collateralized by various Common Stock with an aggregate market value of $5,564,456.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $1,107,266; collateralized by various Common Stock with an aggregate market value of $1,224,137.		1,100,000		1,100,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $804,920; collateralized by various Common Stock with an aggregate market value of $890,282.		800,000		800,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $1,307,625; collateralized by various Common Stock with an aggregate market value of $1,446,707.		1,300,000		1,300,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $2,010,933; collateralized by various Common Stock with an aggregate market value of $2,225,704.		2,000,000		2,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $8,026,347; collateralized by various Common Stock with an aggregate market value of $8,902,815.		8,000,000		8,000,000
				39,942,592
Time Deposits—1.3%
Australia New Zealand Bank 1.900%, 07/02/18		5,000,000		5,000,000
DNB Bank ASA 1.870%, 07/02/18		5,000,000		5,000,000
1.870%, 07/02/18		2,000,000		2,000,000
DZ Bank AG 1.890%, 07/02/18		5,000,000		5,000,000
Erste Group Bank AG 1.910%, 07/02/18		5,000,000		5,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		5,000,000		5,000,000
Time Deposits—(Continued)
Svenska Handelsbanken AB 1.870%, 07/02/18		5,000,000		5,000,000
				32,000,000
Total Securities Lending Reinvestments (Cost $229,341,516)				229,360,757
Total Investments—109.2% (Cost $1,925,146,729)				2,686,263,132
Other assets and liabilities (net)—(9.2)%				(226,665,209	)
Net Assets—100.0%			$	2,459,597,923

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $221,930,401 and the collateral received consisted of cash in the amount of $229,238,725. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent 1.7% of net assets.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of June 30, 2018, the market value of restricted securities was $41,306,414, which is 1.7% of net assets. See details shown in the Restricted Securities table that follows.
(f)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(h)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	U.S. Overnight Bank Funding Rate

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Restricted Securities	Acquisition Date		Shares		Cost		Value
ANT International Co., Ltd. - Class C		06/07/18		1,458,697	$	8,183,290	$	8,183,290
Airbnb, Inc. - Series D		04/16/14		97,047		3,951,078		10,033,689
Airbnb, Inc. - Series E		01/28/16		9,760		908,601		1,009,087
Dropbox, Inc. - Class A		11/07/14		143,175		4,102,222		4,409,647
Magic Leap, Inc. - Series C		01/20/16		124,428		2,865,950		3,359,556
Magic Leap, Inc. - Series D		10/12/17		90,348		2,439,396		2,439,396
UBER Technologies, Inc.		01/16/18		1,703		56,146		68,120
UBER Technologies, Inc. - Class A		01/16/18		4,669		153,932		186,760
UBER Technologies, Inc. - Series A		01/16/18		665		21,924		26,600
UBER Technologies, Inc. - Series B		01/16/18		1,785		58,850		71,400
UBER Technologies, Inc. - Series C-1		01/16/18		472		15,561		18,880
UBER Technologies, Inc. - Series C-2		01/16/18		382		12,594		15,280
UBER Technologies, Inc. - Series C-3		01/16/18		5		165		200
UBER Technologies, Inc. - Series D		01/16/18		424		13,979		16,960
UBER Technologies, Inc. - Series E		01/16/18		204		6,726		8,160
UBER Technologies, Inc. - Series G		01/16/18		98,227		4,790,747		3,929,080
UBER Technologies, Inc. - Series G-1		01/16/18		1,024		49,943		40,960
WeWork Cos., Inc. - Class A		06/23/15		2,563		84,296		117,514
WeWork Cos., Inc. - Series E		06/23/15		64,744		2,129,402		2,968,512
Xiaoju Kuaizhi, Inc. - Series A-17		10/19/15		91,053		2,497,238		4,403,323
							$	41,306,414

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	80,704,917	$	—		$	—	$	80,704,917
Airlines		6,657,311		—			—		6,657,311
Auto Components		20,570,935		—			—		20,570,935
Automobiles		68,071,039		—			—		68,071,039
Banks		29,158,309		—			—		29,158,309
Beverages		12,313,088		—			—		12,313,088
Biotechnology		57,475,672		—			—		57,475,672
Capital Markets		96,014,970		—			—		96,014,970
Chemicals		14,963,840		—			—		14,963,840
Electric Utilities		9,253,462		—			—		9,253,462
Equity Real Estate Investment Trusts		30,252,783		—			—		30,252,783
Health Care Equipment & Supplies		136,868,221		—			—		136,868,221
Health Care Providers & Services		117,363,349		—			—		117,363,349
Hotels, Restaurants & Leisure		51,430,538		—			—		51,430,538
Household Durables		9,208,085		—			—		9,208,085
Industrial Conglomerates		40,805,467		—			—		40,805,467
Insurance		20,237,970		—			—		20,237,970
Internet & Direct Marketing Retail		356,896,730		—			—		356,896,730
Internet Software & Services		325,747,461		46,304,094			—		372,051,555
IT Services		238,202,218		—			—		238,202,218
Machinery		40,961,776		—			—		40,961,776
Media		25,646,378		—			—		25,646,378
Multi-Utilities		19,853,765		—			—		19,853,765
Multiline Retail		18,598,583		—			—		18,598,583
Professional Services		44,590,751		—			—		44,590,751
Real Estate Management & Development		—		—			117,514		117,514
Semiconductors & Semiconductor Equipment		62,638,849		—			—		62,638,849
Software		346,246,611		—			186,760		346,433,371
Technology Hardware, Storage & Peripherals		19,510,224		—			—		19,510,224
Textiles, Apparel & Luxury Goods		23,741,293		—			—		23,741,293
Tobacco		28,095,824		—			—		28,095,824
Water Utilities		8,431,104		—			—		8,431,104
Total Common Stocks		2,360,511,523		46,304,094			304,274		2,407,119,891
Total Convertible Preferred Stocks*		—		—			36,592,493		36,592,493
Total Corporate Bonds & Notes*		—		5,284,440			—		5,284,440
Total Short-Term Investment*		7,905,551		—			—		7,905,551
Total Securities Lending Reinvestments*		—		229,360,757			—		229,360,757
Total Investments	$	2,368,417,074	$	280,949,291		$	36,896,767	$	2,686,263,132
Collateral for Securities Loaned (Liability)	$	—	$	(229,238,725	)	$	—	$	(229,238,725	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 3 to Level 2 in the amount of $2,514,875 were due to the initiation of trading activity which resulted in the availability of significant observable inputs.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

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, 2017		Change in Unrealized Appreciation (Depreciation)			Net Purchases		Transfer out			Balance as of June 30, 2018		Change in Unrealized Appreciation (Depreciation) from Investments Held at June 30, 2018
Common Stocks
Internet Software & Services	$	2,514,875	$	—		$	—	$	(2,514,875	)	$	—	$	—
Real Estate Management & Development		117,514		—			—		—			117,514		—
Software		—		32,828			153,932		—			186,760		32,828
Convertible Preferred Stocks
Internet Software & Services		15,962,267		(516,168	)		8,183,290		—			23,629,389		(516,168	)
Real Estate Management & Development		2,968,512		—			—		—			2,968,512		—
Software		9,185,564		573,141			235,887		—			9,994,592		573,141
	$	30,748,732	$	89,801		$	8,573,109	$	(2,514,875	)	$	36,896,767	$	89,801

	Fair Value at June 30, 2018		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Common Stock
Real Estate Management & Development	$	117,514	Market Transaction Method	Precedent Transactions	$	26.00		$	51.81		$	45.85		Increase
Software		186,760	Market Transaction Method	Precedent Transaction	$	40.00		$	40.00		$	40.00		Increase
Convertible Preferred Stocks
Internet Software & Services		11,042,776	Discounted Cash Flow	Weighted Average Cost of Capital		14.50	%		16.50	%		15.50	%	Decrease
				Perpetual Growth Rate		3.00	%		4.00	%		3.50	%	Increase
			Comparable Company Analysis	Enterprise Value/Revenue		8.7x			8.7x			8.7x		Increase
				Discount for Lack of Marketability		20.00	%		20.00	%		20.00	%	Decrease
		8,183,290	Market Transaction Method	Precedent Transaction	$	5.61		$	5.61		$	5.61		Increase
		4,403,323	Market Transaction Method	Precedent Transaction	$	48.36		$	48.36		$	48.36		Increase
Real Estate Management & Development		2,968,512	Market Transaction Method	Precedent Transactions	$	26.00		$	51.81		$	45.85		Increase
Software		5,798,952	Market Transaction Method	Precedent Transaction	$	27.00		$	27.00		$	27.00		Increase
		4,195,640	Market Transaction Method	Precedent Transaction	$	40.00		$	40.00		$	40.00		Increase

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	2,678,357,581
Affiliated investments at value (c)		7,905,551
Receivable for:
Investments sold		8,995,807
Fund shares sold		420,887
Dividends and interest		811,205
Dividends on affiliated investments		10,268
Total Assets		2,696,501,299
Liabilities
Due to custodian		759,694
Collateral for securities loaned		229,238,725
Payables for:
Investments purchased		2,549,149
Fund shares redeemed		2,613,834
Accrued Expenses:
Management fees		1,079,116
Distribution and service fees		196,144
Deferred trustees’ fees		140,047
Other expenses		326,667
Total Liabilities		236,903,376
Net Assets	$	2,459,597,923
Net Assets Consist of:
Paid in surplus	$	1,495,979,583
Undistributed net investment income		3,005,010
Accumulated net realized gain		199,496,932
Unrealized appreciation on investments and foreign currency transactions		761,116,398
Net Assets	$	2,459,597,923
Net Assets
Class A	$	1,497,670,277
Class B		919,053,186
Class E		42,874,460
Capital Shares Outstanding*
Class A		65,239,666
Class B		40,904,653
Class E		1,886,995
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	22.96
Class B		22.47
Class E		22.72

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,917,241,178.
(b)	Includes securities loaned at value of $221,930,401.
(c)	Identified cost of affiliated investments was $7,905,551.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	10,616,829
Dividends from affiliated investments		87,556
Interest		77,255
Securities lending income		857,036
Total investment income		11,638,676
Expenses
Management fees		7,567,254
Administration fees		39,754
Custodian and accounting fees		132,260
Distribution and service fees—Class B		1,127,670
Distribution and service fees—Class E		32,674
Audit and tax services		24,112
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		87,293
Insurance		7,821
Miscellaneous		16,439
Total expenses		9,077,428
Less management fee waiver		(961,281	)
Net expenses		8,116,147
Net Investment Income		3,522,529
Net Realized and Unrealized Gain
Net realized gain on:
Investments		203,402,047
Foreign currency transactions		49,807
Net realized gain		203,451,854
Net change in unrealized appreciation (depreciation) on:
Investments		32,044,696
Foreign currency transactions		(460	)
Net change in unrealized appreciation		32,044,236
Net realized and unrealized gain		235,496,090
Net Increase in Net Assets From Operations	$	239,018,619

(a) Net of foreign withholding taxes of $38,245.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,522,529		$	8,104,959
Net realized gain		203,451,854			438,536,537
Net change in unrealized appreciation		32,044,236			249,571,128
Increase in net assets from operations		239,018,619			696,212,624
From Distributions to Shareholders
Net investment income
Class A		(6,221,197	)		(4,707,453	)
Class B		(1,827,448	)		(690,425	)
Class E		(117,375	)		(68,054	)
Net realized capital gains
Class A		(265,164,868	)		(92,776,055	)
Class B		(164,436,493	)		(48,985,683	)
Class E		(7,604,341	)		(2,414,230	)
Total distributions		(445,371,722	)		(149,641,900	)
Increase (decrease) in net assets from capital share transactions		154,292,542			(255,810,822	)
Total increase (decrease) in net assets		(52,060,561	)		290,759,902
Net Assets
Beginning of period		2,511,658,484			2,220,898,582
End of period	$	2,459,597,923		$	2,511,658,484
Undistributed net investment income
End of period	$	3,005,010		$	7,648,501

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		419,107		$	11,172,162			1,123,384		$	26,033,368
Reinvestments		11,572,966			271,386,065			4,315,339			97,483,508
Redemptions		(9,690,017	)		(259,965,002	)		(15,467,076	)		(358,976,021	)
Net increase (decrease)		2,302,056		$	22,593,225			(10,028,353	)	$	(235,459,145	)
Class B
Sales		1,865,746		$	48,841,557			3,239,197		$	74,238,132
Reinvestments		7,241,461			166,263,941			2,236,655			49,676,108
Redemptions		(3,383,708	)		(87,774,422	)		(6,233,618	)		(142,249,231	)
Net increase (decrease)		5,723,499		$	127,331,076			(757,766	)	$	(18,334,991	)
Class E
Sales		94,915		$	2,506,637			120,859		$	2,766,535
Reinvestments		332,689			7,721,716			110,767			2,482,284
Redemptions		(222,011	)		(5,860,112	)		(311,052	)		(7,265,505	)
Net increase (decrease)		205,593		$	4,368,241			(79,426	)	$	(2,016,686	)
Increase (decrease) derived from capital shares transactions				$	154,292,542					$	(255,810,822	)

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	25.34		$	20.18		$	22.70		$	24.76		$	24.51		$	17.67
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.10			0.07	(b)		0.04			0.04			0.03
Net realized and unrealized gain on investments		2.54			6.55			0.13			2.55			1.94			6.87
Total from investment operations		2.59			6.65			0.20			2.59			1.98			6.90
Less Distributions
Distributions from net investment income		(0.11	)		(0.07	)		(0.01	)		(0.04	)		(0.02	)		(0.06	)
Distributions from net realized capital gains		(4.86	)		(1.42	)		(2.71	)		(4.61	)		(1.71	)		0.00
Total distributions		(4.97	)		(1.49	)		(2.72	)		(4.65	)		(1.73	)		(0.06	)
Net Asset Value, End of Period	$	22.96		$	25.34		$	20.18		$	22.70		$	24.76		$	24.51
Total Return (%) (c)		9.82	(d)		33.86			1.76			10.78			9.09			39.16
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.63	(e)		0.63			0.62			0.62			0.63			0.63
Net ratio of expenses to average net assets (%) (f)(g)		0.55	(e)		0.56			0.58			0.58			0.58			0.58
Ratio of net investment income to average net assets (%)		0.37	(e)		0.42			0.34	(b)		0.16			0.15			0.14
Portfolio turnover rate (%)		22	(d)		49			42			35			34			41
Net assets, end of period (in millions)	$	1,497.7		$	1,594.6		$	1,472.7		$	1,540.8		$	1,710.2		$	2,007.8
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	24.87		$	19.84		$	22.40		$	24.51		$	24.32		$	17.54
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			0.04			0.02	(b)		(0.02	)		(0.02	)		(0.03	)
Net realized and unrealized gain on investments		2.49			6.43			0.13			2.52			1.92			6.83
Total from investment operations		2.51			6.47			0.15			2.50			1.90			6.80
Less Distributions
Distributions from net investment income		(0.05	)		(0.02	)		0.00			0.00			0.00			(0.02	)
Distributions from net realized capital gains		(4.86	)		(1.42	)		(2.71	)		(4.61	)		(1.71	)		0.00
Total distributions		(4.91	)		(1.44	)		(2.71	)		(4.61	)		(1.71	)		(0.02	)
Net Asset Value, End of Period	$	22.47		$	24.87		$	19.84		$	22.40		$	24.51		$	24.32
Total Return (%) (c)		9.68	(d)		33.47			1.53			10.51			8.83			38.77
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.88	(e)		0.88			0.87			0.87			0.88			0.88
Net ratio of expenses to average net assets (%) (f)(g)		0.80	(e)		0.81			0.83			0.83			0.83			0.83
Ratio of net investment income (loss) to average net assets (%)		0.13	(e)		0.17			0.09	(b)		(0.09	)		(0.09	)		(0.12	)
Portfolio turnover rate (%)		22	(d)		49			42			35			34			41
Net assets, end of period (in millions)	$	919.1		$	874.9		$	712.9		$	751.5		$	642.4		$	615.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	25.11		$	20.01		$	22.55		$	24.62		$	24.40		$	17.60
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.06			0.04	(b)		0.00	(h)		0.00	(h)		(0.01	)
Net realized and unrealized gain on investments		2.52			6.50			0.13			2.54			1.93			6.84
Total from investment operations		2.55			6.56			0.17			2.54			1.93			6.83
Less Distributions
Distributions from net investment income		(0.08	)		(0.04	)		0.00			0.00			0.00			(0.03	)
Distributions from net realized capital gains		(4.86	)		(1.42	)		(2.71	)		(4.61	)		(1.71	)		0.00
Total distributions		(4.94	)		(1.46	)		(2.71	)		(4.61	)		(1.71	)		(0.03	)
Net Asset Value, End of Period	$	22.72		$	25.11		$	20.01		$	22.55		$	24.62		$	24.40
Total Return (%) (c)		9.72	(d)		33.66			1.61			10.63			8.93			38.87
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78	(e)		0.78			0.77			0.77			0.78			0.78
Net ratio of expenses to average net assets (%) (f)(g)		0.70	(e)		0.71			0.73			0.73			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		0.22	(e)		0.27			0.19	(b)		0.01			0.00	(i)		(0.03	)
Portfolio turnover rate (%)		22	(d)		49			42			35			34			41
Net assets, end of period (in millions)	$	42.9		$	42.2		$	35.2		$	39.5		$	38.1		$	40.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	The effect of the voluntary portion of the waiver on average net assets was 0.03% for six months ended June 30, 2018 and for each of the years ended December 31, 2017 through 2013 (see Note 5 of the Notes to Financial Statements).
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Net investment income was less than $0.01.
(i)	Ratio of net investment income to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Large Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”), adjustments to prior period accumulated balances and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, State Street Bank and Trust Company (“SSBT”) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the federal funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At June 30, 2018, the Portfolio had a payment of $759,694 due to SSBT pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at June 30, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at June 30, 2018. The Portfolio’s average overdraft advances during the six months ended June 30, 2018 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $39,942,592. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	560,085,274	$	0	$	845,550,566

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $2,214,848 in purchases and $7,733,614 in sales of investments, which are included above, and resulted in realized gains of $2,576,289.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum	Average Daily Net Assets
$7,567,254	0.650%	Of the first $50 million
	0.600%	On amounts in excess of $50 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waivers - Pursuant to an expense agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows provided the Portfolio’s assets exceed $1 billion:

% per annum	Average Daily Net Assets
0.080%	On the first $50 million
0.050%	Of the next $50 million
0.060%	Of the next $900 million
0.035%	Of the next $500 million
0.050%	On amounts in excess of $1.5 billion

An identical agreement was in place for the period June 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 amounted to $644,448 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. MetLife Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived by Brighthouse Investment Advisers for the six months ended June 30, 2018 amounted to $316,833 and are included in the total amounts shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2018 is as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Ending Value as of June 30, 2018		Income earned from affiliates during the period		Number of shares held at June 30, 2018
T. Rowe Price Government Reserve Fund	$	13,044,598	$	206,234,277	$	(211,373,324	)	$	7,905,551	$	87,556		7,905,551

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Large Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,928,925,348
Gross unrealized appreciation		798,652,521
Gross unrealized depreciation		(41,314,737	)
Net unrealized appreciation (depreciation)	$	757,337,784

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2017		2016		2017		2016		2017		2016
$	5,465,932	$	883,202	$	144,175,968	$	277,618,664	$	149,641,900	$	278,501,866

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$	17,137,605	$	427,685,870	$	725,293,544	$	—	$	1,170,117,019

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no accumulated capital losses.

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, E, and G shares of the T. Rowe Price Small Cap Growth Portfolio returned 7.80%, 7.69%, 7.73%, and 7.63%, respectively. The Portfolio’s benchmark, the MSCI U.S. Small Cap Growth Index¹, returned 9.12%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks posted modest returns for the six months ended June 30, 2018. Major stock indexes climbed to record highs through late January, even as interest rates rose, buoyed by strong corporate earnings, solid economic growth, and federal tax cuts. April and May brought evidence that corporate earnings had accelerated even more than expected, following the December 2017 tax cut and further stimulus provided by federal spending increases in March. Economic signals were also generally positive. The unemployment rate fell to 3.8% in May, its lowest level in 17 years, and gauges of manufacturing and service sector activity remained elevated, if down a bit from multiyear peaks reached early in the year. In the closing months of the period, global trade tensions curbed market gains. Fears that the Trump administration tariffs on trading partners would spark a trade war that could jeopardize synchronized global economic growth weighed on the markets.

As measured by various Russell indexes, small-cap shares outperformed mid- and large-caps. Growth stocks outperformed value among large- and mid-cap shares, while the opposite was true among small-caps.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the MSCI U.S. Small Cap Growth Index for the six months ended June 30, 2018. Broadly speaking, stock selection accounted for the relative underperformance.

Stock selection in Information Technology detracted, most notably the Portfolio’s positions in Coherent and Cognex. Shares of Coherent, a leading manufacturer of specialty laser diodes and equipment, were under pressure following negative sentiment surrounding organic LED adoption due to weaker-than-anticipated iPhone X sales. Cognex, the market leader in machine vision systems for logistics and manufacturing applications, and the only publicly traded pure-play in the space, had its stock pull back following fourth-quarter earnings results as some investors sold their shares and locked in profits.

Health Care was another area of relative weakness, due to stock selection. Shares of Nektar Therapeutics, a clinical-stage biopharmaceutical company, traded sharply lower after the company released phase I/II clinical trial data involving treatment for melanoma and renal cell carcinoma where the patient response rates declined compared with earlier trial results.

On the positive side, stock selection in Industrials and Business services contributed the most to relative results. HEICO is the world’s largest manufacturer of Federal Aviation Administration-approved, reverse-engineered aircraft replacement parts. Shares rose this year following better-than-expected topline results for the electronic technologies and flight support segments. TransUnion was another top performer in the sector.

Additionally, stock selection in the Consumer Discretionary sector was a contributor for the period. Shares of Domino’s Pizza gained in response to stronger-than-expected domestic same-store sales growth and record net store growth.

While our stock selection is primarily based on a quantitative model, we take into consideration the fundamental research conducted by T. Rowe Price’s equity analysts. In constructing the Portfolio, our sector weights are usually in line with those of the MSCI U.S. Small Cap Growth Index, but we will occasionally overweight or underweight certain sectors based on our analysis.

At the end of the period, the Portfolio’s sector allocations were generally in line with the benchmark across many sectors. The Portfolio finished the period overweight the benchmark in Real Estate and Consumer Staples sectors and underweight the benchmark in the Energy, Financials, Materials, and Utilities sectors. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Sudhir Nanda

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-1

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI U.S. SMALL CAP GROWTH INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Small Cap Growth Portfolio
Class A		7.80		19.30		15.09		13.22		—
Class B		7.69		18.98		14.81		12.94		—
Class E		7.73		19.08		14.93		13.06		—
Class G		7.63		18.87		—		—		12.25
MSCI U.S. Small Cap Growth Index		9.12		21.80		13.41		11.74		—

¹ The MSCI U.S. Small Cap Growth Index represents the growth companies of the MSCI U.S. Small Cap 1750 Index. (The MSCI U.S. Small Cap 1750 Index represents the universe of small capitalization companies in the U.S. equity market).

² Inception dates of the Class A, Class B, Class E and Class G shares are 3/3/97, 7/30/02, 5/1/01 and 11/12/14, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Burlington Stores, Inc.		0.9
Teledyne Technologies, Inc.		0.9
Vail Resorts, Inc.		0.9
HEICO Corp. - Class A		0.8
Fair Isaac Corp.		0.8
Take-Two Interactive Software, Inc.		0.8
Zebra Technologies Corp. - Class A		0.7
WPX Energy, Inc.		0.7
Churchill Downs, Inc.		0.7
Pool Corp.		0.7

Top Sectors

	% of Net Assets
Information Technology		23.2
Health Care		22.4
Industrials		16.7
Consumer Discretionary		15.6
Financials		6.1
Materials		4.6
Real Estate		3.5
Energy		3.3
Consumer Staples		3.2
Utilities		0.3

BHFTII-2

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.48	%	$	1,000.00	$	1,078.00	$	2.47
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B (a)	Actual		0.73	%	$	1,000.00	$	1,076.90	$	3.76
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E (a)	Actual		0.63	%	$	1,000.00	$	1,077.30	$	3.24
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16
Class G (a)	Actual		0.78	%	$	1,000.00	$	1,076.30	$	4.02
	Hypothetical*		0.78	%	$	1,000.00	$	1,020.93	$	3.91

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-3

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.2%
Aerojet Rocketdyne Holdings, Inc. (a)		209,306	$	6,172,434
BWX Technologies, Inc.		127,633		7,954,089
Curtiss-Wright Corp.		66,359		7,898,048
HEICO Corp. - Class A		203,408		12,397,687
Hexcel Corp.		104,870		6,961,271
Moog, Inc. - Class A		90,463		7,052,495
Teledyne Technologies, Inc. (a)		66,546		13,246,647
				61,682,671
Air Freight & Logistics—0.6%
XPO Logistics, Inc. (a)		89,221		8,938,160
Airlines—0.1%
Hawaiian Holdings, Inc.		42,700		1,535,065
Auto Components—1.1%
Cooper-Standard Holdings, Inc. (a)		37,097		4,847,465
LCI Industries		41,190		3,713,279
Tenneco, Inc.		37,170		1,633,993
Visteon Corp. (a)		46,200		5,970,888
				16,165,625
Banks—2.2%
Ameris Bancorp (b)		106,793		5,697,407
Carolina Financial Corp.		79,419		3,408,663
CenterState Bank Corp.		209,928		6,260,053
First Bancorp		136,100		5,567,851
Hilltop Holdings, Inc.		89,416		1,973,411
Signature Bank (a)		28,069		3,589,464
SVB Financial Group (a)		21,891		6,321,245
				32,818,094
Beverages—0.5%
Boston Beer Co., Inc. (The) - Class A (a)		18,766		5,624,170
Coca-Cola Bottling Co. Consolidated		17,400		2,351,262
				7,975,432
Biotechnology—8.6%
Abeona Therapeutics, Inc. (a) (b)		28,300		452,800
ACADIA Pharmaceuticals, Inc. (a) (b)		66,788		1,019,853
Acceleron Pharma, Inc. (a)		40,867		1,982,867
Acorda Therapeutics, Inc. (a) (b)		43,323		1,243,370
Agios Pharmaceuticals, Inc. (a)		63,543		5,352,227
Aimmune Therapeutics, Inc. (a) (b)		58,994		1,586,349
Alkermes plc (a)		44,085		1,814,539
Alnylam Pharmaceuticals, Inc. (a) (b)		8,584		845,438
AMAG Pharmaceuticals, Inc. (a)		65,284		1,273,038
Amicus Therapeutics, Inc. (a) (b)		190,300		2,972,486
Array BioPharma, Inc. (a)		216,700		3,636,226
Bluebird Bio, Inc. (a)		34,967		5,488,071
Blueprint Medicines Corp. (a) (b)		52,917		3,359,171
Clovis Oncology, Inc. (a)		42,900		1,950,663
CRISPR Therapeutics AG (a) (b)		28,900		1,698,164
Emergent BioSolutions, Inc. (a)		80,000		4,039,200
Enanta Pharmaceuticals, Inc. (a)		4,585		531,401
Biotechnology—(Continued)
Exact Sciences Corp. (a)		169,000		10,104,510
Exelixis, Inc. (a)		78,467		1,688,610
FibroGen, Inc. (a)		71,400		4,469,640
Global Blood Therapeutics, Inc. (a) (b)		40,387		1,825,492
GlycoMimetics, Inc. (a)		51,900		837,147
Immunomedics, Inc. (a) (b)		67,995		1,609,442
Incyte Corp. (a)		22,803		1,527,801
Insmed, Inc. (a) (b)		141,984		3,357,921
Ionis Pharmaceuticals, Inc. (a)		36,086		1,503,704
Ironwood Pharmaceuticals, Inc. (a)		129,080		2,468,009
Ligand Pharmaceuticals, Inc. (a)		42,168		8,735,944
Loxo Oncology, Inc. (a)		26,900		4,666,612
Madrigal Pharmaceuticals, Inc. (a) (b)		3,900		1,090,791
Neurocrine Biosciences, Inc. (a) (b)		70,466		6,922,580
Radius Health, Inc. (a) (b)		24,923		734,481
Repligen Corp. (a)		65,531		3,082,578
Sage Therapeutics, Inc. (a)		49,238		7,707,224
Sarepta Therapeutics, Inc. (a)		73,000		9,649,140
Seattle Genetics, Inc. (a)		37,812		2,510,339
Spark Therapeutics, Inc. (a) (b)		46,718		3,866,382
TESARO, Inc. (a) (b)		34,495		1,533,993
Ultragenyx Pharmaceutical, Inc. (a)		48,196		3,704,826
Xencor, Inc. (a)		74,100		2,742,441
				125,585,470
Building Products—1.1%
AAON, Inc. (b)		35,508		1,180,641
JELD-WEN Holding, Inc. (a)		61,100		1,746,849
Lennox International, Inc. (b)		39,882		7,982,382
Patrick Industries, Inc. (a)		101,935		5,795,005
				16,704,877
Capital Markets—2.4%
Cboe Global Markets, Inc.		82,416		8,577,033
E*Trade Financial Corp. (a)		78,565		4,805,035
FactSet Research Systems, Inc.		9,882		1,957,624
Financial Engines, Inc.		46,880		2,104,912
MarketAxess Holdings, Inc. (b)		45,095		8,922,497
MSCI, Inc.		54,916		9,084,754
				35,451,855
Chemicals—3.0%
AdvanSix, Inc. (a)		90,708		3,322,634
Chase Corp.		48,305		5,663,761
GCP Applied Technologies, Inc. (a)		77,248		2,236,330
Ingevity Corp. (a)		97,168		7,857,004
Innospec, Inc.		62,378		4,775,036
Minerals Technologies, Inc.		49,031		3,694,486
NewMarket Corp. (b)		8,691		3,515,510
PolyOne Corp.		125,429		5,421,041
Scotts Miracle-Gro Co. (The) (b)		56,700		4,715,172
Stepan Co.		29,300		2,285,693
				43,486,667

See accompanying notes to financial statements.

BHFTII-4

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—1.8%
Advanced Disposal Services, Inc. (a)		123,648	$	3,063,998
Casella Waste Systems, Inc. - Class A (a)		266,400		6,822,504
Healthcare Services Group, Inc. (b)		103,312		4,462,045
Rollins, Inc.		156,700		8,239,286
U.S. Ecology, Inc.		64,214		4,090,432
				26,678,265
Communications Equipment—0.9%
ARRIS International plc (a)		123,707		3,024,018
EchoStar Corp. - Class A (a)		52,062		2,311,553
NetScout Systems, Inc. (a) (b)		76,469		2,271,129
Plantronics, Inc.		64,862		4,945,727
				12,552,427
Construction & Engineering—0.1%
Valmont Industries, Inc.		5,991		903,143
Construction Materials—0.3%
Eagle Materials, Inc.		47,200		4,954,584
Consumer Finance—0.4%
PRA Group, Inc. (a) (b)		79,187		3,052,659
SLM Corp. (a)		222,200		2,544,190
				5,596,849
Containers & Packaging—0.9%
Berry Global Group, Inc. (a)		171,897		7,896,948
Graphic Packaging Holding Co.		342,519		4,969,951
				12,866,899
Distributors—0.7%
Pool Corp.		68,585		10,390,627
Diversified Consumer Services—2.3%
Bright Horizons Family Solutions, Inc. (a)		86,854		8,904,272
Capella Education Co.		45,858		4,526,185
Service Corp. International		228,332		8,172,002
ServiceMaster Global Holdings, Inc. (a)		156,707		9,319,365
Sotheby’s (a)		48,809		2,652,281
				33,574,105
Electrical Equipment—0.5%
Atkore International Group, Inc. (a)		153,970		3,197,957
AZZ, Inc. (b)		27,329		1,187,445
Generac Holdings, Inc. (a) (b)		46,902		2,426,240
				6,811,642
Electronic Equipment, Instruments & Components—3.0%
Cognex Corp.		130,790		5,834,542
Coherent, Inc. (a) (b)		45,743		7,155,120
Littelfuse, Inc.		39,100		8,921,838
Novanta, Inc. (a)		112,500		7,008,750
OSI Systems, Inc. (a)		37,354		2,888,585
Tech Data Corp. (a) (b)		26,800		2,200,816
Electronic Equipment, Instruments & Components—(Continued)
Zebra Technologies Corp. - Class A (a)		73,900		10,586,175
				44,595,826
Energy Equipment & Services—0.7%
Apergy Corp. (a)		77,000		3,214,750
Dril-Quip, Inc. (a) (b)		34,832		1,790,365
Exterran Corp. (a)		97,600		2,443,904
Oceaneering International, Inc. (b)		68,873		1,753,506
RPC, Inc. (b)		116,100		1,691,577
				10,894,102
Equity Real Estate Investment Trusts—3.4%
CoreSite Realty Corp.		67,870		7,521,353
CubeSmart		116,671		3,759,140
CyrusOne, Inc.		119,755		6,988,902
DCT Industrial Trust, Inc.		56,800		3,790,264
Empire State Realty Trust, Inc. - Class A		138,138		2,362,160
Equity Lifestyle Properties, Inc.		65,944		6,060,254
First Industrial Realty Trust, Inc.		182,650		6,089,551
Forest City Realty Trust, Inc. - Class A		136,975		3,124,400
Pebblebrook Hotel Trust (b)		56,803		2,203,956
PS Business Parks, Inc.		27,311		3,509,463
Terreno Realty Corp.		109,417		4,121,738
				49,531,181
Food & Staples Retailing—1.1%
Casey’s General Stores, Inc.		73,772		7,751,962
Performance Food Group Co. (a)		206,700		7,585,890
				15,337,852
Food Products—1.2%
J&J Snack Foods Corp.		45,632		6,957,511
John B Sanfilippo & Son, Inc.		33,195		2,471,368
Post Holdings, Inc. (a)		65,325		5,619,257
TreeHouse Foods, Inc. (a) (b)		52,044		2,732,830
				17,780,966
Health Care Equipment & Supplies—5.1%
Align Technology, Inc. (a)		13,088		4,477,928
Avanos Medical, Inc. (a)		57,888		3,314,088
Cantel Medical Corp.		73,396		7,219,231
Cooper Cos., Inc. (The) (b)		18,402		4,332,751
DexCom, Inc. (a)		27,091		2,573,103
Glaukos Corp. (a) (b)		21,991		893,714
Globus Medical, Inc. - Class A (a)		63,500		3,204,210
ICU Medical, Inc. (a)		34,974		10,270,115
IDEXX Laboratories, Inc. (a)		27,591		6,013,183
Inogen, Inc. (a)		50,534		9,416,000
Masimo Corp. (a)		58,385		5,701,295
Natus Medical, Inc. (a)		39,172		1,351,434
NuVasive, Inc. (a)		81,985		4,273,058
Penumbra, Inc. (a) (b)		37,169		5,134,897
West Pharmaceutical Services, Inc.		65,574		6,510,843
				74,685,850

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—3.2%
BioTelemetry, Inc. (a) (b)		70,600	$	3,177,000
Centene Corp. (a)		41,202		5,076,498
Chemed Corp.		28,800		9,268,128
Corvel Corp. (a)		41,049		2,216,646
Encompass Health Corp.		60,709		4,111,214
Molina Healthcare, Inc. (a) (b)		90,000		8,814,600
U.S. Physical Therapy, Inc.		51,958		4,987,968
WellCare Health Plans, Inc. (a)		38,699		9,529,242
				47,181,296
Health Care Technology—0.9%
Omnicell, Inc. (a)		97,322		5,104,539
Tabula Rasa HealthCare, Inc. (a)		20,200		1,289,366
Veeva Systems, Inc. - Class A (a)		78,162		6,007,531
				12,401,436
Hotels, Restaurants & Leisure—5.2%
Brinker International, Inc. (b)		6,990		332,724
Cheesecake Factory, Inc. (The) (b)		54,949		3,025,492
Choice Hotels International, Inc.		42,768		3,233,261
Churchill Downs, Inc.		35,219		10,442,433
Denny’s Corp. (a)		318,819		5,078,787
Domino’s Pizza, Inc. (b)		30,562		8,623,680
Hilton Grand Vacations, Inc. (a)		135,683		4,708,200
Jack in the Box, Inc.		30,577		2,602,714
Marriott Vacations Worldwide Corp.		20,812		2,350,923
Pinnacle Entertainment, Inc. (a)		240,457		8,110,615
Ruth’s Hospitality Group, Inc.		147,100		4,126,155
Six Flags Entertainment Corp. (b)		56,359		3,947,948
Texas Roadhouse, Inc.		98,700		6,465,837
Vail Resorts, Inc.		47,581		13,046,234
				76,095,003
Household Durables—0.4%
Helen of Troy, Ltd. (a)		60,776		5,983,397
Household Products—0.2%
Spectrum Brands Holdings, Inc. (b)		32,495		2,652,242
Independent Power and Renewable Electricity Producers—0.3%
Ormat Technologies, Inc. (b)		91,890		4,887,629
Insurance—0.6%
Heritage Insurance Holdings, Inc. (b)		47,817		797,109
Primerica, Inc.		81,609		8,128,257
				8,925,366
Internet & Direct Marketing Retail—0.5%
Liberty Expedia Holdings, Inc. - Class A (a)		81,675		3,588,799
Shutterfly, Inc. (a)		42,261		3,804,758
				7,393,557
Internet Software & Services—2.0%
Envestnet, Inc. (a) (b)		116,935		6,425,578
GTT Communications, Inc. (a)		58,700		2,641,500
Internet Software & Services—(Continued)
j2 Global, Inc. (b)		48,791		4,225,789
LogMeIn, Inc.		32,682		3,374,416
MercadoLibre, Inc. (b)		9,791		2,926,824
Stamps.com, Inc. (a)		38,276		9,685,742
				29,279,849
IT Services—4.9%
Booz Allen Hamilton Holding Corp.		203,045		8,879,158
Broadridge Financial Solutions, Inc.		88,063		10,136,051
Cardtronics plc - Class A (a)		106,072		2,564,821
CoreLogic, Inc. (a)		137,130		7,117,047
Euronet Worldwide, Inc. (a)		77,098		6,458,499
Gartner, Inc. (a)		36,661		4,872,247
Jack Henry & Associates, Inc.		35,762		4,661,934
MAXIMUS, Inc.		138,534		8,604,347
Science Applications International Corp.		48,900		3,957,477
Syntel, Inc. (a)		71,800		2,304,062
Travelport Worldwide, Ltd.		144,089		2,671,410
WEX, Inc. (a)		52,474		9,995,248
				72,222,301
Leisure Products—0.5%
Brunswick Corp.		106,346		6,857,190
Life Sciences Tools & Services—2.0%
Bio-Rad Laboratories, Inc. - Class A (a)		20,089		5,796,480
Bruker Corp.		66,800		1,939,872
Cambrex Corp. (a) (b)		80,963		4,234,365
Charles River Laboratories International, Inc. (a)		67,497		7,577,213
PRA Health Sciences, Inc. (a)		82,737		7,724,326
Syneos Health, Inc. (a)		52,986		2,485,044
				29,757,300
Machinery—3.8%
Chart Industries, Inc. (a)		26,162		1,613,672
Douglas Dynamics, Inc.		85,300		4,094,400
Graco, Inc.		155,577		7,035,192
IDEX Corp.		25,573		3,490,203
John Bean Technologies Corp. (b)		75,861		6,744,043
Lincoln Electric Holdings, Inc.		35,072		3,077,919
Lydall, Inc. (a)		94,408		4,120,909
Middleby Corp. (The) (a) (b)		27,598		2,881,783
Nordson Corp. (b)		38,794		4,981,538
Standex International Corp.		17,402		1,778,484
Toro Co. (The)		145,985		8,795,596
Welbilt, Inc. (a)		94,167		2,100,866
Woodward, Inc. (b)		66,557		5,115,571
				55,830,176
Marine—0.1%
Matson, Inc.		32,860		1,261,167
Media—2.3%
Cable One, Inc.		11,800		8,652,822
GCI Liberty, Inc. - Class A (a)		115,014		5,184,831

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares		Value
Media—(Continued)
Gray Television, Inc. (a)		181,454	$	2,866,973
Lions Gate Entertainment Corp. - Class B		159,233		3,735,606
Live Nation Entertainment, Inc. (a)		174,536		8,477,214
MSG Networks, Inc. - Class A (a) (b)		176,000		4,215,200
				33,132,646
Metals & Mining—0.2%
Worthington Industries, Inc.		60,616		2,544,054
Multiline Retail—0.2%
Big Lots, Inc.		52,058		2,174,983
Oil, Gas & Consumable Fuels—2.5%
Carrizo Oil & Gas, Inc. (a) (b)		55,028		1,532,530
Diamondback Energy, Inc.		46,580		6,128,530
Matador Resources Co. (a) (b)		252,734		7,594,657
PDC Energy, Inc. (a)		77,578		4,689,590
RSP Permian, Inc. (a)		151,546		6,671,055
WPX Energy, Inc. (a)		585,858		10,563,020
				37,179,382
Paper & Forest Products—0.2%
KapStone Paper and Packaging Corp.		90,035		3,106,207
Personal Products—0.2%
Nu Skin Enterprises, Inc. - Class A		36,802		2,877,548
Pharmaceuticals—2.6%
Aerie Pharmaceuticals, Inc. (a)		47,112		3,182,416
Catalent, Inc. (a)		157,701		6,606,095
Depomed, Inc. (a)		150,974		1,006,997
Innoviva, Inc. (a)		57,530		793,914
Jazz Pharmaceuticals plc (a)		11,791		2,031,589
MyoKardia, Inc. (a)		34,137		1,694,902
Nektar Therapeutics (a)		64,244		3,137,034
Pacira Pharmaceuticals, Inc. (a)		30,907		990,569
Phibro Animal Health Corp. - Class A		74,441		3,428,008
Prestige Brands Holdings, Inc. (a) (b)		123,478		4,739,086
Supernus Pharmaceuticals, Inc. (a) (b)		101,834		6,094,765
TherapeuticsMD, Inc. (a) (b)		288,110		1,797,806
Theravance Biopharma, Inc. (a) (b)		72,214		1,637,814
WAVE Life Sciences, Ltd. (a) (b)		21,287		814,228
				37,955,223
Professional Services—2.6%
ASGN, Inc. (a)		95,100		7,435,869
CoStar Group, Inc. (a) (b)		11,707		4,830,660
Dun & Bradstreet Corp. (The)		28,763		3,527,782
Exponent, Inc.		145,564		7,030,741
Insperity, Inc.		65,500		6,238,875
TransUnion		120,661		8,644,154
				37,708,081
Real Estate Management & Development—0.1%
Kennedy-Wilson Holdings, Inc. (b)		75,353		1,593,716
Road & Rail—0.9%
Landstar System, Inc.		52,465		5,729,178
Old Dominion Freight Line, Inc. (b)		54,546		8,125,172
				13,854,350
Semiconductors & Semiconductor Equipment—3.6%
Advanced Energy Industries, Inc. (a)		74,144		4,307,025
Cabot Microelectronics Corp.		33,683		3,622,944
Cavium, Inc. (a)		59,416		5,139,484
Cirrus Logic, Inc. (a) (b)		119,674		4,587,104
Ichor Holdings, Ltd. (a)		63,000		1,336,860
Integrated Device Technology, Inc. (a)		193,472		6,167,887
MaxLinear, Inc. (a) (b)		234,689		3,658,802
Mellanox Technologies, Ltd. (a)		79,300		6,684,990
MKS Instruments, Inc.		82,700		7,914,390
Nanometrics, Inc. (a)		68,000		2,407,880
Versum Materials, Inc.		167,109		6,208,099
				52,035,465
Software—8.6%
ACI Worldwide, Inc. (a)		134,769		3,324,751
Aspen Technology, Inc. (a) (b)		100,368		9,308,128
Blackbaud, Inc.		91,024		9,325,409
CommVault Systems, Inc. (a) (b)		77,071		5,075,126
Computer Modelling Group, Ltd.		54,725		420,433
Descartes Systems Group, Inc. (The) (a)		90,758		2,949,635
Ellie Mae, Inc. (a) (b)		35,281		3,663,579
Fair Isaac Corp. (a)		63,868		12,346,962
Fortinet, Inc. (a)		80,333		5,015,189
Manhattan Associates, Inc. (a)		97,523		4,584,556
Pegasystems, Inc. (b)		112,095		6,142,806
Proofpoint, Inc. (a) (b)		59,601		6,872,591
PTC, Inc. (a)		76,268		7,154,701
Qualys, Inc. (a)		80,500		6,786,150
RealPage, Inc. (a)		126,063		6,946,071
SS&C Technologies Holdings, Inc.		169,470		8,795,493
Take-Two Interactive Software, Inc. (a)		104,116		12,323,170
Tyler Technologies, Inc. (a) (b)		40,051		8,895,327
Ultimate Software Group, Inc. (The) (a)		25,924		6,670,505
				126,600,582
Specialty Retail—1.6%
Aaron’s, Inc. (b)		30,361		1,319,185
Burlington Stores, Inc. (a)		91,566		13,783,430
Children’s Place, Inc. (The)		19,992		2,415,034
Murphy USA, Inc. (a)		68,720		5,105,209
Sally Beauty Holdings, Inc. (a) (b)		40,445		648,333
				23,271,191
Technology Hardware, Storage & Peripherals—0.3%
NCR Corp. (a)		124,950		3,746,001
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.		63,672		6,901,408
Steven Madden, Ltd.		128,695		6,833,705
				13,735,113

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Thrifts & Mortgage Finance—0.4%
MGIC Investment Corp. (a)		337,883	$	3,622,106
Radian Group, Inc.		179,282		2,907,954
				6,530,060
Trading Companies & Distributors—0.9%
Beacon Roofing Supply, Inc. (a)		74,650		3,181,583
Univar, Inc. (a)		151,908		3,986,066
Watsco, Inc.		32,571		5,806,758
				12,974,407
Total Common Stocks (Cost $1,009,562,078)				1,449,245,152
Rights—0.0%
Biotechnology—0.0%
Dyax Corp. (a) (c) (d) (e) (Cost $146,631)		132,100		521,795
Short-Term Investment—1.2%
Mutual Fund—1.2%
T. Rowe Price Government Reserve Fund (f)		18,062,722		18,062,722
Total Short-Term Investments (Cost $18,062,722)				18,062,722
Securities Lending Reinvestments (g)—6.9%
Bank Note—0.3%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (h)		5,000,000		5,000,000
Certificates of Deposit—3.0%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (h)		2,000,000		2,000,108
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (h)		2,000,000		1,999,884
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (h)		1,500,000		1,502,100
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (h)		2,500,000		2,499,765
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (h)		500,000		499,965
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (h)		500,000		499,925
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (h)		1,750,000		1,751,361
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		1,987,990		1,997,200
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (h)		1,000,000		1,000,168
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		2,500,000		2,499,897
Certificates of Deposit—(Continued)
KBC Bank NV 2.280%, 08/15/18		3,000,000		3,000,330
Mitsubishi UFJ Trust and Banking Corp. Zero Coupon, 08/13/18		4,969,636		4,987,150
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (h)		2,000,000		2,000,008
Natixis New York 2.548%, 3M LIBOR + 0.190%, 02/01/19 (h)		1,000,000		1,000,247
Norinchukin Bank New York 2.291%, 1M LIBOR + 0.200%, 07/23/18 (h)		1,500,000		1,499,876
2.301%, 1M LIBOR + 0.300%, 09/04/18 (h)		500,000		499,876
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (h)		1,500,000		1,499,985
2.525%, 1M LIBOR + 0.440%, 09/17/18 (h)		1,000,000		1,000,801
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (h)		1,500,000		1,499,974
2.401%, 1M LIBOR + 0.400%, 10/02/18 (h)		1,000,000		999,900
Standard Chartered plc 2.250%, 08/21/18		1,500,000		1,500,229
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (h)		2,000,000		2,000,176
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (h)		3,000,000		3,000,000
Wells Fargo Bank N.A. 2.502%, 3M LIBOR + 0.140%, 10/26/18 (h)		1,500,000		1,501,908
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (h)		1,500,000		1,499,901
				43,740,734
Commercial Paper—1.2%
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (h)		1,000,000		1,000,439
ING Funding LLC 2.236%, 1M LIBOR + 0.190%, 08/10/18 (h)		1,000,000		999,991
2.350%, 1M LIBOR + 0.320%, 02/08/19 (h)		4,000,000		4,001,168
LMA S.A. & LMA Americas 2.470%, 11/13/18		1,975,986		1,981,562
Sheffield Receivables Co. 2.490%, 11/26/18		2,467,319		2,474,083
Starbird Funding Corp. 2.300%, 08/10/18		1,988,756		1,995,010
Toyota Motor Credit Corp. 2.310%, 09/18/18		2,481,071		2,487,305
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (h)		2,000,000		1,999,616
				16,939,174
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $3,522,171; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $3,591,986.		3,521,554		3,521,554

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (g)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $2,007,751; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $2,108,575.		2,000,000	$	2,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $1,041,957; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $404,447; collateralized by various Common Stock with an aggregate market value of $446,483.		400,000		400,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $1,022,231; collateralized by various Common Stock with an aggregate market value of $1,116,209		1,000,000		1,000,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $501,278; collateralized by various Common Stock with an aggregate market value of $556,098.		500,000		500,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $4,821,605; collateralized by various Common Stock with an aggregate market value of $5,060,000.		4,600,000		4,600,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $1,417,310; collateralized by various Common Stock with an aggregate market value of $1,558,048.		1,400,000		1,400,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,408,736; collateralized by various Common Stock with an aggregate market value of $1,558,048.		1,400,000		1,400,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $1,506,506; collateralized by various Common Stock with an aggregate market value of $1,669,337.		1,500,000		1,500,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $1,006,564; collateralized by various Common Stock with an aggregate market value of $1,112,891.		1,000,000		1,000,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $2,214,532; collateralized by various Common Stock with an aggregate market value of $2,448,274.		2,200,000		2,200,000
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,307,107; collateralized by various Common Stock with an aggregate market value of $1,446,707.		1,300,000		1,300,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,609,840; collateralized by various Common Stock with an aggregate market value of $1,780,563.		1,600,000		1,600,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $2,313,490; collateralized by various Common Stock with an aggregate market value of $2,559,559.		2,300,000		2,300,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $1,004,564; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $3,511,527; collateralized by various Common Stock with an aggregate market value of $3,894,982.		3,500,000		3,500,000
				30,221,554
Time Deposits—0.3%
DNB Bank ASA 1.870%, 07/02/18		1,000,000		1,000,000
1.870%, 07/02/18		2,000,000		2,000,000
DZ Bank AG 1.890%, 07/02/18		1,000,000		1,000,000
Santander UK Group Holdings plc 1.900%, 07/02/18		1,000,000		1,000,000
				5,000,000
Total Securities Lending Reinvestments (Cost $100,893,786)				100,901,462
Total Investments—107.0% (Cost $1,128,665,217)				1,568,731,131
Other assets and liabilities (net)—(7.0)%				(102,550,846	)
Net Assets—100.0%			$	1,466,180,285

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $98,069,589 and the collateral received consisted of cash in the amount of $100,842,311. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent less than 0.05% of net assets.
(e)	Illiquid security. As of June 30, 2018, these securities represent 0.0% of net assets.
(f)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

(g)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(h)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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.
(FEDEFF PRV)—	Effective Federal Funds Rate
(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 Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,449,245,152	$	—		$	—	$	1,449,245,152
Total Rights*		—		—			521,795		521,795
Total Short-Term Investment*		18,062,722		—			—		18,062,722
Total Securities Lending Reinvestments*		—		100,901,462			—		100,901,462
Total Investments	$	1,467,307,874	$	100,901,462		$	521,795	$	1,568,731,131
Collateral for Securities Loaned (Liability)	$	—	$	(100,842,311	)	$	—	$	(100,842,311	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,550,668,409
Affiliated investments at value (c)		18,062,722
Cash denominated in foreign currencies (d)		3,538
Receivable for:
Investments sold		4,802,962
Fund shares sold		321,564
Dividends		621,511
Dividends on affiliated investments		21,686
Total Assets		1,574,502,392
Liabilities
Collateral for securities loaned		100,842,311
Payables for:
Investments purchased		4,887,218
Fund shares redeemed		1,614,349
Accrued Expenses:
Management fees		545,364
Distribution and service fees		92,557
Deferred trustees’ fees		113,593
Other expenses		226,715
Total Liabilities		108,322,107
Net Assets	$	1,466,180,285
Net Assets Consist of:
Paid in surplus	$	914,640,280
Undistributed net investment income		271,149
Accumulated net realized gain		111,202,957
Unrealized appreciation on investments and foreign currency transactions		440,065,899
Net Assets	$	1,466,180,285
Net Assets
Class A	$	1,016,434,757
Class B		427,701,781
Class E		17,940,936
Class G		4,102,811
Capital Shares Outstanding*
Class A		41,508,631
Class B		18,787,045
Class E		768,778
Class G		186,978
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	24.49
Class B		22.77
Class E		23.34
Class G		21.94

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,110,602,495.
(b)	Includes securities loaned at value of $98,069,589.
(c)	Identified cost of affiliated investments was $18,062,722.
(d)	Identified cost of cash denominated in foreign currencies was $3,553.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	4,058,753
Dividends from affiliated investments		61,303
Securities lending income		203,758
Total investment income		4,323,814
Expenses
Management fees		3,391,946
Administration fees		22,983
Custodian and accounting fees		75,818
Distribution and service fees—Class B		530,815
Distribution and service fees—Class E		13,502
Distribution and service fees—Class G		5,838
Audit and tax services		21,770
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		71,896
Insurance		4,463
Miscellaneous		12,717
Total expenses		4,193,899
Less management fee waiver		(162,661	)
Less broker commission recapture		(1,672	)
Net expenses		4,029,566
Net Investment Income		294,248
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		113,511,808
Foreign currency transactions		(17	)
Net realized gain		113,511,791
Net change in unrealized depreciation on:
Investments		(3,643,518	)
Foreign currency transactions		(93	)
Net change in unrealized depreciation		(3,643,611	)
Net realized and unrealized gain		109,868,180
Net Increase in Net Assets From Operations	$	110,162,428

(a) Net of foreign withholding taxes of $5,944.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	294,248		$	1,768,261
Net realized gain		113,511,791			120,975,147
Net change in unrealized appreciation (depreciation)		(3,643,611	)		160,653,464
Increase in net assets from operations		110,162,428			283,396,872
From Distributions to Shareholders
Net investment income
Class A		(1,196,958	)		(3,089,972	)
Class B		0			(294,924	)
Class E		0			(30,190	)
Class G		0			(613	)
Net realized capital gains
Class A		(82,319,845	)		(57,061,492	)
Class B		(36,922,286	)		(25,529,362	)
Class E		(1,510,258	)		(1,045,321	)
Class G		(364,458	)		(212,153	)
Total distributions		(122,313,805	)		(87,264,027	)
Increase (decrease) in net assets from capital share transactions		19,035,428			(21,037,249	)
Total increase in net assets		6,884,051			175,095,596
Net Assets
Beginning of period		1,459,296,234			1,284,200,638
End of period	$	1,466,180,285		$	1,459,296,234
Undistributed net investment income
End of period	$	271,149		$	1,173,859

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Statements of Changes in Net Assets

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		956,797		$	24,532,840			3,152,629		$	73,254,051
Reinvestments		3,352,742			83,516,803			2,702,222			60,151,464
Redemptions		(3,786,482	)		(96,980,166	)		(5,999,204	)		(138,365,134	)
Net increase (decrease)		523,057		$	11,069,477			(144,353	)	$	(4,959,619	)
Class B
Sales		420,193		$	9,968,595			1,199,386		$	25,662,257
Reinvestments		1,594,226			36,922,286			1,238,575			25,824,286
Redemptions		(1,667,958	)		(39,694,561	)		(3,128,573	)		(67,558,402	)
Net increase (decrease)		346,461		$	7,196,320			(690,612	)	$	(16,071,859	)
Class E
Sales		40,248		$	981,741			77,072		$	1,676,736
Reinvestments		63,617			1,510,258			50,493			1,075,511
Redemptions		(90,727	)		(2,210,853	)		(143,297	)		(3,150,668	)
Net increase (decrease)		13,138		$	281,146			(15,732	)	$	(398,421	)
Class G
Sales		14,668		$	342,464			25,130		$	520,617
Reinvestments		16,322			364,458			10,549			212,766
Redemptions		(9,531	)		(218,437	)		(16,462	)		(340,733	)
Net increase		21,459		$	488,485			19,217		$	392,650
Increase (decrease) derived from capital shares transactions				$	19,035,428					$	(21,037,249	)

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	24.69		$	21.41		$	22.01		$	23.40		$	23.77		$	17.53
Income (Loss) from Investment Operations
Net investment income (a)		0.01			0.05			0.07	(b)		0.07			0.06			0.04
Net realized and unrealized gain on investments		1.95			4.70			2.20			0.71			1.35			7.37
Total from investment operations		1.96			4.75			2.27			0.78			1.41			7.41
Less Distributions
Distributions from net investment income		(0.03	)		(0.08	)		(0.06	)		(0.03	)		(0.00	)(c)		(0.07	)
Distributions from net realized capital gains		(2.13	)		(1.39	)		(2.81	)		(2.14	)		(1.78	)		(1.10	)
Total distributions		(2.16	)		(1.47	)		(2.87	)		(2.17	)		(1.78	)		(1.17	)
Net Asset Value, End of Period	$	24.49		$	24.69		$	21.41		$	22.01		$	23.40		$	23.77
Total Return (%) (d)		7.80	(e)		22.88			11.74			2.71			6.91			44.55
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(f)		0.50			0.50			0.50			0.51			0.52
Net ratio of expenses to average net assets (%) (g)		0.48	(f)		0.48			0.48			0.48			0.48			0.49
Ratio of net investment income to average net assets (%)		0.12	(f)		0.20			0.36	(b)		0.28			0.25			0.21
Portfolio turnover rate (%)		11	(e)		22			22			27			25			29
Net assets, end of period (in millions)	$	1,016.4		$	1,011.9		$	880.8		$	863.6		$	938.5		$	714.2
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	23.09		$	20.11		$	20.84		$	22.28		$	22.77		$	16.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.01	)		0.02	(b)		0.01			(0.00	)(h)		(0.01	)
Net realized and unrealized gain on investments		1.83			4.40			2.07			0.69			1.29			7.07
Total from investment operations		1.81			4.39			2.09			0.70			1.29			7.06
Less Distributions
Distributions from net investment income		0.00			(0.02	)		(0.01	)		0.00			0.00			(0.03	)
Distributions from net realized capital gains		(2.13	)		(1.39	)		(2.81	)		(2.14	)		(1.78	)		(1.10	)
Total distributions		(2.13	)		(1.41	)		(2.82	)		(2.14	)		(1.78	)		(1.13	)
Net Asset Value, End of Period	$	22.77		$	23.09		$	20.11		$	20.84		$	22.28		$	22.77
Total Return (%) (d)		7.69	(e)		22.53			11.48			2.46			6.65			44.17
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(f)		0.75			0.75			0.75			0.76			0.77
Net ratio of expenses to average net assets (%) (g)		0.73	(f)		0.73			0.73			0.73			0.73			0.74
Ratio of net investment income (loss) to average net assets (%)		(0.13	)(f)		(0.05	)		0.11	(b)		0.03			(0.01	)		(0.05	)
Portfolio turnover rate (%)		11	(e)		22			22			27			25			29
Net assets, end of period (in millions)	$	427.7		$	425.8		$	384.7		$	373.4		$	369.6		$	373.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	23.61		$	20.54		$	21.23		$	22.63		$	23.09		$	17.06
Income (Loss) from Investment Operations
Net investment income (a)		0.00	(h)		0.01			0.04	(b)		0.03			0.02			0.01
Net realized and unrealized gain on investments		1.86			4.49			2.11			0.71			1.30			7.16
Total from investment operations		1.86			4.50			2.15			0.74			1.32			7.17
Less Distributions
Distributions from net investment income		0.00			(0.04	)		(0.03	)		0.00			0.00			(0.04	)
Distributions from net realized capital gains		(2.13	)		(1.39	)		(2.81	)		(2.14	)		(1.78	)		(1.10	)
Total distributions		(2.13	)		(1.43	)		(2.84	)		(2.14	)		(1.78	)		(1.14	)
Net Asset Value, End of Period	$	23.34		$	23.61		$	20.54		$	21.23		$	22.63		$	23.09
Total Return (%) (d)		7.73	(e)		22.70			11.55			2.61			6.69			44.32
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(f)		0.65			0.65			0.65			0.66			0.67
Net ratio of expenses to average net assets (%) (g)		0.63	(f)		0.63			0.63			0.63			0.63			0.64
Ratio of net investment income (loss) to average net assets (%)		(0.03	)(f)		0.05			0.21	(b)		0.12			0.09			0.05
Portfolio turnover rate (%)		11	(e)		22			22			27			25			29
Net assets, end of period (in millions)	$	17.9		$	17.8		$	15.8		$	16.9		$	17.1		$	18.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class G
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014(i)
Net Asset Value, Beginning of Period	$	22.33		$	19.49		$	20.34		$	21.78		$	21.49
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.02	)		0.02	(b)		(0.01	)		0.01
Net realized and unrealized gain on investments		1.76			4.25			1.94			0.71			0.28
Total from investment operations		1.74			4.23			1.96			0.70			0.29
Less Distributions
Distributions from net investment income		0.00			(0.00	)(c)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.13	)		(1.39	)		(2.81	)		(2.14	)		0.00
Total distributions		(2.13	)		(1.39	)		(2.81	)		(2.14	)		0.00
Net Asset Value, End of Period	$	21.94		$	22.33		$	19.49		$	20.34		$	21.78
Total Return (%) (d)		7.63	(e)		22.46			11.14			2.51			1.35	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.80	(f)		0.80			0.80			0.80			0.83	(f)
Net ratio of expenses to average net assets (%) (g)		0.78	(f)		0.78			0.78			0.78			0.81	(f)
Ratio of net investment income (loss) to average net assets (%)		(0.18	)(f)		(0.10	)		0.08	(b)		(0.06	)		0.40	(f)
Portfolio turnover rate (%)		11	(e)		22			22			27			25
Net assets, end of period (in millions)	$	4.1		$	3.7		$	2.9		$	1.2		$	0.0	(j)

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Distributions from net investment income were less than $0.01.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(h)	Net investment income (loss) was less than $0.01.
(i)	Commencement of operations was November 12, 2014.
(j)	Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers four classes of shares: Class A, B, E and G shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-17

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, adjustments to prior period accumulated balances, real estate investment trust (“REIT”) adjustments and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its

BHFTII-18

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $30,221,554. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-19

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases				Sales
U.S. Government		Non U.S. Government		U.S. Government		Non U.S. Government
$	0	$	155,695,386	$	0	$	270,380,974

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $151,734 in sales of investments, which are included above, and resulted in realized losses of $88,828.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum	Average Daily Net Assets
$3,391,946	0.550%	Of the first $100 million
	0.500%	Of the next $300 million
	0.450%	On amounts in excess of $400 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe Price”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTII-20

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Management Fee Waivers - T. Rowe Price agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by T. Rowe Price for the Trust and Brighthouse Funds Trust I (“BHFTI”), an affiliate of the Trust, in the aggregate, exceed $750,000,000, (ii) T. Rowe Price subadvises three or more portfolios of the Trust and BHFTI in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, T. Rowe Price will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTI average daily net assets over $750,000,000, 7.5% for the next $1,500,000,000 of combined assets, and 10% for amounts over $3,000,000,000. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts waived for the six months ended June 30, 2018 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B, E, and G Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B, E, and G Shares. Under the Distribution and Service Plan, the Class B, E, and G Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B, E, and G Shares of the Portfolio. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares, 0.15% per year for Class E Shares, and 0.30% per year for Class G Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of Affiliated issuers during the six months ended June 30, 2018 is as follows:

Security Description	Market Value December 31, 2017		Purchases		Sales			Ending Value as of June 30, 2018		Income earned from affiliates during the period		Number of shares held at June 30, 2018
T. Rowe Price Government Reserve Fund	$	4,409,313	$	109,262,854	$	(95,609,445	)	$	18,062,722	$	61,303		18,062,722

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,130,482,146
Gross unrealized appreciation		477,250,271
Gross unrealized depreciation		(39,001,286	)
Net unrealized appreciation (depreciation)	$	438,248,985

BHFTII-21

Brighthouse Funds Trust II

T. Rowe Price Small Cap Growth Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2017		2016		2017		2016		2017		2016
$	3,415,699	$	11,380,536	$	83,848,328	$	150,201,669	$	87,264,027	$	161,582,205

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses		Total
$	8,404,159	$	113,511,393	$	441,892,581	$	—	$	563,808,133

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

BHFTII-22

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Managed by Van Eck Associates Corporation

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A and B shares of the Van Eck Global Natural Resources Portfolio returned -0.67% and -0.93%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) North American Natural Resources Sector Index¹, returned 5.29%.

MARKET ENVIRONMENT / CONDITIONS

The most significant impact on the natural resources market came from the specter of trade conflict that loomed over global growth. However, its effect was somewhat counter-intuitive, with stocks performing poorly in the first quarter when trade was not really the issue and performing better in the second quarter when trade was more of an issue.

Crude oil performed particularly well during the first half of the year, moving back up to 2014 levels. However, this did not translate into strong energy equities. If there was one theme across the six-month period, it remained both the continued and unprecedented decoupling of the performance of higher-beta energy stocks, in particular unconventional oil & gas exploration & production companies, from crude oil prices and the lack of investment in energy equities. Energy stocks did very poorly in the first quarter because of the market’s volatility and whilst they did perform better in the second quarter, their improvement was from a very low base. At the same time, however, demand for oil remained strong, prices rose, and crude oil and product inventories continued to decline. Depending upon whose estimates are used, the Organization of Petroleum Exporting Countries (“OPEC”), Russia, and their partners agreed to increase their self-imposed oil production quotas anywhere between 500,000 and one million barrels a day. Despite this increase, the market realized it would be operating in deficit in the second half of the year and oil rallied following the agreement. The concern, then, became that OPEC does not have enough spare capacity. Despite both firmer oil prices and the improving operational and financial performance of the companies themselves, the performance of energy stocks still failed to reflect fully not only top-line growth and improved financial results, but also a more stable longer-term outlook for growth and returns.

Within diversified metals & mining industries, the combination of firm global demand (underpinned by strong demand from China), the continuing drive by companies toward “value over volume” (with the resulting supply limitations), and industry-specific events, such as labor action, was supportive of commodity prices, especially across the base metal spectrum (copper, nickel, zinc, etc.). With costs under control, the 2017 year-end results of gold mining companies were generally in line with expectations. However, although many continue to be profitable at current gold prices, they remain undervalued in relation to historic valuations.

Grains, and soybeans and corn in particular, were hit hard by trade fears in the second quarter. In contrast, however, agriculture equities did well (especially relative to the commodities), particularly during the second quarter, not least on the back of expectations for better fertilizer pricing.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Several of the key aspects that contributed to the underperformance of the Portfolio relative to its benchmark were overweight positions and underperformance in the oil & gas exploration & production sub-industry, underweight positions and underperformance in the oil & gas refining & marketing sub-industry, and the absence of any allocation to the integrated oil & gas sub-industry.

The three weakest-contributing sub-industries to the Portfolio’s performance relative to the benchmark were oil & gas exploration & production, integrated oil & gas (to which the Portfolio had no allocation), and oil & gas refining & marketing. The Portfolio’s three weakest-contributing companies were Patterson-UTI Energy, an oil & gas drilling company, Cimarex Energy, an oil & gas exploration & production company, and ProPetro Holding, an oil & gas equipment & services company. All suffered from concerns about Permian Basin takeaway capacity related to localized bottlenecks, and subsequent fears of lower drilling and oil field service activity in the area.

The three strongest positive-contributing sub-industries to the Portfolio’s performance relative to the benchmark were copper, electrical components & equipment, and paper packaging (to which the Portfolio had no allocation). The Portfolio’s three strongest positive-contributing individual positions were oil & gas exploration & production company EOG Resources, which benefited from lesser exposure to the bottlenecks of the Permian Basin relative to peers. Solar energy (electrical components & equipment) company Sunrun benefited from demonstrating both strong operational execution and performance during the quarter. It also benefited from supportive long-term policy changes taking place in the state of California. Finally, the continuing return of free cash flow to shareholders (by way of share buybacks) by oil & gas exploration & production company CNX Resources led to a rerating by the market and strong returns.

The Portfolio’s largest purchases established new positions in steel company Vale and marine (tank barge operator) company Kirby. The Portfolio’s largest sales during the reporting period were the elimination of its position in railroad company Union Pacific and the reduction of its position in oil & gas exploration & production company Concho Resources.

On both an absolute and relative basis, the Portfolio decreased its weightings to both the oil & gas equipment & services and railroads

BHFTII-1

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Managed by Van Eck Associates Corporation

Portfolio Manager Commentary*—(Continued)

sub-industries. At the same time, the Portfolio increased its weightings to both the steel and oil & gas storage & transportation sub-industries.

As of June 30, 2018, the Portfolio had no allocation to the integrated oil & gas sub-industry, making that sub-industry a substantial underweight relative to the benchmark. The Portfolio’s next largest underweight position was in the oil & gas storage & transportation sub-industry. The Portfolio also had an underweight in the oil & gas refining & marketing sub-industry. The Portfolio’s most overweight positions relative to the benchmark were in the diversified metals & mining, gold, and fertilizers & agricultural chemicals sub-industries.

Shawn Reynolds

Charles Cameron

Portfolio Managers

Van Eck Associates Corporation

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-2

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		Since Inception2
Van Eck Global Natural Resources Portfolio
Class A		-0.67		17.54		-1.89		3.93
Class B		-0.93		17.24		-2.14		3.20
S&P North American Natural Resources Sector Index		5.29		19.80		1.74		5.77

¹ The S&P North American Natural Resources Sector Index was developed as an equity benchmark for U.S. traded natural resource related stocks.

² Inception dates of the Class A and Class B shares are 10/31/08 and 4/28/09, respectively. The since inception return of the index is based on the Class A inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Holdings

	% of Net Assets
Diamondback Energy, Inc.		4.8
EOG Resources, Inc.		4.5
First Quantum Minerals, Ltd.		4.5
Pioneer Natural Resources Co.		4.5
Teck Resources, Ltd. - Class B		4.5
Glencore plc		4.4
Parsley Energy, Inc.- Class A		4.2
Newmont Mining Corp.		3.7
Nutrien, Ltd.		3.1
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		2.9

Top Sectors

	% of Net Assets
Energy		52.5
Materials		39.6
Consumer Staples		2.8
Industrials		2.3
Financials		0.5
Utilities		0.4

BHFTII-3

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Van Eck Global Natural Resources Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.80	%	$	1,000.00	$	993.30	$	3.95
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class B (a)	Actual		1.05	%	$	1,000.00	$	990.70	$	5.18
	Hypothetical*		1.05	%	$	1,000.00	$	1,019.59	$	5.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Common Stocks—98.1% of Net Assets

Security Description	Shares		Value
Chemicals—6.0%
CF Industries Holdings, Inc. (a)		802,600	$	35,635,440
Nutrien, Ltd.		699,223		38,023,747
				73,659,187
Electrical Equipment—0.8%
Sunrun, Inc. (a) (b)		743,300		9,774,395
Energy Equipment & Services—13.6%
Halliburton Co.		643,500		28,996,110
Nabors Industries, Ltd. (a)		3,748,500		24,027,885
Patterson-UTI Energy, Inc. (a)		1,617,700		29,118,600
ProPetro Holding Corp. (a) (b)		1,274,500		19,984,160
Schlumberger, Ltd.		323,900		21,711,017
Superior Energy Services, Inc. (a) (b)		1,448,000		14,103,520
Tenaris S.A. (ADR)		392,300		14,275,797
Weatherford International plc (a) (b)		4,830,800		15,893,332
				168,110,421
Food Products—2.8%
Bunge, Ltd.		166,000		11,571,860
Tyson Foods, Inc. - Class A (a)		327,100		22,520,835
				34,092,695
Independent Power and Renewable Electricity Producers—0.4%
Ormat Technologies, Inc. (a)		95,100		5,058,369
Marine—1.5%
Kirby Corp. (a) (b)		226,131		18,904,552
Metals & Mining—32.7%
Agnico Eagle Mines, Ltd. (U.S. Listed Shares)		790,133		36,211,795
Barrick Gold Corp.		1,210,500		15,893,865
First Quantum Minerals, Ltd.		3,771,400		55,567,655
Glencore plc		11,413,057		54,111,385
Goldcorp, Inc.		521,600		7,151,136
IAMGOLD Corp. (b)		1,477,900		8,586,599
KAZ Minerals plc (b)		1,211,786		13,381,321
Kinross Gold Corp. (b)		3,138,500		11,800,760
New Gold, Inc. (b)		1,838,400		3,823,872
Newmont Mining Corp.		1,200,500		45,270,855
Petra Diamonds, Ltd. (a) (b)		10,195,589		7,524,579
Randgold Resources, Ltd. (ADR) (a)		194,600		15,001,714
Rio Tinto plc (ADR) (a)		489,900		27,179,652
Steel Dynamics, Inc.		540,600		24,840,570
Teck Resources, Ltd. - Class B		2,171,100		55,254,495
Vale S.A. (ADR)		1,795,800		23,022,156
				404,622,409
Mortgage Real Estate Investment Trusts—0.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		308,343		6,089,774
Oil, Gas & Consumable Fuels—38.9%
Cimarex Energy Co. (a)		332,600		33,838,724
Oil, Gas & Consumable Fuels—(Continued)
CNX Resources Corp. (a) (b)		1,545,600		27,480,768
Concho Resources, Inc. (a) (b)		250,650		34,677,428
Diamondback Energy, Inc. (a)		448,900		59,061,773
EOG Resources, Inc.		448,900		55,856,627
Golar LNG, Ltd. (a)		922,000		27,162,120
Green Plains, Inc. (a)		950,600		17,395,980
Laredo Petroleum, Inc. (a) (b)		1,001,700		9,636,354
Newfield Exploration Co. (a) (b)		977,300		29,563,325
Parsley Energy, Inc. - Class A (b)		1,700,500		51,491,140
PBF Energy, Inc. - Class A		205,800		8,629,194
PDC Energy, Inc. (a) (b)		529,700		32,020,365
Pioneer Natural Resources Co.		292,800		55,409,472
RSP Permian, Inc. (a) (b)		426,500		18,774,530
Scorpio Tankers, Inc.		2,030,600		5,705,986
WPX Energy, Inc. (b)		737,300		13,293,519
				479,997,305
Paper & Forest Products—0.9%
Louisiana-Pacific Corp. (a)		421,100		11,462,342
Total Common Stocks (Cost $1,074,553,946)				1,211,771,449
Short-Term Investment—1.9%
Mutual Fund—1.9%
AIM STIT-STIC Prime Portfolio		23,888,280		23,888,280
Total Short-Term Investments (Cost $23,888,280)				23,888,280
Securities Lending Reinvestments (c)—23.2%
Bank Note—0.3%
Bank of America N.A. 2.297%, 1M LIBOR + 0.250%, 11/13/18 (d)		3,000,000		3,000,000
Certificates of Deposit—7.9%
Banco Del Estado De Chile New York 2.455%, 3M LIBOR + 0.100%, 11/14/18 (d)		6,500,000		6,500,351
Bank of Montreal (Chicago) 2.383%, 3M LIBOR + 0.030%, 11/06/18 (d)		2,000,000		1,999,884
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (d)		3,000,000		2,999,718
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (d)		2,000,000		2,000,750
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (d)		6,000,000		5,999,574
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (d)		2,000,000		1,999,698
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (d)		2,500,000		2,501,945
2.525%, 3M LIBOR + 0.200%, 04/05/19 (d)		1,000,000		1,000,377

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Credit Agricole S.A. 2.376%, 1M LIBOR + 0.330%, 10/09/18 (d)		6,000,000	$	6,000,276
Credit Industriel et Commercial (NY) Zero Coupon, 07/24/18		9,939,949		9,986,000
Credit Suisse AG New York 2.437%, 3M LIBOR + 0.100%, 09/27/18 (d)		2,000,000		2,000,336
2.460%, FEDEFF PRV + 0.550%, 09/07/18 (d)		2,000,000		2,000,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		3,000,000		2,999,877
KBC Bank NV 2.280%, 08/15/18		1,500,000		1,500,165
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (d)		500,000		500,002
Natixis New York 2.427%, 1M LIBOR + 0.370%, 02/14/19 (d)		3,000,000		3,001,269
2.525%, 1M LIBOR + 0.440%, 09/17/18 (d)		2,000,000		2,000,920
2.548%, 3M LIBOR + 0.190%, 02/01/19 (d)		2,500,000		2,500,617
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (d)		5,000,000		4,998,755
Royal Bank of Canada New York 2.296%, 1M LIBOR + 0.250%, 01/11/19 (d)		5,500,000		5,499,945
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (d)		3,000,000		2,999,949
Standard Chartered plc 2.250%, 08/21/18		2,000,000		2,000,306
2.384%, 1M LIBOR + 0.300%, 08/22/18 (d)		2,000,000		2,000,048
2.466%, 1M LIBOR + 0.420%, 10/11/18 (d)		3,000,000		3,000,633
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (d)		2,500,000		2,500,220
2.374%, 1M LIBOR + 0.280%, 07/30/18 (d)		2,000,000		2,000,140
Sumitomo Mitsui Trust Bank, Ltd. 2.445%, 3M LIBOR + 0.090%, 10/18/18 (d)		4,003,129		4,000,140
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (d)		5,000,000		5,000,000
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (d)		1,500,000		1,500,018
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (d)		1,500,000		1,500,035
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (d)		3,500,000		3,499,769
				97,991,717
Commercial Paper—3.9%
Bank of China, Ltd. 2.500%, 07/23/18		4,968,403		4,993,715
Canadian Imperial Bank of Commerce 2.485%, 1M LIBOR + 0.400%, 09/17/18 (d)		5,000,000		5,002,195
ING Funding LLC 2.350%, 1M LIBOR + 0.320%, 02/08/19 (d)		7,000,000		7,002,044
LMA S.A. & LMA Americas 2.470%, 11/13/18		2,963,979		2,972,343
Macquarie Bank, Ltd. 2.280%, 09/04/18		2,982,520		2,987,802
Sheffield Receivables Co. 2.490%, 11/26/18		4,934,638		4,948,165

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Starbird Funding Corp. 2.300%, 08/10/18		3,977,511	$	3,990,020
Toyota Motor Credit Corp. 2.310%, 09/18/18		2,977,285		2,984,766
2.320%, 07/26/18		2,979,507		2,995,857
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (d)		5,000,000		4,999,040
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (d)		5,000,000		5,000,000
				47,875,947
Repurchase Agreements—9.1%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $4,100,841; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $4,182,126.		4,100,124		4,100,124
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $3,011,627; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $3,162,863.		3,000,000		3,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $1,041,957; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $3,336,685; collateralized by various Common Stock with an aggregate market value of $3,683,489.		3,300,000		3,300,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $1,840,016; collateralized by various Common Stock with an aggregate market value of $2,009,176.		1,800,000		1,800,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $4,010,220; collateralized by various Common Stock with an aggregate market value of $4,448,780.		4,000,000		4,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 10/26/16 at 2.460%, due on 10/01/18 with a maturity value of $838,540; collateralized by various Common Stock with an aggregate market value of $880,000.		800,000		800,000
Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $4,116,440; collateralized by various Common Stock with an aggregate market value of $4,400,000.		4,000,000		4,000,000

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $12,148,373; collateralized by various Common Stock with an aggregate market value of $13,354,695.		12,000,000	$	12,000,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $10,062,400; collateralized by various Common Stock with an aggregate market value of $11,128,912.		10,000,000		10,000,000
Repurchase Agreement dated 04/23/18 at 2.110%, due on 07/06/18 with a maturity value of $9,039,035; collateralized by various Common Stock with an aggregate market value of $10,016,021.		9,000,000		9,000,000
Repurchase Agreement dated 03/16/18 at 2.110%, due on 07/06/18 with a maturity value of $5,032,822; collateralized by various Common Stock with an aggregate market value of $5,564,456.		5,000,000		5,000,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $11,575,964; collateralized by various Common Stock with an aggregate market value of $12,797,797.		11,500,000		11,500,000
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $8,552,275; collateralized by various Common Stock with an aggregate market value of $9,459,241.		8,500,000		8,500,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $15,087,979; collateralized by various Common Stock with an aggregate market value of $16,692,778.		15,000,000		15,000,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $10,054,667; collateralized by various Common Stock with an aggregate market value of $11,128,519.		10,000,000		10,000,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $2,511,411; collateralized by various Common Stock with an aggregate market value of $2,782,130.		2,500,000		2,500,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $7,023,053; collateralized by various Common Stock with an aggregate market value of $7,789,963.		7,000,000		7,000,000
				112,500,124
Time Deposits—2.0%
Australia New Zealand Bank 1.900%, 07/02/18		10,000,000		10,000,000
DNB Bank ASA 1.870%, 07/02/18		7,000,000		7,000,000
DZ Bank AG 1.890%, 07/02/18		2,000,000		2,000,000
Erste Group Bank AG 1.910%, 07/02/18		3,500,000		3,500,000
Santander UK Group Holdings plc 1.900%, 07/02/18		2,000,000		2,000,000
				24,500,000
Total Securities Lending Reinvestments (Cost $285,858,704)				285,867,788
Total Investments—123.2% (Cost $1,384,300,930)				1,521,527,517
Other assets and liabilities (net)—(23.2)%				(286,047,590	)
Net Assets—100.0%			$	1,235,479,927

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $279,009,266 and the collateral received consisted of cash in the amount of $285,727,044. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(d)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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)—	American Depositary Receipt
(FEDEFF PRV)—	Effective Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Chemicals	$	73,659,187	$	—		$	—	$	73,659,187
Electrical Equipment		9,774,395		—			—		9,774,395
Energy Equipment & Services		168,110,421		—			—		168,110,421
Food Products		34,092,695		—			—		34,092,695
Independent Power and Renewable Electricity Producers		5,058,369		—			—		5,058,369
Marine		18,904,552		—			—		18,904,552
Metals & Mining		350,511,024		54,111,385			—		404,622,409
Mortgage Real Estate Investment Trusts		6,089,774		—			—		6,089,774
Oil, Gas & Consumable Fuels		479,997,305		—			—		479,997,305
Paper & Forest Products		11,462,342		—			—		11,462,342
Total Common Stocks		1,157,660,064		54,111,385			—		1,211,771,449
Total Short-Term Investment*		23,888,280		—			—		23,888,280
Total Securities Lending Reinvestments*		—		285,867,788			—		285,867,788
Total Investments	$	1,181,548,344	$	339,979,173		$	—	$	1,521,527,517
Collateral for Securities Loaned (Liability)	$	—	$	(285,727,044	)	$	—	$	(285,727,044	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	1,521,527,517
Cash		70,077
Receivable for:
Dividends		724,737
Total Assets		1,522,322,331
Liabilities
Collateral for securities loaned		285,727,044
Payables for:
Fund shares redeemed		66,089
Accrued Expenses:
Management fees		777,192
Distribution and service fees		24,324
Deferred trustees’ fees		112,248
Other expenses		135,507
Total Liabilities		286,842,404
Net Assets	$	1,235,479,927
Net Assets Consist of:
Paid in surplus	$	1,356,283,690
Undistributed net investment income		2,262,971
Accumulated net realized loss		(260,293,321	)
Unrealized appreciation on investments		137,226,587
Net Assets	$	1,235,479,927
Net Assets
Class A	$	1,118,388,730
Class B		117,091,197
Capital Shares Outstanding*
Class A		104,648,749
Class B		11,030,902
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.69
Class B		10.61

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,384,300,930.
(b)	Includes securities loaned at value of $279,009,266.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends (a)	$	6,757,335
Securities lending income		555,189
Total investment income		7,312,524
Expenses
Management fees		4,343,205
Administration fees		17,706
Custodian and accounting fees		39,945
Distribution and service fees—Class B		154,589
Audit and tax services		26,480
Legal		21,433
Trustees’ fees and expenses		20,718
Shareholder reporting		28,205
Insurance		2,977
Miscellaneous		12,202
Total expenses		4,667,460
Less management fee waiver		(61,969	)
Less broker commission recapture		(6,743	)
Net expenses		4,598,748
Net Investment Income		2,713,776
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		22,359,284
Foreign currency transactions		87,048
Net realized gain		22,446,332
Net change in unrealized appreciation (depreciation) on:
Investments		(36,281,759	)
Foreign currency transactions		344
Net change in unrealized depreciation		(36,281,415	)
Net realized and unrealized loss		(13,835,083	)
Net Decrease in Net Assets From Operations	$	(11,121,307	)

(a) Net of foreign withholding taxes of $140,670.

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,713,776		$	1,817,448
Net realized gain (loss)		22,446,332			(11,881,461	)
Net change in unrealized appreciation (depreciation)		(36,281,415	)		23,318,938
Increase (decrease) in net assets from operations		(11,121,307	)		13,254,925
From Distributions to Shareholders
Net investment income
Class A		(1,880,391	)		(973,863	)
Total distributions		(1,880,391	)		(973,863	)
Increase in net assets from capital share transactions		122,343,157			65,486,891
Total increase in net assets		109,341,459			77,767,953
Net Assets
Beginning of period		1,126,138,468			1,048,370,515
End of period	$	1,235,479,927		$	1,126,138,468
Undistributed net investment income
End of period	$	2,262,971		$	1,429,586

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		19,372,175		$	212,701,575			16,577,609		$	159,198,096
Reinvestments		172,989			1,880,391			108,448			973,863
Redemptions		(6,853,785	)		(75,642,977	)		(9,125,652	)		(96,618,555	)
Net increase		12,691,379		$	138,938,989			7,560,405		$	63,553,404
Class B
Sales		204,380		$	2,111,286			2,671,393		$	25,673,875
Redemptions		(1,730,589	)		(18,707,118	)		(2,365,074	)		(23,740,388	)
Net increase (decrease)		(1,526,209	)	$	(16,595,832	)		306,319		$	1,933,487
Increase derived from capital shares transactions				$	122,343,157					$	65,486,891

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Financial Highlights

Selected per share data	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.78		$	10.86		$	7.59		$	11.32		$	14.21		$	12.91
Income (Loss) from Investment Operations
Net investment income (a)		0.03			0.02			0.01			0.08			0.08			0.08
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.09	)		3.34			(3.76	)		(2.66	)		1.34
Total from investment operations		(0.07	)		(0.07	)		3.35			(3.68	)		(2.58	)		1.42
Less Distributions
Distributions from net investment income		(0.02	)		(0.01	)		(0.08	)		(0.05	)		(0.08	)		(0.12	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.23	)		0.00
Total distributions		(0.02	)		(0.01	)		(0.08	)		(0.05	)		(0.31	)		(0.12	)
Net Asset Value, End of Period	$	10.69		$	10.78		$	10.86		$	7.59		$	11.32		$	14.21
Total Return (%) (b)		(0.67	)(c)		(0.62	)		44.26			(32.64	)		(18.63	)		11.06
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81	(d)		0.81			0.81			0.81			0.81			0.81
Net ratio of expenses to average net assets (%) (e)		0.80	(d)		0.80			0.80			0.80			0.80			0.80
Ratio of net investment income to average net assets (%)		0.52	(d)		0.21			0.14			0.82			0.56			0.64
Portfolio turnover rate (%)		16	(c)		23			49			25			39			36
Net assets, end of period (in millions)	$	1,118.4		$	991.7		$	916.2		$	752.1		$	841.0		$	1,018.8
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.71		$	10.79		$	7.55		$	11.25		$	14.12		$	12.83
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			(0.01	)		(0.01	)		0.06			0.04			0.05
Net realized and unrealized gain (loss) on investments		(0.11	)		(0.07	)		3.31			(3.74	)		(2.64	)		1.33
Total from investment operations		(0.10	)		(0.08	)		3.30			(3.68	)		(2.60	)		1.38
Less Distributions
Distributions from net investment income		0.00			0.00			(0.06	)		(0.02	)		(0.04	)		(0.09	)
Distributions from net realized capital gains		0.00			0.00			0.00			0.00			(0.23	)		0.00
Total distributions		0.00			0.00			(0.06	)		(0.02	)		(0.27	)		(0.09	)
Net Asset Value, End of Period	$	10.61		$	10.71		$	10.79		$	7.55		$	11.25		$	14.12
Total Return (%) (b)		(0.93	)(c)		(0.74	)		43.74			(32.76	)		(18.82	)		10.76
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.06	(d)		1.06			1.06			1.06			1.06			1.06
Net ratio of expenses to average net assets (%) (e)		1.05	(d)		1.05			1.05			1.05			1.05			1.05
Ratio of net investment income (loss) to average net assets (%)		0.25	(d)		(0.05	)		(0.12	)		0.56			0.31			0.38
Portfolio turnover rate (%)		16	(c)		23			49			25			39			36
Net assets, end of period (in millions)	$	117.1		$	134.4		$	132.2		$	114.2		$	135.3		$	158.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Van Eck Global Natural Resources Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers two classes of shares: Class A and B shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. 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

BHFTII-12

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

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.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, real estate investment trusts (“REITs”) and broker commission recapture. These adjustments have no impact on net assets or the results of operations.

BHFTII-13

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $112,500,124. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of June 30, 2018, with a contractual maturity of overnight and continuous.

BHFTII-14

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Natural Resource and Foreign Investment Risk: The Portfolio may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal and by investing in gold bullion and coins. Since the Portfolio may concentrate its investments, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature. In addition, the investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	283,051,554	$	0	$	172,470,590

During the period ended June 30, 2018, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $ 8,668,014 in purchases of investments, which are included above.

BHFTII-15

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment  Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$4,343,205		0.800	%	Of the first $250 million
		0.775	%	Of the next $750 million
		0.750	%	On amounts in excess of $1 billion

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Van Eck Associates Corporation (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum	Average Daily Net Assets
0.025%	On amounts over $500 million and under $1 billion

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A and B Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B Shares. Under the Distribution and Service Plan, the Class B Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTII-16

Brighthouse Funds Trust II

Van Eck Global Natural Resources Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

7. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	1,395,216,940
Gross unrealized appreciation		188,628,202
Gross unrealized depreciation		(62,317,625	)
Net unrealized appreciation (depreciation)	$	126,310,577

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$973,863	$	8,304,252	$	—	$	—	$	973,863	$	8,304,252

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$1,544,673	$	—	$	162,592,336	$	(271,823,643	)	$	(107,686,634	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had post-enactment accumulated short-term capital losses of $19,324,736, post-enactment accumulated long-term capital losses of $252,498,907 and no pre-enactment accumulated capital loss carryforwards.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Western Asset Management Strategic Bond Opportunities Portfolio returned -2.96%, -3.03%, and -3.00%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned -1.62%.

MARKET ENVIRONMENT / CONDITIONS

The overall U.S. bond market posted a negative return for the first six months of the year as most spread sector performance was mixed compared to U.S. Treasuries. Short-term yields rose early in the year but settled out in June close to where they began while their longer-term counterparts declined. The yield on the 10-year Treasury began the year at 2.40%, peaked at 3.11% on May 17^th, and ended June at 2.85%.

The first half of 2018 ushered in a new Chairman for the Federal Reserve Board (the “Fed”), Jerome Powell. After holding rates steady at its meeting in January 2018, the Fed under Powell elected to raise rates 0.25% at its meeting in March and another 0.25% at its meeting in June, pushing the Fed’s target rate to a range between 1.75% and 2.00%. These increases marked the Fed’s sixth and seventh rate hike since December 2015, and the Fed currently anticipates raising rates two more times during the year.

The European Central Bank (the “ECB”) also made a significant announcement in June, by signaling the beginning of the end for monetary stimulus in the Eurozone. The ECB stated it would finalize its asset purchases program at the end of this year and offered guidance on the path of Eurozone interest rates going forward; the ECB said it “expects the key ECB interest rates to remain at their present levels at least through the summer of 2019.” During the same meeting, the ECB also revised its growth projections for the Eurozone downward, trimming its 2018 gross domestic product (“GDP”) forecast to 2.1% from 2.4%.

In the U.S., the Commerce Department reported that first quarter 2018 GDP annualized growth was 2.0%. In contrast, the economy expanded 2.9% during the previous quarter. More modest GDP growth in the first quarter reflected lower personal consumption expenditures, exports, state and local government spending, federal government spending and a downturn in residential fixed investment. By contrast, the labor market continued to be a source of strength for the U.S. economy, ending June at a 4.0% unemployment rate. The manufacturing sector also continued to expand and support the economy during the period. According to the Institute for Supply Management’s Purchasing Managers Index, the manufacturing sector expanded for a 22^nd consecutive month in June, with a reading of 60.

On the back of softening global growth forecasts, late spring saw a sharp divergence in market expectations for U.S. growth in the second half of 2018 as compared to the expectations for Europe, China, and emerging markets broadly. This, coupled with rising trade tensions and political uncertainty in the Eurozone following a populist victory in Italy, led to corporate bond spread widening across most sectors. The U.S. dollar, which had weakened at the start of the year, strengthened versus all other currencies by late June.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management Strategic Bond Opportunities Portfolio underperformed its benchmark over the reporting period.

The Portfolio’s long duration bias in the U.S. and select emerging market (“EM”) countries, coupled with a short German duration bias, significantly detracted from performance over the period. As the yield curve flattened with longer-term yields generally unchanged and short-to-intermediate yields higher, the Portfolio’s positioning weighed on performance. The Portfolio’s duration positioning reflected our view that U.S. inflation will not rise meaningfully, the Fed will remain dovish, and growth in the U.S., Europe, and EM will continue.

As headlines over the first six months of the year threatened to contradict with our view, the Portfolio saw negative performance as a result of positions in several sectors, notably in emerging markets and currency positions. Macro events, including a slightly hawkish tone from the Fed, kicked off a sustained rally in the U.S. dollar versus other world currencies. This in turn weighed on the Portfolio’s performance, particularly with respect to long positions in select emerging markets currencies such as the Argentine peso and Brazilian real.

During a period in which many spread sectors underperformed, high-yield corporate bonds, Commercial Mortgage-Backed Securities (“CMBS”), and Non-Agency Residential Mortgage-Backed Securities (“RMBS”) all contributed positively to performance. Although high-yield corporate bond spreads moved through historical averages, demand for credit remained strong against a backdrop of low-yielding government markets. Within structured credit, strong demand and limited supply in real estate markets helped support continued positive returns for the sector.

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

Western Asset believes the current economic cycle should extend much further before we see signs of inflationary pressures We believe that if global growth continues on a solid pace, inflation remains in check, and central banks continue to be accommodative, select local emerging markets currencies should perform despite recent U.S. dollar strengthening. However, to mitigate additional emerging markets foreign exchange-related volatility, we have reduced exposure a number of emerging markets currencies. We also added a short position in the Korean won, complementing other short positions in the Canadian dollar, Philippine peso, and the euro, as a hedge against further U.S. dollar strength.

At period end, the Portfolio maintained steady allocations to Non-Agency RMBS (7.2%) and CMBS (5.0%) and trimmed its bank loan exposure (9.2%) slightly in favor of a small additional allocation to those sub-sectors of structured product. In addition to this, the Portfolio maintained overweight positions to Investment Grade Credit (26.4%) and High Yield Credit (27.9%). The Portfolio also ended the period with an underweight to the 10-year part of the Treasury yield curve and overall duration extended by 0.14 years. The Portfolio’s duration positioning reflects our view that U.S. inflation should not rise meaningfully, the Fed should remain dovish, and growth in the U.S., Europe and emerging markets should continue.

S. Kenneth Leech

Carl L. Eichsteadt

Mark S. Lindbloom

Michael Buchanan

Annabel Rudebeck

Portfolio Managers

Western Asset Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-2

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Western Asset Management Strategic Bond Opportunities Portfolio
Class A		-2.96		-0.31		3.86		6.30
Class B		-3.03		-0.51		3.62		6.04
Class E		-3.00		-0.49		3.71		6.14
Bloomberg Barclays U.S. Aggregate Bond Index		-1.62		-0.40		2.27		3.72

¹ The Bloomberg Barclays U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		55.3
Mortgage-Backed Securities		10.9
Floating Rate Loans		9.0
Foreign Government		7.8
Asset-Backed Securities		6.1
U.S. Treasury & Government Agencies		4.0
Convertible Bonds		0.9
Purchased Options		0.5
Convertible Preferred Stocks		0.3
Municipals		0.2

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management Strategic Bond Opportunities Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.55	%	$	1,000.00	$	970.40	$	2.69
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.07	$	2.76
Class B (a)	Actual		0.80	%	$	1,000.00	$	969.70	$	3.91
	Hypothetical*		0.80	%	$	1,000.00	$	1,020.83	$	4.01
Class E (a)	Actual		0.70	%	$	1,000.00	$	970.00	$	3.42
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.32	$	3.51

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—55.3% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.5%
Harris Corp. 4.854%, 04/27/35		350,000	$	357,165
5.054%, 04/27/45		1,089,000		1,126,142
Northrop Grumman Corp. 2.930%, 01/15/25		13,360,000		12,683,494
3.200%, 02/01/27		3,560,000		3,354,900
Raytheon Co. 3.125%, 10/15/20		30,000		30,139
United Technologies Corp. 4.500%, 06/01/42		290,000		286,581
				17,838,421
Agriculture—0.1%
Altria Group, Inc. 5.375%, 01/31/44		649,000		703,433
Reynolds American, Inc. 4.850%, 09/15/23		2,640,000		2,744,123
				3,447,556
Airlines—0.1%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		647,935		649,425
American Airlines Pass-Through Trust 5.600%, 07/15/20 (144A)		1,037,947		1,059,354
Delta Air Lines Pass-Through Trust 4.950%, 05/23/19		203,704		205,598
Northwest Airlines Pass-Through Trust 7.575%, 03/01/19		2,003		2,023
				1,916,400
Apparel—0.5%
Hanesbrands, Inc. 4.875%, 05/15/26 (144A) (a)		14,688,000		14,173,920
Levi Strauss & Co. 5.000%, 05/01/25		2,845,000		2,830,775
				17,004,695
Auto Manufacturers—0.2%
General Motors Co. 6.600%, 04/01/36		5,134,000		5,556,668
Auto Parts & Equipment—1.3%
Adient Global Holdings, Ltd. 4.875%, 08/15/26 (144A)		3,700,000		3,320,750
Allison Transmission, Inc. 4.750%, 10/01/27 (144A) (a)		6,920,000		6,452,900
5.000%, 10/01/24 (144A) (a)		4,790,000		4,712,162
Delphi Technologies plc 5.000%, 10/01/25 (144A)		4,210,000		4,015,288
IHO Verwaltungs GmbH 4.125%, 4.875% PIK, 09/15/21 (144A) (b)		1,840,000		1,812,400
4.500%, 5.250% PIK, 09/15/23 (144A) (b)		1,050,000		1,005,375
4.750%, 5.500% PIK, 09/15/26 (144A) (a) (b)		3,440,000		3,237,900
Auto Parts & Equipment—(Continued)
ZF North America Capital, Inc. 4.750%, 04/29/25 (144A)		18,393,000		18,390,579
				42,947,354
Banks—8.8%
ABN AMRO Bank NV 4.750%, 07/28/25 (144A)		321,000		319,145
Banco Bilbao Vizcaya Argentaria S.A. 7.000%, 5Y EUR Swap + 6.155%, 02/19/19 (EUR) (c)		8,800,000		10,507,926
Banco Mercantil del Norte S.A. 6.875%, 5Y CMT + 5.035%, 07/06/22 (144A) (c)		800,000		790,872
7.625%, 10Y CMT + 5.353%, 01/10/28 (144A) (a) (c)		800,000		790,000
Banco Santander S.A. 3.800%, 02/23/28		400,000		365,353
3.848%, 04/12/23		9,800,000		9,584,324
Bank of America Corp. 4.000%, 01/22/25		16,110,000		15,903,026
4.250%, 10/22/26		7,628,000		7,537,704
Barclays Bank plc 7.625%, 11/21/22		16,450,000		17,708,425
Barclays plc 4.972%, 3M LIBOR + 1.902%, 05/16/29 (c)		4,990,000		4,943,675
BBVA Bancomer S.A. 5.125%, 5Y CMT + 2.650%, 01/18/33 (144A) (c)		16,480,000		14,605,400
BNP Paribas S.A. 4.375%, 05/12/26 (144A)		7,680,000		7,451,048
7.625%, 5Y USD Swap + 6.314%, 03/30/21 (144A) (a) (c)		2,850,000		2,974,688
BPCE S.A. 4.875%, 04/01/26 (144A)		12,000,000		11,902,636
5.150%, 07/21/24 (144A)		420,000		425,843
CIT Group, Inc. 6.125%, 03/09/28 (a)		3,820,000		3,925,050
Citigroup, Inc. 4.050%, 07/30/22 (a)		110,000		110,594
4.450%, 09/29/27		11,094,000		10,912,413
Cooperatieve Rabobank UA 3.750%, 07/21/26		4,210,000		3,941,125
4.375%, 08/04/25		1,470,000		1,441,234
4.625%, 12/01/23		5,870,000		5,912,690
11.000%, 3M LIBOR + 10.868%, 06/30/19 (144A) (c)		415,000		444,569
Credit Agricole S.A. 7.875%, 5Y USD Swap + 4.898%, 01/23/24 (144A) (c)		1,750,000		1,785,000
8.125%, 5Y USD Swap + 6.185%, 12/23/25 (144A) (a) (c)		7,050,000		7,464,187
8.375%, 3M LIBOR + 6.982%, 10/13/19 (144A) (a) (c)		640,000		665,600
Credit Suisse Group AG 7.500%, 5Y USD Swap + 4.598%, 12/11/23 (144A) (a) (c)		4,365,000		4,506,862
Goldman Sachs Group, Inc. (The) 3.500%, 11/16/26		2,920,000		2,751,267
4.000%, 03/03/24		1,510,000		1,511,056
4.250%, 10/21/25		8,890,000		8,759,662
5.250%, 07/27/21		1,330,000		1,397,737
6.750%, 10/01/37		2,000,000		2,373,684
7.500%, 02/15/19		20,000		20,552

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
HSBC Holdings plc 3.900%, 05/25/26		10,850,000	$	10,609,458
4.583%, 3M LIBOR + 1.535%, 06/19/29 (c)		2,650,000		2,676,590
6.000%, 5Y USD ICE Swap + 3.746%, 05/22/27 (a) (c)		4,430,000		4,108,825
6.250%, 5Y USD ICE Swap + 3.453%, 03/23/23 (a) (c)		3,770,000		3,699,312
6.500%, 5Y USD ICE Swap + 3.606%, 03/23/28 (c)		3,770,000		3,619,200
Intesa Sanpaolo S.p.A.
3.125%, 07/14/22 (144A)		1,970,000		1,818,289
3.375%, 01/12/23 (144A)		1,900,000		1,746,472
3.875%, 07/14/27 (144A)		8,790,000		7,584,501
5.017%, 06/26/24 (144A)		2,440,000		2,214,704
5.710%, 01/15/26 (144A) (a)		17,780,000		16,257,351
6.500%, 02/24/21 (144A)		1,175,000		1,217,412
JPMorgan Chase & Co. 3.625%, 12/01/27		6,430,000		6,045,397
3.875%, 09/10/24		2,722,000		2,696,756
Lloyds Banking Group plc 4.582%, 12/10/25		3,011,000		2,951,564
4.650%, 03/24/26		3,920,000		3,856,964
7.500%, 5Y USD Swap + 4.760%, 06/27/24 (c)		3,580,000		3,635,490
Macquarie Bank, Ltd. 4.875%, 06/10/25 (144A) (a)		2,100,000		2,092,995
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A) (a)		3,200,000		3,327,844
6.250%, 01/14/21 (144A) (a)		400,000		424,200
Morgan Stanley 4.000%, 07/23/25		1,165,000		1,161,457
4.100%, 05/22/23		1,000,000		1,003,818
4.875%, 11/01/22		250,000		259,303
Royal Bank of Scotland Group plc 4.800%, 04/05/26		400,000		402,250
5.125%, 05/28/24		2,870,000		2,894,892
6.000%, 12/19/23		875,000		918,201
6.100%, 06/10/23		780,000		821,496
8.625%, 5Y USD Swap + 7.598%, 08/15/21 (c)		2,890,000		3,071,348
Santander Holdings USA, Inc. 4.500%, 07/17/25		570,000		559,117
Santander UK Group Holdings plc 4.750%, 09/15/25 (144A) (a)		10,031,000		9,795,412
7.375%, 5Y GBP Swap + 5.543%, 06/24/22 (GBP) (c)		2,620,000		3,596,056
Santander UK plc 7.950%, 10/26/29 (a)		272,000		338,953
Standard Chartered plc 3.950%, 01/11/23 (144A)		2,425,000		2,369,064
5.700%, 03/26/44 (144A) (a)		600,000		626,292
UBS AG 7.625%, 08/17/22		2,850,000		3,146,115
UBS Group Funding Switzerland AG 4.253%, 03/23/28 (144A) (a)		2,950,000		2,931,051
Wells Fargo & Co. 4.300%, 07/22/27		10,990,000		10,830,497
Wells Fargo Capital X 5.950%, 12/01/86		90,000		96,842
				289,138,835
Beverages—0.2%
Constellation Brands, Inc. 4.750%, 12/01/25		140,000		144,928
Cott Holdings, Inc. 5.500%, 04/01/25 (144A) (a)		5,530,000		5,377,925
Dr Pepper Snapple Group, Inc. 3.400%, 11/15/25		64,000		60,466
4.500%, 11/15/45		32,000		29,455
				5,612,774
Biotechnology—0.2%
Celgene Corp.
3.875%, 08/15/25		1,120,000		1,089,942
5.000%, 08/15/45		800,000		783,354
Gilead Sciences, Inc. 2.550%, 09/01/20		1,675,000		1,654,875
3.500%, 02/01/25		1,795,000		1,767,875
4.600%, 09/01/35		1,800,000		1,852,549
				7,148,595
Building Materials—0.3%
Standard Industries, Inc. 5.375%, 11/15/24 (144A)		8,710,000		8,601,125
Chemicals—0.2%
Monitchem HoldCo 2 S.A. 6.875%, 06/15/22 (EUR)		3,104,000		3,174,898
Olin Corp. 5.000%, 02/01/30 (a)		3,250,000		3,071,250
				6,246,148
Commercial Services—1.5%
Ashtead Capital, Inc. 4.125%, 08/15/25 (144A) (a)		2,000,000		1,865,000
4.375%, 08/15/27 (144A)		7,520,000		6,993,600
Board of Trustees of The Leland Stanford Junior University (The) 4.750%, 05/01/19		950,000		966,378
Brink’s Co. (The) 4.625%, 10/15/27 (144A) (a)		3,420,000		3,197,700
Carriage Services, Inc. 6.625%, 06/01/26 (144A) (a)		5,500,000		5,575,625
Ecolab, Inc. 4.350%, 12/08/21		57,000		58,833
Hertz Corp. (The) 5.875%, 10/15/20		4,760,000		4,652,900
Live Nation Entertainment, Inc. 2.500%, 03/15/23 (144A)		6,820,000		7,061,516
Metropolitan Museum of Art (The) 3.400%, 07/01/45		2,025,000		1,889,748
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.250%, 05/15/23 (144A) (a)		3,183,000		3,388,940
UBM plc 5.750%, 11/03/20 (144A)		50,000		50,988
United Rentals North America, Inc. 4.625%, 10/15/25 (a)		2,100,000		2,000,250

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
United Rentals North America, Inc. 4.875%, 01/15/28		4,230,000	$	3,916,768
5.875%, 09/15/26		8,000,000		8,080,000
				49,698,246
Computers—0.4%
Dell International LLC / EMC Corp. 3.480%, 06/01/19 (144A)		1,000,000		1,002,518
4.420%, 06/15/21 (144A)		12,010,000		12,185,616
				13,188,134
Diversified Financial Services—1.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, 10/30/20		1,060,000		1,079,940
5.000%, 10/01/21		15,056,000		15,513,851
Ally Financial, Inc. 8.000%, 11/01/31		525,000		624,750
ASP AMC Merger Sub, Inc. 8.000%, 05/15/25 (144A) (a)		4,820,000		4,000,600
Carlyle Holdings II Finance LLC 5.625%, 03/30/43 (144A)		3,370,000		3,475,268
International Lease Finance Corp. 8.250%, 12/15/20		2,613,000		2,876,263
8.625%, 01/15/22		2,500,000		2,868,160
Jerrold Finco plc 6.125%, 01/15/24 (144A) (GBP)		1,780,000		2,361,052
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A) (a)		130,000		135,631
Lions Gate Capital Holdings LLC 5.875%, 11/01/24 (144A)		3,880,000		3,927,297
Navient Corp. 5.000%, 10/26/20 (a)		5,811,000		5,796,472
Quicken Loans, Inc. 5.250%, 01/15/28 (144A) (a)		1,050,000		968,415
5.750%, 05/01/25 (144A)		15,600,000		15,268,968
Travelport Corporate Finance plc 6.000%, 03/15/26 (144A) (a)		3,238,000		3,262,285
Visa, Inc. 3.150%, 12/14/25		850,000		822,272
				62,981,224
Electric—1.2%
Enel S.p.A. 7.750%, 5Y GBP Swap + 5.662%, 09/10/75 (GBP) (c)		2,450,000		3,560,769
Exelon Corp. 3.497%, 06/01/22		4,800,000		4,744,467
FirstEnergy Corp. 3.900%, 07/15/27		6,480,000		6,286,310
4.250%, 03/15/23		1,560,000		1,585,025
7.375%, 11/15/31		3,550,000		4,600,995
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A) (d)		2,524,127		2,751,298
Pacific Gas & Electric Co. 4.000%, 12/01/46		1,390,000		1,197,902
6.050%, 03/01/34		1,180,000		1,274,247
Electric—(Continued)
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		660,564		676,898
Perusahaan Listrik Negara PT 5.500%, 11/22/21		9,750,000		10,176,660
Southern California Edison Co. 3.900%, 03/15/43		1,217,000		1,128,832
				37,983,403
Energy-Alternate Sources—0.0%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A) (d)		1,303,687		1,402,552
Entertainment—0.9%
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, 02/15/23 (144A) (a)		3,440,000		3,508,800
GLP Capital L.P. / GLP Financing II, Inc. 5.750%, 06/01/28		7,140,000		7,193,550
Scientific Games International, Inc. 10.000%, 12/01/22		14,360,000		15,321,689
Vue International Bidco plc 7.875%, 07/15/20 (GBP)		2,510,000		3,319,696
				29,343,735
Environmental Control—0.0%
Waste Management, Inc. 3.500%, 05/15/24		890,000		881,530
4.600%, 03/01/21		180,000		186,041
7.375%, 05/15/29		190,000		236,907
				1,304,478
Food—0.3%
Kraft Heinz Foods Co. 3.000%, 06/01/26		340,000		306,178
3.950%, 07/15/25		60,000		58,320
5.000%, 07/15/35		250,000		246,278
5.000%, 06/04/42		130,000		124,112
5.200%, 07/15/45		390,000		379,403
Lamb Weston Holdings, Inc. 4.625%, 11/01/24 (144A)		3,710,000		3,607,975
4.875%, 11/01/26 (144A) (a)		4,870,000		4,736,075
				9,458,341
Forest Products & Paper—0.1%
Suzano Austria GmbH 5.750%, 07/14/26		4,200,000		4,248,720
Healthcare-Products—0.8%
Becton Dickinson and Co. 3.700%, 06/06/27		8,580,000		8,121,846
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, 06/15/21 (144A)		9,110,000		9,221,142
Immucor, Inc. 11.125%, 02/15/22 (144A) (a)		7,080,000		7,097,700

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—(Continued)
Medtronic, Inc. 3.150%, 03/15/22		1,393,000	$	1,381,842
3.500%, 03/15/25		1,730,000		1,711,862
				27,534,392
Healthcare-Services—1.6%
Centene Corp. 4.750%, 05/15/22		4,826,000		4,856,162
4.750%, 01/15/25 (a)		2,520,000		2,507,400
6.125%, 02/15/24		4,413,000		4,650,199
Fresenius Medical Care U.S. Finance II, Inc. 4.750%, 10/15/24 (144A) (a)		700,000		719,978
HCA, Inc. 5.375%, 02/01/25		11,270,000		11,097,569
5.500%, 06/15/47		18,260,000		16,753,550
7.500%, 11/15/95 (a)		235,000		226,188
Humana, Inc. 4.800%, 03/15/47		800,000		821,843
Polaris Intermediate Corp. 8.500%, 9.250%, PIK 12/01/22 (144A) (a) (b)		3,500,000		3,609,375
Tenet Healthcare Corp. 7.500%, 01/01/22 (144A)		2,490,000		2,589,600
8.125%, 04/01/22		4,255,000		4,448,688
				52,280,552
Holding Companies-Diversified—0.1%
Co-operative Group Holdings, Ltd. 7.500%, 07/08/26 (GBP) (c) (e)		2,410,000		3,814,333
Home Builders—0.5%
Lennar Corp. 4.500%, 04/30/24 (a)		4,180,000		4,028,684
4.750%, 11/29/27 (a)		5,730,000		5,373,594
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.625%, 03/01/24 (144A) (a)		6,000,000		5,868,720
5.875%, 04/15/23 (144A)		780,000		776,100
				16,047,098
Housewares—0.1%
Newell Brands, Inc. 3.850%, 04/01/23		1,750,000		1,723,775
5.500%, 04/01/46		1,420,000		1,384,066
				3,107,841
Insurance—0.8%
Ambac Assurance Corp. 5.100%, 06/07/20 (144A) (a)		20,207		27,077
Ambac LSNI LLC 7.337%, 3M LIBOR + 5.000%, 02/12/23 (144A) (c)		92,029		93,414
American International Group, Inc. 3.750%, 07/10/25		770,000		743,766
6.250%, 3M LIBOR + 2.056%, 03/15/87 (c)		453,000		466,590
AXA S.A. 8.600%, 12/15/30		1,320,000		1,689,600
Insurance—(Continued)
Delphi Financial Group, Inc. 7.875%, 01/31/20		2,190,000		2,336,663
Fidelity & Guaranty Life Holdings, Inc. 5.500%, 05/01/25 (144A) (a)		6,790,000		6,620,250
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A)		2,600,000		3,603,285
Massachusetts Mutual Life Insurance Co. 4.900%, 04/01/77 (144A)		6,285,000		6,197,728
Prudential Financial, Inc. 5.625%, 3M LIBOR + 3.920%, 06/15/43 (c)		550,000		567,187
5.875%, 3M LIBOR + 4.175%, 09/15/42 (a) (c)		1,200,000		1,267,500
Teachers Insurance & Annuity Association of America 4.900%, 09/15/44 (144A)		1,771,000		1,864,294
6.850%, 12/16/39 (144A)		216,000		285,991
				25,763,345
Internet—0.6%
Cogent Communications Group, Inc. 5.375%, 03/01/22 (144A) (a)		5,195,000		5,324,875
Match Group, Inc. 5.000%, 12/15/27 (144A) (a)		870,000		809,100
6.375%, 06/01/24		4,725,000		4,973,062
Priceline Group, Inc. (The) 3.650%, 03/15/25 (a)		1,625,000		1,589,284
Tencent Holdings, Ltd. 3.595%, 01/19/28 (144A)		8,110,000		7,672,222
				20,368,543
Investment Company Security—0.1%
MAI Holdings, Inc. 9.500%, 06/01/23		2,550,000		2,626,500
Iron/Steel—0.4%
Vale Overseas, Ltd. 6.250%, 08/10/26		3,990,000		4,321,170
6.875%, 11/10/39		7,980,000		9,037,350
				13,358,520
Leisure Time—0.7%
NCL Corp., Ltd. 4.750%, 12/15/21 (144A) (a)		4,262,000		4,251,345
Silversea Cruise Finance, Ltd. 7.250%, 02/01/25 (144A)		5,285,000		5,708,328
Viking Cruises, Ltd. 5.875%, 09/15/27 (144A) (a)		10,184,000		9,623,880
VOC Escrow, Ltd. 5.000%, 02/15/28 (144A) (a)		4,190,000		3,958,335
				23,541,888
Lodging—0.4%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 04/01/25 (a)		1,250,000		1,218,750
4.875%, 04/01/27 (a)		11,450,000		11,049,250

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Lodging—(Continued)
MGM Resorts International 6.625%, 12/15/21 (a)		130,000	$	136,987
				12,404,987
Machinery-Construction & Mining—0.5%
BlueLine Rental Finance Corp. / BlueLine Rental LLC 9.250%, 03/15/24 (144A) (a)		15,520,000		16,511,728
Machinery-Diversified—0.1%
Cleaver-Brooks, Inc. 7.875%, 03/01/23 (144A)		4,000,000		4,120,000
Media—4.2%
Altice Luxembourg S.A. 7.750%, 05/15/22 (144A) (a)		7,490,000		7,246,575
American Media, Inc. Zero Coupon, 09/30/18 (f)		8,470,000		8,305,894
5.500%, 09/01/21 (144A)		5,350,000		5,149,375
CCO Holdings LLC / CCO Holdings Capital Corp. 5.000%, 02/01/28 (144A) (a)		3,960,000		3,623,400
5.125%, 05/01/27 (144A) (a)		5,260,000		4,921,387
5.375%, 05/01/25 (144A)		880,000		851,400
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.200%, 03/15/28 (a)		8,160,000		7,639,225
4.908%, 07/23/25		9,064,000		9,153,591
5.375%, 04/01/38		2,050,000		1,936,528
CSC Holdings LLC 6.625%, 10/15/25 (144A)		2,680,000		2,743,650
10.125%, 01/15/23 (144A)		1,125,000		1,240,313
10.875%, 10/15/25 (144A)		5,667,000		6,532,918
DISH DBS Corp. 5.000%, 03/15/23		3,247,000		2,816,773
5.875%, 07/15/22 (a)		430,000		404,200
5.875%, 11/15/24 (a)		2,250,000		1,904,063
7.750%, 07/01/26 (a)		8,650,000		7,579,562
EW Scripps Co. (The) 5.125%, 05/15/25 (144A) (a)		5,810,000		5,446,875
Meredith Corp. 6.875%, 02/01/26 (144A) (a)		3,620,000		3,570,225
SFR Group S.A. 6.000%, 05/15/22 (144A) (a)		6,240,000		6,262,152
6.250%, 05/15/24 (144A)		945,000		917,831
7.375%, 05/01/26 (144A)		15,140,000		14,802,378
Time Warner Cable LLC 5.875%, 11/15/40		1,942,000		1,899,876
Univision Communications, Inc. 5.125%, 02/15/25 (144A) (a)		7,890,000		7,288,387
UPC Holding B.V. 5.500%, 01/15/28 (144A) (a)		6,110,000		5,499,000
UPCB Finance IV, Ltd. 5.375%, 01/15/25 (144A) (a)		2,296,000		2,181,430
Urban One, Inc. 7.375%, 04/15/22 (144A) (a)		9,430,000		9,123,525
Media—(Continued)
Virgin Media Secured Finance plc 5.500%, 01/15/25 (GBP)		2,619,000		3,514,322
5.500%, 08/15/26 (144A) (a)		5,985,000		5,602,558
				138,157,413
Metal Fabricate/Hardware—0.2%
Park-Ohio Industries, Inc. 6.625%, 04/15/27 (a)		4,831,000		4,891,387
Valmont Industries, Inc. 6.625%, 04/20/20		314,000		333,897
				5,225,284
Mining—3.2%
Alcoa Nederland Holding B.V. 6.125%, 05/15/28 (144A)		12,052,000		12,127,325
Anglo American Capital plc 4.000%, 09/11/27 (144A)		3,540,000		3,295,817
Barrick Gold Corp. 5.250%, 04/01/42		2,520,000		2,635,542
Barrick North America Finance LLC 4.400%, 05/30/21		97,000		100,347
5.750%, 05/01/43		11,289,000		12,575,032
BHP Billiton Finance USA, Ltd. 2.875%, 02/24/22		79,000		78,021
6.250%, 5Y USD Swap + 4.971%, 10/19/75 (144A) (a) (c)		2,392,000		2,500,388
6.750%, 5Y USD Swap + 5.093%, 10/19/75 (144A) (c)		8,191,000		8,883,139
First Quantum Minerals, Ltd. 7.000%, 02/15/21 (144A)		10,540,000		10,645,400
7.250%, 04/01/23 (144A) (a)		3,920,000		3,920,000
7.500%, 04/01/25 (144A)		2,580,000		2,546,202
Freeport-McMoRan, Inc. 5.400%, 11/14/34 (a)		860,000		780,450
5.450%, 03/15/43		16,860,000		14,789,592
Glencore Finance Canada, Ltd. 4.250%, 10/25/22 (144A) (a)		788,000		796,897
5.550%, 10/25/42 (144A) (a)		1,000,000		1,000,040
Glencore Funding LLC 4.000%, 04/16/25 (144A) (a)		6,580,000		6,331,605
HudBay Minerals, Inc. 7.250%, 01/15/23 (144A)		2,280,000		2,348,400
7.625%, 01/15/25 (144A) (a)		2,460,000		2,576,850
Midwest Vanadium Pty, Ltd. 11.500%, 02/15/18 (144A) (d) (g)		932,290		93
Mirabela Nickel, Ltd. 1.000%, 09/10/44 (g) (h) (i)		36,414		0
Northwest Acquisitions ULC / Dominion Finco, Inc. 7.125%, 11/01/22 (144A) (a)		5,740,000		5,725,650
Teck Resources, Ltd. 5.200%, 03/01/42 (a)		740,000		648,425
Yamana Gold, Inc. 4.950%, 07/15/24		9,130,000		9,120,048
				103,425,263

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Miscellaneous Manufacturing—0.4%
General Electric Co. 6.875%, 01/10/39		9,598,000	$	12,154,399
Oil & Gas—5.5%
Anadarko Finance Co. 7.500%, 05/01/31		80,000		99,095
Anadarko Petroleum Corp. 4.500%, 07/15/44		800,000		744,996
5.550%, 03/15/26		3,000,000		3,215,150
6.450%, 09/15/36		220,000		254,244
Apache Corp. 3.250%, 04/15/22		574,000		564,260
4.250%, 01/15/44		260,000		229,866
4.750%, 04/15/43		7,000,000		6,652,848
Berry Petroleum Co. LLC 7.000%, 02/15/26 (144A)		4,030,000		4,120,675
BP Capital Markets plc 3.119%, 05/04/26		3,580,000		3,420,959
Cenovus Energy, Inc. 4.250%, 04/15/27 (a)		650,000		626,076
5.250%, 06/15/37		410,000		404,987
Centennial Resource Production LLC 5.375%, 01/15/26 (144A)		3,160,000		3,073,100
Chesapeake Energy Corp. 8.000%, 12/15/22 (144A) (a)		5,633,000		5,912,960
8.000%, 01/15/25 (a)		730,000		743,469
8.000%, 06/15/27 (a)		5,960,000		6,064,300
ConocoPhillips Holding Co. 6.950%, 04/15/29		375,000		462,133
Covey Park Energy LLC / Covey Park Finance Corp. 7.500%, 05/15/25 (144A)		12,790,000		13,045,800
Devon Energy Corp. 3.250%, 05/15/22		2,035,000		2,000,442
5.600%, 07/15/41		110,000		118,654
5.850%, 12/15/25		970,000		1,067,862
Diamondback Energy, Inc. 4.750%, 11/01/24		9,328,000		9,094,800
5.375%, 05/31/25 (a)		2,030,000		2,030,000
5.375%, 05/31/25 (144A)		2,640,000		2,633,400
Endeavor Energy Resources L.P. / EER Finance, Inc. 5.500%, 01/30/26 (144A) (a)		1,350,000		1,309,500
5.750%, 01/30/28 (144A) (a)		2,180,000		2,125,500
Ensco plc 7.750%, 02/01/26 (a)		1,600,000		1,511,520
EOG Resources, Inc. 4.150%, 01/15/26 (a)		1,665,000		1,702,948
EP Energy LLC / Everest Acquisition Finance, Inc.
8.000%, 02/15/25 (144A) (a)		2,660,000		2,061,500
9.375%, 05/01/24 (144A) (a)		5,280,000		4,329,600
Gazprom OAO Via Gaz Capital S.A. 4.950%, 03/23/27 (144A)		10,470,000		10,090,462
KazMunayGas National Co. JSC 5.375%, 04/24/30 (144A)		300,000		300,654
6.375%, 10/24/48 (144A)		1,060,000		1,070,335
Kerr-McGee Corp. 6.950%, 07/01/24		290,000		329,045
7.875%, 09/15/31		285,000		361,420
Oil & Gas—(Continued)
MEG Energy Corp. 6.375%, 01/30/23 (144A) (a)		5,000,000		4,650,000
6.500%, 01/15/25 (144A)		2,400,000		2,394,000
7.000%, 03/31/24 (144A) (a)		8,029,000		7,487,043
Noble Energy, Inc. 3.850%, 01/15/28		1,910,000		1,825,269
6.000%, 03/01/41		10,200,000		11,218,668
Occidental Petroleum Corp. 3.125%, 02/15/22		110,000		109,725
3.500%, 06/15/25 (a)		1,850,000		1,834,772
4.625%, 06/15/45		230,000		240,517
Petrobras Global Finance B.V. 5.750%, 02/01/29		5,350,000		4,703,346
6.850%, 06/05/15 (a)		17,700,000		14,850,300
QEP Resources, Inc. 5.250%, 05/01/23 (a)		2,650,000		2,590,375
5.625%, 03/01/26 (a)		5,060,000		4,844,950
6.875%, 03/01/21		1,050,000		1,115,625
Range Resources Corp. 4.875%, 05/15/25 (a)		1,945,000		1,823,438
5.000%, 03/15/23 (a)		3,249,000		3,143,408
5.875%, 07/01/22 (a)		850,000		860,625
RSP Permian, Inc. 6.625%, 10/01/22		4,421,000		4,645,145
Shelf Drilling Holdings, Ltd. 8.250%, 02/15/25 (144A)		6,190,000		6,236,425
Shell International Finance B.V. 2.875%, 05/10/26 (a)		2,840,000		2,698,794
3.250%, 05/11/25		1,773,000		1,737,217
4.000%, 05/10/46		360,000		348,658
WPX Energy, Inc. 5.750%, 06/01/26 (a)		4,521,000		4,508,296
8.250%, 08/01/23		5,720,000		6,477,900
				182,117,056
Oil & Gas Services—0.1%
KCA Deutag UK Finance plc 9.875%, 04/01/22 (144A) (a)		3,750,000		3,875,588
Packaging & Containers—0.7%
ARD Securities Finance SARL 8.750%, 8.75% PIK, 01/31/23 (144A) (a) (b)		2,540,000		2,584,450
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc. 4.625%, 05/15/23 (144A) (a)		660,000		652,575
6.000%, 02/15/25 (144A) (a)		5,200,000		5,063,500
7.250%, 05/15/24 (144A) (a)		4,860,000		5,054,400
Pactiv LLC 8.375%, 04/15/27 (a)		7,435,000		8,252,850
WestRock RKT Co. 4.000%, 03/01/23 (a)		140,000		141,708
				21,749,483
Pharmaceuticals—4.0%
Allergan Funding SCS 3.450%, 03/15/22		450,000		442,795
4.550%, 03/15/35		3,400,000		3,216,921
4.750%, 03/15/45 (a)		2,645,000		2,546,145

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
BioScrip, Inc.
Zero Coupon, 08/15/20 (c)		17,830,000	$	18,632,350
8.875%, 02/15/21 (a)		4,952,000		4,729,160
CVS Health Corp. 3.875%, 07/20/25		496,000		480,591
4.100%, 03/25/25		38,960,000		38,753,558
4.780%, 03/25/38		17,110,000		16,828,909
5.125%, 07/20/45		1,440,000		1,459,124
Jazz Investments I, Ltd. 1.500%, 08/15/24 (144A) (a)		10,510,000		10,949,696
Mead Johnson Nutrition Co. 4.125%, 11/15/25		1,653,000		1,684,005
Teva Pharmaceutical Finance Co. B.V. 2.950%, 12/18/22		1,520,000		1,383,442
Teva Pharmaceutical Finance Netherlands III B.V. 2.200%, 07/21/21		1,570,000		1,456,233
Valeant Pharmaceuticals International, Inc. 5.500%, 11/01/25 (144A) (a)		5,070,000		4,996,485
5.625%, 12/01/21 (144A)		2,740,000		2,695,475
7.250%, 07/15/22 (144A) (a)		5,730,000		5,868,437
7.500%, 07/15/21 (144A)		2,905,000		2,950,391
9.250%, 04/01/26 (144A) (a)		11,675,000		12,127,406
				131,201,123
Pipelines—3.9%
Andeavor Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19		600,000		615,000
Blue Racer Midstream LLC / Blue Racer Finance Corp. 6.125%, 11/15/22 (144A) (a)		1,825,000		1,843,250
6.625%, 07/15/26 (144A)		2,910,000		2,880,027
DCP Midstream Operating L.P. 4.950%, 04/01/22		4,000,000		4,045,000
6.750%, 09/15/37 (144A)		3,480,000		3,688,800
El Paso Natural Gas Co. LLC 7.500%, 11/15/26		4,250,000		5,005,569
8.375%, 06/15/32		190,000		238,571
Energy Transfer Equity L.P. 5.500%, 06/01/27 (a)		1,376,000		1,376,000
5.875%, 01/15/24		1,638,000		1,678,950
Enterprise Products Operating LLC 3.700%, 02/15/26		1,072,000		1,047,483
3.750%, 02/15/25		2,100,000		2,079,513
3.900%, 02/15/24		225,000		225,300
5.375%, 3M LIBOR + 2.570%, 02/15/78 (a) (c)		13,090,000		11,932,665
6.066%, 3M LIBOR + 3.708%, 08/01/66 (c)		1,059,000		1,061,648
Genesis Energy L.P. / Genesis Energy Finance Corp. 5.625%, 06/15/24		1,060,000		991,100
6.000%, 05/15/23 (a)		6,046,000		5,932,637
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (a)		2,500,000		2,662,804
Kinder Morgan, Inc. 4.300%, 06/01/25		1,240,000		1,236,926
7.800%, 08/01/31		67,000		81,046
MPLX L.P. 4.875%, 12/01/24		4,500,000		4,639,350
Pipelines—(Continued)
NGPL PipeCo LLC 7.768%, 12/15/37 (144A) (a)		5,300,000		6,227,500
Northwest Pipeline LLC 4.000%, 04/01/27		14,460,000		13,889,194
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		780,000		824,928
Rockies Express Pipeline LLC 6.875%, 04/15/40 (144A)		4,875,000		5,557,500
7.500%, 07/15/38 (144A) (a)		4,485,000		5,292,300
Southern Natural Gas Co. LLC 8.000%, 03/01/32		25,000		32,326
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.125%, 02/01/25 (a)		4,791,000		4,731,113
5.375%, 02/01/27 (a)		2,770,000		2,686,900
Williams Cos., Inc. (The) 8.750%, 03/15/32		28,712,000		37,019,817
				129,523,217
Real Estate—0.1%
Hunt Cos., Inc. 6.250%, 02/15/26 (144A) (a)		5,160,000		4,811,700
Real Estate Investment Trusts—0.6%
CoreCivic, Inc. 5.000%, 10/15/22		5,400,000		5,400,000
CTR Partnership L.P. / CareTrust Capital Corp. 5.250%, 06/01/25		6,560,000		6,330,400
MPT Operating Partnership L.P. / MPT Finance Corp. 5.000%, 10/15/27		7,770,000		7,420,350
				19,150,750
Retail—0.8%
1011778 BC ULC / New Red Finance, Inc. 5.000%, 10/15/25 (144A) (a)		3,770,000		3,567,174
AutoZone, Inc. 2.500%, 04/15/21		800,000		780,635
Golden Nugget, Inc. 8.750%, 10/01/25 (144A) (a)		9,210,000		9,460,604
L Brands, Inc. 5.250%, 02/01/28 (a)		5,412,000		4,809,915
Masaria Investments S.A.U. 5.000%, 09/15/24 (144A) (EUR)		1,350,000		1,481,938
5.250%, 09/15/24 (144A) (EUR) (c)		3,750,000		4,138,392
McDonald’s Corp. 2.750%, 12/09/20		441,000		438,019
3.700%, 01/30/26		1,047,000		1,039,511
				25,716,188
Semiconductors—0.0%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.125%, 01/15/25		280,000		259,746
3.875%, 01/15/27		750,000		709,389
				969,135

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.6%
Akamai Technologies, Inc. 0.125%, 05/01/25 (144A) (a)		2,514,000	$	2,517,406
First Data Corp. 7.000%, 12/01/23 (144A)		2,180,000		2,270,644
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. 6.000%, 07/15/25 (144A) (a)		3,930,000		3,979,125
Microsoft Corp. 3.300%, 02/06/27		9,800,000		9,649,868
				18,417,043
Telecommunications—3.6%
AT&T, Inc. 4.450%, 04/01/24		3,330,000		3,361,833
British Telecommunications plc 9.625%, 12/15/30		4,915,000		7,022,011
CommScope Technologies LLC 5.000%, 03/15/27 (144A) (a)		2,510,000		2,362,538
CommScope, Inc. 5.500%, 06/15/24 (144A) (a)		2,200,000		2,211,000
Crown Castle Towers LLC 4.241%, 07/15/48 (144A)		8,580,000		8,626,830
Deutsche Telekom International Finance B.V. 2.485%, 09/19/23 (144A)		10,717,000		9,994,937
Intelsat Jackson Holdings S.A. 5.500%, 08/01/23		5,400,000		4,844,880
Sprint Capital Corp. 8.750%, 03/15/32		10,400,000		11,128,000
Sprint Communications, Inc. 11.500%, 11/15/21		2,093,000		2,469,740
Sprint Corp. 7.125%, 06/15/24 (a)		3,510,000		3,543,661
7.250%, 09/15/21		1,390,000		1,445,600
7.625%, 03/01/26 (a)		2,330,000		2,376,600
7.875%, 09/15/23 (a)		4,920,000		5,101,425
T-Mobile USA, Inc. 4.750%, 02/01/28 (a)		4,590,000		4,251,488
6.500%, 01/15/24		803,000		839,135
Telecom Italia Capital S.A. 7.200%, 07/18/36		3,760,000		3,894,984
Telecom Italia S.p.A. 5.303%, 05/30/24 (144A) (a)		12,240,000		12,071,700
Telefonica Emisiones S.A.U. 4.103%, 03/08/27 (a)		5,600,000		5,415,676
Verizon Communications, Inc. 2.625%, 08/15/26 (a)		820,000		727,783
3.850%, 11/01/42		5,210,000		4,350,726
4.522%, 09/15/48		1,200,000		1,094,053
5.250%, 03/16/37		660,000		677,819
Vodafone Group plc 4.375%, 05/30/28		8,080,000		7,983,954
5.250%, 05/30/48		1,680,000		1,675,351
Windstream Services LLC / Windstream Finance Corp. 7.750%, 10/15/20		12,215,000		10,962,962
				118,434,686
Transportation—1.1%
Navios Maritime Acquisition Corp. / Navios Acquisition Finance U.S., Inc. 8.125%, 11/15/21 (144A)		4,670,000		3,817,725
Neovia Logistics Services LLC / SPL Logistics Finance Corp. 8.875%, 08/01/20 (144A)		6,730,000		5,720,500
Union Pacific Corp. 4.500%, 09/10/48		6,530,000		6,638,024
XPO CNW, Inc. 6.700%, 05/01/34		18,206,000		18,342,545
				34,518,794
Trucking & Leasing—0.8%
DAE Funding LLC 4.500%, 08/01/22 (144A) (a)		4,041,000		3,919,770
5.000%, 08/01/24 (144A)		6,120,000		5,878,260
Park Aerospace Holdings, Ltd. 4.500%, 03/15/23 (144A)		3,800,000		3,609,240
5.250%, 08/15/22 (144A)		5,120,000		5,068,851
5.500%, 02/15/24 (144A) (a)		7,840,000		7,740,354
				26,216,475
Water—0.1%
Anglian Water Osprey Financing plc 5.000%, 04/30/23 (GBP)		2,650,000		3,548,977
Total Corporate Bonds & Notes (Cost $1,835,537,164)				1,815,759,705
Mortgage-Backed Securities—10.9%
Asset-Backed - Other—0.1%
Oaktree CLO, Ltd. 7.559%, 3M LIBOR + 5.200%, 10/20/27 (144A) (c)		5,500,000		5,484,061
Collateralized Mortgage Obligations—5.2%
Banc of America Funding Corp. 2.090%, 02/27/37 (144A) (c)		15,778,617		12,376,543
Banc of America Funding Trust 2.254%, 1M LIBOR + 0.170%, 05/20/36 (c)		72,645		72,159
2.481%, 03/27/36 (144A) (c)		6,031,695		5,078,061
2.519%, 1M LIBOR + 0.165%, 09/29/36 (144A) (c)		40,650,014		29,822,610
11.814%, 01/27/30 (144A) (c)		14,535,290		6,925,470
Banc of America Mortgage Trust 3.568%, 09/25/35 (c)		69,638		67,583
BCAP LLC Trust 2.170%, 10/28/36 (144A) (c)		1,879,660		1,836,796
3.951%, 05/26/47 (144A) (c)		8,219,592		8,061,028
Bear Stearns Asset-Backed Securities Trust 24.522%, -4.333 x 1M LIBOR + 33.583%, 07/25/36 (c)		452,707		599,627
Countrywide Alternative Loan Trust 2.314%, 1M LIBOR + 0.230%, 07/20/35 (c)		1,291,519		1,263,001
2.731%, 1M LIBOR + 0.640%, 07/25/35 (c)		1,103,985		1,081,270
5.750%, 01/25/37		2,474,364		2,098,667
6.000%, 01/25/37		2,511,302		2,292,684
12.340%, -1x 1M LIBOR + 16.940%, 06/25/35 (c)		1,671,145		1,860,772

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Countrywide Alternative Loan Trust 16.527%, -3x 1M LIBOR + 22.800%, 02/25/36 (c)		1,521,125	$	1,518,275
20.236%, -3x 1M LIBOR + 28.600%, 07/25/36 (c)		2,727,230		3,809,016
26.453%, -3x 1M LIBOR + 39.000%, 08/25/37 (c)		1,354,383		1,914,014
Countrywide Alternative Loan Trust Resecuritization 6.000%, 08/25/37 (c)		3,274,776		2,401,895
Countrywide Home Loan Reperforming Loan REMIC Trust 4.238%, 03/25/35 (144A) (c) (d) (j)		5,999,463		385,817
Credit Suisse Mortgage Trust 2.160%, 1M LIBOR + 0.200%, 06/27/46 (144A) (c)		1,670,919		1,656,019
19.024%, -1x 1M LIBOR + 30.525%, 02/25/36 (c)		1,371,583		1,658,872
Flagstar Mortgage Trust 3.500%, 04/25/48 (144A) (c)		13,501,959		13,299,848
GreenPoint MTA Trust 2.531%, 1M LIBOR + 0.440%, 06/25/45 (c)		1,385,136		1,318,458
GSMPS Mortgage Loan Trust 2.491%, 1M LIBOR + 0.400%, 04/25/36 (144A) (c)		770,518		651,085
HarborView Mortgage Loan Trust 3.091%, 1M LIBOR + 1.000%, 10/25/37 (c)		1,433,794		1,413,331
IndyMac INDX Mortgage Loan Trust 2.811%, 1M LIBOR + 0.720%, 01/25/35 (c)		1,023,409		857,131
JPMorgan Mortgage Trust 2.500%, 03/25/43 (144A) (c)		11,003		10,597
3.500%, 10/25/48 (144A) (c)		9,614,358		9,455,819
6.500%, 01/25/36		106,013		88,596
JPMorgan Resecuritization Trust 2.170%, 1M LIBOR + 0.210%, 07/27/46 (144A) (c)		2,572,663		2,558,073
Lehman XS Trust 2.251%, 1M LIBOR + 0.160%, 03/25/47 (c)		1,883,063		1,838,907
2.291%, 1M LIBOR + 0.200%, 08/25/46 (c)		2,349,324		2,040,678
MASTR Adjustable Rate Mortgages Trust 3.712%, 11/25/35 (144A) (c)		51,160		42,082
MASTR Seasoned Securitization Trust 3.730%, 10/25/32 (c)		134,007		136,084
Merrill Lynch Mortgage Investors Trust 3.895%, 08/25/33 (c)		679,858		637,380
4.306%, 05/25/34 (c)		48,790		48,463
Morgan Stanley Mortgage Loan Trust 2.411%, 1M LIBOR + 0.320%, 01/25/35 (c)		689,035		638,957
New Residential Mortgage Loan Trust 4.250%, 09/25/56 (144A) (c)		7,791,804		7,729,560
Nomura Resecuritization Trust 2.220%, 1M LIBOR + 0.260%, 02/26/46 (144A) (c)		4,868,000		4,663,804
NovaStar Mortgage Funding Trust 2.281%, 1M LIBOR + 0.190%, 09/25/46 (c)		799,397		709,787
Prime Mortgage Trust 5.500%, 05/25/35 (144A)		455,838		432,587
6.000%, 05/25/35 (144A)		2,356,150		1,721,607
RBSGC Mortgage Loan Trust 2.541%, 1M LIBOR + 0.450%, 01/25/37 (c)		672,818		465,532
Residential Accredit Loans, Inc. Trust 2.301%, 1M LIBOR + 0.210%, 04/25/46 (c)		1,572,311		757,203
2.351%, 1M LIBOR + 0.260%, 04/25/46 (c)		815,815		401,163
2.822%, 11/25/37 (c)		3,985,830		3,451,358
Residential Asset Securitization Trust 5.750%, 02/25/36		1,934,431		1,921,407
Collateralized Mortgage Obligations—(Continued)
Sequoia Mortgage Trust 3.179%, 6M LIBOR + 0.680%, 06/20/33 (c)		122,642		122,282
3.714%, 07/25/45 (144A) (c)		10,199		10,033
Structured Adjustable Rate Mortgage Loan Trust 3.482%, 1M LIBOR + 1.500%, 09/25/37 (c)		4,411,166		4,309,636
3.742%, 09/25/35 (c)		698,272		563,949
3.852%, 01/25/35 (c)		457,100		451,065
Structured Asset Mortgage Investments Trust 2.301%, 1M LIBOR + 0.210%, 05/25/46 (c)		209,619		176,308
2.371%, 1M LIBOR + 0.280%, 02/25/36 (c)		3,905,607		3,606,930
Structured Asset Securities Corp. Trust 2.441%, 1M LIBOR + 0.350%, 03/25/35 (c)		1,508,789		1,295,920
WaMu Mortgage Pass-Through Certificates Trust 2.145%, COFI + 1.250%, 03/25/47 (c)		1,927,959		1,777,584
2.361%, 1M LIBOR + 0.270%, 12/25/45 (c)		492,468		492,492
2.571%, 1M LIBOR + 0.480%, 12/25/45 (c)		14,523,471		8,782,611
3.268%, 08/25/33 (c)		1,398,847		1,378,600
3.316%, 09/25/36 (c)		711,290		641,454
3.359%, 10/25/34 (c)		656,730		659,744
4.589%, -1x 1M LIBOR + 6.680%, 04/25/37 (c) (d) (j)		11,388,345		2,597,085
Wells Fargo Mortgage-Backed Securities Trust 3.909%, 06/25/35 (c)		44,987		46,098
4.097%, 10/25/35 (c)		39,794		40,130
				171,021,597
Commercial Mortgage-Backed Securities—5.6%
BAMLL Re-REMIC Trust 5.979%, 08/10/45 (144A) (c)		11,727,532		8,760,466
Banc of America Commercial Mortgage Trust 5.734%, 04/10/49 (c)		1,783,313		1,069,369
Bayview Commercial Asset Trust
Zero Coupon, 07/25/37 (144A) (d) (e) (j)		3,037,285		0
Bear Stearns Commercial Mortgage Securities Trust 6.452%, 06/11/50 (c)		2,057,323		2,055,499
BX Trust 7.573%, 1M LIBOR + 5.500%, 10/15/32 (144A) (c)		26,480,000		26,579,522
Citigroup Commercial Mortgage Trust 3.110%, 04/10/48 (144A)		1,400,000		1,084,017
3.208%, 07/10/47 (144A) (c)		4,398,000		2,982,270
5.017%, 1M LIBOR + 2.944%, 09/15/27 (144A) (c)		7,250,000		7,158,553
6.337%, 12/10/49 (c)		4,613,000		2,107,271
Commercial Mortgage Trust 3.000%, 12/10/47 (144A)		2,230,000		1,488,864
4.426%, 03/10/46 (144A) (c)		2,710,000		975,027
4.589%, 07/10/50 (c)		1,726,000		1,433,585
4.696%, 08/10/48 (144A) (c)		5,800,000		3,571,447
Credit Suisse Commercial Mortgage Trust 5.373%, 12/15/39		826,526		667,734
5.869%, 09/15/40 (c)		4,147,685		4,019,356
6.600%, 06/15/38 (c)		1,356,443		828,738
9.693%, 1M LIBOR + 7.620%, 07/15/32 (144A) (c)		26,600,000		26,539,708
Credit Suisse Mortgage Capital LLC 4.373%, 09/15/37 (144A)		7,620,000		6,870,607
DBUBS Mortgage Trust 3.750%, 08/10/44 (144A)		5,180,000		3,105,410

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
GE Business Loan Trust 2.493%, 1M LIBOR + 0.420%, 05/15/34 (144A) (c)		499,241	$	464,949
GE Commercial Mortgage Corp. Trust 5.677%, 12/10/49 (c)		220,000		70,226
GMAC Commercial Mortgage Securities, Inc. 5.349%, 11/10/45 (c)		1,039,705		960,062
GS Mortgage Securities Trust 4.659%, 11/10/47 (144A) (c)		14,000,000		11,955,915
5.622%, 11/10/39		1,879,553		1,609,273
JPMorgan Chase Commercial Mortgage Securities Trust 3.958%, 04/15/46 (c)		3,750,000		3,674,165
5.386%, 05/15/47 (c)		2,280,000		951,804
5.411%, 05/15/47		1,750,000		1,242,529
5.502%, 06/12/47 (c)		5,220,000		4,311,473
5.503%, 01/15/49 (c)		7,780,000		1,264,933
6.168%, 02/15/51 (c)		421,519		413,098
8.298%, 1M LIBOR + 6.225%, 10/15/19 (144A) (c)		9,900,000		9,936,547
Lone Star Portfolio Trust 8.973%, 1M LIBOR + 6.900%, 09/15/28 (144A) (c)		5,545,947		5,586,126
9.264%, 1M LIBOR + 7.218%, 09/15/20 (144A) (c)		3,710,125		3,761,048
ML-CFC Commercial Mortgage Trust 5.450%, 08/12/48 (c)		634,000		477,195
5.450%, 08/12/48 (144A) (c)		72,540		54,599
6.193%, 09/12/49 (c)		1,761,944		1,376,260
6.222%, 09/12/49 (c)		1,498,685		1,170,612
Morgan Stanley Bank of America Merrill Lynch Trust 4.679%, 10/15/48 (144A) (c)		9,534,000		6,720,910
Morgan Stanley Capital Trust 5.399%, 12/15/43		1,980,446		1,511,364
Multifamily Trust 9.272%, 04/25/46 (144A) (c)		11,550,535		12,068,853
UBS-Barclays Commercial Mortgage Trust 5.000%, 05/10/63 (144A) (c)		4,530,000		2,669,907
Waterfall Commercial Mortgage Trust 4.104%, 09/14/22 (144A) (c)		1,675,585		1,633,807
WF-RBS Commercial Mortgage Trust 3.016%, 11/15/47 (144A)		4,441,004		1,996,801
3.250%, 06/15/46 (144A)		8,240,000		5,999,323
				183,179,222
Total Mortgage-Backed Securities (Cost $355,808,236)				359,684,880
Floating Rate Loans (k)—9.0%
Airlines—0.2%
Air Canada
Term Loan B, 4.094%, 1M LIBOR + 2.000%, 10/06/23		3,554,349		3,573,603
American Airlines, Inc.
Incremental Term Loan, 4.073%, 1M LIBOR + 2.000%, 12/14/23		2,178,000		2,158,942
				5,732,545
Auto Components—0.2%
American Axle & Manufacturing, Inc.
Term Loan B, 4.350%, 1M LIBOR + 2.250%, 04/06/24		8,348,810		8,330,025
Building Materials—0.3%
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.844%, 1M LIBOR + 2.750%, 11/15/23		8,528,173		8,504,482
Commercial Services—0.8%
Albany Molecular Research, Inc. 1st Lien Term Loan, 5.344%, 1M LIBOR + 3.250%, 08/30/24		7,165,850		7,151,296
Jaguar Holding Co. II
Term Loan, 4.594%, 1M LIBOR + 2.500%, 08/18/22		6,231,147		6,201,287
Parexel International Corp.
Term Loan B, 4.844%, 1M LIBOR + 2.750%, 09/27/24		6,530,650		6,503,437
Prime Security Services Borrower LLC 1st Lien Term Loan, 4.844%, 1M LIBOR + 2.750%, 05/02/22		8,186,582		8,160,361
				28,016,381
Computers—0.1%
Dell International LLC
Term Loan B, 4.100%, 1M LIBOR + 2.000%, 09/07/23		2,238,750		2,231,454
Distribution/Wholesale—0.1%
Beacon Roofing Supply, Inc.
Term Loan B, 4.280%, 1M LIBOR + 2.250%, 01/02/25		2,922,675		2,912,171
Distributors—0.3%
American Builders & Contractors Supply Co., Inc.
Term Loan B, 4.094%, 1M LIBOR + 2.000%, 10/31/23		8,552,199		8,497,773
Electric—0.1%
Vistra Operations Co. LLC
Term Loan B2, 4.344%, 1M LIBOR + 2.250%, 12/14/23		3,374,307		3,363,071
Electronic Equipment, Instruments & Components—0.1%
Zebra Technologies Corp.
Term Loan B, 4.057%, 3M LIBOR + 1.750%, 10/27/21		2,103,924		2,106,335
Entertainment—0.3%
Lions Gate Entertainment Corp.
Term Loan B, 4.341%, 1M LIBOR + 2.250%, 03/24/25		3,694,018		3,684,783
Scientific Games International, Inc.
Term Loan B5, 4.906%, 2M LIBOR + 2.750%, 08/14/24		5,573,855		5,559,224
				9,244,007
Food—0.4%
Albertson’s LLC
Term Loan B6, 5.319%, 3M LIBOR + 3.000%, 06/22/23		6,835,648		6,775,125
Aramark Services, Inc.
Term Loan B3, 4.084%, 3M LIBOR + 1.750%, 03/11/25		2,493,750		2,495,309
Post Holdings, Inc.
Incremental Term Loan, 4.100%, 1M LIBOR + 2.000%, 05/24/24		3,034,380		3,027,898
				12,298,332

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Floating Rate Loans (k)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—0.4%
MPH Acquisition Holdings LLC
Term Loan B, 5.084%, 3M LIBOR + 2.750%, 06/07/23		7,550,663	$	7,521,759
RadNet, Inc.
Term Loan, 6.100%, 3M LIBOR + 3.750%, 06/30/23		5,072,078		5,138,649
				12,660,408
Hotels, Restaurants & Leisure—0.3%
1011778 B.C. Unlimited Liability Co.
Term Loan B3, 4.344%, 1M LIBOR + 2.250%, 02/16/24		3,092,141		3,079,077
CEC Entertainment, Inc.
Term Loan, 5.344%, 1M LIBOR + 3.250%, 02/14/21		8,694,183		8,118,194
				11,197,271
Insurance—0.3%
RPI Finance Trust
Term Loan B6, 4.334%, 3M LIBOR + 2.000%, 03/27/23		2,903,964		2,906,038
UFC Holdings LLC 1st Lien Term Loan, 5.350%, 1M LIBOR + 3.250%, 08/18/23		8,362,650		8,382,687
				11,288,725
Internet—0.2%
Ancestry.com Operations, Inc. 1st Lien Term Loan, 5.350%, 1M LIBOR + 3.250%, 10/19/23		7,859,100		7,855,823
Leisure Time—0.1%
Intrawest Resorts Holdings, Inc.
Term Loan B1, 5.094%, 1M LIBOR + 3.000%, 07/31/24		3,064,600		3,071,305
Lodging—0.6%
Boyd Gaming Corp.
Term Loan B3, 4.488%, 1W LIBOR + 2.500%, 09/15/23		4,204,040		4,221,680
Caesars Resort Collection LLC 1st Lien Term Loan B, 4.844%, 1M LIBOR + 2.750%, 12/22/24		8,756,000		8,751,307
MGM Growth Properties Operating Partnership L.P.
Term Loan B, 4.094%, 1M LIBOR + 2.000%, 04/25/23		5,214,192		5,215,277
				18,188,264
Media—0.7%
Advantage Sales & Marketing, Inc. 1st Lien Term Loan, 5.344%, 1M LIBOR + 3.250%, 07/23/21		6,995,490		6,658,832
CBS Radio, Inc.
Term Loan B, 4.838%, 1M LIBOR + 2.750%, 11/17/24		8,759,980		8,718,002
Unitymedia Finance LLC
Term Loan B, 4.323%, 1M LIBOR + 2.250%, 09/30/25		130,000		129,377
Univision Communications, Inc.
Term Loan C5, 4.844%, 1M LIBOR + 2.750%, 03/15/24		8,731,075		8,453,549
				23,959,760
Packaging & Containers—0.9%
Berry Global, Inc.
Term Loan Q, 4.075%, 1M LIBOR + 2.000%, 10/01/22		8,981,880		8,981,880
BWAY Holding Co.
Term Loan B, 5.588%, 3M LIBOR + 3.250%, 04/03/24		6,435,000		6,449,080
Packaging & Containers—(Continued)
Flex Acquisition Co., Inc. 1st Lien Term Loan, 5.308%, 3M LIBOR + 3.000%, 12/29/23		5,303,733	$	5,294,738
Reynolds Group Holdings, Inc.
Term Loan, 4.844%, 1M LIBOR + 2.750%, 02/05/23		7,973,176		7,972,067
				28,697,765
Pharmaceuticals—0.1%
Change Healthcare Holdings LLC
Term Loan B, 4.844%, 1M LIBOR + 2.750%, 03/01/24		4,657,210		4,647,602
Professional Services—0.0%
Trans Union LLC
Term Loan B3, 4.094%, 1M LIBOR + 2.000%, 04/10/23		1,071,794		1,070,186
Retail—1.4%
Academy, Ltd.
Term Loan B, 5.988%, 1M LIBOR + 4.000%, 07/01/22		9,725,144		8,132,652
CWGS Group LLC
Term Loan, 4.775%, 1M LIBOR + 2.750%, 11/08/23		1,310,050		1,299,201
Leslie’s Poolmart, Inc.
Term Loan, 5.594%, 1M LIBOR + 3.500%, 08/16/23		3,038,655		3,038,971
Michaels Stores, Inc.
Term Loan B, 4.584%, 1M LIBOR + 2.500%, 01/28/23		6,605,661		6,562,725
Party City Holdings, Inc.
Term Loan B, 4.992%, 1M LIBOR + 2.750%, 08/19/22		5,195,415		5,199,878
Petco Animal Supplies, Inc.
Term Loan B, 5.609%, 3M LIBOR + 3.250%, 01/26/23		4,973,436		3,603,255
PetSmart, Inc.
Term Loan B2, 5.010%, 1M LIBOR + 3.000%, 03/11/22		21,113,568		17,540,096
				45,376,778
Software—0.4%
Almonde, Inc. 1st Lien Term Loan, 5.807%, 3M LIBOR + 3.500%, 06/13/24		4,447,594		4,375,876
First Data Corp.
Term Loan, 4.091%, 1M LIBOR + 2.000%, 04/26/24		5,599,274		5,572,678
MA FinanceCo. LLC
Term Loan B3, 4.844%, 1M LIBOR + 2.750%, 06/21/24		469,594		466,805
Seattle Spinco, Inc.
Term Loan B3, 4.844%, 1M LIBOR + 2.750%, 06/21/24		3,171,281		3,168,640
				13,583,999
Telecommunications—0.6%
Level 3 Financing, Inc.
Term Loan B, 4.334%, 1M LIBOR + 2.250%, 02/22/24		6,960,000		6,952,386
UPC Financing Partnership
Term Loan AR, 4.573%, 1M LIBOR + 2.500%, 01/15/26		8,840,000		8,754,915
Virgin Media Bristol LLC
Term Loan K, 4.573%, 1M LIBOR + 2.500%, 01/15/26		2,865,395		2,848,380
				18,555,681
Trucking & Leasing—0.1%
Avolon TLB Borrower 1 (U.S.) LLC
Term Loan B3, 4.088%, 1M LIBOR + 2.000%, 01/15/25		3,804,583		3,764,825
Total Floating Rate Loans (Cost $301,148,026)				295,154,968

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Foreign Government – 7.8%

Security Description	Principal Amount*		Value
Regional Government—0.6%
Japan Finance Organization for Municipalities 4.000%, 01/13/21		1,900,000	$	1,939,667
Provincia de Buenos Aires 6.500%, 02/15/23 (144A) (l)		18,940,000		17,289,569
				19,229,236
Sovereign—7.2%
Argentina POM Politica Monetaria 40.000%, 06/21/20 (ARS) (c)		510,260,000		18,304,741
Argentine Bonos del Tesoro 18.200%, 10/03/21 (ARS)		328,390,000		9,917,170
21.200%, 09/19/18 (ARS)		10,352,000		366,122
Argentine Republic Government International Bonds 4.625%, 01/11/23 (a)		2,150,000		1,893,096
5.625%, 01/26/22 (a)		2,570,000		2,401,665
5.875%, 01/11/28 (a)		5,700,000		4,631,250
7.500%, 04/22/26		12,590,000		11,614,275
7.625%, 04/22/46		1,170,000		944,190
Bahamas Government International Bond 5.750%, 01/16/24 (144A)		1,500,000		1,507,500
Bermuda Government International Bond 4.138%, 01/03/23 (144A)		2,000,000		2,010,480
Bonos de la Nacion Argentina con Ajuste por CER 4.000%, 03/06/20 (ARS) (l)		95,160,000		3,316,207
Brazil Notas do Tesouro Nacional 10.000%, 01/01/21 (BRL)		51,146,000		13,403,175
10.000%, 01/01/27 (BRL)		83,432,000		19,628,056
Brazilian Government International Bond 6.000%, 04/07/26 (a)		6,470,000		6,612,340
Ecuador Government International Bonds 8.750%, 06/02/23 (144A)		1,740,000		1,629,858
10.750%, 03/28/22 (144A)		8,450,000		8,675,615
Egypt Government International Bond 6.125%, 01/31/22		8,380,000		8,237,976
Ghana Government International Bonds
7.625%, 05/16/29 (144A)		10,140,000		9,899,175
8.125%, 01/18/26 (a) (l)		4,200,000		4,305,000
Honduras Government International Bond 6.250%, 01/19/27		4,140,000		4,143,726
Indonesia Government International Bonds 5.125%, 01/15/45		3,000,000		2,947,851
5.250%, 01/17/42		15,090,000		15,152,684
Indonesia Treasury Bonds 7.000%, 05/15/22 (IDR)		9,560,000,000		653,456
7.000%, 05/15/27 (IDR)		382,929,000,000		25,078,776
8.375%, 09/15/26 (IDR)		66,608,000,000		4,729,493
Mexico Government International Bond 4.125%, 01/21/26		8,170,000		8,104,640
Russian Federal Bond - OFZ 7.050%, 01/19/28 (RUB)		1,755,525,000		27,003,518
Senegal Government International Bonds 6.250%, 05/23/33 (144A) (l)		8,720,000		7,728,100
6.750%, 03/13/48 (144A) (l)		4,470,000		3,815,637
Uruguay Government International Bonds 8.500%, 03/15/28 (144A) (UYU)		69,700,000		1,918,136
Sovereign—(Continued)
Uruguay Government International Bonds 9.875%, 06/20/22 (144A) (UYU)		166,730,000		5,263,779
				235,837,687
Total Foreign Government (Cost $303,295,798)				255,066,923
Asset-Backed Securities—6.1%
Asset-Backed - Automobile—0.2%
Hertz Vehicle Financing II LP 3.290%, 02/25/24 (144A)		3,480,000		3,403,256
3.600%, 02/25/24 (144A)		3,510,000		3,409,463
				6,812,719
Asset-Backed - Credit Card—0.2%
CreditShop Credit Card Co. LLC 10.073%, 1M LIBOR + 8.000%, 10/15/22 (144A) (c)		5,318,610		5,336,161
Asset-Backed - Home Equity—0.6%
Asset-Backed Securities Corp. Home Equity Loan Trust 4.923%, 1M LIBOR + 2.850%, 04/15/33 (c)		390		390
Bear Stearns Asset-Backed Securities Trust 2.831%, 1M LIBOR + 0.740%, 01/25/34 (c)		17,884		17,385
EMC Mortgage Loan Trust 2.991%, 1M LIBOR + 0.900%, 05/25/43 (144A) (c)		264,100		261,084
Structured Asset Securities Corp. Mortgage Loan Trust 2.311%, 1M LIBOR + 0.220%, 02/25/36 (144A) (c)		2,612,369		143,014
WaMu Asset-Backed Certificates Trust 2.261%, 1M LIBOR + 0.170%, 07/25/47 (c)		26,512,963		20,308,694
				20,730,567
Asset-Backed - Manufactured Housing—0.4%
Conseco Finance Corp. 7.030%, 07/15/28 (c)		6,157,771		6,118,096
Origen Manufactured Housing Contract Trust 4.020%, 10/15/37 (c)		1,295,913		1,244,536
4.580%, 04/15/37 (c)		1,120,974		991,041
UCFC Manufactured Housing Contract 7.095%, 04/15/29 (c)		3,902,247		3,744,631
				12,098,304
Asset-Backed - Other—4.2%
AIMCO CLO 6.039%, 3M LIBOR + 3.680%, 07/20/29 (144A) (c)		6,750,000		6,822,205
Ammc CLO, Ltd. 8.163%, 3M LIBOR + 5.810%, 04/17/29 (144A) (c)		6,600,000		6,591,935
Amortizing Residential Collateral Trust 3.891%, 1M LIBOR + 1.800%, 08/25/32 (c)		23,169		21,222
Applebee’s Funding LLC / IHOP Funding LLC 4.277%, 09/05/44 (144A)		5,170,925		5,128,820
Ares CLO, Ltd. 8.898%, 3M LIBOR + 6.550%, 10/15/29 (144A) (c)		9,300,000		9,424,583
8.948%, 3M LIBOR + 6.600%, 10/15/27 (144A) (c)		5,500,000		5,553,388

See accompanying notes to financial statements.

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Barings CLO, Ltd. 9.805%, 3M LIBOR + 7.450%, 07/18/29 (144A) (c)		1,700,000	$	1,615,173
Bear Stearns Asset-Backed Securities Trust 6.000%, 10/25/36		1,669,910		1,316,335
Carlyle Global Market Strategies CLO, Ltd. 6.059%, 3M LIBOR + 3.700%, 07/20/31 (144A) (c)		9,500,000		9,680,215
Catskill Park CLO, Ltd. 8.359%, 3M LIBOR + 6.000%, 04/20/29 (144A) (c)		7,600,000		7,687,081
Countrywide Asset-Backed Certificates Trust 3.966%, 1M LIBOR + 1.875%, 06/25/34 (c)		133,814		126,707
Countrywide Revolving Home Equity Loan Resecuritization Trust 2.373%, 1M LIBOR + 0.300%, 12/15/33 (144A) (c)		158,841		148,950
Countrywide Revolving Home Equity Loan Trust 2.213%, 1M LIBOR + 0.140%, 07/15/36 (c)		287,962		272,882
CVP CLO, Ltd. 4.576%, 1M LIBOR + 2.650%, 01/20/31 (144A) (c)		4,500,000		4,411,305
First Horizon Asset-Backed Trust 2.251%, 1M LIBOR + 0.160%, 10/25/34 (c)		5,383		5,311
Goldentree Loan Opportunities, Ltd. 7.559%, 3M LIBOR + 5.200%, 07/20/27 (144A) (c)		2,150,000		2,151,256
Greenwood Park CLO, Ltd. 6.975%, 1M LIBOR + 4.950%, 04/15/31 (144A) (c)		7,380,000		6,988,425
GSAMP Trust 2.291%, 1M LIBOR + 0.200%, 01/25/36 (c)		96,346		12,521
Long Beach Mortgage Loan Trust 2.608%, 1M LIBOR + 0.520%, 01/21/31 (c)		17,224		16,761
Midocean Credit CLO VII 6.228%, 3M LIBOR + 3.880%, 07/15/29 (144A) (c)		4,750,000		4,782,191
Ocean Trails CLO 10.098%, 3M LIBOR + 7.750%, 07/15/28 (144A) (c)		5,120,000		5,293,307
SACO I Trust 2.431%, 1M LIBOR + 0.340%, 03/25/36 (c)		57,712		56,185
Saranac CLO III, Ltd. 5.582%, 3M LIBOR + 3.250%, 06/22/30 (144A) (c)		4,652,500		4,623,161
SBA Small Business Investment Cos. 2.845%, 03/10/27		10,328,403		10,153,319
SoFi Consumer Loan Program LLC 3.280%, 01/26/26 (144A)		3,063,818		3,061,233
Thayer Park CLO, Ltd. 8.459%, 3M LIBOR + 6.100%, 04/20/29 (144A) (c)		8,400,000		8,499,506
Treman Park CLO, Ltd. 6.219%, 3M LIBOR + 3.860%, 04/20/27 (144A) (c)		1,700,000		1,700,986
Upgrade Pass-Through Trust 7.000%, 03/15/24 (144A) (d)		2,498,480		2,490,505
14.749%, 05/15/24 (144A) (d)		2,621,579		2,619,739
14.960%, 12/27/27 (144A) (d)		3,167,028		3,149,136
15.309%, 08/15/24 (144A) (d)		2,840,000		2,865,558
16.500%, 06/15/24 (144A) (d)		2,711,785		2,711,296
Venture CLO, Ltd.
6.409%, 3M LIBOR + 4.050%, 04/20/27 (144A) (c)		9,105,000		9,091,224
8.088%, 3M LIBOR + 5.740%, 04/15/27 (144A) (c)		4,000,000		3,925,904
Voya CLO, Ltd. 7.662%, 3M LIBOR + 5.300%, 07/23/27 (144A) (c)		2,000,000		1,994,336
8.368%, 3M LIBOR + 6.020%, 06/07/30 (144A) (c)		3,500,000		3,531,860
				138,524,521
Asset-Backed - Student Loan—0.5%
DRB Prime Student Loan Trust 3.170%, 07/25/31 (144A)		2,385,496		2,378,368
National Collegiate Student Loan Trust 2.941%, 1M LIBOR + 0.850%, 03/25/38 (c)		7,595,630		5,189,308
Nelnet Student Loan Trust
Zero Coupon, 28 day Auction Rate Index, 03/22/32 (c)		6,200,000		5,902,276
SLM Student Loan Trust 2.510%, 3M LIBOR + 0.150%, 03/25/44 (c)		3,380,000		3,265,769
SoFi Professional Loan Program LLC
Zero Coupon, 08/25/36 (144A)		500		1,347,487
				18,083,208
Total Asset-Backed Securities (Cost $198,454,644)				201,585,480
U.S. Treasury & Government Agencies—4.0%
Agency Sponsored Mortgage-Backed—2.7%
Fannie Mae 15 Yr. Pool 3.000%, TBA (m)		7,800,000		7,754,211
5.000%, 12/01/21		9,419		9,630
Fannie Mae 20 Yr. Pool 8.500%, 08/01/19		5,290		5,302
Fannie Mae 30 Yr. Pool 3.000%, TBA (m)		5,600,000		5,424,781
5.000%, 01/01/39		282,138		301,286
5.000%, 06/01/40		162,619		174,320
5.000%, 07/01/40		115,560		123,957
6.000%, 07/01/38		15,004		16,398
6.500%, 08/01/31		291		321
6.500%, 12/01/36		1,015		1,119
6.500%, 06/01/37		15,930		17,560
6.500%, 10/01/37		16,277		17,942
7.000%, 05/01/26		1,182		1,229
7.000%, 07/01/30		255		259
7.000%, 01/01/31		263		279
7.000%, 07/01/31		1,199		1,263
7.000%, 09/01/31		2,659		2,874
7.000%, 10/01/31		2,439		2,710
7.000%, 11/01/31		17,486		18,189
7.000%, 01/01/32		5,539		5,634
7.000%, 02/01/32		4,196		4,294
7.500%, 12/01/29		450		455
7.500%, 01/01/30		432		491
7.500%, 02/01/30		314		316
7.500%, 06/01/30		252		253
7.500%, 08/01/30		81		82
7.500%, 09/01/30		533		591
7.500%, 10/01/30		81		88
7.500%, 11/01/30		9,677		10,077
7.500%, 02/01/31		1,156		1,168
8.000%, 08/01/27		819		888
8.000%, 07/01/30		493		576
8.000%, 09/01/30		385		400

See accompanying notes to financial statements.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae REMICS (CMO) 2.441%, 1M LIBOR + 0.350%, 05/25/34 (c)		106,532	$	106,612
4.500%, 06/25/29		211,203		218,174
9.750%, 11/25/18		4,241		4,265
9.750%, 08/25/19		1,063		1,072
Freddie Mac 30 Yr. Gold Pool 3.000%, TBA (m)		8,100,000		7,839,783
4.000%, TBA (m)		4,400,000		4,484,792
6.000%, 12/01/36		15,147		16,650
6.000%, 02/01/37		17,665		19,446
7.000%, 03/01/39		109,400		120,481
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 1.374%, 08/25/42 (c) (j)		70,400,000		3,359,481
Freddie Mac REMICS (CMO) 1,156.500%, 06/15/21 (j)		2		16
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO) 5.541%, 1M LIBOR + 3.450%, 10/25/29 (c)		4,620,000		5,050,782
6.541%, 1M LIBOR + 4.450%, 03/25/30 (c)		8,840,000		9,542,424
6.591%, 1M LIBOR + 4.500%, 02/25/24 (c)		2,210,000		2,548,607
7.241%, 1M LIBOR + 5.150%, 10/25/29 (c)		10,500,000		12,001,256
Ginnie Mae I 30 Yr. Pool 5.000%, 04/15/35		9,855		10,538
5.500%, 01/15/34		47,101		51,442
5.500%, 04/15/34		13,870		15,123
5.500%, 07/15/34		82,383		90,017
5.500%, 10/15/34		52,921		57,738
5.750%, 10/15/38		96,257		105,209
6.000%, 02/15/33		1,406		1,552
6.000%, 03/15/33		4,768		5,238
6.000%, 06/15/33		4,329		4,880
6.000%, 07/15/33		6,663		7,373
6.000%, 09/15/33		5,194		5,678
6.000%, 10/15/33		2,759		3,037
6.000%, 08/15/34		21,282		23,265
6.500%, 03/15/29		1,418		1,564
6.500%, 02/15/32		801		908
6.500%, 03/15/32		939		1,068
6.500%, 11/15/32		3,937		4,386
7.000%, 03/15/31		95		97
Ginnie Mae II 30 Yr. Pool 3.000%, 09/20/47		769,131		753,167
3.000%, TBA (m)		3,000,000		2,935,019
3.500%, TBA (m)		15,000,000		15,057,714
4.000%, TBA (m)		3,700,000		3,792,211
5.000%, 08/20/34		51,931		55,650
5.000%, TBA (m)		400,000		419,928
5.500%, 03/20/34		7,123		7,779
6.000%, 05/20/32		9,651		10,643
6.000%, 11/20/33		11,643		12,858
Ginnie Mae II ARM Pool 3.500%, 1Y CMT + 1.440%, 01/20/60 (c)		681,937		701,403
3.868%, 1Y CMT, 05/20/60 (c)		546,323		562,385
Government National Mortgage Association (CMO) 0.427%, 03/16/47 (c) (j)		6,801,048		101,168
0.490%, 04/16/52 (c) (j)		11,647,278		202,731
Agency Sponsored Mortgage-Backed—(Continued)
Government National Mortgage Association (CMO) 2.217%, 1M LIBOR + 0.300%, 05/20/68 (c)		1,489,877		1,486,499
2.350%, 05/20/68 (f)		1,722,000		1,720,933
3.000%, 04/20/41		534,483		528,256
				87,950,241
Federal Agencies—0.1%
Tennessee Valley Authority 5.980%, 04/01/36		1,760,000		2,326,694
U.S. Treasury—1.2%
U.S. Treasury Notes 1.250%, 03/31/19		40,060,000		39,756,420
Total U.S. Treasury & Government Agencies (Cost $129,013,035)				130,033,355
Convertible Bonds—0.9%
Internet—0.0%
Twitter, Inc. 0.250%, 06/15/24 (144A)		1,170,000		1,208,638
Media—0.5%
DISH Network Corp. 2.375%, 03/15/24		5,890,000		5,186,781
3.375%, 08/15/26 (a)		3,090,000		2,992,962
Liberty Media Corp. 2.125%, 03/31/48 (144A)		8,290,000		8,153,787
				16,333,530
Oil & Gas—0.1%
Chesapeake Energy Corp. 5.500%, 09/15/26 (a)		4,120,000		4,187,094
Pipelines—0.0%
Cheniere Energy, Inc. 4.250%, 03/15/45 (a)		2,020,000		1,599,232
Retail—0.1%
RH
Zero Coupon, 06/15/23 (144A)		2,470,000		2,302,880
Telecommunications—0.2%
GCI Liberty, Inc. 1.750%, 09/30/46 (144A)		4,810,000		4,949,230
Total Convertible Bonds (Cost $31,083,649)				30,580,604
Convertible Preferred Stocks—0.3%
Banks—0.2%
Wells Fargo & Co., Series L 7.500%, 12/31/49		4,965		6,253,219

See accompanying notes to financial statements.

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Convertible Preferred Stocks—(Continued)

Security Description	Principal Amount*		Value
Oil, Gas & Consumable Fuels—0.1%
Sanchez Energy Corp. 6.500%, 12/31/49		230,616	$	4,160,313
Total Convertible Preferred Stocks (Cost $13,510,306)				10,413,532
Municipals—0.2%
Brazos River Harbor, TX Navigation District , Dow Chemical Co. Project, Revenue Bond 5.950%, 05/15/33		3,360,000		3,431,938
Massachusetts State Development Finance Agency, Board Institute, Revenue Bond 5.375%, 04/01/41		400,000		438,000
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.000%, 12/15/30		750,000		812,693
5.000%, 12/15/31		1,550,000		1,677,549
Virginia Housing Development Authority 6.000%, 06/25/34		651,313		677,704
Total Municipals (Cost $6,726,677)				7,037,884
Preferred Stocks—0.1%
Banks—0.1%
Citigroup Capital, 8.729%, 3M LIBOR + 6.370%, 10/30/40 (c)		51,160		1,386,436
Marine—0.0%
Tricer Tracking Preferred Equity Certificates, 8.000% (f) (h) (i)		11,281,287		112,813
Oil & Gas—0.0%
Berry Petroleum Corp.		86,835		1,193,981
Total Preferred Stocks (Cost $2,979,048)				2,693,230
Common Stocks —0.1%
Air Freight & Logistics—0.0%
Ceva Logistics AG (n)		12,627		294,541
Diversified Consumer Services—0.0%
Ascent CNR Corp. - Class A (f) (n)		1,399,556		27,991
Marine—0.0%
Tricer Holdco SCA (f) (h) (i) (n)		23,504		98,247
Media—0.0%
Cengage Learning, Inc. (n)		10,995		100,329
ION Media Networks, Inc. (n)		785		471,000
				571,329
Oil & Gas—0.1%
Berry Petroleum Corp. (n)		74,879		889,188
Total Common Stocks (Cost $5,253,175)				1,881,296
Escrow Shares—0.0%
Energy Equipment & Services—0.0%
Hercules Offshore, Inc. (f) (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 (f) (g) (h) (i)		850,000		0
Berry Petroleum Co. LLC (f) (g) (h) (i)		1,040,000		0
				0
Total Escrow Shares (Cost $476,680)				2,992
Short-Term Investments—3.5%
Repurchase Agreements—3.2%
Bank of America N.A. Repurchase Agreement dated 06/29/18 at 2.050%, due on 07/02/18 with a maturity value of $95,016,229; collateralized by a U.S. Treasury Note at 2.500%, maturing 08/15/23, with a market value of $96,962,568.		95,000,000		95,000,000
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $9,590,509; collateralized by U.S. Treasury Note at 1.625%, maturing 11/15/22, with a market value of $9,783,729.		9,589,870		9,589,870
				104,589,870
U.S. Treasury—0.3%
U.S. Treasury Bill 1.746%, 08/16/18 (a) (o)		11,000,000		10,974,906
Total Short-Term Investments (Cost $115,565,191)				115,564,776
Securities Lending Reinvestments (p)—8.2%
Certificates of Deposit—5.3%
Bank of Nova Scotia 2.605%, 3M LIBOR + 0.280%, 03/20/19 (c)		10,000,000		10,014,000
Barclays Bank plc 2.430%, 08/01/18		5,000,000		5,001,485
Barclays Capital, plc 2.271%, 1M LIBOR + 0.270%, 08/03/18 (c)		10,000,000		9,999,060

See accompanying notes to financial statements.

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (p)—(Continued)

Security Description	Principal Amount*		Value
Certificates of Deposit—(Continued)
Canadian Imperial Bank of Commerce 2.473%, 3M LIBOR + 0.120%, 01/14/19 (c)		5,000,000	$	5,001,875
China Construction Bank 2.550%, 09/17/18		5,000,000		4,999,915
Citibank N.A. 2.376%, 1M LIBOR + 0.330%, 09/12/18 (c)		5,000,000		4,999,645
Commonwealth Bank of Australia 2.502%, 3M LIBOR + 0.140%, 04/23/19 (c)		3,500,000		3,499,472
Cooperative Rabobank UA 2.488%, 3M LIBOR + 0.140%, 10/16/18 (c)		11,500,000		11,508,947
Credit Suisse AG New York 2.460%, FEDEFF PRV + 0.550%, 09/07/18 (c)		3,000,000		3,000,000
Industrial & Commercial Bank of China, Ltd. 2.450%, 08/15/18		6,000,000		5,999,754
Mitsubishi UFJ Trust and Banking Corp.
Zero Coupon, 08/13/18		4,969,636		4,987,150
Mizuho Bank, Ltd., New York 2.348%, 1M LIBOR + 0.250%, 11/26/18 (c)		4,000,000		4,000,016
2.486%, 1M LIBOR + 0.440%, 10/11/18 (c)		3,000,000		3,001,629
Natixis New York 2.215%, 1M LIBOR + 0.210%, 08/06/18 (c)		4,000,000		4,000,208
Norinchukin Bank New York 2.301%, 1M LIBOR + 0.300%, 09/04/18 (c)		12,600,000		12,596,863
Societe Generale 2.256%, 1M LIBOR + 0.210%, 07/10/18 (c)		10,000,000		9,999,830
Standard Chartered plc 2.250%, 08/21/18		6,000,000		6,000,918
2.384%, 1M LIBOR + 0.300%, 08/22/18 (c)		6,000,000		6,000,144
2.466%, 1M LIBOR + 0.420%, 10/11/18 (c)		5,000,000		5,001,055
Sumitomo Mitsui Banking Corp., New York 2.316%, 1M LIBOR + 0.270%, 09/10/18 (c)		15,000,000		15,001,320
Sumitomo Mitsui Trust Bank, Ltd. 2.408%, 1M LIBOR + 0.320%, 11/21/18 (c)		4,000,000		4,000,000
Sumitomo Mitsui Trust Bank, Ltd., London 2.408%, 1M LIBOR + 0.310%, 11/26/18 (c)		7,000,000		7,000,000
Svenska Handelsbanken AB 2.459%, 3M LIBOR + 0.100%, 04/30/19 (c)		5,000,000		5,000,060
Wells Fargo Bank N.A. 2.467%, 3M LIBOR + 0.130%, 07/11/18 (c)		6,500,000		6,500,149
2.502%, 3M LIBOR + 0.140%, 10/26/18 (c)		4,000,000		4,005,087
Westpac Banking Corp. 2.360%, FEDEFF PRV + 0.450%, 02/15/19 (c)		12,500,000		12,499,175
				173,617,757
Commercial Paper—1.2%
Bank of China, Ltd. 2.490%, 09/05/18		2,484,610		2,488,460
ING Funding LLC 2.236%, 1M LIBOR + 0.190%, 08/10/18 (c)		7,750,000		7,749,930
Macquarie Bank, Ltd. 2.280%, 09/04/18		3,976,693		3,983,736
Sheffield Receivables Co. 2.490%, 11/26/18		986,928		989,633
Starbird Funding Corp. 2.300%, 08/10/18		4,971,889		4,987,525
Commercial Paper—(Continued)
Toyota Motor Credit Corp. 2.310%, 09/18/18		4,962,142		4,974,610
UBS AG 2.431%, 1M LIBOR + 0.430%, 02/01/19 (c)		11,000,000		10,997,888
Westpac Banking Corp. 2.371%, 1M LIBOR + 0.280%, 05/24/19 (c)		2,000,000		2,000,000
				38,171,782
Repurchase Agreements—1.4%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $564,906; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $576,104.		564,807		564,807
Citigroup Global Markets, Inc. Repurchase Agreement dated 05/03/18 at 2.180%, due on 07/06/18 with a maturity value of $3,011,627; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 8.750%, maturity dates ranging from 05/15/20 - 08/15/45, and various Common Stock with an aggregate market value of $3,162,863.		3,000,000		3,000,000
Repurchase Agreement dated 01/25/17 at 2.460%, due on 10/01/18 with a maturity value of $2,083,913; collateralized by U.S. Treasury Obligations with rates ranging from 1.500% - 2.500%, maturity dates ranging from 01/31/19 - 02/15/26, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Deutsche Bank AG, London
Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $505,558; collateralized by various Common Stock with an aggregate market value of $558,104.		500,000		500,000
Repurchase Agreement dated 09/12/17 at 2.440%, due on 08/06/18 with a maturity value of $12,522,331; collateralized by various Common Stock with an aggregate market value of $13,673,557.		12,250,000		12,250,000
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $601,533; collateralized by various Common Stock with an aggregate market value of $667,317.		600,000		600,000
Merrill Lynch, Pierce, Fenner & Smith, Inc. Repurchase Agreement dated 08/01/17 at 2.460%, due on 10/01/18 with a maturity value of $12,863,875; collateralized by various Common Stock with an aggregate market value of $13,750,001.		12,500,000		12,500,000
NBC Global Finance Ltd.
Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $101,236; collateralized by various Common Stock with an aggregate market value of $111,289.		100,000		100,000

See accompanying notes to financial statements.

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (p)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
NBC Global Finance Ltd.
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $1,609,984; collateralized by various Common Stock with an aggregate market value of $1,780,626.		1,600,000	$	1,600,000
Societe Generale
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $1,207,380; collateralized by various Common Stock with an aggregate market value of $1,335,422.		1,200,000		1,200,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $1,911,144; collateralized by various Common Stock with an aggregate market value of $2,114,419.		1,900,000		1,900,000
Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $1,711,229; collateralized by various Common Stock with an aggregate market value of $1,891,848.		1,700,000		1,700,000
Repurchase Agreement dated 03/28/18 at 2.050%, due on 07/02/18 with a maturity value of $1,005,467; collateralized by various Common Stock with an aggregate market value of $1,112,852.		1,000,000		1,000,000
Repurchase Agreement dated 04/18/18 at 2.080%, due on 07/06/18 with a maturity value of $3,013,693; collateralized by various Common Stock with an aggregate market value of $3,338,556.		3,000,000		3,000,000
Repurchase Agreement dated 05/10/18 at 2.080%, due on 07/06/18 with a maturity value of $3,009,880; collateralized by various Common Stock with an aggregate market value of $3,338,556.		3,000,000		3,000,000
				44,914,807
Time Deposit—0.3%
Natixis Financial Products LLC 2.160%, OBFR + 0.250%, 07/02/18 (c)		10,000,000		10,000,000
Total Securities Lending Reinvestments (Cost $266,676,137)				266,704,346
Total Purchased Options—0.5% (q) (Cost $20,183,286)				16,962,435
Total Investments—106.9% (Cost $3,585,711,052)				3,509,126,406
Other assets and liabilities (net)—(6.9)%				(227,097,658	)
Net Assets—100.0%			$	3,282,028,748

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $252,887,554 and the collateral received consisted of cash in the amount of $266,616,705. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(c)	Variable or floating rate security. The stated rate represents the rate at June 30, 2018. 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 June 30, 2018, the market value of restricted securities was $20,973,079, which is 0.6% 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)	Illiquid security. As of June 30, 2018, these securities represent 1.0% of net assets.
(g)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(i)	Security was valued in good faith under procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent 0.05% of net assets.
(j)	Interest only security.
(k)	Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(l)	Principal amount of security is adjusted for inflation.
(m)	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.
(n)	Non-income producing security.
(o)	The rate shown represents current yield to maturity.
(p)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(q)	For breakout of open positions, see details shown in Purchased Options table that follows.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $1,275,401,706, which is 38.9% of net assets.

See accompanying notes to financial statements.

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Alta Wind Holdings LLC, 7.000%, 06/30/35		7/14/10	$	1,303,687	$	1,303,687	$	1,402,552
Bayview Commercial Asset Trust, Zero Coupon, 07/25/37		11/23/10		3,037,285		289,491		0
Countrywide Home Loan Reperforming Loan REMIC Trust, 4.238%, 03/25/35		01/08/15		5,999,463		873,672		385,817
Midwest Vanadium Pty, Ltd., 11.500%, 02/15/18		05/05/11-05/24/11		932,290		961,424		93
NSG Holdings LLC / NSG Holdings, Inc., 7.750%, 12/15/25		1/25/13		2,524,127		2,669,215		2,751,298
Upgrade Pass-Through Trust, 14.960%, 12/27/27		11/29/17-12/15/17		3,167,028		3,194,781		3,149,136
Upgrade Pass-Through Trust, 15.309%, 08/15/24		06/01/18		2,840,000		2,868,400		2,865,558
Upgrade Pass-Through Trust, 16.500%, 06/15/24		04/05/18		2,711,785		2,738,903		2,711,296
Upgrade Pass-Through Trust, 14.749%, 05/15/24		03/09/18		2,621,579		2,647,795		2,619,739
Upgrade Pass-Through Trust, 7.000%, 03/15/24		01/12/18		2,498,480		2,522,873		2,490,505
WaMu Mortgage Pass-Through Certificates Trust, 4.589%, 04/25/37		02/10/14		11,388,345		2,804,380		2,597,085
							$	20,973,079

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
ARS	232,614,000	CBNA		07/30/18		USD	10,824,290	$	(3,012,828	)
ARS	20,000,000	BOA		08/21/18		USD	759,301		(101,407	)
ARS	150,610,000	JPMC		09/17/18		USD	7,220,038		(2,392,395	)
BRL	76,742,223	CBNA		07/19/18		USD	22,459,605		(2,696,599	)
CAD	900,000	BBP		07/19/18		USD	716,516		(31,723	)
CAD	23,980,000	JPMC		07/19/18		USD	18,518,690		(272,750	)
CAD	8,321,904	BBP		07/27/18		USD	6,261,025		71,794
EUR	1,300,000	CBNA		07/19/18		USD	1,584,050		(64,171	)
EUR	2,700,000	CBNA		07/19/18		USD	3,309,903		(153,231	)
EUR	3,400,000	CBNA		07/19/18		USD	4,028,184		(53,115	)
EUR	3,400,000	CBNA		07/19/18		USD	3,967,239		7,830
EUR	4,100,000	CBNA		07/19/18		USD	4,842,285		(48,819	)
EUR	14,215,000	CBNA		07/19/18		USD	16,550,397		68,899
EUR	21,270,000	CBNA		07/19/18		USD	24,775,806		91,757
EUR	14,780,000	BBP		08/20/18		USD	17,564,552		(243,784	)
GBP	225,000	BBP		07/19/18		USD	323,439		(26,282	)
GBP	13,080,000	CBNA		07/19/18		USD	18,691,111		(1,416,386	)
IDR	4,058,350,828	BBP		07/19/18		USD	292,304		(9,683	)
INR	1,457,430,000	JPMC		07/19/18		USD	22,203,382		(971,249	)
JPY	1,807,730,000	CBNA		07/19/18		USD	16,641,489		(296,462	)
MXN	61,361,220	JPMC		07/09/18		USD	3,080,506		6,173
MXN	25,000,000	BBP		07/19/18		USD	1,257,744		(2,114	)
MXN	45,000,000	BBP		07/19/18		USD	2,239,279		20,855
MXN	138,000,000	CBNA		07/19/18		USD	6,759,073		172,006
MXN	205,895,536	CBNA		07/19/18		USD	9,986,397		354,750
MXN	283,710,000	CBNA		07/19/18		USD	15,303,580		(1,054,184	)
PLN	63,703,719	BOA		07/19/18		USD	18,872,101		(1,861,154	)
RUB	284,140,060	JPMC		07/19/18		USD	4,561,202		(44,338	)
TRY	45,863,100	CBNA		07/19/18		USD	10,865,458		(953,052	)
Contracts to Deliver
AUD	7,980,000	BBP		07/19/18		USD	5,996,595		90,806
AUD	7,044,312	CBNA		07/19/18		USD	5,463,420		250,110
BRL	15,262,330	MSC		08/17/18		USD	4,120,499		202,199
CAD	65,855,923	BBP		07/19/18		USD	52,396,349		2,287,792
CAD	2,300,000	CBNA		07/19/18		USD	1,730,716		(19,312	)
CAD	1,004,484	CBNA		07/19/18		USD	756,958		(7,335	)
CAD	8,321,904	BBP		07/27/18		USD	6,258,200		(74,619	)
EUR	30,911,880	BBP		07/19/18		USD	38,408,475		2,268,223

See accompanying notes to financial statements.

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	16,618,675	CBNA		07/19/18		USD	19,894,233	$	464,709
EUR	13,620,042	CBNA		07/19/18		USD	16,360,804		437,095
EUR	3,900,000	CBNA		07/19/18		USD	4,562,298		2,660
EUR	3,500,000	CBNA		07/19/18		USD	4,057,935		(34,048	)
EUR	2,300,000	CBNA		07/19/18		USD	2,795,958		106,941
EUR	2,100,000	CBNA		07/19/18		USD	2,501,835		46,645
EUR	1,900,000	CBNA		07/19/18		USD	2,209,839		(11,523	)
EUR	1,800,000	CBNA		07/19/18		USD	2,109,528		5,080
EUR	1,800,000	CBNA		07/19/18		USD	2,135,106		30,658
EUR	1,800,000	CBNA		07/19/18		USD	2,095,380		(9,068	)
EUR	1,700,000	CBNA		07/19/18		USD	2,011,584		24,050
EUR	1,650,000	CBNA		07/19/18		USD	1,932,381		3,303
EUR	27,937,080	MSC		07/19/18		USD	32,731,642		69,342
GBP	32,976,833	BBP		07/19/18		USD	47,119,805		3,567,382
INR	500,000,000	JPMC		07/19/18		USD	7,274,314		(9,786	)
JPY	1,807,730,769	CBNA		07/19/18		USD	16,928,933		583,900
MXN	61,361,220	JPMC		07/09/18		USD	3,090,000		3,321
MXN	30,000,000	BOA		07/19/18		USD	1,533,350		26,594
MXN	270,889,063	BBP		07/19/18		USD	14,831,696		1,226,235
MXN	35,000,000	BBP		07/19/18		USD	1,756,139		(1,744	)
MXN	48,900,000	CBNA		07/19/18		USD	2,472,582		16,569
MXN	42,000,000	CBNA		07/19/18		USD	2,087,019		(22,440	)
MXN	25,000,000	CBNA		07/19/18		USD	1,257,533		1,902
MXN	17,640,000	CBNA		07/19/18		USD	926,159		40,187
MXN	53,000,000	JPMC		07/19/18		USD	2,770,373		108,436
MXN	42,000,000	JPMC		07/19/18		USD	2,023,190		(86,269	)
MXN	84,915,970	JPMC		08/17/18		USD	4,221,000		(24,738	)
NZD	7,900,000	BBP		07/19/18		USD	5,819,693		469,015
PHP	903,278,000	JPMC		07/19/18		USD	17,257,891		344,255
PHP	1,036,098,000	DBAG		11/15/18		USD	19,587,825		298,730
PHP	416,000,000	DBAG		11/15/18		USD	7,826,905		82,210
PHP	351,249,000	DBAG		11/15/18		USD	6,637,358		98,136
RUB	271,005,110	CBNA		07/19/18		USD	4,326,045		17,983
SEK	30,435,647	BBP		07/19/18		USD	3,637,886		235,817
SEK	18,000,000	BBP		07/19/18		USD	2,044,759		32,736
TRY	48,057,000	CBNA		08/27/18		USD	10,000,000		(218,781	)
TWD	3,000	BBP		07/19/18		USD	103		5
TWD	71,920,000	JPMC		08/02/18		USD	2,354,718		(8,550	)
TWD	20,601,000	JPMC		08/02/18		USD	674,779		(2,163	)
TWD	114,810,000	CBNA		08/03/18		USD	3,772,822		(37	)
TWD	30,570,000	CBNA		08/03/18		USD	1,006,069		1,484
ZAR	198,594	BOA		07/19/18		USD	16,252		1,804
Cross Currency Contracts to Buy
JPY	3,636,586,580	BBP		07/19/18		EUR	27,940,000		215,361
Net Unrealized Depreciation								$	(1,780,400	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/16/19		2,824		USD	685,067,100	$	(1,603,683	)
90 Day Eurodollar Futures		06/15/20		3,478		USD	843,588,900		(3,006,036	)
Euro-BTP Futures		09/06/18		95		EUR	12,087,800		(66,908	)

See accompanying notes to financial statements.

BHFTII-23

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		09/19/18		3,009			USD	361,644,188		$	498,192
U.S. Treasury Note 2 Year Futures		09/28/18		221			USD	46,814,016			113,259
U.S. Treasury Note Ultra 10 Year Futures		09/19/18		97			USD	12,438,734			104,450
U.S. Treasury Ultra Long Bond Futures		09/19/18		2,313			USD	369,068,063			11,303,964
Futures Contracts—Short
90 Day Eurodollar Futures		12/17/18		(1,843	)		USD	(448,586,200	)		1,105,870
Euro-Bund Futures		09/06/18		(2,269	)		EUR	(368,825,950	)		(2,071,388	)
U.S. Treasury Long Bond Futures		09/19/18		(597	)		USD	(86,565,000	)		(814,057	)
U.S. Treasury Note 5 Year Futures		09/28/18		(2,557	)		USD	(290,519,150	)		(1,905,423	)
Net Unrealized Appreciation										$	3,658,240

Purchased Options

Foreign Currency Options	Strike Price			Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Call/EUR Put		USD	1.172	BBP		08/16/18		54,600,000		USD	54,600,000	$	500,136	$	588,151	$	88,015
USD Call/EUR Put		USD	1.164	BBP		08/27/18		70,800,000		USD	70,800,000		595,428		596,419		991
USD Put/BRL Call		BRL	3.594	BBP		08/15/18		12,300,000		USD	12,300,000		176,505		18,143		(158,362)
USD Put/CAD Call		CAD	1.320	BBP		07/26/18		16,600,000		USD	16,600,000		92,794		172,109		79,315
USD Put/MXN Call		MXN	19.493	BBP		08/15/18		12,600,000		USD	12,600,000		188,874		135,601		(53,273)
USD Put/TRY Call		TRY	4.596	BBP		08/24/18		30,000,000		USD	30,000,000		590,250		443,370		(146,880)
Totals												$	2,143,987	$	1,953,793	$	(190,194)

Interest Rate Swaptions

Strike Rate

Counterparty

Floating Rate Index

Pay/ Receive Floating Rate

Expiration Date

Number of Contracts

Notional Amount

Premiums Paid

Market Value

Unrealized Depreciation

Put - OTC - 5 Year Interest Rate Swap

3.150%

BOA

3M LIBOR

Receive

02/02/23

271,800,000

USD

271,800,000

$

13,943,340

$

11,479,867

$

(2,463,473

)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Put - S&P 500 Index E-Mini Futures	$	2,450.000		07/20/18		1,331		USD	66,550	$	501,521	$	183,013	$	(318,508	)
Put - S&P 500 Index E-Mini Futures		2,500.000		07/20/18		890		USD	44,500		646,852		173,550		(473,302	)
Put - S&P 500 Index E-Mini Futures		2,550.000		08/17/18		2,687		USD	134,350		1,481,049		2,183,187		702,138
Put - S&P 500 Index E-Mini Futures		2,500.000		08/17/18		778		USD	38,900		682,163		476,525		(205,638	)
Call - U.S. Treasury Note 10-Year Futures		121.000		07/27/18		1,900		USD	1,900,000		537,795		356,250		(181,545	)
Put - U.S. Treasury Note 10-Year Futures		119.500		08/24/18		400		USD	400,000		246,579		156,250		(90,329	)
Totals										$	4,095,959	$	3,528,775	$	(567,184	)

Written Options

Foreign Currency Written Options	Strike Price			Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Received		Market Value		Unrealized Appreciation
USD Call/EUR Put		USD	1.150	BBP		08/27/18		(34,100,000)		USD	(34,100,000)	$	(221,718)	$	(170,364)	$	51,354
USD Call/MXN Put		MXN	21.740	BBP		07/05/18		(16,710,000)		USD	(16,710,000)		(328,686)		(852)		327,834
USD Put/KRW Call		KRW	1,084.000	BBP		09/20/18		(32,448,373)		USD	(32,448,373)		(244,661)		(207,183)		37,478
Totals												$	(795,065)	$	(378,399)	$	416,666

See accompanying notes to financial statements.

BHFTII-24

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Written Options—(Continued)

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - U.S. Treasury Note 10 Year Futures	$	121.000		08/24/18		(400	)		USD	(400,000	)	$	(263,858	)	$	(150,000	)	$	113,858
Put - S&P 500 Index E-Mini Futures		2,350.000		07/20/18		(890	)		USD	(44,500	)		(309,898	)		(73,425	)		236,473
Put - S&P 500 Index E-Mini Futures		2,400.000		08/17/18		(1,322	)		USD	(66,100	)		(328,120	)		(495,750	)		(167,630	)
Put - S&P 500 Index E-Mini Futures		2,350.000		08/17/18		(2,143	)		USD	(107,150	)		(666,655	)		(616,112	)		50,543
Totals												$	(1,568,531	)	$	(1,335,287	)	$	233,244

Swap Agreements

Centrally Cleared Interest Rate Basis Swaps

Floating Rate Index Paid

Payment Frequency

Floating Rate Index Received

Payment Frequency

Maturity Date

Notional Amount

Market Value

Upfront Premium Received

Unrealized Appreciation(1)

3M LIBOR

Quarterly

FEDL01 + 0.364

%

Quarterly

09/19/23

USD

211,794,000

$

225,158

$

0

$

225,158

OTC Interest Rate Swaps

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

Fixed Rate

Payment Frequency

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Premium Paid/(Received)

Unrealized Appreciation(1)

Pay

1 Day CDI

Maturity

14.850%

Maturity

01/04/21

BOA

BRL

190,843,760

$

7,919,874

$

—

$

7,919,874

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	1M TIIE		Maturity	7.330%		Maturity		04/06/22		MXN	3,542,500,000	$	(3,429,903	)	$	(85,736	)	$	(3,344,167	)
Pay	1M TIIE		Monthly	7.351%		Monthly		04/05/21		MXN	5,174,130,000		(4,271,923	)		(40,305	)		(4,231,618	)
Pay	3M LIBOR		Quarterly	2.505%		Semi-Annually		03/07/20		USD	563,080,000		(2,281,752	)		—			(2,281,752	)
Pay	3M LIBOR		Quarterly	3.150%		Semi-Annually		02/06/33		USD	119,590,000		822,083			—			822,083
Receive	3M CDOR		Semi-Annually	2.140%		Semi-Annually		03/05/20		CAD	728,220,000		636,966			7,105			629,861
Receive	3M LIBOR		Semi-Annually	2.950%		Quarterly		11/15/43		USD	50,051,000		402,404			(325,085	)		727,489
Receive	3M STIBOR		Annually	0.670%		Quarterly		02/02/23		SEK	821,700,000		(1,390,531	)		—			(1,390,531	)
Receive	6M EURIBOR		Annually	1.498%		Semi-Annually		08/23/47		EUR	8,754,500		(89,429	)		10,584			(100,013	)
Totals												$	(9,602,085	)	$	(433,437	)	$	(9,168,648	)

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premiums (Received)		Unrealized Appreciation
CDX.NA.HY.30		(5.000%)		Quarterly	06/20/23		3.615%		USD	56,330,000	$	(3,236,384)	$	(3,267,140)	$	30,756

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 June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premiums Paid		Unrealized Depreciation
CDX.NA.IG.30		1.000%		Quarterly	06/20/23		0.676%		USD	80,160,000	$	1,185,887	$	1,445,490	$	(259,603)

See accompanying notes to financial statements.

BHFTII-25

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Swap Agreements—(Continued)

OTC Credit Default Swaps on Credit Indices and Sovereign Issues—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate		Payment Frequency		Maturity Date	Counterparty	Implied Credit Spread at June 30, 2018(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
Australia Government International Bond 4.750%, due 04/27/21		(1.000%)		Quarterly	06/20/23	DBAG		0.185%		USD	32,280,000	$	(1,228,060)	$	(1,289,612)	$	61,552
CMBX.NA.AAA.6		(0.500%)		Monthly	05/11/63	CSI		0.000%		USD	1,773,806		(11,523)		(12,289)		766
CMBX.NA.AAA.6		(0.500%)		Monthly	05/11/63	CSI		0.000%		USD	10,248,655		(66,576)		(66,394)		(182)
CMBX.NA.AAA.6		(0.500%)		Monthly	05/11/63	MSC		0.000%		USD	11,825,371		(76,819)		(76,472)		(347)
Totals												$	(1,382,978)	$	(1,444,767)	$	61,789

Securities in the amount of $20,049,144 have been received at the custodian bank as collateral for OTC swap contracts.

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(1)	There is no upfront payment premium paid or (received) therefore Market Value equals Unrealized Appreciation/(Depreciation).

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(CSI)—	Credit Suisse International
(DBAG)—	Deutsche Bank AG
(JPMC)—	JPMorgan Chase Bank N.A.
(MSC)—	Morgan Stanley & Co.

Currencies

(ARS)—	Argentine Peso
(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(PHP)—	Philippine Peso
(PLN)—	Polish Zloty
(RUB)—	Russian Ruble
(SEK)—	Swedish Krona
(TRY)—	Turkish Lira
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar
(UYU)—	Uruguayan Peso
(ZAR)—	South African Rand

Index Abbreviations

(CDI)—	Brazil Interbank Deposit Rate
(CDOR)—	Canadian Dollar Offered Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(CMBX)—	Commercial Mortgage-Backed Index
(CMBX.NA.AAA)—	Markit North America AAA Rated CMBS Index
(COFI)—	11th District Cost of Funds Index
(EURIBOR)—	Euro InterBank Offered Rate
(FEDEFF PRV)—	Effective Federal Funds Rate
(FEDL01)—	Federal Funds Rate
(ICE)—	Intercontinental Exchange
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	Overnight Bank Funding Rate
(STIBOR)—	Stockholm Interbank Offered Rate
(TIIE)—	Mexican Interbank Equilibrium Interest Rate

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTII-26

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	17,838,421	$	—	$	17,838,421
Agriculture		—		3,447,556		—		3,447,556
Airlines		—		1,916,400		—		1,916,400
Apparel		—		17,004,695		—		17,004,695
Auto Manufacturers		—		5,556,668		—		5,556,668
Auto Parts & Equipment		—		42,947,354		—		42,947,354
Banks		—		289,138,835		—		289,138,835
Beverages		—		5,612,774		—		5,612,774
Biotechnology		—		7,148,595		—		7,148,595
Building Materials		—		8,601,125		—		8,601,125
Chemicals		—		6,246,148		—		6,246,148
Commercial Services		—		49,698,246		—		49,698,246
Computers		—		13,188,134		—		13,188,134
Diversified Financial Services		—		62,981,224		—		62,981,224
Electric		—		37,983,403		—		37,983,403
Energy-Alternate Sources		—		1,402,552		—		1,402,552
Entertainment		—		29,343,735		—		29,343,735
Environmental Control		—		1,304,478		—		1,304,478
Food		—		9,458,341		—		9,458,341
Forest Products & Paper		—		4,248,720		—		4,248,720
Healthcare-Products		—		27,534,392		—		27,534,392
Healthcare-Services		—		52,280,552		—		52,280,552
Holding Companies-Diversified		—		3,814,333		—		3,814,333
Home Builders		—		16,047,098		—		16,047,098
Housewares		—		3,107,841		—		3,107,841
Insurance		—		25,763,345		—		25,763,345
Internet		—		20,368,543		—		20,368,543
Investment Company Security		—		2,626,500		—		2,626,500
Iron/Steel		—		13,358,520		—		13,358,520
Leisure Time		—		23,541,888		—		23,541,888
Lodging		—		12,404,987		—		12,404,987
Machinery-Construction & Mining		—		16,511,728		—		16,511,728
Machinery-Diversified		—		4,120,000		—		4,120,000
Media		—		138,157,413		—		138,157,413
Metal Fabricate/Hardware		—		5,225,284		—		5,225,284
Mining		—		103,425,263		0		103,425,263
Miscellaneous Manufacturing		—		12,154,399		—		12,154,399
Oil & Gas		—		182,117,056		—		182,117,056
Oil & Gas Services		—		3,875,588		—		3,875,588
Packaging & Containers		—		21,749,483		—		21,749,483

See accompanying notes to financial statements.

BHFTII-27

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Pharmaceuticals	$	—	$	131,201,123		$	—	$	131,201,123
Pipelines		—		129,523,217			—		129,523,217
Real Estate		—		4,811,700			—		4,811,700
Real Estate Investment Trusts		—		19,150,750			—		19,150,750
Retail		—		25,716,188			—		25,716,188
Semiconductors		—		969,135			—		969,135
Software		—		18,417,043			—		18,417,043
Telecommunications		—		118,434,686			—		118,434,686
Transportation		—		34,518,794			—		34,518,794
Trucking & Leasing		—		26,216,475			—		26,216,475
Water		—		3,548,977			—		3,548,977
Total Corporate Bonds & Notes		—		1,815,759,705			—		1,815,759,705
Total Mortgage-Backed Securities*		—		359,684,880			—		359,684,880
Total Floating Rate Loans*		—		295,154,968			—		295,154,968
Total Foreign Government*		—		255,066,923			—		255,066,923
Asset-Backed Securities
Asset-Backed - Automobile		—		6,812,719			—		6,812,719
Asset-Backed - Credit Card		—		5,336,161			—		5,336,161
Asset-Backed - Home Equity		—		20,730,567			—		20,730,567
Asset-Backed - Manufactured Housing		—		12,098,304			—		12,098,304
Asset-Backed - Other		—		138,524,521			—		138,524,521
Asset-Backed - Student Loan		—		18,083,208			—		18,083,208
Total Asset-Backed Securities		—		201,585,480			—		201,585,480
Total U.S. Treasury & Government Agencies*		—		130,033,355			—		130,033,355
Total Convertible Bonds*		—		30,580,604			—		30,580,604
Convertible Preferred Stocks
Banks		6,253,219		—			—		6,253,219
Oil, Gas & Consumable Fuels		—		4,160,313			—		4,160,313
Total Convertible Preferred Stocks		6,253,219		4,160,313			—		10,413,532
Total Municipals		—		7,037,884			—		7,037,884
Preferred Stocks
Banks		1,386,436		—			—		1,386,436
Marine		—		—			112,813		112,813
Oil & Gas		—		1,193,981			—		1,193,981
Total Preferred Stocks		1,386,436		1,193,981			112,813		2,693,230
Common Stocks
Air Freight & Logistics		294,541		—			—		294,541
Diversified Consumer Services		—		27,991			—		27,991
Marine		—		—			98,247		98,247
Media		—		571,329			—		571,329
Oil & Gas		—		889,188			—		889,188
Total Common Stocks		294,541		1,488,508			98,247		1,881,296
Total Escrow Shares*		—		—			2,992		2,992
Total Short-Term Investments*		—		115,564,776			—		115,564,776
Total Securities Lending Reinvestments*		—		266,704,346			—		266,704,346
Purchased Options
Foreign Currency Written Options at Value		—		1,953,793			—		1,953,793
Interest Rate Swaptions at Value		—		11,479,867			—		11,479,867
Options on Exchange-Traded Futures Contracts at Value		3,528,775		—			—		3,528,775
Total Purchased Options	$	3,528,775	$	13,433,660		$	—	$	16,962,435
Total Investments	$	11,462,971	$	3,497,449,383		$	214,052	$	3,509,126,406
Collateral for Securities Loaned (Liability)	$	—	$	(266,616,705	)	$	—	$	(266,616,705	)

See accompanying notes to financial statements.

BHFTII-28

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	14,455,739		$	—	$	14,455,739
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(16,236,139	)		—		(16,236,139	)
Total Forward Contracts	$	—		$	(1,780,400	)	$	—	$	(1,780,400	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	13,125,735		$	—		$	—	$	13,125,735
Futures Contracts (Unrealized Depreciation)		(9,467,495	)		—			—		(9,467,495	)
Total Futures Contracts	$	3,658,240		$	—		$	—	$	3,658,240
Written Options
Foreign Currency Written Options at Value	$	—		$	(378,399	)	$	—	$	(378,399	)
Options on Exchange-Traded Futures Contracts at Value		(1,335,287	)		—			—		(1,335,287	)
Total Written Options	$	(1,335,287	)	$	(378,399	)	$	—	$	(1,713,686	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	2,435,347		$	—	$	2,435,347
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(11,607,684	)		—		(11,607,684	)
Total Centrally Cleared Swap Contracts	$	—		$	(9,172,337	)	$	—	$	(9,172,337	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	7,919,874		$	—	$	7,919,874
OTC Swap Contracts at Value (Liabilities)		—			(1,382,978	)		—		(1,382,978	)
Total OTC Swap Contracts	$	—		$	6,536,896		$	—	$	6,536,896

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2018 is not presented.

Transfers from Level 3 to Level 2 in the amount of $21,621,877 were due to the initiation of a vendor or broker providing prices based on market indications which have been determined to be significant observable inputs.

See accompanying notes to financial statements.

BHFTII-29

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	3,509,126,406
Cash		205,253
Cash denominated in foreign currencies (c)		27,015,325
Cash collateral (d)		36,767,732
OTC swap contracts at market value		7,919,874
Unrealized appreciation on forward foreign currency exchange contracts		14,455,739
Receivable for:
Investments sold		12,548,657
TBA securities sold		780,906
Fund shares sold		1,977,398
Principal paydowns		81,407
Dividends and interest		38,887,474
Variation margin on futures contracts		581,658
Interest on OTC swap contracts		22,532
Variation margin on centrally cleared swap contracts		83,535
Other assets		4,697
Total Assets		3,650,458,593
Liabilities
Written options at value (e)		1,713,686
OTC swap contracts at market value (f)		1,382,978
Unrealized depreciation on forward foreign currency exchange contracts		16,236,139
Collateral for securities loaned		266,616,705
Payables for:
Investments purchased		30,380,981
TBA securities purchased		48,209,332
Fund shares redeemed		1,352,481
Accrued Expenses:
Management fees		1,375,245
Distribution and service fees		208,820
Deferred trustees’ fees		268,811
Other expenses		684,667
Total Liabilities		368,429,845
Net Assets	$	3,282,028,748
Net Assets Consist of:
Paid in surplus	$	3,419,751,470
Undistributed net investment income		89,406,935
Accumulated net realized loss		(150,576,860	)
Unrealized depreciation on investments, options, futures contracts, swap contracts and foreign currency transactions		(76,552,797	)
Net Assets	$	3,282,028,748
Net Assets
Class A	$	2,170,286,648
Class B		864,745,434
Class E		246,996,666
Capital Shares Outstanding*
Class A		169,627,699
Class B		68,098,459
Class E		19,395,976
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.79
Class B		12.70
Class E		12.73

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $3,585,711,052.
(b)	Includes securities loaned at value of $252,887,554.
(c)	Identified cost of cash denominated in foreign currencies was $28,170,694.
(d)	Includes collateral of $17,312,960 for futures contracts, $11,054,772 for centrally cleared swap contracts and $8,400,000 for OTC swap contracts.
(e)	Premiums received on written options were $2,363,596.
(f)	Net premium received on OTC swap contracts was $1,444,767.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Dividends	$	726,252
Interest (a)		97,327,934
Securities lending income		1,115,522
Total investment income		99,169,708
Expenses
Management fees		9,505,763
Administration fees		53,102
Custodian and accounting fees		259,285
Distribution and service fees—Class B		1,106,828
Distribution and service fees—Class E		193,027
Audit and tax services		49,822
Legal		19,948
Trustees’ fees and expenses		20,316
Shareholder reporting		205,277
Insurance		10,906
Miscellaneous		26,933
Total expenses		11,451,207
Less management fee waiver		(964,895	)
Net expenses		10,486,312
Net Investment Income		88,683,396
Net Realized and Unrealized Loss
Net realized gain (loss) on:
Investments		(12,597,223	)
Purchased options		(10,398,568	)
Futures contracts		(30,359,010	)
Written options		4,132,584
Swap contracts		4,044,572
Foreign currency transactions		(1,072,650	)
Forward foreign currency transactions		(4,537,003	)
Net realized loss		(50,787,298	)
Net change in unrealized appreciation (depreciation) on:
Investments		(135,185,648	)
Purchased options		(3,227,465	)
Futures contracts		2,338,964
Written options		241,935
Swap contracts		(4,894,969	)
Foreign currency transactions		(1,472,337	)
Forward foreign currency transactions		2,550,667
Net change in unrealized depreciation		(139,648,853	)
Net realized and unrealized loss		(190,436,151	)
Net Decrease in Net Assets From Operations	$	(101,752,755	)

(a) Net of foreign withholding taxes of $196,913.

See accompanying notes to financial statements.

BHFTII-30

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	88,683,396		$	168,174,305
Net realized gain (loss)		(50,787,298	)		75,706,129
Net change in unrealized appreciation (depreciation)		(139,648,853	)		27,894,144
Increase (decrease) in net assets from operations		(101,752,755	)		271,774,578
From Distributions to Shareholders
Net investment income
Class A		(117,171,030	)		(89,784,446	)
Class B		(44,827,471	)		(34,541,744	)
Class E		(13,064,427	)		(10,698,139	)
Total distributions		(175,062,928	)		(135,024,329	)
Increase (decrease) in net assets from capital share transactions		64,990,379			(83,242,812	)
Total increase (decrease) in net assets		(211,825,304	)		53,507,437
Net Assets
Beginning of period		3,493,854,052			3,440,346,615
End of period	$	3,282,028,748		$	3,493,854,052
Undistributed net investment income
End of period	$	89,406,935		$	175,786,467

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		2,021,489		$	27,776,680			4,556,098		$	62,834,363
Reinvestments		9,139,706			117,171,030			6,616,393			89,784,446
Redemptions		(7,005,875	)		(96,080,724	)		(12,851,341	)		(176,839,518	)
Net increase (decrease)		4,155,320		$	48,866,986			(1,678,850	)	$	(24,220,709	)
Class B
Sales		2,455,532		$	33,284,489			3,747,478		$	51,151,945
Reinvestments		3,521,404			44,827,471			2,564,346			34,541,744
Redemptions		(4,426,253	)		(60,063,369	)		(8,345,194	)		(113,982,456	)
Net increase (decrease)		1,550,683		$	18,048,591			(2,033,370	)	$	(28,288,767	)
Class E
Sales		483,578		$	6,606,954			741,587		$	10,138,146
Reinvestments		1,023,858			13,064,427			791,868			10,698,139
Redemptions		(1,588,671	)		(21,596,579	)		(3,766,714	)		(51,569,621	)
Net decrease		(81,235	)	$	(1,925,198	)		(2,233,259	)	$	(30,733,336	)
Increase (decrease) derived from capital shares transactions				$	64,990,379					$	(83,242,812	)

See accompanying notes to financial statements.

BHFTII-31

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	13.93		$	13.40		$	12.53		$	13.43		$	13.45		$	13.98
Income (Loss) from Investment Operations
Net investment income (a)		0.36			0.67			0.62	(b)		0.59			0.64			0.63
Net realized and unrealized gain (loss) on investments		(0.77	)		0.41			0.45			(0.80	)		0.09			(0.47	)
Total from investment operations		(0.41	)		1.08			1.07			(0.21	)		0.73			0.16
Less Distributions
Distributions from net investment income		(0.73	)		(0.55	)		(0.20	)		(0.69	)		(0.75	)		(0.69	)
Total distributions		(0.73	)		(0.55	)		(0.20	)		(0.69	)		(0.75	)		(0.69	)
Net Asset Value, End of Period	$	12.79		$	13.93		$	13.40		$	12.53		$	13.43		$	13.45
Total Return (%) (c)		(2.96	)(d)		8.23			8.55			(1.72	)		5.47			1.09
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60	(e)		0.59			0.60			0.63			0.65			0.66
Net ratio of expenses to average net assets (%) (f)		0.55	(e)		0.54			0.54			0.59			0.61			0.62
Ratio of net investment income to average net assets (%)		5.35	(e)		4.88			4.74	(b)		4.51			4.77			4.65
Portfolio turnover rate (%)		61	(d)(g)		139	(g)		86			99	(g)		98	(g)		132	(g)
Net assets, end of period (in millions)	$	2,170.3		$	2,305.0		$	2,239.2		$	1,070.0		$	982.6		$	682.7
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	13.81		$	13.29		$	12.46		$	13.35		$	13.37		$	13.90
Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.63			0.58	(b)		0.56			0.61			0.59
Net realized and unrealized gain (loss) on investments		(0.76	)		0.41			0.45			(0.80	)		0.08			(0.46	)
Total from investment operations		(0.42	)		1.04			1.03			(0.24	)		0.69			0.13
Less Distributions
Distributions from net investment income		(0.69	)		(0.52	)		(0.20	)		(0.65	)		(0.71	)		(0.66	)
Total distributions		(0.69	)		(0.52	)		(0.20	)		(0.65	)		(0.71	)		(0.66	)
Net Asset Value, End of Period	$	12.70		$	13.81		$	13.29		$	12.46		$	13.35		$	13.37
Total Return (%) (c)		(3.03	)(d)		7.93			8.30			(2.00	)		5.29			0.83
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85	(e)		0.85			0.85			0.88			0.90			0.91
Net ratio of expenses to average net assets (%) (f)		0.80	(e)		0.79			0.79			0.84			0.86			0.87
Ratio of net investment income to average net assets (%)		5.10	(e)		4.63			4.43	(b)		4.25			4.53			4.39
Portfolio turnover rate (%)		61	(d)(g)		139	(g)		86			99	(g)		98	(g)		132	(g)
Net assets, end of period (in millions)	$	864.7		$	919.1		$	911.7		$	189.9		$	220.7		$	238.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-32

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	13.85		$	13.33		$	12.48		$	13.38		$	13.39		$	13.93
Income (Loss) from Investment Operations
Net investment income (a)		0.35			0.65			0.59	(b)		0.57			0.62			0.61
Net realized and unrealized gain (loss) on investments		(0.76	)		0.40			0.46			(0.81	)		0.09			(0.48	)
Total from investment operations		(0.41	)		1.05			1.05			(0.24	)		0.71			0.13
Less Distributions
Distributions from net investment income		(0.71	)		(0.53	)		(0.20	)		(0.66	)		(0.72	)		(0.67	)
Total distributions		(0.71	)		(0.53	)		(0.20	)		(0.66	)		(0.72	)		(0.67	)
Net Asset Value, End of Period	$	12.73		$	13.85		$	13.33		$	12.48		$	13.38		$	13.39
Total Return (%) (c)		(3.00	)(d)		7.98			8.47			(1.90	)		5.40			0.94
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(e)		0.75			0.75			0.78			0.80			0.81
Net ratio of expenses to average net assets (%) (f)		0.70	(e)		0.69			0.69			0.74			0.76			0.77
Ratio of net investment income to average net assets (%)		5.19	(e)		4.73			4.52	(b)		4.35			4.63			4.49
Portfolio turnover rate (%)		61	(d)(g)		139	(g)		86			99	(g)		98	(g)		132	(g)
Net assets, end of period (in millions)	$	247.0		$	269.8		$	289.4		$	50.8		$	59.5		$	66.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to less than $0.01 per share and 0.02% of average net assets, respectively.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 36%, 79%, 71%, 57% and 62% for the six months ended June 30, 2018 and the years ended December 31, 2017, 2015, 2014 and 2013, respectively.

See accompanying notes to financial statements.

BHFTII-33

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management Strategic Bond Opportunities Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820-Fair Value Measurement.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to the authorization of and subject to general oversight by the Board. Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued on the basis of an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued on the basis of evaluated or composite bid quotations obtained from pricing services selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or

BHFTII-34

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through an independent pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued on the basis of interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

BHFTII-35

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities, paydown reclasses, expired capital loss carryforward, swap transactions, defaulted bonds and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the

BHFTII-36

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

BHFTII-37

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $104,589,870 . Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $44,914,807. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Convertible Bonds	$	(6,080,490	)	$	—	$	—	$	—	$	(6,080,490	)
Corporate Bonds & Notes		(248,566,053	)		—		—		—		(248,566,053	)
Foreign Government		(10,919,362	)		—		—		—		(10,919,362	)
U.S. Treasury		(1,050,800	)		—		—		—		(1,050,800	)
Total	$	(266,616,705	)	$	—	$	—	$	—	$	(266,616,705	)
Total Borrowings	$	(266,616,705	)	$	—	$	—	$	—	$	(266,616,705	)
Gross amount of recognized liabilities for securities lending transactions										$	(266,616,705	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement

BHFTII-38

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

BHFTII-39

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

Options on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure

BHFTII-40

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of June 30, 2018, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or

BHFTII-41

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	11,992,367
	OTC swap contracts at market value (b)		7,919,874
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		2,404,591	Unrealized depreciation on centrally cleared swap contracts (c) (e)	$	11,348,081
	Unrealized appreciation on futures contracts (d) (e)		13,125,735	Unrealized depreciation on futures contracts (d) (e)		9,467,495
				Written options at value (e)		150,000
Credit				OTC swap contracts at market value (b)		1,382,978
	Unrealized appreciation on centrally cleared swap contracts (c) (e)		30,756	Unrealized depreciation on centrally cleared swap contracts (c) (e)		259,603
Equity	Investments at market value (a) (e)		3,016,275
				Written options at value (e)		1,185,287
Foreign Exchange	Investments at market value (a)		1,953,793
	Unrealized appreciation on forward foreign currency exchange contracts		14,455,739	Unrealized depreciation on forward foreign currency exchange contracts		16,236,139
				Written options at value		378,398
Total		$	54,899,130		$	40,407,981

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest receivable of $22,532.
(c)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(d)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(e)	Financial instrument not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA(see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of June 30, 2018.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	19,428,139	$	(1,962,561	)	$	(17,465,578	)	$	—
Barclays Bank plc		12,439,814		(768,348	)		(327,167	)		11,344,299
Citibank N.A.		2,728,518		(2,728,518	)		—			—
Deutsche Bank AG		479,076		(479,076	)		—			—
JPMorgan Chase Bank N.A.		462,185		(462,185	)		—			—
Morgan Stanley & Co.		271,541		(76,819	)		—			194,722
	$	35,809,273	$	(6,477,507	)	$	(17,792,745	)	$	11,539,021

BHFTII-42

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of June 30, 2018.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	1,962,561	$	(1,962,561	)	$	—		$	—
Barclays Bank plc		768,348		(768,348	)		—			—
Citibank N.A.		10,071,391		(2,728,518	)		(4,800,000	)		2,542,873
Credit Suisse International		78,099		—			(78,099	)		—
Deutsche Bank AG		1,228,060		(479,076	)		(680,000	)		68,984
JPMorgan Chase Bank N.A.		3,812,238		(462,185	)		(2,730,000	)		620,053
Morgan Stanley & Co.		76,819		(76,819	)		—			—
	$	17,997,516	$	(6,477,507	)	$	(8,288,099	)	$	3,231,910

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased option	$	(3,454,941	)	$	—		$	(6,374,423	)	$	(569,204	)	$	(10,398,568	)
Forward foreign currency transactions		—			—			—			(4,537,003	)		(4,537,003	)
Futures contracts		(30,359,010	)		—			—			—			(30,359,010	)
Swap contracts		3,969,182			75,390			—			—			4,044,572
Written options		1,084,299			—			1,470,492			1,577,793			4,132,584
	$	(28,760,470	)	$	75,390		$	(4,903,931	)	$	(3,528,414	)	$	(37,117,425	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Equity			Foreign Exchange			Total
Purchased option	$	(2,480,040	)	$	—		$	(295,310	)	$	(452,115	)	$	(3,227,465	)
Forward foreign currency transactions		—			—			—			2,550,667			2,550,667
Futures contracts		2,338,964			—			—			—			2,338,964
Swap contracts		(4,874,941	)		(20,028	)		—			—			(4,894,969	)
Written options		113,858			—			119,386			8,691			241,935
	$	(4,902,159	)	$	(20,028	)	$	(175,924	)	$	2,107,243		$	(2,990,868	)

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased option	$	412,198,154
Forward foreign currency transactions		497,921,273
Futures contracts long		2,329,524,894
Futures contracts short		(1,599,954,365	)
Swap contracts		2,196,183,441
Written options		(84,268,312	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

BHFTII-43

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTII-44

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$1,089,956,735	$	921,684,931	$	1,290,123,836	$	918,011,661

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2018 were as follows:

Purchases	Sales
$843,933,299	$	953,088,898

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$9,505,763		0.650	%	Of the first $500 million
		0.550	%	On amounts in excess of $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.055	%	On the first $500 million
	0.025	%	On the next $500 million
	0.050	%	On the next $1 billion
	0.075	%	On amounts in excess of $2 billion

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

BHFTII-45

Brighthouse Funds Trust II

Western Asset Management Strategic Bond Opportunities Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	3,586,964,977
Gross unrealized appreciation		109,756,811
Gross unrealized depreciation		(185,961,754	)
Net unrealized appreciation (depreciation)	$	(76,204,943	)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$135,024,329	$	54,471,545	$	—	$	—	$	135,024,329	$	54,471,545

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Other Accumulated Capital Losses		Total
$174,667,905	$	—	$	55,817,363	$	(91,106,452	)	$	—	$	139,378,816

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2017, the Portfolio utilized capital loss carryforwards of $48,960,963.

As of December 31, 2017, the Portfolio had post-enactment accumulated short-term capital losses of $24,854,565 and post-enactment long-term accumulated capital losses of $63,797,774. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/18
$	2,454,113

9. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-46

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*

PERFORMANCE

For the six months ended June 30, 2018, the Class A, B, and E shares of the Western Asset Management U.S. Government Portfolio returned -0.70%, -0.89%, and -0.78%, respectively. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Intermediate Government Bond Index¹, returned -0.67%.

MARKET ENVIRONMENT / CONDITIONS

The overall U.S. bond market posted a negative return for the first six months of the year as most spread sector performance was mixed compared to U.S. Treasuries. Short-term yields rose early in the year but settled out in June close to where they began while their longer-term counterparts declined. The yield on the 10-year Treasury began the year at 2.40%, peaked at 3.11% on May 17^th, and ended June at 2.85%.

The first half of 2018 ushered in a new Chairman for the Federal Reserve Board (the “Fed”), Jerome Powell. After holding rates steady at its meeting in January 2018, the Fed under Powell elected to raise rates 0.25% at its meeting in March and another 0.25% at its meeting in June, pushing the Fed’s target rate to a range between 1.75% and 2.00%. These increases marked the Fed’s sixth and seventh rate hike since December 2015, and the Fed currently anticipates raising rates two more times during the year.

The European Central Bank (the “ECB”) also made a significant announcement in June, by signaling the beginning of the end for monetary stimulus in the Eurozone. The ECB stated it would finalize its asset purchases program at the end of this year and offered guidance on the path of Eurozone interest rates going forward; the ECB said it “expects the key ECB interest rates to remain at their present levels at least through the summer of 2019.” During the same meeting, the ECB also revised its growth projections for the Eurozone downward, trimming its 2018 gross domestic product (“GDP”) forecast to 2.1% from 2.4%.

In the U.S., the Commerce Department reported that first quarter 2018 GDP annualized growth was 2.0%. In contrast, the economy expanded 2.9% during the previous quarter. More modest GDP growth in the first quarter reflected lower personal consumption expenditures, exports, state and local government spending, federal government spending and a downturn in residential fixed investment. By contrast, the labor market continued to be a source of strength for the U.S. economy, ending June at a 4.0% unemployment rate. The manufacturing sector also continued to expand and support the economy during the period. According to the Institute for Supply Management’s Purchasing Managers Index, the manufacturing sector expanded for a 22^nd consecutive month in June, with a reading of 60.

On the back of softening global growth forecasts, late spring saw a sharp divergence in market expectations for U.S. growth in the second half of 2018 as compared to the expectations for Europe, China, and emerging markets broadly. This, coupled with rising trade tensions and political uncertainty in the Eurozone following a populist victory in Italy, led to corporate bond spread widening across most sectors. The U.S. dollar, which had weakened at the start of the year, strengthened versus all other currencies by late June.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Western Asset Management U.S. Government Portfolio underperformed its benchmark for the six-month reporting period as spread sector allocations generally detracted but macro strategies contributed to performance.

A significant allocation to Agency Mortgage-Backed Securities (“MBS”) was the main detractor as MBS spreads widened and underperformed Treasuries of similar interest rate risk during the first half of 2018. A significant allocation to Agency debentures was also a slight detractor as they underperformed Treasuries. A modest allocation to U.S. dollar sovereign and corporate emerging markets bonds detracted from performance as their yields and spreads rose over the first half of 2018. Positions in structured products, including Non-Agency MBS, Commercial Mortgage-Backed Securities (“CMBS”) and Asset-Backed Securities (“ABS”), were slight contributors as spreads generally tightened.

Tactically adjusting U.S. duration positioning between flat to slightly long the benchmark was a contributor to performance as rates fluctuated but ended up higher. A yield-curve flattener position was also a contributor as the spread between five- and 30-year U.S. Treasuries flattened from 54 basis points to 25 basis points. The Portfolio was generally overweight the long end of the curve relative to the Index. An allocation to Treasury Inflation-Protected Securities (“TIPS”) also contributed as breakeven inflation rates (a market-based measure of expected inflation) rose.

Over the last six months, we decreased the Portfolio’s exposure to U.S. Treasuries and added exposure to Agency debentures and MBS. We maintained moderate exposure to structured products and slightly increased the Portfolio’s exposure to jumbo prime non-agency residential MBS. We trimmed the Portfolio’s TIPS exposure as breakeven inflation rates rose and trimmed exposure to credit card and Federal Family Education Loan Program student loan ABS. We tactically adjusted the Portfolio’s duration positioning over the first half and ended roughly flat to the Bloomberg Barclays U.S. Intermediate Government Bond Index.

At period end, the Portfolio was positioned to reflect our expectation for modest U.S. economic growth and moderate inflation. The Portfolio’s exposure to interest rate risk was conservatively positioned relative to an average of 1-year to 10-year U.S. government securities, as shorter-dated interest rates were expected to trend modestly higher over the remainder of the year. However, the Portfolio did have moderate exposure to long-dated interest rates.

BHFTII-1

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Managed by Western Asset Management Company

Portfolio Manager Commentary*—(Continued)

While we expect inflation to remain range-bound for some time due to moderate nominal GDP, the Portfolio did have a moderate position in long-dated inflation-linked TIPS at period end. Even in a moderate inflation environment, market expectations of inflation may rise to meet or exceed Fed-targeted inflation rates should domestic growth maintain its low but steady trend. Long-dated TIPS also may act as hedge against higher bond yields in a scenario of an unwarranted increase in inflation expectations.

At period end, we found attractive opportunities for additional yield in certain spread sectors, particularly structured products and U.S. dollar bonds from select emerging markets (“EM”) issuers. EM valuations are still very attractive, especially compared to developed markets. Also, even though the global growth outlook faced some headwinds in the first half of 2018, we still believe the long-term growth outlook is positive. In addition to attractive valuations, EM fundamentals are also looking better. Generally, EM current account deficits have improved, and their central banks have become more conservative. They have been very responsible over the last couple of years by raising rates, stabilizing their currencies and bringing down inflation. While only a small part of the Portfolio, these EM bonds provide incremental yield to the Portfolio and should do well in an environment of rising global growth.

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Management Company

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

BHFTII-2

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG BARCLAYS U.S. INTERMEDIATE GOVERNMENT BOND INDEX

SIX MONTH RETURN & AVERAGE ANNUAL RETURNS (%) AS OF JUNE 30, 2018

	6 Month		1 Year		5 Year		10 Year
Western Asset Management U.S. Government Portfolio
Class A		-0.70		-0.10		1.26		2.39
Class B		-0.89		-0.37		0.98		2.13
Class E		-0.78		-0.18		1.09		2.24
Bloomberg Barclays U.S. Intermediate Government Bond Index		-0.67		-0.73		1.04		2.41

¹ The Bloomberg Barclays U.S. Intermediate Government Bond Index includes most obligations of the U.S. Treasury, agencies and quasi-federal corporations having maturities between one and ten years.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF JUNE 30, 2018

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		92.1
Foreign Government		9.1
Corporate Bonds & Notes		7.7
Mortgage-Backed Securities		3.5
Asset-Backed Securities		1.9

BHFTII-3

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Understanding Your Portfolio’s Expenses (Unaudited)

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2018 through June 30, 2018.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management U.S. Government Portfolio		Annualized Expense Ratio			Beginning Account Value January 1, 2018		Ending Account Value June 30, 2018		Expenses Paid During Period** January 1, 2018 to June 30, 2018
Class A (a)	Actual		0.48	%	$	1,000.00	$	993.00	$	2.37
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.41	$	2.41
Class B (a)	Actual		0.73	%	$	1,000.00	$	991.10	$	3.60
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.18	$	3.66
Class E (a)	Actual		0.63	%	$	1,000.00	$	992.20	$	3.11
	Hypothetical*		0.63	%	$	1,000.00	$	1,021.67	$	3.16

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTII-4

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—92.1% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—35.7%
Fannie Mae 15 Yr. Pool 3.000%, TBA (a)		6,200,000	$	6,163,604
3.500%, TBA (a)		15,000,000		15,179,296
4.500%, 03/01/20		21,844		22,003
Fannie Mae 20 Yr. Pool 4.500%, 11/01/31		653,882		683,364
4.500%, 12/01/31		967,558		1,011,326
Fannie Mae 30 Yr. Pool 3.000%, 09/01/42		8,350,805		8,166,722
3.000%, 11/01/46		6,238,719		6,053,116
3.000%, TBA (a)		29,050,000		28,141,052
3.500%, 12/01/47		1,855,655		1,852,770
3.500%, 03/01/48		894,184		892,794
3.500%, TBA (a)		108,500,000		107,989,616
4.000%, 02/01/40		604,035		622,986
4.000%, 06/01/42		6,123,029		6,326,398
4.000%, 07/01/42		2,580,533		2,652,009
4.000%, 05/01/43		15,073,077		15,543,227
4.000%, 10/01/43		8,059,763		8,309,250
4.000%, 04/01/47		8,453,564		8,649,638
4.000%, 05/01/47		3,681,139		3,761,234
4.000%, 08/01/47		40,713,705		41,560,457
4.000%, 05/01/48		14,238,931		14,593,827
4.000%, TBA (a)		550,000		560,726
4.500%, 04/01/41		8,432,861		8,872,327
4.500%, 10/01/41		5,290,991		5,562,132
4.500%, 07/01/44		225,575		237,290
4.500%, 10/01/44		1,371,185		1,441,141
4.500%, 01/01/45		126,377		133,274
4.500%, 01/01/47		866,031		902,445
4.500%, 06/01/47		272,150		283,588
4.500%, 07/01/47		1,463,976		1,534,603
4.500%, 08/01/47		1,798,632		1,889,071
5.000%, 07/01/33		210,899		225,846
5.000%, 09/01/33		254,303		272,388
5.000%, 10/01/35		713,955		764,681
5.000%, 03/01/36		1,138,923		1,219,975
5.000%, 01/01/39		8,471		9,047
5.000%, 12/01/39		16,863		18,099
5.000%, 05/01/40		51,869		55,397
5.000%, 07/01/40		35,570		38,155
5.000%, 11/01/40		852,047		914,030
5.000%, 01/01/41		60,964		65,370
5.000%, 02/01/41		47,743		50,619
5.000%, 04/01/41		100,339		107,639
5.000%, 05/01/41		2,016,251		2,162,861
5.000%, 06/01/41		177,167		189,889
5.000%, 07/01/41		1,770,135		1,886,696
5.000%, TBA (a)		11,800,000		12,499,869
6.000%, 04/01/33		71,609		78,903
6.000%, 02/01/34		13,805		15,213
6.000%, 11/01/35		138,765		152,918
6.000%, 08/01/37		304,910		336,035
6.500%, 03/01/26		602		664
6.500%, 04/01/29		58,863		64,885
7.000%, 11/01/28		1,737		1,805
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 7.000%, 02/01/29		594		594
7.000%, 01/01/30		2,040		2,074
7.000%, 10/01/37		6,786		7,173
7.000%, 11/01/37		20,332		22,020
7.000%, 12/01/37		20,218		23,017
7.000%, 02/01/38		10,477		11,138
7.000%, 11/01/38		101,545		114,499
7.000%, 02/01/39		950,502		1,056,716
7.500%, 04/01/32		12,678		12,869
8.000%, 05/01/28		1,514		1,652
8.000%, 07/01/32		835		888
Fannie Mae Connecticut Avenue Securities (CMO) 2.771%, 1M LIBOR + 0.680%, (144A) 10/25/30 (b)		5,246,520		5,244,899
3.541%, 1M LIBOR + 1.450%, (144A) 01/25/29 (b)		251,078		253,015
Fannie Mae Interest Strip (CMO) 3.500%, 11/25/41 (c)		2,336,388		455,894
4.000%, 04/25/42 (c)		3,185,895		625,732
4.500%, 11/25/39 (c)		1,662,915		368,142
Fannie Mae Pool 3.500%, 08/01/42		10,024,105		10,019,365
3.500%, 09/01/42		688,377		688,050
3.500%, 10/01/42		4,902,228		4,899,901
4.000%, 10/01/42		2,986,130		3,063,883
4.000%, 11/01/42		1,950,810		2,001,475
4.000%, 07/01/43		62,875		64,510
4.000%, 08/01/43		1,414,916		1,451,604
6.500%, 12/01/27		3,943		3,957
6.500%, 05/01/32		13,701		14,741
Fannie Mae REMIC Trust Whole Loan (CMO) 4.243%, 01/25/43 (b)		287,034		301,452
Fannie Mae REMICS (CMO)
Zero Coupon, 03/25/42 (d)		455,791		401,383
4.059%, -1x 1M LIBOR + 6.150%, 03/25/42 (b) (c)		7,414,205		819,238
4.059%, -1x 1M LIBOR + 6.150%, 12/25/42 (b) (c)		842,677		138,515
4.439%, -1x 1M LIBOR + 6.530%, 01/25/41 (b) (c)		1,159,856		169,952
4.459%, -1x 1M LIBOR + 6.550%, 10/25/41 (b) (c)		4,630,476		622,358
4.559%, -1x 1M LIBOR + 6.650%, 02/25/41 (b) (c)		588,999		66,492
4.559%, -1x 1M LIBOR + 6.650%, 03/25/42 (b) (c)		1,792,779		219,208
5.500%, 07/25/41		7,882,608		8,572,854
5.500%, 04/25/42		1,869,928		2,030,842
6.000%, 05/25/42		1,158,239		1,267,293
6.500%, 06/25/39		175,253		187,204
6.500%, 07/25/42		2,102,407		2,366,890
9.750%, 11/25/18		16,023		16,113
9.750%, 08/25/19		3,897		3,931
Fannie Mae-ACES (CMO) 2.037%, 09/25/26		2,389,853		2,284,783
2.499%, 09/25/26		3,850,000		3,596,075
Freddie Mac 15 Yr. Gold Pool 2.500%, TBA (a)		15,000,000		14,560,680
Freddie Mac 30 Yr. Gold Pool 3.000%, TBA (a)		7,100,000		6,871,908
3.500%, TBA (a)		36,700,000		36,507,354
4.000%, 07/01/43		4,296,572		4,429,769
4.000%, 08/01/43		3,925,796		4,047,501

See accompanying notes to financial statements.

BHFTII-5

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.000%, 07/01/47		7,848,445	$	8,018,301
4.000%, 12/01/47		864,314		882,924
4.000%, 04/01/48		496,421		506,609
4.000%, 05/01/48		2,587,214		2,640,312
4.000%, TBA (a)		10,900,000		11,110,052
4.500%, 06/01/38		1,488,763		1,556,171
4.500%, 02/01/47		801,727		834,784
4.500%, 03/01/47		61,610		64,169
4.500%, 04/01/47		1,298,084		1,352,778
4.500%, 05/01/47		713,162		743,211
4.500%, 06/01/47		2,301,133		2,398,033
4.500%, 07/01/47		61,484		64,020
4.500%, 06/01/48		17,863,335		18,625,200
5.000%, 08/01/33		18,842		20,116
5.000%, 06/01/41		4,276,736		4,575,710
6.000%, 10/01/36		777,241		857,434
6.500%, 09/01/39		268,379		298,764
8.000%, 09/01/30		3,398		3,885
Freddie Mac 30 Yr. Non-Gold Pool 8.000%, 07/01/20		3		3
Freddie Mac Gold Pool 3.500%, 10/01/42		1,050,069		1,050,313
3.500%, 02/01/44		476,629		476,739
4.000%, 04/01/43		1,553,770		1,597,564
4.000%, 08/01/43		896,241		921,437
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO) 3.291%, 03/25/27		4,670,000		4,616,361
Freddie Mac REMICS (CMO) 4.500%, 04/15/32		302,203		312,795
6.000%, 05/15/36		511,803		563,856
8.500%, 06/15/21		4,992		5,172
Freddie Mac Structured Agency Credit Risk Debt Notes (CMO) 3.291%, 1M LIBOR + 1.200%, 07/25/29 (b)		6,129,685		6,177,609
4.291%, 1M LIBOR + 2.200%, 09/25/24 (b)		6,515,094		6,712,790
Ginnie Mae I 30 Yr. Pool 5.500%, 06/15/36		432,309		472,254
6.000%, 03/15/33		769,019		861,713
6.500%, 06/15/31		2,859		3,153
6.500%, 08/15/34		185,905		205,012
7.500%, 09/15/29		1,918		2,081
7.500%, 02/15/30		1,488		1,525
8.500%, 06/15/25		19,850		21,998
Ginnie Mae II 30 Yr. Pool 3.000%, 09/20/47		8,172,018		8,002,403
3.000%, 11/20/47		19,772,739		19,357,247
3.000%, TBA (a)		30,700,000		30,035,032
3.500%, TBA (a)		20,500,000		20,578,876
4.000%, 09/20/45		1,275,452		1,315,015
4.000%, 11/20/45		9,189,823		9,467,042
4.000%, TBA (a)		3,500,000		3,587,227
4.500%, 01/20/40		655,172		688,570
4.500%, 05/20/40		862,724		906,658
4.500%, 09/20/40		18,098		19,022
4.500%, 01/20/41		141,997		149,240
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool 4.500%, 07/20/41		960,497		1,010,114
4.500%, TBA (a)		45,100,000		46,876,200
5.000%, 07/20/40		655,848		705,571
5.000%, 06/20/48		400,000		420,491
5.000%, TBA (a)		4,500,000		4,724,185
6.000%, 11/20/34		1,419		1,568
6.000%, 06/20/35		2,252		2,489
6.000%, 07/20/36		128,475		142,021
6.000%, 09/20/36		6,320		6,982
6.000%, 07/20/38		324,449		359,712
6.000%, 09/20/38		851,397		935,254
6.000%, 06/20/39		3,899		4,222
6.000%, 05/20/40		76,300		83,756
6.000%, 06/20/40		217,982		240,845
6.000%, 08/20/40		123,360		136,133
6.000%, 09/20/40		278,934		304,216
6.000%, 10/20/40		171,522		188,315
6.000%, 11/20/40		245,848		271,300
6.000%, 01/20/41		178,666		197,282
6.000%, 03/20/41		951,211		1,050,848
6.000%, 07/20/41		178,723		195,129
6.000%, 12/20/41		121,228		131,424
6.500%, 10/20/37		277,377		316,651
Government National Mortgage Association (CMO) 0.277%, 02/16/53 (b) (c)		13,221,468		276,526
0.359%, 02/16/48 (b) (c)		5,488,939		137,881
0.382%, 09/16/46 (b) (c)		27,873,538		365,520
0.437%, 05/16/54 (b) (c)		17,471,632		407,327
0.512%, 03/16/49 (b) (c)		8,446,358		132,522
0.524%, 10/16/54 (b) (c)		31,892,213		926,580
0.691%, 03/16/60 (b) (c)		7,384,089		470,262
0.743%, 05/16/54 (b) (c)		16,879,240		669,581
0.768%, 12/16/59 (b) (c)		73,775,894		5,219,519
0.847%, 09/16/55 (b) (c)		18,606,111		1,012,102
0.955%, 12/16/56 (b) (c)		43,998,263		3,280,312
1.069%, 09/16/44 (b) (c)		14,972,713		807,995
1.147%, 02/16/46 (b) (c)		22,542,547		1,140,373
2.297%, 1M LIBOR + 0.380%, 12/20/60 (b)		16,115,990		16,118,564
2.317%, 1M LIBOR + 0.400%, 12/20/60 (b)		4,946,577		4,949,374
2.397%, 1M LIBOR + 0.480%, 03/20/61 (b)		4,406,323		4,417,423
2.417%, 1M LIBOR + 0.500%, 12/20/60 (b)		39,534,835		39,669,209
4.015%, -1x 1M LIBOR + 6.100%, 08/16/42 (b) (c)		1,061,916		162,690
4.416%, -1x 1M LIBOR + 6.500%, 03/20/39 (b) (c)		187,842		7,943
4.566%, -1x 1M LIBOR + 6.650%, 01/20/40 (b) (c)		689,178		65,181
				751,814,645
Federal Agencies—37.4%
Federal Agricultural Mortgage Corp. 2.600%, 03/29/21		20,000,000		19,948,640
Federal Farm Credit Bank 1.250%, 01/17/19		25,000,000		24,872,525
1.750%, 10/26/20		15,000,000		14,697,705
1.900%, 11/27/20		20,000,000		19,645,340
1.950%, 01/10/20		10,000,000		9,915,060
2.240%, 01/06/25		12,305,000		11,635,153

See accompanying notes to financial statements.

BHFTII-6

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal Farm Credit Bank 2.240%, 07/06/27		10,000,000	$	9,194,530
2.300%, 06/11/19		10,000,000		9,997,530
2.550%, 06/11/20		10,000,000		9,992,260
2.750%, 04/25/22		20,000,000		19,999,660
Federal Home Loan Bank 1.375%, 09/28/20		10,000,000		9,722,500
1.875%, 11/29/21		49,000,000		47,673,325
2.125%, 06/09/23		17,700,000		17,198,453
2.375%, 12/13/19		20,000,000		19,961,800
2.375%, 03/30/20 (e)		8,000,000		7,975,632
2.625%, 05/28/20		20,000,000		20,006,140
5.250%, 12/11/20		12,000,000		12,729,468
Federal Home Loan Mortgage Corp.
Zero Coupon, 11/29/19		10,200,000		9,818,585
0.875%, 10/12/18		20,000,000		19,936,120
1.125%, 04/15/19		30,000,000		29,723,430
1.500%, 01/17/20		10,000,000		9,842,910
2.750%, 06/19/23		20,000,000		19,924,500
5.000%, 12/14/18		12,741,000		12,894,147
Federal National Mortgage Association
Zero Coupon, 10/09/19		50,000,000		48,407,479
2.125%, 04/24/26		10,000,000		9,362,590
2.625%, 09/06/24		22,000,000		21,633,590
Financing Corp. Fico
Zero Coupon, 08/03/18		7,638,000		7,623,680
Zero Coupon, 12/27/18		16,254,000		16,067,377
Zero Coupon, 04/05/19		1,245,000		1,222,622
Zero Coupon, 06/06/19		26,414,000		25,822,475
Zero Coupon, 09/26/19		14,535,000		14,090,089
National Archives Facility Trust 8.500%, 09/01/19 (f)		1,291,635		1,339,744
New Valley Generation II 5.572%, 05/01/20 (f)		3,097,560		3,190,487
Overseas Private Investment Corp.
Zero Coupon, 07/30/19		20,000,000		21,487,655
Zero Coupon, 11/13/20		5,000,000		5,370,046
Zero Coupon, 07/01/22		6,750,000		6,649,998
Zero Coupon, 07/17/25		7,763,000		7,661,263
2.310%, 11/15/30 (f)		7,752,048		7,244,102
3.330%, 05/15/33 (f)		6,532,379		6,436,861
3.490%, 12/20/29 (f)		11,007,455		11,079,761
3.540%, 06/15/30 (f)		14,117,778		14,384,766
Residual Funding Corp. Principal Strip
Zero Coupon, 10/15/19		10,642,000		10,301,127
Zero Coupon, 07/15/20		10,000,000		9,484,862
Zero Coupon, 10/15/20		38,159,000		35,888,770
Zero Coupon, 01/15/21		20,000,000		18,642,592
Zero Coupon, 01/15/30		25,000,000		16,992,566
Zero Coupon, 04/15/30		8,000,000		5,392,468
Tennessee Valley Authority 1.750%, 10/15/18		20,000,000		19,978,040
2.250%, 03/15/20		20,000,000		19,883,240
3.875%, 02/15/21		35,000,000		36,037,085
				788,980,748
U.S. Treasury—19.0%
U.S. Treasury Inflation Indexed Bonds 0.625%, 02/15/43 (f)		3,704,674		3,505,858
1.375%, 02/15/44 (f)		17,305,729		19,317,811
U.S. Treasury Notes 1.375%, 05/31/21		49,990,000		48,242,303
1.500%, 05/31/20		12,000,000		11,768,438
1.625%, 03/31/19		27,000,000		26,869,219
1.625%, 04/30/19		20,000,000		19,885,156
1.875%, 01/31/22		59,990,000		58,359,022
2.000%, 06/30/24		102,000,000		97,549,453
2.000%, 02/15/25		122,000,000		116,028,672
				401,525,932
Total U.S. Treasury & Government Agencies (Cost $1,972,958,512)				1,942,321,325
Foreign Government—9.1%
Sovereign—9.1%
Colombia Government International Bonds 5.000%, 06/15/45		37,000,000		36,398,750
5.625%, 02/26/44		4,840,000		5,142,500
Indonesia Government International Bonds 3.750%, 04/25/22 (144A)		410,000		405,777
3.750%, 04/25/22		1,900,000		1,880,432
4.875%, 05/05/21		2,957,000		3,040,899
5.875%, 03/13/20		310,000		322,723
5.875%, 01/15/24 (144A)		1,060,000		1,135,042
Israel Government AID Bonds
Zero Coupon, 11/15/18		20,869,000		20,697,235
5.500%, 12/04/23		24,290,000		27,457,359
5.500%, 04/26/24		20,950,000		23,804,184
Panama Government International Bond 4.500%, 05/15/47 (f)		3,200,000		3,104,000
Peruvian Government International Bonds 5.625%, 11/18/50		350,000		406,437
6.550%, 03/14/37 (f)		4,210,000		5,251,975
Poland Government International Bond 4.000%, 01/22/24		7,870,000		7,988,680
Qatar Government International Bond 5.103%, 04/23/48 (144A)		7,300,000		7,277,808
Ukraine Government AID Bonds 1.471%, 09/29/21		20,000,000		19,199,660
1.844%, 05/16/19		25,000,000		24,862,100
Uruguay Government International Bond 5.100%, 06/18/50 (f)		3,200,000		3,145,600
Total Foreign Government (Cost $195,021,392)				191,521,161
Corporate Bonds & Notes—7.7%
Chemicals—0.1%
Equate Petrochemical B.V. 4.250%, 11/03/26 (144A)		1,540,000		1,492,282

See accompanying notes to financial statements.

BHFTII-7

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—3.8%
COP I LLC 3.650%, 12/05/21		4,893,169	$	4,958,021
Postal Square L.P. 6.500%, 06/15/22		4,959,540		5,205,005
Private Export Funding Corp. 1.875%, 07/15/18		10,000,000		9,999,890
2.250%, 03/15/20		11,950,000		11,866,959
2.300%, 09/15/20		28,000,000		27,661,284
2.650%, 02/16/21 (144A)		20,000,000		19,897,440
				79,588,599
Electric—0.4%
Enel Chile S.A. 4.875%, 06/12/28		4,000,000		4,024,400
Perusahaan Listrik Negara PT 5.450%, 05/21/28 (144A)		4,000,000		4,063,138
				8,087,538
Oil & Gas—0.3%
Ecopetrol S.A. 5.375%, 06/26/26		4,260,000		4,370,760
Petroleos Mexicanos 6.375%, 01/23/45		3,610,000		3,324,810
				7,695,570
Sovereign—3.1%
National Credit Union Administration Guaranteed Notes Trust 3.000%, 06/12/19		19,650,000		19,727,617
3.450%, 06/12/21		45,000,000		46,201,950
				65,929,567
Total Corporate Bonds & Notes (Cost $156,811,755)				162,793,556
Mortgage-Backed Securities—3.5%
Collateralized Mortgage Obligations—3.5%
Banc of America Funding Corp. 2.110%, 1M LIBOR + 0.150%, 02/27/37 (144A) (b)		7,860,916		7,611,625
Banc of America Funding Trust 2.325%, COFI + 1.430%,, 06/20/35 (b)		210,422		148,934
Banc of America Mortgage Trust 3.932%, 07/25/35 (b)		51,008		47,662
BCAP LLC Trust 2.099%, 1M LIBOR + 0.150%, 11/27/36 (144A) (b)		11,712,401		10,995,779
Citigroup Mortgage Loan Trust 3.630%, 1Y CMT + 2.400%, 10/25/35 (b)		98,285		99,532
Countrywide Alternative Loan Trust 2.284%, 1M LIBOR + 0.200%, 07/20/46 (b)		2,063,819		1,509,063
2.671%, 1M LIBOR + 0.580%, 05/25/34 (b)		809,694		808,994
Countrywide Home Loan Reperforming Loan REMIC Trust 2.511%, 1M LIBOR + 0.420%, 07/25/36 (144A) (b)		517,890		478,846
Flagstar Mortgage Trust 3.500%, 04/25/48 (144A) (b)		8,484,140		8,357,141
Collateralized Mortgage Obligations—(Continued)
GMAC Mortgage Corp. Loan Trust 3.799%, 11/19/35 (b)		282,272		272,602
HarborView Mortgage Loan Trust 2.285%, 1M LIBOR + 0.200%, 09/19/46 (b)		256,177		228,983
JPMorgan Mortgage Trust 3.500%, 10/25/48 (144A) (b)		17,950,127		17,618,464
3.698%, 06/25/34 (b)		111,695		112,275
MASTR Adjustable Rate Mortgages Trust 2.291%, 1M LIBOR + 0.200%, 05/25/47 (b)		4,350,897		3,574,486
2.934%, 02/25/34 (b)		157,260		150,658
MASTR Reperforming Loan Trust 2.441%, 1M LIBOR + 0.350%, 05/25/35 (144A) (b)		262,459		214,601
3.817%, 05/25/35 (144A) (b)		3,428,043		2,804,992
7.000%, 08/25/34 (144A)		324,476		318,181
Morgan Stanley Mortgage Loan Trust 2.161%, 1M LIBOR + 0.070%, 06/25/36 (b)		562,856		233,285
3.485%, 07/25/35 (b)		167,780		149,633
New Residential Mortgage Loan Trust 3.250%, 09/25/56 (144A) (b)		3,709,408		3,662,648
4.000%, 02/25/57 (144A) (b)		3,204,337		3,230,895
4.000%, 05/25/57 (144A) (b)		5,685,824		5,753,200
NovaStar Mortgage Funding Trust 2.281%, 1M LIBOR + 0.190%, 09/25/46 (b)		1,571,228		1,395,099
Provident Funding Mortgage Loan Trust 3.685%, 05/25/35 (b)		227,028		227,333
4.130%, 10/25/35 (b)		48,626		48,086
SACO I Trust 8.992%, 06/25/21 (144A) (b)		589,797		584,571
Structured Asset Mortgage Investments Trust 2.271%, 1M LIBOR + 0.180%, 07/25/46 (b)		180,199		165,123
Structured Asset Securities Corp. 2.441%, 1M LIBOR + 0.350%, 04/25/35 (144A) (b)		2,122,844		1,992,828
3.823%, 06/25/35 (144A) (b)		120,594		112,762
WaMu Mortgage Pass-Through Certificates Trust 2.351%, 1M LIBOR + 0.260%, 11/25/45 (b)		21,280		21,047
2.381%, 1M LIBOR + 0.290%, 12/25/45 (b)		103,965		102,663
2.411%, 1M LIBOR + 0.320%, 08/25/45 (b)		125,588		125,621
Total Mortgage-Backed Securities (Cost $73,895,942)				73,157,612
Asset-Backed Securities—1.9%
Asset-Backed - Automobile—0.3%
Hertz Vehicle Financing II LP 3.290%, 02/25/24 (144A)		5,640,000		5,515,622
Asset-Backed - Home Equity—0.3%
EMC Mortgage Loan Trust 2.541%, 1M LIBOR + 0.450%, 12/25/42 (144A) (b)		5,988		5,982
Home Equity Mortgage Loan Asset-Backed Trust 2.351%, 1M LIBOR + 0.260%, 06/25/36 (b)		3,742,244		522,313
Morgan Stanley Mortgage Loan Trust 2.181%, 1M LIBOR + 0.090%, 12/25/36 (b)		199,133		119,385
2.391%, 1M LIBOR + 0.300%, 03/25/36 (b)		1,623,172		672,224

See accompanying notes to financial statements.

BHFTII-8

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—(Continued)
New Residential Mortgage Trust 4.000%, 12/25/57 (144A) (b)		4,909,427	$	4,940,630
Structured Asset Securities Corp. Mortgage Loan Trust 2.311%, 1M LIBOR + 0.220%, 02/25/36 (144A) (b)		4,684,247		256,440
				6,516,974
Asset-Backed - Other—0.7%
Ascentium Equipment Receivables Trust 2.290%, 06/10/21 (144A)		4,000,000		3,955,123
Countrywide Revolving Home Equity Loan Trust 2.213%, 1M LIBOR + 0.140%, 07/15/36 (b)		570,959		541,058
Towd Point Mortgage Trust 2.250%, 04/25/56 (144A) (b)		7,179,579		7,012,493
2.750%, 06/25/57 (144A) (b)		4,594,020		4,483,450
				15,992,124
Asset-Backed - Student Loan—0.6%
National Credit Union Administration Guaranteed Notes Trust 2.380%, 1M LIBOR + 0.350%, 12/07/20 (b)		3,306,228		3,310,348
Nelnet Student Loan Trust 3.980%, 3M LIBOR + 1.650%, 11/25/24 (b)		4,410,295		4,475,936
SLC Student Loan Trust 2.493%, 3M LIBOR + 0.150%, 02/15/45 (b)		2,200,000		2,143,299
SLM Student Loan Trust 2.400%, 3M LIBOR + 0.040%, 01/25/19 (b)		2,725,795		2,721,766
				12,651,349
Total Asset-Backed Securities (Cost $46,845,534)				40,676,069
Short-Term Investments—2.0%
Discount Notes—1.9%
Federal Home Loan Bank 1.830%, 09/26/18 (g)		20,000,000		19,907,320
Freddie Mac 1.880%, 08/20/18 (g)		20,000,000		19,947,740
				39,855,060
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 06/29/18 at 0.800%, due on 07/02/18 with a maturity value of $1,404,090; collateralized by U.S. Treasury Note at 1.625%, maturing 11/15/22, with a market value of $1,435,968.		1,403,996		1,403,996
Total Short-Term Investments (Cost $41,263,324)				41,259,056
Securities Lending Reinvestments (h)—0.0%
Security Description	Principal Amount*		Value
Repurchase Agreements—0.0%
Barclays Capital, Inc. Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $139,309; collateralized by U.S. Treasury Obligations at 0.000%, maturity dates ranging from 05/15/24 - 05/15/26, and an aggregate market value of $142,071.		139,285		139,285
Citigroup Global Markets, Inc. Repurchase Agreement dated 06/29/18 at 1.950%, due on 07/02/18 with a maturity value of $105,746; collateralized by U.S. Treasury Obligations with rates ranging from 1.375% - 5.500%, maturity dates ranging from 12/15/19 - 11/15/47, and an aggregate market value of $107,844.		105,729		105,729
Deutsche Bank AG, London Repurchase Agreement dated 01/09/18 at 2.300%, due on 07/02/18 with a maturity value of $36,200; collateralized by various Common Stock with an aggregate market value of $39,963.		35,802		35,802
ING Bank NV Repurchase Agreement dated 05/21/18 at 2.190%, due on 07/02/18 with a maturity value of $44,898; collateralized by various Common Stock with an aggregate market value of $49,809.		44,784		44,784
Natixis New York Repurchase Agreement dated 06/29/18 at 2.100%, due on 07/02/18 with a maturity value of $220,039; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 8.750%, maturity dates ranging from 08/23/18 - 05/15/48, and an aggregate market value of $224,439.		220,000		220,000
NBC Global Finance, Ltd. Repurchase Agreement dated 11/30/17 at 2.080%, due on 07/02/18 with a maturity value of $101,236; collateralized by various Common Stock with an aggregate market value of $111,289.		100,000		100,000
Repurchase Agreement dated 03/16/18 at 2.080%, due on 07/02/18 with a maturity value of $100,624; collateralized by various Common Stock with an aggregate market value of $111,289.		100,000		100,000
Societe Generale Repurchase Agreement dated 03/08/18 at 2.050%, due on 07/02/18 with a maturity value of $100,661; collateralized by various Common Stock with an aggregate market value of $111,285.		100,000		100,000
Repurchase Agreement dated 03/21/18 at 2.050%, due on 07/02/18 with a maturity value of $45,404; collateralized by various Common Stock with an aggregate market value of $50,233.		45,139		45,139
Repurchase Agreement dated 03/16/18 at 2.050%, due on 07/02/18 with a maturity value of $79,748; collateralized by various Common Stock with an aggregate market value of $88,206.		79,261		79,261
				970,000
Time Deposits—0.0%
Australia New Zealand Bank 1.900%, 07/02/18		20,000		20,000

See accompanying notes to financial statements.

BHFTII-9

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Time Deposits—(Continued)
DNB Bank ASA 1.870%, 07/02/18		10,000	$	10,000
DZ Bank AG 1.890%, 07/02/18		10,000		10,000
Santander UK Group Holdings plc 1.900%, 07/02/18		10,000		10,000
				50,000
Total Securities Lending Reinvestments (Cost $1,019,998)				1,020,000
Total Investments—116.3% (Cost $2,487,816,457)				2,452,748,779
Other assets and liabilities (net)—(16.3)%				(344,052,819	)
Net Assets—100.0%			$	2,108,695,960

*	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 June 30, 2018. 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)	Principal only security.
(e)	All or a portion of the security was held on loan. As of June 30, 2018, the market value of securities loaned was $996,954 and the collateral received consisted of cash in the amount of $1,020,000. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(f)	Principal amount of security is adjusted for inflation.
(g)	The rate shown represents current yield to maturity.
(h)	Represents investment of cash collateral received from securities on loan as of June 30, 2018.
(144A)—	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2018, the market value of 144A securities was $129,675,674, which is 6.1% of net assets.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar Futures		12/14/20		1,371			USD	332,536,050		$	(1,462,390	)
U.S. Treasury Note 10 Year Futures		09/19/18		359			USD	43,147,313			378,175
Futures Contracts—Short
90 Day Eurodollar Futures		12/19/22		(852	)		USD	(206,620,650	)		749,166
U.S. Treasury Long Bond Futures		09/19/18		(1,109	)		USD	(160,805,000	)		(1,347,401	)
U.S. Treasury Note 5 Year Futures		09/28/18		(69	)		USD	(7,839,586	)		(7,131	)
Net Unrealized Depreciation										$	(1,689,581	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(CMT)—	Constant Maturity Treasury Index
(COFI)—	Cost of Funds Index
(LIBOR)—	London Interbank Offered Rate

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTII-10

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Schedule of Investments as of June 30, 2018 (Unaudited)

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of June 30, 2018:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,942,321,325		$	—	$	1,942,321,325
Total Foreign Government*		—			191,521,161			—		191,521,161
Total Corporate Bonds & Notes*		—			162,793,556			—		162,793,556
Total Mortgage-Backed Securities*		—			73,157,612			—		73,157,612
Total Asset-Backed Securities*		—			40,676,069			—		40,676,069
Total Short-Term Investments*		—			41,259,056			—		41,259,056
Total Securities Lending Reinvestments*		—			1,020,000			—		1,020,000
Total Investments	$	—		$	2,452,748,779		$	—	$	2,452,748,779
Collateral for Securities Loaned (Liability)	$	—		$	(1,020,000	)	$	—	$	(1,020,000	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,127,341		$	—		$	—	$	1,127,341
Futures Contracts (Unrealized Depreciation)		(2,816,922	)		—			—		(2,816,922	)
Total Futures Contracts	$	(1,689,581	)	$	—		$	—	$	(1,689,581	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTII-11

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

Assets
Investments at value (a) (b)	$	2,452,748,779
Cash collateral for futures contracts		2,406,161
Receivable for:
Investments sold		5,025,860
TBA securities sold		12,002,516
Fund shares sold		174,688
Principal paydowns		29,012
Interest		8,538,611
Other assets		5,285
Total Assets		2,480,930,912
Liabilities
Collateral for securities loaned		1,020,000
Payables for:
Investments purchased		13,193,825
TBA securities purchased		355,652,043
Fund shares redeemed		1,059,829
Variation margin on futures contracts		73,820
Accrued Expenses:
Management fees		799,256
Distribution and service fees		84,046
Deferred trustees’ fees		113,471
Other expenses		238,662
Total Liabilities		372,234,952
Net Assets	$	2,108,695,960
Net Assets Consist of:
Paid in surplus	$	2,244,664,665
Undistributed net investment income		21,667,155
Accumulated net realized loss		(120,883,886	)
Unrealized depreciation on investments and futures contracts		(36,751,974	)
Net Assets	$	2,108,695,960
Net Assets
Class A	$	1,690,950,185
Class B		395,795,081
Class E		21,950,694
Capital Shares Outstanding*
Class A		149,681,108
Class B		35,170,041
Class E		1,948,272
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.30
Class B		11.25
Class E		11.27

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,487,816,457.
(b)	Includes securities loaned at value of $996,954.

Statement of Operations

Six Months Ended June 30, 2018 (Unaudited)

Investment Income
Interest	$	27,668,189
Securities lending income		4,763
Total investment income		27,672,952
Expenses
Management fees		5,033,276
Administration fees		33,602
Custodian and accounting fees		69,490
Distribution and service fees—Class B		502,370
Distribution and service fees—Class E		17,037
Audit and tax services		34,865
Legal		21,432
Trustees’ fees and expenses		20,718
Shareholder reporting		62,040
Insurance		6,906
Miscellaneous		9,880
Total expenses		5,811,616
Less management fee waiver		(138,298	)
Net expenses		5,673,318
Net Investment Income		21,999,634
Net Realized and Unrealized Loss
Net realized gain (loss) on:
Investments		(14,534,130	)
Futures contracts		5,288,629
Net realized loss		(9,245,501	)
Net change in unrealized depreciation on:
Investments		(27,399,733	)
Futures contracts		(1,813,285	)
Net change in unrealized depreciation		(29,213,018	)
Net realized and unrealized loss		(38,458,519	)
Net Decrease in Net Assets From Operations	$	(16,458,885	)

See accompanying notes to financial statements.

BHFTII-12

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Statements of Changes in Net Assets

	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	21,999,634		$	36,619,286
Net realized loss		(9,245,501	)		(1,320,608	)
Net change in unrealized appreciation (depreciation)		(29,213,018	)		4,773,349
Increase (decrease) in net assets from operations		(16,458,885	)		40,072,027
From Distributions to Shareholders
Net investment income
Class A		(39,246,145	)		(46,214,806	)
Class B		(8,163,581	)		(10,310,280	)
Class E		(475,567	)		(608,683	)
Total distributions		(47,885,293	)		(57,133,769	)
Increase (decrease) in net assets from capital share transactions		(9,784,382	)		7,266,461
Total decrease in net assets		(74,128,560	)		(9,795,281	)
Net Assets
Beginning of period		2,182,824,520			2,192,619,801
End of period	$	2,108,695,960		$	2,182,824,520
Undistributed net investment income
End of period	$	21,667,155		$	47,552,814

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended June 30, 2018 (Unaudited)						Year Ended December 31, 2017
	Shares			Value			Shares			Value
Class A
Sales		2,712,779		$	31,396,816			4,720,322		$	55,294,938
Reinvestments		3,491,650			39,246,145			3,980,604			46,214,806
Redemptions		(6,135,268	)		(70,530,859	)		(6,859,130	)		(80,502,507	)
Net increase		69,161		$	112,102			1,841,796		$	21,007,237
Class B
Sales		1,327,579		$	15,202,037			2,724,063		$	31,769,477
Reinvestments		728,891			8,163,581			891,893			10,310,280
Redemptions		(2,878,026	)		(32,932,485	)		(4,609,499	)		(53,754,525	)
Net decrease		(821,556	)	$	(9,566,867	)		(993,543	)	$	(11,674,768	)
Class E
Sales		130,297		$	1,500,366			108,846		$	1,270,561
Reinvestments		42,424			475,567			52,609			608,683
Redemptions		(201,229	)		(2,305,550	)		(337,676	)		(3,945,252	)
Net decrease		(28,508	)	$	(329,617	)		(176,221	)	$	(2,066,008	)
Increase (decrease) derived from capital shares transactions				$	(9,784,382	)				$	7,266,461

See accompanying notes to financial statements.

BHFTII-13

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class A
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.65		$	11.74		$	11.90		$	12.11		$	12.01		$	12.36
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.20			0.21			0.17			0.16			0.13
Net realized and unrealized gain (loss) on investments		(0.20	)		0.03			(0.05	)		(0.10	)		0.17			(0.22	)
Total from investment operations		(0.08	)		0.23			0.16			0.07			0.33			(0.09	)
Less Distributions
Distributions from net investment income		(0.27	)		(0.32	)		(0.32	)		(0.28	)		(0.23	)		(0.26	)
Total distributions		(0.27	)		(0.32	)		(0.32	)		(0.28	)		(0.23	)		(0.26	)
Net Asset Value, End of Period	$	11.30		$	11.65		$	11.74		$	11.90		$	12.11		$	12.01
Total Return (%) (b)		(0.70	)(c)		1.93			1.28			0.57			2.81			(0.74	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.50	(d)		0.50			0.50			0.49			0.49			0.49
Net ratio of expenses to average net assets (%) (e)		0.48	(d)		0.48			0.48			0.48			0.48			0.48
Ratio of net investment income to average net assets (%)		2.12	(d)		1.72			1.77			1.44			1.35			1.05
Portfolio turnover rate (%)		130	(c)(f)		208	(f)		199	(f)		215	(f)		194	(f)		317	(f)
Net assets, end of period (in millions)	$	1,691.0		$	1,742.8		$	1,735.3		$	1,830.7		$	2,263.8		$	2,094.9
	Class B
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.59		$	11.68		$	11.84		$	12.04		$	11.95		$	12.29
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.17			0.18			0.14			0.13			0.10
Net realized and unrealized gain (loss) on investments		(0.21	)		0.03			(0.05	)		(0.09	)		0.16			(0.21	)
Total from investment operations		(0.10	)		0.20			0.13			0.05			0.29			(0.11	)
Less Distributions
Distributions from net investment income		(0.24	)		(0.29	)		(0.29	)		(0.25	)		(0.20	)		(0.23	)
Total distributions		(0.24	)		(0.29	)		(0.29	)		(0.25	)		(0.20	)		(0.23	)
Net Asset Value, End of Period	$	11.25		$	11.59		$	11.68		$	11.84		$	12.04		$	11.95
Total Return (%) (b)		(0.89	)(c)		1.68			1.02			0.31			2.55			(0.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75	(d)		0.75			0.75			0.74			0.74			0.74
Net ratio of expenses to average net assets (%) (e)		0.73	(d)		0.73			0.73			0.73			0.73			0.73
Ratio of net investment income to average net assets (%)		1.87	(d)		1.47			1.52			1.20			1.10			0.80
Portfolio turnover rate (%)		130	(c)(f)		208	(f)		199	(f)		215	(f)		194	(f)		317	(f)
Net assets, end of period (in millions)	$	395.8		$	417.1		$	432.1		$	463.5		$	493.2		$	524.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTII-14

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Financial Highlights

Selected per share data
	Class E
	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31,
				2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.61		$	11.70		$	11.85		$	12.06		$	11.97		$	12.31
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.18			0.19			0.16			0.14			0.11
Net realized and unrealized gain (loss) on investments		(0.20	)		0.03			(0.04	)		(0.11	)		0.16			(0.21	)
Total from investment operations		(0.09	)		0.21			0.15			0.05			0.30			(0.10	)
Less Distributions
Distributions from net investment income		(0.25	)		(0.30	)		(0.30	)		(0.26	)		(0.21	)		(0.24	)
Total distributions		(0.25	)		(0.30	)		(0.30	)		(0.26	)		(0.21	)		(0.24	)
Net Asset Value, End of Period	$	11.27		$	11.61		$	11.70		$	11.85		$	12.06		$	11.97
Total Return (%) (b)		(0.78	)(c)		1.77			1.20			0.40			2.56			(0.75	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.65	(d)		0.65			0.65			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (e)		0.63	(d)		0.63			0.63			0.63			0.63			0.63
Ratio of net investment income to average net assets (%)		1.97	(d)		1.57			1.62			1.30			1.20			0.90
Portfolio turnover rate (%)		130	(c)(f)		208	(f)		199	(f)		215	(f)		194	(f)		317	(f)
Net assets, end of period (in millions)	$	22.0		$	22.9		$	25.2		$	28.1		$	33.0		$	37.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Periods less than one year are not computed on an annualized basis.
(d)	Computed on an annualized basis.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 43%, 57%, 86%, 87%, 68% and 137% for the six months ended June 30, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.

See accompanying notes to financial statements.

BHFTII-15

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018 (Unaudited)

1. Organization

Brighthouse Funds Trust II (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers twenty-nine series, each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management U.S. Government Portfolio (the “Portfolio”), which is diversified. Shares in the Portfolio are not offered directly to the general public and are currently available only to separate accounts established by life insurance companies affiliated with the Adviser and Metropolitan Life Insurance Company (the “Insurance Companies”).

The Portfolio has registered and offers three classes of shares: Class A, B and E shares. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to June 30, 2018 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its portfolio investments for purposes of calculating its net asset value (“NAV”) using procedures approved by the Board of Trustees of the Trust (the “Board” or “Trustees”). Those procedures allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodologies used for a particular investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process. The Portfolio follows the accounting and reporting guidance of FASB Accounting Standards Codification Topic 820—Fair Value Measurement.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”), pursuant to authorization of and subject to general oversight by the Board. Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued on the basis of an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued on the basis of evaluated or composite bid quotations obtained from pricing services selected by the Adviser pursuant to the authorization of and subject to general oversight by the Board. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or

BHFTII-16

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets in order to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Futures contracts that are traded on commodity exchanges are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures approved by, and under the general supervision of, the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of an investment by the Valuation Committee (“Committee”) of Brighthouse Investment Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the NAVs of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing services, including the pricing services providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to amortization of debt securities and paydown reclasses. These adjustments have no impact on net assets or the results of operations.

BHFTII-17

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of June 30, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the

BHFTII-18

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At June 30, 2018, the Portfolio had direct investments in repurchase agreements with a gross value of $1,403,996. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $970,000. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2018.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “lending agent”). Under the agreement, the lending agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or government securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the lending agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the lending agent and the Portfolio. On loans collateralized by government securities, a fee is received from the borrower and is allocated between the Portfolio and the lending agent.

Income received by the Portfolio in securities lending transactions during the six months ended June 30, 2018 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at June 30, 2018 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at June 30, 2018.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions, which are accounted for as secured borrowings.

	Remaining Contractual Maturity of the Agreements As of June 30, 2018
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
U.S. Treasury & Government Agencies	$	(1,020,000	)	$	—	$	—	$	—	$	(1,020,000	)
Total Borrowings	$	(1,020,000	)	$	—	$	—	$	—	$	(1,020,000	)
Gross amount of recognized liabilities for securities lending transactions										$	(1,020,000	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The

BHFTII-19

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at June 30, 2018 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	1,127,341	Unrealized depreciation on futures contracts (a) (b)	$	2,816,922

(a)	Financial instrument not subject to a master netting agreement.
(b)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the six months ended June 30, 2018:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	5,288,629
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(1,813,285	)

For the six months ended June 30, 2018, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	466,533,333
Futures contracts short		(393,850,000	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting

BHFTII-20

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or Master Repurchase Agreements (“MRAs”), which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the six months ended June 30, 2018 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$2,495,710,270	$	608,138,459	$	2,533,284,079	$	588,547,132

Purchases and sales of mortgage dollar rolls and TBA transactions for the six months ended June 30, 2018 were as follows:

Purchases	Sales
$2,212,165,025	$	2,134,375,168

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the six months ended June 30, 2018	% per annum			Average Daily Net Assets
$5,033,276		0.550	%	Of the first $500 million
		0.450	%	On amounts in excess of $500 million

BHFTII-21

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 30, 2018 to April 30, 2019, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum			Average Daily Net Assets
	0.050	%	On amounts over $200 million and under $500 million
	0.010	%	On amounts over $1 billion and under $2 billion
	0.020	%	On amounts in excess of $2 billion

An identical agreement was in place for the period May 1, 2017 to April 30, 2018. Amounts waived for the six months ended June 30, 2018 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of Brighthouse Investment Advisers; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Financial, Inc. serves as the transfer agent for the Trust. Brighthouse Financial, Inc. receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC in which Brighthouse Securities, LLC serves as the distributor for the Portfolio’s Class A, B and E Shares. Brighthouse Securities, LLC is an affiliate of the Adviser. The Trust has also adopted a Distribution and Service Plan under Rule 12b-1 of the 1940 Act for the Portfolio’s Class B and E Shares. Under the Distribution and Service Plan, the Class B and E Shares of the Portfolio pay a fee to compensate the Insurance Companies (or their affiliates) and other broker-dealers and financial intermediaries involved in the offer and sale of Portfolio shares for promoting or selling and servicing the Class B and E Shares. The fees under the Distribution and Service Plan for each class of the Portfolio’s shares are calculated as a percentage of the Portfolio’s average daily net assets that are attributable to that Class. Currently, the fee is 0.25% per year for Class B Shares and 0.15% per year for Class E Shares. Amounts incurred by the Portfolio for the six months ended June 30, 2018 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust I, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at June 30, 2018 was as follows:

Cost basis of investments	$	2,496,869,027
Gross unrealized appreciation		21,478,410
Gross unrealized depreciation		(58,390,554	)
Net unrealized appreciation (depreciation)	$	(36,912,144	)

BHFTII-22

Brighthouse Funds Trust II

Western Asset Management U.S. Government Portfolio

Notes to Financial Statements—June 30, 2018—(Continued)

The tax character of distributions paid for the years ended December 31, 2017 and 2016 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2017	2016		2017		2016		2017		2016
$57,133,769	$	57,870,631	$	—	$	—	$	57,133,769	$	57,870,631

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$47,670,258	$	—	$	(19,691,658	)	$	(99,544,369	)	$	(71,565,769	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2017, the Portfolio had post-enactment short-term accumulated capital losses in the amount of $701,286 and post-enactment long-term accumulated capital losses in the amount of $98,843,083, and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standards update to the Portfolio.

BHFTII-23

Item 2. Code of Ethics.

Item applicable only to annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Item applicable only to annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Item applicable only to annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)        Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b)        Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)        The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-

3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)        There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a)        Not applicable.

(b)        Not applicable.

Item 13. Exhibits

(a)(1)    Not applicable.

(a)(2)    The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)    Not applicable.

(a)(4)    Not applicable.

(b)        The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST II

By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	September 6, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	September 6, 2018

By:	/s/ Alan R. Otis
	Alan R. Otis
	Chief Financial Officer and Treasurer
Date:	September 6, 2018